Market Updates | Barita Insights | January 23, 2023

Local Equities Market

For the week ended January 20, 2023, the local stock market as measured by the Combined Index advanced by 0.02%. The Main Market Index declined by 0.06%, the JSE Junior Market Index rose by 0.76%, and the JSE USD Equities Index declined by 0.41%. During the week, Eppley Caribbean Property Fund Limited was the largest ordinary equity gainer, rising by approximately 14.85% to close at $49.50. The biggest decliner was Caribbean Cream Limited, which fell by 12.47% to close at $3.37.

Small-cap stocks, reflecting those listed on the Junior Market Index have slightly outperformed on a YTD basis, declining by 0.44%, outpacing its Main Market counterpart which has declined 4.26%.

For the week ended January 20, 2023, overall market activity resulted from trading in 104 stocks, of which, 40 advanced, 47 declined and 17 traded firm. Market volume amounted to 29,760,587 units valued at $178,739,619.56. Image Plus Consultants Limited was the volume leader with 12,439,670 units (40.99%), followed by Wigton Windfarm Limited with 3,844,545 units (12.67%), and Express Catering Limited Ordinary Shares with 1,270,658 units (4.19%).

Revisiting relevant news during the week:
SPUR Tree Spices building first-class global brand S Tree Spices is appealing to its investors to be “a little patient” with their short-term expectations as the company focuses on building a first-class global brand that will bring significant improvements in revenues and profits in the medium to long term. The company, which listed a year ago on the Junior Market of the Jamaica Stock Exchange (JSE) reported third quarter profit grew 14.6 per cent to $29 million while revenues dipped 6 per cent during the same threemonth period to $233 million.
We’re building the brand the right way

Cautious consumers, positive businesses
Marred by continued uncertainty in the global economic environment, businesses and consumers during the last quarter of 2022 expressed measured optimism in their outlook for 2023. Consumer confidence, which went up by 1.8 per cent during the fourth quarter of 2022 when compared to the previous third quarter period, climbed to 160.3 points. This was 20 points above 2021 and still remaining below the 180 points it recorded in the year before the outbreak of the novel coronavirus pandemic.
Cautious consumers, positive businesses

Inflation cools in December Inflation cooled in December
with point-to-point inflation of 9.4% as the overall prices for food and non-alcoholic beverages as well as transportation costs eased, outweighing increases in restaurant and accommodation services, according to the latest data from the Statistical Institute of Jamaica’s (Statin) Consumer Price Index (CPI).
Inflation Cools in December 

Strong revenues drive Knutsford Express profitability
Buoyed by a rebound in tourist arrivals, transport and logistics company Knutsford Express has seen a return to profitability in the second quarter (Q2) of financial year (FY) 2022/23, according to an unaudited financial statement shared on the Jamaica Stock Exchange website.
Strong revenues drive Knutsford Express profitability

Kremi chases full recovery
Ice cream and novelties manufacturer Caribbean Cream (Kremi) posted $2.4 million in profits during the third quarter of its financial year, which ended November 30, compared to the over $25 million it incurred in losses during the similar period of 2021. The out-turn pushed the company’s profit for the longer nine months period from March to November to $10.9 million. That was, however, just under a third of the $36 million Kremi earned for the corresponding nine months to the end of November in 2021.
Kremi chases full recovery

Unit Trust Fund 19/01/2023 11/01/2023 Week/Week Return Year-to-Date Return 1 Year Return Yield
Capital Growth 90.11 90.69 -0.64% -5.96% 0.76% -
Money Market 15.5042 15.5513 -0.30% -0.20% 2.17% 4.46%
Income Portfolio 100.00 100.00 - - - 4.89%
FX Bond Portfolio (US$) 1.3424 1.3404 0.15% 0.11% -2.13% 4.37%
Real Estate Portfolio 7,994.38 7,998.34 -0.05% 0.73% 1447.94% -
FX Growth Portfolio 0.8706 0.8700 0.07% 2.95% 16.28% -
FX Income Accumulator 1.0028 1.0000 0.28% 0.15% - 0.35%

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