Market Updates | Barita Insights | January 29, 2024

Local Equities Market

For the week ending January 26, 2024, the local stock market, measured by the Combined Index, advanced by 0.61%. The Main Market Index advanced by 0.59%, the Junior Market Index advanced by 0.80%, and the JSE USD Equities Index advanced by 4.27%. During the week, Sygnus Credit Investments Limited (USD) was the largest gainer, rising by approximately 27.92% to close at USD 0.09. The Limners and Bards Limited was the biggest decliner, which fell by 13.14% to close at $1.19.

Large-cap stocks, reflecting those listed on the Main Market Index are overperforming on a YTD basis, declining by 0.74%, relative to its Junior Market counterpart which has declined by 2.31%.

For the week ending January 26, 2024, overall Market activity resulted from trading 126 stocks of which 65 advanced, 50 declined and 11 traded firm. Market volume amounted to 142,696,271 units valued at over $501,748,994.00. JMMB Group Limited 9.50% was the volume leader with 38,902,251 units (27.01%), followed by TransJamaican Highway Limited with 27,966,462 units (19.41%) and by Future Energy Source Company Limited with 16,684,599 units (11.58%).

Revisiting relevant news during the week:

Doing wealth differently at NCB
Interim Group CEO of the NCB Financial Group Robert Almeida said he is hoping that the conglomerate’s new focus on amalgamating its divisions and subsidiaries to focus on growing wealth for its customers will help to kick-start the company’s long-term growth while giving shareholders a healthy return.
Doing wealth differently at NCB

Latin America push
Sagicor Group Jamaica, a key player in the life insurance sector, is strategically positioning itself for further growth by expanding its focus on the investment business in Latin America. Alongside its ongoing insurance growth plans, the company is actively developing Sagicor Investments Cayman, which has been operational for a year.
Latin America push

Image Plus’ strong revenue pulse despite CT scan challenges
Despite facing downtime in one of its CT units, Image Plus Consultants Limited has showcased a robust revenue pulse in its third quarter (Q3), totalling $869.4 million — a remarkable 8.3 per cent increase of $66.6 million.
Image Plus’ strong revenue pulse despite CT scan challenges

Palace wants to draw bigger audience with new 4DX technology
Cinema operator Palace Amusement has been quietly undertaking several major projects, but the big-ticket item will be the upgrading of one of its theatre rooms to give its audience an immersive multi-sensory cinematic experience come February.
Palace wants to draw bigger audience with new 4DX technology

JSE to introduce sustainable investments
The Jamaica Stock Exchange (JSE) is set to introduce the trading of green and blue bonds as the Government seeks to expand investment opportunities for the private sector. During the 19th Regional Investments and Capital Markets Conference at Jamaica Pegasus hotel in Kingston on Tuesday, Finance Minister Dr Nigel Clarke unveiled plans to launch the financing facilities designed to fund environmentally friendly projects related to climate sustainability and ocean conservation.
JSE to introduce sustainable investments

Sygnus Credit sponsoring new fund with impact investing focus
Sygnus Credit Investments Limited (SCI) will be turning deeper focus on impact investing going forward as it looks to have a greater social impact in the region while growing its private credit portfolio.
Sygnus Credit sponsoring new fund with impact investing focus

 

Unit Trust Fund 24/01/2024 17/01/2024 Week/Week Return Year-to-Date Return 1 Year Return Yield
Capital Growth 76.12 76.58 -0.60% -5.49% -13.75% -
Money Market 16.3494 16.3330 0.10% 0.36% 4.90% 5.22%
Income Portfolio 100.00 100.00 -0.00% - - 5.86%
FX Bond Portfolio (US$) 1.4307 1.4256 0.36% 0.48% 6.39% 1.71%
Real Estate Portfolio 12,669.41 12,636.89 0.26% 0.64% 57.95% -
FX Growth Portfolio 0.9570 0.9394 1.87% 0.40% 8.13% -
FX Income Accumulator 1.0148 1.0125 0.23% -0.02% 1.12% 2.87%

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