Local Equities Market
For the week ending January 5, 2024, the local stock market, measured by the Combined Index, advanced by 1.01%. The Main Market Index declined by 0.92%, the Junior Market Index declined by 1.77%, and the JSE USD Equities Index advanced by 4.87%. During the week, Blue Power Group Limited was the largest gainer, rising by approximately 12.36% to close at $3.00. Radio Jamaica Limited was the biggest decliner, which fell by 25.26% to close at $1.45.
Large-cap stocks, reflecting those listed on the Main Market Index are overperforming on a YTD basis, declining by 0.92%, relative to its Junior Market counterpart which has declined by 1.77%.
For the week ending January 5, 2024, overall Market activity resulted from trading in 121 stocks of which 51 advanced, 55 declined and 15 traded firm. Market volume amounted to $60,606,506 units valued at over $252,129,311.21. TransJamaican Highway Limited was the volume leader with 7,842,579 units (12.84%), followed by Sagicor Select Funds Limited with 5,718,036 units (9.36%) and by Wigton Windfarm Limited with 4,708,449 units (7.71%).
Revisiting relevant news during the week:
$90b lost in 2023
Jamaican stocks fell for a second year in a row in 2023, shedding almost $90 billion in value across both the main and junior markets as investors, stung by a decade high inflation and interest rates, stayed away from equity investments. But at least one broker has expressed optimism that things could start turning around on the market later this year.
$90b lost in 2023
NCB Financial adds former bank CEO to board
NCB Financial Group Limited (NCBFG) has added Gary W Brown to its subsidiary board as lead independent director, Professor Alvin Wint is set to retire from the company’s board next month.
NCB Financial adds former bank CEO to board
One on One breaks ground
One on One Educational Services is charting an exciting course for the fiscal year, unveiling a string of groundbreaking partnerships for educational innovation. In an exclusive revelation to the Jamaica Observer, President and CEO Ricardo D Allen shared that the company has recently signed a groundbreaking deal with an Austin, Texas-based company to train a large language model using artificial intelligence (AI), akin to the cutting-edge technology employed in ChatGPT.
One on One breaks ground
Sagicor Group announces Panama entry
Sagicor Group Jamaica Limited (SJ) has started 2024 with a splash, announcing on Monday that its Costa Rican joint venture had acquired Sagicor Panama SA in the latest move towards growing its regional footprint.
Sagicor Group announces Panama entry
IEC inks strategic partnership deal with Huawei
Innovative Energy Company (IEC) Limited (formerly IEC SPEI Limited) has inked a partnership deal with Chinese technology company Huawei that will see both companies collaborating on the implementation of several solar energy projects with battery energy storage systems in Jamaica.
IEC inks strategic partnership deal with Huawei
Sygnus targets two acquisitions and energy investment
Fresh from raising US$50 million in a preference share offer, Sygnus Credit Investments (SCI) is now turning its attention to deploying the funds to finance a “pipeline of projects in Jamaica” including at least two acquisitions and an “impactful investment” in the energy sector with the first announcement expected in early January.
Sygnus targets two acquisitions and energy investment
| Unit Trust Fund | 03/01/2024 | 27/12/2023 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 76.0866 | 76.55 | -0.61% | -5.53% | -17.56% | - |
| Money Market | 16.2947 | 16.2805 | 0.09% | 0.02% | 4.85% | 4.75% |
| Income Portfolio | 100.00 | 100.00 | -0.00% | - | - | 4.88% |
| FX Bond Portfolio (US$) | 1.4237 | 1.4247 | -0.07% | -0.01% | 6.18% | 3.60% |
| Real Estate Portfolio | 12,595.7013 | 12,603.50 | -0.06% | 0.06% | 58.11% | - |
| FX Growth Portfolio | 0.9312 | 0.92 | 0.91% | -2.31% | 9.63% | - |
| FX Income Accumulator | 1.0119 | 1.02 | -0.43% | -0.31% | 1.03% | 2.80% |
Full Newsletter & Report
