Local Equities Market
For the week ending July 5, 2024, the local stock market, measured by the Combined Index, was stable. The Main Market Index advanced by 0.11%, the Junior Market Index declined by 1.23%, and the JSE USD Equities Index declined by 0.90%. During the week, Ttech Limited was the largest gainer, rising by approximately 15.46% to close at $2.39. JMMB Group Limited 8.50% USD was the biggest decliner, which fell by 15.00% to close at $1.06.
Small-cap stocks, reflecting those listed on the Junior Market Index are overperforming on a YTD basis, decreasing by 1.37%, relative to its Main Market counterpart which has declined by 1.98%.
For the week ending July 5, 2024, overall market activity resulted from trading in 120 stocks of which 48 advanced, 62 declined and 10 traded firm. Market volume amounted to 63,708,700 units valued at over $166,134,764.24. Edufocal Limited was the volume leader with 15,269,883 units (23.94%), followed by Wigton Windfarm Limited with 10,386,271 units (16.28%), and by Transjamaican Highway Limited with 7,095,761 units (11.12%).
Revisiting relevant news during the week:
It’s still early days since the passage of Hurricane Beryl but the latest information from large insurance firms indicates that claims were steadily trending up on Friday as clients sought payouts for wind- and flood-induced property damage.
Hurricane Beryl triggers surge in insurance claims
Productive Business Solutions Limited (PBS) has successfully completed the acquisition of Xerox del Peru, SA and Xerox del Ecuador, SA, at the same time it executed a US$126-million ($19.55-billion) syndicated loan through Citibank N.A.
PBS completes US$126-m syndicated loan and Xerox acquisitions
JAMAICA TAPS OWN FUNDS FOR HURRICANE RECOVERY
Finance Minister Dr Nigel Clarke said monies from both the Contingency Fund and the Natural Disaster Fund will be tapped to help finance the recovery spending in the aftermath of Hurricane Beryl. The funds are part of a multi-layered set of financing the Government has put in place to help the country “respond, recover and rebuild” after natural disasters.
JAMAICA TAPS OWN FUNDS FOR HURRICANE RECOVERY
Senior deputy governor of the Bank of Jamaica (BOJ), Wayne Robinson, said the central bank will use the next few weeks to conduct a full assessment of damage associated with Hurricane Beryl before taking a position on any adjustments to monetary policy.
BOJ to conduct full assessment of Beryl’s impact
Productive Business Solutions (PBS) and IronRock Insurance Company (ROC) are the latest entities to have trading in their shares suspended as the Jamaica Stock Exchange (JSE) tightens the leash on companies breaching its rules. Both entities were suspended because their financial statements are late.
JSE ‘toughens’ up
Agro-processing companies operating huge farms in the country are reporting extensive damage to their crops, with at least one, Jamaica Producers, saying it has lost most of its banana plants and warns of shortages over the next few months.
Agro-processors start to rebuild and recover
| Unit Trust Fund | 28/06/2024 | 19/06/2024 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 78.8302 | 75.43 | 4.51% | -2.12% | 0.61% | - |
| Money Market | 16.6973 | 16.6662 | 0.19% | 2.49% | 4.87% | 5.53% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 6.00% |
| FX Bond Portfolio (US$) | 1.4642 | 1.4626 | 0.11% | 2.83% | 6.34% | 5.08% |
| Real Estate Portfolio | 16,173.05 | 16,167.94 | 0.03% | 28.47% | 31.94% | - |
| FX Growth Portfolio | 1.0968 | 1.0863 | 0.97% | 15.07% | 22.99% | - |
| FX Income Accumulator | 1.0199 | 1.0208 | -0.09% | 0.48% | 1.14% | 3.47% |
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