Local Equities Market
For the week ending May 17, 2024, the local stock market, measured by the Combined Index, advanced by 0.79%. The Main Market Index advanced by 0.86%, the Junior Market Index declined by 0.05%, and the JSE USD Equities Index advanced by 0.24%. During the week, The Limners and Bards Limited was the largest gainer, rising by approximately 24.41% to close at $1.58. AMG Packaging & Paper Limited was the biggest decliner, which fell by 21.79% to close at $3.05.
Large-cap stocks, reflecting those listed on the Main Market Index are overperforming on a YTD basis, decreasing by 1.35%, relative to its Junior Market counterpart which has declined by 3.16%.
For the week ending May 17, 2024, overall market activity resulted from trading in 123 stocks of which 53 advanced, 57 declined and 13 traded firm. Market volume amounted to 443,357,753 units valued at over $1,917,084,228.49. Transjamaican Highway Limited was the volume leader with 179,979,136 units (40.50%), followed by Fosrich Company Limited with 161,293,034 units (36.30%), and by JMMB Group 7.25% VR JMD CR Preference Shares with 30,172,595 units (6.79%).
Revisiting relevant news during the week:
Derrimon reports revenue decline amid strategic shifts and operational changes
Derrimon Trading Company Limited has posted a decline in revenue for the first quarter ending March 2024, a performance it blames on operational hurdles and ‘teething pains’ it’s experiencing as it undergoes a strategic realignment of its business model.
Derrimon reports revenue decline amid strategic shifts and operational changes
Accounting shift and market losses drag Sagicor Group Q1 profits
An accounting shift to a new reporting standard for insurance companies and unrealised losses on investment securities were the main factors for the reduction in Sagicor Group Jamaica Limited’s (SJ) first-quarter profits.
Accounting shift and market losses drag Sagicor Group Q1 profits
Slower sales dim FosRich’s Q1
A break in the usual pace of sales has, for the first quarter ended March 31, seen both profit and revenues for lighting, electrical, and solar energy products distributor FosRich Company Limited delivering lukewarm results.
Slower sales dim FosRich’s Q1
NCBFG to pay third-straight dividend
Sharehlders of NCB Financial Group (NCBFG) will share up just under $1.3 billion in a month’s time after their board declared a $0.50 cents per share dividend on improved earnings in the last two quarters.
NCBFG to pay third-straight dividend
Rate cut expectations heightened
The expectation that rate cuts could start in the second half of the year has been boosted after data showed inflation had fallen slightly to 5.3 per cent in April. That is down from 5.6 per cent in March and keeps inflation within the 4 per cent to 6 per cent range the Bank of Jamaica (BOJ) is mandated to target for a third-straight month.
Rate cut expectations heightened
Sygnus Group leads Jamaican-leg launch of ‘resilient’ fund
Sygnus the recently appointed fund manager of the Caribbean’s climate resilience and economic sustainability fund, spearheaded the Jamaican leg of the fund’s launch last Thursday. The Caribbean Community Resilience Fund (CCRF), a US$135-million investment fund, promises to revolutionise the region’s approach to tackling climate change and fostering growth.
Sygnus Group leads Jamaican-leg launch of ‘resilient’ fund
| Unit Trust Fund | 15/05/2024 | 08/05/2024 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 74.59 | 76.11 | -2.00% | -7.39% | -6.16% | - |
| Money Market | 16.5630 | 16.5430 | 0.12% | 1.67% | 4.82% | 5.46% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 6.12% |
| FX Bond Portfolio (US$) | 1.4736 | 1.4578 | 1.08% | 3.49% | 8.38% | 4.89% |
| Real Estate Portfolio | 16,265.66 | 16,311.11 | 0.28% | 29.21% | 32.05% | - |
| FX Growth Portfolio | 1.0363 | 1.0424 | -0.59% | 8.72% | 18.22% | - |
| FX Income Accumulator | 1.0192 | 1.0159 | 0.32% | 0.41% | 1.11% | 2.93% |
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