Market Updates | Barita Insights | November 14, 2022

Local Equities Market

For the week ended November 11, 2022, the local stock market as measured by the Combined Index declined by 1.40%. The Main Market Index declined by 1.45%, the JSE Junior Market Index declined by 0.95%, and the JSE USD Equities Index advanced by 15.68%. During the week, Productive Business Solutions Limited was the largest ordinary equity gainer, rising by approximately 44.93% to close at USD$2.00. The biggest decliner was Everything Fresh Limited which fell by 19.38% to close at J$1.29. Year to Date, with the ongoing rebound in the local economy, small-cap stocks, reflecting those listed on the Junior Market Index have continued the strong performance seen in 2021, growing by 17.69%, outpacing its Main Market counterpart which has declined 13.15%. For the week ended November 11, 2022, overall market activity resulted from trading in 122 stocks of which 36 advanced, 67 declined and 19 traded firm. Market volume amounted to 110,778,370 units valued at over $565,979,707,22. Wigton Windfarm Limited Ordinary Shares was the volume leader with 15,961,606 units (14.24%) followed by TransJamaican Highway Limited with 12,810,747 (11.43%) and Everything Fresh Limited with 10,839,615 (9.67%).

Revisiting relevant news during the week:

Wisynco’s Cuba Push
Beverage giant Wisynco Group Limited is looking to boost its exports to Cuba by up to five times, as it seeks to take advantage of the opportunities opening in that market from its government encouraging private sector interests to distribute food, as its own ability to do so becomes increasingly challenged.
Wisynco’s Cuba Push

Seprod issuing $2.1-billion bond Seprod Limited is aiming to refinance its existing debt through the issuance of $2.1 billion in unsecured fixed rate corporate bonds between November 14 and 21. Seprod issuing $2.1-billion bond.
Seprod issuing 2.1- billion bond. 

Carib Cement expansion costs go up
The cost for Caribbean Cement Company Limited’s 30 per cent capacity expansion of its Rockfort plant has gone up from its original US$30 million ($4.6 billion) price tag to a new figure of US$40 million ($6 billion).
Carib Cement expansion costs go up

QWI dragged into losses by market volatility
Following a turnaround year where QWI Investments Limited generated $349.76 million in net profit, the investment holding company recorded a net loss of $50.02 million for its 2022 financial year (FY) ending September 30
QWI dragged into losses by market volatility

Access Financial gets credit rating as profit drops
The Caribbean Information and Credit Rating Services Limited (Caricris) has given Access Financial Services Limited a credit rating just a day after its second quarter results were published on the Jamaica Stock Exchange (JSE).
Access Financial gets credit rating as profit drops

JSE targets CCIs
Serious about unlocking capital for all sectors of society, the Jamaica Stock Exchange (JSE) has said that it wants to see more businesses from the cultural and creative industries (CCIs) becoming listed on its platform
JSE targets CCIs

Unit Trust Fund 09/11/2022 02/11/2022 Week/Week Return Year-to-Date Return 1 Year Return Yield
Capital Growth 93.77 94.25 -0.51% 1.98% 2.04% -
Money Market 15.396 15.384 0.08% 1.13% 1.19% 4.22%
Income Portfolio 100.00 100.00 - - - 4.76%
FX Bond Portfolio (US$) 1.3302 1.3310 -0.06% -3.49% -3.06% 4.13%
Real Estate Portfolio 5,187.02 5,228.20 -0.79% 878.56% 870.37% -
FX Growth Portfolio 0.8397 0.8412 -0.18% -22.40% -22.17% -

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