Market Updates | Barita Insights | November 21, 2022

Local Equities Market

For the week ended November 18, 2022, the local stock market as measured by the Combined Index declined by 2.68%. The Main Market Index declined by 2.53%, the JSE Junior Market Index declined by 4.04%, and the JSE USD Equities Index declined by 8.18%. During the week, Eppley Caribbean Property Fund Limited was the largest ordinary equity gainer, rising by approximately 12.23% to close at $44.89. The biggest decliner was Kingston Properties Limited which fell by 18.29% to close at $5.72.

Small-cap stocks, reflecting those listed on the Junior Market Index have outperformed, growing by 12.94%, outpacing its Main Market counterpart which has declined 15.34%. It must be noted that the Junior market has retreated from its highs achieved during the summer.

For the week ended November 18, 2022, overall market activity resulted from trading in 61 stocks of which 13 advanced, 44 declined and 4 traded firm. Market volume amounted to 66,165,433 units valued at over $535,565,213.97. Wigton Windfarm Limited Ordinary Shares was the volume leader with 27,749,979 units (43.65%) followed by TransJamaican Highway Limited with 10,217,204 (16.07%) and Pulse Investments Limited with 3,519,015 (5.54%).

Revisiting relevant news during the week:

Regency Petroleum going public Regency Petroleum Limited (RPL) is planning to raise $287.16 million through the issuance of 287,157,354 ordinary shares in an initial public offering (IPO) which opens on November 24 for $1 per share as the bulk petroleum distribution company looks to expand its operations in western Jamaica.
Regency Petroleum going public

Another rate increase, but BOJ signals pause
The Bank of Jamaica (BOJ) has increased policy interest rates by another 50 basis points (bps) to 7.00 per cent, effective Monday, as it continues its drive to curtail runaway inflation.
Another rate increase, but BOJ signals pause

iCreate’s M&A strategy delivers revenue growth
President and CEO of iCreate Group Tyrone Wilson says the company’s mergers and acquisition strategy has delivered on diversifying and driving revenues. iCreate Group reported a 231% increase in revenues for the third quarter ended September 30, 2022, relative to the same period a year ago.
iCreate’s M&A strategy delivers revenue growth

Macroeconomic environment thaws JMMB profit
The continuation of adverse macroeconomic conditions has affected profits for JMMB Group during its six-month period ended September.
Macroeconomic environment thaws JMMB profit

Real estate driven by speculation and pre-sale activity
Chairman of the Real Estate Board Andrew James indicates that Jamaicans in the diaspora are partly responsible for the continuing robustness of the real estate market in the island, especially in the residential segment.
Real estate driven by speculation and pre-sale activity

Kingston Properties advancing on real estate projects
Kingston Properties Limited (KPREIT) is moving ahead on its real estate projects in the Cayman Islands and Jamaica as it continues to expand its portfolio across different subcategories of the asset class.
Kingston Properties advancing on real estate projects

Unit Trust Fund 18/11/2022 08/11/2022 Week/Week Return Year-to-Date Return 1 Year Return Yield
Capital Growth 92.37 93.83 -1.55% 0.14% 0.64% -
Money Market 15.35 15.39 -0.26% -0.29% 0.26% 4.28%
Income Portfolio 100.00 100.00 - - - 4.78%
FX Bond Portfolio (US$) 1.3422 1.3308 0.86% -2.59% -1.91% 4.05%
Real Estate Portfolio 5218.20 5197.55 0.40% 617.91% 604.65% -
FX Growth Portfolio 0.88 0.85 2.80% -22.40% 13.65% -

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