Market Updates | Barita Insights | November 19, 2021

For the week ended Friday, our local stock market decreased week-over-week. The JSE Combined Index decreased by 2.18%, the Main Market Index decreased by 2.12%, the JSE All Jamaican Composite Index decreased by 2.38%, the JSE Junior Market Index declined by 2.93%, and the JSE USD Equities Index declined by 2.06%. During the week, AMG Packing & Paper Ltd. was the largest gainer, rising by approximately 32.62% to close at J$2.26. The biggest loser was Carib Cement Ltd which fell by 25.43% to close at J$74.92.

Year to Date, The Junior Market Index (+26.67% YTD) continues to outpace its Main Market counterpart (-2.22% YTD) by a wide margin.

As of Friday November 19, 2021, Overall Market activity resulted from trading in 108 stocks of which 34 advanced, 66 declined and 8 traded firm. Market volume amounted to 102,198,467 units valued at over $1,352,961,677.52. Wigton Windfarm Limited Ordinary Shares was the volume leader with 10,919,473 units (10.68%) followed by Carreras Limited with 9,499,830 units (9.30%) and JMMB Group Limited with 8,437,513 units (8.26%) .

Revisiting relevant news during the week:

Barita Investments is to be reorganised as part of a new financial holding company (FHC) to satisfy Bank of Jamaica regulations. The company said it expects this reorganisation will be completed by the end of its next financial year — that is by or before September 30, 2022.
Barita to restructure

The World Bank is forecasting an increase in remittance levels for 2021, noting that this will be fuelled mostly by transfers to Latin America by migrants in the United States.
World Bank predicts lift in 2021 remittance totals

The International Monetary Fund (IMF) says “further tightening” of monetary policy may be needed if the Bank of Jamaica (BOJ) is to bring inflation down from its eight-year high.
IMF warns on inflation

Sagicor Financial Corporation, a financial services provider in the Caribbean and the United States, reported its net revenue rose 94 per cent to US$781.9 million in its third quarter which ended September 30. Net income to shareholders amounted to US$50.4 million.
Sagicor Financial assets reach US$10 billion

Sterling Investments Limited (SIL) posted a 27.5 per cent year-on-year increase in the value of investment securities to $2.2 billion at the end of September. The company also grew its profit by 11 per cent on the back of an impressive rise in its interest income.
Sterling records strong growth

The JMMB Group has said that its plans to exploit interest in the Central American market, though slowed by the novel coronavirus pandemic, continues to remain a part of its pipeline of projects for the future.
JMMB’s quest to enter Central America limps but remains in pipeline