Local Equities Market
For the week ended Friday, our local stock market decline week-over-week. The JSE Combined Index decreased by 0.38%, the Main Market Index declined by 0.33%, the JSE All Jamaican Composite Index fell by 0.31%, the JSE Junior Market Index decreased by 1.01%, while the JSE USD Equities Index advanced by 3.46%. During the week, Ironrock Insurance Company Limited was the largest gainer, rising by approximately 15.11% to close at J$3.58. The biggest loser was Margaritaville Limited which fell by 29.29% to close at J$14.85.
Year to Date, The Junior Market Index (+26.26% YTD) continues to outpace its Main Market counterpart (-1.43% YTD) by a wide margin.
As of Friday December 3, 2021, the overall Market activity resulted from trading in 116 stocks of which 42 advanced, 57 declined and 17 traded firm.
Market volume amounted to 273,308,385 units valued at over $1,965,173,794.35. LUMBER DEPOT LIMITED was the volume leader with 142,454,509 units (52.12%) followed by JMMB GROUP LIMITED 7.50% with 49,893,013 units (18.26%) and KINGSTON WHARVES LIMITED with 21,304,658 units (7.80%) .
Revisiting relevant news during the week:
The Bank of Jamaica (BOJ) says it is awaiting the outcome of the impending court case involving the principals of Alliance Financial Services, Peter Chin and Robert Chin, before deciding on its next move involving the entity which had its licence suspended on Friday for breaches of the Bank of Jamaica Act, the Banking Services Act, and the Proceeds of Crime Act
BoJ suspends Alliance Financial Services
The Blue Power Group is set to take off in 2022 through a number of elaborate initiatives, which will see the company expanding and diversifying its revenue streams. In addition, the Dr Dhiru Tanna-led listed company is hoping to claw background lost in the Caricom market as a result of its trade war with Dominican competitor, DCP Successors Limited
BluePower moves to restore export opportunities
Sygnus Real Estate Finance (SRF) will this week break ground for its “One Belmont” real estate project in New Kingston, St Andrew, slated to cost upwards of $3.2 billion. The “One Belmont” project has been described as a daring response to an evolving world and reimagines the standards of Kingston’s commercial office spaces that unites design, technology and wellness to deliver a modern architectural masterpiece.
Sygnus breaks Ground
Marlene Street Forrest, the managing director of the Jamaica Stock Exchange (JSE), is exuding optimism about how she believes Jamaica’s equities market will perform in 2022. Street Forrest is looking beyond current concerns about the Omicron variant of the novel coronavirus to 2022, which, she hopes, will bring an accelerated recovery from the pandemic-induced shock
JSE bullish despite Omicron
Following constant queries by shareholders on a share buy-back programme, the board of JMMB Group Limited (JMMBGL) has approved it for execution in its 2023 financial year which starts on April 1, 2022. This comes amidst JMMBGL’s stock price trading below the market and financial sector’s average price to earnings (PE) and price to book ratio.
JMMB Group Limited approves share buyback
| Unit Trust Fund | 01/12/2021 | 25/11/2021 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 88.3178 | 88.2852 | 0.04% | 6.48% | 4.06% | - |
| Money Market | 15.3999 | 15.3987 | -0.01% | 4.00% | 4.22% | 1.10% |
| Income Portfolio | 100.00 | 100.00 | 0.00% | - | - | 3.08% |
| FX Bond Portfolio (US$) | 1.3696 | 1.372 | -0.17% | 3.06% | 0.99% | 2.15% |
| Real Estate Portfolio | 4906.9082 | 5,156.8533 | -4.85% | -9.57% | -15.91% | - |
| FX Growth Portfolio | 1.0562 | 1.0938 | -3.44% | 8.39% | 5.78 | - |
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