Market Updates | Barita Insights | October 28, 2024

For the week ending October 25, 2024, the local stock market, measured by the Combined Index, declined by 1.16%. The Main Market Index declined by 1.26%, the Junior Market Index decline by 0.07%, and the JSE USD Equities Index improved by 0.34%. During the week Key Insurance Company Limited was the largest gainer, rising by approximately 15% to close at $2.53. Medical Disposables & Supplies Limited was the biggest decliner, which fell by 20% to close at $1.84.

Small-cap stocks, reflecting those listed on the Junior Market Index are outperforming on a YTD basis, decreasing by 4.21%, relative to its Main Market counterpart which has declined by 5.45%.

For the week ending October 25, 2024, overall market activity resulted from trading in 120 stocks of which 49 advanced, 58 declined and 13 traded firm. Market volume amounted to 74,638,745 units valued at over $429,948,980.71. QWI Investments Limited with 6,172,178 units (10.81%), followed by Wigton Windfarm Limited Ordinary Shares with 4,918,069 units (8.61%) and Palace Amusement Co. Ltd. with 4,799,572 units (8.41%).

Revisiting relevant news during the week:

NUCLEAR AMBITION
JAMAICA has made a giant leap towards becoming the first Caribbean country to introduce nuclear power in the energy mix, ending decades of talk about the move with the signing of a memorandum of understanding (MOU) with Canadian Nuclear Laboratories (CNL) and Atomic Energy of Canada Limited (AECL) to achieve the aim. The goal is to use the technology to generate clean electricity while fostering economic growth and improving energy security.
NUCLEAR AMBITION

Jamaica Broilers expands into canned goods
JAMAICA Broilers Group has entered the canned goods market as part of a broader effort to diversify its product offerings and tap into new market segments.
Jamaica Broilers expands into canned goods

NMIA targets tourist traffic
PAC Kingston Airport Limited (PACKAL), the operator of the Norman Manley International Airport (NMIA), is anxiously waiting to secure an operator to build out a service station on the airport’s grounds, which it believes will be icing on the cake when added to the over US$140 million worth of expansion and rehabilitation works now underway at the capital’s international air transit point.
NMIA targets tourist traffic

Image Plus scans for growth amid revenue dip
Image Plus Consultants is focusing on a diversified revenue model and operational adjustments to counter machine downtime, declining scan counts, and rising costs as the company faces challenges in meeting its financial targets.
Image Plus scans for growth amid revenue dip

Redesigned EC currency set for 2027 roll-out
EASTERN Caribbean Central Bank (ECCB), during its recent 109th monetary council meeting, said its redesigned currency notes, featuring new imagery, could begin circulating by 2027.
Redesigned EC currency set for 2027 roll-out

RJRGleaner flattening and consolidating group structure
JAMAICA’S biggest media entity, Radio Jamaica Limited — the parent company of Television Jamaica, The Gleaner and a host of radio stations and cable entities — will be consolidating its group structure, flattening its management structure and driving digital product growth in a bid to not only return to profitability, but remain relevant in a world that is seeing a significant shift in content consumption.
RJRGleaner flattening and consolidating group structure