The main market of the Jamaica Stock Exchange surged 11,391.32 points on the All Jamaica Composite index (AJI) with nearly 2 hours of trading on Monday with the index at 417,227.47 points but pulled back from the day’s high of 421,063.54 points earlier after rising 15,227.39 points.
The JSE Index climbed 10,378.78 points to 380,141.40 but the Junior Market Index rose 47.45 points to 3,229.84.
NCB Financial traded at $150, Barita Investments traded at a new high of $55, Grace Kennedy at $68.50 and Sagicor Real Estate Fund jumped to $13.93.
Big gains for JSE Monday
What are right issues?
Companies requiring additional capital may offer shares for sale to their shareholders in proportion to their existing holdings, usually at a discount to the price in the market.
Such issues initially gives existing shareholders securities called rights. Shareholders get the right to purchase new shares at a discount to the market price on a stated future date.
Rights usually, have value, the difference between the current share price and the exercise price. Until the date at which the new shares are to be purchased, shareholders can trade the rights, similar to the trading of shares. Rights may be listed on a stock exchange, in many cases, they are not, but stockbrokers can usually arrange for sale and purchase of them, nevertheless.
Rights can be renounceable or not and that is determined by the company’s shareholders usually at a general meeting. If they are non-renounceable then shareholders will not be able to transfer the rights to a third party if they do not intend to exercise them.
More TTSE stocks fall than rise – Friday
Trading ended after closing for the Christmas break with 13 securities changing hands on Friday, against 13 on Thursday and finished with 2 advancing, 4 declining and 7 remaining unchanged.
At close of the market, the Composite Index fell 0.37 points to 1,302.97, the All T&T Index gained 1.61 points to 1,704.85, while the Cross Listed Index fell 0.33 points to close at 121.75. Trading ended with 336,690 units valued at $6,885,454 compared to 101,149 units valued at $3,433,867 on Thursday.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 3 stocks with bids higher than their last selling prices and 3 with lower offers.
Stocks closing with gains| Calypso Macro Index Fund rose 50 cents and ended at $15.50, with 20 stock units changing hands and First Citizens gained 34 cents to close at $33.97 after exchanging 100 shares.
Stocks closing with Losses| Clico Investments concluded trading with a loss of 4 cents and ended at $20.16, with 43,504 stock units changing hands, JMMB Group traded with a loss of 1 cent at $1.75, after exchanging 151,652 shares. NCB Financial Group fell 4 cents to $8.50, after exchanging just 123 shares and One Caribbean Media closed with a loss of 25 cents at a 52 weeks’ low of $10.25, exchanging 1,242 shares.
Stocks closing firm| First Caribbean International Bank completed trading of 4,965 units at $8.30, Massy Holdings closed at $47, after exchanging 117,610 shares, National Enterprises ended at $8 with 50 stock units changing hands. Republic Financial Holdings concluded at $107.26, after exchanging 412 shares, Sagicor Financial ended at $9.45, with 500 stock units changing hands, Trinidad & Tobago NGL settled at $29.25, after trading 2,350 shares and Trinidad Cement concluded trading at $2.72, after exchanging 14,162 shares.
Prices of securities trading for the day are those at which the last trade took place.