Big drop for JSE Main Market

Rising stocks were overwhelmed by those declining on the Main Market of the Jamaica Stock Exchange as trading commenced in August, with only seven stocks rising while 35 declined on Tuesday as the volume and the value of stocks traded declined 62 percent versus trading on Friday, resulting in the market indices suffering a big fall.
The All Jamaican Composite Index dropped 5,179.08 points to 424,321.54, the JSE Main Index shed 3,817.87 points to close at 371,875.54 and the JSE Financial Index fell 1.16 points to settle at 88.48.
Trading touched 57 securities down from 59 on Friday, with just seven rising, 35 declining and 15 ending unchanged.
A total of 8,448,425 shares were exchanged for $63,984,241 versus 22,398,173 units at $169,689,057 on Friday. Trading averages 148,218 units at $1,122,531, compared to 379,630 shares at $2,876,086 on Friday. July closed with an average of 173,643 units at $1,683,017.
Transjamaican Highway led trading with 3.21 million shares for 38 percent of total volume followed by Carreras with 967,186 units for 11.4 percent of the day’s trade and Pulse Investments with 585,854 units for 6.9 percent market share.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, Berger Paints advanced 93 cents to end at $11.93 after finishing trading 794 shares, Caribbean Cement lost 94 cents in closing at $62.50, with 9,187 stock units clearing the market, Eppley Caribbean Property Fund fell $2 to close at $38 as 1,400 stocks changed hands. GraceKennedy slipped $1.24 to $98.75 after exchanging 76,175 units, Guardian Holdings rose $1 to $506 after trading 342 stock units, Jamaica Broilers dropped 75 cents in ending at $28.65 in an exchange of 8,036 stocks. Jamaica Producers shed $1.74 to end at $20.75 while exchanging 20,926 units, Jamaica Stock Exchange fell 61 cents to close at $18.88 in trading 58,185 shares, JMMB Group declined 49 cents to end at $42.50 after exchanging 226,136 units. Margaritaville gained $1 in closing at $22, with 5,776 shares crossing the market, Massy Holdings shed 88 cents to close at $90.10 after swapping 1,702 stocks, Mayberry Investments fell $1.06 to $9.63 with an exchange of 248,027 stock units. NCB Financial dropped $1 in closing at $96 in switching ownership of 22,306 stock units, Palace Amusement dropped $134 to $755, with 102 stocks changing hands, PanJam Investment lost 99 cents to end at $64 in exchanging 3,400 units. Portland JSX shed $1.49 to $8.51, with 3,405 shares crossing the exchange, Scotia Group declined $2.40 in closing at $34.07 with the swapping of 71,313 stock units, Seprod fell $1.93 after ending at $68.07, with 11,909 shares crossing the market. Stanley Motta lost 52 cents to end at $4.98, with 67,590 stocks clearing the market, Supreme Ventures shed $2.85 to close at $27.15 in trading 257,498 units, Sygnus Credit Investments fell 54 cents to close at $13.21 in exchanging 23,497 shares.
In the preference segment, 138 Student Living s preference share popped $10.45 in closing at a record high of $50.45 after trading 293 stocks and Productive Business Solutions 9.75% preference share rose $3.99 to end at $108.99, with 404 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.