Big drop for JSE Main Market to start Q2

Trading plunged to start the second quarter on a negative note following a big surge in the market index last week, with the All Jamaican Composite Index plunging 12,007.10 points to 371,750.11 and the JSE Main Index dived 8,768.59 points to 331,767.29 at the close of the Jamaica Stock Exchange Main Market on Monday.
At the close of trading, after a 26 percent fall in the volume of stocks traded with an 82 percent lower value than on Friday, resulting from trading in 57 securities compared to 60 on Friday, with 13 rising, 29 declining and 15 ending unchanged and ended with the JSE Financial Index losing 2.65 points to close at 76.48.
A total of 18,209,479 shares were traded for $105,140,128, down from 24,564,536 units at $579,763,758 on Friday.
Trading averaged 319,465 shares at $1,844,564, compared with 409,409 shares at $9,662,729 on Friday, compared to trading in March, with an average of 356,137 units at $3,015,416.
Transjamaican Highway led trading with 6.88 million shares for 37.8 percent of total volume, followed by QWI Investments with 4.42 million units for 24.3 percent of the day’s trade, Wigton Windfarm with 1.83 million units for 10.1 percent market share, Sagicor Select Financial Fund with 1.19 million units for 6.5 percent market share and Supreme Ventures with 1.09 million units for 6 percent market share.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.8 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments climbed 78 cents to close at $79.98 after an exchange of 147,819 shares, Berger Paints rallied 49 cents to end at $8.69 with a transfer of 27,694 stocks, but only after hitting an intraday 52 weeks’ low of $7.50, Caribbean Cement dropped $4 after finishing at $56 in an exchange of 31,574 stock units. Eppley shed 50 cents in closing at $37 after an exchange of 1,475 units, Eppley Caribbean Property Fund fell 50 cents to $44.50 with 1,074 stocks crossing the market, First Rock Real Estate dipped 93 cents after ending at $11.05 and closed with 59 units being traded. GraceKennedy popped $3.50 to close at $82.50 in switching ownership of 10,025 stock units, Guardian Holdings lost $9.99 to end at $485 after exchanging 63 shares, JMMB Group declined $1.42 in closing at $31.83, with 88,481 units crossing the market. Key Insurance shed 49 cents to end at $3 in trading 5,110 stocks, Margaritaville lost $2.64 to close at a 52 weeks’ low of $14.97 with 979 shares clearing the market, Massy Holdings dropped $3.75 to end at $85.20 after a transfer of 5,985 stock units. Mayberry Jamaican Equities fell 77 cents in closing at $12.23 while exchanging 40,327 stocks, Pan Jamaica Group, with an expanded portfolio of companies following the acquisition of companies that were part of Jamaica Producers, declined $2 to $52 with an exchange of 5,731 units, Proven Investments dipped 99 cents after ending at $26.50 with investors transferring 22,769 stock units. Sagicor Group dropped $2.10 in closing at $50.90, with 373,953 shares crossing the market, Scotia Group declined 98 cents to close at $34 in trading 12,149 stocks, Seprod dipped $10 to $67.50 as investors exchanged 1,928 units. Stanley Motta lost $1 after ending at $5 after 25,109 stock units passed through the market, Supreme Ventures shed $4.50 to end at $26 with the swapping of 1,094,398 shares and Sygnus Real Estate Finance gained 70 cents to close at $10, with 20,009 stocks changing hands.
In the preference segment, Productive Business 10.50% preference share fell $8 to end at $1250 in an exchange of two stock units and Jamaica Public Service 7% shed $35.11 to $128.99 with a transfer of 434 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.