Caribbean Producers is set to shifts to Jamaica Stock Exchange Main market at the start of trading on Tuesday, having completed ten years on the Junior Market.
Caribbean Producers traded 52 weeks’ high on Monday.
The switch now reflects no bids and offers for the stock that lasts, traded at $4.95 on Monday, with the highest bid being $4.86 to purchase 10,764 shares and the lowest offer at $4.94 to sell 142,428 shares. The stock traded 58,282 units on Monday at a 52 weeks’ high of $5.05.
The shift to the main market could open up new buying opportunities for the stock as some investors see stocks listed on the main market as better investment options for them than Junior Market stocks.
CPJ, a major supplier to the hotel trade, is benefiting currently from a strong rebound in tourist traffic into the country, with 39 percent more passenger arrivals coming into the country in June compared to May this year on top of a 44 percent spike in passenger arrivals through the airport for the second city of the country May over April.
The indication is that visitor arrivals should hit 105,000 in May, up from 82,702 in April. June arrivals through the airport topped 142,000 for the first time since the industry opened up for foreign visitors in June last year. June this year ended with 142,727 arrivals for the month, amounting to 61 percent of the June 2019 numbers of 239,000.
The stock is up 78 percent for the year from $2.80 to $4.98. CPJ is the third Junior Market to move to the Main Market and follows Eppley and Key Insurance.
