Wigton Windfarm lists next Wednesday

Wigton IPO prospectus is out.

The wait by investors in the latest initial public offer of Wigton Windfarm to Jamaicans to list will soon be over with the shares set to list on the main market of the Jamaican Stock Exchange next week Wednesday.
The JSE in a response to IC Insider.com question today said that they are planning for the listing for next week. Other information has confirmed that the listing ceremony will start at 8:30 on Wednesday.
The government of Jamaica that previously owned all the company through Petroleum Corporation of Jamaica upheld the decision to sell all of the shares. Investors gobbled up all the 11 billion shares at 50 cents each and still wanted more as some 32,000 applications went after the issue making it one of the initial public offers to attract more than 30,000 applicants.
Information gleaned is that the allocation of shares will leave many of the bids with large amount of shares will not see much more than 4 million units being allocated to them.

Wigton attracts over 30,000 applicants

Wigton IPO prospectus is out.

Wigton Windfarm’s recent IPO is said to successfully attracted more than 30,000 applications, for the 11 billion shares that were offered at 50 cents each, IC insider.com has been advised.
IC Insider.com gathers that the number could reach as much as 32,000 applications and is more than 100 percent oversubscribed. The number of applicants, suggest that the level of oversubscriptions is most likely lead to the issue being twice oversubscribed. Based on the formula announced for allocation that will see smaller applications getting full allocation, the top bidders are likely to be disappointed with what they end up getting that could see their take coming for 10 percent or less, depending on the amount applied for.
According to a release from Mayberry Investments lead brokers, “all Applicants (large or small) up to the first 10,000 shares will be met. Applicants in excess of 10,000 will then be met in similar fashion in increments of 10,000 until all applications are met or all shares are allocated”.
The number of applications seem to be close to the issue of National Commercial Bank in 1987 that attracted over 30,000 applications, with the issue being oversubscribed by 175 percent.
The oversubscription should result in a healthy liquid market, when the stock starts trading in a few weeks time.

All Jamaica Index now 455,998

The main market of the Jamaica Stock Exchange moved further ahead in early trading on Wednesday to record new records.
With more than half an hour before the afternoon session, the market hit 455,998.44 on the All Jamaican Composite Index (AJI) after rising by 2,858.98 points with NCB Financial trading as high as $151.50 and PanJamaican Investment at a record $100 after rising by $10 from Tuesday’s close of $90.
 The JSE Index climbed 2,598.04 points to be in record territory at 415,371.48.
The Junior Market index jumped 31.29 points to sit at 3,046.40 with Fontana trading at $4.49, General Accident at $4.45 and Lasco Manufacturing at $3.50.

All Jamaica Index at new record

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New ecord high is in sight for the JSE main market.

The main market of the Jamaica Stock Exchange moved further ahead in trading on Tuesday and pushed the main market into it seventh day of new record high.
The market hit a new high of 453,856.77 on the All Jamaican Composite Index (AJI) after rising by 5,044.21 points with NCB Financial trading at $150 and helped to push the market. The JSE Index climbed 4,583.82 points to a record 412,827.88.
The Junior Market index is up just 7.32 points to sit at 3,008.07. Also rising were Sagicor Group at $47.60 and Supreme Ventures trading at $29.60.

NCB pushes AJIndex to record 450K

With less than 5 minutes after opening NCB Financial traded at $150 and helped to push the All Jamaican Composite Index (AJI) of the Jamaica Stock Exchange up by 2,821.75 points to a record 450,573.44.
The JSE Index climbed 2,564.21 points to a record 410,441.63to be well ahead of the record close on Monday.
The Junior Market index is up just 3.57 points to sit at 3,028.79. Also rising were PanJam Investment in trading at $89 and Supreme Ventures trading at $28.45.

Record high for JSE – Tuesday

The All Jamaican Composite Index (AJI) of the Jamaica Stock Exchange jumped by 7,986.88 points to a record 443,244.68 at 10 am in early trading on Tuesday and the JSE Index climbed 7,257.92 points to a record 403,781.78 to be well ahead of the record close on Monday.
The Junior Market index rose13.69 points to sit at 2,978.12 after slipping slightly in early trading.
Caribbean Cement traded just 1,400 shares up to $77.90, but the exchange has the average price rising $4.43 to have the major impact on the indices move, along with Sagicor Real Estate Fund with a recorded average price change of 89 cents and NCB Financial trading 16,225 shares at $148 with an average change of $5.43. NCB now has a bid of $151 to buy 329 shares and an offer to sell 47,231 at $152.

JSE major indices at record high – Monday

New ecord high for JSE

The Jamaica Stock Exchange main market closed at a new record high on Monday All Jamaican Composite Index surging 9,373.64 points to 435,257.80 and the JSE Index advanced by 8,518.11 points to 396,523.86 as Carib Cement price ended at a record high of $77.99.
Investors were responding to strong first quarter results in buying up 274,801 shares up to $79.50. Also contributing to the strong gains was Sagicor Group that closed at $47.50 up from a close of $44 on Friday.
The market is breaking the all time record closing high reached on November 29 last year of 433,307.22 on the All Jamaica index and 394,791.89 on the JSE Index. The market needs to close solidly above 440,000 points on the AJI for this rally to be sustained.
Some good signs are there present for a possible big day on Tuesday with NCB Financial that traded 2.12 million shares to close at $143.50, closing with a bid of $148, PanJam Investment that closed at $83 having a bid at $85. Wisynco Group closed at a record high of $12.50 have just less than 96,000 shares on offer between $12.50 and $16.

Jamaica’s historical low unemployment

The unemployment rate fell to its lowest level on record, with January 2019 unemployed falling 1.6 percentage points from 9.6 percent in January 2018 and ending at was 8 percent for the first month of 2019.
The fall in the unemployed number arose from an increase in the Employed Labour Force for January 2019 of 1,232,700, some 28,600 or 2.4 percent more than in January 2018. The largest increase in employment was in the occupation group ‘Clerks’ 12,800 or 15.8 percent, which moved to 94,000 in January 2019. Of the increase in employment in this group, females accounted for 8,300 persons.
Female employment was 3.5 percent more and males 1.4 percent than in the 2018 period, Statin data shows. The increase in employment for females was more than twice that of males. The number of employed males increased by 9,500 to 673,500 and employed females by 19,100 to 559,200.
More females were employed in the occupation groups ‘Professionals, Senior Officials and Technicians’ and ‘Clerks’. There was also an increase in the number of females employed in the industry groups ‘Hotels & Restaurants Services’ and ‘Real Estate, Renting and Business Activities’.

How the east was won?

Annmarie Vaz winner of the East Portland seat.

Anne Marie Vaz increased her party’s support by a stunning 58 percent, over the JLP’s haul in the 2016 General Election to win the East Portland by-election on Thursday with just 11 votes less than 10,000.
At the same time, Damion Crawford only pulled out 5 percent more votes than was polled for the PNP, in 2016. The story gets increasing bad for the PNP and it is not just in this election. The writing was on the wall for years but poor candidature, by the JLP lent the view to many onlookers, that East Portland was safe PNP territory. The 2007, results with the PNP winning by less than 800 votes, should have sent a clear warning to them that things were changing rapidly.
In this latest election, the number of new voters on the list, grew by 5.6 percent, but Crawford’s increase of 4.8 percent was less than the rise in registered voters. Looked at differently, he picked up just 354 votes more than in the 2011 elections or only 3.8 percent more. On a net basis, he garnered only approximately 25 percent of new voters, while Vaz got 75 percent. This is consistent with a pattern seen island wide since 1993 and is one that is not likely to change, anytime soon.
The Labour party was able to get out their 8,000 voters of 2011 and add 24 percent more voters to it, in addition to commandeering the vast majority of new voters, the vote tally at the end of the preliminary count suggests.
The results on the surface is a major about turn for the seat. Closer examination of the numbers for a longer period tells a clear tale. The huge 2019 increase is due to a below performance for the JLP in the 2016 elections, when the votes by the party sank by a hefty 22 percent and  well against the national trend. The trend since the 1993 elections, suggests that the natural growth in party support should have seen them polling over 9,700 votes, just below the numbers she got in the latest polls.
The data also points out that the trend is indicating that the JLP should have polled around 2,000 more votes than they did, this time around.  Those voters are there in their corner based on the growth in support, reflected in the average gains in votes cast in prior elections. This bit of information is also reflected in public opinion voting survey data.

IC Insider spot on for Portland by-election

Annmarie Vaz winner of the East Portland seat.

In an article published March 10, IC insider.com had this to say about polls, “observation of public polls for individual constituencies published in the past, show them to be unreliable, although they may well point in the right direction in some cases.”
The articles concluded, “historical trend suggests the likelihood of a close result, for the East Portland seat, but whichever party can mobilize voters to get the out turn back to the traditional level of 60 percent, will win.”
The results are now in, ending with a 51 to 49 percent split of the votes, with around 55 percent turnout.
The article stated that in the 2016 general election, the East Portland seat, had just 44 percent of registered voters casting votes, ranking it as one of the lowest rural area voter turnout. The low out turn suggests a high level of dissatisfaction with the parties’ representatives. The PNP picked up 57 percent of the votes to the JLP’s 42 percent in that election, a wider gap than in 2011 that moved contrary to the swing in overall general elections. The article was commenting on the results of two sets of polls that were carried in the Jamaica Observer, showing incredible substantial leads for both parties.
The results of the elections show the pollsters to be off the mark, but the results of the election, confirms that there is a continuing swing for the governing JLP, well over the level that saw them winning the 2016 elections.