The Main Market of the Jamaica Stock Exchange ended trading on Thursday, with a decline in the index for a second day running after the number of stocks rising outpaced those falling three to two as the volume of stocks traded declined 18 percent while the value dropped 62 percent lower than Wednesday’s close, after trading in 60 securities compared to 58 on Wednesday, with 26 rising, 17 declining and 17 ending unchanged.
A total of 6,062,724 shares were traded for a mere $21,930,574 down from 7,402,150 units at $57,740,739 on Wednesday. Trading averages 101,045 units at $365,510 versus 127,623 shares at $995,530 on Wednesday and month to date, an average of 120,650 units at $815,557, compared to 130,452 units at $1,040,581 on the previous day. December closed with an average of 604,110 units at $4,072,598.
Wigton Windfarm led trading with 1.98 million shares for 32.6 percent of total volume followed by Transjamaican Highway with 1.73 million units at 28.6 percent of the day’s trade and Ciboney Group with 516,314 units for 8.5 percent of market share.
The All Jamaican Composite Index shed 2,146.48 points to close at 392,484.67, the JSE Main Index declined 1,737.67 points to 345,411.92 and the JSE Financial Index shed 0.80 points to settle at 81.98.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.4 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 and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Barita Investments rallied 98 cents to close at $97.98, with 4,047 shares crossing the exchange, Berger Paints popped 55 cents to $10.40 with an exchange of 1,500 units, Caribbean Cement popped $1.46 after ending at $63.45 with a transfer of 1,330 stock units. Eppley rose $5.05 to $40 with 536 stocks clearing the market, First Rock Real Estate lost $1.79 in closing at $12.01, with 23,081 units crossing the market, GraceKennedy declined 60 cents to end at $82, as 16,204 stock units passed through the market. 
Guardian Holdings dipped $3 to $522 after an exchange of 416 stocks, Jamaica Producers climbed $1.07 in closing at $22.99, with 1,500 shares crossing the market, Jamaica Stock Exchange fell 80 cents ending at $14.50 in an exchange of 12,167 units. JMMB Group increased 40 cents to close at $33 while exchanging 58,195 stock units, Margaritaville shed $2.93 to close at $16.62 in exchanging 1,959 shares, Massy Holdings dropped $1.45 ending at $78.50 in switching ownership of 58,914 stocks. MPC Caribbean Clean Energy gained $9 to end at $84 with the swapping of 4,637 stock units, NCB Financial gained $1.79 to $80 trading 7,843 shares, Palace Amusement rallied $80 in closing at a 52 weeks’ high of $1680, with 404 stocks changing hands. Proven Investments increased 49 cents to end at $27.99 as investors exchanged 17,978 units, Sagicor Group rose $3.80 to $54.80 with investors transferring 854 stock units, Scotia Group popped $1.40 to close at $34.40 in trading 13,614 stocks. Seprod dropped 90 cents in ending at $69.10 after 1,831 shares changed hands, 
Stanley Motta shed $1.15 in closing at $4.10 after a transfer of 15,876 units and Supreme Ventures climbed $2.52 after ending at $29.87 with an exchange of 5,708 shares.
In the preference segment, Jamaica Public Service 9.5% dipped $1 in closing at $2999 as a mere one share was traded.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
First daily gain for Junior Market in 2023
The Junior Market of the Jamaica Stock Exchange closed on Thursday with the Market Index gaining 19.61 points to end at 3,920.85 after trading levels fell with the volume of stocks traded declining 35 percent with a 32 percent drop in the value compared with that on Wednesday following trading in 45 securities up slightly from 44 on Wednesday and ended with 23 rising, 15 declining and seven closing unchanged.
A total of 7,085,346 shares were traded for $18,259,575 compared with 10,975,198 units at $26,988,194 on Wednesday.
Trading averaged 157,452 shares at $405,768 down from 249,436 units at $613,368 on Wednesday, with the month to date averaging 184,849 units at $481,636 compared with 198,397 stock units at $519,153 on the previous day. December closed with an average of 333,420 units at $925,533.
Dolla Financial led trading with 1.26 million shares for 17.8 percent of total volume followed by Tropical Battery with 1.01 million units for 14.3 percent of the day’s trade and ONE on ONE Educational with 943,103 units for 13.3 percent market share.
The PE Ratio, a measure of computing appropriate stock values, averages 12.6. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for the financial year that fall between November this year and August 2023.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, AMG Packaging gained 19 cents to close at $3.01 in an exchange of 52 shares, CAC 2000 climbed $1.73 to $8.48 after a mere 13 stock units crossed the exchange, Caribbean Flavours advanced 10 cents in closing at $1.82 in an exchange of 31 units. Dolla Financial popped 19 cents to $3.06 with the swapping of 1,264,717 stocks, Dolphin Cove rose 10 cents to end at $14.10, with 17,316 units crossing the market, EduFocal fell 12 cents to $2.08 with a transfer of 178,521 stocks. 
Express Catering dipped 10 cents to $5.20 after an exchange of 20,181 shares, Future Energy Source lost 19 cents in ending at $4.92 as investors exchanged 326,338 stock units, General Accident dipped 17 cents to close at $4.90 in switching ownership of 100 stocks. Honey Bun rallied 10 cents to end at $7.30 after exchanging 11,486 units, iCreate gained 27 cents to $1.77 with an exchange of 466,481 stock units, Indies Pharma climbed 50 cents in closing at $3.25 as 12,306 shares passed through the market. KLE Group declined 28 cents to end at $1.71, with 641 units clearing the market, Knutsford Express increased 75 cents to $8.95, with 6,090 stocks crossing the market, Lasco Manufacturing shed 30 cents to close at $4 after a transfer of 53,088 shares. Limners and Bards popped 24 cents in closing at $2.67, with 35,572 stock units changing hands, Lumber Depot gained 10 cents to end at $2.40 with investors transferring 33,816 stocks, 
Main Event rose $1.59 to close at $8.59 trading 44,554 stock units. MFS Capital Partners advanced 13 cents to $2.94 after trading 154,025 shares, Paramount Trading dipped 17 cents to $1.63 in exchanging 9,322 units and Spur Tree Spices rallied 13 cents to $3.13 in trading 151,160 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big fall for JSE Main Market
Stock rising and falling was almost evenly matched at the close of market activity on the Main Market of the Jamaica Stock Exchange on Wednesday, following a 10 percent slide in the volume of stocks traded with a 14 percent lower value than on Tuesday and a significant fall in the market index, with 58 securities trading compared to 62 on Tuesday, with 23 rising, 24 declining and 11 ending unchanged.
The All Jamaican Composite Index lost 9,718.27 points to settle at 394,631.15, the JSE Main Index fell 9,089.39 points to settle at 347,149.59 and the JSE Financial Index lost 3.14 points to settle at 82.78.
A total of 7,402,150 shares were exchanged for $57,740,739 versus 8,252,097 units at $67,129,016 on Tuesday. Trading averages 127,623 units at $995,530 versus 133,098 shares at $1,082,726 on Tuesday and month to date, an average of 130,452 units at $1,040,581. December closed with an average of 604,110 units at $4,072,598.
Sagicor Select Financial Fund led trading with 2.53 million shares for 34.2 percent of total volume followed by Wigton Windfarm with 1.31 million units for 17.7 percent of the day’s trade and Transjamaican Highway with 948,703 units for 12.8 percent market share.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.4 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 and August 2023.
Investor’s Choice bid-offer indicator shows ten stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments shed $2.02 in closing at $97 with an exchange of 4,107 shares, Berger Paints lost 75 cents to end at $9.85 in trading 50 stock units, Eppley rose 95 cents to $34.95, with 90 stocks crossing the market. Eppley Caribbean Property Fund advanced $2.78 to close at $50 while exchanging 25 units, First Rock Real Estate rallied 80 cents in ending at $13.80 in an exchange of 29,271 shares, GraceKennedy dipped 40 cents to $82.60 with a transfer of 12,276 stock units. Guardian Holdings fell $44 to $525 and finished with 43,028 stocks changing hands, Jamaica 
Stock Exchange declined 69 cents to end at $15.30 after exchanging 22,960 units, Kingston Properties dropped 75 cents to close at $7, with 65,635 stock units clearing the market. Kingston Wharves dropped $2.33 in closing at $33.67, with 2,640 shares changing hands, Massy Holdings climbed 45 cents to $79.95 as 74,874 units were traded, Mayberry Investments fell 70 cents to end at $8 closing with 142,781 stocks passing through the market. NCB Financial lost $1.79 in closing at $78.21, with 78,538 units crossing the market, Palace Amusement popped $1 to close at a 52 weeks’ high of $1600 as 267 stock units passed through the market, Portland JSX declined $1.55 to close at $9 as investors exchanged 100 stocks. Proven Investments gained 50 cents to end at $27.50 after exchanging 1,122 shares, Sagicor Group dipped $4 in closing at $51 in switching ownership of 2,788 stocks, Sagicor Real Estate Fund shed 86 cents to end at $8.67 as 11,700 stock units crossing the exchange. 
Scotia Group dipped $1.49 to close at $33 in exchanging 11,506 shares and Stanley Motta increased $1.23 after ending at $5.25 with a transfer of 244 units.
In the preference segment, Jamaica Public Service 7% advanced $2.73 to close at a 52 weeks’ high of $3.37 with the swapping of 30,000 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market down for a second day
Trading closed on the Junior Market of the Jamaica Stock Exchange Wednesday with a 55 percent rise in the volume of stocks traded with 33 percent more funds passing through the market than on Tuesday with trading in 44 securities versus 47 on Tuesday and ended with 13 rising, 21 declining and 10 closing unchanged.
At the close, the Junior Market Index declined 47.01 points to finish at 3,901.24.
A total of 10,975,198 shares were exchanged for $26,988,194 up from 7,078,901 units at $20,254,759 on Tuesday.
Trading averaged 249,436 shares at $613,368 versus 150,615 units at $430,952 on Tuesday with the month to date, averaging 198,397 units at $519,153. December closed with an average of 333,420 units at $925,533.
iCreate led trading with 3.23 million shares for 29.5 percent of total volume followed by ONE on ONE Educational with 1.56 million units for 14.2 percent of the day’s trade and Regency Petroleum with 1.03 million units for 9.4 percent market share.
The PE Ratio, a measure of computing appropriate stock values, averages 12.4. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for the financial year that fall between November this year and August 2023.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial gained $2.50 in closing at $24.50 in trading a mere 58 shares, but supply seems to be declining and buying interest is low. AMG Packaging popped 16 cents to end at $2.82 with the swapping of 14,008 stocks, Caribbean Assurance Brokers increased 26 cents to $2.14 after a transfer of 16,900 stock units. Caribbean Cream rose 12 cents to close at $3.98 and closed with just 160 units trading, Caribbean Flavours lost 10 cents in ending at $1.72 after trading 50 shares, Consolidated Bakeries climbed 15 cents in closing at $1.85 with an exchange of 3,187 stock units. Dolphin Cove dropped 88 cents to end at $14 in switching ownership of 148,681 stocks, 
Express Catering declined 10 cents to $5.30 after an exchange of 500 units, Fosrich shed 24 cents to close at $3.99 after investors finished trading 511,652 units. iCreate dipped 43 cents to $1.50 in an exchange of 3,234,540 stocks, Indies Pharma fell 25 cents to $2.75, with 12,528 stock units passing through the market, Iron Rock Insurance declined 37 cents ending at $1.98 after 4,000 shares crossed the market. Jamaican Teas fell 10 cents to close at $2.50, with 437,300 shares crossing the market, Knutsford Express advanced 20 cents to end at $8.20 while exchanging 1,815 units, Lasco Manufacturing rallied 36 cents in closing at $4.30, with 14,263 stocks crossing the exchange. Limners and Bards dropped 33 cents to close at $2.43 as investors exchanged 30,090 stock units, Lumber Depot shed 39 cents in closing at $2.30, with 323,510 stock units changing hands, 
Main Event dipped $1.99 to end at $7 after an exchange of 216,945 units. Paramount Trading fell 10 cents to $1.80 with a transfer of 14,333 shares and tTech popped 33 cents to end at $2.53 with investors transferring 33,000 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Jamaica’s economy looking great for 2023
The Jamaican economy could grow by more than 6 percent in 2022, with continued growth in tourism and the Alcoa Alumina plant back in production in late August and could lift the December quarter growth above the 5.9 percent that Statin reported for the September quarter. The strong second half year growth should carry over into 2023, coming from an average increase of 5.73 percent for the period up to September and will be boosted by the expected continued strong resurgence of the tourism sector in 2023, barring unforeseen adverse developments, along with the impact of production from the reopening of the Jamalco Alumina plant that will add quite a bit to growth going into the first half of 2023.
Mining to contribute to GDP gains in 2023
Inflation is still not entirely under control yet, but it peaked in 2021, with the average for 2022 running close to the upper end of the central bank’s target of 4 to 6 percent. Developments that should help decrease the rate include world oil prices that have fallen substantially from the over $US120 experienced after the Ukraine war started and are now around US$80 a barrel. Prices of some other commodities are reduced and others could follow as a push of interest rates by several developed countries is set to tighten economic activities and trim demand. A tighter labour market, locally, could put upward pressure on wages and prices, but the tighter monetary policy from last year could hold prices down for a while.
Growth is not only expected from the above two areas. Assuming fair weather conditions, Agriculture, the star performer in the economy for several years, should continue its contribution in 2023. The sector will be helped by growth in tourism that feeds off the industry. The BPO sector seems poised to continue to add to growth as well as the construction sector, with continued growth in housing, road construction and the need for factories and warehousing space. There may well be a lull in the sector with the two south coast roads coming to completion in 2023: the Harbour View to Portland leg and the May Pen to Williamsfield leg of Highway 2000. The Montego Bay perimeter road should take over but may not fill the gap. This may not happen until the Montego Bay to Ocho Rios dualisation commences and is well on the way.
Why is tourism so important? Data shows that for the first quarter in 2022, stopover arrivals were 28 percent below arrivals for 2019, with the June quarter off by 3.3 percent, but September to November increased an average of 12 percent, which means that the first quarter in 2023 could see a 50 percent increase over 2019 and much more over 2022 in the first half on 2022.
Tourist arrivals into Jamaica are now running at record levels since August 2022. Data shows the country enjoying four consecutive months of arrivals exceeding similar months in 2019, the previous best period. Airport passenger movements through the Sangster Airport are up an average of 12 percent for the September to November period.
Growth in tourism is expected to be big in 2023
If the recent trend continues, it would mean that stopover arrivals should be in the order of 3 million next year, up from 2,680,920 in 2019 and would exceed those in 2022 by a solid 20 percent, with the winter months enjoying much higher levels of growth as shown above.
The strong rebound in tourism traffic in the first half of the year, compared with 2022, will contribute to above average GDP growth in the first half but will also result in a significant jump in revenues and profits for some companies and the government. This will have significant implications for the foreign exchange market with significantly increased flows, especially in the year’s first half. This development could also impact interest rates as BOJ may no longer have to lend much support to the local currency using high interest rates.
ICinsider.com don’t see interest moving higher and most likely will start to decline before midyear, with inflation within reach of the BOJ target of 4-6 percent in 2022 and with interest rates seeming to peak at 8.46 percent from April 2022 and remaining at the 8 percent level since based on 182 days Treasury bills.
Jamaica’s labour market has tightened and could pressure inflation in 2023.
Unemployment at 6.6 percent in July is expected to fall in 2023 towards the 5 percent region as more workers will be needed to man the economic expansion. This could mean wage increases could rise above normal to retain or attract new workers.
But all the above is good news for the private sector overall, that should see increasing demand for goods and services.
The banking sector showed loans growing at an annual pace of 12 percent up to September 2022, data from the Bank of Jamaica shows up to $1,096 billion, but increased loan rates may be negatively affecting some areas. With what could be a year of reducing interest rates engineered by BOJ, there could be even faster loan growth in 2023 than in 2022.
Remittances in 2022 appear they will fall short of the US$3.5 billion generated in 2021 and could come in at just over $3.4 billion for the year, reaching $2.84 billion to October. It may again slip marginally in 2023 since the big surge that took it from $2.4 billion in 2019 to the $3.5 billion level.
Net International Reserves. Jamaica’s Net International Reserves are in a healthy position with a jump of $75 million to $3.85 billion in November, data released by the Bank of Jamaica shows, an improvement over October at $3.77 billion. This year’s November balance is at the highest monthly balance for 2022 but is down US$150 million from the end of December last year with a net of $4 billion. Data from the Bank of Jamaica shows a US$100 million growth to Mid December 2022 that would push the net to around US$3.95, just shy of US$4 billion. Daily trades in the forex market after mid-December suggest a continued buildup of the reserves that should push it over the US$4 billion mark by the end of 2022, with the exchange rate for the Jamaica dollar appreciating 152 to the US dollar at the end of the year.
Road construction could slow growth in the sector in 2023
With the significant rebound in tourism, a resurgence in the Alumina sector and relatively stable remittances and BPO sectors, the country should enjoy record foreign exchange inflows in 2023.
Developments on the foreign exchange front could result in greater stability in the exchange rate for the local dollar. Investors should not be too surprised if there is some revaluation, especially in the first half.
The entertainment and transportation sectors seem poised to get a shot in the arm and benefit from the rebound in tourism, increased employment in the country and the general buoyancy in the wider economy.
The present government will be in power for three years at the end of August, but the last public opinion polls indicate a huge lead over the opposition party; with such a lead, the government is in the driver’s seat as to when elections will be called. But the opposition party could start revving up their machinery, so there could be a fair bit of noise to contend with. Local government elections are due in 2023 and barring some significant negative development these elections appear as if they will proceed as planned. If the opposition does well in these elections, it could result in the political heat being turned up a notch or two. If they don’t things will quiet down as the odds favour the government going the full term.
The above are positive developments but investors cannot ignore the impact that the war in Ukraine has had and could have going forward as well as concerns about the covid19 problems in China and how that could affect the world economies.
Reports to follow – Interest rates and the stock market. Outlook for stocks in 2023. Top 15 stocks. Stocks to watch in 2023.
Main Market’s weak start to 2023
The strong rally in the last two weeks of December carried over into the new year on the Main Market of the Jamaica Stock Exchange on Tuesday, but at a sedate level following 95 percent less the stocks trading with 96 percent less value than on Friday, after trading in 62 securities compared to 60 on Friday, with 15 rising, 30 declining and 17 ending unchanged.
A total of 8,252,097 shares were exchanged for $67,129,016 versus 182,913,713 units with a value of $1,549,169,032 on Friday.
Trading averages 133,098 units at $1,082,726, compared to 3,048,562 shares at $25,819,484 on Friday. December closed with an average of 604,110 units at $4,072,598.
Transjamaican Highway was the lead trade, with 4.08 million shares for 49.4 percent of total volume followed by Pulse Investments with 986,612 units for 12 percent of the day’s trade and Sagicor Group with 569,539 units for 6.9 percent market share.
The All Jamaican Composite Index rallied 1,269.06 points to 404,349.42, the JSE Main Index climbed 342.34 points to 356,238.98 and the JSE Financial Index rose 0.04 points to settle at 85.92.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.4 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 and August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments lost $3.49 to end at $99.02 in exchanging 5,385 shares, Eppley shed $4.53 after ending at $34 with an exchange of 277 units, Eppley Caribbean Property Fund fell $2.78 to close at $47.22 after a transfer of 7,299 stocks. First Rock Real Estate dipped 99 cents to $13 in an exchange of 11,451 stock units, GraceKennedy declined $1 in closing at $83 after 25,261 shares passed through the market, Guardian Holdings dropped $1 in closing at $569 in an exchange of 103 units. 
Jamaica Producers fell 98 cents to end at $21.92 while exchanging 2,552 stock units, JMMB Group ost $1.50 to close at $32.50 in trading 39,397 stocks, Kingston Properties dipped 75 cents to $7.75 in trading 7,741 stock units. Massy Holdings declined 49 cents to $79.50 with 2,324 shares crossing the market, Mayberry Investments shed $1.35 in closing at $8.70, with 47,687 units changing hands, MPC Caribbean Clean Energy dropped $6 to end at $75 after an exchange of 498 stocks. Palace Amusement rose $100 to close at a 52 weeks’ high of $1599 as investors exchanged 656 units, Portland JSX declined 45 cents in ending at $10.55 after an exchange of 10 stocks, Sagicor Group dropped $4 to end at $55 with 569,539 shares crossing the market. Sagicor Real Estate Fund rallied $1.03 in closing at 52 weeks’ high of $9.53 with investors transferring 25,279 stock units, Seprod shed $8 to close at $70 with 5,354 shares clearing the market, Stanley Motta dipped $1.28 to end at $4.02 in switching ownership of 118,860 stocks. Sterling Investments gained 49 cents in ending at $3.44 after 54,045 stock units changed hands, Supreme Ventures fell $2.50 to $27.50 with the swapping of 26,450 units, 
Sygnus Real Estate Finance fell 48 cents ending at $9.52 trading 5,106 stock units and Wisynco Group declined 49 cents to $17.50 with a transfer of 128,774 units.
In the preference segment, Productive Business Solutions 9.75% preference share climbed $13 to end at $120, with one share crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market declines into 2023
Stocks slipped to open up the new year on a losing note when the Junior Market of the Jamaica Stock Exchange closed trading on Tuesday, with investors displaying restraint in chasing or exchanging stocks as the volume of stocks traded declined 68 percent with 70 percent less value than on Friday after all, but one security traded amounting to 47 up from 43 on Friday and ended with 14 rising, 26 declining and seven closing unchanged.
A total of 7,078,901 shares were traded for $20,254,759 down from 22,282,537 units at $68,002,755 on Friday.
Trading averaged 150,615 shares at $430,952 compared to 518,199 units at $1,581,459 on Friday. December closed with an average of 333,420 units at $925,533.
Regency Petroleum led trading with 1.64 million shares for 23.1 percent of total volume followed by Fosrich with 824,214 units for 11.6 percent of the day’s trade and ONE on ONE Educational with 682,021 units for 9.6 percent market share.
At the close, the Junior Market Index lost 38.19 points to settle at 3,948.25.
The PE Ratio, a measure used in computing appropriate stock values, averages 12.6. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for the financial year ending that fall between November this year and August 2023.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial dropped $4 to $22, with 661 shares changing hands, AMG Packaging fell 39 cents to close at $2.66, with 4,897 stock units crossing the market, CAC 2000 shed $1.73 in ending at $6.75 in an exchange of 8 units. Caribbean Assurance Brokers dropped 28 cents to $1.88 after a transfer of 228,886 stocks, Caribbean Cream lost 14 cents to end at $3.86 trading 1,023 stocks, Consolidated Bakeries dipped 10 cents to $1.70 with an exchange of 1,176 stock units. 
Derrimon Trading fell 14 cents to $2.11 with the swapping of 254,671 units, Dolphin Cove popped $1.88 to close at $14.88 in trading 16,694 shares, Express Catering climbed 20 cents in closing at $5.40 after 22,124 stock units passed through the market. Future Energy Source dipped 30 cents to end at $5.20 with an exchange of458,046 shares, General Accident gained 66 cents to end at $5.07 as investors exchanged 110,279 stocks, Honey Bun declined 79 cents to close at $7.20 after exchanging 7,733 units. iCreate advanced 26 cents to $1.93 in switching ownership of 103,986 shares, Indies Pharma dropped 52 cents to $3, with 7,327 stock units crossing the market, JFP Ltd lost 10 cents in closing at $1.67 while exchanging 204,535 stocks. Knutsford Express shed 70 cents to close at $8, with 5,886 units clearing the market, Lasco Distributors rallied 10 cents in closing at $2.60 after exchanging 186,868 units, Medical Disposables rose 48 cents to end at $5.28 with investors transferring 385 shares. Spur Tree Spices shed 46 cents to $3.04 with an exchange of 57,994 stocks,
Stationery and Office Supplies dropped 65 cents to end at $16.50 after finishing trading of 129,446 stock units, Tropical Battery increased 15 cents to close at $2.45 with a transfer of 607,278 stocks and tTech declined 30 cents in closing at a 52 weeks’ low of $2.20 after exchanging 31,563 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Profits saved JSE Main Market from 2022 collapse
A likely 6 percent growth in Jamaica’s economy in 2022 helped several Main Market stocks to overcome a sharp rise in interest rates to record gains between two and 82 percent after the Jamaica Stock Exchange started 2022 tentatively, 
with the market index gaining just two percent at its peak in mid-May after which the JSE Main Index dropped 10.2 percent for the year as Bank of Jamaica pushed interest rates higher during the year.
The first real sign of change in the market was after investors pushed Treasury bills rates to peak in April, seven months before the country’s central did. Stock prices started to slip in May, sending the market into reverse from then until year end, except for the last two weeks when there was a near 6 percent rebound.
Although the market declined for the year, the market ended the year with gains in 22 stocks, compared with 25 losers that fell from 3 percent to 40 percent, with Salada Foods being the worst performer, following a 38 percent fall in 
NCB Financial despite profit jumping sharply over that of 2021. The group recorded huge unrealised investment losses net of gains that wiped out the traditionally reported profit of $40 billion and left a deficit of $7.6 billion for the fiscal year that reduced shareholders’ equity from $161.5 billion to $149.5 billion, and resulted in continued dividend suspension, that may have encouraged more pressure on the stock than usual. Massy Holdings and VM Investments both declined by 35 percent for the year. 1834 Investments was the top stock resulting from its acquisition by Radio Jamaica, productive Business Solutions delivered gains of 64 percent, followed by Supreme Ventures, with 62 percent, both flowing from solid increases in profit for the period to September last year.
62% Junior Market stocks gained in 2022
The strong start for Jamaican stocks faltered after interest rates on Treasury bills peaked in April, sending the market into reverse from then until year end. Regardless the Junior Market index posted a 16.3 percent gain for the year, but 62 percent of the stocks recorded gains in 2022.
The market peaked at a record high in early May, but it ended the year with 29 stocks with gains compared with 18 losers that fell from 4 percent to 54 percent, with ISP Finance being the worst performer, followed by a 45 percent fall in Mailpac and 40 percent for tTech, with five 2022 IPO stocks being in the TOP15. Fosrich bolted 312 percent for the year to be the leading stock on the overall JSE market in 2022.
The 2022 new listing, Spur Tree Spices, came in at number 2, an ICInsider.com 2022 TOP 15 selection, posted gains of 250 percent. 
MFS Partners, formerly SSL Venture Capital, came in at number three with 202 percent following the acquisition by a new majority owner and a new business model and Stationery and Office Supplies, an ICTOP15 pick, came in with gains of 145 percent after robust increases in revenues and profit for the year.
The Main Market declined at the end of the year, with the JSE Main Index down 10.2 percent after it struggled to rise a mere two percent by mid-May at its peak for the year.
Technical tools forecast likely market developments well ahead of when they do occur.
Junior Market performance was telegraphed from January 2022 by the attached technical chart showing trendlines pointing to a level to a likely high for 2022 beyond 3,800 points. The market index exceeded the upper end in February and remained there until July and pulled below it in the second half of the year ending up just below the lower level in the Middle of November with an initial public offering that drained resources from the secondary market.
NCB Financial big TTSE loser in 2022
The past year was not great for stock markets worldwide as rising inflation and interest rates, coupled with the negative impact of the war in Ukraine on economic activity, diverted money away from stocks into bonds and other savings instruments as more investors sought safety from the volatility of stocks. 
The above combination took its toll on Jamaica’s largest commercial banking group, that fell the most in Trinidad Stock Exchange, even as Cinema One climbed nearly 100 percent.
Even bond markets did not provide a haven for investments, as many lost value as a result of the rising interest rates.
But even while that manifested, some stocks breached the trend and rose in value.
In the twin island state of Trinidad and Tobago, prices of 11 stocks rose, but 16 declined as the market index declined, with the composite market index falling 11 percent for the year, while the All TT index slipped a smaller 3.7 percent.
Leading the market was Cinema One, with a rise of 93 percent as the price recovered from the covid19 crushing in the prior year, followed by Agostini’s with a 52 percent rise and Angostura up 33 percent. 
The worst performer is Jamaica based NCB Financial Group, with a fall of 44 percent, followed by Jamaica’s GraceKennedy, down 27 percent and cigarette manufacturers West Indian Tobacco, with a decline of 44 percent as the company posted lower profits of $209 million in the nine months to September than it did in 2021, with $270 million with the third quarter falling to $56 million from $83 million in 2021 as sales fell from $200 million in the September quarter to $165 million in 2022 and $549 million for the nine months compared with $610 million in 2021.
