JSE Main Market Index creeps higher


The Jamaica Stock Exchange Main Market Index crept higher on Thursday, with the volume of stocks traded rising 24 percent, and the value 27 percent more, compared to Wednesday, following trading in 60 securities, up from 59 on Wednesday, resulting in prices of 20 rising, 24 declining and 16 ending unchanged.

The market closed with 7,514,497 shares trading for $84,772,061 after jumping from 6,538,417 stock units at $77,664,984 on Wednesday.
Trading averaged 125,242 shares at $1,412,868, from 110,821 stock units at $1,316,356 on Wednesday and month to date, an average of 166,232 units at $1,856,937, down from 179,746 shares at $2,003,333 on the previous day and February with an average of 296,521 stock units at $2,650,049.
Transjamaican Highway led trading with 3.69 million shares for 49.1 percent of the total volume, followed by QWI Investments, with 1.11 million units for 14.8 percent of the day’s trade and NCB Financial with 524,238 stocks for 7 percent of the volume traded.
The All Jamaican Composite Index gained 584.54 points to close at 404,861.97, the JSE Main Index increased 89.31 points to 346,574.09 and the JSE Financial Index popped a mere 0.17 points to end at 63.42. At the close, the Investor’s Choice bid-offer indicator shows six stocks ending with bids higher than their last selling prices and three with lower offers.
The Main Market ended trading with an average PE Ratio of 20.4. The JSE Main and the USD Market PE ratios are based on last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2026.
At the close of trading, Caribbean Cement sank $2.40 to $104 after an exchange of 12,367 shares, Caribbean Producers dipped 60 cents to $6 in trading 4,540 stock units, First Rock Real Estate lost $1.43 to close at $8.32 after an exchange of 3,000 shares. Jamaica Producers gained 88 cents to finish at $23.40 with a transfer of 4,071 stocks, Kingston Wharves rose 50 cents and ended at $36, following trading of 3,974 units, Massy Holdings slipped 50 cents in closing at $74 in an exchange of 206,502 stocks. 138 Student Living sank 42 cents to $3.04 with traders dealing in 10,919 shares, Pan Jamaica rallied $1 to end at $49 in switching ownership of 5,855 stock units, Portland JSX popped $1.84 in closing at $8.25 as investors exchanged 31 units. Proven Investments advanced 93 cents to close at $12.99 with 886 shares clearing the market, Seprod declined 99 cents to finish at $79 in an exchange of 2,006 units, Stanley Motta climbed 38 cents and ended at $5.71 with investors dealing in 5,470 stocks and Wisynco Group shed $1.40 to $21.60 after an exchange of 627,763 stock units.
In the preference segment, Eppley 7.75% preference share increased 45 cents to finish at $19 with trading of 1,900 shares, 138 Student Living preference share popped $32.36 and ended at $239.50 with 46 stock units changing hands and Sygnus Credit Investments 10% climbed $1.92 in closing at $109 with an exchange of a mere one stock.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

JSE Junior Market rallies


Caribbean Flavours led trading with 2.94 million shares, followed closely by Kintyre Holdings with 2.92 million units, which accounted for 40 percent of the traded volume on the Junior Market of the Jamaica Stock Exchange on Friday. Trading ended with an 8 percent climb in volume, with the value jumping 52 percent over Thursday, following trading in 45 securities on Friday, as on Thursday. Trading closed with prices of 21 securities rising, 15 declining and nine closing unchanged, resulting in no change in the market index at the end of trading.

Some 14,685,086 shares were traded for $23,967,844, up from 13,650,004 units at $15,782,587 on Thursday.
Trading ended with an average of 326,335 shares at $532,619, up from 303,333 stock units at $350,724 on Thursday, with the month to date, ending with an average of 464,544 stocks for $446,928 compared to 500,083 stock units at $424,894 on the previous day and February, with an average of 301,118 shares at $408,514.
Caribbean Flavours led trading with 2.94 million shares for 20 percent of total volume followed by Kintyre Holdings which ended with 2.92 million stocks for 19.9 percent of the day’s trade, Future Energy closed with 1.60 million stock units for 10.9 percent of the volume traded, RA Williams with 1.0 million shares for 6.8 percent of the overall trade and Lasco Financial with 1.0 million stocks for 6.8 percent of market share.
At the close of trading, the Junior Market Index remained unchanged at 3,364.37. The Investor’s Choice bid-offer indicator shows seven stocks ending with bids higher than their last selling prices and one with a lower offer.
The Junior Market ended trading with an average PE Ratio of 14, derived at by dividing the last traded price of a stock by the earnings per share. ICInsider.com compiles the PE ratios in this report for companies with their financial year ending around August 2026.
At the close of the market, Access Financial rose 85 cents to $17.75, following trading of 367 shares, CAC 2000 advanced 7 cents to $1.75 with 2,489 stock units crossing the market, Caribbean Flavours skidded 7 cents to close at $1.60 in switching ownership of 2,935,504 shares. Derrimon Trading popped 10 cents to finish at $1.80 after an exchange of 1,792 stocks, Dolphin Cove sank 15 cents to end at $11 after traders swapped 811 units, Express Catering shed 31 cents in closing at $2.16 in an exchange of 296,880 shares. Iron Rock Insurance dropped 29 cents to $2.50 with investors swapping 428,754 stock units, ISP Finance climbed 17 cents to $10.80 in an exchange of 32 shares, Jamaican Teas fell 10 cents and ended at $2.30 with traders dealing in 400,000 stock units. KLE Group declined by 12 cents to close at 91 cents with 210 shares passing through the market, Omni Industries lost 8 cents to end at 91 cents with an exchange of 721,450 stock units, Regency Petroleum increased 10 cents in closing at $5 with 413,407 units changing hands and Stationery and Office Supplies rallied 12 cents to $1.67 after a transfer of 23,875 stocks.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

JSE markets slip into March


All major indices of the Jamaica Stock Exchange declined to close trading on the first trading day of March. Trading ended, with a rise in the volume of stocks changing hands, but the value declined from Friday’s trading, as the market closed with prices of 38 shares rising, 53 declining and 29 remaining firm.

At the close of the market, the JSE Combined Market Index lost 2,562.29 points to 353,159.01, the All Jamaican Composite Index dropped 4,021.38 points to close at trading at 400,383.26, the JSE Main Index sank 2,641.27 points to 344,057.03, the Junior Market Index slipped 4.89 points to end at 3,368.57 and the JSE USD Market Index dipped 0.23 points to conclude trading at 282.63.
At the close of trading, a total of 71,368,398 shares were exchanged across all three markets, an increase from 59,936,646 units on Friday. RA Williams traded 46 million units, contributing to the total value of stocks traded on the Junior and Main markets, which amounted to $217.23 million—down from $267.55 million the previous day. The JSE USD market concluded with 388,389 shares traded for US$18,723, compared to 966,680 units valued at US$50,432 on Friday. In Main Market activity, Transjamaican Highway led with 5.14 million shares, followed by Carreras with 5.11 million stock million units.
In Junior Market trading, RA Williams led with 46.06 million shares, followed by Kintyre Holdings with 1.77 million stocks and Atlantic Hardware with 1.42 million units.
In the preference segment, Jamaica Public Service 7% shed $5.95 to close at $37, 138 Student Living preferred share increased by $2.70 and finished at $244, Productive Business Solutions 10.5% popped $20 to $1,200 and Sygnus Credit Investments 10% dropped $1.92 to $107.
The market’s PE ratio, the most popular measure used to value stocks, finished at 15.1, which is calculated using projected 2026-27 earnings and 15.8 based on 2025 historical earnings, excluding any major one-time income or expense. The ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to assist decision-making. The PE ratio chart includes all ordinary shares listed on the Jamaica Stock Exchange, grouped by industry, with easy comparisons within sectors and the overall market.
Pertinent information is needed to navigate the numerous options in stock markets. The chart should be used to help with decision-making, when investing around the average of a sector, not going too far from it unless compelling reasons exist. This approach helps to remove emotions from investment decisions and place them on fundamentals, without straying far from the majority of investors. Investors who buy stocks near the average will not be inclined to overpay. The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded price. Dividends that are paid or due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.

Junior Market surges, JSE Main & USD rise


Trading closed Wednesday on the Jamaica Stock Exchange with a rise in the volume of stocks exchanged, at a greater value than on Tuesday, resulting in the major indices of the Main Market rising, the Junior Market index surging and the JSE USD Market climbing to a record high. At the end of trading the prices of 58 shares rose, 33 declined and 23 remained firm.

At the close of the market, the JSE Combined Market Index climbed by 2,067.08 points to 352,095.13, as the All Jamaican Composite Index rallied 2,082.76 points to close at 399,616.22, the JSE Main Index advanced 1,633.64 points to 342,814.29, the Junior Market Index jumped 70.96 points to finish at 3,386.22 and the JSE USD Market Index popped 8.34 points to conclude trading at a record high of 284.51.
At the close of trading, 34,706,921 shares were exchanged in all three markets, up from 18,526,548 units on Tuesday, with the value of stocks traded on the Junior and Main markets amounted to $146.8 million, up from $84.81 million on the previous day and the JSE USD market closed with an exchange of 435,942 shares for US$32,193 compared to 608,576 units at US$30,667 on Tuesday.
In Main Market activity, Transjamaican Highway led trading with 4.68 million shares followed by Radio Jamaica with 2.0 million stocks and Sagicor Select Financial Fund with 1.45 million units.
In Junior Market trading, Dolla Financial led with 3.33 million shares, followed by Fosrich with 2.89 million stocks and Express Catering with 2.47 million units.
In the preference segment, Jamaica Public Service 7% skidded $7.99 to end at $35, 138 Student Living preference share advanced by $1.99 to $238 and Sygnus Credit Investments 10% rose $5 and ended at $107.
The market’s PE ratio, the most popular measure used to value stocks, finished at 14.5.  PE ratios are based 2026-27 projected earnings and 15.6 using 2025 historical earnings, excluding any major one-time income or expense. The ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to assist decision-making. The PE ratio chart includes all ordinary shares listed on the Jamaica Stock Exchange, grouped by industry, with easy comparisons within sectors and the overall market.
Pertinent information is needed to navigate the numerous options in stock markets. The chart should be used to help with decision-making, when investing around the average of a sector, not going too far from it unless compelling reasons exist. This approach helps to remove emotions from investment decisions and place them on fundamentals, without straying far from the majority of investors. Investors who buy stocks near the average will not be inclined to overpay. The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded price. Dividends that are paid or due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.

Major share goes to Transjamaican  


Trading declined on the Jamaica Stock Exchange Main Market on Thursday, with Transjamaican Highway snapping up 59 of the total of stocks traded. The day closed with a 20 percent fall in the overall volume changing hands, with the value dipping 8 percent compared to Wednesday. Trading ended with activity in 60 securities, up from 59 on Wednesday, resulting in prices of 26 rising, 23 declining and 11 ending unchanged.

The market closed with 9,312,867 shares changing hands valued at $93,820,699, after falling from 11,655,439 units at $101,650,621 on Wednesday.
Trading averaged 155,214 shares at $1,563,678 after falling from 197,550 stock units at $1,722,892 on Wednesday and for the month to date, an average of 220,161 stocks at $1,810,916, compared to 228,163 shares at $1,841,376 on the previous day and January, with an average of 271,336 stock units at $2,043,022.
Transjamaican Highway led trading with 5.46 million shares for 58.6 percent of the total volume, followed by Wigton Energy, ending with 947,469 units for 10.2 percent of the day’s trade and Sagicor Select Manufacturing & Distribution Fund with 348,079 stocks for 3.7 percent of the volume traded.
The All Jamaican Composite Index fell 1,209.53 points to settle at 399,519.04, the JSE Main Index dipped 96.65 points to 341,826.00 and the JSE Financial Index skidded 0.18 points to stand at 61.91. At the close, the Investor’s Choice bid-offer indicator shows 13 stocks ending with bids higher than their last selling prices and five with lower offers.
The Main Market ended trading with an average PE Ratio of 17.5. The JSE Main and the USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the fiscal year ending around August 2026.
At the close of the market, Barita Investments dropped $1.23 and ended at $69.02 with 16,148 shares passing through the market, Berger Paints increased 52 cents to $6.14 with investors swapping 2,001 stock units, Caribbean Cement sank $1 to close at $113 with 46,138 shares changing hands. Eppley popped $1.38 to end at $33.94, following the trading of 1,827 stocks, Eppley Caribbean Property Fund rallied $8.65 to $47.15 with the transfer of 1,344 units, GraceKennedy rose 39 cents to finish at $71.89 with investors trading 17,850 stocks. Guardian Holdings climbed $12.06 and ended at $362 after an exchange of 14,033 units, Jamaica Producers slipped $1.20 to $22.80 with investors trading 7,193 shares, Jamaica Stock Exchange allied 62 cents to close at $11.28 with 14,851 stock units clearing the market. Kingston Wharves lost 99 cents to end at $35.01 in an exchange of 6,979 shares, Mayberry Group advanced 76 cents in closing at $6.77 with investors dealing in 496 stock units, Sagicor Group declined 94 cents to finish at $39.05 with 23,561 stocks crossing the exchange. Scotia Group rose 40 cents and ended at $50.50 with a transfer of 322,276 units, Seprod fell 55 cents to $78.31 after an exchange of 5,796 shares and West Indies Petroleum skidded 63 cents to $10.07 after trading 57,328 stock units.
In the preference segment, Eppley 7.25% preference share climbed 50 cents to close at $19.50 with 360 stocks crossing the market, Jamaica Public Service 7% sank $6.40 to finish at $37.05 with an exchange of 1,883 units and Sygnus Credit Investments 10% increased $2 to end at $105 with 1,000 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading bounces on the JSE USD Market  


Trading jumped on the US Dollar Market of the Jamaica Stock Exchange on Monday, following a 133 percent increase in value and a 29 percent rise in the volume of stocks traded compared to Friday. Trading ended with an exchange of eight securities, down from 12 on Friday, with prices of three rising, one declining and four ending unchanged.

The market closed with an exchange of 415,487 shares for US$33,408, following a jump from 321,131 units at US$14,336 on Friday.
Trading ended with an average of 51,936 shares at US$4,176, up from 26,761 stock units at US$1,195 on Friday, with a month to date average of 91,682 stock units at US$8,885, down from 98,171 stock units at US$9,654 on the previous day and in January, with an average of 80,722 units for US$9,110.
The US Denominated Equities Index skidded 0.12 points to finish at 260.78. The Investor’s Choice bid-offer indicator shows that no stock ended with a bid higher than the last selling price and none with a lower offer.
The PE Ratio, one of the most used measures to determine appropriate stock values, averages 9.9. The PE ratio is derived by dividing the last traded price by earnings per share. ICInsider.com compiles the earnings per share used in this report for companies with their financial year ending around August 2026.
At the close of the market, First Rock Real Estate USD share ended at 3.05 US cents with 846 shares crossing the market, Proven Investments rose 0.44 of a cent to 8.7 US cents after an exchange of 1,216 stock units, Sterling Investments ended at 1.99 US cents with investors swapping 1,000 shares. Sygnus Credit Investments dipped 0.88 of a cent to end at 6.1 US cents after a transfer of 34,717 units and Transjamaican Highway advanced 0.23 of a cent after closing at 4.2 US cents as investors exchanged 373,331 stock units.

In the preference segment, JMMB Group 7.5% ended at US$2 with a transfer of 3 shares. JMMB Group US8.5% popped 0.01 of a cent to US$1.19 after an exchange of 3,228 stocks and Sygnus Credit Investments E8.5% remained at US$10 in trading 1,146 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

 


 

Tourist arrivals plunged sharply in January


Three months after Hurricane Melissa ravaged western Jamaica, international Terminal Passengers passing through Montego Bay Sangster’s International Airport fell, a sharp 37.7 percent from 456,200 last year January, to only 284.200 this year.

At the same time, Kingston’s Norman Manley international airport saw a 7.2 percent fall over the same period with 155,000 passengers, down from 167,000 last year, data released on traffic by Grupo Aeroportuario del Pacífico, operator of both airports, shows.

Montego Bay’s January numbers improved slightly over December, last year, which declined by a much sharper 43.8 percent from 467,400 to 262,600 and Kingston with a decline of just 2.7 percent to 172,200 from 177,100.

The decline means that the country lost around US100 million net in December and January.
The Jamaican airports were not the only ones to experience sizable declines, albeit not as severe as in January. Tijuana fell nearly 11 percent and Manzanillo in Mexico slipped 11 percent.

Ansa McAl drops $4 on T&T Stock Exchange


Ansa McAl suffered a sizable $4 and trading in 2.5 million shares of One Caribbean Media highlighted trading on the Trinidad and Tobago Stock Exchange on Friday, following trading in 26 securities, up from 22 on Thursday. The market closed with prices of seven stocks rising, eight declining and 11 ending firm, with the volume of stocks traded rising 307 percent and the value climbing 79 percent over Thursday.

The Composite Index popped 1.53 points to close 961.39, the All T&T Index advanced 2.94 points to close at 1,394.60, the SME Index ended unchanged at 92.68 and the Cross-Listed Index remained at 69.63.
Investor’s Choice bid-offer indicator shows just one stock closing with a bid higher than the last selling price and one with a lower offer.
The market closed, with trading of 2,673,335 shares for $4,315,494, up from 656,699 stock units at $2,406,657 on Thursday.
An average of 102,821 shares was traded at $165,981, well above the 29,850 units that traded at $109,394 on Thursday, with trading month to date averaging 36,264 shares at $96,807, compared with 16,821 units at $76,591 on the previous day and an average for January of 19,192 shares at $97,440.
At the close, Agostini sank $1 to $61 in an exchange of 10 shares, Angostura Holdings ended at $12.70, with 20 units crossing the market, Ansa McAl dropped $4 and ended at a 52 weeks low of $39 with investors dealing in 177 shares. AS Bryden remained at $1.67, after 122 stocks passed through the market, CIBC Caribbean Bank shed 2 cents to close at $8.28 with investors swapping 2,033 stocks, Endeavour Holdings ended at $18.40 after trading of a mere one share. Eric Solis Marketing fell 9 cents to end a 52 weeks low of $3.91, after trading of just one stock unit, First Citizens Group advanced 50 cents to close at $40 after a transfer of 1,355 units, GraceKennedy slipped 2 cents and ended at a 52 weeks low of $3.40 as investors exchanged 13 stock units. Guardian Holdings remained at $15.07 with a transfer of 202 shares, Guardian Media sank 1 cent in closing at 62 cents, after one stock changed hands, JMMB Group rose 1 cent to finish at 80 cents with investors trading 15,453 stock units. Massy Holdings rose 3 cents to $3.45, with 23,369 stock units clearing the market, Medcorp remained at $47 with traders dealing in two shares, National Enterprises ended at $2.35, with 43,343 stock units crossing the exchange. National Flour Mills increased by 1 cent to finish at $1.43 with investors trading 19,500 stocks, NCB Financial dipped 7 cents and ended at $1.97 after an exchange of 327 units, One Caribbean Media ended at $1.35, with 2,522,524 stocks crossing the market.
Point Lisas remained at $5 in switching owners of 13,500 units, Prestige Holdings remained at $12.49 after closing at 525 shares, Republic Financial ended at $105.60 with an exchange of 3,804 stock units. Scotiabank lost 12 cents in closing at $48.38 after trading of 79 shares, Trinidad & Tobago NGL popped 38 cents to end at $5.90 in an exchange of 6,702 stocks, Trinidad Cement remained at $1.74 after 20 units changed hands. Unilever Caribbean rallied 21 cents to $15.20 in an exchange of 2,360 stock units and West Indian Tobacco gained 2 cents in closing at $2.61 with investors swapping 17,892 shares.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated

Falling stocks drag down Junior Market


The Junior Market trading dropped on the Jamaica Stock Exchange, with the volume of stocks traded declining by 73 percent and the value of trades 69 percent compared to Wednesday, resulting in trading in 44 securities, similar to Wednesday, with prices of 13 rising, 24 declining and seven closing unchanged.

The market closed with trading of 4,375,732 shares for $7,036,255 after falling from 16,450,367 units at $22,859,222 on Wednesday.
Trading averaged 99,448 shares at $159,915, falling from 373,872 units at $519,528 on Wednesday, with the month to date, averaging 274,558 units at $356,445 after slipping from 331,211 stock units at $420,028 on the previous day and January with an average of 469,885 shares at $594,149.
On a day of low trading, no Junior Market stocks ended with trading with more than a million shares, EduFocal led trading, but with only 683,289 shares for 15.6 percent of the total volume, followed by Omni Industries with 453,241 units for 10.4 percent of the day’s trade and Paramount Trading with 400,854 stocks for 9.2 percent of the volume traded.
At the close of trading, the Junior Market Index dropped 27.51 points to end at 3,331.03. The Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and three with lower offers.
The Junior Market ended trading with an average PE Ratio of 13.4, derived by dividing the last traded price of a stock by the earnings per share. ICInsider.com compiles the PE ratios for companies with their fiscal year ending around August 2026.
At the close of the Junior Market, Derrimon Trading dipped 7 cents to $1.70 after an exchange of 28,697 shares, Dolla Financial dropped 11 cents to $2.29 with 93,893 units crossing the market, Dolphin Cove popped $1.01 in closing at $11.97 after an exchange of 515 shares. Fontana sank 6 cents to finish at $7.90 in trading 155,362 stocks, Image Plus skidded 8 cents and ended at 85 cents with 89,712 stock units crossing the exchange, Indies Pharma gained 15 cents to end at $2.85, with traders switching ownership of 4,497 shares. ISP Finance sank $3.32 to $11.48 after it closed with trading of 369 stock units, Jetcon Corporation slipped 9 cents to close at $2.20 with 360,318 stocks passing through the market, Knutsford Express lost 61 cents in closing at $10.50 with a transfer of 1,794 units. Lasco Financial rose 30 cents to end at $1.90 with 383,841 stock units changing hands, Lumber Depot shed 33 cents and ended at $2.41 after a transfer of 181,192 shares, Medical Disposables advanced 19 cents to finish at $1.34 as investors exchanged 2,600 stock units. ONE on ONE Educational declined 6 cents to 88 cents after trading of 77,397 units, Spur Tree Spices increased 6 cents to end at $1.09 in an exchange of 123,808 stocks and Stationery and Office Supplies climbed 11 cents to $1.66 with investors trading 22,314 units.
Prices of traded securities are for the last transaction of each stock unless otherwise stated.

Jamaica’s murders at 300 in 2026


Jamaica continues to experience a remarkable reduction in crime, with 33 murders for January. this year. The country is averaging slightly more than one killing per day—a sharp 55 percent decline compared to the same period in 2025, putting the country on track to hit 300 for 2026, the lowest in 50 years.

The decline in 2026 continues momentum from 2023, which accelerated into 2025, when Jamaica recorded under 673 total murders for the year, a 42 percent drop from 2024 and the lowest count in decades. For years, Jamaica exceeded 1,000 annual murders, and as high as 1,683 in 2009 and 1,647 as far back as 2017. The reduction in crime since 2023 makes this transformation historic, with a positive impact on the wider economy.
Over the past two weeks, murders dropped below one a day, with just 6 murders in the past week, and 5 the previous one.
2026 Forecast: At the current trend, Jamaica is on track to record around 300 murders for the year, potentially the lowest since 1975 when murders ended at 266.
The decline that puts murders on track for 300 this year has positive implications for a boost to the country’s economic growth, with fewer resources having to be deployed on security, providing a notable boost to the entertainment industry and greater appeal and  attractiveness for the tourism industry and other sectors related to it. Some of these benefits will take some time to manifest.