Ciboney & Transjamaican JSE hottest stocks

Ciboney and Transjamaican Highway stocks recorded gains of 150 percent and 98 percent to September respectively in a period of poor performance for the Main Market of the Jamaica Stock Exchange that fell 8 percent over the same period. The Trinidad and Tobago based Massey Holdings was next with a 30 percent rise.
The above two leading stocks were not only dominant Main Market, they were the best performing ones in the overall market of the exchange bettering the next best, the Junior Market, ISP Finance with a gain of 94 percent.
The Main Market had only eight companies recording gains for the first nine months of 2023 as tight monetary policy pursued by Bank of Jamaica and poor profit results of several companies weighed down on stock prices.
Ciboney rise follows the acquisition of the majority shares from Finsac by the new majority owners IEC Energy Company. Transjamaican Highway the next performer was pushed by an outstanding jump in profits for the six months to June over the similar period last year, with earnings of 14 Jamaican cents per share versus just 3 cents for the same period last year. The stock’s performance was also helped by the declaration of a substantial increase in dividend of 18.66 cents up from 8.55 cents last year.
The commercial rental property company Stanley Motta, delivered a 12 percent increase, Jamaica Broilers chipped in with 10 percent and Productivity Business Solutions 9 percent.
Most of the Main Market worst performing stocks reported disappointing results compared to the previous year. Palace Amusement Company was the only listing of the worst performing stocks that recorded improved profit compared to 2022. Mayberry Investments suffered a sharp reversal in profit during 2023 compared to the previous year, Berger Paints profit fell sharply with the company reporting a loss during the period, Radio Jamaica reported a loss during the last two quarters compared to the previous year. Barita Investments profits are down sharply with the third quarter to June down from $1.5 billion in 2022 to just $504 million in the current year.
Jamaica Stock Exchange led the declining stocks with a 43 percent drop, First Rock Capital was next with a fall of 38 percent followed by Palace and Pulse down 35 percent each. Barita Investments dropped 32 percent and Radio Jamaica ended with a fall of 31 percent, Salada Foods ended up with the lowest decline of the TOP10 worst performing stocks with a loss of 20 percent.