The 7,697.11 points jump in the all Jamaican Composite index on the Jamaica Stock Exchange on Friday October 9 is the largest by far in the history of the JSE, beating the 5,788.68 gain on the 5th of April 2004.
Friday’s move pushed the all Jamaican Composite index to 118,154.30 points the highest level in just under 11 years, still more than 20,700 points from the all-time high of 138,917.59 reached on 24th of January 2005. The slump after the 2005 high is the longest, since the ten years decline between May 1972 and June 1981 when the market failed to exceed the then highest level reached in 1972.
While the jump on Friday is by far the largest daily gain, it pales in comparison to the drop on 13th of April 2004 of 9,295.39 points that pulled the index down to 94,329.90.
The highest daily gains and losses in the all-Jamaica Composite index of the JSE are indicated in the table.
Friday’s 7,697 points gain highest on record
October 10, 2015 by
[…] Friday’s 7,697.11 points jump in the all Jamaican Composite index taking it to 118,154.30 points, puts the market within 20,763.29 points of the high of 138,917.59 reached on 24th of January 2005. The 2005 record is nearly 11 years old but seems destined to be taken out soon with the planned offer by Heineken to buy Desnoes and Geddes shares at near $31 speeding. This should push the index by another 10,000 points, leaving other stocks to contribute just over 10,000 points to put the index over the old record. The market has now broken through the 115,000 mark that was a resistance point, but faces the 130,000 points resistance level and then 150,000 which is 17 percent away from the 128,000 points that D&G alone could push it to. But making the final leap to the 150,000 or beyond by the end of this year will be a tall order, with the likes of Scotia Group not generating increased profits to contribute much to lift the index. National Commercial Bank could provide some punch but must break through the $34 barrier that is a major resistance area for the stock. Grace Kennedy should help now that supply for the stock is drying up. Cable & Wireless looks also seem set to rise that that is a heavy-duty index mover with 16 billion shares in issue, while Sagicor Group another big capitalisation stock should add some to the index when results are released for the September quarter. Of course Treasury bill rates have been falling and further declines could lift the entire market. […]