Tuesday, 3rd September 2013 | Unlike Monday when trading levels were very moderate, trading picked up on Tuesday with 9 million units changing hands valued at $41.6 million.
Proven Preference shares traded 4 million units valued at $20.4 million as the stock closed firm at $5.09; Scotia Bank traded as high as $23.49 but closed down at $22. These movements were the main factors driving the two main indices up sharply at the close. Indications are that the price indices could fall quite a bit when trading closes on Wednesday unless a stock such as NCB picks up appreciably in price. The all Jamaica index which nose dived 1,051.58 jumped 1,621.05 today to end up at 85890.59, while the main market index that slipped 597.66 on Monday was up sharply by 921.32 to 84,363.57. The junior market index bucked the positive trend by falling 0.88 to close at 782.37. Trading resulted in 25 securities exchanging ownership of which 10 advanced, 3 declined and 13 traded firm.
Trades today with reasonable volumes were Carreras with 24,051 to close at $46.40, an increase of 40 cents; Jamaica Broilers Group accounted for 1,533,057 valued at $7.97 million to close 6 cents up at $5.20; Jamaica Producers 14,260 to close at $18.25; Kingston Wharves 15,014 units and closed at $7; Mayberry Investments contributed 33,386 was firm at $2.60. National Commercial Bank 278,547 units closed firm at $18.50 as it accounted for $5.15 million of the total value traded; Sagicor Investments 83,000 units at $16.55 at the close, down 5 cents; Sagicor Life Jamaica 17,201 closed firm at $8.16 and Scotia Group 7878,700 units traded resulting in the price rising 55 cents to end of trading at $22. Having traded as high as $23.49 for a value of $18.3 million, the bulk of buying was conducted by Scotia Investment for clients.
Junior market | Trading picked up on Tuesday with 8 stocks changing hands in this segment of the market. Jamaican Teas which traded a million shares at $4.40 exchanged another million units today with the price closing firm at $4.40 with a value of $4.4 million; Blue Power gained 6 cents to close at $9.28 with 11,124 units; Caribbean Producers put in 308,00 units while trading firm at $2.03. Lasco Distributors traded 143,610 units up 5 cents to close at $1.50; Lasco Financial Services added 29,040 in trading at $1.44 for an increase of 4 cents; Lasco Manufacturing accounted for 415,241 firm at $1.62 up 6 cents and investors moved 256,036 units of Paramount Trading through the market as the price closed firm at $3.30.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 6 stocks were higher with 2 stocks having offers lower than their last selling price. This is the second day in a row that this indicator has been strong and could mean that the market is once more ready to move upwards.
[…] to close at 84,848.72 and the main market index off 592.14 to end at 84,771.43. As indicated on Tuesday, this was expected to happen with that day’s movement in Scotia Group hitting $23.49 but closing […]