JSE in moderate recovery -Wednesday

Stocks mostly rose on the main market of the Jamaica Stock Exchange, with 2 to 1 ratio to declining stocks on Wednesday, in moderate trading.
At the close, 27 securities changed hands in the main market with 1 trading in the US dollar market, leading to 11 stocks advancing and 5 declining.
The All Jamaica Composite Index advanced 980.11 points to close at 288,354.41, the JSE Market Index gained 892.99 points to 262,723.50 and the JSE US dollar market index gained 0.75 points to 182.52.
The main market ended with 2,294,338 units valued at $32,081,246 changing hands compared to 2,309,285 units valued at $75,635,060 at the close on Tuesday. Trading in the US dollar market accounted for 1,606 units valued at a mere US$369 bringing the total of all trades to J$32,128,896.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 5 stocks with bids higher than their last selling prices and 1 with a lower offer.
The main market ended trading with an average of 84,975 units valued at $1,188,194 for each security traded compared to an average of 121,541 units valued at $3,980,793. The average volume and value for the month to date ended at 166,995 units with an average value of $3,127,346 compared with an average of 177,247 units with an average value of $3,342,808 on the previous trading day. The average volume and value for August ended at 184,094 units with an average value of $4,336,090.
The Scotia Group results could have a negative effect on the market on Thursday with profit increase declining in each quarter after the impressive gains in the first quarter.
Scotia Group released results for the Group and the Investment Company. The Group reported moderate gains for the nine months to July with net profit of $8.99 billion compared to $8.38 billion and lower profit of $3.3 billion in for the 2017 quarter versus $3.4 billion in 2016. Scotia Investments saw profit rising from $356 million in July 2016 to $383 million in 2017 and from $813 million to $835 million for the nine months.