JSE main market highest since October

The Main Market of the Jamaica Stock Exchange closed higher for the third consecutive day at the close of trading on Tuesday and putting the JSE All Jamaican Composite Index to the highest level since it peaked at 323,606 points in October last year.
The market closed with the JSE All Jamaican Composite Index (AJI) climbing 1,526.21 points to 321,783.85 and the JSE Index adding 1,390.55 points to 293,181.47 as the market continues to flirt with the upper resistance line of a long term channel with technical signals suggesting that it will continue to creep slowly upwards to the 330,000 points level on the AJI where some resistance lies, but it seems poised to break out thereafter sharply upwards. First quarter results for 2018 will be critical for such a break.
Trading on Tuesday closed with 29 securities changing hands, leading to 10 advancing, 9 declining and 10 trading firm, in the main and US dollar markets.

Berger Paints traded most shares with price falling $2.07 to $17.

The securities with the largest price changes include, Berger Paints ending with a loss of $2.07 to $17, following release of audited nine months results showing a reduction in earnings at 81 cents compared to $1.17 for the same period in 2016 but with the 2017 figures being hit by a large sum incurred to provide the directors recommendation to shareholders following the takeover offer for the shares and JMMB Group added $1.49 to end at $26.49.
Main market activity ended with 10,582,771 units valued at $143,248,381 changing hands, versus 4,116,289 units valued at$49,819,783 on Monday. Berger Paints accounted for 2,492,575 units and 23.55 percent of total shares traded followed by Wisynco Group with 2,449,787 units with 23.15 percent of total volume traded and Victoria Mutual Investments with 1,963,833 units or 18.56 percent of the day’s trades and Sagicor Bank 7.75% preference share ended trading with 1,351,850 shares.
Trading results in an average of 391,954 shares valued at $5,305,496 for each security traded, sharply down on the 158,319 shares valued at $1,916,145 on Monday. For the month to date an average of 1,452,362 units with an average value at $16,597,564 traded, compared to 1,819,426 units with an average value at $20,506,358 traded on the previous trading day. In contrast, February closed with average of 213,336 units valued at $3,392,475 for each security traded.
Trading in the US dollar market ended with Productive Business Solution exchanging 5,800 shares at 58 US cents after dropping by 2 cents and Proven Investments concluded trading at 21.1 US cents, down from 21.50 cents with 490,191 units changing hands. The market closed with a total of 495,991 shares with a value of US$106,780 as the market index slipped 3.71 points to 165.85.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ended with bids higher than their last selling prices and 1 with a lower offer.

For more details of market activities see – JSE adds 4,453 points in 3 days – Tuesday.

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