Stocks mostly rose in trading on Wednesday following a sharp plunge in market activity on the Jamaica Stock Exchange Main Market, with a 72 percent dive in the volume of stocks traded and an 84 percent plunge in value, compared to trading on Tuesday following trading in 56 securities the same number as on Tuesday, with 28 rising, 16 declining and 12 ending unchanged.
The low level of trading that led to the generation of higher prices is a feature worth watching as it could indicate the bottoming of the market with fewer sales at current levels ahead of a rally once sustainable demand comes in.
A total of 4,265,895 shares were exchanged for $19,430,399 down sharply from 15,475,658 units at $123,996,797 on Tuesday.
Trading averaged 76,177 units at $346,971 on Wednesday down from 276,351 shares at $2,214,229 on Tuesday and month to date, an average of 189,470 units at $1,151,441, compared to 208,426 units at $1,287,544 on the previous trading day. October closed with an average of 231,243 units at $1,464,224.
Transjamaican Highway led trading with 1.95 million shares for 45.7 percent of total volume followed by Pulse Investments with 600,310 units for 14.1 percent of the day’s trade and Wigton Windfarm with 582,186 units for 13.6 percent market share.
The All Jamaican Composite Index rose 1,893.91 points to 394,931.18, the JSE Main Index popped 1,996.92 points to end at 347,690.00 and the JSE Financial Index rallied 0.79 points to close at 83.48.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.3 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments dipped 49 cents to $91.49 after 3,863 shares were exchanged, Eppley dropped $2.45 to $35 after trading 179 stock units, Eppley Caribbean Property Fund lost $1.25 in closing at $37.05 with the swapping of 429 stocks. First Rock Real Estate rallied 86 cents to end at $14.41 while exchanging 17 units, GraceKennedy increased 60 cents to close at $86 with investors transferring 10,042 stocks, Guardian Holdings advanced $4.99 to $529.98 after a transfer of four shares. Jamaica Producers popped $1.92 in closing at $19.73 in exchanging 3,294 stock units, Jamaica Stock Exchange shed 53 cents to end at $15.22 in switching ownership of 8,472 units, JMMB Group gained $1.80 to close at $38.30 after exchanging 7,700 shares. Kingston Wharves climbed 75 cents to end at $37 as investors exchanged 4,603 stocks, Margaritaville fell $2.78 to $16.22, with 95 stock units crossing the exchange, Massy Holdings rose $6.99 in closing at $81 in trading 325 units. Mayberry Jamaican Equities declined 81 cents to close at $13 after an exchange of 12,218 stocks, MPC Caribbean Clean Energy rose $4 to $84, with just two units crossing the market, NCB Financial increased $1.61 to $84.61 in trading 12,895 shares. PanJam Investment popped $1.55 to close at $53, with 16,661 stock units clearing the market, Portland JSX gained 70 cents in closing at $10.20 in an exchange of 729 shares, Proven Investments climbed $1 to $31 with an exchange of 2,158 stocks.
Scotia Group rallied 50 cents to end at $35.50 with 47,806 stock units changing hands, Seprod declined $3 to $68 after trading in 6,268 units and Supreme Ventures advanced 40 cents to end at $26.50 with a transfer of 42,132 stock units.
In the preference segment, Eppley 7.50% preference share increased $1.80 in ending at $7.15 after an exchange of 602 shares and Productive Business Solutions 9.75% preference share advanced $26 in closing at $145 after a transfer of 1,740 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.