Thursday, 26th September 2013 | Jamaica’s stock market may have improved measured by gains in today’s trading but there seems a standoff between buyers and sellers as sellers are asking prices that are generally higher than the current selling prices that buyers have been pulling in the past week or two.
Trading was slow with stocks of only 18 companies trading and just 2,444,915 units valued at $11,342,355 changing hands. The advanced decline ratio was positive at 7 to 3 as the main indices rose. The main index climbed by 292.73 to close at 84,415.54; the all Jamaica index, the best indication of the local market activity, rose 515.05 to 84,222.54 and the junior market index rose 3.56 to close at 762.70. Daily trading suggests a weak market but there are undercurrents that suggest otherwise. Watch the technical indicators, therein lies the true story and critical one is flashing bull signal.
Main Market | In today’s trading Carreras exchanged 10,870 units at $47.20 up 20 cents; Caribbean Cement 16,829 units cost $2.10 each a reduction of 10 cents; Gleaner Company’s 100,000 units resulted in a closing price of $1.18, down by a cents; Kingston Properties changed 30,000 units as the stock closed firm at $4.50; while Scotia Group chipped in with 140,959 units as the price closed firm at $21 and its subsidiary Scotia Investments added 62,192 units to the total at $26.50 each for an increase of 24 cents. National Commercial Bank lost 40 cents as the price closed at 18.60 after trading earlier at $9 but only 3,279 units changed hands.
Junior market | Access Financial Services 26,000 $8.50, up 22; Caribbean Producers traded 30,000 units firm at $2.10; Lasco Distributors 76,365 changed hands to close at $1.50 up by 2 cents and Lasco Financial Services participated with 1,137,554 and closed firm at $1.20.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 7 stocks being higher and 3 stocks with offers lower than their last selling price.
