JSE takes another hit- Wednesday

The latest IPO, Portland JSX was listed at the start of trading after a successful public offering that saw the offer being oversubscribed. The stock opened with a bid to buy 30,000 shares for $1 more than the IPO price of $11 at $12 and later traded 8,500 units to end at $12.55 after it started trading at $12.05. The gain hardly did much to the market overall as the day closed with all major indices down.
Trading on the Jamaica stock market on Wednesday remained modest, with just 2,706,984 units valued at $46,242,560 changing hands in all market segments. The junior market accounted for 777,300 shares valued at $4,030,252, of all trades. All market indices lost ground as stocks declining were slightly ahead the ones rising.
A total of 33 securities traded 6 less than on Tuesday, with the prices of 10 stocks rising, 13 declining, including 4 stocks rising and 5 declining from the junior market. Notwithstanding the decline over the past few days, the market continues in a consolidating mode, with the indices rising and falling from day to day, with no new information to cause a break out.
The JSE Market Index dropped 912.73 points to end at 159,796.98. The all Jamaica Composite Index plunged 1,020.75 points to close at 177,543.22 and the JSE combined index dived 1,430.24 points, to end at 170,113.89.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 10 stocks with bids higher than their last selling prices and 4 with lower offers.
At the end of market activities, Berger Paints traded 36,539 shares unchanged at $4.50, Cable & Wireless recovered 7 cents while trading 32,000 shares to close at $1.17, Caribbean Cement dropped $3 to close at $22 with 33,722 shares trading, Carreras traded 167,915 shares but fell 40 cents to $65, Ciboney traded 28,000 shares at 21 cents. Grace Kennedy gained $2.50 and closed at $123 with 20,869 units changing hands, Jamaica Broilers ended with 7,567 units changing hands to close at $15, Jamaica Producers traded 4,431 units to end at $49, Jamaica Stock Exchange traded 22,596 shares but fell $3 to close at $21, JMMB Group traded 39,505 units and rose 1 cent to end at $9.73. Kingston Wharves traded 4,160 units and gained 99 cents to close at $16 as supply dries up on the stock, National Commercial Bank ended with 46,492 units changing hands at $42. Pan Jamaican Investment Trust lost $1.48 in trading 23,152 shares to close at $24, Sagicor Group ended with 6,055 shares changing hands at $23.05. Sagicor Real Estate Fund traded 906,595 shares to close at $10.12, Scotia Group fell 50 cents with 360,016 shares trading to close at $30.50, Sterling Investments ended with 14,000 shares trading to close with a fall of $1.49 at $11.50. Supreme Ventures lost 49 cents and ended at $4.51 while trading 7,200 units and Proven Investments traded 156,000 units to close at 16.49 US cents, up from 16 US cents.