Scotia Group pushed market down on Thursday.
The main market of the Jamaica Stock Exchange suffered from declining stocks beating out rising ones by a wide margin, at the close on Thursday, driving the market indices down, in the process.
Scotia Group fell $2 resulting from a weakened profit performance for the nine months to July. The All Jamaica Composite Index declined 1,270.96 points to close at 287,083.45, the JSE Market Index fell by 1,157.99 points to 261,565.51 and the JSE US dollar market index rose 3.27 points to 185.79.
At the close of trading, 21 securities changed hands in the main market with 2 trading in the US dollar market, leading to 7 stocks advancing and 11 declining. Radio Jamaica and Sterling Investments fell to 52 weeks’ lows at the close.
Main market trading ended with 5,966,372 units valued at $106,313,754 changing hands compared to 2,294,338 units valued at $32,081,246 at the close on Wednesday. The US dollar market accounted for 307,047 units valued at US$75,251 bringing the total of all trades to J$116,171,637.
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 2 with lower offers.
The main market ended trading with an average of 284,113 units valued at $5,062,560 for each security traded compared to an average of 84,975 units valued at $1,188,194. The average volume and value for the month to date ended at 178,706 units with an average value of $3,303,275 compared with an average of 166,995 units with an average value of $3,124,346 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.
[…] Trading picked up on Thursday with value of trading increasing sharply over the low level on Wednesday, but the most prominent stock in the last two weeks, Scotia Group fell in response to lower than expected profits leading to a fall in the market indices. The number of securities trading ended at 23 compared to 28 on Wednesday but the volume traded rose well ahead of Wednesday’s level at 6,273,419 units versus 2,295,944 units. At the close of the market the volume of stocks changing hands and prices they last traded at, are Berger Paints exchanging 64,088 shares at $11, Cable and Wireless rising 9 cents, to $1.15 with 151,475 units, Caribbean Cement closing at $27.50 and losing 50 cents with 181,572 shares, Carreras closed at $108 with 20,739 stock units, Grace Kennedy with a loss of 5 cents, to end at $42 trading 1,480,399 shares. Jamaica Broilers dropped $1.05 to $15.75 with 696,244 shares, with investors reacting negatively to lower profit in the first quarter to July, with Net Profit from continuing operations coming in at $212.6 million versus $401.3 million. Jamaica Stock Exchange gained 2 cents to close at $6.51 with 288,079 shares, followed by JMMB Group that closed at $21.20, with a loss of 30 cents in exchanging 44,432 shares. Kingston Wharves ended with gains of 37 cents at $30.85 with 4,100 units, Mayberry Investments dropped 58 cents to $4.22, with 4,488 units, NCB Financial Group closed 25 cents higher to $90.25 with 44,389 shares, 138 Student Living traded 8,350 units at $4.75. PanJam Investment lost 40 cents to $33.85 with 400 units, Pulse Investments lost 5 cents, closing at $1.70 with 27,523 shares, Radio Jamaica fell by 16 cents, ending at $1.04 with 1,534,960 shares, Sagicor Group traded $1.28 higher to $34.53 with 32,438 stock units, Salada Foods gained 50 cents, ending at $8.50 trading 75,000 shares, Scotia Group closed $2 lower to $52 exchanging 182,331 units, Sterling Investments lost 10 cents to close at $11.90 with 264,322 shares, Supreme Ventures closed at $10.80, losing 20 cents with 5,722 units. Productive Business Solution US ordinary shares traded 6,820 units at 60 US cents, Proven Investments US ordinary shares closed at 23.99 US cents, with gains of 0.99 US cent, in exchanging 300,227 units and Jamaica Money Market Brokers 7.5% preference share traded 855,271 units at $2. […]