New record close for JSE – Tuesday

Trading levels improved on the main market stocks of the Jamaica Stock Exchange on Tuesday as the market indices hit fresh new highs at the close with gains in excess of 1,000 points. Technical indicators are pointing to continuation of the bullish trend well into the future.
The market has to overcome a big resistance level at 290,000 points on the all Jamaica Composite index before what looks like a huge breakout that will be fuelled by lower interest rates that will drive up market valuations, low supplies of stocks and increased profits to add to the mix.
At the market close, the All Jamaica Composite Index advanced 1,183.31 points to close at record 279,491.06, the JSE Market Index climbed 1,078.13 points to record of 254,648.01 and the JSE US dollar market index closed unchanged at 177.52.
At the close of trading, 27 securities changed hands in the main market with 1 trading in the US dollar market, leading to 7 stocks advancing and 10 declining. The main market ended with 3,871,868 units valued at $124,392,766 changing hands, compared to 3,602,298 units valued at $94,690,959 at the close on Monday. Trading in the US dollar market accounted for 2,420 units valued at US$557 bringing the total of all trades to J$124,464,011.
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 as mixed picture going forward, with just 1 stock closing with the bid higher than the last traded price and 3 with lower offers.
The main market ended trading with an average of 143,403 units valued at $4,607,139 for each security traded compared to an average of 150,096 units valued at $3,945,457. The average volume and value for the month to date ended at $183,210 units with an average value of $4,017,686 compared with an average of 185,421 units with an average value of $3,984,939 on the previous trading day. The average volume and value for July ended at 160,668 units with an average value of $2,691,438.