New record close for JSE

The Jamaica Stock Exchange main market ended at a new record close on Thursday with JSE All Jamaican Composite Index jumping 6,867.07 points to  a record close of 455,577.71 and the JSE Index climbing  6,240.31 points to end at all all-time closing high of 414,989.16.
Today’s close bettered the records reached on 8h of this when the JSE All Jamaican Composite Index ended at 454,946.71 and the JSE Index closed at 414,415.74.
Thursday’s big move was fueled by a near $5 jump in the price of JMMB Group following an announcement that the group will invest a minimum of US$200 million in Alignvest Acquisition ll Corporation, a publicly-traded Special Purpose Acquisition Corporation that is listed on the Toronto Stock Exchange. AQY is currently seeking to acquire 100% of the ordinary shares of Sagicor Financial Corporation a Barbados based life assurance company. According to the release from JMMB upon the completion of het acquisition of SFC. AQY and SFC will then collapse into a new single entity (New Sagicor). Following the completion of the investment transaction, JMMBGL will own no less than 20 percent of the shareholdings of New Sagicor.
Also contributing to the sharp rise in the indices are movement in the prices of NCB Financial, PanJam Investment, Sagicor Group, Scotia Group and Seprod.

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