Sharp fall for JSE Main Market

With trading resuming on the Main Market of the Jamaica Stock Exchange on Friday after the two days break for the Christmas holidays, investors pushed the market down on higher volume but lower value than on Tuesday.
At the close of trading, the JSE All Jamaican Composite Index dropped 2,216.87 points to 553,648.38, the JSE Market Index sank 2,016.26 points to close at 503,932.55 and the JSE Financial Index declined by 0.22 points to 136.36.
The market closed, with 42 securities changing hands in the Main and US dollar markets, with 17 advancing, 10 declining and the prices of 15 stocks closed unchanged. JSE Main Market activity ended, with 39 securities accounting for 81,729,915 units amounting to $324,228,411 in contrast to 35,380,225 valued at $722,803,611 from 39 securities changing hands on Tuesday.
Pulse Investments dominated trading, with 60 million shares and 73 percent of volume traded followed by Wigton Windfarm with 14.2 million units for 17 percent of the day’s trade, and Sagicor Select Funds – Financial with 2.7 million shares for 3 percent market share.
The market closed, with an average of 2,095,639 units valued at $8,313,549 for each security traded, in contrast to 907,185 units valued at $18,533,426 on Tuesday. The average volume and value for the month to date amounts to 596,352 units for $9,410,939 and previously, an average of 509,598 units for $9,478,232 for each security changing hands. The market closed out November, with an average of 653,621 units valued at $8,699,916 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 10 stocks ending, with bids higher than their last selling prices and one closed, with a lower offer. The PE ratio of the market ended at 19.3, with the Main Market ending at 18.9 times the current year’s earnings.
In the premier market, Caribbean Cement lost 48 cents to end at $78.50 in transferring of 222,406 stock units; Grace Kennedy gained 49 cents to close at $69.99, after exchanging 185,514 shares, Jamaica Producers rose 46 cents to end at $24.96, with 4,616 shares changing hands. Kingston Wharves fell 60 cents to $61 with 605 stock units trading. NCB Financial climbed $1 to close at $202 in the transferring of 30,245 stock units, PanJam Investment fell 60 cents to $99.50, with 64,308 shares crossing the exchange. Pulse Investments dropped 86 cents to end the day at $4.10, with a whopping 60,013,935 shares changing hands. Sagicor Group dropped $3 to close at $66 with an exchange of 13,050 shares, Supreme Ventures lost 50 cents to end at $25, after exchanging 65,195 shares and Sygnus Credit Investments lost $1.86 to end at $25.14 with 34,783 stock units trading.
Trading in the US dollar market closed with 314,514 amounting to $94,537, with the market index declining 1.97 points to close at 221.54. Margaritaville rose 1 cent in trading 250,000 shares to end at 52 weeks’ high of 31.02 US cents, Proven Investments slipped 1 cent in trading 44,316 shares to close at 31.01 US cents and Sygnus Credit Investments exchanged 20,198 stock units and held firm at 14 US cents.