Strong gains for JSE Main Market more ahead

Main market stocks spiked right out of the blocks on Monday, with the All Jamaican Composite Index surging 5,670 points and within an hour of the opening and climbed to 465,214 points within half an hour of opening, but the market pulled back to settle lower with half of the morning gains, with volume f stocks traded rising 14 percent but with the value 61 percent less than Friday on the Jamaica Stock Exchange Main Market.
Investor’s Choice bid-offer indicator closed with a strong signal of 14 stocks ending with bids higher than their last selling prices and four closing lower offers, an indication that Tuesday’s trading should see a continuation of the current market rally. At the close of trading, the All Jamaican Composite Index pushed 2,871.41 points higher to 462,144.64 to now sit just above resistance level which now provides support for the market. The JSE Main Index rose 2,511.04 points to end at 428,931.65 and the JSE Financial Index inched 0.91 points higher to 106.56.
Similar to Friday’s trading 49 securities changed hands, with the prices 13 rising, 22 declining and 14 remaining unchanged. The PE Ratio, a measure that determines an appropriate relative value of each stock, averages 16.9 based on ICInsider.com forecast of 2021-22 earnings.
Trading ended with a 14 percent rise in the volume of stocks traded, with a 61 percent lower value than Friday, after 13,855,601 shares traded for $248,441,964 versus 12,127,180 units at $631,548,664 on Friday. Mayberry Jamaican Equities led trading with 26 percent of total volume for 3.61 million shares followed by Wigton Windfarm with 13.4 percent after an exchange of 1.85 million units, Transjamaican Highway accounted for 8.7 percent with 1.20 million units traded, Sagicor Select Financial Fund held to 8.6 percent after an exchange of 1.19 million units, Sagicor Select Manufacturing & Distribution Fund pulled out 8.3 percent with 1.15 million units and QWI Investments delivered 8.1 percent after trading 1.12 million units.
Trading averaged 282,767 units at $5,070,244, compared to 247,493 shares at $12,888,748 on Friday. Trading month to date averages 238,579 units at $5,118,691, in contrast to 233,635 units at $5,124,111 on Friday. May ended with an average of 439,937 units at $4,698,961.
At the close, Barita Investments rose 50 cents to $83.45 in exchanging 10,061 shares, Caribbean Cement advanced $1.19 to $93.80 with 7,893 stocks clearing the market, Carreras lost 35 cents, in ending at $9.45 after transferring 159,510 stock units, Jamaica Broilers fell $1.50 to $35 with 10,288 units changing hands, JMMB Group rallied 60 cents to $33.10 after the trading of 264,279 shares, Kingston Properties shed $1.50 to $10.25 with the swapping of 40 units. Kingston Wharves popped 35 cents to $46.35 in switching ownership of 50,063 stocks, Margaritaville fell 80 cents to $15 in exchanging 10,769 shares, Mayberry Jamaican Equities slipped 55 cents to $9 with 3,608,313 shares crossing the market, Palace Amusement surged $110 to $1,180 in trading 190 units, PanJam Investment spiked $5.43 to $69.93 with the swapping of 523,596 stock units. Proven Investments shed $1.94 in closing at $35.06, with 44,622 stocks crossing the market, Sagicor Group slipped $2 to $55 with 248,968 shares clearing the market. Salada Foods climbed 45 cents to $8.28 with 113,932 stock units crossing the exchange, Scotia Group jumped $1.44 to $41 in an exchange of 3,994 units, Seprod shed 99 cents to close at $74 with the transfer of 173,855 shares. Sterling Investments dipped 25 cents to $2.80 in switching ownership of 220,000 stock units, Supreme Ventures spiked 50 cents to close at $21 after clearing the market of 336,556 stock units, Sygnus Credit Investments ended 24 cents lower at $15.06 in an exchange of 256,748 units.
In the preference segment, 138 Student Living preference share spiked 90 cents to $6.90 in switching ownership of 115 units and Eppley 8.25% dived 99 cents to $6.94 with 256 stocks crossing the exchange.