The most recent Junior Market Indies Pharma started trading on Wednesday and closed with a gain of 80 cents to closed with a gain of 53 percent on the IPO price of $1.50. The stock opened at $2.50 but drifting lower during the day to close at $2.30, well that is what the stock exchange trading platform showed.
None of that mattered in the end as all 774,145 shares that was recorded as trading were cancelled.
But there is something awfully wrong wat the JSE, this problem has been occurring ever since the exchange introduced the current trading platform. First, the rule that limit prices to no more than 30 percent in a day is outmoded. Secondly, just about all new junior market listings have traded well above the limit on opening day sending a clear message that the limit at least for new listings made no sense. The exchange management is clearly behind the market place and need to step up the demands of the market.
The Junior market index climbed 26.04 points to close at 3,161.89 with 25 securities changing hands, compared to 25 on Tuesday. At the close, the prices of 8 securities advanced, 10 declined and 7 remained unchanged with one stock closing at a 52 weeks’ low. Trading resulted in 2,963,010 units valued at $8,928,557 changing hands compared to 1,564,416 units valued at $8,693,578 on Tuesday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 7 stocks ending with bids higher than their last selling prices, 2 closed with lower offers.
Trading closed with an average of 118,520 units for an average of $357,142 in contrast to 62,577 units for an average of $347,743 on Tuesday. The average volume and value for the month to date amounts to 174,894 units valued at $918,332, compared to 182,596 units valued at $994,997 previous trading day. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, Access Financial jumped $10.70 and closed at $46.70, with only 1,407 shares changing hands, CAC 2000 concluded trading 96,403 units $1.55 higher at $9.55, Caribbean Cream traded just 650 shares and climbed $1.08 to $5.80, Caribbean Flavours dropped $1.50 to $13, trading 4,854 shares, Caribbean Producers traded with a loss of 4 cents at $6.85, after 7,700 stock units were exchanged, Consolidated Bakeries finished trading at $2.17, with 13,000 units. C2W Music closed with a loss of 3 cents at $1.72, exchanging 20,000 shares, Elite Diagnostic gained 5 cents to end at $2.90, with 1,270,903 stock units changing hands, Everything Fresh traded 1,100,731 shares and ended with a gain of 20 cents at $2.10 as investors responded to half year results showing profit of 4 cents per share for the June quarter on rising gross profit margin. Express Catering rose 12 cents to $8.15, with 6,623 shares, General Accident finished trading 48,811 shares at $3.70. Honey Bun ended at $4.50, with 13,399 units, Iron Rock concluded trading with a loss of 25 cents at $3.25, with 82,741 shares, Jamaican Teas settled at $4, trading 124,700 shares, Jetcon Corporation ended trading at $4.05, with 46,250 stock units. Key Insurance fell 31 cents to $3.16, exchanging 12,050 units, KLE Group finished trading at $3, with 358 shares, Knutsford Express closed at $11.35, with 9,628 shares, Lasco Distributors ended with a loss of 4 cents at $3.95, after 45,000 shares traded. Lasco Financial concluded trading 30 cents higher at $5.80, with 10,275 stock units, Lasco Manufacturing traded 8,757 stock units and fell 5 cents to $3.90, Paramount Trading ended trading with a loss of 30 cents at $2.70, with 1,000 shares, Stationery and Office traded with a loss of 50 cents at $9, with 29,412 shares and tTech closed with a loss of 50 cents at a 52 weeks’ low of $4.50, with 3,340 units. In the junior market preference segment, Eppley 9.5% ended trading at $5.98, with 5,018 shares changing hands.

Prices of securities trading for the day are those at which the last trade took place.