Wednesday, 29th January 2014 | Nearly a third of the stocks listed recorded gains on Jamaica stock market as investors woke up to the news that Sagicor Group were to acquire RBC Royal Bank‘s Jamaica operations. It was, however, not a big day for volume or the value of stocks traded as 6,325,652 shares changed hands at a value of $46,429,845. Trading resulted in the indices gaining across the board.
The main market had one of its best days for some time with advancing stocks out numbering declining stocks by a good margin. Activity seems to have been stirred by the announcement of the takeover of RBC Jamaican operations leading to the JSE Market Index advancing by 972.98 points to 80,540.48 and the JSE All Jamaican Composite moving up by 1,475.93 points to close at 82,580.18.
Main market gains | The main market recorded the bulk of the stocks to record gains with Berger Paints posting 6,088 shares to close at $1.86 for a cent increase; Barita Investments 17,000 shares to close at $2.60, up 10 cents; Cable & Wireless 2,126,000 for a gain of 3 cents to close at a new 52 weeks high of 25 cents; Desnoes & Geddes 20,180 units as the price put on 15 cents to close at $5.15; Gleaner Company 58,932 units to close 2 cents up at $1.12; Jamaica Broilers 334,018 shares as the price closed up 24 cents at $5; Jamaica Money Market Brokers had only 600 units but the price closed at $7.49 put on 9 cents; Jamaica Producers 9,000 at $19.80 up $1.05; Kingston Wharves 49,000 units as the price gained 44 cents to end at $6; Mayberry Investments 100,000 as the price moved up by 17 cents at $2.
National Commercial Bank 326,899 units to close 20 cents up at $18; Pan Jamaican Investment Trust 169,554 shares gaining $1.80 to close at $50; Sagicor Investments with 186,619 shares to close at $18.5 for $1.83 gain; Proven Investments ordinary shares traded 8,236 and reached an all-time high of US18 cents for a 2 cent increase; Radio Jamaica 15,000 shares at $1.6 to close up by 8 cents. Sagicor Group 12,900 shares as the price gained 90 cents to close at $9 pushed by the news of RBC takeover; the bid at the close was at $9.80. Scotia Investments traded 200,100 and gained $1.25 to end at $26.25; Seprod with 12,500 shares closed at $10.90 up by 10 cents; Supreme Ventures 10,000 units closing at $$2.30 for 10 cents gain.
Losers | The losers were few with Caribbean Cement trading 578,900 shares and lost a cent to end at $5; Scotia Group 420,404 units to close at $20.40 down 10 cents; Grace Kennedy with 77,523 shares to close at $56.30, a fall of 70 cents.
The JSE Junior Market Index advanced by 8.54 points to close at 782.99 but only two stocks recorded gains for the day.
Junior market gains | Stocks to record gains are Caribbean Producers Jamaica 343,300 at a new 52 weeks high of $2.75, up by 5 cents; Access Financial 10,000 units at $11, a gain of $1.
Losers | The junior market suffered more declining than rising prices as AMG Packaging traded 5,854 units to close at $3.45 down 3 cents; Consolidated Bakeries 3,000 shares at $1.15 down 2 cents; Dolphin Cove 20,000 shares to close at $8.90, a loss of 10 cents; General Accident 22,670 shares at $1.80 for a decline of 5 cents; Lasco Distributors 128,800 shares closing at $1.41, off by a cent; Lasco Financial 480,544 units at $1.30 down by 5 cents; Lasco Manufacturing 128,000 shares down a cent at $1.32.
Firm trades | Derrimon Trading was the only stock to trade firm in the junior market with 2,000 units at $2.35.
IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had only 7 stocks with bids higher than the last selling prices and 2 stocks with offers that were lower.
