Office Supplies

Investors cant get their money out of FosRich stock as JSE rules preventing trading.

For the second consecutive day, what is clearly an outdated circuit breaker rule of the Jamaica Stock Exchange, prevented trading in shares of FosRich, after it listed on the Junior Market of the on Tuesday, following a successful IPO.
Attempts were made to trade shares at $3 and $4 on Tuesday and again at $4 on Wednesday but the prices exceeded the 30 percent daily limit permitted by the exchange on both days. So even as there are clear signs of demand at $4, no trading can take place at that level as the 30 percent daily price movement limitation, puts the maximum price at $3.89.
Having had similar problems when Express Catering and Stationery and Office Supplies listed in the summer months this year, investors would be forgiven if they were of the view that the JSE had moved speedily to correct what is clearly a problem when IPOs start trading.
Trading in the wider market on Wednesday only 11 securities changed hands, resulting in an exchange of just 393,186 units valued at $1,610,823 trading down sharply from the 3,645,919 units valued at $16,409,735 on Tuesday from trading in 19 securities.
At the close of market activities, the prices of 6 securities advanced, 2 declined and 3 remained unchanged, leading to the Junior Market Index gaining just 3.01 points to close at 2,703.75.
Trading ended with an average of 35,744 units for an average of $146,438 in contrast to 191,890 units for an average of $863,670 on Tuesday. The average volume and value for the month to date, amounts to 600,336 units valued at $2,793,615 and previously, 625,999 units valued at $2,913,941. In contrast, November closed with average of 107,477 units valued at $545,989 for each security traded.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 4 stocks ending with bids higher than the last selling prices and 9 with lower offers.
At the close of the market, Cargo Handlers ended trading 2 cents higher at $10.87, with 101 stock units trading, Caribbean Producers closed at $3.80, with 111,700 shares changing hands, Dolphin Cove finished 50 cents higher at $17, with 1,157 shares, Jamaican Teas concluded trading with a loss of 35 cents at $3.65, with 6,206 units, Jetcon Corporation finished at $4.40, with 3,000 shares. Lasco Distributors ended trading 14 cents higher at $3.99, with 107,138 shares, Lasco Financial closed 18 cents higher at $5.18, with 2,400 shares, Lasco Manufacturing ended with a loss of 14 cents at $3.51, with 75,281 stock units, Main Event concluded trading at $5.30, with 4,869 units, Paramount Trading settled 2 cents higher at $3.02, with 400 shares and Stationery and Office ended trading 14 cents higher at $4.99, with 80,934 stock units.