The Jamaica Stock Exchange Main Market suffered its worse daily fall in its near 51 year history with All Jamaican Composite Index plunging a massive 24,224.80 points to close at 481,605.47, the JSE Market Index nose-dived 21,798.25 points to 438,685.97. The JSE Financial Index slipped just 2.79 points to 118.33.
Thursday’s sharp fall brings the total decline for the week to 48,117 points or 9 percent and 56,657 points since February 21, making the loss 10.5 percent in just eight days and 14 percent for the year to date.
The market closed with 48 securities changing hands in the Main and US dollar markets with the prices of 12 advancing, 26 declining and 10 trading firm. During trading, five stocks hit 52 weeks’ lows, but only one ended the trading session at the low. The JSE Main Market activity ended with 42 securities accounting for 58,534,158 units for $293,293,548 in contrast to, 29,204,863 units valued at $241,250,894.58 from 40 securities on Wednesday.
Sagicor Select Financial Fund dominated trading with 44.6 million shares for 76.3 percent of total volume, followed by Wigton Windfarm with 5 million units for 8.6 percent of the day’s trade and Sagicor Select Manufacturing and Distribution Fund with 2.1 million units for 3.5 percent of the market’s volume. QWI Investments with 1.5 million shares was the only other stock trading more than a million units.
The Market closed with an average of 1,393,670 units valued at an average of $6,983,180 for each security traded, in contrast to 730,122 units valued at an average of $6,031,272 on Wednesday. The average volume and value for the month to date amount to 924,613 units for $5,408,975 for each security changing hands, compared to 760,443 units valued at $4,858,004 for each security. Trading in February resulted in an average of 624,731 units valued at $3,239,665 for each security.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows eight stocks ending with bids higher than their last selling prices and five closing with lower offers. The PE ratio of the market has dropped to 17.3, while the Main Market ended at 16.5 times 2019 earnings.
In the prime market, Barita Investments closed $1 lower to $65, with 54,440 shares changing hands, Berger Paints ended at $13, after losing $1 trading 5,656 units, Caribbean Cement shed $2 to finish at $65, in swapping 595,327 shares. Carreras gained 31 cents to close at $7.81, with an exchange of 199,039 shares, Eppley climbed $2.95 higher to $16, in transferring just 933 units, Grace Kennedy lost $1 to close at $66, after trading 145,138 shares. Jamaica Stock Exchange settled at $27.55, with a gain of $1 in exchanging 165,726 shares, Kingston Wharves dropped $2 to end at $48, with 20,707 shares traded, Mayberry Investments lost 82 cents to close at $7.18, in exchanging 33,205 units, NCB Financial Group ended at $169, with a loss of $1.55 after 367,245 shares crossed the market. PanJam Investment dropped $2.01 to $95.99, after transferring 107,107 shares, Radio Jamaica lost 34 cents to close at $1.35, with 129,228 shares changing hands, Sagicor Real Estate Fund closed 35 cents lower to $9.50, in trading 98,644 stock units. Salada Foods closed at $29, with a loss of $5 swapping 1,211 shares, Scotia Group ended at $50.50, after losing $2 transferring 289,207 shares, Seprod declined by $2.07 exchanging 647,209 and closed at $45. Supreme Ventures lost $1 to end at $20, with 73,161 shares changing hands, Sygnus Credit Investments closed at $20.50, with a loss of $3.30 swapping 124,690 shares. Victoria Mutual Investments lost 50 cents to end at $7.50, in trading 295,373 shares, Wisynco Group lost $2.45 in transferring 495,518 shares at $20, and in the preference section, Productivity Business Solution closed with 5,000 units crossing the exchange and rose $5 to $105.
Trading in the US dollar market ended with 134,498 units for US$16,482. The market slid 1.79 points to close at 217.11 to be down just 4 percent for the year to date. The market ended with First Rock Capital trading 115,000 units at 7.5 US cents, Proven Investments swapped 2,948 units at 29 US cents, Sterling Investments lost 0.8 of a cent and closed at 2.10 US cents, in transferring 1,000 units and Sygnus Credit Investments gained 0.5 cents to settle at 18.5 US cents, with 12,100 shares changing hands.
In the US preferences section, JMMB Group 5.75% preference share gained 15 cents to close at US$2.15 while exchanging 1,500 units and JMMB Group 6% preference share lost 1 cent to end at 99 US cents, with an exchange of 1,950 shares.