The Jamaican economic and financial environment has undergone much change over the past five decades or so. Since the early 1970s, the country lost its way and endured years of negative economic and in cases social development.
The evidence can be seen in an exchange rate that was US$1.10 to the Jamaican dollar to nearly $150 to one US dollar now. Interest rates rose from 5.5 percent in 1970 for governments Local Registered Stock, by the dark years in 1990s rates on government paper were as high as 52 percent in 1994. The average Treasury bill rates, between 1992 and 1994 was 39.5 percent. That was the challenge that the banks and businesses face in that period that led to the collapse of the businesses and the destruction of the financial sector.
The above set the stage for the state of the capital market in Jamaica now. In 1986, National Commercial Bank as it was then named went to the market, with the issue pulling in $249 million or US$45 million and attracted over 30,000 shareholders in a heavily oversubscribed issue. The total amount attracted seems to be the largest public issue ever in the local market.
That was then, now interest rates have hit levels that are the lowest on record, with Treasury bill rates now less than one percent and there are now more than 200,000 investors owning shares compared to around 40,000 after the NCB issue, making for a larger pool of investors to draw on to take up new issues.
Three companies went to the market to raise funds in January and all were successful with the latest Derrimon Trading Company invitation for subscription of 1,498,698,931 Ordinary Shares with the option to upsize was oversubscribed with taking up an additional 301,301,069 shares. The company will issue 1.8 million Shares and take in J$4.08 billion in gross proceeds.
The allocation of the issue will result in existing shareholders and Derrimon team members receiving 51.63 percent of their application. Key Investors will get all of their applications, Lead Broker’s Clients 83.72 percent and Non-Reserved Share Applicants (General Public) 39.15 percent.
Proven Investments upsized of the Additional Public Offer (APO) of ordinary shares to a maximum of 134,124,037 units with applications totalling 154,231,234 shares, for an oversubscription of US$4.3 million. Proven states that 4,148 applications were received, totalling just over US$34.5 million.
Applicants in General Pool and existing shareholders applicants in the pool will receive a full allotment, but Key Investors Applicants in this pool will receive 70.75 of the subscription amount.
Sygnus Credit Investments APO of ordinary shares was upsized to 240,887,900 Shares, reflecting a 54 percent upsize to the maximum allowed. The issue pulled around US31 million for the company.
Investors gobble up new issues
JSE Main Market falters
The Jamaica Stock Exchange Main Market ended trading on Wednesday with the market declining after more stocks fell than rose as investors exchanged 51 percent fewer shares than on Tuesday.
At the close, the All Jamaican Composite Index fell by 1,979.75 points to 425,569.16, the Main Index dropped 1,835.84 points to 388,248.59 and the JSE Financial Index dipped 0.54 points to 98.79.
Trading ended with 47 active securities, up from 45 on Tuesday and closed with prices of 16 stocks rising, 18 declining and 13 closing unchanged. The PE Ratio closed with an average of 16.7 based on ICInsider.com forecast of 2020-21 earnings.
The market closed with trading of 9,831,136 shares for $72,026,838 compared to 19,931,036 units at $67,469,926 on Tuesday. Wigton Windfarm led trading with 22 percent of total volume, after exchanging 2.16 million shares followed by Pulse Investments with 18.9 percent for 1.86 million units. QWI Investments ended with 14.7 percent for 1.45 million units after trading at an intraday 52 weeks’ high of 99 cents and Transjamaican Highway with 11.8 percent of the day’s trade for 1.16 million units.
Trading for the day averaged 209,173 units at $1,532,486, compared to 442,912 shares at $1,499,332 on Tuesday. 
The month to date averaged 498,459 units at $2,982,324 or each security, in contrast to 649,530 units at $3,739,461 on the prior trading day. Trading in January averaged 311,275 units at $1,432, 133.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and three with lower offers.
At the close of the market, Eppley shed 63 cents to end at $22.12, in exchanging 1,337 shares, First Rock Capital gained 51 cents to close at $13.21, with 24,949 units crossing the exchange, Grace Kennedy slipped 31 cents to $74.60 trading 116,636 shares, having traded at an intraday 52 weeks’ high of $77.47. Jamaica Broilers fell by $4 to $26, with 892,635 stock units changing hands, Jamaica Producers gained 40 cents to close at $20, with 1,285 stocks crossing the market, Jamaica Stock Exchange advanced by $1.80 to $19, in switching ownership of 22,367 stock units. JMMB Group fell $1.60 to $32, with an exchange of 116,860 units, Kingston Wharves rose $1.20 to $46.50, in trading 3,234 shares, Mayberry Jamaican Equities advanced by $1.08 to $7.50, in exchanging 72,000 stock units. MPC Caribbean Clean Energy finished $8 lower at $137 trading 12 shares, NCB Financial Group rose $1 to $137, with 7,146 shares changing hands, Palace Amusement dropped $200 to end at 52 weeks’ low of $850, after an exchange of 24 shares.
Pan Jam Investment fell by $1 to $64, in switching ownership of 821 units, Pulse Investments lost 28 cents at $4.70, with an exchange of 1,857,207 stock units, Sagicor Group declined by $3 to $49, with 61,577 shares crossing the market. Sagicor Real Estate Fund gained 25 cents to close at $8.25, with a transfer of 3,826 stocks. Salada Foods advanced by $5.75 to end at a 52 weeks’ high of $42.75, in switching ownership of 17,465 units. Seprod climbed $2.98 to $73.50, with an exchange of 9,932 units, Stanley Motta gained 29 cents to end at $5.35 trading 1,000 shares and Wisynco Group rose 30 cents to $16.55, with the swapping of 521,881 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big jump for JSE main Market
Trading ended with a robust rebound in the market indices on Tuesday after rising stocks outnumbered declining ones on the Jamaica Stock Exchange Main Market, but the volume and values fell sharply from Monday’s levels by 48 and 75 percent respectively.
At the close, the All Jamaican Composite Index jumped 4,248.43 points to 427,548.91 the Main Index climbed 3,864.20 points to 390,084.43 and the JSE Financial Index rose 0.84 points to settle at 99.33.
Trading ended with 45 securities changing hands, the same as on Monday and closed with prices of 21 stocks rising, 15 declining and nine remaining unchanged. The PE Ratio closed with an average of 16.6 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with an exchange of 19,931,036 shares for $67,469,926 compared to 38,526,662 units at $269,081,586 on Monday. Wigton Windfarm led trading with 56.5 percent of total volume, after an exchange of 11.26 million shares followed by Pulse Investments with 16.2 percent for 3.23 million units, Transjamaican Highway with 9.2 percent for 1.83 million units and QWI Investments with six percent market share for 1.20 million units changing hands.
Trading for the day averaged 442,912 units at $1,499,332 for each security, down from 856,148 shares at $5,979,591 on Monday. The month to date averaged 649,530 units at $3,739,461. Trading in January averaged 311,275 units at $1,432,133.
Investor’s Choice bid-offer indicator reading has 13 stocks ending with bids higher than their last selling prices and two with lower offers.
At the close of trading, Eppley rose 75 cents to $22.75, with 3,978 shares changing hands, Eppley Caribbean Property Fund advanced by $5.75 to $46.80 after exchanging 100 units, First Rock Capital slipped 30 cents to $12.70, with 8,940 shares crossing the market. Jamaica Broilers rose 80 cents to $30, after trading 32,869 stock units, Jamaica Stock Exchange lost $1.30 to close at $17.20, in transferring 24,505 shares, JMMB Group gained $2.46 to close at $33.60, while exchanging 137,098 units, Kingston Wharves gained 30 cents in closing at $45.30 and trading 765 stock units. Mayberry Investments ended 30 cents higher at $5.60, with 39,592 stocks changing hands, Palace Amusement climbed $100 to close at $1,050 while exchanging 5 units, PanJam Investment rose $1 to $65 trading 1,219 stocks. 
Pulse Investments picked up 38 cents to end at $4.98, after an exchange of 3,233,145 shares, Salada Foods fell $1 to $37, with 48,187 shares changing hands, Scotia Group gained 78 cents to close at $43.78 in trading 7,334 stock units. Seprod jumped $6.52 to a record closing high of $70.52 after 3,980 shares crossed the market after trading at a record high of $83.99 earlier in the trading session and Supreme Ventures ended 30 cents lower at $16.70, in transferring 13,037 stocks.
In the preference segment, 138 Student Living Preference share shed 70 cents to close at $5.90, in switching ownership of 1,000 shares and Eppley 8.25% rose 90 cents to $7, after clearing the market with 371 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD trading picks up
Trading picked up on Tuesday, resulting in 228 percent increase in the volume of stocks trading on the US dollar market of the Jamaica Stock Exchange, over Monday volume with the market rising with an even number of stocks rising and falling.
Trading ended with six securities changing hands at the close, compared to five on Monday and ended with two stocks rising, two declining and two remaining unchanged.
JSE USD Equity Index added 3.41 points to end at 201.87. The average PE Ratio ends at 13.9 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with 550,872 shares trading, for US$34,835 up from 167,769 units at US$27,880 on Monday.
Trading averaged 91,812 units changing hands at US$5,806, in contrast to an average of 33,554 shares at US$5,576 on Monday. Trading averaged 65,331 units for the month to date at US$5,701. By comparison, January ended with an average of 121,154 units for US$15,408.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with lower offers.
At the close of the market, First Rock Capital lost 0.02 cents to close at 8.77 US cents exchanging 57 stock units, MPC Caribbean Clean Energy settled at US$1.14 after trading 718 shares, Proven Investments shed 0.02 cents in ending at 26.95 US cents, with 57,127 units crossing the market. Sygnus Credit Investments rose 0.97 of a cent to end at 16 US cents after exchanging 101 stocks and Transjamaican Highway increased by 0.09 of a cent to end at 0.99 of a US cent crossing the market 485,869 shares.
In the preference segment, JMMB Group 5.75% remained at US$2 after 7,000 shares changed hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading highest since December
Trading picked up again on Monday, following the highest amount traded for January on Friday as investors placed $269,081,586 in 222 percent more 38,526,662 shares than they did on Friday when 11,980,396 units traded at $215,025,944 on Friday on the Jamaica Stock Exchange Main Market.
Trading ended with 45 securities changing hands compared to 44 on Friday and closed with rising stocks outnumbered declining ones by 62 percent leaving prices of 12 stocks rising, 28 declining and five remaining unchanged. Ciboney traded at a 52 weeks’ high of 26 cents and Palace Amusement fell to a 52 weeks’ low of $950.
The PE Ratio closed with an average of 15.7 based on ICInsider.com’s forecast of 2020-21 earnings.
At the close, the All Jamaican Composite Index dropped 1,954.05 points to 423,300.48, the Main Index fell by 1,717.60 points to 386,220.23 and the JSE Financial Index lost 0.83 points to settle at 98.49.
Carreras led trading with 86.5 percent of total volume, after an exchange of 33.34 million shares followed by Transjamaican Highway with 4.8 percent for 1.86 million and Sagicor Select Manufacturing & Distribution Fund with 2.5 percent for 955,632 units changing hands.
Trading for the day averaged 856,148 units at $5,979,591 for each security, compared to an average of 272,282 shares at $4,886,953 on Friday. Trading in January with an average of 311,275 units at $1,432,133.
Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and three with lower offers.
At the close of the market, Caribbean Cement shed 51 cents to close at $60, in exchanging 6,672 shares, Eppley closed 75 cents lower at $22, after clearing the market with 4,031 stock units. Eppley Caribbean Property Fund fell $3.95 to $41.05 after trading 923 units, Grace Kennedy advanced by $1.50 in closing at $74.95, with an exchange of 163,715 shares. Jamaica Stock Exchange slipped $1 to $18.50 after 110,632 stock units changed hands. JMMB Group declined by $1.36 in closing at $31.14 after transferring 13,859 units, Kingston Wharves ended at $45, with a loss of $1.50 trading 7,729 stock units. Mayberry Jamaican Equities shed 59 cents to end at $6.40, in swapping 5,756 stocks, MPC Caribbean Clean Energy declined by $11 to $145, with 1,135 units clearing the market. 138 Student Living ended at $4, with a loss of 45 cents and ownership of 260 stock units switching, Palace Amusement dropped $101 to close at a 52 weeks’ low of $950 in exchange of 67 shares, PanJam Investment fell by $3 to $64, with 16,660 stocks crossing the exchange.
Salada Foods rose $1 to close at $38, in exchanging 42,886 stock units, Scotia Group shed 79 cents to finish at $43, with 24,748 shares changing hands. Seprod gained 50 cents to settle at $64 after 6,678 stock units crossed the market, Supreme Ventures lost 49 cents to end at $17 trading 38,797 shares and Sygnus Credit Investments slipped 30 cents to $15.70, after transferring 85,391 shares.
In the preference segment, Eppley 8.25% shed 90 cents to close at $6.10, in exchanging 839 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Slippage for JSE USD market
The US dollar market of the Jamaica Stock Exchange closed trading on Monday, with the market declining after trading 581 percent more shares than on Friday, resulting in more stocks falling than rising.
Trading ended with five securities changing hands at the close, compared to four on Friday and ended with one rising, three declining and one remaining unchanged.
JSE USD Equity Index lost 4.56 points to end at 198.16 and the average PE Ratio ends at 13.5 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with an exchange of 167,769 shares, for US$27,880 compared to 24,643 units at US$3,424 on Friday.
Trading averaged 33,554 units changing hands at US$5,576, in contrast to an average of 6,161 shares at US$856 on Friday. January ended with an average of 121,154 units for US$15,408.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with lower offers.
At the close of the market, First Rock Capital dropped 0.21 of a cent in closing at 8.79 US cents, with 357 units crossing the exchange,
Proven Investments lost 0.02 of a cent to end at 26.97 US cents in trading 95,772 shares, Sygnus Credit Investments shares denominated in Jamaican dollars ended at 12.8 US cents, with 961 units changing hands. Sygnus Credit Investments US dollar-denominated stock climbed 0.03 of a cent to end at 15.03 US cents with an exchange of 11,617 stock units and Transjamaican Highway declined 0.06 of a cent to close at 0.9 US cents, with 59,062 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading at January peak for JSE majors
Trading broke the $200 million mark for the first time this year on Friday, the last trading day for the in January for Jamaica Stock Exchange Main Market and the only second time for the month that trading value exceeded $110 million in a day when just over $116.6 million worth of shares crossed the market on January 20.
The market closed with 11,980,396 shares, 30 percent more than Thursday and 168 percent more in value at $215,025,944, up from 9,368,496 units at $83,242,802 on Thursday.
Trading averaged 272,282 units at $4,886,953 for each security, compared to an average of 234,212 shares at $2,081,070 on Thursday. The month to date averaged 311,456 units at $1,435,407 for each stock, in contrast to 313,511 units at $1,254,396 on the prior trading day and well off December average of 455,206 units at $7,774,631.
Wigton Windfarm led trading with 19.1 percent of total volume after an exchange of 2.29 million shares followed by Sagicor Select Financial Fund with 14.3 percent for 1.71 million units, Grace Kennedy chipped in with 11.5 percent for 1.38 million units and Transjamaican Highway with 11.4 percent for 1.37 million units.
At the close, the All Jamaican Composite Index climbed 2,827.24 points to 425,254.53, the JSE Main Index rose 2,558.50 to 387,937.83 and the JSE Financial Index added 0.56 points to close at 99.32.
Trading ended with 44 securities changing hands compared to 40 on Thursday and closed with prices of 17 stocks rising, 18 declining and nine remaining unchanged. The average PE Ratio was 16.6 based on ICInsider.com forecast of 2020-21 earnings.
Investor’s Choice bid-offer indicator reading has 12 stocks ending with bids higher than their last selling prices and two with lower offers.
At the market closing, Caribbean Cement dropped $3.99 to $60.51, with a transfer of 27,289 shares. First Rock Capital gained 40 cents to $13.10 after 2,635 units crossed the market. Jamaica Producers closed 40 cents higher at $20, in trading 15,002 stocks. Jamaica Stock Exchange rose 30 cents to $19.50 in trading 129,636 stock units, JMMB Group climbed $1.10 to $32.50, with an exchange of 80,460 shares, Kingston Wharves rose $2.50 $46.50, after switching ownership of 4,238 stocks. Mayberry Investments shed 38 cents to finish at $5.45 in an exchange of 5,232 stock units, 138 Student Living gained 45 cents in ending at $4.45 and trading 4,039 units, Palace Amusement dropped $164 to close at $1,051, with investors swapping 4 units. 
Pan Jam Investment declined by $3 to $67, with 134,726 stocks crossing the market, Sagicor Group advanced by $3.01 to $52 after trading 598,948 stock units, Sagicor Real Estate Fund fell 95 cents to $8 in exchanging 19,000 shares. Salada Foods climbed $3 to $37, in swapping of 80,784 units, Scotia Group rose 79 cents to close at $43.79, in an exchange of 28,402 stock units, Sygnus Credit Investments shed 30 cents in closing at $16, with 34,889 units crossing the market and Victoria Mutual Investments lost 30 cents to end at $5.55, with the swapping of 62,867 stocks.
In the preference segment, Eppley 8.25% gained 42 cents to settle at $7, in exchanging 2,081 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
9% January rise for JSE USD market
Trading remained low keyed with volume falling 69.76 percent fewer shares crossing the exchange than Thursday when the market closed on the Jamaica Stock Exchange US dollar market on Friday, with the market rising moderately to close trading with an 8.8 percent gain for January and the highest point since late April last year.
At the close four securities changed hands, similar to Thursday and ended with the price of one stock rising, one declining and two remaining unchanged.
JSE USD Equity Index gained 0.95 points to end at 202.72. The average PE Ratio ends at 13.7 based on ICInsider.com’s forecast of 2020-21 earnings.
The market ended with the trading of 24,643 shares, for US$3,424, well adrift of the 81,503 units at US$14,441 on Thursday.
Trading averaged 6,161 units at US$856, down from an average of 20,376 shares at US$3,610 on Thursday. Trading averaged 121,154 units for the month to date at US$15,408 compared to 126,153 units at US$16,040 on the prior trading day. December ended with an average of 55,388 units for US$6,412.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with lower offers.
At the close of trading, First Rock Capital Holdings gained 0.05 of a cent to close at 8.8 US cents with 14,966 shares changing hands, Productive Business Solutions closed at 79 US cents trading 855 shares, Proven Investments remained at 26.99 US cents with 922 stock units crossing the market and Sygnus Credit Investments lost 1.2 cents to close at 15 US cents after 7,900 units changed hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gains for JSE Main Market stocks
Sizable gains in a few stocks and very small price changes in the majority of stocks declining helped move the major market indices higher, at the close of trading on the Jamaica Stock Exchange Main Market on Thursday after an exchange of 57 percent more shares with values almost doubling Wednesday levels.
At the close, the All Jamaican Composite Index climbed 3,030.64 points to 422,427.29, the Main Index advanced by 2,742.58 points to 385,379.33 and the JSE Financial Index gained 0.83 points to settle at 98.76.
Trading ended with 40 securities changing hands compared to 44 on Wednesday and closed with 12 stocks rising, 15 declining with 12 losing 5 cents or less and 13 closing unchanged. The PE Ratio closed with an average of 16.6 based on ICInsider.com forecast of 2020-21 earnings.
The market closed with an exchange of 9,368,496 shares for $83,242,802 compared to 5,962,706 units at $43,631,865 on Wednesday. Wigton Windfarm led trading with 27.8 percent of total volume for 2.6 million shares followed by Transjamaican Highway with 21.1 percent for 1.98 million units and Sagicor Select Financial Fund with 11.2 percent market share for 1.05 million units changing hands.
Trading for the day averaged 234,212 units at $2,081,070 for each security, compared to an average of 135,516 shares at $991,633 on Wednesday. The month to date averaged 313,511 units at $1,254,396, in contrast to 317,481 units at $1,213,011 on Wednesday. Trading in December averaged 455,206 units at $7,774,631.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and three with lower offers.
At the close of the market, Caribbean Cement lost 49 cents to close at $64.50, after exchanging 6,121 shares, First Rock Capital finished at $12.70, with a loss of 30 cents trading 37,257 stock units, Grace Kennedy climbed $6 to $73.50 while transferring 25,070 shares. Jamaica Stock Exchange rose 70 cents to settle at $19.20, after crossing the exchange with 9,400 stock units, Pan Jam Investment advanced by $2 to $70, with the swapping of 1,181 units, Sagicor Group closed $1.24 higher at $48.99, in exchanging 12,799 stocks.
Salada Foods rose $1 to end at $34, with 130,075 shares changing hands, Scotia Group gained 50 cents to end at $43 trading 47,495 stock units and Wisynco Group rose 50 cents to $16.50, with an exchange of 190,585 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Volume plunged on JSE USD market
The US dollar market of the Jamaica Stock Exchange closed trading on Thursday, with the market rising after trading 91 percent fewer shares than on Wednesday, resulting in an even number more stocks falling than rising.
Trading ended with four securities, compared to five on Wednesday and ended with the prices of one stock rising, three declining and none closing unchanged.
JSE USD Equity Index gained 0.78 points to 201.77. The average PE Ratio ends at 13.8 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with an exchange of 81,503 shares, for US$14,441 compared to 914,622 units at US$23,513 on Wednesday. Trading averaged 20,376 units at US$3,610, in contrast to 182,924 shares at US$4,703 on Wednesday. Trading averaged 126,153 units for the month to date at US$16,040 in contrast to 130,961 units at US$16,605 on Wednesday. In contrast, December ended with an average of 55,388 units for US$6,412.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with a lower offer. At the close of the market, First Rock Capital Investments gained 0.05 of a cent to close at 8.75 US cents after switching ownership of 227 units, Proven Investments lost 0.01 of a cent to close at 26.99 US cents in trading 39,479 units. Sygnus Credit Investments declined 0.05 of a cent to close at 16.2 US cents, with 24,700 units crossing the exchange and Transjamaican Highway fell 0.03 of a cent to close at 0.96 of a US cent with 17,097 units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.