The Jamaica Stock Exchange jumped higher to close out the first month of 2024 positively with all three markets rising on Wednesday, as the Main Market and the JSE USD market closed the month higher than they closed at in 2024, the Junior Market ended the month with a minor slippage as trading ended with the number shares exchanged in the overall market climbed, at a reduced value compared with the previous day, after prices of 53 shares rose and only 18 declined.
At the close of the market, the JSE Combined Market Index jumped by 4,021.70 points to 341,461.84 the All Jamaican Composite Index rallied 4,164.96 points to 365,827.98, the JSE Main Index climbed 3,750.40 points to 328,475.09. The Junior Market Index popped 57.59 points to 3,814.18 and the JSE USD Market Index rose 2.46 points to conclude trading at 249.26.
At the close of trading, 35,568,273 shares were exchanged in all three markets, up from 23,163,225 units on Tuesday, with the value of stocks traded on the Junior and Main markets amounted to $134.96 million, down from $247.43 million yesterday and the JSE USD market closed with an exchange of 15,298 shares for US$860 compared to 286,861 units at US$30,962 on Tuesday.
Main Market trading was dominated by Wigton Windfarm led trading with 10.87 million shares followed by JMMB 9.5% preference share with 3.85 million units, Transjamaican Highway ended with 1.74 million units and Carreras with 1.53 million units.
In the Junior Market, Fosrich led trading with 3.20 million shares followed by ONE on ONE Educational with 2.72 million units, Stationery and Office Supplies ended with 1.45 million stock units and Derrimon Trading with 1.08 million stocks.
At the close of the market, some of the major Main Market stocks that rose are Caribbean Cement popping $2.30 in closing at $57, Jamaica Broilers climbing $1 to close at $34 and Jamaica Producers rose 80 cents and ended at $24. JMMB Group rallied $2.29 to end at $26, NCB Financial advanced $1 and closed at $67.50, Pan Jamaica rose $1.51 to close at $51.51, Scotia Group popped $2.59 to $42.59, Seprod increased $4.50 and ended at $89 and Sygnus Real Estate Finance advanced $1.25 to end at $11.50.
There were no major declining Main Market stocks on Wednesday.
Stocks with major gains in the Junior Market are Access Financial, which rallied 67 cents to end at $22.67 while Spur Tree Spices rose 40 cents to end at $2.88, with the major losing stock being Cargo Handlers sinking $1.92 and ended at $13.
In the preference segment, Eppley 7.75% preference share rose $4.95 to $22.95 and 138 Student Living preference share fell $25.72 to close at $192.28.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.2 on 2022-23 earnings and 14.3 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Investors need pertinent information to navigate numerous investment options successfully in the stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume pertaining to the highest bid and the lowest offer for each company.
IPOs coming in your future
Jamaica Stock Exchange investors should be seeing a new IPO coming to the market sometime in July, subject to regulatory approval, with Sygnus Real Estate Finance getting ready to blast out of the box reports reaching this publication indicate.
The company, which is said to be dedicated to investing in and funding real estate developments through a combination of debt capital as well as equity capital, has projects on its books already, with developments in St Ann, St Catherine and Kingston, which the principals expect to extract extra value by way of creative acquisition and disposal. The company strategy is to fund new developments through real estate notes secured by a charge over the properties.
The company, which will be separate from Sygnus Credit Investments, could benefit from funding from them and is expected to raise $3 to $4 billion in the region. The company is coming to the market at a time of unprecedented construction of buildings in the country.
Reports reaching ICInsider.com indicate strong buying interests locally and from overseas in townhouses and detached units in the country’s hills, and many see Jamaican real estate as cheap.
Also coming around July is Jamaica Fibreglass Products that produces furniture and bedding, to raise approximately $230 million for expansion purposes and Spur Tree Spices may make it towards the end of the year to pull in around $250 million. The company says it has been manufacturing all in one seasoning and sauces since 2006 for the local and export markets.
There has also been chatter in the marketplace that Jamaican Teas may consider a spin-off of its manufacturing arm into a separately listed company.
