Markets poised for a big run soon? | Advancing stock far outnumbered declining ones as the Jamaica Stock market continues on a bullish note. Fourteen stocks gained to only 4 that declined. Twenty six stocks traded in all.
The market has crossed over a major resistance level just under 85,000 points. Based on market sentiments currently and the shortage of some stocks, it seems only a matter of time for a major breakaway from the current level to take place. That break out could well be next week.
Caribbean Cream trades 1m shares | Newly listed junior market Caribbean Cream traded more than 1 million shares after the stock started trading. Two blocks of 500,000 units were traded at the IPO price of $1. Later in the morning 7,000 units traded at $1.01 the last traded price for the day. At the close, there were 4 orders to purchase 136,445 at $1 and two orders to sell 2,000 units at $1.15 and one order to sell 150,000 units at $1.25.
Elsewhere Consolidated Bakeries traded 1.079 million units as low as 90 cents each and Supreme Ventures traded 3.87 million units between $2.75 and $2.95 each. The stock last traded at $2.95. Scotia Group traded 228,455 units while closing down to $20.20 shedding $1.40 in the process. Dolphin Cove traded 249,200 and closed trading at $8.10 and General accident chipped in with 228,187 units valued at $2 million. The stock gained 1 cent. With the company’s first quarter results showing profit gains of 65 percent, demand has come in for it. Proven Preference shares traded 1.4 million units valued at $7 million as investors seek out higher yielding instruments than regular money market ones.
Blue Power traded at $6.80 up 80 cents, it along with Caribbean Cream, traded at all-time highs today. Grace Kennedy which traded at $60 up $2 and Kingston Wharves traded at $6.65 closed at 52 weeks’ highs. Jamaican Producers traded up $2.20 to close at $18.70 but at the end of trade the stock was offered for sale at $17, only 5,000 units traded. National Commercial Bank gained 49 to close at $18.99 on 8,000 units that traded.
Trading took place with 8.4 million units trading at a value of $30 million.