The end may be in sight for JSE big losses

The Main Market of the Jamaica Stock Exchange got clobbered again on Friday with investors slashing more than 7,000 points off the All Jamaican Composite Index, but the end may be in sight as the index hits support at the close.

The end may be in sight for the big losses for the JSE Main market as it closed at support level on Friday.

Friday’s index loss brings the total for the week and month to date to 55,391 points or 10.5 percent. The decline for the year to date reached 15.3 percent while the market fell 110,366.3 points or 18.9 percent since peaking in August last year.
At the close, the JSE All Jamaican Composite Index dropped 7,274.07 points to close at 474,331.40, the JSE Market Index dived 6,632.94 points to 432,053.03 and the JSE Financial Index lost 0.22 points to 118.11.
The market closed with 45 securities changing hands in the Main and US dollar markets with the prices of 9 advancing, 31 declining and five ending unchanged. At the close, three stocks closed at 52 weeks low, while three traded at 52 weeks’ intraday low.
The JSE Main Market activity ended with 41 securities accounting for 28,587,236 units for $124,299,870 in contrast to 58,534,158 units valued at $293,293,547.76 from 42 securities on Thursday.
Wigton Windfarm was the lead traded with 10.2 million shares for 35.6 percent of total volume, followed by Sagicor Select Financial Fund with 9.3 million units for 32.4 percent of the day’s trade and Sagicor Select Manufacturing and Distribution Fund with 3.9 million units for 13.6 percent market share.
The Market closed with an average of 697,250 units at $3,031,705 for each security traded, in contrast to 1,393,670 units valued at an average of $6,983,180 on Thursday. The average volume and value for the month to date amount to 734,052 units valued at $4,928,837 for each security changing hands compared to 924,613 units valued at $5,408,975 for each security traded. 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 seven stocks ending with bids higher than their last selling prices and four closing with lower offers. The PE ratio of the market ended at 16.9, while the Main Market ended at 16.1 times 2019 earnings.
In the prime market, Barita Investments ended at $63.51, after losing $1.49 in exchange for 32,443 shares, Berger Paints closed $2 lower to a 52 weeks’ low of $11, in transferring 3,043 units, Caribbean Cement dropped $7 to close at $58, with 21,365 stock units changing hands. Eppley Caribbean Property Fund rose $2.50 to end at $40, in swapping 160 shares, First Rock gained 73 cents to settle at $10.75 trading 9,237 units, Jamaica Broilers ended at $29, with a loss of $3.10 exchanging 62,597 shares. Jamaica Stock Exchange closed $1.05 lower to $26.50, in swapping 115,570 stock units. Kingston Wharves ended the day’s trade at 52 weeks low of $43, with a loss of $5 in trading 20,082, NCB Financial Group advanced $11 to $180, after transferring 124,379 shares, 138 Student Living gained 45 cents to close at $6.75, with 140 units changing hands, PanJam Investment dropped $1.99 to $94, after transferring 23,203 shares. Portland JSX Fund lost 55 cents trading 4,000 units to finish at $8.95, Proven Investments declined by $2.47 to $38.52, after swapping 31,864 stock units, Pulse Investments shed $1 to end at $9, with an exchange of 138,888 shares. Sagicor Group lost 50 cents, ending the day at $60.60, with 188,479 stock units traded, Salada Foods closed with a loss of 50 cents at $28.50 in swapping 535 units. Scotia Group ended at $50, after losing 50 cents in transferring 112,800 stock units, after it traded down to an intraday 52 weeks’ low of $40. Seprod declined by $3 exchanging 69,800 shares to close at $42, Supreme Ventures lost 30 cents to end at a 52 weeks’ low of $19.70, with an exchange of 211,976 units, Sygnus Credit Investments lost $2.35 to close at $18.15 while transferring 455,294 shares. Victoria Mutual Investments shed 70 cents to end at $6.80, in trading 382,192 stock units and Wisynco Group closed $1.90 lower to $18.10 in exchanging 439,672 shares.
Trading in the US dollar market ended with 251,573 units accounting for US$52,113. The market lost 5.32 points to close at 211.79. First Rock gained half of one cent to close at 8 US cents trading 88,754 shares, Productive Business Solution ended at 74 US cents, with a loss of 1 cent after exchanging 100 units. Proven Investments lost 1 cent to finish at 28 US cents, after swapping 160,484 shares and Sygnus Credit Investments lost 1 cent to settle at 17.5 US cents, with 2,235 shares changing hands.

Prices of securities trading for the day are those at which the last trade took place.