Thursday’s trading ends with new record

Scotiabank pushed up the JSE indices on Thursday.

The main market the Jamaica Stock Exchange surged sharply in the morning session on Thursday to new record highs, with the All Jamaica Composite Index jumping 6,239.79 points to 296,779.53 and the JSE Market Index climbing 5,685.16 points to 270,399.75 at 9:50, after Scotia Group jumped to a record high of $59.99.
The advance decline ratio was a negative 3 to 1 as the market cooled before the close, to end with the All Jamaica Composite Index still jumping 2,646.72 points to a record close at 293,186.46, the JSE Market Index climbed 2,411.46 points to record close of 267,126.05. The JSE US dollar market index gained 4.53 points to end at 187.14. Technical indicators are pointing to still higher closes ahead with 370,000 points on the All Jamaica seems probable before the rally faces major resistance, having seemingly cleared the 290,000 level.
The recent surge in the market over the past two weeks have been driven almost singlehandedly by Scotia Group moving from around $46 to the current adding approximately 13,000 points to the index. At the close of trading 26 securities changed hands in the main market with 3 trading in the US dollar market, leading to 5 stocks advancing and 14 declining.
The main market ended with 4,327,138 units valued at $83,944,827 changing hands compared to 3,180,409 units valued at $81,180,237 at the close on Wednesday. Trading in the US dollar market accounted for 20,410 units valued at US$6,756 bringing the total of all trades to J$84,816,398.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 7 stocks with bids higher than their last selling prices and just 1 with a lower offer.
The main market ended trading with an average of 166,428 units valued at $3,228,647 for each security traded compared to an average of 127,216 units valued at $3,247,209. The average volume and value for the month to date ended at 172,185 units with an average value of $3,440,103 compared with an average of 173,624 units with an average value of $3,492,967 on the previous trading day. The average volume and value for August ended at 184,094 units with an average value of $4,336,090.

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