The Jamaica Stock Exchange Main Market delivered gains of 7.3 percent in 2026 to the end of May, aided by a huge surge in the share price of West Indies Petroleum that played a big role. The market’s gains were mostly driven by increase profit or losses of the companies that reinforces the concept that profit performance is the best driver of stock prices.
The market closed with prices of just 16 shares rising against 39 declining.
West Indies Petroleum ended May with a stunning rise of 619 percent in its stock price, for the year to date, down from an incredible high of 961 percent in March. General Accident had a belated 61 percent surge after posting increased profits in the March quarter and was followed by Transjamaican, with a solid increase in the first quarter results to hand to investors a respectable 52 percent increase in the stock price. On the losing side, Productive Business Solutions fell by 46 percent followed by Mayberry Group with a decline of 30 percent and MPC Caribbean Energy and AS Bryden down 28 percent.
Top five winners
West Indies Petroleum (WIP) was unquestionably the best performing stock on the JSE Main Market in the period, recording a staggering 619 percent price gain. But the gains declined from a high of 961 percent in March when the price peaked at an incredible $14. WIP is a marine fuel supply company providing bunkering services to vessels transiting Jamaican waters. The company reported a strong 52 percent jump in profits to US$1 million in the March 2026 quarter, from US$662,611 in 2025, underpinned by increased volumes and prices.
A near-sevenfold increase in share price against a 52 percent earnings improvement represents a dramatic disconnect between price and underlying performance. The move is characteristic of speculative momentum in a thinly traded stock, with retail investor enthusiasm driving the price well beyond fundamentals. At current levels, the stock carries significant valuation risk, with earnings unable to realistically grow to justify the price. Not surprisingly, the stock has since pulled back to trade in the $8 region from just under $10 at the end of May.
General Accident Insurance gained 61 percent, a rise that appears well anchored rising profits and expectation of increase profits to flow from the acquisition of Beacon Insurance in Trinidad, that the company states will add more than $20 billion to gross premium. The company reported a 61 percent surge in profits to $231 million from $144 million in the 2025 first quarter, a result that closely mirrors the share price appreciation. The strong profit performance reflects a combination of disciplined underwriting, good claims experience, and growth in premium income as Caribbean consumers and businesses maintain or expand their insurance coverage. Insurance revenue increased 18.4 percent to $3.6 billion in the 2026 first quarter from $3 billion in 2025. Increased construction activity in Jamaica has resulted expansion in insurance coverage as new buildings being constructed or recently completed would drive up demand for insurance coverage and premium income. Increased property values and a rising motor vehicles population would add a fair share to the revenue expansion.
Transjamaican Highway stock price advanced 52 percent with profit growing by 46 percent to US$13.2 million from US$9.1 million in 2025, from a 29 percent rise in revenues, reflecting continued strong toll revenue growth as traffic volumes on the toll road to record highs, including the May Pen to Williamsfield leg that contributed US$3.5 million in revenues. Also helping the stock is 32 percent increase in dividend payment to 16.5 cents Jamaican, compared with 12.5 cents in 2025.
NCB Financial Group rose 47 percent to $5.2 billion, following a 162 percent jump in profit after tax for the March 2026 quarter, from ongoing operations, fuelled by reduced operating costs and improved revenues. The share has suffered from negative investors’ sentiments related debt obligation that were backed by NCB Group shares owned by the chairman’s private companies, as well as a public issue of shares that were not well received by the market in 2024 that increased supply of the shares on the market, putting added pressure on the price. Apart from the boost to profits, continued dividend payments would have encouraged renewed buying interest in the stock, especially as the stocks was severely undervalued and still is.
Kingston Properties gained 33 percent, benefiting from continued demand for the stock against the back drop of limited supply as well as demand for commercial real estate in Jamaica and overseas. Net profit dipped from US$1 million to US$658,957 for the first quarter ended March, 2026 reflecting the absence of fair value and disposal gains that occurred in 2025 that was not repeated in 2026. Notwithstanding, operating profit showed real growth, moving sharply from US$833 million in 2025 to US$1.26 million in 2026.
Stocks declining
Productive Business Solutions (PBS) declined on the Main Market, by 45 percent, much steeper than a 17 percent fall in net profit for the 2026 first quarter of US$2.24 versus US$2.7 million in 2025, from a fall in revenues from US$94 million down to $84.6 million. The company is undertaking a number of initiatives which include engaging with major clients that could deliver increased business going forward.
Mayberry Group declined by 30 percent, which is a reflection of a challenging environment for locally-listed investment vehicles. As a holding company whose net asset value is closely tied to the performance of other JSE-listed stocks, the company is highly susceptible to broad market weakness. The Mayberry Group also recorded a net loss attributable to stockholders of $1.2 billion for the three months ended March, 2026, compared to a loss of $486 million for the corresponding period in 2025. The loss was due mainly to net unrealized losses on investments in associates at $1.5 billion, partially offset by net unrealized gains on financial instruments of $105.5 million.
MPC Caribbean Clean Energy retreated 28 percent, even as they reported a profit of US$18,371 for the quart versus a loss of $60,394 in 2025. The stock’s performance is weighed down by an opaque financial reporting and poor quality financial statements with investors remain in the dark on the company’s profitability and potential and the true state of the company’s finances. The statement of financial position is not balanced, with equity shown on the balance sheet of just one dollar, compared with the total equity of more than US$21 million that is omitted, which are reflection of questionable management of the operations and lack of transparency for Investors.
Another one of the Musson Group companies that have struggled since 2025 as acquisitions and environmental issues are impaction operations and driven down profit, AS Bryden fell 28 percent, as the group profits plunged from US$3.23 million to only US$67,000, with revenues dropping from US$151 million to $141 million, with it subsidiary, Caribbean Producers suffering a major fall in revenues following decline in the hotel sector business, where the bulk of its income emanates. The company also faced challenges from the effect of alcohol duties in Trinidad & Tobago, weaker consumer demand in selected products and higher costs to expand and integrate operations within the Group.
VM Investments shed 25 percent in value in the first five months of the year, coming against the backdrop of the latest financial results, showing net profit rebounding to $70 million from a loss of $32.5 million in 2025, but with net interest income falling from $92 million down to just $15 million while gains from investment surged to $470 million from $337 million and reflecting broader concerns about the sustainable of the quarterly performance. Some of the weaknesses are a carryover from last year, when profit performance was weak, with a fall from a pretax profit of $455 million, down to just $39 million in 2025. Hence, the need to show a longer period of profit rebound to convince investors that the environment has improved for good.