Stocks delivered relief for investors in the first quarter this year lead by an astronomical rise in the price of West Indies Petroleum, that led 21 stocks in recording gains in the Main Market, even as prices of 31 stocks declined.
The JSE Market Index rose 8.83 percent from 317,986.88 at the close of December 2025, to 346,079.71 at the end of March, this year, compared with a fall of 1.7 percent in 2025 for the same period.
West Indies Petroleum 722 percent quarterly surge was the most dramatic single move on the Main Market in years and is best understood in the context of a low base price at the start of the quarter combined with heavy speculation in a stock that is scare and significantly overvalued with a PE of 221, with minimal growth in profits. Kingston Properties was the second-best performer with a gain of 53 percent, reflecting improved quality of the 2026 operating profits and precious severe undervaluation of the stock. Transjamaican Highway rose 42 percent, buoyed by growing revenues and profit with positive projections tied to increased vehicular traffic from the Mandeville leg of Highway 2000 and increased dividend payment. Sagicor X-Fund advanced 23 percent, with its performance underpinned by improving profit outlook. NCB Financial Group rounded out the top five with a 21 percent gain, recovering from prior-year lows as the market repriced the stock from a vastly oversold position in 2025 as the group’s chairman struggled with negative perception that filtered into the stock’s performance.
Underperformers
On the losing side, Proven Investments (PRVN) declined 22 percent, weighed down by increased cost that resulted in a small loss in the December quarter and sharply reduced profit for the nine months versus the similar period in 2025. Mayberry Group (MBG) fell 21 percent, reflecting losses from the performance of its underlying equity holdings and a small loss on net interest income in 2025. Caribbean Producers Jamaica (CPJ) and Mayberry Jamaica Equities (MBJ) each declined 17 percent, with CPJ facing headwinds from mixed results for 2025 and reduction in visitor arrivals to the country that will affect sales and profit negatively in 2026, as the bulk of revenues come from that sector. Losses at MBJ ballooned sharply for 2025 due mainly to fall in market value of investments. Palace Amusement dropped 16 percent, with the company posting losses for the half year to December and continues to face challenges with returning to patronage at the pre COVID levels. Supreme Ventures (SVL) retreated 14 percent, as profits declined in 2025 and the gaming market faces increased competition, while concerns over gaming revenue sustainability also weighed on sentiment.