Huge jump for JSE Main Market

Trading activity pushed the market to trade at levels not seen since early in 2020 as stocks were pushed 10,503 points in less than 30 minutes of the opening, to just over 471,844 points on Thursday, with the market holding on to the bulk of the gains, after more than half the securities trading rose, with the volume of shares exchanged climbing 164 percent and the value 660 percent higher than on Wednesday at the close of the Jamaica Stock Exchange Main Market.
The consolidation of the market from January this year resulted in a wedge formation that set up the market for a big break out that is now happening and led today to one of the biggest gains in the market index since March last year as the All Jamaican Composite Index surged 7,830.58 points to 469,171.84, the JSE Main Index spiked 6,192.88 points to 434,265.91. The JSE Financial Index added 1.96 points to end at 108.15.
A total of 50 securities traded compared to 52 on Wednesday, with 27 stocks rising, 14 declining and nine remaining unchanged. The PE Ratio, a measure that determines an appropriate relative value of each stock, averages 17.1 based on’s 2021-22 earnings forecast.
At the close, 23,420,303 shares traded for $432,056,408 versus 8,879,043 units at $56,815,416 on Wednesday. Sagicor Select Financial Fund dominated trading with 64.4 percent of total volume for 15.07 million shares, followed by Wigton Windfarm 15.8 percent with 3.70 million, and Transjamaican Highway contributed 6.6 percent, after trading 1.53 million units and JMMB Group 7.25% 4.8 percent, with 1.08 million units changing hands.
Trading Thursday averaged 468,406 units at $8,641,128, compared to 170,751 shares at $1,092,604 on Wednesday. Trading for the month to date averages 266,342 units at $4,960,806, versus 249,247 units at $4,649,442 on Wednesday. May ended with an average of 439,937 units at $4,698,961.
Investor’s Choice bid-offer indicator reading has ten stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments advanced $1.90 to $83 with 38,712 shares changing hands, Caribbean Cement declined $3.55 to $90.20 in trading 25,435 stocks, Eppley fell $1 to $44, with 817 shares clearing the market, Eppley Caribbean Property Fund surged $6.95 to $41.95 with the swapping of 113 stock units, First Rock Capital gained 20 cents in ending at $16 in switching ownership of 2,720 stocks. Grace Kennedy advanced $3.66 to a 52 weeks’ closing high of $99.96 trading 76,317 units, Guardian Holdings dropped $6 to finish at $749 after exchanging 508,957 shares, Jamaica Producers popped 95 cents to $24.45 with an exchange of 3,807 shares, JMMB Group ended 71 cents higher at a 52 weeks’ high of $38.50 with the swapping of 125,910 stock units. Kingston Properties rose 73 cents to $11 with 3,929 units crossing the market, Kingston Wharves shed 89 cents to close at $45.61 in exchanging 9,727 stocks, NCB Financial climbed $2.99 to $147.99 with the swapping of 10,462 shares. Palace Amusement spiked $170 to $1,170 in transferring 17 units, Pan Jam Investment advanced $4.65 to close at $69.70 with the swapping of 5,171 stocks, Proven Investments rose $1.88 to $36.88 in switching ownership of 74,184 shares. Sagicor Group dropped $4.24 to $53.66 with 25,338 stocks changing hands, Sagicor Real Estate Fund increased 5 cents to close at a 52 weeks’ high of $9.05, trading 21,349 shares. Scotia Group rose $2.02 to $42 after an exchange of 104,968 shares, Seprod fell $1.70 to $72.30 in trading 10,488 units, Sterling Investments gained 20 cents in closing at $3 with a transfer of 21,700 stocks. Sygnus Credit Investments shed 40 cents in ending at $14.79 with 20,430 stock units crossing the exchange and Wisynco Group gained 54 cents to close at $15.95 in switching ownership of 108,466 shares.

In the preference segment, Community & Workers Credit Union lost 22 cents to end at a 52 weeks’ low of $1.47 with a transfer of 678 stocks.  

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

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