Durrant Pate/Contributor

A handful of stocks delivered outsized gains in 2025, led by Kintyre Holdings, Cargo Handlers Limited and Eppley Caribbean Property Fund Limited.

They were followed by First RockUSD shares and Jetcon. Kintyre Holdings (+85.4%), Cargo Handlers Limited (+72.5%), Eppley Caribbean Property Fund Limited (+60.7%), alongside First RockUSD (+50.0%), and Jetcon (+41.5%). 

Other stocks recording eye-catching returns were West Indies Petroleum Terminal (+162.0%) and Atlantic Hardware and Plumbing Company (+50.0%), although these reflect very short trading histories beginning in April and December, respectively.

Despite listing in April, the majority of Atlantic Hardware’s gains were recorded following the passage of Hurricane Melissa on Tuesday, October 28, 2025, as investors responded to the company’s seemingly positive outlook with earnings expected to benefit from increased demand for its products as the nation rebuilds.

Market weakness, however, was broad-based. Despite strong appreciation in specific stocks, the broader market weakened year-on-year (y-o-y) as the Jamaica Stock Exchange (JSE) Combined Index declined by 5.6%.

Though there were increases in 8 of 9 indices in the final week of the calendar year, all major indices declined YoY with the sharpest pullbacks seen in the JSE USD Equities Index (-15.8%) and the Junior Market Index (-8.9%). The dip in USD equities was driven largely by PBS (-32.8%) and AS. Bryden (-23.8%) declines that appeared disconnected from fundamentals, as PBS reported an increase in its year-to-date earnings of 129.9%, while Atlantic Hardware’s earnings remained flat. 

Challenging for Junior Market

The Junior Market was equally challenging, as 33 of the 45 stocks ended the year lower. The largest drags came from Dolphin Cove (-35.1%), FESCO (-24.5%), Derrimon (-17.0%) and Spur Tree (-42.9%). There was no identifiable news to justify the decline in FESCO’s share price, as its earnings rose 8.3% y-o-y over the first six months. 

However, the downturn in Dolphin Cove appears linked to a weaker outlook for the tourism sector, compounded by its parent company’s bankruptcy filing. Spur Tree’s price decline is likely reflective of near-term supply chain challenges in relation to agricultural inputs due to Hurricane Melissa. 

At the same time, Derrimon’s weaker performance may be attributed to the loss reported in its third-quarter results. With that said, market liquidity improved during the week as trading activity accelerated after the festive season. Total market volume increased 261.9% week-on-week to 326.97 million units, resulting in a 211.2% rise in market value to J$2.67 billion. 

Supreme Ventures Limited led trading with 48.94 million units (14.8%), followed by Wigton Energy with 46.35 million units (14.0%) and TransJamaican Highway with 40.15 million units (12.14%).