In contrast to the prior fortnight when eight of nine indices advanced, trading activity last week saw most indices going south.

In fact, eight of the nine indices declined, except for the JSE Select Index. The JSE USD Equities and Cross-listed Indices showed the greatest week-over-week (WoW) declines, falling by 6.39 and 3.76 per cent, respectively. 

Productive Business Solution USD (PBS: -25.0 per cent) was the primary driver of the weak performance in the USD Equities Index. While there was no direct news to support the fall in the stock price, PSB advised of a further delay for its audited financial statements for the year ending December 31, 2023. 

The audited financial statements are now expected to be submitted by June 28. The index was also partially affected by week-over-week price depreciation in smaller weighted stocks in terms of market capitalisation namely Sygnus Credit Investments (SCIUSD: 13.51 per cent), Sterling Investments USD (SIL: 3.75 per cent) and Margaritaville Turks. (MTL: -3.27 per cent), which dragged on the USD Equities Index.

The Cross-listed Index was largely influenced by the share price decline in Massy Holdings (-5.52 per cent) the largest market capitalisation stock. The lone advancing index, the JSE Select Index (up 0.50 per cent) was influenced by a 1.40 per cent appreciation in NCB Financial Group (NCBFG).

NCBFG announced that it has closed its additional public offering (APO) on June 3. Overall, market activity resulted from trading in 124 stocks of which 46 advanced, 70 declined and eight traded firm. 

Market volume amounted to 100.87Mn units valued at over $393.71 million, which reflects a 14.0 per cent and 31.3 per cent decrease in volume and value, respectively, relative to the previous week ending May 31, 2024. Transjamaican Highway, Wigton Windfarm and Limners and Bards were the week’s volume leaders with 28.79 million units (27.96 per cent), 20.76 million units (20.17 per cent), and 7.62 million units (7.54 per cent), respectively.