Durrant Pate/Contributor

The Jamaica Stock Exchange (JSE) last week reversed the gains made in the previous week when all nine major indices advanced.

However, last week seven of the nine indices declined, thereby reversing the previous week’s gains. The JSE USD Equities (-9.64%) and JSE Select (-1.67%) Indices experienced the largest week-over-week decline. 

The fall-off in the JSE USD Equities Index was primarily driven by price declines in A.S. Bryden & Sons Holdings Limited USD (ASBH; -28.00%) and TransJamaican Highway (USD) (TJH; -2.79%)—the two largest USD-listed companies by market capitalization. 

Similarly, TJH’s price movement was the major driver of the decline in the JSE Select Index. ASBH’s sharp decline over the week reversed the prior week’s gain, as selling pressure drove the price back down. 

The company announced after the market closed last Friday that it acquired an additional 30.4% stake in Caribbean Producers Jamaica (CPJ) This has increased ASBH’s total ownership to 75.3%, exceeding 50% of CPJ’s issued share capital, prompting ASBH to initiate a full takeover through a Mandatory Offer to all remaining CPJ shareholders. 

In contrast, the JSE Cross-Listed Index and the JSE Manufacturing & Distribution Index were the only advancers this week, both appreciating by 0.1%. The rise in the Cross-Listed Index was primarily driven by increases in Eppley Caribbean Property Fund (CPFV; +5.7%) and Massy Holdings Limited (MASSY;0.1%). 

However, there was no specific news to support these gains. An appreciation in the price of Caribbean Cement shares (4.7%), supported by the trading of 1.28 million shares on Friday, December 6th was the primary driver of the gains in the M&D Index. 

Last week, overall market activity resulted from trading in 127 stocks of which 49 advanced, 66 declined and 12 traded firm. Market volume amounted to 604.51 million units valued at over J$4.00 billion, reflecting a 271.3% increase in volume, and a 267.9% increase in value relative to the prior week. 

CPJ, Express Catering and Wigton Energy were the volume leaders with 334.51 million units (54.77%), 123.02 million units (20.14%), and 56.85 million units (9.31%), respectively.