Durrant Pate/Contributor

The Jamaican stock market has seen some lift in the past week, as it was more bearish than the previous week.

Last week saw significantly higher activity with trades totalling 420.37 million units valued at over J$17.81 billion, reflecting a whopping 132.2 per cent increase in volume and a startling 2,168.8 per cent increase in value relative to the prior week. 

NCB Capital Markets is reporting that this increase was likely driven by the restructuring exercise involving Pan Jamaica Group Limited, in which approximately 344.37 million units of ordinary shares, valued at J$17.29 billion, changed hands on March 4. 

This came as Boswell Investment Limited transferred 341,787,133 shares to five intermediate holding companies controlled by the Facey family, though without altering the ultimate beneficial ownership. 

Winners and losers

Boswell Investment Limited is the second-largest shareholder in Pan Jamaica. Given that approximately 60.0 per cent of stocks traded declined, six of the nine major indices recorded losses to start March.

The primary decliners were the Jamaica Stock Exchange (JSE) Junior Market Index (-2.13 per cent) and the JSE Financial Index (-1.95 per cent). Conversely, the primary advancers were the JSE Cross-Listed Index (+1.68 per cent) and the JSE Select Index (+0.27 per cent). 

The increase in the JSE Cross-Listed Index was driven by the week-over-week increase in Massy Holdings’ stock price ( +2.4 per cent). Meanwhile, the increase in the JSE Select Index was driven by Carreras’ (+7.6 per cent) and TransJamaican Highway Limited‘s (+3.8 per cent) week-over-week gains. 

Carreras registered a 40.9 per cent year-on-year increase in earnings to J$6.23 billion, due to healthy revenue growth and lower cost of sales. TJH’s earnings report for the year ended December 2024 showed a 30.7 per cent year-on-year increase in earnings, a 117 per cent surge in revenues and a 6.2 per cent decrease in operating expenses. 

Higher toll collections and interest income, accompanied by lower repairs and maintenance fees, mainly drove these percentage changes. Moreover, the company announcing its dividend consideration likely added to the stock’s positive momentum. 

Indices decliners

On the other hand, the decrease in the JSE Junior Index was driven by most stocks within the index declining. The most material decline was observed in Knutsford Express Services shares (-18.1 per cent). 

Similarly, the JSE Financial Index was impacted by depreciation in NCB Financial Group shares (-4.7 per cent) and, to a lesser extent, Guardian Holdings (-1.6 per cent) and Scotia Group Jamaica (-0.64 per cent).

There were no news releases supporting these price declines. Some 122 stocks were traded, of which 33 advanced, 73 declined and 16 traded firm.