Last week’s trading activity on the Jamaica Stock Exchange (JSE) resulted in a majority of the indices (six our of nine) continuing to decline for the third consecutive week.
The JSE Cross Listed Index (-6.35 per cent) and the JSE Manufacturing and Distribution Index (-2.70 per cent) saw the most significant declines, while the Junior Market Index (2.15%) and the JSE USD Equities Index (1.11%) recorded the highest week-over-week increases.
There was a 10.02% week-over-week decline in the share price of Massy Holdings, the largest market capitalization stock, impacted the fall-off in the Cross Listed index. Although there was no news to support the fall in prices on June 16, Massy released its Q2 and half-year 2023 financials, showing a 22.3 per cent and 9.8 per cent increase in net earnings, respectively, compared to the corresponding periods in 2022.
The improved performance was attributed to increases in the group’s third party revenue from continuing operations, which grew by 11 per cent for half-year 2023 to $6.8 billion. This was propelled by 16 per cent revenue growth from the Integrated Resource Plan, which is benefiting from its acquisition of the Rowe’s IGA1 supermarkets in December 2022.
Overall market activity resulted from trading in 125 stocks of which 51 advanced, 61 declined, and 13 traded firm. Sagicor Select Funds, Manufacturing & Distribution and Stationery and Office Supplies, up 21.43 per cent and 21.33 per cent respectively, were the main advancers for the week.
Conversely, Jamaica Public Service Company 7.0% bond (-20.22 per cent) and JMMB Group 7.00% VR JMD CR Preference Shares (-19.68 per cent) experienced the largest declines week-over-week. Market volume amounted to 172.21 million units valued at over $1.64 billion.
TransJamaican Highway was the volume leader with 3,717,589 units exchanging hands.