The stock market performance last week continued to be mixed with seven of nine market indices declining and the other two indices advancing.

The Jamaica Stock Exchange (JSE) junior market (-1.97 per cent) and the JSE Cross-Listed (-1.59 per cent) indices showed the greatest depreciation as price declines in Derrimon Trading (-8.78 per cent) and Jamaica Teas Ltd.’s (-10.74 per cent) ordinary shares drove the decline in the JSE junior market index. 

Massy Holdings (-2.22 per cent), the heaviest weighted stock in the JSE Cross-Listed Index, led to a decrease in the index and to a lesser extent, MPC Caribbean Clean Energy Ltd (-0.3 per cent). 

Massy Holdings released its unaudited financial statements for the quarter that ended March 31, in which the company reported an 11.9 per cent increase in revenues for Q2 2024 but profits for the period fell by 26.1 per cent on account of higher interest expenses and a one-time adjustment for accounts receivables risks.

The weaker earnings likely contributed to Massy’s stock price decline. The advancers were the JSE Select Index (+0.20 per cent) and the USD Equities Index (+0.04 per cent). NCB Financial Group Ltd. (+1.24 per cent) and GraceKennedy (+1.03 per cent) underpinned the marginal growth in the select index. 

NCBFG’s price appreciation is likely due to its favourable financial results for the six months ended March 31, 2024, in which the company’s profits almost doubled (+98%) relative to same period in 2023. NCBFG also declared an interim dividend of J$0.50 per ordinary stock unit, payable on June 10, 2024. 

Similarly, for GraceKennedy released its first-quarter financial results for 2024, which saw a 1.7 per cent increase in net profits in Q1 2024. The company also declared an interim dividend of J$0.55 per share payable on June 14.

Overall market activity last week resulted from trading in 124 stocks, of which 41 advanced, 64 declined, and 19 traded firm. Market volume amounted to 137.41 million units valued at over $397 million. This reflects a 17.5 per cent increase in volume and a 4.4 per cent increase in value relative to the previous week.

Fosrich, Wigton Windfarm and Caribbean Assurance Brokers were the week-over-week volume leaders with 117.90 million units (60.12 per cent), 14.16 million units (7.23 per cent), and 9.43 million units (4.81 per cent).