Durrant Pate/Contributor

The Jamaican stock market seems to be coming out of its bearish run, with the market performance for the past few weeks showing an upward trajectory.

For the second consecutive week, the local stock market indices ended in positive territory with the trend continuing in this vein.

Last week, all nine Jamaica Stock Exchange (JSE) indices closed higher, compared to eight in the previous week, marking the first time all nine indices have closed the week higher since the week ending December 27, 2024. 

In aggregate, the stock market rose by 2.88 per cent, as 72 of the 129 traded stocks advanced, 42 declined, and 15 remained unchanged. Leading the gains were the JSE Financial Market Index (+4.07 per cent) and the JSE Select Index (+3.98 per cent). 

Key drivers of the financial index’s performance were Sagicor Group Jamaica Limited (+9.6 per cent) and Guardian Holdings Limited (+13.0 per cent). Sagicor’s share price saw most of its appreciation between April 25th and April 30th, prior to the release of key announcements, including a $0.77 per share dividend payable on April 30th and a press release outlining organisational changes aimed at supporting business growth. 

Guardian also experienced a spike in trading activity with volumes peaking on April 28 at 56,215 units valued at J$17.37 billion. At a meeting held on May 1, the board of directors of Guardian declared a first-quarter dividend of TT$0.21 per share, payable on June 11 to shareholders on record as of May 20. 

The Trinbagonian insurance-led company also released its Q1 unaudited results last Friday, reporting a 225.90 per cent year-over-year increase in net earnings, driven by a one-off gain from the sale of Thoma Exploitatie B.V., a Dutch-based insurance entity. 

Meanwhile, the JSE Select Index climbed on the back of price gains in several of its largest constituents. Notably, Carreras Limited (+2.58 per cent) and TransJamaican Highway Limited (+3.32 per cent) contributed significantly to the appreciation.