Durrant Pate/Contributor

The Jamaica Stock Exchange (JSE) lost ground last week, effectively reversing the recent modern gains.

The broader market, measured by the JSE Combined Index, declined by 1.10 per cent in trading last week, erasing the modest gains recorded in the previous week. Market breadth was slightly negative, with 57 of the 128 traded stocks posting declines, 54 recording gains, and 14 remaining flat. 

The pullback was broad-based, with all indices closing lower. The JSE Cross Listed Index fell by 2.82 per cent while the JSE Manufacturing & Distribution Index declined by 1.58 per cent, leading to overall market losses. 

Although three stocks in the cross-listed index declined, Guardian Holdings Limited, which is the second-largest company in the index by market capitalisation, was the main reason for the drop. Shares in the Trinidad and Tobago insurance-led financial group fell by 7.0 per cent. 

The most significant contributors to the fall-off in the manufacturing index were Caribbean Cement Company and AS Bryden Holdings, which saw declines of 7.2 and 6.7 per cent, respectively. These reductions were not supported by any publicly available news.

Tuesday’s trading performance

However, in trading on Tuesday (May 27), the market has rebounded with all indices advancing. The main JSE Index advanced by 3,241.16 points (1.02 per cent) to close at 321,514.67 points, and the volume traded amounted to 9,576,121 valued at $87,077,760.28.

The JSE All Jamaican Composite Index advanced by 2,026.39 points (0.55 per cent) to close at 369,434.20 points, and the volume traded amounted to 9,556,504 valued at J$86,491,509.95.

The JSE Select Index declined by 8.55 points (0.11 per cent) to close at 7,694.37 points, and the volume traded amounted to 1,198,450 shares valued at J$43,423,383.49.

The JSE Cross Listed Index advanced by 1.89 points (4.00 per cent) to close at 49.11 points, and the volume traded amounted to 3,230 shares valued at J$193,186.13.

The JSE Financial Index advanced by 0.87 points (1.31 per cent) to close at 67.49 points, and the volume traded amounted to 6,216,042 valued at J$53,496,737.73.

The JSE Manufacturing & Distribution Index advanced by 1.14 points (1.09 per cent) to close at 105.35 points, and the volume traded amounted to 4,628,283 valued at J$33,269,812.61.