Durrant Pate/Contributor

NCB Capital Markets is citing the rising global risk aversion as a factor inhibiting the continued lethargic performance of the Jamaican stock market.

In fact, for the second consecutive week, eight of the nine Jamaica Stock Exchange (JSE) indices closed lower in April, with Jamaica’s leading capital market player assessing, “This likely reflects rising global risk aversion amid escalating trade tensions between the US and China.

“The ongoing tariff war continues to intensify, heightening fears of a broader economic fallout that could dampen global growth, and with it, the performance of JSE-listed firms, especially those with international exposure.”

The JSE Combined Market Index fell by 2.68%, with 72 of the 126 traded stocks declining, while 39 advanced and 15 remained unchanged. The Financial Market Index (-3.60%) and the Main Market Index (-2.70%) were the week’s main underperformers. 

The decline in the Financial Market Index was primarily driven by Sagicor Group Jamaica (-5.77%) and Guardian Holdings (-10.42%). 

Despite Guardian’s share price decline, the company reported a 31.7% increase in earnings to J$850.15 million, bolstered by stronger net insurance and investment income. 

The Main Market Index also came under pressure from weakness in Guardian and Sagicor. Additional declines in NCB Financial Group (-2.47%), Seprod Group (-5.14%), and WISYNCO (-3.49%) contributed to the weakness in the index. 

The decline in NCB may have been influenced by selling pressure following the announcement of a 12.67 million share transaction on April 4, 2025. Amid the widespread losses, the USD Equities Index stood out as the sole gainer, rising 2.37%, buoyed by a 9.30% increase in PROVEN’s USD shares.