By Durrant Pate/Contributor

The positive sentiments in Jamaica’s stock market continue to improve, evidenced by the Jamaica Stock Exchange’s performance last week, as 15 more stocks advanced (48), while 15 fewer stocks declined (61).

However, market activity saw marginally fewer stocks trading hands (122) compared to the previous week. Trading volumes amounted to 304.18 million units, valued at $5.13 billion, which is a 5.2 per cent reduction relative to the prior week.

Notwithstanding, the value traded rose 200 per cent with Wisynco playing a major role in this with 188.2 million units being traded on September 13 alone. Wisynco, Eppley Caribbean Property Fund Limited SCC, and Indies Pharma Jamaica were the volume leaders with 188.85 million units (61.78 per cent), 16.64 million units (5.44 per cent) and 16.32 million units (5.34 per cent), respectively. 

Indices performance 

Relative to the week ending September 13, when seven of the nine major Jamaica Stock Exchange (JSE) indices declined, the local stock market performance improved with five out of the nine major indices advancing. The largest week-over-week winners were the JSE Cross-Listed Index (+0.92 per cent) and the JSE Select Index (+0.40 per cent). 

For the JSE Cross-Listed Index, Massy Holdings Limited (MASSY;+0.20 per cent) and Eppley Caribbean Property Fund Limited SCC (CPFV; +17.95 per cent) contributed to its appreciation. For the Select Index, NCB Financial Group Limited (NCBFG) (+0.78 per cent) and GraceKennedy Limited (GK) (+0.12 per cent) contributed to the gains in the index. 

On the other hand, the JSE Junior Market saw the largest decrease (-0.92 per cent), primarily driven by Fontana Limited (FTNA; 7.99 per cent) and Derrimon Trading Limited (DTL; 5.58 per cent). Price movements were likely driven by market conditions, as there were no news releases to support their respective price movements.

With that said, the stock market remains volatile, a likely indication that it will take more than the recent rate cut by the Bank of Jamaica to support a rebound in market activity