Caribbean stock market weekly report

For the week ended April 15, some 24,095,861 shares, valued at $3,862,747, crossed the floors of the six stock exchanges across Caricom, with 29 stocks advancing, 14 declining and 78 remaining unchanged.

Jamaica Broilers was the volume leader with 5,723,230 shares traded, Angostura Holdings posted the largest gain of 29.7 per cent for the week, while on the losing end, Montego Freeport fell 26.3 per cent.

For the week, thirteen of the CSX 30 stocks advanced, six declined and 11 were unchanged. The CSX 30 gained another 12.60 points to close the week at 1,176.7, up 4.02 per cent year to date. On the junior market, four stocks advanced, one declined and five were unchanged.

The CJSX advanced 17.52 points to close the week at 1,094.9, down 4.13 per cent for the year. The CJSX was led by Dolphin Cove and Lasco Manufacturing which posted gains of 4.37 per cent and 3.66 per cent, respectively. Table one provides a summary of the broad market indices for the week as well as some international reference points.

Sector Analysis

For the week, seven manufacturing stocks advanced, two declined and 21 were unchanged. Solid gains by Angostura (29.73 per cent), Desnoes and Geddes (13.21 per cent) and Banks DIH (2.59 per cent) led to the CMSX advancing 33.74 points for the week. In an active week of trading (2,571,280 shares traded), Kingston Wharves declined 3.97 per cent.

Among the conglomerates, four stocks advanced, two declined and four were unchanged. Pan Jamaican Investments, Jamaica Broilers and Banks Holdings posted gains of 4.12 per cent, 3.90 per cent and 1.76 per cent, respectively, to push the CCSX up by 29.84.

In the banking group, seven stocks advanced, two declined and 13 were unchanged.

Capital and Credit Financial Group, Bank of Bahamas, National Commercial Bank Jamaica and Scotia Group Jamaica all posted strong gains of 27.18 per cent, 9.89 per cent, 8.89 per cent and 3.39 per cent, respectively; while Bank of Nevis posted an 8.33 per cent decline. The net effect was that the CBSX advanced 10.26 points.

In the communications/utilities sector, three stocks advanced, two declined and nine were unchanged. While Radio Jamaica posted a 2.18 per cent gain, Dominica Electricity Services and Cable and Wireless Jamaica posted losses of 25 per cent and 8.3 per cent, respectively, to pull the CCUX down by 5.58 points.

In the Insurance and Investments sector, seven stocks advanced, three declined and seven were unchanged.

Pulse Investments, Pan Caribbean Financial Services, Jamaica Money Market Brokers, Mayberry Investments and Scotia Investments all posted solid gains of 15.45 per cent, 8.08 per cent, 3.35 per cent, 3.08 per cent and 2.65 per cent, respectively.

However, losses of 9.0 per cent by Famguard and 3.33 per cent by Guardian Holdings pushed the CIIX down by 3.89 points. The tourism/real estate and retail/distribution groups group were essentially flat for the week. Table 2 provides a summary of the sector indices.

Stocks On The Move

Tables three and four provide some widely used financial metrics on the biggest movers for the week. The 10 biggest gainers and losers for the week are highlighted. Prices are in US dollars.

Prepared by the Department of Management Studies, UWI Cave Hill. justin.robinson@cavehill.uwi.edu