Caribbean stock market weekly report

For the week ended April 29, some 13,784,718 shares valued at $3,596,213 crossed the floors of the six stock exchanges across Caricom, with 28 stocks advancing, eight declining and 85 remaining unchanged.

Cable and Wireless Jamaica was the volume leader with 20,224,782 shares being traded, Scotia Investments posted the largest gain of 48.3 per cent for the week, while on the losing end, Capital and Credit Financial Group fell 6.3 per cent.

It was a week of light trading but solid gains, all of the broad market and sector indices were up for the week. For the week, thirteen of the CSX 30 stocks advanced, four declined and 13 were unchanged.

The CSX 30 gained 9.5 points to close the week at 1,195.6, up 5.62 per cent year to date.

On the junior market, three stocks advanced and seven were unchanged. The CJSX advanced 12.46 points to close the week at 1,115.1, down 2.29 per cent for the year. The CJSX was led by Lasco Distributors and Dolphin Cove which posted gains of 2.82 per cent and 2.79 per cent, respectively. Table 1 provides a summary of the broad market indices for the week as well as some international reference points. On a risk-adjusted basis the CSX 30 outperforms a number of international indices, highlighting the value of a well diversified regional portfolio.

SECTOR ANALYSIS

The sector indices were all in positive territory for the week, and with the exception of the CRTX the sector indices are in positive territory for the year.

The CIIX registered the largest gain for the week (2.02 per cent) as eight insurance and investment sector stocks advanced, one declined and eight were unchanged. The CIIX was led by a whopping 43 per cent gain by the newly rebranded Scotia Investments, and there was strong support from Famguard, Sagicor Life Jamaica, Mayberry Investments, National Enterprises Limited, First Jamaica Investments and Barita Investments which posted gains of 9.47 per cent, 6.18 per cent, 5.10 per cent, 3.96 per cent, 2.63 per cent and 2.06 per cent, respectively.

The CRDX posted the second largest gain for the week, 0.96 per cent, as two retail and distribution stocks advanced and eight were unchanged. The CRDX was led by a strong gain of 11.65 per cent in Prestige Holdings Limited, with the other stocks in the group holding steady.

The CMSX was next with a 0.61 per cent gain, as seven manufacturing stocks advanced, two declined and 21 were unchanged. Solid gains were posted by Jamaica Broilers, 3.83 per cent; Desnoes & Geddes, 2.55 per cent; Caribbean Cement, 1.89 per cent; Kingston Wharves, 1.8 per cent; and Demerara Tobacco 1.27 per cent.

Banks DIH registered a loss of 1.69 per cent, while AML Foods lost 0.91 per cent.

The CBSX posted a 0.46 per cent gains as six banking stocks advanced, three declined and 13 were unchanged. While Guyana Bank For Trade and Industry, Scotia Group Jamaica and Bank of Nevis posted gains of 12.27 per cent, 7.04 per cent and 4.35 per cent, these were offset by Capital and Credit Financial Group, National Commercial Bank Jamaica and Demerara Bank Limited which registered losses of 6.25 per cent, 4.18 per cent and 2.08 per cent, respectively.

The other sector indices were generally 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