Caribbean stock market weekly report

IN A week of below-average trading, 13,558,640 shares valued at $3.19 million crossed the floors of the six stock exchanges across CARICOM, with 39 stocks advancing, 12 declining and 70 remaining unchanged.

Sagicor Life Jamaica was the volume leader with 3,817,657 shares being traded, while Angostura Holdings posted the largest gain of 25 per cent for the week. On the losing end, Capital and Credit Financial Group fell 18.1 per cent.

For the week, 15 of the CSX 30 stocks advanced, six declined and nine were unchanged. The CSX 30 gained 6.11 points to close the week at 1,207.5, up 6.62 per cent year to date.

On the junior market, two stocks advanced and eight declined as the CJSX advanced 15.63 points to close the week at 1,124.3, down 2.15 per cent for the year. The CJSX was led by Lasco Distributors which posted a gain of 7.59 per cent and Dolphin Cove which gained 2.73 per cent. Table 1 provides a summary of the broad market indices for the week as well as some international reference points.

SECTOR ANALYSIS

The CMSX registered the largest gain for the week (5.76 per cent) as 15 manufacturing stocks advanced, eight declined and seven were unchanged. The group was led by Angostura Holdings which registered a 25.0 per cent for the week as the share price jumped from US$1.13 to US$1.554 per share.

Solid gains were also posted by Flavourite Foods (11.46 per cent), Salada Foods (11.1 per cent), Desnoes & Geddes (6.61 per cent), West India Tobacco (2.29 per cent) and Unilever (1.98 per cent) as the CMSX advanced 68.34 points for the week.

The CCSX posted the second largest gain for the week (1.45 per cent) as three conglomerate stocks advanced, two declined and five were unchanged. The CCSX was led by gains for Neal and Massey (5.79 per cent), Pan Jamaican Investment (3.89 per cent) and Jamaica Producers (3.79 per cent).

The CRDX posted a 1.1 per cent gain on the strength of a 2.19 per cent gain in Carreras Limited, which has the largest market capitalisation in that group.

The CIIX advanced 7.17 points and gained 0.68 per cent for the week as six insurance and investments stocks advanced, four declined and seven were unchanged.

Pan Caribbean Financial Services, Guardian Holdings, Barita Investments and Sagicor Life Jamaica, posted gains of 4.75 per cent, 3.33 per cent, 2.37 per cent and 2.27 per cent, respectively, while there was a pull-back of 3.44 per cent in Scotia Investments after the recent run-up in that stock's price.

The other sector indices were generally flat with Radio Jamaica of the CCUX posting a 6.38 per cent gain for the week.

The CBSX fell 0.85 per cent for the week as seven banking stocks advanced, seven declined and eight were unchanged. The index was dragged down by losses in Capital and Credit Financial Group (18.07 per cent), Scotia Group Jamaica (3.44 per cent) and Fist Caribbean International Bank Jamaica (1.90 per cent).

These losses saw the CBSX decline by 10.07 points for the week. The other sector indices were essentially flat. Table 2 provides a summary of the sector indices, followed by details on the performance of the stocks in each sector.

STOCKS ON THE MOVE

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

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