Caribbean stock market weekly report

Stocks ended the week of May 23 to May 27 higher as 38,380,736 shares, valued at $12,100,732, crossed the floors of the six stock exchanges across Caricom, with 54 stocks advancing, 18 declining and 50 remaining unchanged.

GraceKennedy was the volume leader with 14,609,025 shares being traded, Ciboney Limited posted the largest gain for the week (100 per cent). On the losing end, Fidelity Bank Bahamas fell 9.7 per cent.

For the week, 30 of the CSX 30 stocks advanced, six declined and four were unchanged. The CSX 30 gained 8.68 points to close the week at 1,212.90, up 7.06 per cent year to date.

On the junior market, nine stocks advanced and one declined as the CJSX advanced 9.36 points to close the week at 1,245.60, up 8.32 per cent for the year. The CJSX was led by Jamaican Teas which posted a gain of 6.71 per cent and Lasco Manufacturing which gained 2.3 per cent for the week. Table 1 provides a summary of the broad market indices for the week as well as some international reference points.

SECTOR ANALYSIS

The CCSX registered the largest gain for the week (0.88 per cent) as five conglomerate stocks advanced, three declined and two were unchanged.

The group was led by Jamaica Producers, which gained 5.13 per cent, and Ansa McAl Trinidad, which gained 2.16 per cent. These gains more than offset a 2.50 per cent decline in Banks Holdings Barbados as the CCSX advanced 9.96 points for the week.

The CBSX posted a 0.80 per cent gain as six banking stocks advanced, seven declined and nine were unchanged. The banking group was led by gains for Citizens Bank Guyana (29.78 per cent) and Scotia Bank Trinidad (1.2 per cent).

There were losses for Scotia Group Jamaica (1.89 per cent), Ansa Merchant Bank (1.79 per cent), and NCB Jamaica (1.4 per cent) but the CBSX was able to advance 9.39 points for the week.

The CIIX posted a 0.67 per cent gain as nine Insurance and Investments stock advanced, four declined and four were unchanged. The group was led by gains for Pulse Investments ( 46.5 per cent), Colina Holdings (9.8 per cent), First Jamaica Investments (4.44 per cent) and Pan Caribbean Financial Services (2.22 per cent).

Performance in the sector continued to be mixed as there were also losses for Barita Investments (3.36 per cent), Insurance Corporation Barbados (3.30 per cent) and Mayberry Investments (2.81 per cent). The CMSX gained 0.65 per cent as twenty manufacturing stocks advanced, three declined and six were unchanged.

There were gains for Kingston Wharves (6.27 per cent), Desnoes & Geddes (4.90 per cent), Caribbean Container ( 2.21 per cent), Jamaica Broilers (1.94 per cent) and West India Tobacco (1.50 per cent). On the other hand there were losses for National Flour Mills (5.14 per cent), Angostura Holdings (2.44 per cent) and Point Lisa development (2.1 per cent).

The CRDX and CTRX posted marginal gains for the week while the CCUX fell 0.12 per cent. In the case of the CTRX the group was led by a 100 per cent increase in the share price of Ciboney Limited for three to six Jamaican cents per share. In the case of the CCUX, the index was dragged down by losses for Cable and Wireless Jamaica (9.27 per cent) and Radio Jamaica (2.22 per cent).

STOCKS ON THE MOVE

Tables three and four provide some widely used financial metrics on the biggest movers for the week. Readers should note that prices are in US dollars.

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