Caribbean stock market weekly report

Stocks ended the week of May 30 to June 3 slightly higher as 28,839,433 shares, valued at $6,097,459, crossed the floors of the six stock exchanges across the Caribbean Community, with 29 stocks advancing, 49 declining and 43 remaining unchanged.

Cable and Wireless Jamaica was the volume leader with 6,850,268 shares being traded, Lasco Distributors posted the largest gain for the week (27.3 per cent), while, on the losing end, Access Financial Services fell 14.5 per cent.

For the week, 11 of the CSX 30 stocks advanced, 13 declined and six were unchanged.

The CSX 30 gained 5.08 points to close the week at 1,217.90, up 7.48 per cent year to date.

On the junior market, four stocks advanced and six declined as the CJSX advanced 70.51 points to close the week at 1,316.10, up 13.98 per cent year to date. The CJSX was led by Lasco Distributors with a gain of 27.29 per cent, Lasco Financial a gain of 17.74 per cent and Lasco Manufacturing with a gain of 11.93 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 CIIX registered the largest gain for the week (1.2 per cent) as seven insurance and investments stocks advanced, three declined and seven were unchanged. The group was led by Pan Caribbean Financial Services, which gained 10.82 per cent, and Barita Investments up 10.43 per cent.

These gains more than offset a 4.05 per cent decline in First Jamaica Investments and a 0.98 per cent decline in Sagicor Life Jamaica as the CIIX gained 12.8 points for the week.

The CBSX was again in positive territory posting a 0.43 per cent gain as seven banking stocks advanced, eight declined and seven were unchanged.

The banking group was led by gains for NCB Jamaica (7.75 per cent) and Demerara Bank Limited (4.8 per cent). There were losses for St Kitts & Nevis Bank (12.96 per cent) and Capital Credit Financial Group (1.61 per cent) but the CBSX was able to advance 5.13 points for the week.

The CMSX posted the largest loss (0.67 per cent) for the week as eight manufacturing stocks advanced, 15 declined and six were unchanged.

The group was pulled down by losses for Desnoes & Geddes (6.72 per cent), Salada Foods (6.59 per cent), Kingston Wharves (4.03 per cent), Demerara Distillers (3.39 per cent) and Jamaica Broilers (2.76 per cent).

As a result of these losses the CMSX fell 8.45 points.

The other indices posted marginal declines for the week.

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.justin.robinson@cavehill.uwi.edu