Caribbean stock market weekly report

Strong gains in the insurance and investments sector and among Caribbean conglomerates saw stocks end the week of June 13 to June 17 higher, as 28,874,187 shares, valued at $5,717,127, crossed the floors of the six stock exchanges across Caricom, with 37 stocks advancing, 22 declining and 63 remaining unchanged.

Kingston Wharves was the volume leader with 10,187,695 shares being traded, Pulse Investments again posted the largest gain for the week (14 per cent). On the losing end, Cable and Wireless Jamaica Limited fell 5.5 per cent.

For the week, 16 of the CSX 30 stocks advanced, nine declined and five were unchanged. The CSX 30 gained 9.91 points to close the week at 1,233.60, up 8.76 per cent year to date.

On the junior market, 10 stocks advanced and one declined as the CJSX advanced 0.25 points to close the week at 1,350.00, up 16.73 per cent year to date. The CJSX was again led by new listing Honey Bun which posted a gain of 8.69 per cent, Access Financial Services gained 5.64 per cent and Lasco Financial gained 4.17 per cent.

However, the gains on the index were constrained by a 4.92 per cent decline in Lasco Distributors. Table 1 provides a summary of the broad market indices for the week as well as some international reference points.

SECTOR ANALYSIS

The conglomerate sector regis-tered the largest gain for the week (0.78 per cent), as three con-glomerate stocks advanced, two declined and five were unchanged. The group was led by Ansa McAl which gained 2.99 per cent.

The CIIX again turned a strong performance, posting the next largest gain (0.67 per cent) as six insurance and investments stocks advanced, seven declined and four were unchanged.

The group was led by Pulse Investments (4.14 per cent gain), Scotia Investments (6.18 per cent), Mayberry Investments (6.18 per cent gain), Barita Investments (4.01 per cent gain) and National Enterprises Limited (2.30 per cent gain).

These gains more than offset losses of 1.93 per cent for Guardian Holdings and 1.23 per cent for Pan Caribbean Financial Services. The CBSX posted a solid gain of 0.63 per cent for the week as 14 banking stocks advanced, one declined and seven were unchanged.

The banking group was led by Capital and Credit Financial Group (.88 per cent gain), Scotia Group Jamaica (3.07 per cent gain), and Bank of The Bahamas (1.31 per cent gain).

The CRDX also enjoyed another solid week with a gain of 0.57 per cent as five retail and distribution stocks advanced, one declined and four were unchanged. The index was led by a 4.53 per cent gain in Agostini's Limited, while the other stocks were largely flat.

The other sector indices were essentially flat 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 Deptartment of Management Studies, UWI, Cave Hill. justin.robinson@cavehill.uwi.edu