Caribbean stock market weekly report
Published:Wednesday | June 29, 2011 | 12:00 AM
Losses in insurance, investments and manufacturing stocks saw Caribbean stocks end the week of June 20 to June 24 lower, as 14,102,647 shares valued at $2,831,628, crossed the floors of the six stock exchanges across CARICOM, with 20 stocks advancing, 62 declining and 40 remaining unchanged.
Desnoes & Geddes was the volume leader with 2,037,482 shares traded. Republic Bank Guyana posted the largest gain for the week, 14 per cent, while on the losing end, Almond Resorts of Barbados fell 35.5 per cent.
For the week, seven of the CSX 30 stocks advanced, 19 declined and four were unchanged.The CSX 30 lost 4.65 points to close the week at 1,228.90, up 8.39 per cent year to date.
On the junior market, three stocks advanced, seven declined and one was unchanged as the CJSX advanced 4.34 points to close the week at 1,354.30, up 17.07 per cent year to date. The CJSX was led by Access Financial Services which posted a gain of 10.98 per cent, and Lasco Financial enjoyed another good week with a gain of 3.89 per cent.
However, the gains on the index were constrained by a 4.53 per cent decline in Dolphin Cove. Table 1 provides a summary of the broad market indices for the week as well as some international reference points.
SECTOR ANALYSIS
There were declines in all sectoral indices, indicating a broad-based decline in stocks across the region. The CIIX registered the largest decline of 0.92 per cent as three insurance and investments stocks advanced, 10 declined and four were unchanged.
Pulse Investments continued its recent good performances with a gain of 7.56 per cent, while Sagicor Life Jamaica posted a gain of 2.25 per cent.
However, these gains were outweighed by losses for Mayberry Investments, 8.98 per cent; Colina Holdings 8.93 per cent; Pan Caribbean Financial Services 8.13 per cent; Scotia Investments 1.88 per cent; Jamaica Money Market Brokers 1.74 per cent; and Insurance Corporation of Barbados 1.67 per cent.
The CRDX posted a loss of 0.47 per cent as two retail and distribution stocks advanced, five declined and three were unchanged. The group was pulled down by losses for Palace Amusement 22.36 per cent; and Agostini's 2.87 per cent.
The CMSX fell 0.36 per cent for the week as eight manufacturing stocks advanced, 15 declined and six were unchanged.
There were gains for Banks DIH of 4.15 per cent; Point Lisas Development 2.96 per cent; Unilever 2.47 per cent; Desnoes & Geddes 1.69 per cent; Kingston Wharves 1.3 per cent; and Trinidad Cement Limited 1.21 per cent.
However, the group was pulled down by losses for Caribbean Cement Company (28.1 per cent), Jamaica Broilers Group 8.68 per cent; Demerara Distillers 3.84 per cent; and National Flour Mills 2.42 per cent. The other sector indices were largely flat for the week.
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.