Caribbean stock market weekly report

There were solid gains on the Junior Market and moderate gains for financials as Caribbean stocks end the week of June 27 to July 1 higher.

For the week, 26,908,831 shares valued at $5,135,367 crossed the floors of the six stock exchanges across CARICOM, with 35 stocks advancing, 17 declining and 70 remaining unchanged.

Cable and Wireless Jamaica was the volume leader with 12, 713,583 shares being traded. Ciboney Ltd posted the largest gain for the week (66.7 per cent). While on the losing end, Cable and Wireless Jamaica fell 17.7 per cent.

For the week, 11 of the CSX 30 stocks advanced, nine declined and 10 were unchanged. The CSX 30 gained 6.22 points to close the week at 1,235.20, up 8.89 per cent year to date.

On the junior market, six stocks advanced, three declined and two were unchanged as the CJSX advanced 21.24 points to close the week at 1,375.60, up 18.65 per cent year to date. The CJSX was led by Lasco Distributors which posted a gain of 8.29 per cent and Dolphin Cove with a gain of 2.51 per cent.

There was a loss of 4.37 per cent on Jamaica Teas and a pullback of 2.04 per cent in Honey Bun shares. Table 1 provides a summary of the broad market indices for the week as well as some international reference points.

SECTOR ANALYSIS

The CIIX posted the strongest gain for the week, advancing 0.61 per cent for the week as nine insurance and investments stocks advanced, one declined and seven were unchanged.

There were gains for Pulse Investments (14.36 per cent), Barita Investments (4.68 per cent), Jamaica Money Market Brokers (2.59 per cent), Scotia Investments (2.01 per cent) and Mayberry (2.0 per cent).

Pan Caribbean Financial Services bucked the general trend with a 6.35 per cent decline. The CBSX continued the strong performance in the financial sector posting a 0.49 per cent gain for the week as five banking stocks advanced, two declined and 15 were unchanged. The group was led by gains for Capital and Credit Financial Group (10.58 per cent) and Republic Bank Limited (3.42 per cent).

The CRDX posted a loss for a second consecutive week, falling 1.04 per cent. The group was pulled down by a 2.16 per cent decline in relatively large capitalisation stock, Carreras. The CCUX also fell for a second straight week, falling 0.58 per cent as one communications and utilities stock advanced, four declined and nine were unchanged.

The group was dragged down by the continued weakness in Cable and Wireless Jamaica which fell a further 17.7 per cent, One Caribbean Media which fell 3.07 per cent and Radio Jamaica which fell 2.23 per cent. The other sector indices were largely 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.