Caribbean stock market weekly report

Caribbean stocks ended a week of heavy trading lower, as 43,765,886 shares valued at US$10,759,530, crossed the floors of the six stock exchanges across Caricom, with 25 stocks advancing, 44 declining and 56 remaining unchanged at September 9.

GraceKennedy was the volume leader with 11,761,597 shares traded; Pulse Investments posted the largest gain for the week (35.3 per cent); while on the losing end, Hardware & Lumber fell 7.9 per cent.

For the week, nine of the CSX 30 stocks advanced, 15 declined and six were unchanged. The CSX 30 lost 6.86 points to close the week at 1,261.9, up 11.05 per cent year to date.

On the Junior Market, four stocks advanced and nine declined as the CJSX gained 31.26 points to close the week at 1,509.0, up 27.35 per cent year to date. The group was led by gains for Lasco Manufacturing (8.45 per cent), Access Financial Services (6.03 per cent) and Honey Bun (1.09 per cent).

There was a 1.67 per cent decline in AMG Packaging and very small declines on the other stocks. Table 1 provides a summary of the broad market indices for the week as well as some international reference points.

SECTOR ANALYSIS

The CIIX advanced 0.69 per cent as seven insurance and investments stocks advanced, four declined and six were unchanged. The group was led by a 35.32 per cent gain on the shares of Pulse Investments as that stock jumped from J$1.85 per share to J$2.40.

There were also gains for Sagicor (4.76 per cent), Scotia Investments (1.8 per cent), Mayberry (1.7 per cent) and Pan Caribbean Financial (1.22 per cent).

The CCSX fell 1.53 per cent as four conglomerate shares fell and five were unchanged. There were losses for investors in Jamaica Producers which fell 3.55 per cent, Neal & Massy fell 2.51 per cent and GraceKennedy fell 2.49 per cent.

The CRDX fell 0.67 per cent as four retail and distribution stocks advanced, four declined and two were unchanged. There were gains in Supreme Ventures (11.76 per cent), St Kitts & Nevis Trading (4.52 per cent), Palace Amusements (2.21 per cent) and AML Foods (1.71 per cent).

However, the group was dragged down by a 7.88 per cent decline in Hardware & Lumber and a 0.78 per cent decline in Prestige Holdings.

The other sector indices were relatively 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 in Tables 3 and 4. Prices are in US dollars.

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