Caribbean stock market weekly report

A strong performance from financial stocks saw Caribbean stocks end the week higher, as 48,019,957 shares, valued at US$4,738,957, crossed the floors of the six stock exchanges across Caricom.

For the week, 27 stocks advanced, 51 declined and 47 remained unchanged. Sagicor Life Jamaica was the volume leader with 5,144,649 shares traded, Lasco Financial Services posted the largest gain for the week, 45.7 per cent. On the losing end, SL Horsford fell 23.1 per cent.

For the week, nine of the CSX 30 stocks advanced, 13 declined and eight were unchanged. The CSX 30 gained 8.79 points points to close the week at 1,315.46, up 15.22 per cent year to date.

On the junior market, seven stocks advanced and six declined, as the CJSX gained 131.19 points to close the week at 1,901.10, up 51.74 per cent year to date.

There were gains for Lasco Financial (45.7 per cent ), Dolphin Cove (19.4 per cent), Lasco Distributors (10.6 per cent), Lasco Manufacturing (5.0 per cent), Blue Power (4.3 per cent) and General Accident Insurance (3.89 per cent).

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 1.6 per cent as six insurance and investments stocks advanced, five declined and seven were unchanged. The group was led by gains for Mayberry Investments (24.2 per cent), Pan Caribbean Financial Services (9.6 per cent), Scotia Investments (9.6 per cent), JMMB (8.6 per cent) and Barita Investments (8.6 per cent ).

The CBSX advanced 0.68 per cent on the strength of a 9.9 per cent gain on NCB Jamaica, as financial stocks enjoyed a solid week all round.

The CMSX advanced 0.67 per cent as seven manufacturing stocks advanced, 13 declined and eight were unchanged.

The group was led by gains for Caribbean Cement (32.5 per cent), Berger Paints Jamaica (8.6 per cent), Desnoes & Geddes (8.6 per cent), National Flour Mills (3.3 per cent) and Jamaica Broilers (3.0 per cent).

However, Trinidad Cement posted a 5.2 per cent decline to buck the general trend. The CRDX fell 0.41 per cent due to a 23.1 per cent decline in SL Horsford. The other sector indices were also 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. 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