Caribbean stock market weekly report

A rebound in manufacturing stocks and continued strong performance from financials saw Caribbean stocks end the week higher, as 43,149,076 shares valued at US$9,247,586, crossed the floors of the six stock exchanges across Caricom.

For the week, 28 stocks advanced, 31 declined and 67 remained unchanged. Sagicor Life Jamaica was the volume leader with 5,144,649 shares being traded, Scotia Investments posted the largest gain for the week (16.3 per cent), while on the losing end, Pegasus fell 15 per cent.

Ten of the CSX 30 stocks advanced, nine declined and 11 were unchanged. The CSX 30 gained 3.35 points to close the week at 1,318.60, up 15.46 per cent year to date

On the junior market, seven stocks advanced, four declined and three were unchanged as the CJSX gained 30.12 points to close the week at 1,931.22, up 53.35 per cent year to date. There were gains for AMG Packaging (14 per cent), Jamaica Teas (8.5 per cent), Honey Bun (4.83 per cent), Dolphin Cove (3.6 per cent), Lasco Distributors (2.9 per cent) and Caribbean Producers (2.7 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 CMSX advanced 1.21 per cent as seven manufacturing stocks advanced, four declined and 16 were unchanged.

The group was led by gains for Kingston Wharves (13.9 per cent), Caribbean Cement (12.1 per cent), Desnoes & Geddes (nine per cent), Seprod (1.7 per cent), Banks DIH (1.65 per cent) and Jamaica Broilers (1.6 per cent). Angostura Holdings bucked the general trend with a one per cent decline.

The CIIX advanced 0.75 per cent as five insurance and investments stocks advanced, five declined and five were unchanged.

There were gains for Scotia Investments (16.3 per cent), Barita Investments (13.6 per cent), Pulse Investments (9.6 per cent), Sagicor Life Jamaica (5.6 per cent) and JMMB (4.1 per cent). There were losses for Scotia Group Jamaica (2.4 per cent), Mayberry Investments (1.3 per cent) and Guardian Holdings 1.1 per cent.

The CCSX advanced 0.54 per cent as two conglomerate stocks advanced and six were unchanged. There were gains for GraceKennedy (6.7 per cent) and Pan Jamaican Investments (1.7 per cent).

The CTRX fell 14.94 per cent largely due to a 15 per cent decline in Pegasus. The other sector indices were also essentially flat for the week. Table 2 provides a summary of the sector indices and details on the performance of the stocks in each sector.

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