Caribbean stock market weekly report

Declines in financial, manufacturing and junior market shares saw Caribbean stocks end the week lower, as 61,966,835 shares valued at US$6,987,391 crossed the floors of the six stock exchanges across Caricom.

For the week, 28 stocks advanced, 36 declined and 62 remained unchanged. General Accident Insurance was the volume leader with 5,144,649 shares traded, Honey Bun posted the largest gain for the week (14.58 per cent). On the losing end, Caribbean Cement fell 30 per cent.

For the week, eight of the CSX 30 stocks advanced, 10 declined and 12 were unchanged. The CSX 30 lost 8.70 points points to close the week at 1,309.88, up 14.8 per cent year to date.

On the junior market, four stocks advanced, six declined and two were unchanged, as the CJSX lost 108.28 points to close the week at 1,822.94, up 47.65 per cent year to date.

There were gains for Honey Bun (14.58 per cent), General Accident (6.68 per cent), AMG Packaging (6.0 per cent) and Blue Power (5.2 per cent).

However, there were losses for Lasco Financial (22.4 per cent), Lasco Manufacturing (15.5 per cent), Lasco Distributors (10 per cent), Access Financial Services (5.3 per cent) and Dolphin Cove (1.6 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 CBSX declined 1.2 per cent as four banking stocks advanced, four declined and 12 were unchanged.

While there was a 4.5 per cent gain on Bank of Nevis and a 4.4 per cent gain on Bank of Trade and Industry, the group was dragged down by losses for Finance Corporation (9.9 per cent) and NCB Jamaica (9.1 per cent).

The CIIX declined 0.78 per cent as five insurance and investments stocks advanced, five declined and seven were unchanged. There were gains for JSJ Insurance (9.7 per cent), JMMB (2.2 per cent) and Barita Investments (2.2 per cent). However, these gains were overpowered by losses for Scotia Investments (14.5 per cent), Mayberry (9.9 per cent), Sagicor Life Jamaica (2.5 per cent) and Pulse Investments 91.4 per cent).

The CCSX advanced 0.75 per cent on the back of a 6.8 per cent gain in GraceKennedy.

The CRDX advanced 0.73 per cent largely due to a 11.1 per cent gain in Supreme Ventures Limited.

The CMSX declined 0.55 per cent due to a 30.0 per cent decline in Caribbean Cement while the other sectoral indices were essentially flat for the week.

Table 2 provides a summary of the sector indices; Tables 3 and 4 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