CWJ Leads Gains Amid Huge Declines

CWJ Leads Gains Amid Huge Declines in Stock Market

Kingston, Jamaica (McKoy’s News) – CWJ Leads Gains Amid Huge Declines: Eight stocks fell by double-digit percentages this week. The declines occurred amid the release of three initial public offers during the week. ISP Finance led declines, down 36 percent; followed by TTECH, down 27 percent; Berger Paints, down 20 percent; Pulse, down 18 percent; Main Event, down 18 percent; Key Insurance, down 14 percent; JMMB, down 12 percent; C2W Music, down 11 percent; and Ciboney, down 11 percent. These dumped stocks are highly likely to offer discounts for buyers in the week ahead.

Cable & Wireless Jamaica (CWJ) led gains for the week of trading on the Jamaica Stock exchange (JSE). Over the course of five trading days, CWJ increased nine percent to close at $1.09 which allowed it to lead gains for the week. Salada gained 13% on Friday alone, but made a net gain of 2% over the five days of undulating performance.

The JSE select index declined by 84.61 points (1.00 percent) to close at 8,410.21. The junior market index declined by 38.51 points (1.45 percent) to close at 2,618.68. The JSE USD equities index closed at 172.89.

The JSE combined index advanced by 88.03 points (0.03 percent) to close at 283,417.81. The JSE index advanced by 550.84 points (0.20 percent) to close at 277,159.21. The JSE all Jamaican composite index advanced by 604.57 points (0.20 percent) to close at 304,198.46.

Overall market activity resulted from trading in 30 stocks of which 13 advanced, 13 declined and four traded firm.

Market volume amounted to 1,293,956 units valued at over $26,457,111.74. Lasco Financial Services Limited was the volume leader with 438,833 units (33.91per cent) followed by NCB Financial Group Limited with 197,918 units (15.30per cent) and Stationery and Office Supplies Limited with 130,150 units (10.06per cent).

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