Sunday 15 September, 2019

After hitting 52-week low, Jetcon a stock to watch

Jetcon Corporation's shares look set to rally on Monday after hitting a 52-week low on Friday.

The stock dipped 26.5 per cent to lead declines Friday, closing at $1.83. Small volumes pulled the stock down with 5,300 units trading, less than one-tenth of a per cent of the 583 million total ordinary units.

During the week, the company released its weakest results since listing on the Jamaica Stock Exchange (JSE). Pretax profit declined 66 per cent to $15.2 million for the March first quarter 2019. In June 2017, the stock closed at an all-time high of $5.86, following its stock split. At that time, profit was growing at about 66 per cent and above year on year.

On Monday, the stock will enter a tug-of-war between buyers bidding $1.82 and sellers asking for $2.35, per market data from the JSE. It will also open at $2.35 potentially favouring selling initially and providing buying opportunities for others.

On Friday, Honey Bun and ISP Finance led trading gains. ISP gained 28 per cent on the day to close at $16 followed by Honey Bun, up 22 per cent to close at $4.98. Also, Stanley Motta Limited gained 12 per cent to close at $5.31 with 25 million units trading hands.

Stanley Motta was the volume leader with 40 per cent of the day’s volume. It was followed by Sagicor Group Jamaica with 15.1 million units or 24 per cent of the volume, and Wisynco Group with 7.2 million units or 11.5 per cent of the volume.

The top declining stock was Jetcon, down 26.5 per cent to close at a 52 week low of $1.83.

The JSE Combined Index declined by 2,938.52 points (0.71 per cent) to close at 412,392.31.

The JSE Index declined by 2,804.87 points (0.68 per cent) to close at 412,184.29. The JSE All Jamaican Composite Index declined by 3,086.58 points (0.68 per cent) to close at 452,491.13.

The JSE Select Index declined by 111.53 points (1.07 per cent) to close at 10,271.55.

The JSE Cross Listed Index closed at 100.00. The Junior Market Index declined by 33.01 points (1.06 per cent) to close at 3,072.57.

The JSE USD Equities Index advanced by 0.76 points (0.42 per cent) to close at 183.07.

The JSE Financial Index declined by 1.01 points (0.95 per cent) to close at 105.20.

Overall Market activity resulted from trading in 59 stocks of which 21 advanced, 31 declined and seven traded firm.

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