Cable and Wireless stocks still trading heavily after buyout offer
A small block trade in Cable & Wireless (C&W) led volumes on the day's trading of the Jamaica Stock Exchange (JSE) with Access Financial leading gains on Wednesday.
Over 11.3 million units in C&W traded with the stock closing one cent higher to $1.36.
It was the highest trade since the late December announcement of the offer to buy out minority shareholders by the parent company Cable Wireless Communications.
Some impatient shareholders are selling under the $1.45 offer price in order to get into other stocks while others are buying in order to secure a thin but guaranteed return on their investment.
Also on Wednesday Access Financial gained 17 per cent to close at $49.09. Key Insurance gained 9.2 per cent to close at $3.55.
Top declining stock went to Barita down 6.3 per cent. The JSE Combined Index advanced by 3,206.19 points (1.09 per cent) to close at 296,551.80. The JSE Index advanced by 2,591.90 points (0.91 per cent) to close at 287,863.79.
The JSE All Jamaican Composite Index advanced by 2,844.76 points (0.91 %) to close at 315,947.37. The JSE Select Index advanced by 116.08 points (1.37 per cent) to close at 8,574.47.
The Junior Market Index advanced by 76.21 points (2.68 per cent) to close at 2,922.21. The JSE USD Equities Index declined by 2.23 points (1.28 per cent) to close at 172.09.
Overall Market activity resulted from trading in 54 stocks of which 27 advanced, 19 declined and 8 traded firm.
Market volume amounted to 21,775,964 units valued at over $113,305,463.06. C&W accounted for 52 per cent of volume. It was followed by WISYNCO with 4.1 million units and GWEST with 2.9 million units.