Monday 16 July, 2018

CAC 2000 stock price soar after doubling profit

Steven Marston, CAC 2000 Chairman and CEO.

Steven Marston, CAC 2000 Chairman and CEO.

CAC 2000 Limited doubled its net profit in the second-quarter which fueled a stock price jump.

The company led gains on Wednesday's trading of the Jamaica Stock Exchange. The stock price 11 per cent to close at $10 on the day.

It announced this month that it made $56 million in net profit for the April second-quarter 2018 compared to $27 million in the corresponding period in 2017. The second quarter was a marked improvement over the first-quarter which showed reduced profit.

''As projected, we were able to recover from the first-quarter shortfall and this momentum will continue as our 'sales funnel' and 'won jobs portfolio' continue to grow,'' said the company. 

The JSE Combined Index advanced by 563.62 points (0.18 per cent) to close at 317,267.39. The JSE Index advanced by 722.16 points (0.23 per cent) to close at 308,750.80. The JSE All Jamaican Composite Index advanced by 792.61 points (0.23 per cent) to close at 338,872.15. The Junior Market Index declined by 9.02 points

(0.29 per cent) to close at 3,060.38.The JSE USD Equities Index closed at 152.41.

Overall Market activity resulted from trading in 44 stocks of which 17 advanced, 17 declined and 10 traded firm.

Market volume amounted to 4,065,489 units valued at over $89,411,846.23. Carreras Limited was the volume leader with 1,131,433 units (27.8 per cent) followed by WISYNCO with 767,268 units (18.8 per cent) and NCB Financial Group with 476,698 units (11.7 per cent).

For the latest news, download our app at http://bit.ly/GetALoopJM for Android; and at http://bit.ly/GetiLoopJM for IoS.