Eight stocks tumble during last trading week
Eight stocks tumbled by double-digit levels, with one losing nearly one one-quarter of its value, during the week of trading on the Jamaica Stock Exchange (JSE).
The overall market activity resulted from trading in 104 stocks in the week of which 19 advanced, 45 declined and 40 traded firm.
It is customary for investors to sell down positions in listed stocks in order to prepare for popular initial public offerings (IPO). Wigton Windfarm will open later this month and aims to attract over 10,000 investors to the offer.
Medical Disposables and Supplies lost 23 per cent during the week to close at $6.50, iCreate lost 17 per cent of its value to close at $0.84, Lasco Financial lost 15 per cent of its value to close at $4.21, Pulse Investments lost 14 per cent to close at $2.77, Paramount Trading lost 14 per cent of its value to $2.15, Gwest lost 13 per cent to close at $1.33, Barita Investments lost 12.3 per cent to close at $39.56, Dolphin Cove lost 12 per cent of its value to $12.50.
In contrast, top gaining stocks included Sygnus up 8.9 per cent with 36,700 units to close at US$0.11 followed by Derrimon Trading up 8.8 per cent to close at $2.74 with 355,100 units.
The JSE Index declined by 5,237.16 points (1.37 per cent) to close at 381,578.24. The Junior Market Index declined by 93.35 points (3.13 per cent) to close at 2,977.71. The JSE USD Equities Index declined by 2.80 points (1.59 per cent) to close at 176.43. The JSE Financial Index declined by 0.94 points (0.97 per cent) to close at 97.24.
Market volume amounted to 23,646,712 units valued at over $350,436,619.04. Indies Pharma was the volume leader with 4,253,186 units (17.99 per cent) followed by Lasco Distributors with 2,026,115 units (8.57 per cent) and Wisynco with 1,987,804 units (8.41 per cent).