Fontana stock jumps nearly 69%
Fontana Limited led gains in Wednesday’s trading of the Jamaica Stock Exchange (JSE).
After listing the prior day at $1.88 on the JSE Junior Market, Fontana gained 68.62 per cent Wednesday to close at $3.17.
Fontana, which operates a number of pharmacies islandwide, raised $468 million in its initial public offering. The funds raised will be used to capitalise on opportunities for improvement and expansion of the 50-year-old pharmacy.
Also in Wednesday's trading, Barita Investment Limited increased by 7.67 per cent to close at $49.99. The day’s largest declining stock was GWest Corporation Limited Ordinary Shares (GWEST), down 10.71 per cent to close at $1.75.
The JSE Combined Index declined by 73.63 points (0.02 per cent) to close at 380,845.26. The JSE Index declined by 329.70 points (0.09 per cent) to close at 375,807.24. The Junior Market Index advanced by 20.77 points (0.64 per cent) to close at 3,242.41. The JSE USD Equities Index advanced by 4.40 points (2.71 per cent) to close at 166.86.
Overall Market activity resulted from trading in 50 stocks of which 18 advanced, 20 declined and 12 traded firm.
Market volume amounted to 26,390,861 units valued at over $115,384,997.57. Indies Pharma Jamaica Limited Ordinary Shares was the volume leader with 23,234,566 units (88.04 per cent) followed by SSL Venture Capital Jamaica Limited with 1,075,153 units (4.07 per cent) and Sagicor Real Estate X Fund Limited with 507,100 units (1.92 per cent) .