Indies Pharma stock up 136% in less than a month
Indies founder, Dr Guna Muppuri
Indies Pharma Jamaica Limited, the Montego Bay-based pharmaceutical company which listed last month on the Jamaica Stock Exchange (JSE), has gained 136 per cent for investors to date.
It led gains again in Tuesday’s trading of the JSE, closing at $3.54 on the day.
It was listed in mid-August and, over the period, investors have kept bidding it up expecting future gains to justify the pricing.
Also on Tuesday, Sagicor Real Estate X Fund gained 5.8 per cent to close at $11.71 with 2,000 units. 1834 Investments gained 5.8 per cent to close $1.10 with 3,990 units traded. Jamaica Producers Group gained 5.3 per cent to close at $21.20 with 2,000 units.
The day's top declining stock was Derrimon Trading, down 11 per cent to close at $3.27.
The JSE Combined Index advanced by 3,150.49 points ( 0.90 per cent) to close at 352,513.31.
The JSE Index advanced by 3,714.88 points ( 1.09 per cent) to close at 343,426.09. The JSE All Jamaican Composite Index advanced by 4,077.29 points ( 1.09 per cent) to close at 376,930.26. The Junior Market Index declined by 23.46 points ( 0.69 per cent) to close at 3,369.12. The JSE USD Equities Index closed at 170.32.
Overall Market activity resulted from trading in 58 stocks of which 33 advanced, 15 declined and 10 traded firm.
Market volume amounted to 5,857,134 units valued at over $65 million. Barita Investments was the volume leader with 1,062,000 units (18.13 per cent) followed by JMMB Group Limited with 1,007,050 units (17.2 per cent) and Everything Fresh with 724,980 units (12.4 per cent).