Jamaica Producer's market value up $3.4 billion
JP Group CEO Jeffery Hall
The market value of the food and logistics group, Jamaica Producers (JP) grew $3.4 billion on Tuesday following the trading of literally one share worth less than a bag of banana chips the company sells.
JP stock price jumped 12.8 per cent to $27 on Tuesday resulting in a market cap of $30.3 billion.
It is still some way away from its all-time high of $37 billion October 2018 when the stock hit $33.
The rise on the stock market now overtakes its value as expressed on its books with $27.6 billion in total equity as at September 2019.
JP holds the largest block of shares in logistics company, Kingston Wharves. It also owns a juice line in the Netherlands and operates a series of snacks including the St Mary branded line of chips.
Investors can now trade the smallest individual volumes, which moves away from the previous minimum of 100 units. The change came into effect in December when the Jamaica Stock Exchange switched over to the Nasdaq platform.
Also on the day, Derrimon Trading Limited (DTL) led double-digit declines down 17.4 per cent to close at $1.80.
The JSE Combined Index advanced by 798.19 points (0.16 per cent) to close at 505,169.02. The JSE Index advanced by 1,172.75 points (0.23 per cent) to close at 511,004.61. The Junior Market Index declined by 25.45 points (0.78 per cent) to close at 3,250.10. The JSE USD Equities Index declined by 0.48 points (0.21 per cent) to close at 225.96. The JSE Financial Index advanced by 0.24 points (0.17 per cent) to close at 138.17. The JSE Manufacturing & Distribution Index advanced by 0.17 points (0.17 per cent) to close at 99.08.
Overall Market activity resulted from trading in 76 stocks of which 29 advanced, 39 declined and 8 traded firm.
Market volume amounted to 21,036,168 units valued at over $96.4 million.