Thursday 2 July, 2020

Jamaican Teas shares surge on news of split

Shares in Jamaican Teas grew 21.6 per cent on Thursday on news it plans to engage in a stock split.

The rise of the stock which closed at $7.32, bettered the gains of all the other stocks on the market on the day.

Over 114,000 units of Jamaican Teas traded hands on the day. The stock will open lower at $7.00 but owners of the stock will sell for a minimum of $7.50.

Despite the surge, it is still far from its 52-week high of $9.00 last September.

Jamaican Teas, which trades under the ticker JAMT, advised that on January 14, 2020, its directors will meet to consider increasing the authorised capital of the company and subdividing them equivalent to a stock split.

Ordinary shares in issue total 695 million units. The last time the company approved a stock split was in 2017 when it did a one for one split.

In the meantime, the JSE Combined Index advanced by 2,907.92 points (0.58 per cent) to close at 504,544.13.

The JSE Index advanced by 2,810.80 points (0.55 per cent) to close at 510,084.90. The Junior Market Index advanced by 29.65 points (0.91 per cent) to close at 3,270.16. The JSE USD Equities Index advanced by 7.59 points (3.32 per cent) to close at 235.96. The JSE Financial Index advanced by 0.46 points (0.34 per cent) to close at 137.73. The JSE Manufacturing & Distribution Index advanced by 1.00 points (1.02 per cent) to close at 98.75.

Overall Market activity resulted from trading in 83 stocks of which 41 advanced, 28 declined and 14 traded firm.

Market volume amounted to 25,747,355 units valued at over $55.4 million. Wigton Windfarm was the volume leader with 13,741,025 units (53.37per cent) followed by Sagicor Select Financial with 6,424,072 units (24.95per cent) and Sagicor Select Manufacturing and Distribution with 2,144,883 units (8.33per cent) .

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