Jetcon on the rebound
Jetcon Corporation's stock appears to be on the rebound. It led trading gains Friday on the Jamaica Stock Exchange (JSE) as investors bet on improved financial performance from the used car dealer going forward.
Jetcon gained 13.5 per cent on the day and closed at $2.10. It still is far ways from the 52-week high of $4.55 but technical analysis shows that the stock, down 30 per cent year to date, has bottomed out and is now rebounding to higher levels. On Thursday, the stock saw its largest trade volume in months with 1.8 million units trading. It will open at $2.19 on Monday with a spread of nine cents between sellers and buyers.
Jetcon's second quarter results showed lower profit year on year. The sales outlook for the remaining two quarters of 2019 are above last year, according to financial statements.
Also in Friday's trading, TTech followed Jetcon with 12.5 per cent gains,closing at $6.55. The biggest loser was Fosrich, which declined by eight per cent to $4.85 mainly due to a small block trade at roughly 3.5 million units.
The JSE Combined Index advanced by 2,333.45 points ( 0.45 per cent) to close at 516,632.81.
The JSE Index advanced by 2,570.52 points ( 0.50 per cent) to close at 519,949.18. The JSE All Jamaican Composite Index advanced by 2,830.80 points ( 0.50 per cent) to close at 571,074.68. The Junior Market Index declined by 2.71 points ( 0.08 per cent) to close at 3,546.20. The JSE USD Equities Index declined by 0.40 points ( 0.21 per cent) to close at 194.05. The JSE Financial Index advanced by 1.65 points ( 1.18 per cent) to close at 142.02.
Overall Market activity resulted from trading in 64 stocks of which 32 advanced, 22 declined and 10 traded firm.
Market volume amounted to 20,693,052 units valued at over $153,747,282.16. Wigton Windfarm was the volume leader with 8,357,373 units (40.39per cent) followed by Fosrich with 3,557,133 units (17.19per cent) and Sagicor Select with 2,021,287 units (