JMMB stock looks set to climb
JMMB Group is set to climb on Friday morning, following its announcement of a deal that will see it acquire a 20 per cent stake in Sagicor Financial.
The stock will open at $33.94 but sellers are only willing to sell at $39 with buyers bidding $38.95.
JMMB announced plans Thursday to invest approximately US$200 million in Alignvest Acquisition ll Corporation, the special purpose company set to acquire all the shares in Sagicor Financial Corporation.
The deal would see JMMB, which operates financial services in three countries, have a stake in a life insurance business across the Caribbean, USA and parts of Latin America.
On Thursday, JMMB gained 13.6 per cent to close at $38.48 with a sizable 5.08 million units trading. JMMB was the volume leader with half of all volumes traded on the exchange.
Also on the day, Kingston Properties gained 17 per cent to close at $7.00.
The JSE Combined Index advanced by 5,913.87 points (1.44 per cent) to close at 415,330.83.
The JSE Index advanced by 6,240.31 points ( 1.53 per cent) to close at 414,989.16. The Junior Market Index advanced by 16.36 points ( 0.53 per cent) to close at 3,105.58. The JSE USD Equities Index advanced by 3.02 points ( 1.68 per cent) to close at 182.31. The JSE Financial Index advanced by 1.99 points (1.91 per cent) to close at 106.21.
Overall Market activity resulted from trading in 61 stocks of which 34 advanced, 18 declined and nine traded firm. Market volume amounted to 10,314,007 units valued at over $293 million.