Kingston Properties starts trading week at $8
Kingston Properties will start trading at $8 after gaining nearly a third of its value last week arising from its plans to hold a rights issue.
The stock rose to $8 on Friday from $5.99 last Monday or 29 per cent and in the process led all stocks on the market. RJR Group and KLE Group both gained 25 per cent during the trading week.
Kingston Properties last week advised that shareholders of the company approved a resolution to double the authorised shares of the company from 500 million ordinary shares to 1.0 billion ordinary shares.
The move is geared at substantially increasing its capital base over the next three years to finance its growth strategy of acquiring commercial properties in and outside of Jamaica. The company is yet to say how much funds it will raise in its rights issue.
The market capitalization is $2.57 billion with 321.8 million shares in circulation of the 500 million authorized.
During the trading week, overall market activity resulted from trading in 108 stocks of which 38 advanced, 33 declined and 37 traded firm.
The JSE Combined Index advanced by 3,958.74 points ( 0.75 per cent) to close at 525,549.23.
The JSE Index advanced by 3,550.12 points ( 0.67 per cent) to close at 529,000.62. The Junior Market Index advanced by 63.76 points ( 1.77 per cent) to close at 3,600.97. The JSE USD Equities Index declined by 3.78 points ( 2.02 per cent) to close at 187.37. The JSE Financial Index advanced by 3.75 points ( 2.60 per cent) to close at 144.30.
Market volume amounted to 99,709,182 units valued at over $1,242,635,487.76. Wigton Windfarm was the volume leader with 43,949,904 units (44.08per cent) followed by The Lab with 10,249,891 units (10.28per cent) and Victoria Mutual with 8,061,678 units (8.09per cent) .