Tuesday 27 October, 2020

Kingston Wharves sees largest block trade in two years

The largest block trade in Kingston Wharves Limited in two years, led volume activity during Friday’s trading on the Jamaica Stock Exchange (JSE).

Over $180 million worth of shares traded hands in the stock on the day.

It was likely to be a single investor or institution accounting for the bulk of the trade because the trade surpassed the daily average several times over.

Normally volume in the stock falls below one-quarter million units. The last trade larger than Friday’s was back in October 2018 when roughly five million units traded.

The trade was also not likely to be an in-house trade, because the stock dipped 9.0 per cent on the day to close at $45.50. Usually when two funds within the same financial institution sell shares among themselves the price remains largely stable.

The Kingston Wharves trade accounted for one quarter of all the volume on the JSE daily trading. Market volume amounted to 15.3 million units valued at over $222.5 million. Other notable volume leaders were Pulse Investments accounting for 2.6 million units and Lumber Depot accounting for 2.5 million units.

Also on Friday, Community and Workers of Jamaica CCU Deferred share gained 21.5 per cent to close at $1.96, Eppley Caribbean Property Fund Limited which gained 11 per cent to close at $57.50, Consolidated Bakeries gained 10 per cent to close at $1.49, Blue Power Group gained 9.1 per cent to close at $3.59.

The top declining stocks were ISP Finance Services down 20 per cent and Cargo Handlers down 14 per cent.

The JSE Combined Index advanced by 2,281.48 points (0.63 per cent) to close at 365,814.95, the JSE Index advanced by 2,608.75 points (0.71 per cent) to close at 368,392.30 and the JSE All Jamaican Composite Index advanced by 2,653.46 points (0.66 per cent) to close at 403,299.57.

The JSE Select Index advanced by 133.04 points (1.48 per cent) to close at 9,114.64, the JSE Cross Listed Index advanced by 7.95 points (7.63 per cent) to close at 112.10.

The Junior Market Index declined by 11.17 points (0.45 per cent) to close at 2,497.10, so too did the JSE USD Equities Index declined by 1.98 points (1.03 per cent) to close at 190.96.

The JSE Financial Index advanced by 1.17 points (1.22 per cent) to close at 96.99 and the JSE Manufacturing & Distribution Index advanced by 0.78 points (1.06 per cent) to close at 74.40.

Overall Market activity resulted from trading in 75 stocks of which 34 advanced, 32 declined and 9 traded firm.

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