Market advanced as TransJamaican IPO opened on Monday but...
The market advanced on Monday at the opening of the TransJamaican Highway initial public offer (IPO), but the losing stocks declined at a deeper level than the advancers climbed.
Lasco Financial, MPC Caribbean Clean Energy and Stanley Motta Limited all declined by double-digit levels at 17.1 per cent, 15.3 per cent and 12.9 per cent respectively.
Only the inactive stock Ciboney made double-digit gains on the day, up 20 per cent.
Overall Market activity resulted from trading in 75 stocks of which 37 advanced, 31 declined and seven traded firm.
The highway IPO will be the largest offer outside of the JMMB additional public offer. It opened on Monday and will close on March 9.
Brokers are indicating that investors are selling down existing shares to get into the large TransJamaican Highway.
The JSE Combined Index advanced by 1,811.81 points ( 0.38 per cent) to close at 480,732.33.
The JSE Index advanced by 2,384.71 points ( 0.49 per cent) to close at 488,257.67. The JSE All Jamaican Composite Index advanced by 2,805.56 points ( 0.53 per cent) to close at 536,338.30.
The JSE Select Index advanced by 31.60 points ( 0.25 per cent) to close at 12,483.96. The JSE Cross Listed Index declined by 6.30 points ( 6.55 per cent) to close at 89.95.
The Junior Market Index declined by 34.68 points ( 1.17 per cent) to close at 2,927.52. The JSE USD Equities Index advanced by 1.73 points ( 0.75 per cent) to close at 230.63.
The JSE Financial Index declined by 0.01 points ( 0.01 per cent) to close at 132.16. The JSE Manufacturing & Distribution Index advanced by 0.13 points ( 0.14 per cent) to close at 91.96.
Market volume amounted to 21,778,257 units valued at over $99,303,214.22. Sagicor Select Funds Limited - Financial was the volume leader with 7,425,662 units (34.10per cent) followed by Wigton Windfarm Limited Ordinary Shares with 4,952,167 units (22.74per cent) and Sagicor Select Funds Limited Manufacturing & Distribution with 2,231,097 units (10.24 per cent) .