NCB market value loses $8 billion in a day
The Jamaica Stock Exchange (JSE) continues to decline with heavyweight stock NCB Financial Group hitting a 52-week low on Monday.
Shares in the stock have not been able to recover from the impact of coronavirus on its expected revenues.
NCB closed at $132.52 but traded as low as $130 on Monday.
Overall, NCB declined by 2.4 per cent on Monday, resulting in shaving off $8 billion in its valuation to $327 billion.
Monday’s closing price set a new 2020 low for NCB from the previous low of $131 on April 27.
The fall in NCB impacted the overall market.
JSE Combined Index declined by 4,789.46 points (1.27 per cent) to close at 370,874.87.
Despite the fall in total market value, Indies Pharma and Lasco Manufacturing led double-digit gains during Monday’s trading.
Indies gained 22 per cent to close at $2.85 and Lasco Manufacturing gained 21 per cent to close at $3.87.
The top declining stock was JMMB Preference shares down 25 per cent to $1.28.