Wednesday 23 October, 2019

NCB sells JMMB shares valued at more than $9 billion

National Commercial Bank

National Commercial Bank

NCB Financial Group sold over $9 billion worth of shares in JMMB to lead volumes in Thursday's trading of the Jamaica Stock Exchange (JSE).

“JMMB will therefore not continue to be an associated company of NCBJ and NCBFG,” said the company in a notice Thursday about the sale of the shares.

NCB will recognise a gain of approximately $3 billion on the sale of the 326.3 million shares at $28.25 each.

NCB did not disclose who acquired the shares. Recently, PanJam Investment Limited acquired a 6.1 per cent stake in JMMB Group valued at $2.7 billion but did not say Thursday whether it acquired additional shares in JMMB.  

Also on the day, Sygnus Credit Investments Limited USD Ordinary Shares led gains, increasing by 25 per cent to close at $0.11, followed by Paramount Trading (Jamaica) Limited (PTL), up 18.37 per cent to close at $2.90. The day’s largest declining stock was JMMB Group Limited (JMMBGL), down 13.89 per cent to close at $28.26.

The JSE Combined Index declined by 6,038.89 points (1.62 per cent) to close at 367,584.38. The JSE Index declined by 6,729.08 points (1.82 per cent) to close at 361,999.33. The JSE Select Index declined by 202.77 points (2.17 per cent) to close at 9,158.90. The Junior Market Index advanced by 12.87 points (0.41 per cent) to close at 3,189.76. The JSE USD Equities Index advanced by 2.31 points (1.49 per cent) to close at 157.35. 

Overall Market activity resulted from trading in 57 stocks of which 20 advanced, 26 declined and 11 traded firm. Market volume amounted to 330,597,954 units valued at over $9,330,755,550.00. JMMB Group Limited was the volume leader with 327,137,347 units (98.95 per cent) followed by Carreras Limited with 561,455 units (0.17 per cent) and Radio Jamaica Limited with 317,416 units (0.10 per cent) .

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