Saturday 15 June, 2019

Palace Amusement stock advances further amid 'Black Panther' sales

These young ladies are a picture of excitement ahead of a 'Black Panther' viewing at the Carib cinema in Kingston last week. (PHOTO: Marlon Reid)

These young ladies are a picture of excitement ahead of a 'Black Panther' viewing at the Carib cinema in Kingston last week. (PHOTO: Marlon Reid)

With investor expectation heightened amid continuous sold out shows of 'Black Panther', local cinema operator Palace Amusement led gains in Friday's trading of the Jamaica Stock Exchange (JSE).

Palace gained 18 per cent to close at $1,300 on the day. This builds on earlier gains in the week when the stock jumped from $560 to $1,100 in a single day's trading.

Black Panther topped box office locally for the past month with Palace adding a series of additional shows during the week with more on the weekend in order to keep pace with demand.

The results of the third quarter which ends in March will outline the impact the film will have on the company's top-line revenue.

Also on Friday, CPJ gained 7.6 per cent to close at $4.67.  The day's top decliners were Caribbean Cream, down 14 per cent to $5.99, and Honey Bun, down 10 per cent to $4.30.

The JSE Combined Index declined by 748.72 points (0.25 per cent) to close at 298,484.19. The JSE Index declined by 675.24 points (0.23 per cent) to close at 290,432.66. The JSE All Jamaican Composite Index declined by 741.12 points (0.23 per cent) to close at 318,766.87.

The JSE Select Index declined by 25.76 points ( 0.29 per cent) to close at 8,727.80. The Junior Market Index declined by 11.77 points (0.41 per cent) to close at 2,881.87. The JSE USD Equities Index advanced by 2.19 points (1.30 per cent) to close at 170.04.

Overall Market activity resulted from trading in 47 stocks of which 19 advanced, 18 declined and 10 traded firm. Market volume amounted to 6,635,179 units valued at over $78.4 million. Carreras Limited was the volume leader with 1,251,675 units (18.86 per cent) followed by Caribbean Cream Limited with 1,000,000 units (15.07 per cent) and Lasco Manufacturing Limited with 927,141 units (14 per cent) .

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