Palace stock gains 29 per cent as it revs up drive-in cinema effort
Palace Amusement led Tuesday gains on the Jamaica Stock Exchange (JSE) following news that the New Kingston Drive-in cinema will open shortly.
The stock gained 29 per cent to close at $1,489, representing the largest rise in the stock in October. The stock, however, continues to trade thinly but still holds substantial market capital at $2.1 billion.
The company on Monday tweeted a message informing patrons how to enjoy the drive-in in New Kingston. It signalled patrons to wear masks, turn-off car lights, clear windscreens and to keep talking to a minimum.
"New Kingston opening soon," read the message from Palace.
The stock traded as high as $2,900 in December 2019 before the onslaught of the pandemic. Since that time, the company suffered from a series of closures of its venues due to measures to stem the spread of the virus but also to reduce overhead costs with low attendance.
Also on the day, the JSE Combined Index advanced by 333.35 points ( 0.09 per cent) to close at 374,959.06.
The JSE Index advanced by 487.00 points ( 0.13 per cent) to close at 378,285.93; the JSE All Jamaican Composite Index advanced by 600.10 points ( 0.14 per cent) to close at 414,851.29.
On the other hand, the JSE USD Equities Index declined by 0.26 points ( 0.13 per cent) to close at 192.46.
The JSE Financial Index advanced by 0.02 points ( 0.02 per cent) to close at 99.97.
The JSE Manufacturing & Distribution Index declined by 0.56 points ( 0.74 per cent) to close at 74.64.
Overall Market activity resulted from trading in 112 stocks of which 40 advanced, 32 declined and 40 traded firm.
Market volume amounted to 10,435,241 units valued at over $45.5 million. Tropical Battery was the volume leader with 3,944,991 units (37.80 per cent) followed by Pulse Investments with 1,082,088 units (10.37 per cent) and Wigton Windfarm with 789,387 units (7.56 per cent).