Thursday 5 December, 2019

Record high for Palace Amusement stock amid blockbuster movie season

This image released by Universal Pictures shows Dwayne Johnson, left, and Jason Statham in a scene from "Fast & Furious Presents: Hobbs & Shaw." Movie going audiences have helped the “Fast & Furious” spinoff “Hobbs & Shaw” take another lap at No. 1 even with the onslaught of new movies last weekend. (Frank Masi/Universal Pictures via AP)

This image released by Universal Pictures shows Dwayne Johnson, left, and Jason Statham in a scene from "Fast & Furious Presents: Hobbs & Shaw." Movie going audiences have helped the “Fast & Furious” spinoff “Hobbs & Shaw” take another lap at No. 1 even with the onslaught of new movies last weekend. (Frank Masi/Universal Pictures via AP)

Movie theatre company Palace Amusement led gains in Tuesday’s trading of the Jamaica Stock Exchange (JSE). 

The stock, boosted by the summer blockbuster movie season, gained 30 per cent to close at $1,950, an all time high.

On Wednesday, investors will try to sell shares in the company for $5,000 but buyers want no more than $1,000.  The company is showing the blockbuster films Fast & Furious: Hobbs & Shaw; Lion King; A Score to Settle and Sprinter. The previous high of $1,500 was initially set during the showing of Black Panther in 2018. 

Also on the day, Caribbean Flavours and Fragrances gained 28 per cent to close at $19.90 and shares in the Jamaica Stock Exchange closed at $28.63. Also on the day, The Lab lost 3.6 per cent to close at $2.93.

The JSE Combined Index advanced by 489.73 points ( 0.09 per cent) to close at 524,911.34.

The JSE Index advanced by 231.16 points ( 0.04 per cent) to close at 528,146.93. The Junior Market Index advanced by 25.36 points ( 0.71 per cent) to close at 3,614.39. The JSE USD Equities Index advanced by 6.09 points ( 3.26 per cent) to close at 192.65. The JSE Financial Index declined by 0.31 points ( 0.21 per cent) to close at 144.36.

Overall Market activity resulted from trading in 75 stocks of which 40 advanced, 29 declined and 6 traded firm. Market volume amounted to 111,818,189 units valued at over $1.16 billion. Sagicor Select Funds was the volume leader with 57,202,242 units (51.16per cent)followed by Wigton Windfarm with 22,276,113 units (19.92per cent) and Supreme Ventures with 10,003,738 units (8.95per cent).

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