Friday 30 October, 2020

Sagicor Select Funds stock at all-time low

The stock which tracks the performance of manufacturing and distribution companies lost 25 per cent of its value on Thursday to close at $0.51.

The stock which tracks the performance of manufacturing and distribution companies lost 25 per cent of its value on Thursday to close at $0.51.

Sagicor Select Funds Manufacturing and Distribution (M&D) sank to an all-time low on Thursday, as investors dumped the stock,

But it is set to inch higher on Friday.

The stock, which tracks the performance of manufacturing and distribution companies, lost 25 per cent of its value on Thursday to close at $0.51.

Since listing late last year, it lost half of its value.

Investors are making adjustments to better match the declining values of the underlining companies in the index, hurt by coronavirus (COVID-19) fears.

The stock will open at $0.60, but investors want nothing more than to pay $0.49 for it. It remains to be seen whether this will favour the buyer or seller on Friday.

The index is comprised of 30 manufacturing and distribution companies. Half of the index are companies that sell or market food and beverages.

The top companies in the fund are Wisynco Group Limited, Caribbean Cement Company, Grace Kennedy Limited, Jamaica Broilers Group, Carreras Limited, Seprod Limited, Jamaica Producers Limited, Lasco Manufacturing and Lasco Distributors.

The IPO opened on November 20 and raised $2.7 billion for shares priced at $1. Sagicor Investments was the lead broker and lead arranger for the IPO.

Also on Thursday, the JSE Combined Index advanced by 701.80 points (0.19 per cent) to close at 368,226.04. The JSE Index declined by 151.78 points (0.04 per cent) to close at 375,590.05.

The JSE All Jamaican Composite Index declined by 167.68 points (0.04 per cent) to close at 412,034.87.

The Junior Market Index advanced by 76.57 points (3.77 per cent) to close at 2,108.36. The JSE USD Equities Index advanced by 1.89 points (0.91 per cent) to close at 209.79. The JSE Financial Index advanced by 0.58 points (0.56 per cent) to close at 104.88.

The JSE Manufacturing & Distribution Index declined by 1.23 points (1.88 per cent) to close at 64.25.

Overall Market activity resulted from trading in 82 stocks of which 38 advanced, 32 declined and 12 traded firm.

Market volume amounted to 26,164,293 units valued at over $364,979,301.08. Wigton Windfarm was the volume leader with 5,689,235 units (21.74per cent) followed by Sagicor Select Funds Financial with 2,316,114 units (8.85per cent) and Sagicor Select Funds M&D with 2,284,000 units (8.73 per cent).

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