Sunday 29 November, 2020

Small-cap stocks led gains on Friday

Small-cap stock suffering from lockdown measures and contraction of consumer spending led gains during Friday’s trading of the Jamaica Stock Exchange.

Main Event Group an entertainment company, which continues to suffer from the lockdown measures gained 16 per cent on the day to close at $3.70 and Jetcon gained 11 per cent to close at $0.89 despite its car sales being negatively affected by reduced purchasing power in the economy. 

The share price of many junior market companies is slowly rising after falling in March with the first confirmed case of COVID-19 on the island. 

Additionally, the accounts of many junior market companies are negatively affected by the pandemic.

Exceptions include microlender, ISP Finance which climbed 9.4 per cent on Friday to $18.50 after it posted higher year on year profit despite reduced employment in the economy.

Also on the day, the JSE Combined Index advanced by 649.69 points ( 0.17 per cent) to close at 372,900.79; the JSE Index advanced by 489.74 points ( 0.13 per cent) to close at 376,431.65 and the Junior Market Index advanced by 18.65 points ( 0.76 per cent) to close at 2,467.78.

The JSE Financial Index advanced by 0.54 points ( 0.55 per cent) to close at 99.48.

On the other hand, the JSE USD Equities Index declined by 14.16 points ( 7.41 per cent) to close at 177.06 and the JSE Manufacturing & Distribution Index declined by 0.24 points ( 0.32 per cent) to close at 75.12.

Overall market activity resulted from trading in 85 stocks of which 36 advanced, 30 declined and 19 traded firm.

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