SSL Ventures lost one-fifth of its value last week
SSL Venture Capital, a listed private equity firm, lost nearly one-fifth of its value last week, which meant that all shareholders collectively lost $104 million in trading value.
The stock resumed trading on the Jamaica Stock Exchange (JSE) last Thursday after a two-month hiatus, with an initial market capitalization of $644 million before closing the week at $540 million. In terms of stock price movement, it lost one cent on Thursday and 25 cents on Friday to close at $1.35.
Although SSL lost 19 per cent in the week, other stocks lost more value such as Access Financial down 29 per cent in the week followed by Radio Jamaica down 22 per cent.
Investors were more interested in SSL trading than other falling stocks. That’s because no one knew when it would resume trading.
SSL requested a suspension of trading from mid-July to mid-August, to allow the company to formalize accounting of its associated companies. The company missed its mid-August timeline but resumed trading on Thursday, a day after SSL released June quarterly financials and indicated that its auditor Baker Tilly Lafayette found no concerns with its financials.
Previously, Baker Tilly avoided giving an opinion on the company’s’ audited results due to what it described as insufficient information on its subsidiary companies.
The companies include firms in their start-up phases such as Blue Dot Media, Muse 360, Bar Central, and Alpha Imaging Limited. SSL Ventures listed last summer following the reverse merger of loss making publisher C2W Music Limited.
Meanwhile, the JSE Combined Index advanced by 4,773.97 points (0.93 per cent) to close at 512,739.41. The Junior Market Index declined by 29.15 points (0.85 per cent) to close at 3,449.18. The JSE USD Equities Index declined by 1.96 points (0.99 per cent) to close at 198.51. The JSE Financial Index advanced by 0.13 points (0.09 per cent) to close at 141.39.
The JSE Manufacturing & Distribution Index declined by 0.00 points (0.00 per cent) to close at 99.83.
Overall Market activity resulted from trading in 110 stocks of which 35 advanced, 41 declined and 34 traded firm.
Market volume amounted to 357,663,330 units valued at over $1.9 billion. Wigton Windfarm was the volume leader with 175,757,798 units (49.14per cent) followed by Sagicor XFund with 91,808,067 units (25.67per cent) and QWI Investments with 32,110,105 units (8.98per cent).