Monday 14 October, 2019

Sterling Investment gained 72 per cent on Tuesday

Sterling Investment Limited’s stock price will open lower on Wednesday after it rocketed up three-quarters in value on the Jamaica Stock Exchange (JSE).

The stock will open at US$0.38 with investors willing to pay even less for the stock or US$0.25. The pullback comes as Sterling gained 72 per cent on Tuesday’s trading alone closing at US$0.04.

The stock is largely illiquid and only 1,792 units traded hands. As a consequence, price swings can be large on both sides of the trade for Sterling investors. But the stock traded at a 52-week high of US$0.044.

Also on the day, Ttech gained 20 per cent to close at $5.90 and IronRock Insurance gained 18 per cent to close at $3.95. Top losing stocks included Key Insurance down 14 per cent, Stationery and Office Supplies down 12 per cent, CAC down 13 per cent, Eppley Caribbean property Fund down 12 per cent.

The JSE Combined Index declined by 1,497.01 points ( 0.29 per cent) to close at 509,582.45.

The JSE Index declined by 1,119.61 points ( 0.22 per cent) to close at 513,440.26. The Junior Market Index declined by 42.90 points ( 1.23 per cent) to close at 3,448.34. The JSE USD Equities Index advanced by 4.82 points ( 2.48 per cent) to close at 199.27. The JSE Financial Index declined by 0.46 points ( 0.33 per cent) to close at 140.14.

Overall Market activity resulted from trading in 66 stocks of which 29 advanced, 28 declined and 9 traded firm.

Market volume amounted to 41,961,409 units valued at over $808,087,319.06. Wigton Windfarm was the volume leader with 20,412,399 units (48.65per cent) followed by Caribbean Cement. with 5,007,970 units (11.93per cent) and Sagicor Select Fund with 4,469,207 units (10.65per cent).

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