Sunday 20 September, 2020

Preference shares led gains during Friday’s trading

Preference shares hardly trade on the Jamaica Stock Exchange (JSE), so when preference shares led movements within an otherwise thinly traded market on Friday it signalled that investors are largely holding-off from making heavy investments in equities during the economic downturn.

The volume on the preference shares were thin, but so too was the total market volume of $52 million on Friday.

JMMB Preference shares and Portland JSX led gains during Friday's trading session on the JSE.

JMMB Preference shares gained 28 per cent on the day to close at $0.88 while Portland gained 21 per cent to close at $8.50.

The top declining stock was Derrimon Trading preference shares, down 17 per cent to $1.90. It was followed by AMG Packaging down 11 per cent to $1.90. Salada Foods also dipped 11 per cent to $25.00.

The JSE Combined Index advanced by 1,033.54 points (0.28 per cent) to close at 365,208.18.

The JSE Index advanced by 909.86 points (0.25 per cent) to close at 367,526.77; the JSE All Jamaican Composite Index advanced by 1,015.97 points (0.25 per cent) to close at 402,637.72 and the JSE Financial Index advanced by 0.84 points (0.87 per cent) to close at 97.14.

The JSE Manufacturing & Distribution Index declined by 0.25 points (0.33 per cent) to close at 74.61.

Overall Market activity resulted from trading in 43 stocks of which 18 advanced, 19 declined and 6 traded firm.

Market volume amounted to 25.6 million units valued at over $51.7 million. Wigton Windfarm was the volume leader with 22,054,301 units (86.13 per cent) followed by Transjamaican Highway with 1,581,282 units (6.18 per cent) and Sagicor Select Financial 512,447 units (2.00 per cent).

The Planning Institute of Jamaica estimated an 18 per cent contraction for the economy between April to June 2020 attributable to the fallout from the pandemic.

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