Friday 3 April, 2020

TransJamaican Highway to list today

Stock image shows the Portmore leg of the TransJamaican Highway.

Stock image shows the Portmore leg of the TransJamaican Highway.

TransJamaican Highway will list today (March 24) on a declining Jamaica Stock Exchange.

The stock will hit the ground at $1.41 or equivalent US$0.01 and investors will see if it can rise above its listing price.

The Jamaica Stock Exchange confirmed Tuesday's listing date via Twitter on Monday evening.  

That tweet generated numerous comments which questioned the timing of the listing in a market down more than 26 per cent in March alone.

Neither the lead broker NCB Capital Markets nor investment analysts weighed in on the JSE tweet. However, regular followers made their assessments known.

“Suicide,” tweeted Jeremy Decentralized.

“Why not hold off on the listing,” tweeted Lynxx

“I seriously hope people don’t start selling,” tweeted Jack Daniel’s Jinchuriki

The National Road Operating and Constructing Company Limited (“NROCC”), put up for sale 8 billion shares or a 64 per cent ownership Transjamaican Highway Limited to raise $11.2 billion from the base offer. 

The offer opened on from February 17 and closed on March 9, 2020.

Meanwhile, on Monday, the JSE Combined Index declined by 9,783.78 points (2.71 per cent) to close at 351,401.73.  The Junior Market Index advanced by 14.19 points (0.66 per cent) to close at 2,153.66. The JSE USD Equities Index declined by 4.93 points (2.41 per cent) to close at 199.95.

Overall Market activity resulted from trading in 81 stocks of which 26 advanced, 49 declined and 6 traded firm.
Market volume amounted to 29,300,910 units valued at over $353.4 million.

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