JSE Group leads the market, on track for tenfold increase
The stock price of the Jamaica Stock Exchange Group (JSEG) increased nearly tenfold since January to top gains on the local stock market, which it oversees.
The JSEG increased from $1.57 to $15.50 year to date, which represents a gain of 887 per cent as it continues to benefit from record activity on the Jamaica Stock Exchange (JSE).
The JSEG earned $139.5 million in profit over nine-months, ending September, or 17.6 times the $7.9 million earned a year ago.
"The improvement in business and consumer confidence has translated to positive performance of listed companies and, by extension, advances in all the JSE market indices. The outlook for the remainder of the year is positive," said the JSEG in its latest financials signed by Deputy Chairman Ian McNaughton and audit committee chairman, Jane George.
On December 4, the JSE Main Index recorded an all-time high of 142,413 points.
Some stocks are in the midst of takeover and ownership changes including Desnoes & Geddes (D&G), which is to be delisted, LIME, Gleaner, Radio Jamaica, and Hardware & Lumber.
In fact, 23 stocks on the exchange more than doubled in value since January, according to the latest monthly data released by the JSE. The other top-gaining stocks between January and November 28 are - Caribbean Cement up 690 per cent; D&G up 506 per cent; Caribbean Cream up 489 per cent; Pulse Investments up 471 per cent; Radio Jamaica up 352 per cent; Honey Bun up 230 per cent; Paramount Trading up 228 per cent; LIME up 225 per cent; Lasco Manufacturing up 223 per cent; AMG Packaging up 216 per cent; Mayberry Investments up 207 per cent; Lasco Financial Services up 197 per cent; Lasco Distributors up 178 per cent; Supreme Ventures up 139.5 per cent; Gleaner Company up 128 per cent; and Cargo Handlers up 125 per cent.
The main index increased 83 per cent in the same period, with 28 stocks advancing and four declining. The junior market index increased 138 per cent year to date with 21 advancing and two declining.