Big jump in JSE index

Berry

YESTERDAY THE Jamaica Stock Exchange recorded (JSE) its best trading day to date for the year so far.

The main index advanced 762.81 points to close at 33149.22. The JSE All Jamaican Composite Index advanced by 1,180.55 points to close at 33,454.36 points and the Jamaica Select Index advanced by 38.96 points to close at 1,087.11 points.

Overall market activity resulted from trading in 25 stocks of which 22 advanced and 3 traded firm

Market volume amounted to 9,907,005 units valued at over $44.24 million.

Cable & Wireless (JA) was the volume leader with 5,294,364 units (53.44 per cent) followed by Trafalgar Development Bank (TDB) with 732,864 units and Carib Cement with 635,000 units.

Gleaner was up 10 cents at $2.35, Lascelles also rose $2.51 to $47.51, DB &G was up 60 cents to $5.60 cents

A trader with Edward Gayle & Company, ,Atoi Samuels, speaking to Wednesday Business said: "At this point in time equities look positive. Volume has increased and fund managers have been making strategic purchases. There is renewed interest in the market. A lot of the stocks have been trading on the up side."

Equities manager at Sigma Unit Trust, Rez Burchenson said: "This activity is driven by falling interest rates and a more positive economic outlook. As it relates to currency, people don'texpect much depreciation. Inflows from the sale of JPSCo and Union Bank have also fostered confidence.

As the Trinidad & Tobago economy slows down we see its stock exchange with PE's of 15 per cent, while in Jamaica PE's are coming in at between 6 to 7 percent.

The time is right to get into equities. Chris Berry of Mayberry Investments said: " Liquidity and low interest rates are spurring activity on the JSE. Many shares can now be purchased relatively cheaply, this is the perfect environment for trading stocks."

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