Caribbean stock market weekly report

Despite a strong performance on the Junior markets, Caribbean stocks ended the week of August 29 to September 2 lower, on the back of losses in the insurance and investments, conglomerate and tourism and real estate sectors.

For the week, 27,669,102 shares valued at US$10,239,162, crossed the floors of the six stock exchanges across Caricom, with 43 stocks advancing, 39 declining and 43 remaining unchanged. Angostura Holdings was the volume leader with 6,776,168 shares being traded.

Cable and Wireless Jamaica posted the largest gain for the week (12.9 per cent), while on the losing end, Jamaica Producers fell 25.90 per cent. For the week, 14 of the CSX 30 stocks advanced, 11 declined and five were unchanged. The CSX 30 lost 2.10 points to close the week at 1,264.91, up 11.68 per cent year to date.

On the junior market, seven stocks advanced and six declined as the CJSX gained 27.35 points to close the week at 1,464.0, up 25.21 per cent year to date. While there were gains for Cargo Handlers (6.71 per cent), Lasco Manufacturing (5.14 per cent), Dolphin Cove (4.46 per cent) and AMG Packaging (3.19 per cent), there were losses for Honey Bun (5.98 per cent), Lasco Financial (4.06 per cent), Access Financial (1.87 per cent) and Lasco Distributors (1.11 per cent).

SECTOR ANALYSIS

The CRDX advanced 1.7 per cent as four retail and distribution stocks advanced, two declined and four were unchanged. The group was led by a 2.31 per cent gain on the shares of Carreras Limited. All other sector indices were in negative territory for the week.

The CIIX fell 1.29 per cent as one insurance and investments stock advanced, 10 declined and six were unchanged.

While there was a 2.5 per cent gain for National Enterprises Limited, there were losses for Pulse Investments (13.27 per cent), Scotia Investments (8.13 per cent), Guardian Holdings (7.3 per cent), Eastern Caribbean Financial Holdings (2.65 per cent), Sagicor Life Jamaica (2.17 per cent) and Mayberry Investments (1.23 per cent).

The CCSX fell 1.06 per cent as one conglomerate stock advanced, four declined and five were unchanged. The group was pulled down by a 24.39 per cent loss on shares of Jamaica Producers and a 6.03 per cent loss on Neal & Massy.

The CTRX fell 0.90 per cent as one tourism and real estate stock advanced, four declined and three were unchanged. The decline in the index was largely due to a 7.08 per cent decline in the shares of Montego Freeport.

The other sector indices were essentially flat for the week. Table 2 provides a summary of the sector indices, followed by details on the performance of the stocks in each sector quoted in US dollars.

Prepared by the Department of Management Studies, UWI Cave Hill. justin.robinson@cavehill.uwi.edu