Caribbean Weekly Stock Report - March 5-9, 2012

Caribbean stocks were mixed for the week with a rebound in blue chip stocks, continued weakness among financial stocks and the continuation of a major correction in junior market stocks.

For the week, 26,848,806 shares valued at US$10,209,429 crossed the floors of the six stock exchanges across Caricom, with 27 stocks advancing, 47 declining and 50 remaining unchanged.

Desnoes & Geddes was the volume leader with 7,057,628 shares being traded. Access Financial Services posted the largest gain for the week (10.82%), while on the losing end, Kingston Wharves fell 12.75%.

Table 1 provides a summary of the broad market indices for the week as well as some international reference points, while table 2 provides a summary of the sector indices across the Caribbean.

Table 1: Broad Market Indices March 5-9

Table 2: Sector Indices March 5-9

For the week, 14 of the CSX 30 stocks advanced, nine declined and seven were unchanged. The CSX 30 gained 0.21 points to close the week at 1,292.17, down 1.74% year to date.

There were gains for Mayberry Investments (7.00%), Scotia Group Jamaica (3.72%), Sagicor (3.58%), NCB Jamaica (3.53%), Caribbean Cement (3.26%), Guardian Holdings (2.91%), West

Indies Tobacco (2.28%), JMMB (2.03%), GraceKennedy (1.60%), Ansa McAl (1.35%), Neal and Massy (1.08%) and Scotiabank TT (1.06%).

On the losing end Lascelles fell (10.79%), Cable and Wireless Jamaica (10.37%), Gleaner (3.96%) and Banks DIH (2.46%).

On the junior market, one stock advanced, nine declined and two were unchanged. The CJSX lost 60.22 points points to close the week at 1,526.19, down 16.00% year to date. While Access Financial recorded a gain of 10.82%, the majority of Junior Market stocks were in the red.

There were losses for Honey Bun (10.07%), Lasco Financial (7.75%), AMG Packaging (6.85%), Lasco Distributors (4.54%), General Accident and Insurance (3.96%), Lasco Manufacturing (3.82%), Jamaica Teas (3.08%) and Caribbean Producers (2.96%).

There were gains for Access Financial (10.55%) and HoneyBun (2.32%). However, the group was dragged down by losses for Caribbean Producers (7.59%), Lasco Manufacturing (5.69%), Lasco Distributors (5.51%), AMG Packaging (3.87%), Lasco Financial (3.53%) and General Accident (1.18%).

Stocks On The Move

Tables three and four provide some widely used financial metrics on the biggest movers for the week. Readers should note that prices are in US dollars.

Table 3: Advancing Stocks: March 5 - 9

Table 4: Declining Stocks: March 5-9

Prepared by the Department of Management Studies, UWI Cave Hill, Barbados.

Justin.Robinson@uwi.cavehill.edu