Thu | Oct 22, 2020

Investors vote up some stocks on election day

Published:Friday | September 4, 2020 | 10:47 AMSteven Jackson - Senior Business Reporter

The Jamaica Stock Exchange, JSE, eked out trading gains on election day within the wider context of the stock market and real economy in decline, due to the contractionary effects of the COVID-19 pandemic.

It came amid news from the JSE after market close that it locked down its building for sanitising after a member of staff tested positive for COVID-19, and would reopen on Monday. Trading was not affected.

The JSE Combined Index inched up by half of one per cent amid voting during the general election. Volume was led by large-cap stocks on the main market, up 0.50 per cent; while the junior market also inched up by just about 0.13 per cent.

The combined index still trails by 27 per cent, year to date, which indicates that the market remains in bear territory. A bear market is characterised by declines of 20 per cent or more.

The voter turnout for the election appeared low, based on early reports, due to a myriad of factors led by the fear of infection by the coronavirus.