Caribbean stock-market weekly report

For the week ended April 8, 2011, 25,783,970 shares, valued at $23,833,854 crossed the floors of the six stock exchanges across Caricom, with 32 stocks advancing, 17 declining and 72 remaining unchanged.

The Gleaner was the volume leader with 7,177,882 shares being traded, Dominica Electricity Services posted the largest gain of 33.3 per cent for the week, while on the losing end, One Caribbean Media fell 11.3 per cent.

For the week, 13 of the CSX 30 stocks advanced, eight declined and nine were unchanged. The CSX 30 gained 13.08 points to close the week at 1,164.1, up 2.94 per cent year to date. On the junior market, two stocks advanced, two declined and six were unchanged.

The CJSX advanced 22.15 points to close the week at 1,077.4, down 5.77 per cent for the year. Table 1 provides a summary of the broad market indices for the week as well as some international reference points.

Sector Analysis

For the week, stocks in the insurance and investments sector and conglomerate stocks posted strong performances. Stocks in the insurance and investments sector continued their rally from last week with the CIIX advancing another 36.09 points.

The CIIX was boosted by Mayberry Investments which posted gains of 8.43 per cent; National Enterprises Limited up 7.15 per cent; Sagicor Life Jamaica up 4.46 per cent; Guardian Holdings (TTSE), gained 3.45 per cent; First Jamaica Investments up 2.67 per cent, Scotia Dehring Bunting up 1.53 per cent and JMMB gained 1.00 per cent. Eight stocks advanced, one declined and eight were unchanged.

Stocks in the conglomerate sector also had a good week with the CCSX advancing 15.01 points. Three stocks in the group advanced, one declined and six were unchanged. The CCSX was led by Jamaica Producers Group and Neal & Massey, which posted gains of 2.38 per cent and 2.31 per cent respectively.

Manufacturing, retail and distribution and the banking sector also enjoyed modest gains. Eight manufacturing stocks advanced, five declined and 17 were unchanged. The group was led by Flavourite Foods which posted gains of 14.73 per cent, Desnoes and Geddes up 5.87 per cent, Demerara Tobacco up 4.47 per cent, Jamaica Broilers gained 2.96 per cent and Unilever 2.04 per cent. Caribbean Cement posted a loss of 6.81 per cent, Salada foods down 5.26 per cent, Demerara Distillers lost 4.50 per cent and Banks DIH posted a loss of 3.33 per cent.

The net effect was that the CMSX advanced 4.49 points for the week. In the retail and distribution sector, two stocks advanced, one declined and seven were unchanged. The CRDX advanced 3.81 points and was led by St Kitts & Nevis which posted a 7.09 per cent gain, while SL Horsford fell 2.50 per cent. In the banking sector, six stocks advanced, four declined and 12 were unchanged as the CBSX advanced 1.64 points. The group was led by National Commercial Bank of Jamaica which gained 3.99 per cent, Bank of Bahamas gained 3.92 per cent and Citizens Bank 1.10 per cent.

The communications and utilities group posted the largest decline for the week with the CCUX declining 11.88 points to close the week at 1,128.7. While Dominica Electricity Services gained 33.33 per cent and The Gleaner posted a gain of 1.93 per cent, the group was dragged down by losses in One Caribbean Media down -11.33 per cent, Radio Jamaica down -4.18 per cent and Consolidated Water -2.33 per cent. For the week, four stocks advanced, four declined and six were unchanged. The tourism and real-estate group was again essentially flat for the week. Stocks in this group seem to be especially thinly traded.

Stocks On The Move

Tables three and four provide some widely used financial metrics on the biggest movers for the week. The 10 biggest gainers and losers for the week are highlighted. Prices are in US dollars.