Double-digit losses on the stock market in July

Observer writer

Friday, August 17, 2018

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While the general trajectory of the stock market is up, the fact is that stocks move in both directions and trading in July demonstrated that clearly.

The big losers on the Main Market were Ciboney, having sold off the property it owned and paid out most of the proceeds as a dividend, which is down 68 per cent; 138 Student Living fell 35 per cent; Kingston Properties declined 31 per cent; Wisynco Group dipped 24 per cent; Portland JSX fell, 20 per cent. In the Junior Market, GWEST Corporation was down 36 per cent, AMG Packaging 33 per cent, tTech 23 per cent, Knutsford Express 23 per cent, and Eppley 17 per cent.

According to the month-end trading report provided by the Jamaica Stock Exchange and on, “Investors shunned Junior Market stocks in 2018 for the older, more established Main Market stocks. At least that is what the data from the exchange is showing. According to the Jamaica Stock Exchange report of trading to the end of July, volume and value on the Main Market is up while that on the Junior Market is well down on 2017 figures, even as the gains in the overall market shows juniors up 14 per cent for the year to the end of July and nine per cent for the main market. Junior Market volume is down year to July by a stunning 69 per cent to 571 million units, while the value fell 64 per cent to $2.69 billion, less than half of the $6.6 billion traded for all of 2017. In contrast Main Market stocks traded 1.57 billion units, up 28.5 per cent over 2017, for a total value of $32 billion, a strong 79.4 per cent increase over 2017 and just shy of the $35.7 million traded for all of 2017.”

Despite the sobering hits that some investors took, there were strong winners. Pulse Investments was up 67 per cent, Kingston Wharves, 60 per cent; Jamaica Broilers, 45 per cent; and Salada Foods, 41 per cent, as investors responded to improved profit.

In the Junior Market, C2W Music and Derrimon Trading beat all others by huge margins, rising 233 per cent after it announced a 10 to 1 stock split and 197 per cent respectively. Express Catering climbed 86 per cent, Stationery and Office Supplies was up 65 per cent and CAC 2000 up 51 per cent.

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