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December 2nd, 2008
SCOTIA DBG STOCK MARKET SUMMARY FOR
December 2, 2008
JSE Index
84,886.34
-589.10
-0.69%
All Jamaican Composite Index
76,595.89
-1,091.74
-1.41%
Jamaica Select Index
2,171.75
-35.65
-1.71%
Volume: 2,480,908
Value (J$): $13.93M
Stock market movements and interest rates changes are directly related, although you may not always notice the relationship. The recent Bank of Jamaica (BOJ) hikes in Certificate of Deposit rates are proving this theory true. Since the announcement Monday, investors have been selling equities to take positions in theses shorter money market instruments. Yesterday we saw a small fall off which was carried forward into today’s trading. The market activity saw 22 stocks trading of which only 5 stocks advanced while 12 declined and 5 traded firm. The advancers were led by the Carlton Savannah REIT (CREIT), who realized a $0.60 gain in its price, thus climbing by 12.90% to close the day at $4.65. This was followed by Supreme Ventures Ltd. which increased by 12.73% or $0.35 to end the day at $2.75, while Scotia DBG Investments Ltd. (SDBG) appreciated by 7.50% to reach $20 after adding $1.50 to its previous day’s value. On the down side, Jamaica Broilers Ltd. (JBG) lost 14.80% to close the day at $3.31 after weakening by $0.49. To follow, Salada Foods ltd. (SALF) fell by $1.00 (11.11%) to close at $9, and thirdly Carreras Group (CAR) which fell by $4.00, or 8.70% to close at $46.00.
The overall market volumes traded for the day amounted to 2.48 million units with a market capitalization of $13.93 million. Supreme Ventures Ltd. (SVL) led the pack of the volume leaders with trades amounting to 850,000 units to account for 34.26% of volumes crossing the trading floor. Mayberry Investment Ltd. (MIL) trailed with 484,172 units or 19.52% of market volume, with the last spot being held by the Jamaica Broilers Group (JBG) which traded 273,450 units and accounted for 11.02% of the market’s activities.