The JSE bull run continues
WHEN it comes to speed, the Pamplona bull run in Spain has nothing on the current bull run in the Jamaican stock market. Stock prices increased so rapidly on the Jamaica Stock Exchange (JSE) that over 20 stocks more than doubled in value since January making it soar to record levels, according to data released Monday by the JSE.
Two of those top stocks increased six times in value for the year to date. Specifically, Caribbean Cement Company (CCC) gained 636 per cent year to date followed by the JSE Group up 600 per cent.
It’s rare for stocks to rise this much, and signals a bull market. In fact, the JSE indicated in mid-October that the market is hovering at levels not seen in “ten years!!!”
A number of stocks are involved in takeover bids or ownership changes, including Desnoes & Geddes (D&G), LIME, Gleaner and Radio Jamaica, and Hardware & Lumber.
Other stocks which have more than doubled in price include D&G up 506 per cent, Caribbean Cream Ltd up 353 per cent, Radio Jamaica up 255 per cent, Lasco Manufacturing Ltd up 202 per cent, Honey Bun Ltd up 192 per cent, Paramount Trading Ltd up 171 per cent, Mayberry Investments Ltd up 166 per cent, LIME up 165 per cent, Lasco Financial Ltd up 153 per cent, AMG Packaging Ltd up 153 per cent, Consolidated Bakeries up 140 per cent, Pulse Investments up 140 per cent, Gleaner Company up 126 per cent, Lasco Distributors up 121 per cent, Hardware & Lumber Ltd up 113 per cent, Supreme Ventures Ltd up 110 per cent, Cargo Handlers Ltd up 106 per cent, and Blue Power Group up 103 per cent.
“If the economy continues to improve and business and consumer confidence continue to rise, it is likely that there may be a positive outlook for the performance of listed companies and by extension the stock market going forward,” stated the JSE in its latest quarterly statement on the market.
The main index increased 72 per cent over the 10 months of the year with 27 stocks advancing and five declining. The junior market index increased 92 per cent year to date with 19 advancing, two declining and two holding firm. The JSE Group posted huge profits for its March quarter 2015 amid the market trending towards record levels.
On October 16th the JSE Main Index recorded an All Time High of 120,592.56 points . The JSE Combined Index and the JSE Select Index also recorded All Time Highs of 125,132.75 points and 4,024.14 points respectively on that day.
