The Jamaican stock market saw more than two-thirds of listed securities drop in value as a combined $89.98 billion in value was erased across the entire market where there were a lot more losers than winners. However, some of the winners for investors during 2023 came from unexpected places along with investors seeing different listings in the year.

The Main Market had 19 winners with the largest gain coming from Ciboney Group Limited, which finally changed ownership during the year and grew 98 per cent to $1.11. TransJamaican Highway Limited’s (TJH’s) Jamaican dollar (JMD) ordinary shares finally exceeded its initial public offering price (IPO) of J$1.41/US$0.01 to close the year at $2.71, 94 per cent above 2022. The ordinary stock with the smallest recorded gain was Jamaica Producers Group Limited (JP) which had a 0.23 per cent uplift to $22.

However, the listed security which had the biggest gain in 2023 was Jamaica Public Service Company Limited’s 7 per cent preference shares (JPS7) which jumped 6,441 per cent from $0.64 to $41.86. Its intraday stock price peaked as high as $400 with its $399.69 closing price on March 27 seeing gains of 62,352 per cent at that point in time.

Thirty ordinary shares experienced a decline in 2023 with only eight not experiencing double digit losses during the year. This all translates to approximately 61 per cent of the Main Market declining in 2023. The last time there was such a significant downturn on the Main Market was in 2020 when the emergence of the COVID-19 pandemic resulted in 75 per cent of the ordinary shares declining.

First Rock Real Estate Investments Limited’s JMD shares were the biggest loser as they lost 46 per cent to end the year at $7.61. Palace Amusement (1921) Company Limited also had a 45 per cent downturn to $1.35, which was down from the 600:1 split adjusted price of $2.46. Eppley Limited had the smallest contraction of only two per cent to $37.67.

There were two new listings during the year which were A S Bryden & Sons Holdings Limited and Mayberry Group Limited which both ended the year up. General Accident Insurance Company Jamaica Limited migrated to the Main Market on September 29.

The Jamaica Stock Exchange (JSE) Index, which measures the performance of all the ordinary shares of companies on the Main Market, declined 8.49 per cent to 325,699.79 points and a market capitalisation of $1.68 trillion, which translated to $80.37 billion in lost value. There were 250 trading days in 2023 compared to 253 days in 2022.

Junior Market

ISP Finance Services Limited swung from being the worst performer in 2022 with a 54 per cent drop to the best performing stock in 2023 with a 65 per cent gain to $28.94. Main Event Entertainment Group Limited (MEEG) had the second largest gain in 2023 as it grew 55 per cent to $13.90, surpassing its pre-COVID highs. The Junior Market had 14 winners with the smallest gain being recorded by Jamaican Teas Limited which improved 0.39 per cent to $2.56. There were two new listings and a migration during the year which meant 48 companies were left on the market.

Thirty-one ordinary shares declined in 2023 with iCreate Limited having the sharpest drop across the entire JSE as it lost 71 per cent in value from $1.77 to $0.52. This decline was also marred by nearly two months of the stock being suspended from trading. Elite Diagnostic Limited had the second biggest loss of 48 per cent to $1.65. Caribbean Flavours & Fragrances Limited had the smallest decline of one per cent to $1.80.

The market decline also saw nine Junior Market companies trade below their listing price with GWEST Corporation Limited being the largest loser as its down 64.80 per cent from its IPO price of $2.50 to $0.88. One Great Studio Company Limited was marginally below its IPO price of $1 and closed the year at $0.97. Stationery and Office Supplies Limited (SOS) had a nine to one stock split which means it is not trading below its IPO price.

The Junior Market Index, which measures the performance of all the ordinary shares of companies on the Junior Market, declined 3.46 per cent to 3,848.33 points and a market capitalisation of $185.68 billion, which translated to $8.61 billion in lost value.

Lasco Manufacturing Limited (LASM) retook its top spot as the largest Junior Market company by market capitalisation with $18.56 billion and made up 9.99 per cent of the overall market. Lasco Distributors Limited also rose from sixth place to second place as its 46 per cent price jump to $3.77 left it with a market cap of $13.29 billion. Following two consecutive years of being the best performing Junior Market stock, FosRich fell from first to third in terms of Junior Market companies by market cap as its stock price dipped 36 per cent to $2.50, the sixth-worst in 2023. Fontana Limited, Future Energy Source Company Limited (FESCO), Derrimon Trading Company Limited, Dolphin Cove Limited, Access Financial Services Limited and Dolla Financial Services Limited were the other companies that made up the top ten largest firms.

USD Market

TJH’s United States dollar (USD) ordinary shares were the only ordinary shares which increased in 2023 as they rose 76 per cent from US$0.0096 to $0.0169. The other seven securities were all down with First Rock Real Estate’s USD shares down 43 per cent and MPC Caribbean Clean Energy Limited’s USD shares experiencing the smallest decline of seven per cent.

The USD Index declined 1.19 per cent to 231.19 points and a market capitalization of US$699.97 million, which translated to US$45.85 million in lost value.

Bond Market

The JSE Bond Market saw the delisting of Caribbean Producers Jamaica Limited and Access Financial Services Limited’s bonds which matured during the year. Mayberry Investments Limited’s four tranches of bonds which were listed on March 13 are the sole remaining securities on that market. Only the 10 per cent bond was up, the 9.25 per cent bond flat and the 11 and 12 per cent bonds down in 2023.