Last week's activities on the Jamaica Stock Exchange reversed that of the previous week, with all three indices pointing north. The JSE index advanced by 256.52 (0.76 per cent) to 33,619.74 points, the All Jamaica Composite by 481.45 (1.52 per cent) to 32,100.20 points and the JSE Select Index by 17.59 (1.78 per cent) to 1,001.91 points. This was mainly attributed to increase in the price of NCB, which came on the heels of news surrounding the sale of FINSAC's 76 per cent stake in the company. If the sale is signed off at the much talked about price of US$100 million, then it could mean that the stock is currently undervalued in the market.
Twenty-five stocks traded with advancers edging out decliners by 11 to eight, while six traded firm. This resulted in an increase in market capitalisation by approximately $1.67 billion to over $219.59 billion. Total volume crossing the floor amounted to 9,214,145 units, valued at $38,461,097.37. Life of Jamaica was the volume leader with 2,173,954 units or 23.59 per cent, followed by Jamaica Broilers with 1,690,826 units or 18.35 per cent and NCB with 985,962 units or 10.70 per cent.
Contributed by Angella Aitken of the Research Department of Alliance Investment Management Limited.
