Group office of Lascelles deMercado and Company Limited, Dominica Drive, New Kingston. The conglomerate made $849 million profit in its first quarter to December 30, 2006 - File

Conglomerate stock Lascelles deMer-cado climbed to a new record high of $448.50 yesterday and led the market into positive territory, on continued speculation about a pending deal.

William McConnell, Lascelles' group managing director, two weeks ago denied that the conglomerate was selling all or part of its business, but the market continued to trade this week on whispers that takeover talks were progressing below the radar.

Having hit a high of $390, two weeks ago, the stock rode to $400 earlier this week and ended even higher at market close yesterday, when just under 1.02 million units traded.

The trades, which represented just over 1.0 per cent of Lascelles' 96 million issued shares, were valued at just under $434 million.

The new price pushes Lascelles's stock market value to $43 billion, but it still remains the sixth largest by market capitalisation.

Bigger movement

Scotia Group Limited, on expectations that the number one bank would be reporting higher profits at the weekend, saw four million units traded, to lead in volume of business done on trading platforms, valued at $86 million, while investors also chased food conglomerate GraceKennedy with traded shares valued at $55.38.

The market anticipation sent the main JSE Index to 100,075 points, a 255 point gain.

But the bigger movement was seen on the All Jamaican Composite Index, which gained 710.65 points to close at 98,838.67, while Jamaica Select Index also ended up 29.10 points to close at 2,715.56.

Overall volume trades amounted to 7,637,022 units, with a market value of $593.4 million.

Lascelles deMercado, which owns liquor company Wray & Nephew Limited, was rumoured two weeks ago to be in discussion with an overseas company, said to be interested in acquiring it. The market was also speculating on a possible 20 per cent sale of Wray & Nephew to lock in a partner, who would be exclusive dealer for Wray and Nephew brands.

But McConnell, in denying the speculation, told the Financial Gleaner that the company had been on forays in Brazil to seek a distributor and was looking to tie that deal to a wider move into the United States market.

business@gleanerjm.com