Durrant Pate/Contributor

Jamaica’s stock market put in another lacklustre performance last week with seven of the nine indices declining. 

The JSE junior market and select indices were the main decliners, falling 2.82 per cent and 2.72 per cent, respectively. The fall-off in the junior market index was due to 10.84 per cent and 15.41 per cent in the share price of FosRich and Spur Tree Spices. 

While there no were news to directly support these declines, FosRich acquired a hardware business in Montego Bay for J$1 billion signalling the company’s intention to broaden its retail channel and also improve its top and bottom line growth. 

The appreciation in the JSE Select Index was impacted by a 6.33 per cent fall-off in Carreras Limited’s share and a 1.52 per cent decline in the share price of the heaviest-weighted stock in the index, NCB. 

The JSE Cross-Listed Index (+0.53 per cent) and the Financial Index (+0.34) were the only indices to record gains. 

The marginal increase in both indices was primarily driven by the 2.01% increase in the share price of Guardian Holding Limited (GHL), as the company announced a dividend payment of TT$0.53 per share for shareholders on record on April 17.

The upward trend in the JSE Financial Index was also underpinned by a 3.6 per cent increase in the share price of Sagicor Group Jamaica. Similar to GHL, Sagicor’s dividend declaration of $0.96, which likely drove the increase in the share price. The record date for shareholders to be eligible for this dividend payment is April 15.