The Jamaica Stock Exchange (JSE) advanced on Wednesday despite heavy falls for individual stocks, and the US rating downgrade.
Three stocks lost more than 15 per cent of value including Palace down to $2.03, ISP Finance down to $20.48, and Paramount Trading down to $1.62. Also, JMMB 5.5 per cent Preference shares dipped 14 per cent to $1.98, and Elite Diagnostic closed 13 per cent lower to $1.73.
On the winning side, Proven gained 14 per cent to US$0.148, Portland JSX up 14 per cent to $10.80, Guardian Holding up 11 per cent to $438, CAC2000 up 10 per cent to $5.61, and JMMB 7.0 preference shares up 10 per cent to $2.13.
It was the first trading day since the US downgrade, where rating agency Fitch lowered US long-term debt from triple-A to double A. Fitch raised concerns about US ballooning debt levels.
The overall JSE market activity resulted in trading in 109 stocks of which 43 advanced, 54 declined and 12 traded firm.
The JSE Combined Index advanced by 2,060.70 points (0.60 per cent) to close at 342,685.61 points and the volume traded amounted to 20,548,501 valued at $80,896,790.06.
The JSE Main Index advanced by 2,654.62 points (0.81 per cent) to close at 329,060.01 points and the volume traded amounted to 14,111,309 valued at $64,741,889.15.
The Junior Market Index declined by 45.48 points (1.15 per cent) to close at 3,894.52 points and the volume traded amounted to 6,437,192 valued at $16,154,900.91.
The day’s volume leader was Sagicor Select Funds, Wigton Windfarm, and Transjamaican Highway
