May 8, 2009 0
Yesterday’s Major Stock Market Moves
In Jamaica Stock Exchange activity yesterday (May 7, 2009), here were the major movers:
Seprod Group of Companies Ltd. ended up 5% (closing price – $14.50). Good results are seldom delayed; as such, Seprod impressed with theirs which was released earlier this week. For the first quarter of operations, gross profit of J$695M (growth of 31%) resulted from revenues of J$2.483B (up 24%). The real extraordinary boost to profitability came in finance and other operating income, which was buoyed by foreign exchange gains, and amounted to J$313M, an increase of 243%.
Supreme Ventures Ltd. ended down 5% (closing price – $2.20). The just concluded budget debate has brought and popularized two terms in the national psyche – rolled oats and sin taxes. While a definition of the former will hereby be deferred, sin taxes relate to taxes levied by the state on goods and services that are regarded as vices. These are mainly alcohol, tobacco and gambling. It appears though that Supreme Ventures has escaped additional burden this year.