May 7, 2009 0
Yesterday’s Major Stock Market Moves
In Jamaica Stock Exchange activity yesterday (May 6, 2009), here were the major movers:
Pan Jamaican Investments Trust Ltd. ended up 6% (closing price – $28.50). The Government’s stated intention to relocated the offices of some ministries from the New Kingston area will at the very least affect Pan Jam by way of the basic tenets of demand and supply. Less demand with supply equals lower price (all other things being equal).
Jamaica Pegasus Ltd. ended down 7% (closing price – $12.51). The UDC’s apparent intention to sell its almost 60% stake may have distracted some investors from the release of their audited financial statements. Jamaica Pegasus’ net profits of J$55M is impressive or important in the context of determining a sale price. The shareholders equity of $3.860B would be more of a concern, bearing in mind that it takes into account land and building valuations which were done in March of this year.