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Bloomberg Magazine lauds Jamaica’s Stock Market performance
Bloomberg Business, one of the leading financial news sources, has lauded the 80% surge of the Jamaican stock market in 2015 despite the less than stellar performance on returns of some of the world’s best known indexes.
According to Bloomberg, despite Jamaica’s fractional market capitalization ($5.3 billion) when compared to the Dow ($5.23 trillion), the country is on the “fringe of frontier status”.
With forecasts of economic growth pointing to further acceleration, Jamaica is “slowly emerging from recession while struggling with one of the world’s highest debt burdens”.
Twenty-nine of the 57 stocks traded on the main and junior markets in Jamaica saw year-over-year post-tax profits rise 10 percent or more. Eight of those saw profits spike more than 100 percent, led by the Jamaica Stock Exchange Group’s 1,658 percent growth for a $1.2 million profit for the 12 months that ended in September.
According to Business Development Manager at Barita Investments Limited, Sean Taylor, a number of stocks are still trading at attractive levels with trading ratios of 6-8 times price to earnings and close to half of their book value, creating a potentially good entry point in the long-term. He says “the over $60 billion liquidity expected to hit the market next year, along with the proposition from the Finance Minister to utilise the exchange to divest state-owned enterprises, all bode well for the local equities market going into 2016 “.
Jamaica’s Stock Exchange Performance as tracked by Bloomberg
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