The value of all shares on the Jamaica Stock Exchange (JSE) closed 2025 at US$1.98 trillion in market capitalisation, some 5.0 per cent lower than the previous year, as all three major indices registered declines.
Investors grappled with relatively high interest rates, economic uncertainties, and the disruptions caused by Hurricane Melissa. Although several listed entities reported improved financial performance, the market slipped below the US$2.1-trillion mark recorded in 2024.
“The anticipated bull run” did not materialise, according to wealth manager NCB Capital Markets in a notice to its clients this week. The firm part of NCB Financial Group noted that momentum was hampered by “negative corporate news, a rise in USA trade protectionism” and, in the final quarter, “the havoc wreaked” by the hurricane.
The main market fell 5.3 per cent to 317,986.8 points, the junior market declined 8.93 per cent to 3,401.4 points, and the US-dollar market dropped 15.77 per cent to 212.16 points. “The downturn was widespread, affecting six of the eight sectors tracked by NCB Capital Markets,” the wealth manager stated.
MAIN MARKET
Despite the overall decline, several stocks delivered standout gains. West Indies Petroleum surged 160 per cent in its first week of trading after listing in late December, continuing into January to surpass $3.30, a sixfold rise from its US$0.50 listing price, albeit on thin volumes. Eppley Caribbean Property Fund SCC advanced 60.69 per cent to $46.76, Carreras Limited rose 38.77 per cent to $18.11, and Sygnus Real Estate Finance Limited climbed 21.20 per cent to $11.89. Caribbean Cement Company Limited also posted strong gains of 20.38 per cent, closing at $101.73.
On the declining side, Jamaica Broilers Group Limited suffered the steepest fall, plunging 52.1 per cent to $17.20. The drop was tied to the accounting scandal at its US operations, which led to losses and the resignation of Stephen Levy, son of the chairman. Other major decliners included Tropical Battery Company Limited, down 36.65 per cent to $1.59; MPC Caribbean Clean Energy Limited, down 32.86 per cent to $47.00; and 138 Student Living Jamaica Limited, down 30.39 per cent to $3.00.
JUNIOR MARKET
The junior market also produced mixed results. Kintyre Holdings (JA) Limited gained 85.37 per cent to $0.76, rebounding from $0.27 at the start of December. This resulted in a 185 per cent monthly gain, following outsized profit reported from its digital advertising subsidiary, Visual Vibes. Cargo Handlers Limited rose 72.6 per cent to $17.41. Decliners included ISP Finance Services Limited, which fell 51.19 per cent to $11.47, and R.A. Williams Distributors Limited, down 50.67 per cent to $0.37.
Looking ahead to 2026, analysts expect stocks tied to hurricane recovery and government-led reconstruction to benefit, though these opportunities will unfold against the backdrop of an anticipated recession. NCB Capital advised that “a portfolio strategy geared towards resilience and capturing post-Melissa investment opportunities may be warranted”. The entity recommended investors rebalance toward high-quality, dividend-paying stocks with reliable cash flows, while also considering fixed-income instruments as a hedge against risk.
The Bank of Jamaica (BOJ) maintained its policy rate at 5.75 per cent in 2025, down from its recent 7.0 per cent peak. Inflation remained largely contained within the BOJ’s target range. Melissa’s passage over sections of the island in late October will result in higher inflation, the BOJ indicated.
The JSE, which topped global exchanges twice in the last decade, has struggled since the 2020 COVID-19 pandemic, in part due to elevated interest rates to stem inflation. Over the past decade, the JSE outperformed the US Nasdaq in half of the years, despite the Nasdaq’s holding global technology and growth stocks.
Trading volumes in 2025 reflected mixed patterns. Ordinary transactions totalled 245,575, a 17.9 per cent increase over 2024. However, the total value of trades declined 11 per cent to $60.6 billion, suggesting that while more trades occurred, they were of lower average value.
