Marlene Street Forrest, managing director of the Jamaica Stock Exchange (File photo)

‘Economic conditions are still good’ — Street Forrest

Marlene Street Forrest, managing director of the Jamaica Stock Exchange (File photo)

Even with the outbreak of the novel coronavirus shocking global stock and commodities markets, Jamaica Stock Exchange (JSE) Managing Director Marlene Street Forrest believes that “economic conditions are still good”.

She yesterday made the pronouncement at the listing ceremony of Caribbean Assurance Brokers (CAB) at the JSE office in Kingston, Jamaica.

Chairman and CEO of Caribbean Assurance Brokers Limited Raymond Walker
(Photo contributed)

“I am very pleased that you could be here today to participate in the listing of Caribbean Assurance Brokers Ltd. Today, is extra special for us at the JSE, as this event represents the third security to be listed within the first three months of the year. However, this is more so special as it is the first security to be listed on the Junior Market since the start of the year,” Street Forrest said.

She added: “Let me also take this opportunity to encourage other brokers to find and encourage other companies to raise capital and list. ”

The listing of Caribbean Assurance Brokers increased the total number of securities on the JSE’s markets to 124. Of that number, 41 companies are now listed on the Junior Market and 88 companies combined trade on JSE’s platforms.

The JSE managing director recently stated that while some local companies are exposed to what is happening in international markets, considering they have holdings of securities from these regions, there might be some impact on local companies and the local stock market.

The office of Jamaica Stock Exchange on Harbour Street in dowtown Kingston, Jamaica.
(File photo)

She, however, cautioned that investors keep cool heads and remain analytic in their approach. In so doing, the degree of loss seen in some global markets should not occur here, Street Forrest reasoned.

Caribbean Assurance Brokers Limited listed 52.5 million ordinary shares at a price of JM$1.91 on the JSE’s Junior Market yesterday with the abbreviation CAB. This would give the insurance brokerage market capitalisation of approximately JM$100 million, with total shareholders of 3,245.

Caribbean Assurance Brokers’ initial public offer was oversubscribed by over 1,500 per cent.

Also speaking at the listing ceremony, Caribbean Assurance Brokers Chairman & CEO Raymond Walker stated, “We started the company by having innovative products for which we have the distribution rights not only in Jamaica but across the region. We also ensured that we had a relationship with our reinsurers, which most brokerages don’t have in starting. ”

He continued: “We are very happy to have had an oversubscription of our stock by investors. I now welcome all our new shareholders and we endeavour to create more value for them.”