Business Report: Jan 11, 2024

National Baking Company Invests $6.7 Billion in Innovation, JMMB Group Ltd. Issues 2016 Preference Share Advisory

In a groundbreaking move, the National Baking Company has committed a substantial $6.7 billion investment in innovation. The renowned JMMB Group Ltd. has concurrently issued a preference share advisory, affecting four distinct classes. Notably, the cumulative redeemable 7.50% variable rate JMD preference share class is extended to January 14, 2030, while the cumulative redeemable 6.00% USD preference shares follow suit.

Continental Baking Company’s Chairman & CEO, Gary “Butch” Hendrickson, Spearheads Innovation

Gary “Butch” Hendrickson, Chairman & CEO of Continental Baking Company Ltd., expressed enthusiasm for the project during its official announcement. The multi-billion dollar investment aims to establish a state-of-the-art facility, revolutionizing manufacturing and distribution through advanced digital technologies. Despite concerns about future labor implications due to increased automation, Hendrickson remains optimistic about the project’s completion in 2025.

Jamaican Entrepreneur Aldain Reid Receives Commonwealth Innovation Award 2023

Meanwhile, Jamaican tech entrepreneur Aldain Reid received the prestigious Commonwealth Innovation Award 2023 in Nairobi, Kenya. His first Alert Travel Safety App, a globally acclaimed emergency response service, won in the People category of the Commonwealth Secretary-General’s 2023 Innovation for Sustainable Development Awards. Reid’s success underscores Jamaica’s growing prowess in innovation on the global stage.

Market Update – JSE Main Market and Composite Index

In the financial realm, the JSE Main Market Index declined by 1,306.80 points or 0.41% to close at 319,222.85 points. Simultaneously, the JSE Composite Index saw a decrease of 1,252.29 points or 0.35% to close at 356,120.35. Noteworthy winners include Margaritaville (Turks) Limited and A.S. Bryden & Sons Holdings Limited, while losers include Jamaica Stock Exchange and Palace Amusement Co. Ltd.

Market Volume and Currency Trading Update

Market activity involved 57 stocks, with 21 advancing, 26 declining, and 10 trading firm. The volume leaders were Wigton Windfarm Limited Ordinary Shares, Transjamaican Highway Limited, and Radio Jamaica Limited. Overall market volume amounted to 16,799,684 units valued at over $37,893,948.17.