KINGSTON, Jamaica — Sagicor Real Estate X Fund was the only one of the eight listed property-related stocks to finish higher in a holiday-shortened week, its shares rising 11.65 per cent from $8.50 to $9.49 between Friday, October 16 and Friday, October 23, according to the Jamaica Stock Exchange’s closing prices. Six of the eight ended lower, led by Kingston Properties, down 6.99 per cent, while the main JSE Index edged up 515.25 points, or 0.14 per cent, to 380,688.34.
Markets were closed on Monday, October 19 for National Heroes Day, leaving four trading sessions. Away from the exchange, the week’s main property-related news was a request by the National Water Commission for a 51 per cent increase in water and sewerage rates, a cost that would fall on landlords, hotels and households alike if approved.
The week at a glance
| Measure | Latest | What changed |
|---|---|---|
| Bank of Jamaica policy rate | 6.00% | Unchanged since the rise from 5.50% announced on 28 September |
| Annual inflation (September) | 8.6% | Above the 4% to 6% target |
| JSE Index, Friday 23 October | 380,688.34 | Up 515.25 points (0.14%) on the week |
| Next rate decision | 18 November | — |
The week on the market
The JSE Index fell 2,341.03 points, or 0.62 per cent, to 377,832.06 on Tuesday, October 20, ICInsider.com reported, then recovered 2,565.74 points on Wednesday and 1,660.35 points on Thursday before slipping 1,369.81 points on Friday. Wednesday’s Main Market volume of about 50.8 million shares overstates how busy the market was: 46.06 million of those shares, roughly 91 per cent, were in a single stock, QWI Investments. On Tuesday, 58.9 million Jamaican Teas shares changed hands on the Junior Market. The exchange recorded no block transactions during the week.
Sagicor Real Estate X Fund made its whole gain on Tuesday, rising 11.65 per cent to $9.49 on volume of just 370 units, and held that price for the rest of the week. That reversed almost exactly its 10.43 per cent fall of the previous Friday. Kingston Properties fell to $11.17, including a 4.04 per cent drop on Friday. First Rock Real Estate Investments swung sharply, falling 18.05 per cent to $7.31 on Thursday and recovering 15.18 per cent to $8.42 on Friday, to end the week 5.92 per cent lower. 138 Student Living dropped 16.62 per cent on Tuesday but regained most of that later in the week to close at $3.52, down 2.49 per cent. Berger Paints Jamaica lost 3.43 per cent to $5.35, Caribbean Cement eased 0.52 per cent to $113.71 and Eppley Caribbean Property Fund also finished lower. Sygnus Real Estate Financial ended unchanged at $7.90 after falling 5.06 per cent on Tuesday and recovering on Thursday. Many of these shares trade only a few hundred or a few thousand units a day, so small orders can move prices sharply.
| Company | Date | Close (J$) | Day’s change |
|---|---|---|---|
| Sagicor Real Estate X Fund | Fri 23 Oct | 9.49 | 0.00% |
| Sagicor Real Estate X Fund | Tue 20 Oct | 9.49 | ▲ 11.65% |
| Kingston Properties | Fri 23 Oct | 11.17 | ▼ 4.04% |
| First Rock Real Estate Investments | Fri 23 Oct | 8.42 | ▲ 15.18% |
| First Rock Real Estate Investments | Thu 22 Oct | 7.31 | ▼ 18.05% |
| Sygnus Real Estate Financial | Fri 23 Oct | 7.90 | 0.00% |
| Caribbean Cement | Fri 23 Oct | 113.71 | ▼ 0.02% |
| Berger Paints Jamaica | Fri 23 Oct | 5.35 | ▼ 6.96% |
| 138 Student Living | Fri 23 Oct | 3.52 | ▼ 0.28% |
| 138 Student Living | Tue 20 Oct | 3.01 | ▼ 16.62% |
Latest results at a glance
| Company | Period | Profit | A year earlier |
|---|---|---|---|
| Caribbean Cement | Quarter to June 2026 | J$2.7 billion | J$544 million |
| Sagicor Real Estate X Fund | Six months to June 2026 | J$568.0 million | J$882.7 million |
| 138 Student Living | Six months to March 2026 | J$213.4 million | J$159.4 million |
| Kingston Properties | Six months to June 2026 | US$1.47 million | US$1.64 million |
Builders: a quiet week before third-quarter results
Caribbean Cement made no major announcement during the week. It paid a final dividend of $2.0854 a share on October 15, according to its notice to the exchange. Its most recent accounts, for the quarter to June, showed profit of $2.7 billion against $544 million a year earlier, on revenue up 14.5 per cent to $9.31 billion, ICInsider.com reported. Results for the September quarter are due by mid-November.
Berger Paints Jamaica, which fell 6.96 per cent on Friday on volume of 4,162 units, made no financial announcement during the week. Its third-quarter results are also due by mid-November.
Landlords: water costs in focus
The National Water Commission has applied to the Office of Utilities Regulation for a 51 per cent tariff increase that could affect about 500,000 customers, the Jamaica Observer reported. Acting president Kevin Kerr told Parliament’s Public Accounts Committee that the increase was needed to bring revenues in line with rising energy and operating costs, and that the commission’s last increase was in 2019. The regulator will consult the public before making a decision. Hotel operators in Montego Bay and Negril told the Observer that water was already one of their largest costs, and the Jamaica Hotel and Tourist Association said it would seek consultation with the commission.
No company announcement was reported to explain the moves in Sagicor Real Estate X Fund or Kingston Properties. The Sagicor fund earned $568.0 million in the six months to June, down from $882.7 million a year earlier. Kingston Properties earned US$1.47 million over the same period, compared with US$1.64 million, on revenue that rose to US$3.79 million from US$3.10 million. Its final dividend of 0.1151 US cents a share is due to be paid on Thursday, October 29, according to its notice to the exchange.
138 Student Living, which runs halls of residence at the University of the West Indies, earned $213.4 million in the six months to March, up from $159.4 million. Neither it nor Eppley Caribbean Property Fund made a major announcement during the week. Both have financial years ending in September.
Developers and financiers: First Rock gives back ground
First Rock Real Estate Investments, which had risen strongly in each of the previous two weeks, fell back without any new announcement reported. Thursday’s 18.05 per cent fall came on volume of 2,300 shares and Friday’s recovery on just 108. The Gleaner reported in June that the company planned an additional public offer of shares to help fund property acquisitions.
Sygnus Real Estate Financial made no new announcement during the week. It advised the market on October 1 that Dr Ike Johnson will resign from its board on December 31 and step down from his executive roles at Sygnus Capital Group, according to a notice summarised by Mayberry Investments. He will remain a shareholder and director of Sygnus Capital Group.
What to watch
| When | What |
|---|---|
| 29 October | Kingston Properties dividend payment |
| By 14 November | Results for the quarter to September due from Caribbean Cement, Sagicor Real Estate X Fund, Kingston Properties, First Rock and Berger Paints Jamaica |
| 18 November | Next Bank of Jamaica policy rate decision |
| To be announced | Office of Utilities Regulation public consultation on the water tariff application |
The September-quarter results will be the first from these companies since the Bank of Jamaica raised its policy rate and inflation moved further above its target.
Property Stocks Weekly is published every Monday by Jamaica Homes News, tracking the listed companies that own, finance and build Jamaican property. Figures are taken from the Jamaica Stock Exchange, the Bank of Jamaica, company reports and news reports named in the text. This report is for information only and is not investment advice.
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