The influential US business magazine, Bloomberg News, is reporting that the Jamaica Stock Exchange, JSE surged 90-percent in 2015 making it the number one performing index in the world.
Bloomberg says the performance is worthy of note, given that the JSE lost 5-percent in 2014 and 13-percent in 2013.
It says that in 2015, the JSE had a market capitalization of more than USD$5-billion.
Bloomberg quotes a Vice President of investor relations at Bank of New York Mellon, Carl Bennett, who says he’s been impressed by what the Jamaican government has done to attract capital to the stock market.
Bennett says capital has been drawn to Jamaica by measures aimed at thwarting insider trading and market manipulation.
Bloomberg says 29 of the 57 companies which traded on the main and junior markets in Jamaica saw an increase in profits after tax of 10-percent or more.
Eight of those companies saw profits spike by more than 1-hundred percent.
It says strong earnings reports helped boost the shares of companies like Caribbean Cement, which it says reported a 969-percent increase in profits.
Bloomberg says approximately USD$700,000 per day in securities were traded in the first 11 months of the year, according to figures from the JSE.
It notes that the volume of trading between January and November this year, was 40-percent higher than the comparable period last year.
Bloomberg notes the Jamaica Stock Exchange this year launched the Caribbean’s first online trading platform, seeking to tap Jamaicans living in North America and the United Kingdom.
It notes that online trading represents less than 10-percent of inflows into the main and junior indices.
Bloomberg says Jamaica is slowly emerging from recession, even as it struggles with one of the world’s highest debt burdens.