So, the Jamaica Stock Exchange came out swinging in 2026, with the combined index up eight percent for January.  But what’s driving the growth and is it sustainable?

It’s the JSE’s best start to a year since 2017. And a big chunk of that performance can be traced back to one stock, West Indies Petroleum Terminal.

The stock listed at 50 cents in December and traded as high as $12 in January, before falling back into the $10 range in early February.

 Corporate Manager at JMMB, Leo Dillon explained that because of how the JSE is structured, larger companies have a much bigger influence on how the index moves. 

When a company with a massive market value rises or falls, it can pull the entire market with it, regardless of how most other stocks are performing.

That’s exactly what’s happening with WIPT.

The stock’s surge pushed its market cap to over $110 billion in January alone. That jump catapulted WIPT into the ranks of the JSE’s biggest companies.  It now sits just behind heavyweights like NCB, Scotia and Massy. Now, every move in WIP’s share price has an outsized influence on the overall index.

Dillon explained that if WIP were removed from the equation, the market would still be up for January, but not by nearly as much. The market was up about $150 billion for January and $110 billion of that came from WIPT.

BUT! WIP’s size now poses a potential risk to the market. If the stock were to decline materially, it could just as easily drag the entire index down.

So can the JSE keep it up for the rest of 2026? The upcoming corporate earnings season will be another test. Several companies have already reported softer profits, partly due to Hurricane Melissa’s impacts, and more results are expected in the coming weeks. Dillon said how investors react will be a key signal for the rest of the year.

And that’s the bottom line.