The Jamaican Stock Exchange Main Market gained more than 11% during the first half of 2026—but most listed stocks are still down. So, is this really a market recovery?
After years of disappointing returns, investor sentiment is finally showing signs of improvement.
Interest rates on fixed-income and money-market investments have declined, making some investors more willing to accept the greater risk associated with stocks.
Confidence in Jamaica’s economic outlook has also improved.
But Sagicor Business Development Advisor Monique Wilson says the market’s headline performance is being driven by a relatively small group of companies.
We’re still in a bearish market, but with some bullish plays. Right? So, the market, for the most part, is still a little bit bearish. However, that is not to discredit the positive reaction that we’re seeing to equity, because what we’re seeing is increased momentum. But as at this time, the vast majority of growth is coming from certain stocks.”
Her description is important: Jamaica remains in a largely bearish market—but with some bullish plays.
Scotia Group Jamaica’s proposed departure from the stock exchange may be contributing to those plays.
Many Scotia shareholders owned the stock for its dividends. Investors expecting to receive J$61.50 per share from the proposed buyout are now searching for alternatives.
That may be directing money toward dividend-paying companies such as Carreras and TransJamaican Highway. Expectations that NCB Financial Group could eventually restore more substantial dividends may also be supporting its share price.
“What is happening is that investors—especially large value investors, investors holding large volumes—they are trying to find replacement stocks. So, you would notice that a company like Carreras, for example, would have seen a significant increase. And not all of these players are waiting on the voting to be made—the decision to be made.”
This matters because an index can rise sharply even while most individual stocks struggle—especially when a few large companies carry significant weight.
The improving sentiment is encouraging, but a genuine recovery would require broader participation: more companies producing stronger earnings, attracting buyers and sustaining price gains.
And that’s The Bottom Line.
Do you think the JSE is finally recovering—or is this another temporary rally?
