STRONG WEEK FOR QWI’S US STOCKS
It was a good week for QWI according to the weekly Net Asset Value (NAV) report submitted to Jamaica Stock Exchange (JSE). The stock saw increased investor confidence with 7.9 million shares trading for the week, up from 2.1 million the previous week and 3.9 million the week ending 14 August 2020. The price fluctuated between 77 cents and 90 cents and closed at 85 cents, 26 percent lower than the NAV.
The bulk of the increase came from realized and unrealized gains in the US and Jamaican markets. The Company’s performance benefitted from some major developments in the US market, that will result in three new entrants into the world renown stock market Dow Index as at 31 August. The announcement helped to drive the prices of two stocks owned by the Company higher.
One of the stocks that will entering into the DOW not only enjoyed a bounce from the announcement but surged sharply by 30 percent on Thursday, after the Company announced strong profits that beat the market’s expectation.
Notable US stocks that helped the Company’s performance are Apple, MasterCard, Netflix, Adobe and Facebook.