SpaceX IPO pulls Jamaican capital from local stocks as JSE circuit breakers fire 22 times

Jamaican investors pulled money out of the local equity market last week to join the SpaceX initial public offering, adding to sharp price swings on the Jamaica Stock Exchange, Christopher Thomas of Mayberry Investments has said.

Thomas told RJR News that the sell-off in Jamaican shares fed significant volatility on the exchange. Circuit breakers were triggered 22 times during the period, with most trading halts following 15 per cent drops in individual stocks. Under JSE rules, a security is suspended for one hour when its price rises or falls by 15 per cent.

Demand for the SpaceX listing stayed firm even though the company reported losses of US$4.9 billion last year and US$5 million in the first quarter of this year. Shares opened at US$135 and closed the week at US$165.65.

Mayberry Group paid J$1 billion for Equity Capital Management Limited's 20 per cent stake in Dollar Financial, giving it majority ownership. Premiere Private Equity, linked to First Rock chief executive Reid, holds the remaining 9 per cent.

Dollar Financial posted first-quarter 2026 net profit of J$187 million, a 55 per cent year-over-year increase. Its loan portfolio grew 15 per cent to J$5 billion and total assets rose 30 per cent.

Mairs told Our Today he intends to invest across several businesses, citing confidence in Jamaica's productive and business sectors. His equity interests span seven portfolio companies, including Elite Concepts and Solutions, MDLink, Johnston Development Group, M104 Investments, and Pinnacle Insurance Brokers Jamaica Limited.

For the June 15, 2026 trading session, Kingston Holdings Jamaica Limited led activity with 14,878,146 units traded, or 32.74 per cent of market sales. TransJamaican Highway Limited recorded 5,431,413 units (11.95 per cent), while Productive Business Solutions Limited US-dollar ordinary shares saw 3,989,602 units change hands (8.78 per cent). Turnover remained concentrated in distribution and transportation names, reflecting continued interest in dividend-paying and strategic holdings.

Bank of Jamaica data for June 15 showed active foreign-exchange trading across major currencies. The US dollar sold at J$157.40 and was bought at J$159.02. The British pound sold at J$212.58 and was bought at J$210.95, with banks capturing roughly J$1.63 in short-term spreads. Canadian dollar activity carried a J$6.14 transaction spread amid moderate gains.