Woman heads stock exchange

The South Pacific Stock Exchange (SPSE) is now headed by a woman, after its board announced the appointment of Jinita Prasad as its new chief executive officer. At 27 years old, Prasad will be the first woman to head the exchange facility.

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Market Movements
(January 16 to February 15)

Ten stocks moved this month, continuing a trend recently noted where investors are fleeing some stocks and making beelines for what are perceived to be safer and more attractive investment. And it is easy to see why.

Last year's assessment of the equity market by the CMDA showed some very high total annual returns recorded by some companies, notably Foster's Group Pacific Ltd (FGPL) with more than 80 percent growth. This stock has been surprisingly active lately, recording 11 trades during the month, obviously some investors deciding to cash in at last and help satisfy the pent-up demand that has not stopped growing for this local blue chip.

FGPL ended the month with a note of optimism at $26 per share and with its announcement of an F$8.17 million in after tax profit for the six months ended December 31, 2005. FGPL's shared its strong presence in the market with Flour Mills of Fiji Limited, the Hari Punja founded and majority owned company, whose business has been boosted by the setting up of the yet-to-be-listed biscuit factory.

Last year's 1 into 5 share split helped with the affordability of FMF shares and it's one cent down at $1.04 per share. Other FMF related entities were also active.

Big trades by volume were recorded for Rice Company of Fiji Ltd and Atlantic and Pacific Packaging Company Ltd, indicating increasing interest from investors in these Punja-managed companies.

Fijian Holdings Ltd stocks maintained its top position as the market's most active stock, assisted in a large way by the long list of demand on the unexecuted order board. FHL stocks gained two cents during the month to settle at $3.57 per share.

Amalgamated Telecom Holdings seemed to continue the trend where it is struggling to regain composure. It has found it very difficult to do that with sellers finding it difficult to find buyers that would settle for $1.06 per share, its IPO price.

ATH shares were selling at 99 cents per share and buying at 95 cents, so recovery looks far off. Other active companies included Toyota Tshusho (South Sea) Company Ltd, Kontiki Growth Fund and FijiCare Insurance Ltd which traded small parcels of shares.