Inside Jamaica’s capital markets
Performance, dispersion and opportunity across the Caribbean’s most mature public market
MAMARONECK, N.Y. — Young America Capital has published its first Caribbean market report, a recap of Jamaica’s public equity market in 2025. It was released ahead of Peter Formanek’s trip to the Jamaica Stock Exchange investor conference in January, and covers both the Main Market and the Junior Market, with comparison tables for the Trinidad and Tobago and Barbados exchanges.
“We are here to help on the buy-side and on the sell-side, and eager to share our accumulated contacts, knowledge, and transactional expertise.”
Peter Formanek, Founder & Managing Partner
Market overviewA flat index with wide dispersion
The Jamaica Stock Exchange traded broadly flat over the past year. Total market capitalization held steady, but trading was thin and mostly retail, and performance varied widely from stock to stock. Against tighter operating conditions, a group of listed companies stood out for steady execution and stable earnings.
- Faster settlement
- Greater long-term confidence in Jamaica
- Low liquidity from thin trading volume
- Limited institutional participation
Largest influencersWho moved the market
The two largest companies, Scotia Group Jamaica and Sagicor Group, grew through outside capital investment in retail banking and life insurance. Caribbean Cement Company and Carreras rose on construction demand and stronger consumer spending.
Thriving and distressedGrowth well ahead of the economy
The economy grew 2.4% through 2025, yet the strongest stocks grew their market value by several times that, helped by construction and infrastructure, a resilient energy sector, a property recovery and expanding financial services. The top performers span a range of company sizes, which gives investors room to scale positions. Weaker companies remain under pressure and some appear likely to be absorbed.
TakeawaysWhy investors are looking now
Jamaica carries public debt above 60% of GDP and has seen exports soften, but the labor market is strong and foreign investment continues. The country remains the leading FDI recipient among small island developing states, and IDB Invest, IFC and MIGA have mobilized USD 2.4 billion in private investment. Strong sector growth and moderate valuations are drawing investment firms in before prices run ahead of fundamentals.
DownloadThe full report
Disclaimer
This material is provided for informational purposes only and is not an offer, invitation or recommendation to buy or sell any security. It draws on public sources that have not been independently verified. The full disclaimer is included in the report.
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Young America Capital is a 50-person New York-based investment bank and member of FINRA/SIPC, specializing in mergers & acquisitions, institutional capital raising, and strategic advisory.