June 17, 2020
QWI searching for opportunities
Chairman of QWI Investments Limited (QWI), Mr. John Jackson, expressed his optimism regarding the Company’s investment in Access Financial Services (AFS). The Chairman noted, “QWI made the right decision at the right time. A large amount of the stock (AFS) was purchased at market value, which was at a discount. As such, the loss was due to the negative impact of the virus.”
Progress in the economy was impacted by the outbreak of Covid-19 as significant uncertainty tainted economic outlooks across the world. Mr. Jackson mentioned, “the Jamaican market responded instantaneously to what took place overseas. Normally in the past, it takes about a year for the reaction to be seen in the Jamaican market.” According to Mr. Jackson, the reaction highlights the increased number of investors involved in the market.
Additionally, QWI’s, “U.S. portfolio was down sharply along with the Jamaican portfolio but has since improved. We now have a profit on our initial investment in the United States,” according to the Chairman. The Company schedules weekly investment committee meetings to monitor its U.S. portfolio, which has seen some recovery according to the Chairman.
The Company is using this time to monitor markets for opportunities despite the current volatile atmosphere. Mr. John Jackson also noted, “the Company is considering opportunities in other Caribbean markets such as Trinidad, offer an opportunity like that of Ghana.”
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