Tertiary students from four participating institutions across the island (UWI, UTech, MBCC and NCU) are getting first-hand experience on how to trade stocks through the Sagicor Investments/Jamaica Stock Exchange (JSE) Online Trading Game, which began on March 6. The competition runs for seven weeks, ending April 21, after which the top contestants will be rewarded. The overall winners, will receive JMD$75,000, JMD$60,000 and JMD$40,000 for first, second and third place respectively, along with an internship at Sagicor. The top three participants from each institution will also receive JMD$20,000 each.
Participants are currently engaged in the web-based simulation game, which allows them to buy and sell stocks traded on the Jamaica Stock Exchange. As a part of the game, they learn about different companies, watch for trends, and make informed trade decisions based on market analysis. The aim is for students to gain a better understanding of the stock market.
Each student received a portfolio with J$200,000 virtual money to invest, and the student with the highest individual portfolio value at the end of the competition will be the Sagicor Investments/JSE Investments Online Trading Game Champion.
Brenda Lee Martin, Vice President - Asset Management at Sagicor Life Jamaica Ltd, pointed out that the game aims to strengthen students' analytical skills while introducing them to the stock market which is a viable avenue for creating wealth over the long term.
“Most importantly, the online trading game will instill a culture of investing from an early age and prepare students with the basic knowledge of equity trading,” Martin noted.
The game facilitates academic development as it enables students to better understand and implement the fundamentals associated with trading stocks. Participants will also have access to company information from the JSE's and Listed Companies' websites, such as annual reports and other major company events.
Trading for this game can be done Mondays to Fridays between 1:15pm and midnight. Only the quantity traded on any given day for each stock can be traded in the game. This means that the amount available to trade each day is limited by the actual volume traded in the real market daily for the respective stock. All transactions will require a minimum block of 100 shares and attract the standard fees.
About Sagicor Group Jamaica
Sagicor Group Jamaica is a financial services conglomerate. The Group offers products and services in the areas of Banking, Insurance, Investments, Real Estate, Asset Management and Retirement Planning. Sagicor Life Jamaica Limited is the leading Life and Health insurance provider in Jamaica. The Company commenced operations in 1970 as Life of Jamaica Limited, the first locally owned life insurance company and the first life insurance company to be listed on the JSE. The Sagicor Group owns the 3rd largest bank in Jamaica and is one of the top Investments Companies. Sagicor Group Jamaica is a member of the wider Sagicor Financial Corporation. Sagicor Financial Corporation operates in over 20 countries and its operations date back to 1840.