Archives for October 2013

TTSE: Low activity on TTSE

October 2, 2013 by IC Insider.com

Wednesday, 2nd October, 2013 | First Citizens Bank traded 90,294 shares on Wednesday as the price closed firm at $35 for a total value of $3,160,256 as the overall T&TSE market had trading in 12 securities of which 7 advanced, 4 declined and 1 traded firm as 290,457 shares changed hands valued at $5,690,199.

Angostura Holdings put in 5,000 units increased 45 cents to $10.50; Jamaica Money Market Brokers with a volume of 50,000 shares amounting to $27,500, the price gained 5 cents to close at 55 cents; National Enterprises traded 6,435 units, increasing 88 cents to end the day at $17; Guardian Holdings closed firm at $15 with 11,252 units trading; Republic Bank traded 3,347 units off a cent to close at $110.03; Sagicor Financial Corporation contributed 24,774 shares with a value of $180,505 as the price remained firm at $7.30, while Trinidad Cement added 16,435 shares valued at $36,171 with the price moving up to $2.21.

Clico Investment Fund in posting a volume of 72,295 shares valued at $1,561,353, advanced by $0.02 to end at $21.60

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bid for 1 stock being higher and 2 stocks with offers lower than their last selling price.

Insider Trades Aug to Sept 2013

October 2, 2013 by IC Insider.com

Updated 2nd October, 2013

Scotia Group Jamaica advised that under the Employee Share Ownership Plan, a senior officer acquired 10,171 SGJ shares and two senior officers withdrew a total of 79,563 SGJ shares in September. The company also advised that a senior officer of Scotia Investments Jamaica Limited purchased 51,000 SGJ shares on September 26, 2013.

The Gleaner Company Limited advised that a senior manager sold 100,000 shares of the company on September 26, 2013.

Mayberry Investments Limited advised that a related party purchased 50,435 of the company’s shares during the period October 1 – 2, 2013.

Ansa McAL Limited informed the Trinidad Stock Exchange that on September 20, 2013 a major shareholder connected to a Senior Officers purchased 32,167 of the company’s shares.

Jamaica Money Market Brokers advised that a related party sold 1,359,300 JMMB shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 4,732 of the company’s shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 67,230 MIL shares during the period September 20 – 24, 2013.

Scotia Group Jamaica advised that a senior manager purchased 4,500 SGJ shares on September 19, 2013.

Jamaica Money Market Brokers Limited (JMMB) has advised that a related party sold 1,000,000 JMMB shares on September 20, 2013. A related party also sold 507,100 of the company’s shares on September 17, 2013 and another sold 122,639 shares on September 18, 2013. It also looks as if 8 million units of the company’s stock that was sold on Monday could be from insiders.

Mayberry Investments Limited advised that a related party purchased 13,000 of its shares on September 20, 2013

Blue Power Group Limited advised that a senior manager sold 40,000 shares on September 12, 2013

Scotia Group Jamaica Limited advises that a senior manager purchased 88,000 of the company’s shares under the Employee Share Ownership Plan on September 13, 2013 and that a senior manager sold 13,025 of the group’s shares under the Employee Share Ownership Plan on September 3, 2013.

Dolphin Cove advised that a Director bought 11,642 of the company’s share on August 27, 2013 and during the period August 27, 2013 to September 10, 2013, a director sold total of 31,500 of the company’s shares.

Mayberry Investments Limited advises that a related party purchased 17,152 shares on September 12-13, 2013 and a related party purchased 346,095 shares on September 10, 2013

Jamaica Money Market Brokers Limited advised that a related party sold 160,000 JMMB shares on September 9, 2013

Mayberry Investments advised that a connected party has bought a total of 42,550 of the company’s shares during the period September 4-5, 2013.

Jamaica Money Market Brokers advised that a connected party sold 1,000,000 of the company’s shares on September 5, 2013

Sagicor Investments Jamaica advised that a senior manager purchased 74,082 S shares under the S Stock Option Scheme on September 2, 2013

Jamaica Money Market Brokers (JMMB) advised that a senior manager purchased 2,597 JMMB shares on August 27, 2013 and that a connected party sold 300,000 JMMB shares on August 28, 2013.

Mayberry Investments advised that a connected parties has traded 90,739 MIL shares on August 29, 2013; purchased 106,728 MIL shares on August 28, 2013 and a bought a total of 3,040 during the period August 30, 2013 to September 2, 2013. They also advised that a related party purchased 33,386 MIL shares on September 3, 2013.

Jamaican Teas advised that a director sold 2,000,000 of the company’s shares on September 2nd and 3rd.

Mayberry Investments advised that a connected party purchased 106,728 of the company’s shares on August 28, 2013

Sagicor Investments advised that a senior manager sold 82,904 of the company’s shares on August 28, 2013

Jamaica Money Market Brokers advised that a senior manager purchased 2,597 of the company’s shares on August 27, 2013 and a related party sold 220,000 shares on August 20, 2013.

Jamaica Producers Group | Two related parties purchased a total of 653,240 shares on August 19, 2013. Also, a Director purchased a total of 500,000 of the company’s shares on August 14 and 15, 2013. Previously two Directors purchased a total of 290,287 of the shares between May 17 and 24, 2013. An interesting pattern is developing that worth watching.

Filed Under: Company News, General Business News, JSE Main Market, Stock Market Tagged With: Insider Trades, Jamaica Producers, JMMB

FX: Jamaican dollar continues slide

October 1, 2013 by IC Insider.com

Tuesday, 1st October 2013 | Demand and supply will drive the movement in the rate of exchange for the rest of the year and beyond as the Jamaica’s central bank is not likely to intervene to stem the depreciation of the Jamaican dollar. The movement is a part of the broader plan for sustainable economic growth going forward. At the same time, information is that the financial system is tight with the government running a fiscal surplus for the funding of its local operations.

On Monday, the inflows of foreign exchange into the system was more than the amount sold as dealers bought the equivalent of US$45.33 million and sold US$38 million. The amount of US dollars actually bought was US$40.57 million and selling was $35.53 million at 9 cents more than on Friday at a new high of $103.60. The buying rate moved up by 14 cents to $102.87.

Canadian dollars fetched 20 cents more at $98.44 as dealers bought C$1.22 million and sold $758,886 at 22 cents more than on Friday to close at $100.71. The Pound Sterling was bought for 3 cents less than on Friday at $163.93 for £2.1 million as they sold £948,527 at 22 cents cheaper at $167.16.

Tuesday trading | The US dollar once more gained against the Jamaica dollar as dealers sold at 13 cents more at $103.73 as they sold US$24.28 million. They bought $21.6 million at 12 cents lower than on Monday at $102.76. The Canadian was purchased at 32 cents more at $98.76 for C$746,970 while they sold 409.482 for 36 cents cheaper at $100.36. The Pound Sterling was up $2.66 at $166.59 for 1.84 million and sold 1.768 million at $169.27 at $2.12 higher than on Monday. Overall, the total US dollar equivalent that entered the market amounted to $25.46 million and selling $27.7 million.

High & Lows | The highest rates for buying the currencies remained unchanged for the US dollar at $104.65 on Tuesday but the rate paid at the lowest level increased by 25 cents to $84.75. There was no change to the highest selling rate of $108.61 but the low increased by $1.59 to $86.09.

The Canadian dollar was bought as high as $101.55, which is 5 cents less than on Monday and lowest buying rate was 34 cents more at $80.68, while selling took place as high as 5 cents more at $104 and 85 cents down as low as $97.

The British Pound was $1.45 higher for the high buy rate at $169.30 and $16.43 cheaper at the low of $118.32 while sales took place at 10 cents higher at $173.87 at the high end and 25 cheaper for the low at $162.50.

Image courtesy of Boaz Yiftach/FreeDigitalPhotos.net

Filed Under: FX Market, Stock Market Tagged With: Daily Trading, FX Market, Trading Activity

August curse hits Taxes

October 1, 2013 by IC Insider.com

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August has proven the most difficult month for the stewards of Jamaica’s finances, going way back in time to when Omar Davies was the Minister in charge and during Audley Shaw’s tenor as well.

What we’re calling the ‘August curse’ is a familiar cycle for the tax inflows to the government coffers to look good up to July, and then Wham! It hits a brick wall in August, falling well below target and with not much improvement for the rest of the fiscal year. Historically, this usually happens when a major tax package is implemented.

True to the curse, the August 2013 out turn is not looking good. Revenues that were up half a billion dollars over budget to July is now down $5.1 billion at the end of August to $162.7 billion versus $172.7 billion projected.

Non tax revenues grew by $1.6 billion to $11 billion but tax revenues fell by $5.9 billion. Grants also increased, as it grew $830 million to $1.54 billion. The major fall in revenues was Payroll related taxes $2.7 billion, tax on interest $1.50 billion, tax on dividend $600 million, customs duty and SCT and GCT on imports were off by $4.3 billion but was offset by a big jump in travel tax which increased by $1.85 billion.

Expenditure to the end of August is also down by $10 billion with interest cost falling by $5.1 billion, wages down $1.2 billion and programmes $3.2 billion.

August Curse | For August overall revenues were down by $5.6 billion even as non-tax revenues increased by a billion to $2.3 billion. The shortfall came primarily from PAYE $850 million, tax on interest $2.7 billion, special consumption tax for local goods $600 million and $1.3 billion on imports, GCT on local goods and services $700 million and on imports $500 million and customs duty $400 million.

Expenditure was off by $4.6 billion aided by $1.8 billion cut in Programmes, a small drop in the wage bill and a big $3.7 billion fall in interest cost but capital expenditure climbed by $1.2 million.

Why shortfall? | The Financial Secretary Devon Rowe indicated that the revenue shortfall occurred based on a number of factors. These include lower withholding tax on interest due to the government paying out lower interest to bond holders. He further indicated that revenue of about $1.5 billion was collected in the last business day of August, which fell on a week end. Those funds have been recorded in August’s revenues. Petro Jam plant was shuttered for some time thus reducing SCT on fuel imports. He confirmed that August is usually a difficult month for collections based on the impact that back to school expenditure has on people’s disposable income.

Filed Under: Economy Tagged With: Economy, GOJ

JSE: Trading up, will it last?

October 1, 2013 by IC Insider.com

Tuesday, 1st October, 2013 | The Jamaica Stock Market started October in a spirited manner when the level of trading rose on Tuesday with 10,321,856 units trading valued at $95,698,771. Activity resulted in 32 companies stocks trading, with 9 stocks increasing in price to 5 that fell. The main market index climbed 550.14 to 85,050.34, the all Jamaica grew 967.97 to 85,339.46 and the junior market index was up 5.21 to 774.04.

The movement in the market on Tuesday is in line with the IC Insider comments that “eight of the stocks with higher bids are in the main market and could well result in a better start of the new month . . .”

Main market | A numbers of selected stocks in the main market had good volumes resulting in some price movements but that could well be related to portfolio realignment than an indication of greater market interest. Cable & Wireless had a volume of 20,644 units as the price remained unchanged at 18 cents; Caribbean Cement exchanged 17,741 units at $2.10, gaining 23 cents in the process; Desnoes & Geddes chipped in with 15,000 units and closed frim at $4.57; Jamaica Producers had a good volume with 2,000,000 closing firm at $18.25; National Commercial Bank Jamaica 1,101,900 traded firm at $19; Sagicor Life’s 2,547,861 units helped to push the price up by 41 cents to $9.01; Salada Foods put in 100,560 shares to close firm at $8.50; Seprod’s 509,552 units help push the price up a dollar to $14.50; Jamaica Money Market Brokers 7.50% traded for the first time since listing last week as 499,000 units traded at $2; Proven Investments 8% exchanged 78,440 units as the price remained unchanged at $5.09 and Proven Investments ordinary stock traded 51,560 units firm at US11.9 cents.

Junior market | C2W Music traded at a new all-time low with 44,000 units changing hands as the price was down 4 cents to 93 cents. Caribbean Cream traded 22,776 units firm at $1; Caribbean Producers Jamaica 61,100 units closed unchanged at $2.08; Consolidated Bakeries saw an 18 cents climb in the price $1.39 with 35,200 shares trading; General Accident Insurance had 32,000 units going through the market as the price increased 3 cents to $1.85; Lasco Distributors 294,845 units helped to move the price down by 4 cents to $1.46; Lasco Financial Services 1,488,652 traded at $1.21, off by 2 cents; while Lasco Manufacturing 1,115,311 units gained it 4 cents to close at $1.55; Paramount Trading had 16,324 units with the price closing firm at $3.20.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 5 stocks being higher and 6 stocks with offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

TTSE: Trading volume low

October 1, 2013 by IC Insider.com

Tuesday, 1st October, 2013 | First Citizens Bank traded only 6,918 to close down a cent at $35, and as a result, trading levels fell on the Trinidad market on the first trading day of October. In the end, 307,425 units traded at a value of $9,689,530 with trading in 11 securities of which 4 advanced, 2 declined and 5 traded firm.

Guardian Holdings, an IC Insider buy rated stock, contributed 19,238 shares with a value of $288,823. Grace Kennedy closed at $3.51 up 19 cents with 4,328 stock trading. Republic Bank, with increased buying interest in last few days, had a volume of 67,411 valued at $7,417,906, twice the 33,442 shares that traded on Monday but the price held firm at $110.04, National Flour Mills added 14,580 shares valued at $12,539; Neal & Massy traded 3,000 units and gained 35 cents to end the day at $56.46. Trinidad Cement had 145,000 shares changing hands valued at $311,850 as the price shed 6 cents to end the day at $2.15, while Sagicor Financial added 8,000 shares as the price remained unchanged at $7.30. Active trader, Clico Investment Fund contributed 35,000 shares valued at $755,300 to the market activity, as the price advanced by a cent to end at $21.58.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 2 stocks being higher and 3 stocks with offers lower than their last selling price.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

Republic ups stake in Ghanaian Bank

October 1, 2013 by IC Insider.com

Trinidad’s Republic Bank has increased its holding in HFC Bank Ghana Limited from 32 percent to 40 percent with the purchase of an additional 7.98 percent from one of the bank’s shareholders — Union Bank of Nigeria PLC.

The transaction involved 23,638,340 ordinary shares at a price of GHS 0.67 (USD 0.31) per share. This is the second such increase in Republic’s holdings in the Ghanaian Bank. The matter of Republic making a mandatory offer to all shareholder to acquire majority shares is still unresolved and this latest acquisition will probably make it more difficult to resist the demand by the Securities regulators for Republic Bank to proceed with the offer.

Republic Bank is an IC Insider Buy rated stock.