Archives for February 2014

GOJ deficit up in January

February 28, 2014 by IC Insider.com

Government spent more in January than originally budgeted and collected less than projected to wipe out the projected $761 surplus originally budgeted, ending up with a deficit for the month of $3.274 billion. At the end of January, the year-to-date deficit is at $22.9 billion, just $2.65 billion less than the amount budgeted.

The revenue for the month was short of the $31.37 billion budgeted by $820 million. Capital expenditure exceeds the budget of $3.53 billion in the month by $1.45 billion coming in at $4.98 billion. However, capital expenditure is still running $7.6 billion below budget for the year to January.

The budget projected a shortfall of $2 billion in February and $19.5 billion surplus in March. The latter is in keeping with historical pattern with the last month of the fiscal years realizing a surpluses. If the budget is achieved for the remaining two months of the fiscal year, the fiscal deficit will come close to being wiped out and would have been reduced from $54.6 billion.

For the 10 months to January, tax revenues fell short by $13.2 billion and non-tax was below budget by $3.6 billion and recurrent expenditure was down $14.4 billion from budget. Interest cost was lower by $3.9 billion and other recurrence expenditure by $6.8 billion.

Filed Under: Economy Tagged With: Deficit, Economy, GOJ

GSE: Ghana market slips first week

February 28, 2014 by IC Insider.com

Ghana Stock Market closed with an overall decline for the week as both the main index and the financial index declined for the first time this year.

The Ghana Stock Exchange Composite index shed 18.29 to close at 2,420.91 and the GSE financial stock index closed down by 33.91 to 2,168.26 as 5 stocks advanced and 9 declined. The declines have not dented the year-to-date gains much with GSE Composite Index up 12.85 percent for the first two months of the year and the GSE financial stock index gaining 21.36 percent.

The market still lacks adequate participation with bids in for just about half of the listings, a factor that has been present from 2013. Volumes have been declining for February with just over 1 million units trading this week, down from 2,676,472 units in the prior week, $3.6 million units in the week ending February 14 and 5.2 million in the first week of the month. This week’s volume is the lowest since the start of the year.

Main Advances | Sic Insurance up 13 percent and Mechanical Lloyd up by 3 percent for the week.

Main declines | The stocks that declined most during this week are Ghana Oil off by 9 percent, Ghana Commercial Bank down 8 percent, Benso Oil Palm Plantation fell by 4 percent, Cal Bank down by 5 percent and Trust Bank 4 percent.

For the year to the end of February, there were 9 stocks with gains between 9 and 57 percent and 6 that declined between 11 and 29 percent.

Filed Under: Global Market, Stock Market

Blue Power profit slips

February 28, 2014 by IC Insider.com

Blue Power profits slipped for the quarter to January this year as the profit margin got squeezed resulting in profit of $15 million compared to $23 million in the same period in the previous year. The Lumber Depot division contributed under $8 million and the Blue Power division added just over $7 million to the profit.

Profits for the nine months stood at over $70 million compared to $67 million in the same period last year, an increase of just over 5 percent. The contribution of Lumber Depot division was over $37 million, while Blue Power division added $33 million.

Earnings per stock was $1.25 for the nine months compared to $1.18 in the previous year.

Sales for the nine months ended January, 2014 were $780 million compared to $706 million for the same period last year, an increase of $74 million or 10 percent. For the period, sales for the Lumber division amounted to $543 million versus $466 million the previous year, an improvement of 16 percent while Blue Power soap division remained basically flat with sales of $237 million against last year’s $239 million.

Sales for the quarter ended January this year were $259 million versus $266 million for the comparative period in 2013. For the third quarter, Lumber Depot division achieved sales of $176 million versus $178 million the previous year, while Blue Power moved down from $88 million to $83 million.

Reasons for fall | “Small declines in sales in both divisions reflect the tightness in the economy, which is being experienced by our customers, and which has also resulted in downward pressure on prices and margins. Our response to these challenging economic circumstances is to focus on keeping, as much as possible, a lid on price increases, reducing costs especially by investing in solar technology, improving packaging and quality to get greater market share, introduction of new products and bulk-buying to obtain better prices.” the company’s management stated in their release to shareholders.

Blue Power was able to hold administrative cost slightly below that of 2013 at $34.5 million for the January quarter. In 2013, cost in this area was $35.7 million and in the nine months $99.4 million, which fell to $96.8 million in 2014.

Other revenues almost doubled from $5.7 million to $10.8 million for the nine months and helped to keep profits up.

Margins | Gross profit slipped to 22.17 percent in the latest quarter from 28 percent in the 2013 period and ended pulling down the year-to-date margin to 25.54 percent compared to 30 percent enjoyed in 2013 and 28.6 percent in the full year to April 2013.

It is quite likely that with government slashing the fiscal deficit from $54 billion in 2013 fiscal year resulted in increased tightness in the economy. Much of the measures that led to the wiping out of the fiscal deficit would have been increased taxes and a sharp cut in interest cost. There is no new tax take for the 2014/15 fiscal year and the economy should be freer to function with some amount of growth. As such, the environment should start to look better in the latter part of this year for companies such as Blue Power.

Finances | The company’s finances are in a very healthy state with no borrowed funds and working capital increasing to $356 million from $302 million at the end of April 2013. Cash funds on hand amounts to $133 million. Amounts due to creditors is only $59 million. while receivables amounts to $77 million but inventories are at $203 million up from $177 in April 2013.

Stock outlook | At the time of writing, the stock was in strong demand by one broker at the $9 level. The weakness shown in the latest quarter sends cautionary signals which may be temporary. We see the current quarter continuing to reflect some of the weakness of the January quarter and we are forecasting earnings of $1.50 per share for the year ending April 2014 and $1.80 for the 2015. We leave the stock as a cautious Buy Rated around the $9-10 region based on the tendency for limited supply and strong current demand for it.

Filed Under: Company News, Feature Stories Tagged With: Blue Power, Jamaican Stock, JSE Company

JSE: 11 Declining stocks & 12 gained

February 26, 2014 by IC Insider.com

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Wednesday, 26th February 2014 | Trading on the Jamaica Stock market resulted in the prices of 12 stocks rising and 11 declining as 30 securities traded totalling 11,939,265 shares valued at $66,143,847.

National Commercial Bank. after trading $140,618,525 or 88 percent of the value of stocks on Tuesday, was the dominant again with $37,273,344 or more than half the value of stocks traded today.

Main Market | Nine companies in the main market advanced and 9 declined as the indices moved up marginally with the JSE Market Index up by 56.34 points to 79,208.99 and the JSE All Jamaican Composite index moved up 85.45 points to close at 84,045.57.

Gains | Stocks recording gains are Cable & Wireless, trading at a new intraday 52 weeks high of 41 cents, closing at 40 cents for another closing 52 weeks high of a one cent gain while trading 1,519,531 shares; Caribbean Cement closed at $4.80 as the price gained 10 cents with 65,916 units changing hands; Carreras traded only 600 units to close up by 40 cents at $35; Grace Kennedy had 5,150 units trading at $55 at the close with a 43 cents rise; Jamaica Broilers contributed 10,371 units as the price inched up 2 cents at $4.92; Jamaica Money Market Brokers 8.75% preference shares put on a cent to close at $3.01 with 349,400 units; National Commercial Bank had 1,960,431 shares trading at $19.01 at the close by putting on a cent; Pan Jamaican Investment had only 850 units trading as the price gained 74 cents to end at $48.80 and Scotia Group traded 264,133 units at $21.10 for a 53 cents gain at the end of trading ahead of the release this Thursday of the groups’ first quarter results to January.

Firm | There were only two stocks in the main market to close without a price change. Desnoes & Geddes with 831,517 shares at $5 and Mayberry Investments with a mere 2,652 units at $1.90.

Proven Investments 8% preference shares traded 79,320 units and closed at $5.09.

Declines | The number of stocks that declined increased over Tuesday’s trading with Berger Paints losing 5 cents to end at $1.80 with 18,999 shares; Ciboney with 4,000 shares lost 4 cents to close at 6 cents; Hardware & Lumber 4,400 shares traded at $8, a decline of 20 cents; Jamaica Money Market Brokers with 16,267 shares lost 3 cents in closing at $7.45; Radio Jamaica had 3,100,000 shares changing hand and resulted in a 24 cents fall to $1.36; Sagicor Group 11,995 shares closed down 20 cents at $8.80; Sagicor Investments traded just 1,800 units and lost 90 cents in closing at $17.10; Scotia Investments lost 25 cents to close at $25.25 while trading 7,500 units and Seprod with 304,000 units lost 8 cents and closed at $10.92.

Junior Market | The JSE Junior Market Index declined by 2.16 points to close at 742.00 as 9 stocks traded with 3 advancing and 2 declining.

Gains | AMG Packaging traded 1,919 units to close at $3.55, up 5 cents; General Accident with 9,400 shares traded resulting in the price moving up 5 cents to $1.75; Paramount Trading put in 1,000 shares to close up 12 cents at $3.

Firm Trades | Derrimon Trading traded 1,670,000 units at $2.50; Lasco Manufacturing 338,154 shares at $1.20; Lasco Financial Services 10,000 shares at $1.30 and Honey Bun 5,500 units at $3.05.

Declines | Blue Power traded 251,000 units at $9.01 down a cent and Lasco Distributors had 1,093,460 shares changing hands at $1.30, off by a cent.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than the last selling price and 2 stocks with offers that were lower.

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

TTSE: 2 new 52 weeks high

February 26, 2014 by IC Insider.com

Wednesday, 26th February 2014 | The Trinidad Stock market had two new 52 weeks highs in One Caribbean Media and Unilever stocks at the close of the market.

Overall there was trading in 15 securities of which 5 advanced, 3 declined and 7 traded firm. Trading accounted for 67,234 shares carrying a value of $2,245,979. First Citizens closed trading with an offer to sell 23,444 shares as low as $38 even as the last traded price was $38.43. The bid was for a mere 526 units at $37 suggesting there may be a sharp pull back when next it trades.

At the end of trading the Composite Index gained 0.48 points to close at 1,193.07, the All T&T Index declined by 0.09 points to end at 2,003.44 and the Cross Listed Index advanced by 0.13 points to close at 50.25.

Gains | Stocks trading with price gains at the close of the market are Angostura Holdings with 990 units at $10.76 as the price inched up a cent; Clico Investment Fund in posting a volume of 19,175 shares valued at $413,207, the price advanced by 4 cents to end at $21.55; National Commercial Bank 1,000 shares at $1.17 for a gain of 2 cents; One Caribbean Media 500 shares to close up by 19 cents at $19.50 and Unilever Caribbean gaining 40 cents to end the day at $57 while trading 500 shares.

Firm Trades | First Caribbean International Bank added 3,711 shares valued at $24,120 in closing at $6.50; Jamaica Money Market Brokers had 13,700 shares changing hands for a value of $6,850 and closed at 50 cents; National Enterprises traded 10,177 shares for $185,730 to close at $18.25; Neal & Massy had 1,738 units to close at $66.25; Scotiabank exchanged just 2,254 shares at $72.53; Republic Bank swapped ownership of 2,100 shares in closing at $117.50 and West Indian Tobacco contributed 6,089 shares worth $718,502 with the price closing at $118.

Declines | ANSA McAL traded 3,000 shares at $66.50, down by a cent; First Citizens traded only 200 shares to close down by a cent at $38.43; Prestige Holdings fell 8 cents to close at $9.30 while trading only 100 shares.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than the last selling price and 6 stocks with offers that were lower.

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

JSE: NCB dominates again

February 25, 2014 by IC Insider.com

Tuesday, 25th February 2014 | Trading on the Jamaica Stock market resulted in 11,445,325 shares trading valued at $160,003,244 as National Commercial Bank shares accounted for $140,618,525 of the value. The price of 8 stocks gained and 8 declined resulting in minor index movements.

Main Market | Half of the companies with positive price movements were from the main market as the JSE Market Index advanced by 14.97 points to 79,152.65, the JSE All Jamaican Composite inched up by 22.72 points to close at 83,960.12.

Gains | Desnoes & Geddes trading 901,564 shares valued at $4,507,587 with the price rising by 10 cents to close at $5; Grace Kennedy with 988 shares trading at $54.57 for a one cent gain; Hardware & Lumber 10,875 shares at $8.20 up by 10 cents; and Pan Jamaican Investment with 35,270 shares to close at $48.06 for a cent gain.

Firm | Barita Investments traded 1,000 unchanged at $2.50; Cable & Wireless 495,924 shares at 39 cents; Carreras 2,847 shares to close at $34.60; Jamaica Broilers 50,548 shares to end at $4.90; Mayberry Investments 5,100 shares, closing at $1.90; National Commercial Bank 7,402,250 shares at $19 valued at $140,618,525.

In the preference segment, Jamaica Money Market Brokers 8.50% preference shares traded 400 units at $3.50 and the 8.75% stock traded 31,708 units at $3.00. Proven Investments 8% preference share traded 300,640 units at $5.09.

Declines | Proven Investments traded 8,500 units and closed down US0.37 cents at US17.62 cents; Jamaica Money Market Brokers had 2,600 units at $7.48, declining by 2 cents; Gleaner 22,843 shares at $1.10 off by 5 cents; Scotia Group had 162706 units changing hands to close at $20.57 for a 13 cents decline; Sagicor Group traded 12,007 units at $9 as the price fell by 15 cents; Caribbean Cement 36,736 shares as the price closed at $4.70 down by 27 cents.

Junior Market | The JSE Junior Market Index declined by 2.97 points to 744.16 even as advancing stocks exceeded declining ones.

Gains | Blue Power closed with 283,700 shares trading to close at $9.02, an increase of 2 cents; Caribbean Cream traded 25,000 units at 90 cents up 5 cents; Honey Bun 4,820 shares to close at $3.05, up 5 cents; Lasco Distributors 29,000 shares to close at $1.31, up 1 cent.

Firm Trades | Stocks trading firm are Cargo Handlers with 20,667 shares at $15; Derrimon Trading 1,030,000 units closing at $2.50; Lasco Financial Services 3,000shares at $1.30.

Declines | Lasco Manufacturing traded 33,605 units to close at $1.20 for a 3 cents fall; Caribbean Producers traded 520,644 units to end at $2.70, down 5 cents.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 8 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.

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

Recent insider trades

February 25, 2014 by IC Insider.com

Trading by insiders in their company stock on the Jamaica Stock Market can give insights to investors.

National Commercial Bank Jamaica advised that a related party purchased 1,590,083 of its shares on February 21, 2014.

National Commercial Bank Jamaica Limited advised that a connected party purchased 498,100 of its shares on February 14, 2014 and also advised that a related party purchased 46,986 of the shares on February 11, 2014.

National Commercial Bank Jamaica advised that a related party purchased a total of 20,089,111 of the bank’s shares on February 4, 2014. Shares totalling 18.25 million were traded on the Trinidad Stock Exchange and the rest on the Jamaica Stock Exchange.

Scotia Group advised that a senior manager sold 50,000 of the group’s shares on January 31, 2014.

Mayberry Investments (MIL) advised that a related party purchased 1,222,206 of the company’s shares on January 23, 2014.

KLE Group Limited has advised that a director sold 56,860 of the company’s shares on January 21, 2014.

The Gleaner Company advised that a senior manager sold 210,000 of the company’s shares on January 21, 2014.

Grace Kennedy has advised that as at January 2, 2014 a total of 1,440,062 of the company’s shares were purchased under the Share Buy Back Programme

Mayberry Investments (MIL) advised that a related party purchased 249,771 of the company’s shares during the period January 6 -10, 2014 and a related party sold 12,862 of the shares on January 9, 2014.

Mayberry Investments (MIL) reported a big inside trade on December 24, 2013 when a related party purchased 10,000,000 MIL shares from a related party who sold 10,168,266 of the company’s shares. The shares were traded between $2 and $2.02.

Desnoes & Geddes Limited (DG) reported that a director purchased 390,000 shares of on December 24, 2013, the price the stock traded at was $5.

Scotia Group Jamaica Limited (SGJL) reported that a Senior Manager purchased 5,050 shares on December 20, 2013, the stock traded between $19-20.

Pan-Jamaican Investment Trust Limited reported that senior managers were issued a total of 45,740 shares under the Pan-Jam Long Term Incentive Plan on December 24, 2013.

National Commercial Bank (NCBJ) advised that a related party sold a total of 27,111,000 NCBJ shares on December 30, 2013. The stock traded at $17.50 and Scotia Investment was the selling broker with Mayberry Investments to buying broker. Additionally, two directors purchased a total of 15,553 of the company’s shares on December 19, 2013.

Consolidated Bakeries advised that a senior manager purchased a total of 170,300 of the company’s shares on December 20, 2013.

Grace Kennedy Limited advised that Non-Executive Directors acquired a total of 84,880 GK shares on December 13, 2013.

Scotia Group Jamaica Limited (SGJL) advised that a senior manager purchased 2,400 of the group’s shares on December 10, 2013.

Gleaner Company advised that a director purchased a total of 398,946 of the company’s shares during the period December 2 – 19, 2013.

Desnoes & Geddes Limited (DG) advised that a director purchased director purchased 500,000 of the company’s shares on November 19, 2013 and 32,224 during the period November 29, 2013 to December 2, 2013.

Consolidated Bakeries (PURITY) advised that a director purchased 223,000 shares during the period November 13 – 20, 2013.

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

TTSE: Market moving sidewards

February 25, 2014 by IC Insider.com

Tuesday, 25th February 2014 | Market activity on the Trinidad Market resulted in 12 securities trading, 3 advanced, 4 declined and 5 traded firm with 343,790 shares changed hands valued at $5,554,435.

The Composite Index inched up by 1.98 points to 1,192.59, the All T&T Index declined by 1.28 points to close at 2,003.53 and the Cross Listed Index advanced by 0.70 points to end at 50.12.

Gains | National Commercial Bank traded 59,456 shares for $68,374, the price rose by 10 cents to $1.15; Scotia Investments traded 129,662 shares valued at $200,196 as the price gained 1 cents to close at $1.53 and Scotiabank gained 28 cents to end the day at $72.53 in trading 1,050 shares.

Firm trades | Neal & Massy contributed 48,601 shares with a value of $3,219,816 to close at $66.25; Trinidad Cement added 9,476 shares valued at $19,615 and closed at $2.07; Jamaica Money Market Brokers 7,000 shares to end at 50 cents; Grace Kennedy traded 2,615 shares to close at $3.53 and ANSA McAL 2,388 shares at $66.51.

Declines | First Citizens Bank traded 4,180 shares, the price fell 48 cents to close at $38.44; Clico Investment Fund traded 71,522 shares valued at $1,538,177, the price declined by 7 cents to end at $21.51; Guardian Holdings had 5,800 changing hands at $14.48 for a 2 cents decline; and Sagicor Financial Corporation traded 2,040 units at $7.69 for a loss of a cent.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with bids higher than the last selling price and 4 stocks with offers that were lower.

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

JSE: NCB & Real Estate Fund dominate

February 24, 2014 by IC Insider.com

Monday, 24th February 2014 | Trading on the Jamaica Stock Exchange was dominated by National Commercial Bank with more than 6.2 million shares and Sagicor Real Estate Fund with 29.9 million units in trades that the stockbroker, Pan Caribbean Financial Services had big hands in. Cable & Wireless and Carreras were also highlighted, the former traded at a new new 3½ year high of 39 cents and the latter trading $5.5 million worth of shares.

The JSE Market Index fell 394.07 points to close at 79,137.68, the JSE All Jamaican Composite index declined by 597.78 points to 83,937.40 as 40,200,541 shares traded for a value of $337,696,517.

Main Market | Cable & Wireless closed at a new 3½ year high as investors picked up most of the shares on offer in a continued response to the improved December quarter results.

Gains | Cable & Wireless traded 2,395,400 shares with the price closing at 39 cents for a 4 cents gain and the highest closing price since August 20, 2010 when it closed at 40 cents. Jamaica Broilers Group traded 1,420 units for an 8 cents gain to close at $4.90; Jamaica Money Market Brokers had 15,680 units as the price inched up by a cent to $7.50 and Mayberry Investments gained a cent in trading 9,278 shares to close at $1.90.

Firm trade | Stocks trading with unchanged prices are Barita Investments with 7,800 shares at $2.50; Grace Kennedy 1,250 units at $54.56; Jamaica Producers 30,000 shares at $18.26; Kingston Wharves 7,239 units at $6; National Commercial Bank 6,205,995 shares to close at $19; Sagicor Group 12,700 units at $9.15; Salada 6,500 shares to close at $9 and Scotia Group 14,217 units at $20.70.

Declines | Carreras traded 164,394 units but closed at $34.60 by shedding $1.41; Desnoes & Geddes 26,875 shares to close at $4.90 as the price eased back by 10 cents; Jamaica Money Market Brokers 8.75% preference shares traded 10,000 shares to close at $3 for a decline of a cent; Sagicor Real Estate Fund traded a large volume of 29,869,023 units to close down to $6.95 by slipping 5 cents; Scotia Investments 11,135 units to close at $25.50 down by 49 cents and Pan Jamaican Investment 13,600 shares to close at $48.05 a fall of 94 cents.

Junior Market | The JSE Junior Market Index advanced by 6.58 points to close at 747.13 with 3 stocks trading with higher prices at the end of Monday’s trading and none closing lower.

Gains | Stocks trading higher were Blue Power with 1,500 shares as the price edged up 1 cent to close at $9.01; Consolidated Bakeries 16,000 shares, closing up by 10 cents to $1.15 and Lasco Manufacturing 45,630 units at $1.23 for a 3 cents gain.

Firm trade | Stocks without a change in price are Access Financial Services with 7,800 shares to close at $10; Derrimon Trading, 1,000,000 shares to end at $2.50; Lasco Distributors 256,190 units at $1.30; Lasco Financial Services 49,550 shares at $1.30 and Caribbean Producers 21,365 units at $2.75.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 8 stocks with bids higher than the last selling price and 4 stocks with offers that were lower.

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

TTSE: Low market activity

February 24, 2014 by IC Insider.com

Monday, 24th February 2014 | Activity was low on the Trinidad Stock Exchange with only 8 securities trading of which 2 advanced, 2 declined and 4 traded firm. There was a total of 323,415 shares traded valued at $2,178,329.

The Composite Index inched up by 0.74 points to 1,190.61, the All T&T Index advanced by 1.34 points to close at 2,004.81 and the Cross Listed Index edged up by 0.02 points to 49.42.

Gains | The two stocks that recorded gains are Guardian Holdings with 114,365 shares for a value of $1,657,528, the price gained 34 cents to close at $14.50 and Grace Kennedy contributing 75,391 shares with a value of $266,130 and the price closing up 3 cents at $3.53.

Firm trades | Jamaica Money Market Brokers with 83,880 shares valued at $42,038 closed at 50 cents; National Flour Mills added 44,000 shares valued at $46,200 to close at $1.05; West Indian Tobacco had 405 units trading at $118 and Neal & Massy 33 units at $66.25.

Declines | Clico Investment Fund lost 10 cents to close at $21.58 while trading 5,271 shares valued at $113,731 and First Citizens traded 70 units to close down by 5 cents at $38.92.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than the last selling price and 3 stocks with offers that were lower.