In Thursday’s trading on the Trinidad Stock Exchange, Scotiabank finally, gave up a fair amount of the past gain in stock price that was no longer merited, based on the fall in second quarter results, dropping $1.65 to close at $66.72 for a new 52 weeks low. The stock has been setting, to suffer a sharp fall, for three weeks but small volumes, resulted in the price inching down each day that it traded.
Elsewhere in trading 16 securities changed hands of which 3 advanced, 7 declined and 6 traded firm with 280,074 stocks changing hands, with a value of $4,257,707. The Composite Index lost 3.93 points to close at 1,160.81, the All T&T Index fell by 6.47 points, to close at 2,005.91 and the Cross Listed Index fell by a mere 0.18 points to end at 41.33.
Gains| Stocks increasing in price at the close, are Ansa Merchant Bank with 1,237 shares closing up 1 cents at $39.11, a new 52 weeks high. Clico Investment Fund traded 8,244 units, valued at $178,895, advanced by 2 cents to end at $21.70, Point Lisas Industrial Port Development gained 5 cents, to end at $4.20, a new 52 weeks high, while trading 13,400 shares with a value of $194,772.
Declines| The stocks declining at the end of trading are First Citizens Bank traded 350 units at $36.66, to decline by 34 cents, Jamaica Money Market Brokers with 20,571 shares, the price lost 4 cents to end at 41 cents, followed by Massy Group with 4,196 units at $69 after losing 40 cents, National Flour Mills traded 1,000 shares to close at $1 for a loss of a cent, Sagicor Financial Corporation contributed 29,245 shares as it lost a cent, to end at $6.66, Scotiabank with a volume of 40,719 shares traded for $2,717,546, closed down $1.65 at $66.72 and Trinidad Cement with 139,410 shares changing hands, for a value of $264,879, closed 3 cents lower at $1.90.
Firm Trades| Stocks closing with prices unchanged at the end of trading, are Angostura Holdings with 500 shares at $12.75, Grace Kennedy exchanged 6,000 shares to close at $3.45, Guardian Holdings with 10,202 shares valued at $145,889 to end at $14.30, National Commercial Bank contributed just 2,000 shares as the price closed at $1.05, National Enterprises traded 450 units to close at $18 and West Indian Tobacco with 2,550 shares at $118.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than the last selling price and 1 stock with the offer that was lower.
Archives for July 2014
Scotia finally drops, down $1.65 on TTSE
J$ loss value but with more buying than selling
In Thursday’s forex trading, funds bought by dealers, were US$6.5 million more than the amount they sold as dealers bought the equivalent of US$39,624,611 versus US$26,608,863 on Wednesday, and sold the equivalent of US$33,192,211 compared to US$28,847,941 on Wednesday.
In US dollar trading, dealers bought US$33,363,187 compared to US$22,632,506 on Wednesday. The buying rate for the US dollar rose 19 cents to $112.36 and US$29,758,889 was sold versus US$26,598,009 on Wednesday, as the rate increased by 6 cent to $112.85. The Canadian dollar buying rate rose $1.77, to $103.54 with dealers buying C$3,587,157 and selling C$2,547,374, the rate fell 58 cents to $103.86. The British Pound closed at $188.19, for the purchase of £1,423,837, as the rate dropped 99 cents while £568,086 was sold, as the rate increased 18 cents, to $191.11. Other currencies bought, amounted to the equivalent of US$571,212 while selling was the equivalent of US$126,760.
Highs & Lows| The highest rate for buying the US dollar, fell 5 cents rise to $113.25, the lowest buying, and the highest selling rates remained unchanged at $91.85 and $117.70 respectively, the lowest selling rose $1.45 to $93.30. The highest buying rate for the Canadian dollar declined 39 cents to $105.55 and the lowest buying rate lost 63 cents to $81.96. The highest selling was unchanged at $106.50 and the lowest selling rate was down 75 cents to $98.75. The highest buying rate for the British Pound remained at $191.50, the lowest buying rate declined by 42 cents to $152.47, the highest selling rate rose $1.96 to $196.56 and lowest selling rate declined $2.40 to $183.70.
Jamaica’s trade deficit falls, March’s better
Jamaica enjoyed a reduction in its trade for the first four months of this year, compared with the same period in 2013. The trade deficit amounted to US$1.34 billion, down from US$1.46 billion in 2013.
The country imported goods valued at US$1.86 billion for the January to April 2014 period, a decrease of US$199 million or 9.7 percent and exported US$77 million or 12.9 percent less for the January to April 2014 period, representing a big improvement over the change to March. Total exports for the 4 months came in at S$521 million, down from US$598 million in the similar period in 2013.
For the three months to March this year, imports fell by US$281 million and exports were down US$111 million to US$358 million, down from US$469 million in the 2013.
Carreras pays out $9.09 in last 12 months
Carreras declared an interim dividend of $1.20 per stock unit, to be paid out of accumulated profits on September 4, to stockholders on the Register of Members as at August 18, 2014.The Ex-dividend date is August 14, 2014.
Carreras last declared a special capital cash distribution of $1.34 per stock unit to be paid on July 31. The latest approved dividend will bring the total payments the company made to shareholders since August last year, to $9.09 per share. Carreras traded today at $34.20.
Access Financial Services declared an interim dividend of 36.5 cents payable on September 1, to stockholders on record at August 18, 2014. The Ex-dividend date is August 14. Access last paid 31 cents per share on August 15, last year as dividend. Access last traded at $8.97.
Main market slips to close week
In Thursday’s trading on the Jamaica Stock Exchange the prices of 7 stocks rose and 9 declined as 28 securities changed hands, resulting in 2,930,479 shares trading valued at $16,326,411, ahead of the emancipation holiday on Friday.
Main Market| The JSE Market Index declined by 321.93 points to 71,308.03 and the JSE All Jamaican Composite index fell 359.97 points to close at 78,443.53.
Gains| Stocks with gains, volume and last traded prices, at the end of trading in the main market, are
Berger Paints with 7,338 shares to close with a gain of 4 cents at $1.66, Caribbean Cement with 2,500 units changing hands with a gain of 20 cents to end at $2.60, Carreras 14,184 shares with a gain of 49 cents to $34.20, Proven Investments 350 US dollar ordinary shares, gained 2 US cents to 18 US cents, Sagicor Group with 14,500 units, to close with a gain of 5 cents, at $9.20 and Sagicor Real Estate Fund with only 100 units, the price moved up 5 cents to $6.65.
Firm| The stocks with volume and last traded prices in the main market to close without a change in price, are Cable & Wireless with 1,927 shares at 30 cents, Grace Kennedy 1,745 shares at $56.50, Hardware & Lumber 4,550 shares at $9, Mayberry Investments 1,020 units at $1.55, Scotia Investments 7,000 units at $21 and Seprod 10,048 shares at $10.50.
Declines| The stocks with losses, volume and last traded prices, at the end of trading in the main market, are Ciboney with 40,000 shares, declining by 1 cent to 8 cents, Desnoes & Geddes 2,165 shares, down 53 cents to $4.02, Jamaica Broilers 38,680 units to close 6 cents lower at $4.57, Jamaica Money Market Brokers with 46,233 ordinary shares, declined by 9 cents to $6.96, Kingston Wharves 91,000 shares, the price declined by 25 cents to $5, National Commercial Bank with 503,434 shares, declined by 3 cents to $18.90, Pan Jamaican Investment 280 shares, with the price slipping a cent to $48.02 and Scotia Group with 8,906 shares, eased down by a cents to $19.
Preference| Jamaica Money Market Brokers 8.75% preference share, traded 251,125 units at $3, Jamaica Money Market Brokers 7.50% preference share with 1,109,863 units at $2 and Proven Investments 8% preference share with 9,700 units at $5.05.
Junior Market| The JSE Junior Market Index rose by 0.16 points to close at 610.04 as 5 stocks traded with one advancing and one declining.
Gains| Lasco Distributors is the only junior market stock gaining at the end of trading, as 500 shares traded to close 1 cents higher at $1.01
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are, Caribbean Producers 458,858 shares at $2.45, Honey Bun with 13,942 shares at $2.30 and Lasco Financial 3,340 units, to close at 90 cents.
Declines| General Accident with 287,191 shares, was the only stock declining in the junior market at the end of trading, as the price slipped by a cent to $1.36
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 13 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Hardware & Lumber falters in Q2
Hardware & Lumber could not carry over the good results in the March quarter into their second quarter with revenue of $1.72 billion for the latest quarter to June, 1.4 percent lower than the same period last year, while gross margin fell to 22.7 percent from 26.2 percent, principally as a result of product mix the company reported.
Total revenue for the six months was $3.53 billion, an increase of 7.2 percent ahead of $3.29 billion achieved in the same period last year.
Continued improvements in other income, operating expenses and finance costs resulted in $28.5 million net profit for the quarter or $0.35 per stock unit, compared to last year’s $43 million or $0.54 per stock unit. Profit after tax for the six months was $69 million, or 29.6 percent more than the $53 million for the same period in 2013. Earnings per stock unit for the six months is $0.85, up from $0.66 for the comparative period in 2013.
“Total gross profit for the six-month period was $802 million compared to $866 million for the comparative period last year. The combined effect of variations in sales mix and higher product costs resulted in average gross margins of 22.7 percent, representing a 3.6 percent decline compared to the same period in the prior year. Profit from operations increased by 8.9 percent to $108 million, supported by an increase in other income,” Management stated.
Operating cost for the quarter was down to $377 million from $398 million in 2013 and for the six months, cost fell to $753 million from $398 million in 2013.
Borrowings fell from $453 million in June 2013 to $279 million, helping to reduce finance cost from $25 million down to $16 million for the six months. For the latest quarter finance cost was slashed from $12 million down to $7 million.
The results for the June quarter places a cloud over the prospects for the balance of the year with what could be tight economic conditions. It is quite possible that the robust performance in the March quarter may have taken sales from the second quarter.
J$ value improves against all 3
In Wednesday’s forex trading, funds bought by dealers, were US$2 million less than the amount they sold as dealers bought the equivalent of US$26,608,863 versus US$32,008,221 on Tuesday, and sold the equivalent of US$28,847,941 compared to US$34,764,399 on Tuesday.
In US dollar trading, dealers bought US$22,632,506 compared to US$27,561,242 on Tuesday. The buying rate for the US dollar rose 2 cents to $112.18 and US$26,598,009 was sold versus US$29,391,378 on Tuesday, as the rate declined by 4 cent to $112.79. The Canadian dollar buying rate fell 42 cents, to $101.77 with dealers buying C$1,036,102 and selling C$783,328, as the rate fell $1.01 to $104.45.
The Pound closed at $189.19, for the purchase of £1,676,798, as the rate dropped 1 cent while £507,735 was sold, as the rate shed 22 cents, to $190.92. Other currencies bought, amounted to the equivalent of US$208,442 while selling was the equivalent of US$665,056.
Highs & Lows| The highest rate for buying the US dollar, closed with a 10 cents rise to $113.30, the lowest buying, the highest selling and the lowest selling rates remained unchanged, for the fourth consecutive day, at $91.85, $117.70 and $91.85 respectively. The highest buying rate for the Canadian dollar climbed 44 cents to $105.94 and the lowest buying rate lost 4 cents to $82.59. The highest selling rate was down 2 cents to $106.50 and the lowest selling rate was down 5 cents to $99.50. The highest buying rate for the British Pound fell 50 cents to $191.50, the lowest buying rate declined by 41 cents to $152.89, the highest selling rate fell $3.03 to $194.60 and lowest selling rate was up $1.40 to $186.10.
J$ gains versus all 3 majors
The Jamaican dollar made moderate gains against all three main currencies it trades against in Wednesday trading with US$26.6 million being sold at an average an J$112.79 to US$1 as the rate declined by 2 cents, the Canadian lost 4 cents Jamaica to end at J$104.45 and the Pound sterling closed 22 cents lower at J$190.92.
Pan-Jamaican Investment Trust refinances
The first tranche payment of J$600 million due on a $2.5 billion secured notes obtained by Pan-Jamaican Investment Trust in 2012, became payable on maturity on July 22, 2014.
Pan Jamaican indicates in a release to the Jamaica Stock Exchange, that arrangements have been made to refinance the amount with effect from July 23, 2014 for a further two years.
The proceed from the notes was obtained when the company acquired additional shares in Sagicor Life Jamaica (now Sagicor Group) in 2012 for a consideration of $3,055,100,542. The original funds were obtained from a private placement with maturities ranging from 2 years to 5 years.
Jamaica Money Market Brokers raise US$20M
Jamaica Money Market Brokers raised US$20,000,000 through the issue and private placement of unsecured extendible notes denominated in United States dollars. The offer was only available to Jamaican residents.
The private placement offer closed on July 18, 2014 and will mature on July 18, 2016. Note holders have an option to either redeem their notes on the Maturity Date or extend the maturity of their notes to July 18, 2019. The interest rate on the original note is 6.75% fixed for two years and 7.75% on the Extended Notes.
JMMB made profit due to the group’s shareholders of $2.83 billion for the year ending March 2014 and had total equity of $18.3 billion.
