Monday’s trading activity on the Jamaica Stock Exchange, resulted in the prices of 8 stocks rising and 8 declining as 20 securities changed hands, ending in 5,600,984 units traded, valued at $32,212,309, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 10 stocks with bids higher than their last selling prices and only 2 stocks with offers that were lower.
Main Market| The JSE Market Index gained 261.32 points to 76,193.20, the JSE All Jamaican Composite index rose 292.16 points to close at 83,905.84 and the JSE combined index gained 236.48 points to close at 78,085.02.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Caribbean Cement closed with 17,375 shares changing hands, 5 cents higher to $2.45, Desnoes & Geddes ending with 233,619 shares, the price rose 30 cents to $5. National Commercial Bank had trading in 67,060 shares to close 9 cents higher at $18.45, Pan Jamaican Investment gained $3.42 in trading 15,567 shares to end at $59.92, Proven Investments concluded trading with 2,000 shares and gained 0.25 cents to 19 US cents and Sagicor Group ended with 506,271 shares changing hands to close 50 cents higher at $10.50.
Firm| The stocks in the main market to close without a change in the last traded prices are, Cable & Wireless closed with 1,215,792 shares changing hands at 50 cents. Grace Kennedy finished with 900 shares at $62, Jamaica Broilers ended with 29,413 units and ended at $4.01, Jamaica Money Market Brokers ended trading with 15,000 ordinary shares at $7.10 and Mayberry Investments completed trading with 100,000 shares at $1.50.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Carreras that ended with 3,000 shares trading 19 cents lower at $36.81. Sagicor Real Estate Fund closed with 2,842,660 units as the price slipped 10 cents to $7, Scotia Group finished with 97,500 units trading as the price slipped 1 cent to $20 and Supreme Ventures closed with 118,003 shares trading lower by 2 cents to $1.90.
Archives for December 2014
8 up 8 down on last 2014 Monday
Access 14m shares trade cancelled
Mayberry traded 14,065,475 units of Access Financial shares at $9 on Monday but the transactions were cancelled after the market closed. Apparently, the trade was in breach of the court order for the two major shareholders to freeze their respective holdings. The official trading report of the Jamaica Stock Exchange showed the trades as they were still valid, but data on the stock exchange trading system show the trades as cancelled.
In actual trading on the Junior Market, only 6 securities traded ending with 336,824 units valued at $597,178 changing hands. The JSE Junior Market Index dropped 1.01 points to close at 689.28, with the price of 2 advancing and 2 declining.
At the close of the market, there were 4 stocks with bids higher than their last selling prices and 1 stock with the offer lower. The junior market continues to reflect renewed interest with 4 securities closing with no bids to buy up from 11 some weeks ago. There were 10 securities that had no stocks being offered for sale, including 2 junior market preference shares.
The stocks trading are, Honey Bun ended trading with only 222 shares changing hands to close 1 cent up at $1.71, Lasco Distributors ended with 27,802 shares trading and gained of 1 cent to $1.45, AMG Packaging ending with 2,500 shares trading at $2.15. General Accident finished with 1,000 shares trading at $1.75, Caribbean Producers finished with 226,000 shares trading lower by 2 cents to $2.05, Lasco Financial ended trading, with 79,300 shares changing hands, to close 2 cents down at 96 cents
7 stock rose on TTSE 1 fell
Scotiabank closed up 50 cents on Monday to $61.50 as the price continues to recover.
At the close of the market, the Composite Index rose 1.57 points to 1,146.89, the All T&T Index gained 3.48 points to end at 1,983.07 and the Cross Listed Index increased by a mere 0.04 points to end at 40.67.
Gains| Stocks increasing in price at the close are, Agostini’s in trading 460 shares advanced 16 cents to end at $17.50. Angostura Holdings added 5,180 shares to close at $3.50 while gaining 20 cents, Clico Investment Fund traded 250 shares and advanced by 2 cents to $23.04, First Citizens Bank traded 2,000 shares to close with a gain of 1 cent at $37.06, Jamaica Money Market Brokers with 100,000 shares changing hands gained 1 cent to end at 44 cents, Massy Holdings traded 50 shares to close with a gain of 25 cents at $68.25 and Scotiabank gained 50 cents to end at $61.50 while trading 980 shares.
Declines| Grace Kennedy lost 10 cents while trading 40,000 shares to end at $3.65 and was the sole stock to fall in price.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Ansa Merchant Bank that traded 5,000 units to close at $39.45. Sagicor Financial Corporation contributed 17,722 shares with the price closing at $5.95, Scotia Investments had 318 shares changing hands at $1.45, Trinidad Cement contributed 500 shares to end at $2.50 and West Indian Tobacco exchanged only 72 units at $121.33.IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator showed just 1 stock with the bid higher than the last selling price and none with the offer that was lower.
Scotia Investments in transition
Scotia Investments (SIJL) reported net income of $1.79 billion results for the year ended October 2014, down $205 million from the last year. Net income for the quarter was $450 million, down $54 million from the previous quarter, and $123 million from the corresponding quarter last year.
Earnings per share for the year ended at $4.23 compared to $4.71 in 2013. The Return on Average Equity fell was from 16.55 percent in 20123 to 13.6 percent.
Net interest income for the year was $2.3 billion, down $519 million or 18 percent below last year and for the quarter, $499 million, down $81 million or 14 percent below the July quarter.
Non-interest income, which includes fee income, securities trading gains and net foreign exchange trading income, was $1.89 billion for the year, is up $237 million or 14 percent; and $487 million for the quarter, down $61 million compared with the July last quarter.
Total Operating Income, comprising net interest revenue and other income was $4.17 billion, a reduction of $281 million relative to prior year. Total Operating Income for the quarter of $986 million was down $233 million over the corresponding quarter last year.
Total operating expenses for the year was $1.62 billion, up $33 million or 2 percent compared to 2013. Expenses amount to $364 million for the October quarter, down $32 million or 8 percent against the July 2014 quarter, and it is also down 19 percent, against the 2013, October quarter.
Total on balance sheet assets amount to $72 billion and show a reduction of $1.4 billion compared to last year. At the end of October 2014, total funds under management stood at $151 billion, $96 billion or 64 percent represents off-balance portfolio, compared to 60 percent last year. The Scotia Premium Money Market Fund grew to $10 billion by the end of the year. For 2014, funds managed through the unit trusts and mutual funds increased by 17 percent year over year, due to both growth in volume and appreciation in value of the funds. Management states that “the change is consistent with our strategic initiative to focus on the growth of our unit trusts and mutual fund portfolios.”
Shareholders’ equity stood at $13.6 billion as at October 31, 2014, an increase of $1.15 billion or 9 percent compared to last year. Net asset value per share is $32.14 and the stock price $23.40 with the PE ratio just above 5 times 2014 earnings. With interest rates falling and the funds under management rising SIJL should put into a better performance in 2015.
Barita’s ugly Q4 results
Barita Investments had a decent nine months’ performance to June this year, with profit of $156 million versus $77 million in 2013. Profit had dipped for the June quarter from that of 2013 by just under 50 percent. The net result was earnings per share of 35 cents.
With those results investors would be forgiven if they felt that full year’s earnings would be closer to 50 cents per share than the 16 cents they reported. That company reported a loss in the September quarter of $66 million down from a profit of $24 million in 2013, pulling full year results to $71 million compared to $63 million in 2013.
Major contributors to the final quarter’s loss, are increased taxation of $26 million, with a loss before tax of $40 million. Investment impairment resulted in $42 million hit against profit while securities and foreign exchange trading ended up in losses and dividend income fell by $19 million. Net interest income dropped sharply as well, by 60 percent to $45 million while administrative cost was up 17 percent. Barita also picked up a loss of $10 million from an investment in an animated development company GSW Animated Ltd. Barita’s investment in the company is $28 million, for 11.84 percent interest.
For the full year interest expense rose 21 percent but income fell marginally, while income from fees, commission and securities trading were the only areas to show growth. Cost was kept pretty tight with only a 4 percent rise.
In 2013 Barita took a big hit on its investment portfolio when it swapped Government bonds for lower yielding ones, resulting in a write off of capital gains on their holdings. Interest rates rose between 2013 and mid 2014 resulting in a squeeze on interest margins. Some of the reduction on the interest income side was made for by a switch to foreign exchange holdings to benefit from the devaluation of the local dollar. Revaluation of the Jamaican dollar in the September quarter would have negatively affected return in this area. The local dollar slipped in the December quarter which should benefit them. Economic measures being pursued by the Jamaican government along with the sharp drop in oil prices will lead to greater stability or possible some revaluation of the local dollar in the months ahead. This will likely result in a portfolio shift that will improve net interest income. The local stock market is showing signs of improved interest and if this continues, trading income will improve for 2015 and the large investment impairment hit should not occur. The end result is that the company should enjoy better results in 2015.
Of import is the higher level of profitability, shown in comprehensive income statement, with gains of $242 million excluding revaluation gains on property. The increased comprehensive income resulted in the capital base of the company rising to $1.67 billion from $1.4 billion at the end of the 2013 fiscal year. Total assets being managed is $13.6 billion.
Barita should be seen a good play on the revival of the local stock market which is going to happen at some time in the near future, exactly when is unsure at this time, based on valuation and performance of companies it may not be far off.
The company’s stock is listed on the Jamaica Stock Exchange and last traded at $2.18 with net assets of $3.75 per share. Profit may have slipped in 2014 but that is not an indication of a permanent slippage as such the stock remains BUY RATED based on it low price and the potential for higher earnings ahead.
Salada sole main market stock up Wednesday
In Wednesday’s activity on the Jamaica Stock Exchange, Salada Foods was the sole main market stock gaining on the eve of Christmas. The gain comes after the company reported strong increased earnings in the September quarter, from robust sales growth flowing from a change in distributorship.
At the close of trading, the prices of 4 stocks rose and 9 declined as only 18 securities changed hands, ending in 2,553,000 units trading, valued at $42,970,245, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator showed 9 stocks with bids higher than their last selling prices and 4 stocks with offers that were lower.
Main Market| The JSE Market Index lost 518.06 points to 75,931.88, the JSE All Jamaican Composite index fell 579.20 points to close at 83,613.68 and the JSE combined index gained declined by 471.73 points to close at 77,848.54
Gains| The only stock gaining in the main market is Salada Foods trading 58,800 shares and closing 70 cents higher at $8.70.
Firm| The stocks in the main market to close without a change in the last traded prices are, Cable & Wireless ending with 95,000 shares trading at 50 cents, Carreras ending trading with 803,702 at $37 and Sterling Investments closed with 1,000 shares trading at $134.
Declines| The last traded prices of stocks that declined at the end of trading in the main market are, Berger Paints with 1,000 units, the price slipped 5 cents to $1.55. Desnoes & Geddes finished with 19,615 shares trading lower by 10 cents to $4.70, Jamaica Producers ended with 144,043 shares trading 1 cent lower at $17.50, National Commercial Bank closed with 8,003 units, the price slipped 14 cents $18.36, Proven Investments finished with 3,571 units trading, the price declined by 0.25 US cents 19.75 US cents, Sagicor Group closed with 14,560 shares trading lower by 20 cents lower to $10, Sagicor Real Estate Fund ended with 4,000 shares trading 18 cents to $7.10 and Scotia Group closed with 447,276 shares changing hands 9 cents lower to $20.01.
J$ gains on strong flows Wednesday
The Jamaican dollar gained value against the three main currencies it normally trades against, in Wednesday’s foreign exchange trading. The total value of currencies traded while down from the heavy trades in the previous three days, was still relatively high on Christmas eve, with more than US$42 million.
Overall there was buying of the equivalent of US$46,285,377 versus US$51,072,479 on Tuesday, and selling of the equivalent of US$42,969,928 compared to US$68,959,488 on Tuesday. In US dollar trading, dealers bought US$42,996,967 compared to US$45,621,979 on Tuesday. The buying rate for the US dollar rose 7 cents to $113.99 and US$41,082,846 was sold versus US$66,949,150 on Tuesday with the selling rate falling 3 cents to $114.54. The Canadian dollar buying rate lost 34 cents to $95.64 with dealers buying C$1,522,032 and selling C$877,928, at an average selling rate that fell 14 cents, to $97.63. The rate for buying the British Pound declined 43 cents to $175.68 for the purchase of £1,183,049, while £516,953 was sold, the rate eased 41 cents to $177.23. At the end of trading it took J$139.51 to purchase the Euro, 89 cents less than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$136.63, for a decline of $3.22. Other currencies bought, amounted to the equivalent of US$188,078 while the equivalent of US$338,918, was sold.
Highs & Lows| The highest buying rate for the US dollar, climbed $1.02 to $115.87, the lowest buying rate closed 25 cents lower at $93.52 and highest selling rate fell 21 cents to $120.16. The lowest selling rate remained unchanged at $93.94. The highest buying rate for the Canadian dollar dipped 80 cents to $99. The lowest buying rate fell 67 cents to $77.85. The highest selling rate fell 11 cents to $101.22 and the lowest selling rate slipped 75 cents to $93.80. The highest buying rate for the British Pound, rose 20 cents to $179. The lowest buying rate fell $1.87 to $142.14, the highest selling rate declined by $4.02 to $181.73 and the lowest selling rate fell $2.10 to $171.25.
Scotiabank traded up to $61.50 on TTSE
Trading on the Trinidad Stock Exchange ended with Scotiabank trading as high as $61.50 prior to the close but ended up unchanged at the close there was buying interest for 176,752 units at $61 as demand builds for the stock, in light of the full year results, showing improvements in profit in the second half of the year.
Trading closed with 15 securities changing hands of which 5 advanced, 3 declined and 7 traded firm, with a total of 595,346 units, valued at $28,680,675. At the close, the Composite Index remained at 1,145.32, the All T&T Index rose just 0.34 points to close at 1,979.59 and the Cross Listed Index fell 0.05 points to 40.71.
Gains| Stocks increasing in price at the close are, Angostura Holdings trading 250 shares to close at $13.30 up 4 cents, Clico Investment Fund ending with 284,000 units, valued at $6,537,680, to close 2 cents higher at $23.02. First Citizens Bank traded 2,305 shares to close with a gain of 2 cents, at $37.05 and National Enterprises gained 2 cents to end at $17.42 while 15,838 shares valued at $275,888 changed hands and Republic Bank with 5,000 shares $5,986,970 and closed at $119.75, up 1 cent.
Declines| Jamaica Money Market Brokers traded 5,000 units at 1 cent lower at 43 cents, One Caribbean Media traded 380 shares but lost 5 cent to close at $25 and West Indian Tobacco closed with 28,604 shares with a value of $3,470,513 and fell 7 cents to $121.33
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Firstcaribbean International Bank trading 1,000 shares to close at $4.75, Grace Kennedy had 1,000 shares trading at $3.75, Guardian Holdings added 1,000 shares at $13.25. National Commercial Bank traded 1,000 shares at $1.15, Prestige Holdings contributed 345 shares at $9.56, followed by Sagicor Financial with 3,625 shares at $5.95 and Scotiabank with 201,000 shares changing hands for a value of $12,261,500 closed at $61.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator shows 1 stock with the bid higher than the last selling price and 1 stock with a lower offer.
Eppley 10% Preference share list
Eppley’s latest cumulative preference shares were listed on Wednesday, there was no trading in the stock. The listing flowed from the reopening of an issue which went to market in November and was oversubscribed and led to the reopening of the issue on in December on the same terms which includes interest at 10 percent for two years then a step up thereafter, the second was also oversubscribed.
Activity Trading on the Junior Market closed with only 6 securities trading and ended with 929,121 units valued at $1,202,090. The JSE Junior Market Index rose 1.68 points to close at 690.29, with the price of 3 advancing and 1 falling.
At the close of the market, there were 4 stocks with bids higher than their last selling prices and 2 stocks with offers that were lower. The junior market continues to show renewed interest with only 4 securities closing with no bids to buy. There were 9 securities that had no stocks being offered for sale.
The stocks that traded on the day before Christmas are, Access Financial with 7,903 shares to gain 9 cents at $9.05, Lasco Financial traded just 2,000 shares at 1 cents higher at 98 cents, Lasco Manufacturing had 649,041 units trading to put on 1 cent to $1.12. Lasco Distributors with 258,877units suffered a 1 cent fall, to $1.44, Blue Power traded just 1,300 shares at $6.30 and Honey Bun saw trading in 10,000 shares at $1.70.
Scotiabank up to $61 on TTSE
Trading on the Trinidad Stock Exchange ended with Scotiabank moving up strongly to hit $61, at the close there was bidding to buy 63,803 units at $61 as demand builds for the stock, in light of the full year results, showing improvements in profit in the second half of the year. Trading closed with 9 securities changing hands of which 2 advanced, 1 declined and 6 traded firm, with a total of 288,699 units, valued at $14,330,656.
At the close, the Composite Index rose 0.31 points to close at 1,145.32, the All T&T Index rose just 0.62 points to close at 1,979.25 and the Cross Listed Index fell / remained unchanged at 40.76.
Gains| Stocks increasing in price at the close are, First Citizens Bank traded 7,552 shares valued at $279,650 to close with a gain of 1 cent at $37.03 and Scotiabank with a volume of 90,475 shares being traded for $5,518,975 with 46 cents gain to end the day at $61.
Declines| National Enterprises fell 9 cents to end at $17.40 while 532 shares changed hands to be the sole stock to decline as it fell to a 52 weeks’ low.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings trading 1,200 shares to close at $13.26. Firstcaribbean International Bank traded 72 shares and closed at $4.75, Guardian Holdings added 18,413 shares valued at $243,972 and ended at $13.25, Massy Holdings with 120,076 shares changing hands for a value of $8,165,168 closed at $68, Prestige Holdings contributed 3,000 shares at $9.56, followed by Scotia Investments contributed 47,379 shares with a value of $68,699.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator shows 3 stocks with the bid higher than their last selling prices and 4 stocks with offers that were lower.
