Purchase of all currencies by dealers after the labour day holiday, amounted to the equivalent of US$37,791,833 on Tuesday compared with US$46,758,067, on Friday and selling, the equivalent of US$47,446,182 versus sale of US$40,993,978, previously.
In US dollar trading, dealers bought US$33,833,409 compared to US$44,452,045 on Friday. The buying rate for the US dollar fell 33 cents to $115.45 and US$44,463,077 was sold versus US$39,857,108 on Friday, the selling rate increased by 1 cent to $116.11.
The Canadian dollar buying rate dropped $1.25 to $91.35 with dealers buying C$1,028,480 and selling C$554,891, at an average rate that fell $1.19 to $93.78. The rate for buying the British Pound fell $1.17 to $176.84 for the purchase of £1,952,202, while £1,426,205, was sold, at an average rate that slipped 90 cents to $179.88. At the end of trading it took J$127.99 to purchase the Euro, $1.16 less than on Friday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$125.72 for a fall of $1.02 on Friday’s rate. Other currencies bought, amounted to the equivalent of US$154,318, while the equivalent of US$325,559, was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 1 cent to $116.30. The lowest buying, dropped $3.88 to $91.10, but the highest and the lowest selling rates were unchanged at $121.71 and $94.98 respectively. 
The highest buying rate for the Canadian dollar fell $1.60 to $94.20. The lowest buying rate remained at $75.32, the highest selling rate lost $1.60 to $97.10 and the lowest selling rate fell 25 cents to $90.50. The highest buying rate for the British Pound, declined $2.31 to $180.20, the lowest buying rate closed unchanged at $144.63, the highest selling rate climbed $1.43 to $186.45 with the lowest selling rate falling 25 cents to $174.
Archives for May 2015
J$ makes gains on Tuesday
Markets fell as more stocks decline than rise
Pan Jam fell $1.66 on Tuesday
TheJSE Market Index lost 996.20 points to 97,498.24, theJSE All Jamaican Composite index fell/ decline/ rose 923.95 points to close at 107,915.70 and the JSE combined index dropped 1,138.33 points to end at 99,681.18.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 9 stocks with bids higher than their last selling prices and 6 with offers that were lower.
In trading, Cable & Wireless ended with 1,940,000 units trading between 47 cents and the last price of 50 cents to gain 3 cents, Caribbean Cement closed with 5,400 shares at $4.01, down 34 cents, Desnoes & Geddes finished trading with 69,899 shares at $7.36 after adding a cent to the price, Gleaner saw trading in 102,913 shares to close with 7 cents gains at $1.07, Grace Kennedy closed with just 7,843 units changing hands at $63 to gain 25 cents, Jamaica Broilers finished trading with 23,138 shares while losing 25 cents to $5.25, JMMB Group concluded trading with 21,250 shares to close unchanged at $9. Mayberry Investments completed trading in 1,135,000 shares at $3 by gaining 15 cents at the end, National Commercial Bank had dealings in just 9,944 units to close down 8 cents at $29.52 at the same time the stock closed up in Trinidad at the equivalent of $31.50. Pan Jamaican Investment contributed 2,150 shares to close down by $1.66 at $58.59, 
Radio Jamaica gained 15 cents to end trading with 40,700 units at $2.75, for anew 52 weeks’ high. Sagicor Group closed with 1,471,642 shares at $12, after shedding 15 cents, Sagicor Real Estate Fund finished trading with 18,896 units at $7.50, for a 50 cents fall, Scotia Group ended trading with just 473 units to close at $25.35 after losing 15 cents. Seprod finished trading with 10,162 units at $18 to gain 50 cents, Supreme Ventures ended with 55,747 units at $3.95, up 35 cents. Trinidad Cement ended trading with 105 shares to close down by at $15, Proven Investments closed with 721,573 shares at 19 US cents, after losing 1.5 US cents. Jamaica Money Market Brokers 7.50% preference share finished trading with 350,000 units at $2.30 and Jamaica Money Market Brokers 8.75% preference share traded 199,000 shares at $3.02 and lost 3 cents.
Mayberry takes 20% of Lasco Financial
Mayberry buys 20% of Lasco Financial Services on Tuesday.
Joel Izquierrdo Gonzalez who had 14,515,000 shares seems to have disposed of his holdings as well, Mayberry crossed another 10 million units to cement the major part of the trade for the day. Chin confirmed the sale and indicated that Mayberry now has 20 percent and it’s a win, win proposition for both entities. Lasco Financial has 1,228,102,990 Ordinary shares of no par value that are issued. Lasco just reported full year reulsts with profit of $189.5 million just up from $178.2 million in 2014, the company reported just $10 million profit in the last quarter to March versus $41 million in the same period in 2014.Mayberry previously owned around 39 percent of Access Financial Services which they divested last year for approximately $1 billion. Some of the funds are being invested in this and other entities. It could well be that Mayberry will eventually buy more shares in the company.
Elsewhere in trading pick on the Junior Market with 11 securities trading, and ended with 245,363,622 units changing hands valued at $315,546,759. The JSE Junior Market Index declined 21.64 points to close at 856.43, with the price of 2 stocks advancing and 6 declining.
At the close of the market, there were only 2 stocks with bids higher than their last selling prices and 4 with lower offers. The junior market ended with 4 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, Access Financial Services ending
with 61,836 shares changing hands 10 cents lower at $17, Blue Power closed with 1,700 shares trading at $9.50, in losing 30 cents. Caribbean Cream finished with 81,200 units with a loss of 11 cents at $1.08, Caribbean Producers with 51,724 shares trading, was unchanged at $3, General Accident Insurance concluded trading with 187,684 shares changing hands to close 7 cents lower at $2. Honey Bun finished trading with just 500 shares to close 11 cents higher, at $2.62, Knutsford Express Services ended with 3,437 shares unchanged at $6. Lasco Distributors traded 289,032 shares, 15 cents lower, at $1.55, Lasco Financial Services finished trading with 244508476 units in total between $1.28 and $1.45 to settle at $1.30, there were 170,033 shares of Lasco Manufacturing traded to close lower by 5 cent at $1.25 and 8,000 Paramount Trading shares traded at $3.80 for a 4 cents gain.
6 stocks rise on TTSE
NCB traded at a new 52 weeks’ high on TTSE at $1.75 or J$31.50 equivalent.
At the close of the market, the Composite Index rose 1.61 points to close at 1,161.56, the All T&T Index advanced by 0.53 points to close at 1,969.93 and the Cross Listed Index increased by a mere 0.36 points to end at 46.35.
Gains| Stocks increasing in price at the close are, Ansa McAl traded 2,300 shares and closed 1 cent higher at $67.06, First Citizens Bank traded 4,830 shares to close at $35.80 with a 1 cent increase, National Commercial Bank gained 7 cents to end at a new 52 weeks’ high of $1.75, while 11,716 shares changed hands. Massy Holdings traded 996 shares to close with a gain of 5 cents at $64.05,
Sagicor Financial Corporation traded 3,158 shares and closed with a gain of 1 cent at $6.02 and Trinidad Cement with a volume of 15,137 shares traded, gained 5 cents to $2.80.Declines| The only stock declining at the end of trading is, Firstcaribbean International Bank with 32,828 shares changing hands for a value of $164,166 and declined 3 cents to end the day at $5.
Firm Trades| Only one stock closed with the price unchanged at the end of trading as Guardian Holdings added 10,299 shares valued at $146,246, to close at $14.20.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.
JSE down slightly, junior up slightly
The Jamaica Stock Exchange had 14 securities trading at 10:15 on Tuesday morning, 
accounting for 1.567 million units. The All Jamaican composite Index is down 7.54 points 108,832.11, the JSE index is at 98,487.69 down by just 6.75 points.
In trading, Jamaica Broilers had 20,100 units trading at $5.50, Mayberry Investments has so far traded 100,000 units at $3, Sagicor Group had 555,152 shares trading at $11.42, having lost 48 cents, Proven Investments that recently traded at 21 US cents, had 444,273 units trading this morning at 18 US cents having lost 1.2 cents. Jamaica Money Market Brokers 7.50% preference share had 350,000 units $2.30 and Lasco Manufacturing traded 18,385 units at $1.30.
Purity profit jumps 204%
A 204 percent increase in profit for Consolidated Bakeries better known as Purity, in the March quarter saw net profit ending at $13.9 million (2014 $4.58 million) from a 15 percent increase in revenues of $226.28 million.
Gross profit margin increased to 34.2 percent from 30.6 percent in 2014 and contributed much to the increased profit. Lower electricity cost would have made a big contribution to the improvement in this area. Administrative and other expenses rose less than revenues at 6.7 percent and selling and distribution expenses rose by 12.1 percent just below the growth in revenues.
The company earned 6 cents per share well up on that for 2014 and compares with the 8.4 cents reported for the twelve months of 2014, IC Insider is forecasting 20 cents for the full year. With the stock price at $1.15 on the junior market, it boasts a PE of 5.7 and has a net asset value of $2.42.
Consolidated Bakeries that produces and markets baked products such as breads, buns, crackers and cookies has equity of $540 million, loans of $64 million and cash funds of $110 million.
Teas could have a good year
Jamaican Teas enjoyed good exports sales for the second quarter to March continuing the appreciable growth in the first quarter. Exports moved by 26.6 percent from $64 million to $81 million for the latest quarter and year-to-date $118 million moving to $184 million for an increase of 56 percent.
The strength in exports contributed to the overall increase in sales which moved from $259.2 million to $292.5 million, an increase of 12.8% in the quarter, helping to push profit to $20 million in the March quarter, a 19.8% increase from the comparable period in the prior year. Profit for the six months to March was $43 million, an increase of 16.2% compared to the related period in 2014.
Earnings per share is up to 26 cents for the six months and 12 cents for the quarter, with the expected completion of sale of units in the development property earnings could end up around 80 cents per share for the fiscal year, this could change depending on whether the company disposes of some of the equities it is holding. Sales for the six months to March 2015, are up 14.4 percent to $611 million from $534 million in the prior year.
Exports were helped considerably by the coming on board of a new distributor in the eastern cost of the United States which will see the company products being sold in Wall Mart stores during 2015. Exports were also helped by restoration of sales in the Florida area that was disrupted in the previous financial year from modification in distributorship in that area. Local sales in the manufacturing operations are ahead of the prior year but are not a buoyant as could be expected.
The Orchid property being developed that should add to Jamaican Teas’ profits in 2015 & 2016.
The company’s investment portfolio showed encouraging increase in value, with gains of $12 million during the quarter and $14 million year to March, subsequently it has increased further with the growth in the local stock market.
Jamaican Teas borrowings are at $397 million at March, $310 million is long term, the group equity of $691 million, investments at March amounting to $126 million with cash funds of $27 million. On completion of sales of units in the development property there will be a sharp reduction in loans outstanding and or a build-up in cash.
Jamaican Teas is involved primarily in the production of ingredients for hot beverages, but also sells water and other ready to prepare food products as well as operators supermarkets and in the real estate development. The company is listed on the Jamaica Stock Exchange junior market and last traded at $3.
Trading remains moderate on TTSE
Trading on the Trinidad Stock Exchange closed with 9 securities changing hands of which 1 advanced, 1 declined and 7 traded firm with a total of 90,027 units, valued at $1,042,001.
At the close of the market, the Composite Index lost 0.17 points to close at 1,159.95, the All T&T Index remained at 1,969.40 and the Cross Listed Index fell 0.05 points to end at 45.99.
Gains| The only stock recording an increase in price at the close is Clico Investment Fund with 29,468 shares trading and advancing by 4 cents to end at $22.55.
Declines| JMMB Group was the sole stock to decline by shedding 1 cent to close at 54 cents with 18,346 shares traded.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Firstcaribbean International Bank with 10,150 shares changing hands and closed unchanged at $5.03, First Citizens Bank contributed 5,557 shares with a value of $198,941 to close at $35.80. 
Guardian Holdings traded 146 shares at $14.20, National Enterprises traded just 13 shares to close at $17.30, Republic Bank traded 200 units to close at $115, while Sagicor Financial Corporation traded 6,297 shares to close at $6.01 and Trinidad Cement with a volume of 19,850 shares traded ended at $2.75.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator shows 4 stocks with the bid higher than their last selling prices and 1 stock with a lower offer.
Barita reports big profit jump
Brokerage house Barita Investments released half-year results showing profit of $130 million or 29 cents per share versus $105 million in 2014, the improvement came in the second quarter with profit of $84 million, or 19 cents per share, up from $48 million, fuelled by a big jump in investment gains, mostly from disposal of government of Jamaica securities.
Net interest income fell in the quarter as interest cost declined more slowly than the fall in income. For the quarter revenues climbed to 398 million from only $333 million in 2014 while operating expenses rose from $115 million to $128 million or 11 percent. Interest cost fell from $171 million to $151 million but interest income fell faster from $260 million down to $204 million, for a fall of $55 million thus squeezing net interest income from $88 million to $53 million.
Karl Lewin at the launch of Barita’s newest unit trust funds
Revenues from our non-interest income for the six months were above prior year with $309 million compared to $141 million with fees and commission income being 88 percent above prior year at $79 million with significant improvements coming from the revenues of the Barita Unit Trusts Management Company. Additionally, trading gains improved by 813 percent at $179 million compared to $21 million in the prior year, due to gains from sales of government of Jamaica bonds that enjoyed gains as Jamaican bonds started to attract renewed interest. Depreciation of the Jamaican Dollar and trading gains amounted to $42 million year to date down from $72 million in 2014.
“Operational costs for the 6 months period to March increased by 14 percent when compared to the same period last year. Over the same period, staff costs increased by 12 percent, triggered primarily by additional human resources and remuneration adjustments,” the company reported.
Administrative costs were 16 percent higher for the same period last year; the main contributors being our financial support of the Education Foundation and client support expenses.
Looking forward, earnings look set to reach at least 50 cents per share for the year and could be more, depending on the continued buoyancy in the stock market that should help lift commission income from trading for clients, increased stock market prices will increase the asset base of the equity lined unity trusts and generate more fee income. The revaluation in the Jamaican dollar in to March has been reversed thus restoring gains in this area. The decline experienced in interest rate spread may slow but that is unclear at this stage with rates on BOJ Certificate of deposits having fallen and Treasury bill rates continuing to decline.
The quarter ended with equity of $1.86 billion and total assets of $13.37 billion. The stock which is listed on the Jamaica Stock Exchange and last traded at $2.50 up from $1.95 prior to the release of the results.
JSE’s modest gains but 14 stocks rise
RJR closed at 52 weeks’ high on Friday
TheJSE Market Index gained 111.93 points to 98,494.44, the JSE All Jamaican Composite index rose 125.14 points to close at 108,839.65 and the JSE combined index put on 244.08 points to end at 100,819.51. Close to mid-day the all Jamaican Composite index ended had gained 755.19 points added while the JSE index added 675.46 points. and the junior market index gained 20.52 points to 883.66.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator continues to flash bullish signals with 14 stocks with bids higher than their last selling prices and 6 with offers that were lower.
tocks trading in the main market at new closed at 52 weeks’ high are Barita Investments, Pan Jamaican Investments Trust and Radio Jamaica. Jamaica Broilers traded during the day at $5.74 for a new 52 weeks intra-day high but closed lower at a former 52 weeks closing high of $5.50. Other trades in the main market include Cable & Wireless with 459,765 shares trading at 47 cents, to record a 1 cent gain. Caribbean Cement traded 50,000 to close at $4.35 but traded as high as $4.80, Grace Kennedy gained 25 cents to close at $62.75 with 7,253 units trading, Hardware & Lumber traded only 3,000 units at $10.25 to $12, Jamaica Broilers had 27,400 trading as high $5.74 but closed unchanged at $5.50, JMMB Group has 955,266 units trading at $9 and gained 11 cents, Mayberry Investments traded 109,856 units to close at $2.85 with a 15 cents loss but traded previously at $3.National Commercial Bank had 100,819 
shares trading at $30, Radio Jamaica traded 100,000 shares is at $2.60, Sagicor Group traded 466,995 shares with the price climbing 15 cents to $12.15. Scotia Group had 141,655 shares changing hands at $25.50 by putting on 18 cents, Proven Investments fell to 18.50 US cents with 78,150 units trading and Jamaica Money Market Brokers 7.50% preference shares ended with 728,100 units at $2.30 as the price slipped 10 cents.At the close of the market Sagicor Real Estate Fund had a bid at $8.30 compared with the last sale price of $8, but only 100 units were on the bid and only one offer was posted at $10. Investors are responding to reported strong increase in profit flowing from primarily form the profit of the hotel acquired in 2014, but they may not be taking into consideration the seasonal flows of revenues and profit in the industry that see strong inflows in the winter months and lower amounts in the other months.
