Trading ended on Thursday for the junior market, with the market index climbing 10.01 points to close at 3,099.03, with 3 stocks closing at new highs and one trading at an intraday high.
At the close, 25 securities changed hands, 9 advanced and 5 declined. Trading ended with 1,357,950 units valued at over $10,370,371 passing through the market, compared to 1,010,984 units valued at over $6,271,613 on Tuesday. At the close 9 stocks had bids higher than their last sale prices and 3 ended with lower offers, than the last sale.
The junior market ended trading with an average of 54,318 units for an average value of $414,815 traded, compared to 48,142 units for an average value of $298,648 on the previous trading day. The average volume and value for February, ended at 223,938 units and $1,379,459.
At the close of the market on Thursday, Access Financial Services climbed 40 cents to a 52 weeks’ high of $38.50 in trading traded 1,000 units, the stock ended with the bid at $43.81 to purchase 650 units, AMG Packaging closed at $25 with 1,933 units changing hands.
Blue Power jumped sharply by $4.75 and closed with 1,200 units changing hands at $55, after trading at $57.60, CAC 2000 traded 16,800 shares at $7, Cargo Handlers added $2 in trading 3,810 shares to end at a 52 weeks’ high of $27 and closed after hitting $30 during the day. Caribbean Cream closed trading with 13,527 units to close at $8, after rising 73 cents. Caribbean Producers fell 30 cents in trading 21,533 units $3.75, Consolidated Bakeries ended trading 60,000 shares to close at $4, the stock could suffer a steep fall with the company reporting on Thursday, earnings of just 5 cents for the 2016 fiscal year, down from 13.5 cents at September last year. C2W Music lost 4 cents with 3,086 units changing hands to close at 35 cents, Dolphin Cove closed trading with 783 shares, to end at $18. General Accident closed with 30,747 shares to end at $3.50, Honey Bun had 11,800 shares changing hands and fell 35 cents, to end at $7.60, Iron Rock Insurance traded 10,000 shares to end at $3.30, Jamaican Teas ended trading 33,286 shares to close at $8.30. 
Jetcon Corporation closed trading with 21,065 shares being exchanged for gain of $2 to end at a 52 weeks’ high of $15, KLE gained 20 cents and ended trading 200 units, to close at $2.90, Lasco Distributors ended with 72,448 units trading with a fall of 19 cents at $6.80. Lasco Financial rose 20 cents with 944,331 shares changing hands, to end at $4.60, Lasco Manufacturing closed with 1,448 units changing hands at $4.50, Main Event had 25,964 shares changing hands, to close at $4.85 after rising by 5 cents. Medical Disposables gained 35 cents to close at $6.85 with 3,024 shares changing hands, Paramount Trading ended with 71,815 shares changing hands and fell 34 cents to $3.79, Eppley 9.5% preference share closed trading with 7,700 units changing hands at $6 and Eppley 10% preference share closed trading with 550 units at $6.85.
Archives for March 2017
Unilever jumps $5 on Wednesday
March 1, 2017 by
Unilever Caribbean traded with a $5 gain on Wednesday to $57.
Trading ended on Wednesday with 12 securities changing hands compared to 11 on Friday. At the close 1 stock advanced, 4 declined and 7 remained unchanged.
A total of 863,631 shares traded at a value of $18,073,175 in contrast to Friday’s 161,647 shares traded at a value of $2,116,016. Clico Investment Fund trading, contributed mostly to the rise in the dollar value of Wednesday’s trading.
The Composite Index rose 2.46 points to 1,240.01, the All T&T Index gained 7.06 points to 1,822.44 and the Cross Listed Index declined 0.30 points to 88.16.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 8 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Unilever Caribbean was the only stock rising on Wednesday.
Losses| Guardian Holdings lost 25 cents to close at $14.75 while exchanging 19,655 shares, with a value of $290,544, One Caribbean Media dropped $1 to end at a 52 weeks’ low of $16 after trading 3,715. Point Lisas
dropped 15 cents with trades of 700 units to close at a 52 weeks’ low of $3.50. Sagicor Financial Corporation closed with 106,655 shares changing hands for a value of $966,605 to end at $9.06 after falling by 41 cents.Firm Trades| Clico Investment Fund traded 678,500 units valued at $15,266,250 and ended trading at $22.50, First Citizens closed at $32.26, with 1,686 units changing hands, JMMB Group closed at $1.28 with an exchange of 17,741 shares, Massy Holdings closed unchanged at $53 while trading 25,000 shares valued at $1,325,099. Republic Financial Holdings closed at $106.35 with 100 units traded, Scotia Investments closed with trades of 9,185 units at $2.19 and West Indian Tobacco held firm at $127, trading 194 shares.
Car dealer doubles 2015 profit
March 1, 2017 by
Jetcon ends at a new closing high of $13 on Tuesday.
Earnings per share ended the year at 54 cents for the first year that the company listed on the junior market of the Jamaica Stock Exchange.
Revenues for the year grew by 64 percent, higher than the 49 percent increase for 2015 over 2014. The performance resulted in revenues of $858 million versus $524 million in 2015. The company’s revenues increased over the prior year, in each quarter, ending at $148 million in the first quarter, $195 million in the June quarter, $268 million in the September quarter and $228 million in the December quarter.
Gross profit increased by 75 percent as gross profit margin increased over 2015. Selling and marketing expenses more than doubled to $13 million from $6 million in 2015 while administrative and other expenses climbed by a third to $36 million from $27 million.
Growth in profit, helped to propel the stock from its initial listing price of $2.25 to a high of $13 reflecting a gain of 478 percent since it listed in March 2016. A trade at $14.80 towards the end of trading on Tuesday was cancelled.
Capital| Jetcon put the net new capital of just under $90 million raised in the initial public offer (IPO) into increased inventory, resulting in increased choices and strong sales growth in the post listing period.
The economic environment is positive to allow for increased business. Some of these are reduction in lending rates and a high percentage of the value of vehicles covered by lending institutions. Improvement in the wider economy backed by tax reductions for some workers, along with increased remuneration and the lowest inflation rate in several decades would all have played a part.
Gross cash flow generated from operations, ended at $100 million but inventories grew by $166 million, to end the year at $251 million, including goods in transit. The capital from the IPO and the profit for the year strengthened to financials, with equity capital of $294 million up from just $107 million at the end of 2015.
Jetcon Corporation revenues enjoyed strong growth for 2016
Update| According to a release by the company, revenues for 2017 up to the date of the report, is 77 percent ahead of the first two months of 2016. “Based on orders on our books and sales for 2017 towards the end of February, we expect revenues and profit in Q1, to be ahead of that for 2016, barring unforeseen developments.”
“Whilst we cannot say with certainty that the above pace of sales growth will continue for the full year, our budgets, forecast and strategies for the year, is for increased revenues and profit as we work as a team to build the company into one that the stakeholders will view positively”, the statement concluded.
If the pace of growth in revenues seen for the first two months, continues to the end of March, revenues for the quarter would be the higher than in any quarter for 2016.
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