Trading in the main market of the Jamaica Stock Exchange closed on Thursday with Radio Jamaica trading 90 million shares to be the market leader as the market close with 27 securities changing hands with 1 trading in the US dollar market. In both markets, 10 stocks advanced and 11 declined.
Trading levels in main market ended at 93,827,780 units valued at $320,466,964 compared to 2,784,846 units valued at $79,404,060 at the close on Wednesday. Trading in the US dollar market accounted for 117,700 units valued at US$35,310.
The All Jamaica Composite Index dropped 2,681.25 points to close at 245,424.71 the JSE Market Index dived 2,442.92 points to finish at 223,609.72 and the JSE US dollar market index lost 6 points to close at 216.59.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 12 stocks with bids higher than their last selling prices and 1 with a lower offer.
The main market ended trading with an average of 3,475,103 units valued at an average of $11,869,147 compared to an average of 107,109 units on Wednesday carrying a value of $3,054,002 per security traded. The average volume for the month to date ended at 938,424 units with an average value of $4,736,206 versus 92,865 units with a value of $4,736,206 per traded security on the prior trading day. The average volume and value for March ended at 549,909 units and $1,379,459.
In market activity, Barita Investments gained 14 cents to close at $7 trading 1,000 shares, Berger Paints closed at $12.30, gaining 25 cents with an exchange of 1,899 shares, Cable and Wireless closed at $1.28 with 28,579 shares changing hands, Caribbean Cement closed $1.80 lower to $30 with trades of 45,707 units. Carreras declined $1.98 to $70.02 with 11,300 shares exchanged, Grace Kennedy advanced $2.35 to $43.85, with 450,200 units traded, Jamaica Broilers closed with trades of 6,000 shares at $16.50, Jamaica Producers closed at $15, with 252,433 shares changing hands, Jamaica Stock Exchange gained 20 cents to close at $7.20, with an exchange of 3,000 units. JMMB Group added 50 cents to close at $19 trading 72,773 units, Kingston Properties closed 10 cents lower to $15.90 with an exchange of 2,079 shares, Kingston Wharves closed at $31.01, with a loss of $2.48 exchanging 6,300 units, Mayberry Investments gained 15 cents to close at $4.75 with trades of 21,984 shares, NCB Financial Group lost 10 cents, closing at $61.90 after exchanging 1,862,138 shares, 1834 Investments gained 9 cents to close at $1.54 trading 1,000 units, 138 Student Living traded 2,300 units at $4.49, Pan Jamaican closed $1.46 higher at $35.61 with 35,233 shares changing ownership. 
Portland JSX gained 90 cents trading 100 units to close at $10.90, Pulse Investments traded 1,000 shares at $8, Radio Jamaica closed at $1.60, losing 29 cents with an exchange of 90,043,125 units, Sagicor Group closed at $34, with 716,534 shares changing hands, Sagicor Real Estate Fund lost 30 cents to close at $10, with 4,500 shares traded, Scotia Group declined $1.39 to $38.61 trading 126,722 units, Scotia Investments tumbled $3.45 to close at $36.05 exchanging 101,100 shares, Seprod lost 30 cents, closing at $39.70 with 3,000 shares changing hands, Supreme Ventures closed at $6.35, with gains of 34 cents exchanging 23,758 shares. Proven lost US 1 cent trading 117,700 ordinary shares to close at 30 US cents and JMMB Group 7.5% preference share closed at $1.05, with an exchange of 4,016 units.
Archives for April 2017
Sagicor Group ups dividend
Sagicor Group Kingston head quarters.
The group in declaring the first dividend of 2016 has set a later date for payment than in 2016 with the a payment of Seventy Cents per share, payable on May 5, to shareholders on record as at April 24. The ex-dividend date will be April 20.
Last year Sagicor paid an interim dividend of sixty-six cents per share on April 19 and on November 25, 2016 an interim dividend of Forty-five Cents was paid, for a total for the year of one dollar and one cent or just under 35 percent of the profits.
Last year the company reported profit attributable to stockholders of $11.26 billion up 15 percent from the $9.79 billion earned in 2015, with earnings per share ending at $2.90 for 2016. Total revenue for 2016 amounted to $59.7 billion up from $55 billion in 2015.
The company’s shares closed trading on the Jamaica Stock Exchange on Thursday at $34, and is up from $23.10 at the same time last year, for a gain of 47 percent, just below the movement in the all Jamaica index of 47.5 percent, over the similar period.
Juniors fall moderately – Wednesday
The junior market index dropped 10.57 points on Wednesday, to end at 3,044.98 with 21 securities changing hands, down from 22 on Tuesday with 6 advancing and 10 declining.
Trading fell back on Wednesday from Tuesday’s levels, with a volume of 1,676,664 units valued at $10,468,019 passing through the market, compared to 2,082,552 units valued at $21,125,705 that were traded on Tuesday.
The junior market ended trading with an average of 79,841 units for an average value of $498,477 traded, compared to 94,661 units for an average value of $960,259 on the previous trading day. The average volume and value for the month to date is 133,197 units and $961,366. The average volume and value for the month to the previous trading day ended at 159,875 units and $1,237,810. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 5 stocks having bids higher than their last sale prices and just 1 ending with a lower offer, than the last traded price.
At the close of the market on Wednesday, AMG Packaging shed 62 cents to close at $5.48 with 153,832 units changing hands, 
Blue Power traded 6,503 units to close at $35, CAC 2000 gained 15 cents and closed at $8 with 16,745 shares trading, Cargo Handlers traded 347 shares to end at $20.10, Caribbean Cream traded 3,000 units to end with a rise of 4 cents at $7.30, Caribbean Producers fell 25 cents in trading 158,064 units to end at $3.75, Derrimon Trading fell by 10 cents and ended at a new high of $8.50 with 1,800 shares changing hands, Dolphin Cove ended at $20 with 114,585 shares trading. General Accident traded 900 shares and gained 10 cents to end at $3.15, Honey Bun had 5,491 shares changing hands and lost 20 cents to close at $7.30, I$P Finance traded 10,000 shares to end with a rise of 75 cents at an all-time high of $13.50, 
Jamaican Teas lost 25 cents in trading 1,095 shares to close at $7.50, Jetcon Corporation fell 20 cents to end at $11.90 with 10,977 shares being exchanged, KLE Group traded 2,413 units at $3.50, Lasco Distributors ended with 3,290 units trading at $6.89 after losing by 1 cent, Lasco Manufacturing closed with 1,111,790 units changing hands with a rise of 8 cents to end at $5.08, Main Event jumped 74 cents and closed at an all-time high of $5.74 with 10,113 shares changing hands, Medical Disposables traded 25,015 shares to close at $6.50, Paramount Trading shed 15 cents with 25,075 shares changing hands, to close at $3.60 and tTech traded 10,629 units to fall 49 cents and closed at $7.
JSE majors in big drop on Wednesday
Trading in the main market of the Jamaica Stock Exchange closed on Wednesday with sharp fall in the indices as prices continue to swing in either direction. At the close 27 securities changed hands including 1 trading in the US dollar market. At the close of trading, 10 stocks advanced and 12 declined in the main market.
Trading levels in main market ended at 2,784,846 units valued at $79,404,060 compared to 2,777,139 units valued at $49,314,132 at the close on Tuesday. Trading in the US dollar market accounted for 58,000 units valued at US$17,945.
The All Jamaica Composite Index dropped 1,831.35 points to close at 248,105.96 the JSE Market Index fell sharply by 1,668.57 points to finish at 226,052.64 but the JSE US dollar market index gained 6 points to close at 222.59.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 13 stocks with bids higher than their last selling prices and 3 with lower offers.
The main market ended trading with an average of 107,109 units valued at 3,054,002 compared to an average of 106,813 units carrying an average value of $1,896,697 on Tuesday.
The average volume for the month to date ended at 92,865 units with an average value of $2,358,559 versus 85,743 units with an average value of $2,010,837 on the prior trading day. The average volume and value for March ended at 549,909 units and $8,925,067.
In market activity, Barita Investments gained 1 cent to close at $6.86 with trades of 108,947 shares, Berger Paints closed at $12.05, losing 10 cents with an exchange of 21,661 shares, Cable and Wireless closed 7 cents lower at $1.28 with 92,912 shares changing hands, Caribbean Cement closed at $31.80, with gains of 80 cents trading 12,184 units. Carreras closed at $72 with 10,962 shares being exchanged, Grace Kennedy tumbled $1.75 to $41.50, with 30,568 units traded, Jamaica Broilers gained 49 cents to close at $16.50 exchanging 82,604 shares, Jamaica Producers closed $1 lower to $15, with trades of 122,336 shares, Jamaica Stock Exchange closed at $7, losing 95 cents with an exchange of 384,712 units. JMMB Group added 24 cents to close at $18.50, with 8,392 units changing hands, Kingston Properties closed at $16 trading 1,035 shares, Kingston Wharves closed at $33.49, with gains of $2.49 and an exchange of 21,155 units, Mayberry Investments lost 5 cents to close at $4.60 with trades of 12,244 shares, NCB Financial Group added $1, closing at $62 after exchanging 318,152 shares, 
1834 Investments lost 3 cents to close at $1.45 trading 15,888 units, 138 Student Living lost 1 cent to close at $4.49, with an exchange of 1,246 units, Pan Jamaican closed 85 cents lower to $34.15 with 91,726 shares traded. Pulse Investments traded 10,105 shares at $8, Radio Jamaica gained 4 cents to close at $1.89 while trading 73,739 units, Sagicor Group closed at $34, with a loss of 52 cents trading 1,043,448 shares, Sagicor Real Estate Fund added 30 cents, closing at $10.30 with 5,044 shares changing hands, Scotia Group advanced $1.29 cents to $40 trading 196,692 units, Seprod lost 50 cents to close at $40, with 44,200 shares changing hands, Supreme Ventures closed at $6.01, with a loss of 34 cents while swapping 68,195 shares. Proven traded 58,500 ordinary shares at 30.95 US cents, for a gain of almost 1 cent, JMMB 7.5% preference share closed at $2 with trades of 204 units and JMMB Group 7.5% preference share closed at $1.05, with an exchange of 6,495 units.
Readymix now 14% above TCL offer
Readymix price rose for the third consecutive day on the Trinidad & Tobago Stock Exchange on Wednesday, adding 50 cents, for a 13.6 percent increase over the Trinidad Cement’s offer price of $11. Ansa McAL dominated trading and led with more than 100,000 units valued at more than $7.5 million.
Trading resulted in 14 securities changing hands compared to 13 on Tuesday with the price of 4 rising, 2 falling and 8 remaining unchanged. A total of 317,668 shares were exchanged at a value of $8,880,820 compared to Tuesday’s 445,375 shares valued at $5,118,190.
The Composite Index rose 1.30 points to 1,232.55, the All T&T Index lost 0.24 points to 1,807.58 and the Cross Listed Index gained 0.39 points to end at 88.19.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Ansa McAL gained 13 cents to close at $66.50 with trades of 114,214 shares valued at $7,590,863, JMMB Group closed at $1.25 with gains of 7 cents trading 47,529 shares, NCB Financial Group closed at $3.80, after gaining 2 cents with an exchange of 63,778 units. Readymix closed 50 cents higher at $12.50 exchanging 1,567 shares and
Losses| Angostura Holdings closed 5 cents lower at $14.90 with an exchange of 40 shares and National Enterprises lost 2 cents, closing at $10.80 while trading 26,885 units.
Firm Trades| Agostini’s traded 502 units to close at $18.50, Clico Investment traded 2,260 shares at $22.50, First Caribbean International closed at $8.85 with 50 shares changing hands, Point Lisas exchanged 10,000 units at $3.76, Sagicor Financial remained at $9 with trades of 6,202 shares. Scotia Investments closed at $2.50 with 2,000 units changing hands, Trinidad Cement traded 34,900 units at $4.20, Trinidad & Tobago NGL closed at $21 with 5,741 units exchanged and West Indian Tobacco was unchanged at $127 trading 2,000 units.
Bank of Jamaica cuts rates
Bank of Jamaica cut interest rate by 25 basis points effective today April 5 resulting in the rate offered on its 30-day certificate of deposit, the policy rate, falling to 4.75 percent from 5 percent.
The last time the rate was adjusted was in May 2016 when 0.25 percent was cut off the 30-day certificate of deposit. “The rates applicable to the Bank’s overnight lending and deposit facilities that are linked to the policy rate will correspondingly fall by 0.25 percentage points,” the central bank stated.
The decline comes against the back ground of a slight decrease in the 192 Treasury bill rate rate at the March auction and IC Insider forecast that Treasury bill rates should fall towards 4 percent by 2018.
The central bank cited a number of developments that led to the recent cut. The adjustment reflects “the Bank’s assessment that inflation for FY2017/18 will be within BOJ’s inflation target of 4 percent to 6 percent for the fiscal year. This assessment has been reinforced by the Government’s strong commitment to maintaining a 7 percent primary surplus for FY2017/18 and to meet the overall public sector fiscal targets under the precautionary Stand-By Arrangement, as approved by Parliament. The continued tight fiscal policy posture supports an easing in monetary conditions.”
“Jamaica’s main economic indicators continue to improve in the context of a strong reform programme and a favourable external environment. Economic activity continues to expand although at a slower pace than its potential rate of growth. Other key macroeconomic indicators have been reflecting generally positive trends: inflation expectations remain firmly anchored in single digits, international reserves remain strong, the current account of the balance of payments is projected to remain at a sustainable level, private sector credit is expanding strongly and market interest rates have been trending downwards.
The change in rates has implication for investments and is very positive for the stock and real estate markets and should lead to a rise in value around 5 percent as a result. The move should also result in more demand for preference shares on the local market as they become more appealing with their fixed coupon rates and help boost lending at banks and improve their profit.
Readymix heads higher on Tuesday
TCL may be challenged to succed with its bid to buy out the minority shares in Reaymix at TT$11.
Market activity on the Trinidad & Tobago Stock Exchange on Tuesday resulted in 13 securities changing hands compared to 11 on Monday with 3 rising, 6 falling and 4 remaining unchanged. At the close, 445,375 shares were exchanged at a value of $5,118,190 compared to Monday’s 238,247 shares valued at $1,151,376.
The Composite Index fell 1.62 points to 1,231.25, the All T&T Index declined 2.39 points to 1,807.82 and the Cross Listed Index lost 0.11 points to 87.80.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 6 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| JMMB Group closed at $1.18 with a 1 cent gain trading 112,080 shares, Point Lisas traded 1 cent higher with 7,159 shares changing hands to close at $3.76, Readymix advanced 49 cents, closing at $12 with an exchange of 155,862 shares valued at $1,870,387. In the last two years the company stock traded only 11,218 units prior to the buy-out offer.
Losses| Guardian Holdings closed at $15.50, losing 40 cents trading 454 shares, Massy Holdings lost 4 cents to close at $52.95 with an exchange of 188 units,
NCB Financial Group closed 1 cent down to $3.78 exchanging 24,872 shares. One Caribbean Media lost 10 cents to close at $16.90 with trades of 1,450 units, Republic Financial Holdings closed at a 52 weeks’ low of $101.95, with a loss of 4 cents trading 203 units and Trinidad & Tobago NGL traded at $21, losing 12 cents with an exchange of 120,691 shares valued at $2,534,710.Firm Trades| Angostura Holdings closed at $14.95 with 333 shares changing hands, Clico Investment traded 14,000 shares at $22.50 valued at $315,000, National Enterprises exchanged 1,234 shares at $10.82 and Sagicor Financial closed at $9 with trades of 4,590 shares.
Juniors rise moderately – Tuesday
The junior market index rose 13.19 points on Tuesday, to end at 3,055.55 with 22 securities changing hands, up from 19 on Monday with 12 advancing and 5 declining.
Trading fell back on Tuesday from Monday’s levels, with a volume of 2,082,552 units valued at $21,125,705 passing through the market, compared to 4,276,697 units valued at $28,791,862 that were traded on Monday.
The junior market ended trading with an average of 94,661 units for an average value of $960,259 traded, compared to 225,089 units for an average value of $1,515,361 on the previous trading day. The average volume and value for the month to date ended at 159,875 units and $1,237,810. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 5 stocks having bids higher than their last sale prices and 3 ending with lower offers, than the last traded price.
At the close of the market on Tuesday, AMG Packaging gained 10 cents to close at $6.10 with 113,640 units changing hands, CAC 2000 closed at $7.85 with 6,890 shares trading, Cargo Handlers traded 8,000 shares but fell 90 cents to end at $20.10, Caribbean Cream traded 5,276 units to end with a rise of 1 cent at $7.26, Caribbean Producers climbed 25 cents in trading 2,029 units to end at $4, C2W lost 5 cents to end at 25 cents with 40,000 shares changing hands, Derrimon Trading rose by 10 cents and ended at a new high of $8.60 with 15,423 shares changing hands, Dolphin Cove ended at $20 with 2,370 shares trading to gain $2. General Accident traded 2,500 shares and fell 10 cents to end at $3.05, Honey Bun had 39,797 shares changing hands and gained 20 cents to close at $7.50, Jamaican Teas traded 11,971 shares to close at $7.75,
Jetcon Corporation rose 10 cents to end at $12.10 with 1,408,900 shares being exchanged, KLE Group traded 20,545 units and rose 20 cents to $3.50, Lasco Distributors ended with 22,400 units trading at $6.90 after losing by 10 cents, Lasco Financial rose 20 cents, with 115,225 shares changing hands, to end at $3.80, Lasco Manufacturing closed with 70,000 units changing hands at $5, Main Event slipped 10 cents and closed at $5 with 14,141 shares changing hands, Medical Disposables traded 29,766 shares to close at $6.50 after rising 50 cents, Paramount Trading gained 15 cents with 11,835 shares changing hands, to close at $3.75. tTech traded 22,487 units to gain 9 cents and closed at $7.49, Derrimon Trading preference share traded 117,687 units at $2.11 with a rise of 1 cents and Eppley 10% preference share traded a mere 1,670 units at $6.80.
Will SOS be the 35th Junior listing?
The Jamaica Stock Exchange Junior Market should be see its 35th listing and 31st ordinary share listing well before the summer months are over, as small and medium sized companies seek the exposure and other benefits of listing, that the market offers.
The family owned, stationery, office furniture and equipment company, Stationery and Office Supplies (SOS) is preparing to float an IPO with the intention to list its ordinary shares on the Junior Market.
The company run by Managing Director, David McDaniel, and Director and wife, Marjorie McDaniel, with second generation McDaniels also leading the management team, retained JN Fund Managers has been as the brokers handling the offer.
The company operates a warehouse showroom space occupying 35,000 sq ft on 23 Beechwood Avenue in Kingston and a second location in Montego Bay, servicing Jamaica and the Caribbean region. SOS employs more than than 100 employees, a release from the company stated. Our source suggests that the high numbers is reflective of demands on the stationery side that requires large number of staffing to handle, sell and distribute to customers.
“Stationery & Office Supplies is a company that my family has built over the years, and we’re proud of being a successful Jamaican business. Fifty years is no mean feat and we have managed to grow, expand, and adapt with changing times. Listing on the Junior Market of the JSE is a step that we’re looking forward to, not just from a financial perspective, but also for what it means to other companies” said David.
Our source within the sector indicates that it is very competitive, with a number of dominant players which includes SOS, Neveast, Keith Ryan, Campbells and T Geddes Grant on the office furniture side and Sangsters being the most dominant for stationery. Other players are said to include PriceSmart and Mega Mart both covering stationery and office furniture. T Geddes Grant was formerly in stationery but the Massy Group to which it belongs exited citing losses being incurred as the reason.
The market is estimated around $2 billion with gross profit margins of 15-20 percent for stationery and 20 percent for office furniture. Filing cabinets and chairs are said to be two of the largest selling item for offices. The listing of SOS will like other listing gain added exposure from the listing both from the publicity leading up to the listing and after as reporting of trading in the company’s shares is beamed to consumers.
The company will be the first with the line of products listed on the Jamaica Stock Exchange if the issue is successful. The listing would bring to 8 the number of Junior Market companies involved mainly in distribution of goods. IC Insider.com understands that the issue should hit the market before the end of May. That time frame may be subject to the Financial Services Commission having no objection to the offering document.
Jump in Caricom exports fall in imports
Petroleum imports fell in 2016
The improvement flowed from a decline in imports by 22 percent to US$466 million, down from US$598 million in 2015 and a sharp 42 percent increase in exports of US$26.5 million to US$90 million.
Imports of Mineral Fuels, Chemicals, Beverages, Tobacco and Food, mainly contributed to this decline in the import bill.
Re-exports to Caricom were valued at US$21 million, US$11 million greater than the US$10 million recorded in 2015. Domestic exports were valued at US$68 million, US$15 million or 29.0 percent than the US$53 million in 2015, due mainly to higher exports of Chemicals and Food.
