Investors took advantage of weak bids in the market for a number of securities cutting [prices of some sharply albeit on limited volumes and slashing the Junior Market Index sharply by 84.68 points to close at 2,744.61 on Wednesday.
Market activities ended with 24 securities changing hands, as the prices of 6 securities advanced, 9 declined and 9 remained unchanged. Trading resulted in an exchange of 933,174 units valued at $3,918,550 compared to 1,396,153 units valued at $6,487,135 on Tuesday coming from 22 securities.
Trading ended with an average of 38,882 units for an average of $163,273 in contrast to 63,462 units for an average of $294,870 on Tuesday. The average volume and value for the month to date amounts to 106,544 units valued at $521,691 and previously 110,697 units valued at $543,691. In contrast, October closed with average of 74,690 units valued at $362,548 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 6 stocks ended with bids higher than their last selling prices and 3 with lower offers.
At the close of the market, Access Financial dropped $6 and closed at $34, with just 500 shares trading, AMG Packaging ended at $2.99, with 500 stock units, Blue Power concluded trading with a loss of $7 to settle at $37, with only 300 units, Caribbean Cream finished at $5.50, with 2,079 shares, Caribbean Producers traded at $4.20, with 351,000 units, C2W Music ended at 49 cents with 95,000 stock units trading, Derrimon Trading closed with a loss of $1 at $7, with 100 shares. Express Catering ended with a loss of 19 cents at $4.30, with 45,452 stock units, Eppley concluded trading with a loss of 50 cents at $10.50, with 1,904 units, General Accident finished 10 cents higher at $2.70, with 15,684 shares, Honey Bun settled at $4.25, with 100 shares. ISP Finance ended trading with a loss of 99 cents to close at $15, with 5,471 stock units, Jamaican Teas traded 16,023 units at $3.80, Jetcon Corporation finished trading 25 cents higher at $4.75, with 110,928 shares, Knutsford Express closed with a gain of 50 cents at $14, with 2,750 shares. Key Insurance fell 32 cents to $3.68, with 7,947 stock units, KLE Group concluded trading at $2.53, with 24,000 units, Lasco Distributors settled 8 cents higher at $4.40, with 29,227 shares. Lasco Financial ended trading 4 cents higher at $5.05, with 64,437 stock units, Lasco Manufacturing traded with a loss of 40 cents at $3.50, with 32,500 units, Medical Disposables finished trading with a loss of 5 cents at $4.95, with 4,070 shares, Main Event closed at $6, with 83,334 shares, Paramount Trading concluded trading 25 cents higher at $3.40, with 5,469 units and Stationery and Office ended trading at $5.05, with 34,399 stock units changing hands.
Prices of securities trading for the day are those at which the last trade took place.
Archives for November 2017
Big Wisynco payday down the road
Wisynco Group‘s primary activities are bottling and distribution of purified water and beverages and the manufacturing of a range of plastic and foam packing and disposable products mainly used in the retail, food service and tourism industry. At present the Company distributes 110 brands with over 4,000 different products.
The Company is offering 149,414,576 shares to raise approximately $1 billion to use in its operations but existing shareholders are offering 635,085,424 shares for sale at the same time as a part of the overall offering. Up to 314,700,000 Shares in the Invitation are initially reserved for priority application from, and subscription and/or purchase by the following persons: a) up to 150,000,000 Shares are initially available for subscription by the Strategic Investors and up to 52,200,000 Shares are reserved for the Broker at the Subscription Price of J$7.87 per Share and up to 112,500,000 Shares are initially available for subscription for all of the employees of the Company including executives, senior managers and directors at a price of J$7.08 per Share. Reserved Shares in any category not fully subscribed by the persons entitled to them, will be made available for subscription by the Strategic Investors Applicants at the Subscription Price and thereafter, will become available for purchase by the general public.
The Invitation will open at 9 am. on Wednesday, 6th December and is scheduled to close at 4 pm on Friday, 15 December, subject to the right to close the Invitation at any time after it opens once Applications for all of the Shares in the Invitation are taken up.
It is the intention of the Company to apply to the JSE to list the Shares on the Main Market of the Jamaica Stock Exchange. The Company offers no guarantee that any of the Shares will be admitted to listing. As per Rule 402 of the JSE Main Market Rules, if the Invitation does not raise 20% of the Issued Share Capital of the Company, by the Closing Date, all monies received will be refunded.
The Directors intend to apply the net Initial Public Offering from the subscription of new Shares in the Company for: • Expansion of its manufacturing capacity to facilitate growth in all current markets for existing and future products; • Investment in more efficient modern internal power generation and utilization • Potential strategic acquisitions – locally, regionally and internationally • New distribution partnerships • Expansion of the Company’s distribution fleet and infrastructure to support the build out of its ‘Route to Market’ system • The establishment of the a western distribution centre and • Increase working capital to expand distribution arrangements through additional or new third-party brands in key categories not currently served by the Company.
Loans from banks increased by 92.5% during 2017, moving from J$1.05 billion at the end of June 2016 to J$2.02 billion at the end of June 2017 and mature between 2018 and 2023 and were obtained for the purpose of funding the expansion of the warehouse and the purchase of machinery and equipment.
Financially, the company is strong, with shareholders’ equity of $7.6 billion and cash of $4.75 billion as of September. Profits for the 3 months to September came out at $656 million versus $591 in 2016 and for the June 2017 fiscal year, $2.24 billion versus $2.3 billion in 2016, from revenues of $19.4 billion while in 2017 revenues were $21.25 billion. For the current fiscal year to June 2018, IC Insider.com is forecasting profit of $2.6 billion, around 70 cents per share, from revenues of $24.8 billion and $3.9 billion or $1.05 per share in 2019, from sales of $29 billion.
Based on the forecasted earnings, the stock is priced at 11 times earnings and should double towards the end of 2018 based on the projected 2019 earnings. The stock is now sixth on IC Insiders.com TOP 10.
Jamaican$ makes more gains – Tuesday
On Tuesday, the rate of exchange to buy the US dollar by the public, remained at $126.30 as dealers sold US$43.18 million in US dollars, compared to US$44.52 million at an average rate of $126.30 on Monday.
US currency purchases amounted to US$36.45 million on Tuesday, at an average rate of $125.20, compared to Monday, with US$48.63 million at $125.45.
Dealers’ purchased US$41.92 million, versus US$53.35 million on Monday in all currencies in Jamaica’s forex market and sold US$48.22 million compared with US$62.52 million sold, previously.
At Midday, dealers bought just US$12.76 million at J$125.57 and sold US$10.07 million at J$126.25 compared to the purchase of US$27.48 million at J$125.99 and selling of US$13.66 million at J$126.23 on Monday
The selling rate for the Canadian dollar fell to J$99.30 from J$99.90 at the close on Monday. The selling rate for the British Pound slipped to J$168.12 versus J$168.14 previously and the euro gained in value against the Jamaican dollar, declined to J$151.75 to buy the European common currency, versus prior selling rate of J$152.44.
4 TTSE stocks rise 1 falls
The Trinidad & Tobago Stock Exchange closed on Tuesday with 13 securities changing hands compared to 10 on Monday and resulted in 4 stocks advancing, 1 declining, 8 remaining unchanged.
Trading activity saw 528,994 shares traded at a value of $2,520,342 compared to Monday’s trades of 354,972 units valued at $13,441,469.
The Composite Index gained 0.08 points to 1,275.58, the All T&T Index advanced 0.68 points to 1,744.14 and the Cross Listed Index lost 0.07 points to close at 108.78.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Securities recording gains at the close of trading on Tuesday are, Sagicor Financial that traded 12 cents higher to $7.95 with 1,240 shares, Scotiabank jumped $1.25, to close at a 52 weeks’ high of $60 while exchanging 634 units, Trinidad & Tobago NGL rose 3 cents to settle at a 52 weeks’ high of $24.05, trading 8,920 shares and Bourse Brazil Latin Fund US Dollar shares closed at $8.10, gaining 2 cents with 500 units changing hands.
Losses| MMB Group is the sole stock declining and ended with a loss of 8 cents, closed at $2.10, trading 405,353 shares valued at $851,241.
Firm Trades| The last traded prices of securities and the volumes trading unchanged are Ansa Merchant Bank closed at $40 with 400 units, Clico Investment exchanged 1,340 shares at $21, First Caribbean International Bank traded 7,476 shares at $9.30 and Massy Holdings remained at $48 with 13,328 shares valued at $639,744. National Enterprises closed at $9.70 with 8,997 shares, NCB Financial Group ended at $5.90 exchanging 72,352 shares valued at $426,877, Prestige Holdings closed at $10.75 with 6,809 shares and Unilever Caribbean held firm at $35 with 1,145 shares but traded at an intraday 52 weeks’ low of $34.80.
Jamaican$ makes more gains – Monday
The Jamaican dollar strengthened further against the US dollar in foreign exchange trading on Monday, with it taking 4 cents less to buy the US dollar than on Friday.
The major news of the day was the sell-off of the Canadian dollar with dealers selling Can$21.36 million but at a higher rate than at the close of Friday, compared to just Can$3.6 million bought on Monday.
On Monday, the rate of exchange to buy the US dollar by the public, dropped to $126.30 as dealers sold US$44.52 million of the US dollar, compared to US$28.17 million at an average rate of $126.34 on Friday.
US currency purchases amounted to US$48.63 million on Monday, at an average rate of $125.45, compared to Friday, with US$35.34 million at $125.46.
Dealers’ purchased US$53.35 million, versus US$43.45 million on Friday in all currencies in Jamaica’s forex market and sold US$62.52 million compared with US$34.28 million sold, previously.
At Midday, dealers bought just US$27.48 million at J$125.99 and sold US$13.66 million at J$126.23 compared to the purchase of US$6.7 million at J$125.60 and selling of US$8.9 million at J$126.21 on Friday
The selling rate for the Canadian dollar rose to J$99.90 from J$99.50 at the close on Friday. The selling rate for the British Pound climbed to J$168.14 versus J$167.32 previously and the euro gained in value against the Jamaican dollar, jumping to J$152.44 to buy the European common currency, versus prior selling rate of J$148.92.