Market activity on the Trinidad & Tobago Stock Exchange closed on Tuesday with more stocks falling than rising as one stock closed at a 52 weeks’ high and two at 52 weeks’ lows.
At the end of trading 14 securities changed hands compared to 13 on Monday and ended with 3 rising, 5 falling and 6 closing with prices unchanged. Market activity resulted in 225,853 shares valued at $6,610,658 changing hands, compared to 123,223 shares valued at $2,237,281 on Monday.
At close, the Composite Index gained 0.78 points on Tuesday to 1,264.12, the All T&T Index shed 2.82 points to 1,698.98, while the Cross Listed Index rose 0.18 points to close at 111.87.
IC bid-offer Indicator|At the end of trading, on Tuesday, the Investor’s Choice bid-offer indicator reading shows 3 stocks with bids lower than their last selling prices and 7 with lower offers.
Gains| First Caribbean International Bank concluded trading with a gain of 5 cents and ended at 52 weeks’ high of $9.35, after exchanging 47,794 shares, Scotiabank added 1 cent and ended at $62.56, after trading 641 shares and Unilever Caribbean jumped $1.64 to $32, with an exchange of 530 units.
Losses| JMMB Group concluded trading with a loss of 1 cent at $1.85, with 69,753 stock units changing hands, Massy Holdings traded with a loss of 10 cents and settled at $47.30, with 618 stock units trading, National Flour fell 3 cents and ended at a 52 weeks’ low of $1.70, after exchanging 8,250 shares, Trinidad & Tobago NGL closed with a loss of 25 cents and completed trading at $27.75, with 497 shares traded and Trinidad Cement shed 40 cents and settled at a 52 weeks’ low of $2.60, with 550 stock units changing hands.
Firm Trades| Clico Investments concluded trading at $20.50, with 15 units, First Citizens closed at $32.50, after exchanging 3,067 shares, NCB Financial Group completed trading at $6.40, exchanging 75,577 shares, One Caribbean Media settled at $12.44, with 57 stock units changing hands, Republic Financial Holdings concluded market activity at $101.55, with 130 stock units changing hands and Sagicor Financial ended trading at $7.75 while exchanging 18,374 units.
Prices of securities trading for the day are those at which the last trade took place.
Archives for March 2018
2 TTSE listings trade at 52 weeks’ low – Tuesday
US$ selling for J$126.44 on Monday
The rate for buying the US dollar dropped again on Monday against the Jamaican dollar by 41 cents on top of the 34 cents fall on Friday as the rate hits $126.45 and is down from $127.86 on the previous Monday.
The fall in the rate suggest that dealers are getting rid of surplus funds accumulated when the rate was rising since January. The upward movement in the rate came to an end with unscheduled sale of a total of $40 million in its foreign exchange auction over two Wednesdays to March 14.
Buying of foreign exchange in the Jamaican market fell on Monday from Friday’s levels, with inflows of all currencies, ending at US$47.24 million, versus US$58 million on Friday. Dealers sold US$54.79 million in contrast to US$44.5 million, previously.
In US dollar trading, dealers sold US$50.75 million at a rate of J$126.45 at the close, compared to US$43.44 million at a rate of J$126.86 on Friday. Purchases of the US currency by dealers, amounted to US$44.27 million at an average of $125.36, compared to US$48.8 million at an average of $125.86 on Friday.
At mid-day on Monday dealers purchased US$19.12 million at an average rate of J$125.86 and sold US$27.58 million at an average of J$126.37. At mid-day on Friday dealers purchased US$13.38 million at an average rate of J$126.34 and sold US$13.20 million at an average of J$126.74.
The selling rate on Monday, for the Canadian dollar slipped to J$98.23 from J$98.45 at the close on Friday, the selling rate for the British Pound fell to J$176.63 from J$178.67 previously and the euro rose against the Jamaican dollar at J$158.26 to buy the European common currency, versus the prior selling rate of J$157.67.
Modest price changes on TTSE – Monday
The Trinidad & Tobago Stock Exchange closed on Monday with 13 securities trading against 17 on Friday, 2 gained, 3 fell and 8 remained with prices unchanged.
Market activity ended with 123,223 shares valued at $2,237,281 changed hands, compared to 198,944 shares valued at $3,013,557 on Friday. At close, the Composite Index gained 1.07 points to 1,264.90, the All T&T Index declined 2.05 points to 1,701.80, while the Cross Listed Index rose 0.01 points to close at 111.69.
IC bid-offer Indicator|At the end of trading, on Friday, the Investor’s Choice bid-offer indicator reading shows 4 stocks with bids lower than their last selling prices and 5 with lower offers.
Gains| Agostini’s added 2 cents and concluded trading at a 52 weeks’ high of $21.06, after exchanging 1,200 shares and Guardian Holdings rose 1 cent to settle at $16.01, after trading 20,044 shares.
Losses| National Flour ended trading 7 cents lower and settled at a 52 weeks’ low of $1.73, after exchanging 500 shares, Sagicor Financial concluded trading with a loss of 6 cents at 52 weeks’ low of $7.75, with 9,818 units and Trinidad & Tobago NGL traded with a loss of 98 cents and concluded trading at $28.00, after exchanging 40,455 shares.
Firm Trades| Clico Investments completed trading at $20.50, with 7,890 units, First Caribbean International Bank settled at $9.30, after trading at a 52 weeks’ intraday high of $9.31 in exchanging 39,491 shares, First Citizens concluded market activity at $32.50, after exchanging 1,725 shares, JMMB Group ended at $1.86, with just 942 stock units changing hands, NCB Financial Group closed at $6.40, after exchanging 150 shares. One Caribbean Media ended at $12.44, with 73 stock units changing hands, Republic Financial Holdings traded 235 stock units and ended at $101.55 and West Indian Tobacco settled at $88.50, after exchanging 700 shares.
Prices of securities trading for the day are those at which the last trade took place.
JSE at record high at opening
The Jamaica Stock Exchange hit a new record within 1 minute of today’s opening with the JSE All Jamaican Composite Index jumping 4,576.37 points to 327,071.44 and the JSE Index climbing 4,169.59 points to a record 297,999.05.
The move beat the previous record intraday high reached on March 9 of when the JSE All Jamaican Composite Index (AJI) surged 6,583.63 points to 325,588.39 and the JSE Index jumped 5,998.43 points to a record 296,647.83 at 10.26 in the morning session.
The Junior Market Index put on 11.32 points to trade at 2,942.63 as Express Catering jumped to $5.25 from $4.50 on Friday, following release of nine months results showing profit increasing 166 percent.
With just 5 minutes to 11am the gains for the main market were trimmed with the AJI being up 3,075.18 points to 325,570.25 and the JSE index was up 2,808.68 to 296,638.14 with the Junior Market index being up 15.45 points to 2,946.76.
Palace is back NCB out of TOP 10 stocks
Palace Amusement is back in among the top stocks, after falling out at the end of the previous week, with the stock now offered for sale at $1,120, below the last sale price of $1,300.
There is still no new entrants to the junior market TOP 10, for the second week in a row, as there has been only moderate price changes in that market.
A new element in the market this past week, is the payment to some former Cable & Wireless shareholders who collected nearly $2 billion in cash. Most of these funds are likely to go back into the market that is short on supplies.
The price of NCB Financial rose by the end of the week and moved out of the main market top stock list. Caribbean Cement that has languished just above the $30 level for months has broken into the $40 range and moved down to the second half of the list. The sharp price change follows an announcement that the company signed an agreement to buyback leased assets during this year. The buyback is set to save around $2 billion per annum before tax.
Palace Amusement revenues and profit, are getting a big lift from the strong showing of the Black Panther movie being shown currently. The stock’s attractiveness is not based solely on that development. Data shows the company’s revenues have been rising well since 2014 when it hit $833 million, rising to $916 million in 2015, while there was a slight dip in 2016 to $909 million, it rose 9 percent in 2017, to $990 million. Revenues for the half year to December last year grew 11 percent to $493 million and profit rising 138 percent, continuing the normal annual growth. Revenues will hit the billion mark for the first time in the company’s history, for the current fiscal year and remain over that level going forward. The performance of the economy is critical to the future fortunes and to a lesser degree, the quality of films. Data shows that with tight economy, patronage in Kingston suffered badly with the fall in the economy from in 2008 onwards. At the same time strong growth said to be around 7 percent per annum in the Montego Bay economy, shows up in strong revenues gains there compared to Kingston. With the overall economy recovering, Palace is benefitting.
PanJam Investment for 2017, reported a 29 percent rise in profit to $4.13 billion and in earnings per share of $3.93 from continuing operations. The group is expected to continue to enjoy increased earnings in 2018 and the focus on expansion of new projects will be beneficial to them going forward.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 6.3 compared to an average PE for the overall main market is 10 based on 2018 estimated earnings. The main market PE is 6.8 for the top stocks compared to a market average of 12.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 37 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be, 20 times earnings and main market stocks traded at a discount of 44 percent to the market.
Entities associated with IC Insider.com owns shares in Palace Amusement Company and Caribbean Cement.
Express Catering Q3 profit jumps 105%
Profit for Express Catering jumped 105 percent in the February quarter, to US$1.14 million from US$558,267 in 2017. For the nine months to February, profit surged 166 percent to US$2.52 million from US$947,989 in 2017.
Sale revenues rose 9.7 percent for the quarter, to US$4.39 million from US$4 million and rose 12.44 percent for the year to date, to US$11.27 million from US$10 million in 2017. Revenues benefited from strong increase in visitor arrivals during the period around 10 percent.
Gross profit margin remained stable at 74 percent in the quarter and 73 percent for the nine months with gross profit of $3.25 million for the quarter up 10 percent from $2.96 million in 2017 and $8.28 million for the year to date 11 percent more than $7.46 million in 2017.
Depreciation fell 8 percent in the quarter to US$128,754 million and was 4 percent lower for the year to date, to US$400,475.
Administrative expenses fell 14 percent to US$1.87 million in the quarter and fell 13 percent in the nine months period to US$5.05 million. Finance cost rose 18 percent in the quarter, to US$112,418 and moved just 1 percent for the nine months period to US$287,176 from US$283,625.
Earnings per share came out at 0.07 US cents for the quarter and 0.154 US cents for the nine months and should end the fiscal year ending to May around 0.24 cents or 30 cents Jamaican.
Gross cash flow brought in US$3 million but growth of $1.49 million in amounts owing by related companies, additions to fixed assets of US$303,103 and paying US$1.5 million in dividends, reduced cash to just US$34,145 at the end of the period.
At the end of February, shareholders’ equity stands at US$5.56 million with preference shares of US$3.5 million. Current assets ended the period US$5.68 million of which amounts due from related parties amounts to $5.3 million and I up from US$3.6 million in the prior year. Current liabilities amounted to US$1.5 million.
The company will be rolling out the Starbucks Coffee stores in the final quarter and that should boost revenues and profit in the new fiscal year.
The stock traded at J$4.50 on the Junior Market of the Jamaica Stock Exchange with a PE ratio of 15 times 2018 earnings. The company will go into a new year, come June, that should result in a lowering of the PE with IC Insider.com forecasting 48 cents per share for PE of 9 times earnings.
20% profit rise for ISP Finance
ISP Finance Services reported growth in net profit of 20 percent for 2017 to $48.5 million from $41 million in 2016. For the final quarter of the year profit was flat at $17.9 million versus the same period in 2016. The company reported earnings per share of 46 cents.
Increased loan provision of $7.5 million versus a recovery of $1 was the reason for the flat out turn for the December quarter. Interest income from loans rose 24.6 percent to $287 million from $231 million in 2016 while for the December quarter revenues form loans grew 24 percent to $78.5 million. Net interest income ended at $261 million compared to $205 million for the prior year, an increase of 27 percent while for the December quarter net interest income rose by 40 percent to $71 million. Employees cost rose 32 percent in the quarter to $27 million and 18 percent for the year to $108 million while other operating expenses closed the year 6 percent higher for the quarter to $17 million and 18 percent for the full year at $76 million.
ISP concluded the year with equity capital of $285 million that generated an average return of 19 percent for the year. The loan portfolio ended at $439 million, up 40 percent from $313 million in 2016 with cash funds of $30 million and borrowings of $208 million.
IC Insider.com projects earnings of $1.20 per share for 2018, the stock that is in limited supply now trades at $13.50 at a PE of 11, the great attraction for the stock is one of long term growth rather than short term gains.