Archives for January 2019

7 TTSE stocks gained on Thursday

January 24, 2019 by

Market activity on the Trinidad & Tobago Stock Exchange ended on Thursday with trading in 15 securities against 12 on Wednesday, with 7 advancing, 4 declining and 3 remaining unchanged.
At close of the market, the Composite Index lost 0.76 points to close at 1,305.14. The All T&T Index shed 1.32 points to end at 1,705.25, while the Cross Listed Index declined 0.03 points to close at 122.30.
Trading ended with 138,543 shares at a value of $5,059,398, compared to 120,147 shares on Wednesday valued at $2,295,313.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 4 stocks with bids than their last selling prices and 2 with lower offers.
Stocks closing with gains| Sagicor Financial rose 1 cent and ended at $8.90, after exchanging 11,000 shares and West Indian Tobacco closed with a gain of 14 cents at $95.40, with 369 stock units changing hands.
Stocks closing with Losses| First Citizens shed 20 cents and settled at $33.80, after exchanging 831 shares, JMMB Group lost 1 cent and concluded trading at $1.78, after exchanging 4,784 shares, National Enterprises ended trading 1 cent lower at $8, with 2,500 stock units changing hands. NCB Financial Group concluded trading with a loss of 1 cent at $8.44, after exchanging 705 shares, Prestige Holdings fell 5 cents and completed trading of 2,359 units at $7.35, Republic Financial Holdings closed with a loss of 1 cent and settled at $107.45, after exchanging 1,050 shares. Scotiabank declined 38 cents to close at $63.60, with 154 stock units changing hands and Trinidad & Tobago NGL shed 3 cents and completed trading of 17,885 units at $29.12.
Stocks closing with firm| Ansa Mcal completed trading of 67,017 units at $55, Ansa Merchant Bank settled at $38.01, after exchanging 24 shares, Clico Investments ended at $20.50, with 24,455 stock units changing hands, Grace Kennedy ended at $3.06, trading 3,810 stock units and National Flour completed trading of 1,600 units at $1.65.

Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Stock Market, TTSE Market Tagged With: , , , , , , , , , , , , , , , , , ,

JSE – directors cannot override AGM decision

January 24, 2019 by

Palace Multiplex in Montego Bay.

Palace Amusement shareholders approved a dividend of $2 per shares at the annual general meeting held in December last year with the record date of January 7 and payment to be made on January 18.
IC insider.com was informed that the Jamaica Stock Exchange stopped the payment. In discussion with the JSE they indicated that the company did not comply with the rules of the exchange to inform them of the dividend. Accordingly, the change in dividend payment was to allow for the public to have notice of the ex-dividend date.
That of course is only partially true, while the company did not advise the exchange when the directors were to meet to approve the dividend and what was the outcome of the meeting. The exchange had adequate notice of the payment from October 31. The exchange JSE staff did nothing about the information that they got and approved for posting on their website.
The company’s directors’ report clearly states that the dividend had an xd dividend date of January 4 with the payment to be made on January 18. The annual report was posted on the JSE website from October. The directors, report along with the audited report were put to the meeting for acceptance which was done.

Andre Tulloch, head of the JSE regulatory arm.

Shareholders after approving the directors’ report, approved the resolution for the payment of the dividend, effectively agreeing to ex dividend and payment dates as set out in the directors report.
In the wisdom of the Jamaica Stock Exchange, they ignored the supremacy of the AGM and forced the company to submit information to change all the dates relating to the dividend. They failed to understand that the directors have no powers to change what the shareholders approved, and if a change is to be made, then the directors would need to call a general meeting to get shareholders to make the change. The correct remedy would have been some reprimand not a call for a non-legal action.
The requirements of the JSE is that any meeting at which a dividend is to be consider should be communicated to the JSE no later than 7 days before the date of the meeting and within 48 days of the meeting the decision taken. This was not done by Palace, but the JSE who had notice of the declaration from the end of October, did nothing about it for more than two months.
On 17 January, a posting on the JSE website showed that the record date was changed to January 31. The posting stated the “Palace Amusement (PAL)  has advised that following decision made at their Annual General Meeting in December 2018, to pay a dividend of $2 per stock, the payment will be made on February 8, 2019, to the shareholders on record as at January 31, 2019,  The ex-dividend date is January 30, 2019.”
The added problem is that shares were traded in January after the xd date of January 4. The seller would have expected to collect the dividend that was approved. It also means that cheques already drawn, may have to be redone, to record the new record date.
The JSE has clearly, made a huge error in this matter and should immediately correct it, to prevent a messy situation from getting worse. You cannot correct a wrong by another wrong.

Filed Under: Company News, Dividends Tagged With: , , , ,

Twice as many JSE stocks rise than fall – Wednesday

January 23, 2019 by

Trading on the main and US dollar markets on the Jamaica Stock Exchange on Wednesday resulted in 32 securities changing hands, with prices of 17 rising, 8 declining with 7 remaining unchanged, compared to 35 securities trading on Tuesday.
In spite of the 2 to 1 advance decline ratio, the All Jamaican Composite Index dropped 3,201.65 points to 402,772.08 and the JSE Index declined 2,913.92 points to close at 366,982.26.
Market activity ended with 2,377,501 units valued at $106,372,860 compared to 2,311,810 units valued at $51,353,169, changing hands, on Tuesday.
Kingston Wharves led trading with just 449,369 units for 19 percent of the day’s volume, followed by Carreras with 300,715 units accounting for 12.7 percent of the volume changing hands and NCB Financial with 296,945shares and 12.5 percent of the day’s volume.
IC bid-offer Indicator|The Investor’s Choice bid-offer indicator ending with the reading showing 12 stocks ending with bids higher than their last selling prices and 3 closing with lower offers.
An average of 81,983 units valued at over $3,668,030, in contrast to 67,994 units valued at over $1,510,387 on Tuesday. The average volume and value for the month to date amounts 85,472 units valued at $2,413,525 compared to 85,685 units valued at $2,331,954, previously. Trading for December ended, with an average of 835,037 units with a value of $25,906,477, for each security traded.
In main market activity, Barita Investments rose by 50 cents to end at $51.50, with the trading of 51,266 stock units, Caribbean Cement dropped $2 trading 13,322 shares, to close at $40, Grace Kennedy recovered the $2.65 it lost on Tuesday, in trading 88,657 stock units to close at $58.75. Jamaica Broilers rose 42 cents and finished trading 34,548 units at $28.48, JMMB Group concluded trading of 106,866 shares at $32, with a gain of 97 cents, Kingston Wharves dropped $5 to finish at $70, in trading 449,369 stock units, NCB Financial Group traded 296,945 shares and lost 40 cents in closing at $144.60. 138 Student Living finished the trading of 229,350 shares with a fall of 30 cents to close at 52 weeks’ low of $2.50,  PanJam Investment shed 50 cents to close at $71, with 14,375 units changing hands. Sagicor Group regained 99 cents to settle at $39, in trading of 89,867 shares, Sagicor Real Estate Fund gained 49 cents ended trading of 15,340 shares at $10.60, Salada Foods jumped $2 to a new high in trading 100 shares to close at $37. Seprod gained 23 cents and ended at $31.43 with an exchange of 50,639 shares and Wisynco Group rose 30 cents and finished at $10.10, trading 237,151 units.
Trading in the US dollar market resulted in 35,244 shares changing hands. JMMB concluded trading of 12,133 units at US$1.05, Margaritaville ended trading and increased by 2 cents to complete trading of 275 shares at 22 US cents and Proven Investments rose 0.01 cent having traded 22,836 shares to close at 22 US cents. The JSE USD Equities Index gained 1.20 points to close at 167.05.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Indies Pharma 927m shares Junior Market trade

January 23, 2019 by
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Indies traded 927m shares on Wednesday.

Indies Pharma traded 927,034,435 shares accounting for 99 percent of the Wednesday’s Junior Market total volume, but the stock price dropped 15 cents to end at $3.
Trading ended4with 26 securities changing hands compared to 26 securities on Tuesday and resulted in an exchange of 935,202,554 units valued at $2,856,946,636 compared to 10,653,039 units valued at $35,912,633 on Tuesday.
At the close of market activities, the prices of 10 securities advanced, 5 declined and 9 remained unchanged leading the Junior Market Index to rise 29.06 points to 3,200.24.
Trading ended with an average of 38,966,773 units for an average of $119,039,443 in contrast to 409,732 units for an average of $1,381,255 on Tuesday. The average volume and value for the month to date amounts to 2,980,227 units valued at $9,627,015, previously 560,963 units valued at $2,271,558. In contrast, December ended with an average of 136,222 units at a value of $737,367 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ended with higher bids than their last selling prices and just 2 closing with lower offers.
At the close of the day’s activities, Access Financial closed at $50, with just 100 shares changing hands, AMG Packaging ended 5 cents higher at $2.60, with an exchange of 54,662 stock units, Blue Power concluded trading of 4,400 units and rose 20 cents to $5.20, Caribbean Producers finished trading 2,273 units, at $5. Consolidated Bakeries closed with a loss of 5 cents at $2.05, in exchanging 23,000 shares, Elite Diagnostic finished with a loss of 3 cents to close at $2.88, with 39,213 stock units changing hands, Everything Fresh closed trading of 39,550 shares at $1.92, Express Catering settled 10 cents higher at $7.90, with an exchange  of 4,435 units. Fontana had another day of trading large volumes, with 7,606,834 shares changing hands to close at $3.20, FosRich Group ended trading at $3.80, with an exchange of 22,372 shares, General Accident ended at $3.50, with 50,000 shares changing hands. GWest Corporation finished trading of 31,696 shares and gained 1 cent to end at $1.76, Honey Bun closed 5 cents higher at $3.80, with an exchange of 23,900 stock units, Iron Rock ended with a loss of 20 cents at $4.70, with 3,429 units changing hands, Jetcon Corporation settled 5 cents higher at $3.15, in exchanging 5,356 shares. Key Insurance ended trading of 14,900 stock units and lost 1 cent to close at $3.18, Knutsford Express finished trading of 132,084 shares and moved 50 cents higher to $12.50,  Lasco Distributors closed 10 cents higher at $3.80, with trading in 25,648 shares, Lasco Financial ended at $4.50, with 3,438 shares changing hands. Lasco Manufacturing concluded trading of 20,673 stock units at $3.30, Medical Disposables settled 50 cents higher at $7, with an exchange of 50,000 shares, SSL Venture Capital exchanged 10,000 shares to close at $1.95 and Stationery and Office traded just 156 shares and moved 60 cents higher to $9.

Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , ,

More TTSE stocks fell than rose – Wednesday

January 23, 2019 by

Market activity on the Trinidad & Tobago Stock Exchange ended on Wednesday with trading in 12 securities against 17 on Tuesday. At the close of the market, 3 securities advanced, 4 declined and 5 remained unchanged.
At the close of Trading, the Composite Index fell 0.25 points to end at 1,305.90. The All T&T Index Shed 0.19 points to end at 1,706.57, while the Cross Listed Index eased by 0.04 points to close at 122.33.
Trading ended with 120,227 shares at a value of $2,295,313, compared to 74,396 units on Tuesday valued at $1,308,651.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 4 stocks with bids than their last selling prices and 4 with lower offers.
Stocks closing with gains| Clico Investments closed with a gain of 10 cents at $20.50, with 11,293 stock units changing hands, Republic Financial Holdings gained 1 cent and completed trading at $107.46, after exchanging 4,430 shares and Trinidad & Tobago NGL finished trading of 7,525 units with a gain of 3 cents to end at $29.15.
Stocks closing with Losses | Ansa Mcal closed with a loss of 1 cent and ended at $55, with 2,006 units changing hands, Calypso Macro Index Fund traded 80 shares and lost 20 cents to close at $14, Guardian Holdings closed with a loss of 30 cents to end at $18.20, with an exchange of 10,020 units and Sagicor Financial shed 1 cent and settled at $8.89, after exchanging 2,700 shares.
Stocks closing firm| First Citizens completed trading at $34, after exchanging 24,624 shares, Grace Kennedy concluded at $3.06, with 53,774 stock units changing hands, JMMB Group settled at $1.79, after trading 3,331 shares, Trinidad Cement completed trading at $2.65, after exchanging 25 shares and West Indian Tobacco closed at $95.26, with 419 stock units changing hands.

Prices of securities trading for the day are those at which the last trade took place.

 

Filed Under: Stock Market, TTSE Market Tagged With: , , , , , , , , , , , , , , , ,

ICreate prospectus is here

January 23, 2019 by

The prospectus, for ICreate initial public offer of shares, is now out. The company seeks to raise $70 million to help fund expansion.
The offer opens on Thursday, January 31 and scheduled to close February 14, with 74,062,500 ordinary shares offered to the public at $1.01 each. The company will list on the Junior Market of the Jamaica Stock Exchange, if the issue is successful. Applications are to be made for a minimum of 1,000 shares and multiples of 100 thereafter. If the issue is successful, the share capital will be 197,592,500 units, with 123.5 million units owned by EMedia and Sagicor Investments.
iCreate says “it is a creative learning institute developed with the aim of filling the gap in skills training and development of creatives in the Caribbean and North America. We provide students with a wide range of career opportunities in the Creative Economy while being a key partner of the Advertising Industry, Film Production Companies, Animation and Gaming Companies, and Creative Outsourcing initiatives.”
Existing locations are Kingston, Montego Bay, and Miami. Kingston is currently the only location that offers the full suite of courses. In Montego Bay, the company currently offer our flagship course (Professional Diploma in Digital Marketing) with the remainder to come on board once they built out the infrastructure required to deliver the courses based on our iCreate standards. “Our projected timeline for this is by or before the end of the first quarter of 2019. Miami is in the early business development stage,” the company stated in the prospectus.
The company reported a loss of $4 million for the six months to September from revenues of $18 million and projects profit of $8 million from revenues of $147 million for the year to December 2019 with profit of $62 million from revenues of $250 million in 2020.  Shareholders equity is negative $1.3 million dollar at the end of September.
The company is small, has only recently started business and is at a risky stage of development. Investors need to bear this factor in mind. While the forecast for 2020 appears attractive, the income generated in 2018 does not show a trajectory to support the high income growth, that the above forecast reflects. The business will benefit from the exposure that the IPO and listing will bring and that could help drive revenues. The positive is that current operations show signs of profit with at least two quarters last year, enjoying a profit.
The board is extremely large with nine members for a small company when seven seems more appropriate. The board comprise, Sandra Glasgow, Chairman, Tyrone Wilson, Rhys Campbell, David Wan, Mischa Mcleod-Hines, Sheree Martin, Devon Lawrence, Dr. Jennifer Bailey and Kenneth Benjamin.
The majority shares are owned by EMedia Limited, with Sagicor Investments, holding a minority position. Broker to the deal is Sagicor Investments.

Filed Under: Breaking News, Initial Public Offers Tagged With: , , , , , ,

Trading down on main market – Tuesday

January 22, 2019 by

Main market volume contracts.

The number of securities rose but the volume and valued fell well below Monday’s levels, in trading on the Jamaica Stock Exchange on Tuesday.
The main and US dollar markets, had 35 securities changing hands, with prices of 6 rising, 16 declining with 13 remaining unchanged, compared to 33 securities trading on Monday. At the close, the All Jamaican Composite Index fell 66.59 points to close at 405,973.73 and the JSE Index declined by 60.60 points to 369,896.18.
Market activity ended with 2,311,810 units valued at over $51,353,169 compared to 4,336,558 units valued at $78,388,229, changing hands, on Monday. Stanley Motta led trading with just 284,016 units for 12 percent of the day’s volume, followed by 138 Student Living with 211,874 units accounting for 9 percent of the volume changing hands and Kingston Properties  with 194,545 shares and 8.4 percent of the day’s volume.
IC bid-offer Indicator|The Investor’s Choice bid-offer indicator  reading shows 12 stocks ending with bids higher than their last selling prices and 3 closing with lower offers.
An average of 67,994 units valued at over $1,510,387, in contrast to 144,552 shares valued at $2,612,941 on Monday. The average volume and value for the month to date amounts 85,685 units valued at $2,331,954 compared to 87,049 units valued at $2,399,754, previously. Trading for December ended, with an average of 835,037 units with a value of $25,906,477, for each security traded.
In main market activity, Berger Paints rose by $2 to end at $19.50, with the trading of 1,000 stock units, Caribbean Cement gained $2 trading 11,935 shares, to close at $42, Grace Kennedy lost $2.65 in trading 31,030 stock units to close at $56.10, Jamaica Broilers lost 94 cents and finished trading 78,704 units at $28.06. JMMB Group concluded trading of 77,772 shares at $31.03, with a fall of 97 cents, Kingston Properties  lost 50 cents and finished at $6, in trading 194,545 stock units, 138 Student Living finished trading 211,874  shares with a fall of 75 cents to close at 52 weeks’ low of $2.80.  PanJam Investment  shed 50 cents to close at $71, with 14,375 units changing hands.  Sagicor Group  fell 99 cents to settle at $38.01, in trading of 5,452 shares, Scotia Group traded 12,745 shares after losing 50 cents to close at $51.90. Seprod gained 40 cents and ended at $31.20 with an exchange of 29,427 shares and Supreme Ventures lost $1 in concluding trading of 135,592 stock units at $19.
Trading in the US dollar market resulted in Sygnus Credit Investments trading 18,161 shares at 8 US cents. The JSE USD Equities Index fell by 0.12 points to close at 165.85.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Big fall for Junior Market – Tuesday

January 22, 2019 by

Fontana in another day trading 9.6m shares.

Trading on the Junior Market of the Jamaica Stock Exchange traded on Tuesday with 26 securities changing hands compared to 29 securities on Monday and resulting in an exchange of 10,653,039 units valued at $35,912,633.
On Monday 3,001,791 units valued at $10,821,358 were traded. At the close of market activities, the prices of 7 securities advanced, 11 declined and 8 remained unchanged leading the Junior Market Index to drop 32.73 points to 3,171.18.
Trading ended with an average of 409,732 units for an average of $1,381,255 in contrast to 103,510 units for an average of $373,150 on Monday. The average volume and value for the month to date amounts to 560,963 units valued at $2,271,558, previously 578,429 units valued at $2,341,491. In contrast, December ended with an average of 136,222 units at a value of $737,367 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ended with higher bids than their last selling prices and just 3 closing with lower offers.
At the close of the day’s activities, Access Financial ended $1 higher at $50, while trading 975 shares, AMG Packaging ended with a loss of 25 cents at $2.55, with 284,007 stock units trading, Blue Power concluded trading of 5,379 units, 5 cents higher at $5, CAC 2000 ended the day at $16, with an exchange of 15,768 shares. Caribbean Cream ended trading of 17,182 shares at $5.85, Caribbean Producers finished trading 10,724 units and rose 3 cents to $5, Derrimon Trading ended with a loss of 20 cents at $2.75, with 135,052 shares changing hands, Dolphin Cove concluded trading of 78,277 shares and rose by 1 cent to $15.01. Elite Diagnostic finished with a loss of 14 cents at $2.91, in exchanging 2,400 stock units, Everything Fresh closed trading of 36,200 shares at $1.92, Express Catering settled with a loss of 20 cents at $7.80 trading 50,500 units, Fontana traded another large volume, with 9,588,993 shares changing hands to close at $3.20. FosRich Group ended trading 29,221 shares, with a loss of 20 cents at $3.80, General Accident traded 15,471 shares and close 5 cents higher at $3.50, Honey Bun closed at $3.75, with 9,177 stock units changing hands. Indies Pharma rose by 20 cents to end at $3.15, trading 15,986 shares, Jamaican Teas closed at $4, with 25,813 shares traded, Jetcon Corporation settled with a loss of 20 cents at $3.10, with an exchange of 29,414 shares, Knutsford Express finished trading 8,984 shares with a loss of 1 cent at $12. Lasco Distributors closed at $3.70, with 80,575 shares trading, Lasco Financial ended 5 cents higher at $4.50, with 55,330 shares changing hands, Lasco Manufacturing concluded trading of 65,410 stock units, with a loss of 10 cents to end at $3.30. Main Event finished with a loss of $1.08 at $5.90, exchanging 1,991 units, Medical Disposables settled at $6.50, trading 24,000 shares. Stationery and Office traded 22,286 shares with a loss of 10 cents at $8.40 and tTech closed with a loss of 50 cents at $5, after 43,924 units were traded.

Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Gainers dominate losing TTSE stocks – Tuesday

January 22, 2019 by

Trinidad & Tobago Stock Exchange Head Quarters

Trinidad & Tobago Stock Exchange ended trading on Tuesday with 17 securities against 14 on Monday, with 7 advancing, 4 declining and 6 remaining unchanged.
At close of the market, the Composite Index lost 0.58 points to 1,306.15. The All T&T Index declined 0.37 points to 1,706.76, while the Cross Listed Index lost 0.11 points to close at 122.37.
Trading ended with 74,396 shares at a value of $1,308,651, compared to 137,989 shares on Monday valued at $3226745.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 2 stocks with bids than their last selling prices and 5 with lower offers.
Stocks closing with gains| Ansa Mcal closed with a rise of 1 cent to $55.01, trading 2,438 units, Calypso Macro Index Fund traded 2,400 shares and gained 92 cents to close at $14.20, Clico Investments concluded trading of 1,485 stock units and rose 15 cents to $20.40, One Caribbean Media added 10 cents and ended at $10.45, after exchanging 5,000 shares. Prestige Holdings increased 5 cents and settled at $7.40, trading 5,000 units, Sagicor Financial rose 33 cents and ended at $8.90, after exchanging 15,700 shares and Trinidad & Tobago NGL closed with a gain of 2 cents at $29.12, with 17,784 units trading.
Stocks closing with Losses| JMMB Group fell 1 cent to close at $1.79, after exchanging 2,182 shares, Massy Holdings ended with a loss of 65 cents at $47.10, trading 78 shares, NCB Financial Group shed 5 cents to close at $8.45 trading 1,000 shares and Republic Financial Holdings lost 1 cent to end at $107.45, with a mere 5 shares changing hands.
Stocks closing firm| First Citizens concluded at $34, after exchanging 4,388 shares, Grace Kennedy completed trading at $3.06, with 12,210 stock units changing hands, Guardian Holdings settled at $18.50, with 14 units, National Flour settled at $1.65, with 1,000 units, Point Lisas completed trading at $3.65, with 2,131 stock units changing hands and West Indian Tobacco completed trading at $95.26, with 1,581 stock units changing hands.

Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Stock Market, TTSE Market Tagged With: , , , , , , , , , , , , , , , , , , , , ,

ICreate ipo opens January 31

January 22, 2019 by

The ICreate initial public offer of shares will open on Thursday, January 31.
The issue is scheduled to close on February 14, with the prospectus set to be released this week, word reaching IC Insider.com reveals.
The issue is a sale of 74,062,500 ordinary shares to the public at $1.01 each. The shares will be listed on the Junior Market of the Jamaica Stock Exchange, if the issue is successful. Revenue is said to be running in the region of just under $50 million per annum with prospects for strong growth going forward. Already the company is making a small profit, IC Insider.com gathers. The business is the training of students in graphic designs and animation.
The majority shares are owned by EMedia Limited, with Sagicor Investments, holding a minority position. Broker to the deal is Sagicor Investments.

Filed Under: Breaking News, Initial Public Offers Tagged With: , , , , ,