Investors plunked down $6 billion in more than twenty-one thousand five applications, to buy the 5 billion shares recently offered by Sagicor Select Funds in an initial Public Offer, information reaching IC Insider.com confirmed.
The heavy subscription by retail investors strained the resources of Sagicor Investments in coming with the allocation within six business days specified by the Jamaica Stock Exchange.
In a release on the delay in the allocation, the broker for the issue advised that Sagicor Financial Select Fund are unable to submit the details and basis of allotment pursuant to its IPO that closed its subscription list on Tuesday, July 16th within the prescribed time. “The reason for the abovementioned delay is the unexpectedly high volume of applications received in the IPO which we estimate, as at the date of this letter, to be approximately twenty thousand.”
The broker advised that they continue to process applications and expects to be in a position to submit the details and basis of allotment by July 30, with refunds to applicants to be done by August 2.
At the same time investors in Limners and Bards share issue that closed on the same day of opening, last week had their account at the JCSD credited on Thursday, with the shares allocated to them.
Archives for July 2019
Trading picks up on TTSE – Thursday
Trading activity rose on the Trinidad & Tobago Stock Exchange on Thursday, with 1,052,606 shares trading for $6,701,584, compared to 167,098 shares traded for $1,432,757, on Wednesday.
Market activity ended with 12 securities changing hands against 17 on Wednesday, at the close, 4 advanced, 1 declined and 7 remained unchanged.
At the close of the market, the Composite Index rose 0.32 points to close at 1,382.58. The All T&T Index added 0.69 points to end at 1,778.61 while the Cross Listed Index lost 0.01 points to close at 133.45.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended at 3 stocks with bids that were higher than their last selling prices and 3 with lower offers.
Gains| First Citizens Bank rose 1 cent and completed trading of 10,080 units, at $40.01, Massy Holdings closed with a gain of 3 cents and settled at $55.08, with 35 units crossing the exchange. Sagicor Financial gained 9 cents and concluded trading of 296,335 stock units at $10.10 and Scotiabank rose 24 cents to settle at $59.75, with 330 units changing hands.
Losses| West Indian Tobacco closed with a loss of 2 cents at $110.25, with investors exchanging 6,606 shares.
Firm Trades| Angostura Holdings closed at $15.79, with investors exchanging 500 shares, Clico Investments traded 100 units in closing at $24.20, First Caribbean International Bank exchanged 900 shares and ended at $8.34, while Grace Kennedy settled at $3.30, in swapping of 705,000 shares. JMMB Group completed trading of 30,200 shares, at $2.50, Prestige Holdings ended at $9, in trading 1,249 units and Republic Financial settled at $121.01, with 1,271 units changing hands.
Prices of securities trading are those at which the last trade took place.
Bulls push Junior Market over 3,300
Bulls let out their fury on bears in the Junior Market pushing the market index up 87.62 points at 10:15 am to reach 3,320.05, the highest level since October last year.
Amongst the stocks contributing to the big surge were Blue Power that rose to $11.95, Cargo Handlers $10.95, Elite Diagnostic at a record high of $5.99, Fontana traded as high as $8.99, Jamaican Teas $4.56, with third quarter results, more than tripling that of 2018 to $118 million versus $44 million and General Accident at $4.50.
The JSE All Jamaican Composite Index gained 10.675.81 points to a record of 565,028.91, the JSE Index advanced 9,701.20 points to a record high of 514,451.64 and the JSE Financial Index rose 2.53 points a record of 137.90. Wisynco traded at a new record high of $28, subsequently NCB Financial traded at an all-time high of $229.99.
JSE profit jumps 36%
Profit climbed 36 percent in the June quarter, to $122 million from $90 million in 2018 at Jamaica Stock Exchange, from a 36 percent rise in revenues to $429 million, from $316 million in 2018.
For the six months to June, profit after tax climbed a robust 28 percent to $245 million from a 31 percent rise in revenues to $874 million compared to $666 million in 2018.
Administrative other expenses rose 37 percent to $262 million in the quarter and increased 32 percent in the six months period to $524 million. Staff cost rose 23 percent to $105 million for the quarter and 24 percent for the half-year, to $212 million. Advertising and promotion expenses were 192 percent higher in the quarter to hit $26 million and more than doubled in the half-year to $63 million from $31 million in 2018.
Earnings per share came out at 17 cents for the quarter and 35 cents for the six months and should end the year around $1.
The growth in 2019 is consistent with that from 2014. With the continued increase in the number of listings on the exchange and increasing trading activities, the immediate future looks promising for increased revenues and profit.
Gross cash flow brought in $400 million and after paying dividends of $175 million ended up with cash and equivalent of $151 million and investments of $413 million. Shareholders’ equity stood at $1.2 billion up from $1 billion at the end of June last year. Net current assets ended the period at $404 million.
The stock traded at $40 on the Jamaica Stock Exchange with a PE ratio of 40 times 2019 estimated earnings.
4 TTSE stocks rose 5 fell – Wednesday
Trading activity slipped on the Trinidad & Tobago Stock Exchange on Wednesday, with 167,098 shares traded for $1,432,757, compared to 173,024 shares traded for $3,033,612, on Tuesday.
Market activity ended with 17 securities changing hands against 17 on Tuesday, at the close, 4 advanced, 5 declined and 8 remained unchanged. One stock closed at a 52 weeks’ high and one at a 52 weeks’ low.
At the close of the market, the Composite Index shed 3.31 points to close at 1,382.26. The All T&T Index dropped 7.66 points to end at 1,777.92 while the Cross Listed Index rose 0.16 points to close at 133.46.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended at 4 stocks with bids that were higher than their last selling prices and one with a lower offer.
Gains| Grace Kennedy concluded trading 5 cents and concluded at $3.30, after exchanging 3,200 shares, JMMB Group increased by 1 cent and settled at $2.50, with investors exchanging 113,700 shares. Point Lisas closed with a gain of 13 cents at a 52 weeks’ high of $3.75 after exchanging 5,000 shares and West Indian Tobacco gained 2 cents and ended at $110.27 after exchanging 3,317 shares.
Losses| Angostura Holdings fell 21 cents and ended at $15.79, after exchanging 3,960 shares, National Enterprises closed with a loss of 30 cents at $6.20, with 500 units, Republic Financial gained 19 cents to close at $121.01, with 692 units crossing the exchange. Scotiabank shed 48 cents and ended at a 52 weeks’ low of $59.51 in swapping 700 shares and Trinidad Cement dropped 3 cents trading 13,691 shares at $2.45.
Firm Trades| Calypso Macro Index Fund traded just 40 shares at $14, Clico Investments concluded at $24.20, with investors exchanging 19,735 shares, Ansa Merchant Bank settled at $36, with 100 stock units changing hands, First Citizens Bank settled at $40, with 368 stock units changing hands. Massy Holdings concluded at $55.05 with 245 units crossing the exchange, One Caribbean Media ended at $10.10, with investors exchanging 1,025 shares, Sagicor Financial completed trading of 779 units at $10.01 and Trinidad & Tobago NGL traded 46 units to close at $28.25.
Prices of securities trading are those at which the last trade took place.