The US dollar market of the Jamaica Stock Exchange closed trading on Monday, with the market rising after investors traded 72 percent fewer shares than on Friday, resulting in the majority of stocks closing unchanged.
At the close of the market, trading ended with four securities changing hands compared to four on Friday and ended with the prices of no stock rising, one declining and three remaining unchanged.
The JSE USD Equities Index gained 1.52 points to settle at 188.37, with the average PE Ratio ending at 12.8 based on the IC Insider.com forecast of 2020-21 earnings.
The market closed with an exchange of 153,543 shares, accounting for US$22,603 compared to 553,018 units at US$8,738 on Friday.
The average trade for the day amounted to 38,386 units changing hands at US$5,651, in contrast to an average of 138,255 shares at US$2,185 on Friday. Trading ended with an average of 88,180 units for the month to date at US$11,413 in contrast to 91,342 units at US$11,799. By comparison, August ended with an average of 83,402 units for US$7,526.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading for the market shows three stocks ending with bids higher than their last selling prices and none with lower offers.
At the close of the market, Proven Investments remained at 26 US cents after exchanging 650 shares and Sygnus Credit Investments lost half a US cent to close at 13 US cents and cleared the market after trading 150,278 shares.
In the preference segment, Equityline Mortgage Investment preference share closed at US$1.96, with an exchange of 150 units and JMMB Group 6% was unchanged at US$1.05 in trading 2,465 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks declining│ First Citizens shed 10 cents, exchanging 1,860 units to settle at $46.10, Massy Holdings closed 6 cents lower at $58, in transferring 1,000 units, Trinidad and Tobago NGL lost 5 cents to finish at $15.95, with 3,629 stock units changing hands and West Indian Tobacco fell by 95 cents to $35.05, in trading 1,719 units.
The offer comprised shares sold by existing shareholders and by the company. The net proceeds that the company will get will be for expansion and upgrading of the operating facilities and working capital needs.
The top three stocks in each market saw no change in ranking for the top three Junior Market stocks, with the potential to gain between 295 to 709 percent by March 2021. Caribbean Producers heads the list, followed by Lasco Financial and Elite Diagnostic. The focus on all three is the 2021 fiscal year results, projected to show recovery from the 2020 financial year final numbers. The top three Main Market stocks, with expected gains of 205 to 231 percent, are Radio Jamaica, followed by Berger Paints and JMMB Group.
The targeted average PE ratio of the market is 20 based on the profits of companies reporting full year’s results, from now to the second quarter in 2021. Both the Junior Market and the Main Market are currently trading well below this level, indicating the potential gains ahead. The JSE Main Market ended the week, with an overall PE of 14.8 and the Junior Market 11.2, based on IC Insider.com’s projected 2020-21 earnings. The average PE ratio of the Junior Market has been slowly rising, with better profit opportunities than the Main Market and narrowing the gap. The PE ratio for the Junior Market Top 10 stocks average a mere six at just 54 percent to the average of the overall Junior Market. The Main Market TOP 10 stocks trade at a PE of 8.3 or 56 percent of the PE of the overall market.
The average projected gain for the Junior Market IC TOP 10 stocks is 280 percent, and 151 percent for the JSE Main Market, based on 2020-21 earnings, indicates potentially more significant gains in the Junior Market than in the Main Market.
The market closed with an exchange of 24,341,786 shares for $1,198,275,855 compared to 13,141,814 units at $242,747,146 on Thursday. Barita Investments led trading with 61.2 percent of total volume after 14.89 million shares changed hands, followed by Pulse Investments with 11.6 percent or 2.82 million units, Sagicor Select Financial Fund with 10.2 percent for 2.49 million units and Transjamaican Highway closing with 8.4 percent and 2.04 million shares.
JMMB Group closed at $29.50, with gains of 44 cents after exchanging 29,044 shares, Mayberry Investments rose 51 cents to $6, in trading 176,019 shares, NCB Financial Group shed 90 cents to finish at $132.10, with 5,816 stock units crossing the market. 138 Student Living lost 35 cents and end at $4.50, in trading 24,749 shares, Palace Amusement climbed $320 to end at $1,620 after exchanging just two units, PanJam Investment climbed $3.50 to $69.50, after 1,158 units changed hands, Portland JSX lost 50 cents to close at $7.50, in trading 89,998 shares. Proven Investments gained 45 cents to end at $38.45, with investors swapping 1,326 units, Pulse Investments fell to $4.60, after losing 38 cents and transferring 2,821,362 shares, Seprod rose 75 cents to close at $56, with an exchange of 5,490 stock units. Supreme Ventures gained 65 cents to settle at $14.50, with 442,677 shares crossing the exchange and Sygnus Credit Investments climbed $1.15 to settle at $18.50, after exchanging 38,902 stock units.
Trading concluded with 31 securities changing hands compared to 33 on Thursday and ended with 10 stocks rising, the prices of 13 declining and eight with prices remaining unchanged.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading for the market shows two stocks ended with bids higher than their last selling prices and five with lower offers.
Honey Bun dropped 28 cents to settle at $4.71 with 38,000 stock units changing hands, Indies Pharma slipped 2 cents to $2.81 with 81,707 shares traded, Jamaican Teas climbed 32 cents to end at $4.59 with investors transferring 46,300 stock units. Knutsford Express fell 10 cents to finish at $6.80 with 1,000 stocks passing through the market, Lasco Distributors gained 10 cents to close at $3.10 trading 63,350 shares, Lasco Manufacturing declined 10 cents to close at $3.50 with investors switching ownership of 56,694 shares. Limners and Bards lost 4 cents to end at $2.65 with 48,164 shares changing hands, Lumber Depot fell 4 cents and traded 342,738 stocks to settle at $1.05, Main Event added 1 cent to finish at $3.38 with 3,560 units passing through the market. Medical Disposables gained 8 cents to end at $5.08 with 9,001 stock units traded and Stationery and Office Supplies fell 5 cents to close at $5.55 with 12,340 stock units crossing the exchange.
At the close of the market, trading ended with four securities changing hands compared to three on Thursday and ended with the prices of two stocks rising and two declining. The JSE USD Equities Index dropped 1.65 points to settle at 186.85, with the average PE Ratio ending at 12.8 based on IC Insider.com’s forecast of 2020-21 earnings.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading for the market shows two stocks ended with bids higher than their last selling prices and none with lower offers.
Trinidad and Tobago NGL finished at $16, with a loss of 1 cent trading 49,574 shares and West Indian Tobacco shed 15 cents to settle at $36, in exchanging 8,395 stock units.
For the week to Thursday, NCB sold off a net of US$24 million. Dealers bought US$32 million on Thursday and sold US$56.6 million compared to buying US$46.8 million and selling US$51.4 million on Wednesday at an average rate of $142.6258. On Thursday, NCB sold a net of nearly US$20 million.
