Visitors to Bank of Jamaica’s website will be greeted by a spanking new look that is completely different from the former site.
A brief look and navigation of the site appear to make it easier to navigate the new one compared to the former, with certain information that appears easier to find. The format for some of the information also looks different and, in cases, more appealing form than the previous ones.
Archives for May 2021
BOJ’s new website
May 31, 2021 by
Sterling dominates Main Market trading
May 31, 2021 by
Sterling Investments accounted for 50 percent of the total volume of shares trading on Monday on the Jamaica Stock Exchange Main Market, after the overall trading saw an 81 percent drop in volume compared to Friday and a 53 percent fall in the value of stock changing hands.
The All Jamaican Composite Index shed 760.15 points to 453,615.66, the JSE Main Index gained 32.01 points to end at 422,098.56 and the JSE Financial Index lost 0.22 points to settle at 104.52.
Trading ended with 45 securities compared to 49 on Friday, with 16 stocks rising, 23 declining and six remaining unchanged. The PE Ratio ended with an average of 16.1 based on ICInsider.com’s forecast of 2021-22 earnings.
The market closed with 23,167,260 shares trading for $283,034,981 versus 119,750,700 units at $599,497,233 on Friday. Sterling Investments led trading with 50 percent of total volume after trading 11.58 million shares followed by Sagicor Group 12.2 percent with 2.84 million units, Pulse Investments controlled 11.4 percent, with 2.63 million units, Transjamaican Highway took 6.3 percent of the trade with 1.45 million units and Wigton Windfarm took 5.2 percent for an exchange of 1.20 million units.
Trading averaged 514,828 units on Monday at $6,289,666, compared to 2,443,892 shares at $12,234,637 on Friday. Trading month to date averages 439,937units at $4,698,961, in contrast to 436,367 units at $4,623,132 on Friday. April closed with an average of 234,200 units at $1,772,561.
Investor’s Choice bid-offer indicator shows 16 stocks ending with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments fell 55 cents to end at $85.30 in exchanging 1,121 shares, Caribbean Cement rose $1.45 to $89.45 with 10,453 stocks crossing the market, Grace Kennedy closed $1.54 higher at $89.95 with 63,740 stock units changing hands. Guardian Holdings declined $2 to $761 in trading 47,275 shares, Jamaica Broilers gained 38 cents to close at $34.38 with an exchange of 7,787 units, Jamaica Producers finished 50 cents higher at $24.50, after 102,993 stocks cleared the market. Jamaica Stock Exchange gained 36 cents to close at $17.36 in trading 1,238 units, Key Insurance lost 28 cents to settle at $5.07 in transferring 26,746 stocks. Kingston Wharves picked up 30 cents in ending at $46.50 with 2,038 units crossing the exchange, Mayberry Investments lost 58 cents to end at $5.27 with 10,297 shares changing hands, NCB Financial lost 20 cents to close at $139.80 after investors switched 100,721 shares, Palace Amusement dropped $50 to $920 with 233 shares clearing the market, PanJam Investment advanced $2.70 to $69.70 in switching ownership of 22,494 units. 
Pulse Investments declined 40 cents to $4.40 in swapping 2,634,338 stocks, Sagicor Group slipped 25 cents to end at $52.50 with 2,835,484 stocks clearing the market, Seprod shed 90 cents to close at $74.10 with 13,279 units changing hands. Sygnus Credit Investments ended 25 cents lower at $15.25 in an exchange of 64,490 shares and Victoria Mutual Investments fell 45 cents to $6.51 after 85,621 stocks crossed the market.
In the preference segment, Eppley 8.75% preference share rose 77 cents to $7.28 after trading 1,330 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Rising stocks dominate Junior Market
May 31, 2021 by
Trading closed on the Junior Market of the Jamaica Stock Exchange on Monday, with the volume of stocks rising 126 percent and the value 72 percent over Friday trades, with rising stocks outnumbering declining ones, two to one at the close.
Market activity led to 39 securities trading, down from 41 on Friday, with 21 rising, 11 declining and seven closing unchanged.
At the close, the Junior Market Index slipped 4.77 points to 3,324.73 to be up just under 26 percent for the year to date. The PE Ratio based on ICInsider.com’s forecast of 2021-22 earnings averaged 12.3.
A total of 13,810,331 shares traded at $29,320,428, up from 6,105,277 units at $16,999,068 on Friday.
Future Energy Source led trading with 54.5 percent of total volume after it traded 7.53 million shares, followed by Lasco Distributors with 11.4 percent while exchanging 1.58 million units and Lasco Manufacturing with 4.8 percent with an exchange of 657,218 units.
Trading averaged 354,111 units at $751,806, down from 148,909 at $414,611 on Friday. The month to date averaged 318,089 units at $760,337, compared to 316,141 units at $760,798 on Friday. April closed with an average of 329,241 units at $854,716.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Caribbean Assurance Brokers advanced 8 cents to $1.97 with 1,500 shares passing through the market, Caribbean Producers climbed 14 cents to $3.80 with 159,024 units changing hands, Dolphin Cove dropped 20 cents to $6.80 with 32,861 stocks traded. Fontana gained 20 cents to close at $6 with investors exchanging 185,586 stock units, General Accident increased 15 cents to $6 with an exchange of 90,605 shares, Honey Bun rose 5 cents to $6.85 with a transfer of 60,639 units. Jamaican Teas added 6 cents to close at $4.07 with 218,302 stocks passing through the market, Jetcon Corporation slipped 8 cents to 94 cents with 174,027 stock units changing hands, KLE Group fell 6 cents to $1.22 with 644,500 shares traded. Knutsford Express shed 30 cents to $8, trading 19,174 units, Lasco Distributors dropped 29 cents to $3.96 in exchanging 1,576,784 stocks, Limners and Bards lost 9 cents to finish at $3.06 with a transfer of 127,224 stock units.
Lumber Depot advanced 10 cents to $3.40 with 155,164 shares passing through the market, Mailpac Group rose 5 cents to $3.76 with 248,853 units changing hands, Medical Disposables shed 60 cents to close at $4.40 with 18,477 stock units traded. SSL Venture gained 8 cents to end at 63 cents with investors swapping 6,366 stocks, Stationery and Office Supplies dropped 20 cents to $8 with a transfer of 10,501 units and Tropical Battery fell 7 cents to $1.15 with 583,616 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD market gains
May 31, 2021 by
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The volume of shares trading on Monday fell 91 percent below Friday’s level but the market index gained at the close of the US dollar market of the Jamaica Stock Exchange.
Trading involved six securities, compared to seven on Friday with four rising, none declining and two remaining unchanged.
The JSE USD Equity Index rose 2.61 points to 207.06. The average PE Ratio ends at 13.1 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 460,180 shares traded on Monday for US$70,670, down from 5,394,877 units at US$743,518 on Friday.
Trading averaged 76,697 units at US$11,778, in contrast to 770,697 shares at US$106,217 on Friday. Trading averaged 138,035 units for the month to date at US$17,391 in contrast to 141,321 units at US$17,692 on Friay. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with lower offers.
At the close, First Rock Capital traded 5,015 shares at 9 US cents, Proven Investments climbed 0.1 of a cent to 26 US cents, with an exchange of 174,572 shares, Sterling Investments gained 0.25 of a cent to close at 2.25 US cents with an exchange of 900 stock units. Sygnus Credit Investments rose 0.3 of a cent to 15 US cents in exchanging 213 units, Sygnus Credit Investments closed at 15.01 US cents after an exchange of 169,025 shares and Transjamaican Highway advanced 0.07 of a cent to 0.93 US cents, with 110,455 stocks changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
ICTOP10 – Guardian a better buy now
May 31, 2021 by
The average gains projected for the Junior Market fell from 225 percent last week to 218 percent as the prices of a number of the top 10 stocks rose during the past week, but with no new entrant to either Top 10 list. The average projected gains for the Main Market stocks move up from 162 to 169 percent helped in a big way by the fall of Guardian Holdings from $790 last week to $763.
Guardian Holdings hit a low of J$750 on Friday.
The price slippage for Guardian shares below $790 provides investors a better value proposition, with the PE at 8.3 times, rather than 8.6 that the NCB Global offer price for the 2 million shares they are offering to the public.
The markets continue to face resistance this past week, with the Junior Market is trading at the very top of its upward sloping channel while the JSE Main Market sits a few thousand points away and facing turbulence in getting to the peak. With the two Lasco companies releasing results after the market closed on Friday it will be interesting to see what investors do with their prices. If they rise appreciable the resistance is likely to be broken and clear the way to move to a new yearly high in the weeks ahead.
The Junior Market closed the week at 3,329.50, up slightly from 3,324 at the end of the previous week. The JSE 
All Jamaica Composite Index ended at 454,375.81 on Friday, marginally lower than 454,479.33 at the close of the previous week.
The top three stocks in the Junior Market, remain unchanged for this week, with Elite Diagnostic heading the list, followed by Caribbean Assurance Brokers and Caribbean Producers, with the potential to gain between 255 to 303 percent. The top three Main Market stocks are Radio Jamaica in the number one spot, followed by PanJam Investments and Wisynco, with expected gains of 149 to 371 percent.
This week’s focus: RJR suffered badly from the effects of the curtailment of business in 2020 after showing signs of recovering from the prior years’ slow growth and high cost of operations. In 2020 they moved to deal with the pressure the fallout had and showed marked improvement in the second half of the calendar year. Importantly, there was significant cost cutting with the third quarter showing the effects with vastly improved results.
The impression given in the group’s December quarterly report is that the sharp fall in direct operating, selling and marketing costs were directly related to the fall off in revenues. That of course is only part of the story. The fall in cost has been far greater than the reduction in revenues suggesting that actual cost cutting was effected. ICInsider.com confirmed that the group that made some staff redundant also made changes by discontinuing unprofitable programs and publications. “Regarding cost reductions, some changes in the distribution network and workflows are permanent,” this publication was informed but revenues for some of the newspapers continue to run below pre Covid-19 levels.
The targeted PE ratio for the market averages 20 based on profits of companies reporting full year’s results, up to the second quarter of 2022. 
Fiscal 2020-21 ended March 2021 with the average PE at 17 for Junior Market stocks and 19 times for the Main Market.
The Junior Market with an average PE 12.4 based on ICInsider.com’s 2021-22 earnings, is currently trading below the target, as well as the recent historical average of 17, this represents another 37 percent rise in the market that would equate to a rise of 61 percent to March 2022. The Junior Market Top 10 stocks average a mere 6.4 at just 52 percent of the market average, indicating substantial gains ahead. The JSE Main Market ended the week with an overall PE of 7.8, some distance from the 19 the market ended March, suggesting a 17 percent rise from now to March 2022. The Main Market TOP 10 
trades at a PE of 7.8 or 48 percent of the PE of that market and well off the potential of 20.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on likely increase for each company, taking into account the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in movements in and out of the lists weekly. Revisions to earnings per share are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Lasco Manufacturing 2021 profit jumps 41%
May 30, 2021 by
Cost cuts and moderate revenue growth drove profit at Lasco Manufacturing 41 percent higher for the year to March this year to $1.33 billion, with the fourth quarter rising 83 percent to $367 million over that of 2020.
Pretax profit jumped a strong 83 percent for the quarter, to $457 million from $249 million in the 2020 March quarter and 46 percent for the 12 months to March, with $1.75 billion up from $1.2 billion in 2020. The profit is subject to full taxation as of October 12, last year.
Gross profit margin came in at 38 percent for the year, up from 37 percent of the 2020 fiscal year. Revenues climbed four percent for the fiscal year, with $6.2 billion but were flat at $2 billion for the fourth quarter.
Administrative and other costs fell 13 percent for the year to March to $1.19 billion from $1.36 billion in 2020, resulting from a fall of $167 million in staff cost from $717 million to $550 million, primarily as the company incurred no share option cost in the year versus $185 million in the prior year. Selling and promotion expenses fell from $291 million to $137 million.
Finance cost dipped from $94 million to $59 million as the company continues to pay down loans that stood at $1.05 billion at the end of March 2020 to $820 million, with $454 million earmarked to be repaid in the 2022 fiscal year. Taxation consumed $376 million of profits, up from $217 million in 2020.
The company’s principal activities remain, the manufacture of soy-based products, juice drinks, water, and packaging of milk-based products.
Lasco Manufacturing products.
Shareholder’s equity stood at $7.9 billion at the end of March 2021. Cash funds and investments amount to $2.35 billion after the company generated $1.6 billion in cash inflows, before working capital and capital financing needs and paying a dividend of $251 million.
Lasco generated earnings per share for the year of 33.2 cents, up from 23.67 cents in 2020. ICInsider.com projects earnings of 40 cents for the fiscal year to March 2022.
The stock last traded on the Junior Market of the Jamaica Stock Exchange at $5.50, with a PE ratio of 16.6 based on the reported earnings and 13.8 based on the 2022 projected earnings. The price target for the stock, to March 2022, is $7-8.
Junior Market recovers Thursday’s loss
May 28, 2021 by
Trading closed on Friday with the Junior Market Index gaining 34.45 points to 3,329.50, but the volume of stocks trading dropped 36 percent and the value falling 17 percent from Thursday levels at the conclusion of market activity of the Jamaica Stock Exchange Junior Market.
Trading ended with 41 active securities compared to 37 on Thursday and closed with 16 rising, 18 falling and seven unchanged.
At the close, the PE Ratio, based on ICInsider.com’s forecast of 2021-22 earnings, averages 12.4.
Trading ended with 6,105,277 shares changing hands for $16,999,068, down from 9,546,922 units at $20,365,504 on Thursday.
Future Energy Source led trading with 33.5 percent of total volume for an exchange of 2.05 million shares followed by Jamaican Teas with 13.2 percent for 803,886 units and Mailpac Group with 8 percent market share for 488,914 units.
Trading averaged 148,909 units at $414,611, down from 258,025 at $550,419 on Thursday. Trading month to date averages 316,141 units at $760,798, compared to 326,224 units at $781,671 on Thursday. April closed with an average of 329,241 units at $854,716.
Investor’s Choice bid-offer indicator shows four stocks ending with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial shed 49 cents to end at $22 in an exchange of 1,082 shares, AMG Packaging lost 8 cents in closing at $1.60 with 16,001 stocks changing hands, Blue Power dipped 9 cents to settle at $3.90 in transferring 140 units. CAC 2000 fell 77 cents to $9.23 trading 5,396 shares, Caribbean Cream gained 13 cents to end at $5.90 with 811 stock units clearing the market, Caribbean Producers lost 8 cents to close at $3.66 with 17,378 shares changing hands. Consolidated Bakeries picked up 20 cents to finish at $1.70 with the swapping of 9 stock units, Derrimon Trading gained 5 cents to end at $2.51 in trading 204,421 stocks, Express Catering rose 28 cents to $5 in exchanging 13,842 units, Fontana fell 38 cents to $5.80 with a transfer of 369,864 stocks.
Honey Bun lost 17 cents in trading 7,181 stock units at $6.80, Iron Rock Insurance gained 5 cents to finish at $3.25 with 200,000 units crossing the market, Knutsford Express rose 30 cents to $8.30 with 14,497 units changing hands, Lasco Distributors lost 5 cents in closing at $4.25 with the swapping of 27,858 stocks. Lasco Financial ended 35 cents higher at $3.75 after exchanging 171,636 stocks, Lasco Manufacturing gained 15 cents in closing at $5.50 with the swapping of 160,799 shares, Limners and Bards lost 5 cents to settle at $3.15 in exchanging 454,746 units. Main Event rose 45 cents to $4.65 after a transfer of 125 stocks, SSL Venture fell 8 cents to 55 cents in exchanging 10,100 shares and Stationery and Office Supplies gained 10 cents in closing at $8.20 with investors switching ownership of 1,000 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market slides into weekend
May 28, 2021 by
Trading closed on Friday with the market declining, with slightly more stock slipping than rising, after the day’s volume jumped 422 percent with 384 percent less value than on Thursday’s trading, at the end of market activity on the US dollar market of Jamaica Stock Exchange.
Seven securities traded, compared to six on Thursday, with two rising, three declining and two closing unchanged.
The JSE USD Equity Index lost 2.63 points to end at 204.45. The average PE Ratio ended at 12.7 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 5,394,877 shares were traded for US$743,518, up from 1,033,909 units at US$153,480 on Thursday.
Trading averaged 770,697 units at US$106,217, in contrast to 172,318 shares at US$25,580 on Thursday. Trading month to date averages 141,321 units at US$17,692 in contrast to 99,362 units at US$11,790 on Thursday. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than its last selling price and none with lower offers.
At the close, First Rock Capital rose 0.51 of a cent to 9 US cents after trading 6,019 shares,
Margaritaville traded 110,700 units at 9 US cents, Proven Investments slipped 0.4 of a cent to 25.9 US cents with 43,825 stocks traded. Sterling Investments dropped 0.21 of a cent to settle at 2 US cents with 200,000 shares passing through the market, Sygnus Credit Investments fell 0.89 of a cent to close at 15.01 US cents with a transfer of 4,758,333 stock units and Transjamaican Highway added 0.02 of a cent to close at 0.86 of a US cent with 275,000 stocks crossing the exchange.
In the preference segment, JMMB Group 6% remained at US$1.10 with 1,000 shares changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks slide but market rises
May 28, 2021 by
Sagicor Select Manufacturing and Distribution Fund dominated the volume traded on Friday, accounting for an 871 percent rise in the number of shares traded, with the value jumping 363 percent higher than on Thursday, on a day when declining stocks beat out rising ones two to one on the Jamaica Stock Exchange Main Market.
The All Jamaican Composite Index rose 1,817.92 points to 454,375.81, the JSE Main Index gained 754.27 points to end at 422,066.55 and the JSE Financial Index gained 0.44 points to settle at 104.74.
At the close, 49 securities traded, compared to 48 on Thursday, with 13 stocks rising, 28 declining and eight ended unchanged. The PE Ratio ended with an average of 16.2 based on ICInsider.com’s forecast of 2021-22 earnings.
The market closed with 119,750,700 shares trading for $599,497,233 versus 12,330,202 units at $129,542,064 on Thursday. Sagicor Select Manufacturing and Distribution Fund accounted for 89.8 percent of total volume, with 107.57 million shares, followed by Sagicor Select Financial Fund with 2.9 percent for 3.49 million units, 
Transjamaican Highway with 2.2 percent for 2.58 million and NCB Financial Group with 1.7 percent for 2.13 million units changing hands.
Trading averages 2,443,892 stock units at $12,234,637 versus 256,879 shares at $2,698,793 on Thursday. Trading for the month to date averages 436,367 units at $4,623,132, in contrast to 326,458 units at $4,206,413 on Thursday. Trading in April ended with an average of 234,200 units at $1,772,561.
Investor’s Choice bid-offer indicator reading has ten stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Berger Paints advanced $1.80 to $16 with the swapping of 3,852 stocks, Carreras lost 25 cents to end at $10.25 with 87,730 stock units crossing the exchange, Eppley Caribbean Property Fund fell $2 to $42 after a transfer of 100 units, First Rock Capital gained 20 cents to settle at $16.39 with 16,146 stocks clearing the market. Grace Kennedy ended 59 cents lower at $88.41 with 36,654 units crossing the market, Guardian Holdings dropped $7 in closing at $763 in trading 192,040 stocks, Jamaica Broilers slipped 35 cents to $34 in transferring 249,442 shares. Jamaica Producers fell 20 cents to end at $24 after an exchange of 14,192 stock units, Jamaica Stock Exchange declined 90 cents to finish at $17 with 141,930 units changing hands, JMMB Group rose 48 cents to $32.48 in transferring 96,740 shares. Kingston Wharves lost 30 cents to close at $46.20 with an exchange of 13,784 shares. Margaritaville slid 75 cents to $14.25 in switching ownership of 7,698 units, PanJam Investment rose 95 cents to close at $67 in transferring 6,393 stocks. 
Pulse Investments gained 44 cents to end at $4.80 with 706,754 units crossing the market, Sagicor Group rose 74 cents to close at $52.75 in switching ownership of 12,435 stocks, Seprod advanced $1.49 to $75 after clearing the market with 27,751 shares, Sterling Investments shed 30 cents to close at $3 with an exchange of 94,051 stocks, Victoria Mutual Investments declined 5 cents to close at $6.96 after trading 137,328 stock units and Wisynco Group rose 65 cents to $15.75 with 28,000 shares changing hands.
In the preference segment, Community & Workers Credit Union preference share shed 21 cents to close at $1.69 in trading 119,727 units. Eppley 7.5% preference shares declined $3.81 to end at $7.19 with 548 units changing hands and Eppley 8.25% lost 19 cents to close at $6.80, trading 2,024 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big gains for Trinidad Stock Exchange
May 28, 2021 by
Big gains in the price so First Citizens Bank and Trinidad & Tobago NGL push the All T&T Index up 21.86 points to 1,875.02 at the close of market activity on Friday, with the market rising after 161 percent more shares carrying 39 percent greater value than traded on Thursday on the Trinidad and Tobago Stock Exchange.
First Citizens Bank gained $3.20 to close at $49.69 on Friday.
a total of 18 stocks traded on Friday, up from 13 on Thursday, with seven rising, five declining and six closing unchanged.
The Composite Index gained 7.82 points to end at 1,378.27 and the Cross-Listed Index fell 1.01 points to close at 118.66.
In total 555,090 shares traded at a value of $7,262,767 compared to 212,551 units at $5,235,386 on Thursday.
An average of 30,838 units traded at $403,487 compared to 16,350 at$402,722 on Thursday. The average trade month to date is 25,935 units at $406,593 versus 25,631 units at $406,786. The average trade for April amounts to 11,472 units at $184,959.
The Investor’s Choice bid-offer indicator shows two stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Angostura Holdings settled at $15 after trading of 10,000 shares, Ansa Mcal ended at $56.75 while exchanging 872 units, Clico Investment Fund exchanged 50,814 units at $25.50, First Citizens Bank increased $3.20 to close at $50 in exchanging 8,447 units. FirstCaribbean International Bank dropped 4 cents to close at a 52 weeks’ low of $6.06 with 3,587 units crossing the market, Grace Kennedy slipped 1 cent to $5.24, after 1,980 shares changed hands, Guardian Holdings gained 50 cents to close at $33 with 59,092 shares crossing the exchange. JMMB Group
fell 7 cents to $1.74 after trading 273,813 stock units, L.J Williams B share shed 5 cents in closing at $1.35 trading 10,000 stock units, Massy Holdings stayed at $69.76 after exchanging 777 shares. NCB Financial Group lost 25 cents to close at $8.50 in an exchange of 78,000 units, One Caribbean Media rose 30 cents to $4.80 in exchanging 500 stock units, Point Lisas climbed 10 cents to $3.10 while trading 1,051 units. Republic Financial Holdings stayed at $135 in trading 2,925 stock units, Scotiabank closed at $57, with 22,521 stock units clearing the market, Trinidad & Tobago NGL climbed 77 cents to $18.50 trading 300 stock units. Trinidad Cement rose 5 cents to $3.30, with an exchange of 10 stock units and Unilever Caribbean inched up 1 cent in closing at $16.33 and exchanging 30,401 stocks.Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
