Trading dropped back from Monday’s increased activity on Jamaica Stock Exchange on Tuesday but led to gains for all three markets following lower trading activity than on Monday.
At the close, investors exchanged 25,677,581 shares in all three markets, compared with 87,702,748 units on Monday, with the value of trading on Tuesday amounting to $109.6 million, down from $173.1 million on the previous trading day. Trading on the JSE USD market resulted in investors exchanging 339,743 shares for US$36,245 compared to 620,736 units at US$61,293 on Monday.
The JSE Combined Market Index jumped 2,733.45 points to close at 337,774.41, the All Jamaican Composite Index popped 40.23 points to 365,236.19, the JSE Main Index rose 2,546.17 points to 325,746.49, the Junior Market gained 38.90 points to settle at 3,694.36 and the JSE USD Market Index rose 1.13 points to close at 192.61.
The market’s PE ratio ended at 18.5 based on 2021-22 earnings and 12.1 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate numerous investment options in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange and shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that also show the closing volume pertaining to the bids and offers for each company.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.
Archives for March 2023
Falling stocks dominate Trinidad & Tobago Exchange
Stocks mostly slipped on the Trinidad and Tobago Stock Exchange on Tuesday, with the volume of stocks traded rising 99 percent at a 191 percent greater value than Monday, resulting in 20 securities trading compared with 16 on Monday, with six stocks rising, nine declining and five remaining unchanged.
Trading climbed to 257,799 shares for $4,379,273, up from 131,348 stock units at $1,504,412 on Monday. An average of 12,890 units were traded at $218,964 compared to 8,209 shares at $94,026 on Monday, with trading month to date averaging 21,100 shares at $224,930 marginally less than 21,561 units at $225,265 on the previous day. The average trade for February amounts to 51,996 shares at $458,520.
The Composite Index fell 2.66 points to 1,326.99, the All T&T Index dipped 6.76 points to 1,982.36, the SME Index remained at 61.52 and the Cross-Listed Index popped 0.24 points to close at 87.57.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Agostini’s dropped 98 cents to $58.51 after trading 100 shares, Ansa McAl traded 137 shares after the price slipped 25 cents to $54.50, Ansa merchant Bank traded 3,508 shares after falling $2.27 to close at $43.53, Calypso Macro Index Fund dropped $1.74 to close at $20.76 after investors traded 4,000 units. First Citizens Group ended at $50 with an exchange of 7,369 stocks, FirstCaribbean International Bank popped 5 cents to end at $7.25, with 303 stock units clearing the market. Guardian Holdings had an exchange of268 shares at $25.50, Guardian Media traded 525 shares and gained 10 cents to close at $2.30, Gracekennedy rose 2 cents in ending at $4.48 after an exchange of 1,100 units, JMMB Group slipped 1 cent to a 52 weeks’ low of $1.69 with a transfer of 26,208 shares, Massy Holdings fell 4 cents to $4.51 after an exchange of 100,652 stock units, National Enterprises had an exchange of 10,435 stocks in closing at $3.70 after slipping by 2 cents, National Flour traded 300 shares at $1.50. One Caribbean Media gained 1 cent to end at $3.56, with 19,789 units changing hands, Prestige Holdings shed 9 cents in ending at $7.40 in switching ownership of 321 shares. Republic Financial closed at $138 after 12,009 shares crossed the market, Scotiabank remained at $78 while exchanging just 2,043 stock units, investors in Trinidad and Tobago NGL swapped 53,774 with a rise of 4 cents to end at $$20.04, Unilever Caribbean rose 25 cents in ending at $14.75 while 4,255 stocks passed through the market and West Indian Tobacco fell 28 cents to end at $16.51 after trading 10,703 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big fall for JSE USD market
Trading jumped on the Jamaica Stock Exchange US dollar market on Monday, leading to a fall in the market with the volume of stocks changing hands rising 127 percent, valued 770 percent more than on Friday and resulting in nine securities traded, compared to seven on Friday with five rising, two declining and two ending unchanged.
Trading accounted for 620,736 shares for US$61,293, compared with 273,362 units at US$7,044 on Friday.
Trading on Monday averaged 68,971 shares at US$6,810, compared with 39,052 units at US$1,006 on Friday, with a month to date average of 174,793 shares at US$14,495 compared with 182,063 units at US$15,023 on the prior trading day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index dived 24.22 points to end at 191.48. The PE Ratio, a measure used in computing appropriate stock values, averages 8.9. The PE ratio is computed based on the last traded price of each stock divided by projected earnings forecasts done by ICInsider.com for companies with their financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows one stock ending with a bid higher than the last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share gained 0.18 of a cent to end at 6.25 US cents, with 288,908 shares clearing the market, Margaritaville increased 0.05 of a cent after finishing at 11 US cents, while 37 stocks passed through the market, Productive Business Solutions declined 40 cents to close at US$1.35 trading 248 units. Proven Investments shed 0.5 of a cent to end at 16.5 US cents after 258,719 stock units passed through the market, Sygnus Credit Investments advanced 0.5 of a cent in closing at 9.5 US cents while exchanging 1,024 units. Sygnus Real Estate Finance USD share remained at 7.18 US cents after an exchange of 1,375 shares and Transjamaican Highway rallied 0.06 of a cent to 0.94 of one US cent, with investors transferring 70,422 stock units.
In the preference segment, Eppley 6% preference share popped 8.88 cents to end at a 52 weeks’ high of US$1.40 as investors exchanged two stocks and Equityline Mortgage Investment preference share ended at US$1.64 after a transfer of 1 stock unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gains for Trinidad & Tobago Exchange
Trading popped on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks traded rising 19 percent with a 48 percent greater value than Friday, resulting in 16 securities trading compared with 17 on Friday, with six stocks rising, five declining and five remaining unchanged.
Trading climbed to 131,348 shares for $1,504,412 up from 110,426 stock units at $1,177,661 on Friday.
An average of 8,209 shares were traded at $94,026 compared to 6,496 units at $69,274 on Friday, with trading month to date averaging 21,561 shares at $225,265 versus 22,190 units at $231,441 on the previous day. The average trade for February amounts to 51,996 shares at $458,520.
The Composite Index rose 7.75 points to 1,329.65, the All T&T Index jumped 17.55 points to 1,989.12, the SME Index remained at 61.52 and the Cross-Listed Index slipped 0.38 points to close at 87.33.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Angostura Holdings popped 98 cents to $59.75 after trading 12,605 shares, Ansa McAl traded 80 shares and jumped $3.92 to $54.75, First Citizens Group ended at $50 with an exchange of 3,979 stocks, FirstCaribbean International Bank popped 5 cents to $7.20, with 49.900 stock units clearing the market. GraceKennedy lost 14 cents in ending at $4.46 after an exchange of 3,100 units, JMMB Group slipped 5 cents in ending at $1.70 with a transfer of 17,555 shares, L.J. Williams B share rose 19 cents to close at $2.75 after investors traded 200 units. Massy Holdings ended market activity at $4.55 after an exchange of 29,148 stock units, National Enterprises had an exchange of 1,327 stocks in closing at $3.72 after slipping by a cent, NCB Financial fell 1 cent to $3.89, with 855 stock units crossing the market. One Caribbean Media gained 5 cents to end at $3.55, with 5,350 units changing hands, Prestige Holdings remained at $7.49 in switching ownership of 55 shares. Republic Financial closed at $138 after 3,021 shares crossed the market, Scotiabank remained at $78 while exchanging just 18 stock units and Trinidad Cement lost 3 cents in ending at $3.51 while 1,330 stocks passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Key Insurance highest ICTOP10 jumps 37%
Stocks dropped to their lowest levels this past week after falling even lower than they did to close of the previous week as investors continue to shun the market, but the time is not far off that Bank of Jamaica will begin lowering interest rates and fuel a market resurgence as they sent the clearest signal that interest rates have not only peaked but will be headed downwards this past week.
The first signs of an easing of rate came this past week with BOJ CDs rates plunging 16 percent to an average of 8.85 percent from over 10 percent where it stood for several months. Importantly, the central bank cut the stock of CDS it holds from a peak of $109.5 billion on March 3, down to $82 billion at the latest auction, far less than from mid-January to the end of February, as more than $58 billion chasing after the $18 billion that was offered last week. While this happened the foreign exchange market looks very liquid with the rate falling under $152 to one US dollar from $155 earlier in February.
Performance in the past week for the Junior Market TOP10 saw only two stocks rising and seven falling, the majority of the declining stocks registering fell by 3 percent or less. General Accident jumped 20 percent to $5.98, but the bids are not there at the close, to support the price, but selling has abated for this stock currently. Everything Fresh rose 9 percent to close at $1.55 and actually traded at $1.65 during the week. Iron Rock Insurance fell 13 percent to $2 and Caribbean Assurance Brokers lost 6 percent to $1.90.
The Main Market TOP10 saw the highest gaining stock rising just 34 percent, after Key Insurance jumped to $3.50 and was followed by 138 Student Living with an 8 percent rise to $5.40, but Caribbean Producers dropped 8 percent to $9.07. All other movements were 3 percent or less.
The Junior Market has a long term pattern, with the market starting to rise around a month before quarterly results are due and declining shortly after results are released. This is a pattern worth noting that can be built into investment decisions that can improve returns.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.5, well below the market average of 13.2, while the Junior Market Top 10 PE sits at 5.9 compared with the market at 10.6. The differences are important indicators of the level of likely gains for ICTOP10 stocks. The Junior Market is projected to rise by 248 percent and the Main Market TOP10 an average of 274 percent, to May 2024, based on 2023 forecasted earnings.
The Junior Market has 9 stocks representing 19 percent of the market, with PEs from 15 to 24, averaging 19, well above the average of the market. The top half of the market has an average PE of 15, suggesting that this may be a logical value for junior market stocks currently.
The Main Market 16 most valued stocks are priced at a PE of 15 to 100, with an average of 29 and 19 excluding the highest valued stocks and 18 for the top half excluding the stocks with the highest valuation. The above average shows the extent of potential gains for the TOP 10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate and result in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.