Trading ended subdued activity on the Jamaica Stock Exchange Monday and led to losses in the Main and modest gains in the Junior and JSE USD Markets continued quite a bit as trading ended with the value and volume of stocks traded falling from that on Friday.
At the close, the JSE Combined Market Index fell 715.28 points to 337,481.66, the All Jamaican Composite Index shed 2,686.65 points to 355,637.89, the JSE Main Indexdeclined 938.68 points to 323,698.87, the Junior Market Index rallied 17.54 points to 3,872.50 and the JSE USD Market Index rose 0.32 points to 245.46.
Trading of Preference shares ended, with Jamaica Public Service 9.5% preference share jumped $189.99 to $2,990.
At the close, investors traded 9,618,088 shares in all three markets, down from 16,116,237 stocks on Friday. The value of stocks traded on the Junior and Main markets ended at $53.06 million, down from $70.28 million on Friday. Trading on the JSE USD market ended with investors exchanging 193,702 shares for US$30,250 up from 94,250 units at US$10,054 on Friday.
The market’s PE ratio, the most popular measure used to determine the value of stocks ended at 17.1 on 2022-23 earnings and 11.5 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
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 place them 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 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 paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts along with the closing volume pertaining to the highest bid and the lowest offer for each company.
Archives for September 2023
Falling stocks beat out risers in Trinidad
Trading rose on the Trinidad and Tobago Stock Exchange on Monday, with 108 percent more stocks traded as the value climbed 69 percent more than on Friday resulting in the trading of 20 securities compared with 19 on Friday, with four stocks rising, nine declining and seven remaining unchanged.
On Monday, investors traded 349,081 shares for $3,336,115, compared to 168,047 stock units at $1,975,520 on Friday.
An average of 17,454 shares were traded at $166,806 compared with 8,845 units at $103,975 on Friday, with trading month to date averaging 13,260 shares at $136,213 compared with an average trade for August of 14,526 shares at $195,195.
The Composite Index declined by 2.65 points to 1,215.74, the All T&T Index dropped 7.97 points to 1,845.61, the SME Index remained at 66.57 and the Cross-Listed Index rose 0.43 points to 75.81.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Agostini’s fell 70 cents to close at $67.30 with stakeholders trading 379 shares, Angostura Holdings ended at $22.98 after 44 stock units passed through the market, Ansa McAl shed $1 and ended at $53 after a transfer of 285 stocks, Calypso Macro Investment Fund rallied 1 cent to end at $22.50 with an exchange of 1,078 units. First Citizens Group popped 1 cent in closing at $49.01 with shareholders swapping 1,976 stocks, FirstCaribbean International Bank slipped 1 cent to $6.99 with traders dealing in 30 units, GraceKennedy dipped 4 cents in closing at $3.30 after investors traded 3,080 shares, Guardian Holdings remained at $19.25, with 127 stock units clearing the market. JMMB Group remained at $1.34 with an exchange of 14 stocks, L.J. Williams B share climbed 26 cents to end at $2.56 with 2,000 shares crossing the market, Massy Holdings skidded 4 cents to close at $4.50 with investors dealing in 263,400 units, National Enterprises increased 14 cents to $3.75 in an exchange of 30,578 stocks. 
One Caribbean Media ended at $3.75 after investors ended trading 800 shares, Prestige Holdings ended at $7.90 with an exchange of 906 units, Republic Financial lost $1 to end at $124, with 11,165 stocks crossing the market, Scotiabank dipped 75 cents to close at $73 after an exchange of 1,033 stock units, Trinidad & Tobago NGL shed 10 cents to $14.50 with investors transferring 9,358 shares. Trinidad Cement ended at $3.20, with 768 stocks changing hands, Unilever Caribbean ended at $11.90 with a transfer of 485 stock units and West Indian Tobacco dipped 5 cents to end at $10.75 in an exchange of 21,575 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Key Insurance leads movers in ICTOP10
The impact on the market with the presence of an Initial Public Offer opening was not very pronounced this time around, with the One Great Studio opening and closing this past week with the issue being oversubscribed, but the Junior Market did experience a sharp fall early in the week that could well be related to investors seeking funds to invest in the IPO.
In the Main Market, Key Insurance climbed 14 percent to $2.88 to be the sole winner of note, while 138 Student Living crashed 6 percent to $4.11, just a fraction above the APO price for shareholders of $4.05, that is projected to raise just over $2 billion. JMMB Group shed 5 percent to close the week at $27.40, making for a compelling long term investment and Sygnus Credit Investments fell 4 percent to $11.47.
The Junior Market ICTOP10 closed the week with Caribbean Cream dropping 16 percent to $3.50, this comes against the background of sharply falling cost for milk solids, one of the significant input cost in the production of ice cream. Caribbean Assurance Brokers slipped 7 percent to $2.68 and Everything Fresh dropped 14 percent to $1.37 and Image Plus slipped percent to $2.05. Iron Rock Insurance was the gainer of note, rising 10 percent to $2.30.
The pending additional issue of 138 Student Living shares kept the price depressed and with the offer coming public with 513 million shares with an option to upsize by 318.5 million units, it will satisfy a great deal of demand and, therefore, put a short term lid on price appreciation. The situation will be worse as the company lacks the ability to inform investors about its operations in a manner that is befitting of a company its size.
Note that Margaritaville is listed on both the Main Market and the USD Market, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.7. The Main Market TOP10 is projected to have an average of 322 percent to May 2024, based on 2023 forecasted earnings.
The most highly valued Main Market stocks, representing 32 percent of the Main Market, are priced at a PE of 15 to 80, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.3 compared with the market at 10.8. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 40, averaging 21, that is well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 271 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
The markets are not in a bullish state, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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 will likely deliver the best returns up to the end of May 2024 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, resulting 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.
Murders drop 10.8% in Jamaica
Murders in Jamaica fell 10.8 percent to the 26th of August this year compared to the similar period last year, with 899 persons murdered to August 26, down from 1,008 last year for the same period last year, data from Jamaica Constabulary Force show.
Increases occurred in Hanover with 28 persons, an increase of 104 percent, with 55 murders. St. Ann has a rise of 29 percent from 41 murders last year to 53 this year. Clarendon rose 11 percent to 72 and Kingston Eastern 6 percent more than the 38 experienced in 2022, while Kingston Western popped 6 percent higher to 52.
St Catherine North had the most significant reduction of 33 percent, with 33 fewer deaths by force, compared with a total of 101 in 2022, while Westmoreland saw a decrease of 19 percent, but it continues to be a hot spot with 79 murders and that was picked up by Hanover up by 28 deaths from 27 in 2022, while St James remains a considerable problem area with a mere 4.4 per fall from 137 to 131.
A 600% plunge in Unemployment in Jamaica
When the Jamaica unemployed fell to the lowest level on record to 4.5 percent in April this year, it was falling precipitously by more than six times from the levels that were at unhealthy and chronically high of 24 to just under 28 percent between 1977 and 1989.
Jamaica’s record low unemployment at 4.5% in April 2023.
The April 2023 outcome is down from 6 percent in April last year and from 6.6 percent in July 2022, while the number of persons employed is at its highest level ever, with the total number of employed persons at 1.313 million in April this year. The highest level of employment before was 1.27 million in January 2020. Knowledgeable persons have expressed their views on the numbers, with one suggesting that Jamaica has always had a low level of unemployment. That is entirely at variance with the facts; see chart.
The country has only experienced rates below 15 percent for a few years, primarily after 2007.
There has also been some focus on the number of hours used to determine whether persons are included in the employed pool. What has not been acknowledged by critics of the low unemployment level is the many businesses finding it more difficult to recruit workers to employ, as well as the need to increase wages to retain those they have. Finding workers going forward is going to be a real challenge and one that will cause companies to look carefully at their operations to see where they can employ cost savings methods to deliver goods and services with minimal dislocations. If the economy continues to expand, it will result in workers coming in from overseas.
When Jamaicans start to pump gas for their vehicles, it will dawn on us that things have changed and that development is only a few years away.
Jamaica’s employment rate has been pushed by the considerable focus on tourism expansion and the advent and rapid expansion in the BPO sector that now employs around 5 percent of the workforce, with the numbers employed said to be over 60,000 and addition a sharp increase in construction activity for residential and commercial demand lifted employment in that area.
Data compiled by ICInsider.com from the Bank of Jamaica, the World Bank and Statin show that unemployment averaged 25.8 percent between 1977-89. The rate fell in 1990 to 19.1 percent and 15.7 percent in 1992 and remained around 15 percent until 2006, then fell to 11.5 percent in 2007 and 11.3 percent in 2008 and 9.9 percent in 2009 before reversing back up to mid-teens up to 2015 and had slowly drifted down since with the exception of 2022 when it climbed to 10.7 following the economic fallout from the Covid19 pandemic.
JSE Main Market jumps for a 4th day
The Jamaica Stock Exchange Main Market climbed for a fourth consecutive day on Friday, with the market putting in another day of solid gains on Friday accompanied by a 50 percent decline in the volume of stocks traded following an 84 percent drop in value compared with Thursday, with trading in 58 securities up from 53 on Thursday and leading to prices of 15 rising, 24 falling and 19 ending unchanged.
A total of 9,259,098 shares were traded for $50,664,788 versus 18,676,905 units at $323,528,081 on Thursday.
Trading averaged 159,640 shares at $873,531 compared with 352,394 units at $6,104,303 on Thursday compared to an average of 316,608 units at $1,867,646 for August.
Wigton Windfarm led trading with 5.86 million shares for 63.3 percent of the total volume, Transjamaican Highway was next with 1.30 million units for 14 percent of the day’s trade and JMMB Group 7.5% with 336,417 units for 3.6 percent market share.
The All Jamaican Composite Index popped 3,500.76 points to finish at 358,324.54, the JSE Main Index popped 2,905.75 points to close at 324,637.55 and the JSE Financial Index rose 0.68 points to end at 72.73.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.7 for the Main Market. 
The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and nine with lower offers.
At the close, Caribbean Cement dropped $1 in closing at $51 with a transfer of 30,539 shares, GraceKennedy fell 85 cents to end at $73.05 in trading 89,392 stock units, Guardian Holdings climbed $19.20 to $439.70 with investors clearing the market of 80 stocks. Jamaica Producers declined $1.78 to $18.03, with 1,818 stock units crossing the market, Jamaica Stock Exchange shed 55 cents to close at $10.13 after an exchange of 186,022 units, 
JMMB Group fell 44 cents to $27.40 with 6,068 shares changing hands. Margaritaville dipped $2.30 to end at $14.05 in an exchange of 49 stocks, Massy Holdings advanced 90 cents to $101 with stakeholders exchanging 99 shares, MPC Caribbean Clean Energy skidded $12.30 to close at $69.70 with investors transferring 18 stocks. NCB Financial shed 44 cents and ended at $72.96, with 7,926 shares crossing the market, Portland JSX fell $1 to close at a 52 weeks’ low of $8, with shareholders swapping 244 stock units, Sagicor Group dropped 51 cents and ended at $49.49 with investors dealing in 165,076 units. Sagicor Real Estate Fund gained 35 cents to end at $8.50 in switching ownership of 20 units and Seprod declined $1.62 in closing at $73.37 after exchanging 5,882 shares.
In the preference segment, Eppley 7.50%preference share rose 48 cents to $6 with an exchange of 116 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big fall for Junior Market
The Junior Market of the Jamaica Stock Exchange dropped sharply on Friday to erase most of the 74 points rally on Thursday with the volume of stocks traded being flat with an 18 percent higher value than Thursday, following trading in only 38 securities down from 42 on Thursday resulting in prices of 12 rising, 18 declining and eight closing unchanged.
Investors traded 6,762,889 shares for $19,614,027 compared with 6,771,997 units at $16,602,569 on Thursday.
Trading averaged 177,971 shares for $516,159 compared with 161,238 units at $395,299 on Thursday versus an average of 183,001 units at $460,354 in August.
Lasco Manufacturing led trading with 1.18 million shares for 17.5 percent of total volume, followed by Stationery and Office Supplies with 1.11 million units for 16.4 percent of the day’s trade and Regency Petroleum with 1.02 million units for 15.1 percent of trading.
The PE Ratio, a measure of computing appropriate stock values, aveAt the close, the Junior Market Index dipped 64.77 points to conclude trading at 3,854.96.
The 10.8. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Cargo Handlers popped 41 cents to $16.41 and closed with an exchange of 280 shares, Caribbean Assurance Brokers dipped 18 cents to close at $2.68 after 800 units crossed the exchange, Consolidated Bakeries gained 30 cents and ended at $2.60 in an exchange of 21,000 stock units, Derrimon Trading rose 23 cents to end at $1.88 with traders dealing in 500 stocks. Dolphin Cove climbed 59 cents in closing at $16.60 after an exchange of 10 stock units, Elite Diagnostic rallied 23 cents to $1.82 with shareholders swapping 10,097 stocks, Express Catering shed 80 cents and ended at $4.20 as investors exchanged 16,661 shares, Fontana advanced 87 cents to close at $11.37 after 58,802 units passed through the market. Future Energy Source fell 29 cents to end at $3.63, with 100,722 shares clearing the exchange, General Accident lost 45 cents in closing at $4.49 with a transfer of 28,915 stocks, Honey Bun increased 29 cents to close at $6.49 while exchanging 1,248 stock units, Image Plus Consultants dropped 19 cents and ended at $2.05, with 9,488 units crossing the market. 
Indies Pharma declined 19 cents to $3 in switching ownership of 480,213 stocks, ISP Finance skidded $4.17 in closing at $32 after an exchange of 5 stocks, JFP Ltd lost 12 cents to close at $1.52 with investors dealing in 434,417 units, Knutsford Express rallied 45 cents and ended at $11.70, with 1,595 shares changing hands. Lasco Distributors dipped 11 cents to $4.39 in an exchange of 350,497 stock units, Lasco Manufacturing fell 11 cents in closing at $5.20 with investors trading 1,184,638 units, Limners and Bards popped 17 cents to close at $1.98 after 1,531 stocks were traded, Main Event skidded $1.40 to end at $16.10 with an exchange of 4,331 shares. MFS Capital Partners gained 15 cents to close at $2.49, with 92,838 stock units crossing the market, ONE on ONE Educational shed 13 cents to end at $1.02 in trading 66,796 units, Regency Petroleum declined 35 cents to close at $2.19 after a transfer of 1,018,410 stocks, Spur Tree Spices dropped 27 cents and ended at $2.12 with stakeholders exchanging 599,864 shares.
Stationery and Office Supplies dipped 18 cents in closing at $1.85 in switching ownership of 1,106,312 stock units and Tropical Battery declined 10 cents and ended at $1.94 in an exchange of 121,811 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market rallied on Friday
Stocks recorded gain in trading on the Jamaica Stock Exchange US dollar market on Friday, but the volume of stocks changing hands declined 81 percent, with an 84 percent lower value than on Thursday, resulting in seven securities traded, compared to eight on Thursday with one rising, five declining and one ending unchanged.
A total of 94,250 shares were exchanged for US$10,054 compared with 500,869 units at US$62,995 on Thursday.
Trading averaged 13,464 shares at US$1,436 compared with 62,609 shares at US$7,874 on Thursday, well down on the average for August of 57,291 units at US$4,251.
The US Denominated Equities Index rose 5.31 points to settle at 245.14.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.8. The PE ratio is calculated based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share ended at 4 US cents after 327 shares were traded, MPC Caribbean Clean Energy dipped 10.75 cents to end at 54 US cents after an exchange of 18 stocks, Productive Business Solutions gained 9.5 cents to end at US$1.795, with 216 units clearing the market. Proven Investments skidded 0.05 of a cent and ended at 14.95 US cents with investors transferring 56,539 stocks, Sterling Investments shed 0.04 of a cent to land at 1.9 US cents with an exchange of 70 units, Sygnus Credit Investments fell 1.03 cents to 9.2 US cents while investors traded 9,200 stocks and Transjamaican Highway dipped 0.01 of a cent to end at 1.73 US cents with stakeholders exchanging 27,880 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market plunges Main Market jumps
The Junior Market gave back a good portion of Thursday’s gains to start off the new month but Main and JSE USD Markets continued quite a bit as trading ended with the value and volume of stocks traded falling from that on Thursday.
At the close, the JSE Combined Market Index rallied 2,118.43 points to 338,196.94, the All Jamaican Composite Index jumped 3,500.76 points to 358,324.54, the JSE Main Index climbed 2,905.75 points to 324,637.55, the Junior Market Index dropped 64.77 points to 3,854.96 while the JSE USD Market Index rose 5.31 points to end at 245.14.
Trading of Preference shares ended, with Eppley 7.50% preference share rising 48 cents to $6 with an exchange of 116 stocks.
At the close, investors traded 16,116,237 shares in all three markets, down from 25,949,771 stocks on Thursday. The value of stocks traded on the Junior and Main markets ended at $70.28 million, down from $340 million on Thursday. Trading on the JSE USD market ended with investors exchanging 94,250 shares for US$10,054 down from 500,869 units at US$62,995 on Thursday.
The market’s PE ratio, the most popular measure used to determine the value of stocks ended at 16.9 on 2022-23 earnings and 11.6 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
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 place them 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 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 paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts along with the closing volume pertaining to the highest bid and the lowest offer for each company.
Rising & falling stocks shared TTSE spotlight
Trading resumed on the Trinidad and Tobago Stock Exchange on Friday, following a break on Thursday for the independence holiday with the market closing with a slightly higher volume of stocks trading than on Wednesday, with the value remaining steady, resulting in 19 securities trading compared with 20 on Wednesday and ended with five stocks rising, five declining and nine ending unchanged.
Investors exchanged 168,047 shares for $1,975,520 versus 157,416 stock units at $1,978,952 on Wednesday.
An average of 8,845 units were traded at $103,975 compared with 7,871 shares at $98,948 on Wednesday. The average trade for August was 14,526 shares at $195,195.
The Composite Index dropped 2.00 points to end at 1,218.39, the All T&T Index shed 0.62 points to end the week at 1,853.58, the SME Index remained unchanged at 66.57 and the Cross-Listed Index dipped 0.49 points to close at 75.38.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Agostini’s climbed 7 cents to $68, with 88 shares changing hands, Angostura Holdings increased 23 cents to $22.98 with a transfer of 1,520 units, Ansa McAl remained at $54 after 60 stocks were traded, Ansa Merchant Bank ended at $44.50 with trading 10 units. 
Calypso Macro Investment Fund fell 1 cent to $22.49 with investors dealing in 600 units, First Citizens Group ended at $49 after exchanging 7,220 shares, FirstCaribbean International Bank popped 1 cent to close at $7 after 626 stocks were traded, GraceKennedy rose 3 cents to $3.34 after an exchange of 189 shares. JMMB Group ended at $1.34 with an exchange of 2,001 units, L.J. Williams B share dropped 29 cents to close at $2.30 as investors traded 670 shares, Massy Holdings declined 1 cent to $4.54 while 82,031 stocks changed hands, National Enterprises remained at $3.61 closed after 30,040 stocks passed through the market. 
NCB Financial ended at $3.25 with 1,990 shares crossing the market, Prestige Holdings remained at $7.90 with investors exchanging 168 units, Republic Financial dipped 2 cents and ended at $125 after trading 4,740 stocks, Scotiabank rallied 75 cents to $73.75 after a transfer of 503 units, Trinidad & Tobago NGL ended at $14.60, with investors trading 3,282 shares, Unilever Caribbean ended at $11.90 with investors dealing in 30,654 stocks and West Indian Tobacco shed 20 cents to close at $10.80 with dealers transferring 1,655 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
