Rising stocks closed trading on the Junior Market of the Jamaica Stock Exchange in the ascendancy on Monday, with trading in 42 securities compared with 43 on Friday as the market closed with prices of 19 rising, 11 declining and 12 closing unchanged, following a 64 percent decline in the volume of stocks traded valued 58 percent less than on Friday.
Investors traded 2,456,405 shares for $5,558,360, down sharply compared to 6,875,037 units at $13,226,821 on Friday.
Trading averaged 58,486 shares at $132,342, well below 159,885 units at $307,600 on Friday with the month to date, averaging 202,969 units at $447,761 compared with 211,159 stock units at $465,639 previously and well down from October with an average of 361,392 units at $863,984.
One Great Studio led trading with 551,203 shares for 22.4 percent of total volume followed by Lumber Depot with 306,320 units for 12.5 percent of the day’s trade and Spur Tree Spices with 272,877 units for 11.1 percent market share.
At the close, the Junior Market Index gained 22.19 points to close at 3,709.40.
The Junior Market ended trading with an average PE Ratio of 13.1, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending around August 2024.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Cream shed 60 cents to end at $3.10, with just 194 stocks changing hands, as demand for the stock remains extremely low, Derrimon Trading advanced 12 cents to $2.17 in trading 18,830 units, Dolphin Cove rose $1.39 and ended at $17.90 after closing with an exchange of 703 shares. EduFocal popped 10 cents in closing at $2 in an exchange of 43,106 stock units, Express Catering increased 25 cents to close at $4 with investors trading 9,979 shares, Fontana dropped 29 cents to $10.31 with a transfer of 97,904 stock units. Honey Bun fell 26 cents to $6 while exchanging 35,831 stocks, Iron Rock Insurance popped 45 cents in closing at $2.65 with traders dealing in just one stock unit, Jamaican Teas gained 10 cents and ended at $2.45 with 3,122 shares clearing the market. Jetcon Corporation rallied 12 cents to 85 cents with shareholders swapping 1,500 stock units, JFP Ltd popped 8 cents to $1.45 in an exchange of 88,280 stocks, Knutsford Express dropped $1.09 in closing at $11.11after 6,301 units crossed the market. Lasco Distributors lost 9 cents to end at $4.10 after a transfer of 7,251 stocks, Limners and Bards declined 9 cents to close at $1.61, with 9,159 units crossing the exchange, Main Event gained 47 cents and ended at $13.99 with investors transferring 256 shares and Spur Tree Spices rose 10 cents to $2.20 after an exchange of 272,877 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Archives for November 2023
JSE USD Market inched forward
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with a 26 percent fall in the volume of stocks changing hands with a 24 percent greater value than on Thursday and resulted in trading taking place in five securities, compared to three on Thursday with two rising, two declining and one ending unchanged.
Overall, 256,238 shares were traded, for US$8,090 compared to 345,389 units at US$6,537 on Thursday.
Trading averaged 51,248 units at US$1,618, versus 115,130 shares at US$2,179 on Thursday, with a month to date average of 76,993 shares at US$4,598 compared with 78,208 units at US$4,738 on the previous day. October ended with an average of 47,977 units for US$4,392.
The US Denominated Equities Index popped 0.19 points to end at 225.22.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.5. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, Proven Investments popped 0.97 of one cent to end at 15.98 US cents as investors exchanged 15,350 stock units, Sterling Investments skidded 0.2 of a cent to 1.5 US cents with shareholders swapping 708 shares and Transjamaican Highway fell 0.09 of a cent to close at 1.51 US cents in an exchange of 239,251 units.
In the preference segment, JMMB Group 5.75% advanced 28.5 cents in closing at US$2.185 with investors dealing in 848 stocks and JMMB Group 6% ended at US$1 with 81 units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks overwhelms on Trinidad Exchange
Falling stocks beat out those rising by a wide margin in trading on the Trinidad and Tobago Stock Exchange on Friday, with the volume of stocks traded rising 18 percent but with a 50 percent lower value than on Thursday and resulting in trading of 17 securities down from 20 on Thursday and ended with prices of two stocks rising, nine declining and six remaining unchanged as one stock traded at a 52 weeks’ high and two at 52 weeks’ lows.
Investors exchanged 350,108 shares for $1,555,401 compared with 297,021 stock units at $3,111,188 on Thursday.
An average of 20,595 units were traded at $91,494 compared to 14,851 shares at $155,559 on Thursday, with trading month to date averaging 16,820 shares at $211,502 compared with 16,593 units at $218,711 on the previous day. The average trade for October amounts to 15,711 shares at $151,451.
The Composite Index lost 1.78 points to finish at 1,195.48, the All T&T Index skidded 3.65 points to end at 1,811.24, the SME Index remained unchanged at 72.38 and the Cross-Listed Index rose 0.03 points to end at 75.11.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Agostini’s dropped 95 cents and ended at $67.50 with an exchange of 288 units, Angostura Holdings remained at $22.15, with 61 stocks crossing the market, First Citizens Group lost 15 cents to close at $49.10 with an exchange of 2,533 stock units. FirstCaribbean International Bank ended at $7 after 1,900 stock units crossed the exchange, GraceKennedy ended at $3.90 in trading 281 shares, JMMB Group remained at $1.41 after 118,348 units passed through the market. L.J. Williams B share dipped 21 cents to end at $2.05 after an exchange of 1,120 stocks, Massy Holdings fell 10 cents in closing at $4.40 after 71,884 stock units were traded, National Enterprises rallied 1 cent and ended at $3.55, with 1,244 shares changing hands. NCB Financial remained at $2.85 in an exchange of 139,965 stocks, Point Lisas increased 10 cents to a 52 weeks’ high of $3.60 with shareholders swapping 2,016 units, Prestige Holdings declined 5 cents to close at $11.25 as investors exchanged 41 stock units. Republic Financial shed 50 cents and ended at $120 in switching ownership of 3,528 shares, Scotiabank skidded 1 cent in closing at $70.99 with an exchange of 15 stocks, Trinidad & Tobago NGL lost 22 cents to end at a 52 weeks’ low of $10.60, with 4,861 units clearing the market. Unilever Caribbean ended at $11.48 with investors trading 23 stock units and West Indian Tobacco shed 26 cents to end at a 52 weeks’ low of $9.25 after an exchange of 2,000 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
NCB profit plunges 56% for 2023 fiscal year
Profit at NCB Financial Group plunged a sharp 56 percent to $15.3 billion for the year to September 2023, from $35 billion in 2022. Consolidated net profit attributable to the Group’s stockholders amounts to $7.6 billion, a reduction of 68 percent from $23.9 billion the previous year.
For the September 2023 quarter, the Group reported a disappointing net profit of $1.6 billion, down 83 percent from $9.3 billion in 2022, but the Group’s stockholders hugged up a loss of $2.1 billion in the quarter compared with a profit of $5.2 billion for the September 2022 quarter.
The results translate to negative earnings per share of 92 cents in the fourth quarter and positive earnings of $3.30 for the year, down from $2.28 and $10.39 for 2022 respectively.
The Group incurred a large charge for staff changes but in a typical investor unfriendly manner, the directors kept this important information from shareholders, leaving them to guess what the one off cost is and what normalised earnings are and could be going forward. The financial statements show staff costs jumping $7 billion in the final quarter over the June quarter and other operating expenses climbing by $4.5 billion for the same period suggesting that the charges for staff separation and compensation for the two former top executives would be in the range of $11 billion.
The group segments show mixed fortunes during the recently completed fiscal year, with the Consumer and SME Banking segment suffering a loss in the year from the generation of revenues net of interest cost of $34.9 billion, up from $32.8 billion in 2022 and an Operating loss of $719 million, with net results of $58 million in 2022. Payment Services contributed $17.8 billion in revenues net of interest cost, with net segment results of $1.5 billion, down from $2.25 billion in operating profit in 2022, following net revenues of $14.2 billion.
Corporate and Commercial Banking had a year with modestly higher revenues, with net income of $10.8 billion after interest expenses and a profit of $6.2 billion compared with 2022 with net revenues of $10.2 billion and segment profit of $6.66 billion.
The Treasury and Correspondent Banking segment generated revenues net of interest charges amounting to $13.26 billion, down from $14.9 billion in 2022, with an operating profit of $9.9 billion in 2023 versus $12.4 billion in 2022. Wealth, Asset Management and Investment Banking contributed revenues of $15.7 billion net of interest and $16 billion in 2022 with segment results of $8.8 billion in 2023 and $9.2 billion in 2022.
Life and Health Insurance and Pension Fund Management ended with net revenues of $40.5 billion in 2023, down sharply from $53.7 billion in 2022, with segment results of $21.5 billion in 2023, collapsing from $32.8 billion in 2022. The General Insurance segment had a great year as revenues hit $24.2 billion net of interest cost compared to $19.3 billion in 2022 with net results surging to $11.6 billion from $5.8 billion in 2022.
The Group’s loans and advances, net of credit impairment losses, totalled $614 billion, an increase of 6 percent over $581 billion in the prior year. According to the directors’ report, “Non-performing loans totalled $25.7 billion, which led to an improvement in the non-performing loan ratio, decreasing to 4.1 percent, from 4.4 percent in the prior year.”
At the end of the year, deposits totalled $748 billion, versus $715 billion in the prior year. Investment and pledged securities amount to $110 billion up from $96.8 billion in 2022.
Stockholders’ equity rose to $170 billion, from $146 billion. The improvement flowed from profit for the year as well as a partial reversal of investment losses in the previous year, with the current year delivering a surplus of $15.7 billion compared with a loss of $47.5 billion in 2022.
On the surface, the reported results are disappointing but investors should be looking beyond them knowing that a significant amount of the cost in the last quarter is unlikely to recur in 2024 while the revenues remain intact and should grow all things being equal.
The Group declared a dividend of 50 cents payable in December, this is a reduction from the amount of $1 last paid in February 2020.
Minor slippage in JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Thursday, with the volume of stocks changing hands declining 6 percent, with a value marginally more than on Wednesday, resulting in trading of three securities, compared to six on Wednesday with one rising, one declining and one ending unchanged.
At the close of the market, 345,389 shares were traded, for US$6,537 compared with 368,630 units at US$6,490 on Wednesday.s
Trading ended with an average of 15,130 shares at US$2,179 versus 61,438 units at US$1,082 on Wednesday. Trading for the month to date average 78,208 shares at US$4,738 compared with 77,132 units at US$4,813 on the previous day. October ended with an average of 47,977 units for US$4,392.
The US Denominated Equities Index shed 0.87 points to lock up trading at 225.03.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.6. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
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, Margaritaville fell 0.3 of a cent to 12 US cents in switching ownership of 10,000 stocks, Proven Investments inched 0.01 of a cent higher to 15.01 US cents with investors trading 83 units and Transjamaican Highway ended at 1.6 US cents as 335,306 shares passed through the market .
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.