About IC Insider.com

Sales jump sharply at Main Event

Main Event backed with IC BUY RATED status

Growth in revenues while not an exact proxy for increased profits, is often a very good indicator of greater gains ahead. That may be exactly what is happening at the Junior market listed Main Event.
The results for the nine months to July show strong sales growth but flat profits. Revenues for the July quarter surged nearly 26 percent to $364 million, but profit fell 7 percent to $24.5 million from $26.3 million in 2017. For the nine months to July, profit was up just 4 percent to $105.5 million that flowed from a 13 percent rise in revenues to $1.07 billion, compared to net income of $101 million in 2017.
The company incurred increased cost as it seeks to expand its service offerings. The results to date suggest that the full year earnings will not vary much from the 2017 full year results of 37 cents. But 2019 could be a blow out year for them, if revenue growth seen so far for this year, continues into 2019.
Profit margin in the first half of the year, was held to the same level as in 2017, at 48 percent and declined in the July quarter to 45 percent from 49 percent in the 2017, the impact, operating profit rose just 15 percent in the quarter to $164 million from $143 million but fell to 14 percent for the year to date, to $512 million from $447 million in 2017.
Administrative expenses rose 20 percent to $111 million in the quarter and increased 15 percent in the nine months period to $311 million. Marketing and sales expenses increased by 44 percent to $15 million for the nine months. Depreciation rose 49 percent to $24 million in the quarter and increased 29 percent in the nine months to $69 million, an indication of increased capital spend to accommodate expansion and increased income. Finance cost was flat in the quarter, at $5.2 million and rose just 5 percent to $13.6 million for the nine months.
Earnings per share came out at 9 cents for the quarter and 37 cents for the nine months and should end the fiscal year around 40 cents. For 2019 earnings should be in the order of a string increase to 75 cents.
“Performance has been negatively impacted by write downs on trade receivables to align to reporting standard, IFRS 9, continued start up expenditure for new service offerings and cost with higher head counts and incentive compensation,” the Chairman Ian Blair and Chief Executive Officer reported to shareholders in their commentary accompanying the quarterly.
Gross cash flow brought in $175 million but growth in receivables, inventories, addition to fixed assets of $160 million, offset by net loan inflows and increased payables resulted in net cash flow ended at a negative $63 million and leaving $29 million in cash at the end of July. Shareholders’ equity stood at $551 million with borrowings at just $185 million, including amounts due to related parties. Net current assets ended the period at $141 million, inclusive of trade and other receivables of $304 million, cash and bank balances of $29 million. Current liabilities amounted to $209 million inclusive of short term borrowings.
The stock traded at $5.50 on the Junior Market of the Jamaica Stock Exchange with a relatively low PE ratio of 7.3 times 2018 earnings and is elevated to BUY RATED status.

Main Event & Stanley Motta in IC TOP 10

Main Event returns to IC TOP 10.

Main Event fell to $5.50 on Friday and climbed back into the Junior market IC TOP 10 stock listing, while Recently listed Stanley Motta climbed on board the main market list.
Dropped out of the moving on are JMMB Group with a rise in the bid price to $32.70 and Caribbean Cream that closed the week at $7.90, from $6.50 last week. Both are worth watching for more gains in the coming week. Barita Investments and Berger Paints long time TOP 10 listees, moved up in price during the week but still remain in the list but could be out by the end of the coming week if current demand continues.
During the past week, the main market of the Jamaica Stock Exchange, racked up more record closes but pulled back on sharply on Thursday and Junior market hit new highs during the week but dropped sharply on Friday due mainly to Lasco Distributors falling to $3.35 and Express Catering dropping to $6.40 before rebounding at the close.
The gains in the two markets is driving the PE ratio of the market higher with the overall PE for the Junior Market rising to 14 and the main market to 14.5 as the valuation multiple grows with historically low interest rates and high liquidity abounding.
The PE ratio for Junior Market Top 10 stocks average 9.3 up from 8.9 last week, as the market continues to revalue the multiple higher and the main market PE is now 9.1, up from 8.8 last week, for the top stocks.
The TOP 10 stocks now trade at an average discount of 35 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings. The main market stocks trade at a discount of 38 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns within a 12 months period. Stocks are selected based on projected earnings for each company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.

Wisynco adds $2.5B in sugar & rum sales

Wisynco brand Wata to benefit from 3 new production that is now in operation.

Wisynco Group, is set to lose revenues and profit with the ban on single use plastic straws and Styrofoam but the contract to distribute sugar and rum manufactured by Worthy Park should add $2.5 billion to revenues.
The sugar and rum revenues will more than make up for the cut in revenues of approximately $1 billion per year and profits by an insignificant $70 million information released by the company to Jamaica Stock Exchange suggests.
Investors in the company’s stock could not get enough after it listed in December last year, driving it to a high of $13.81 for a then rich PE of more than 20. With the PE below 10 times the current year’s earnings and set to go to 20 by 2019, investors are dumping the stock at a PE of 8. But now they should be holding and buying more, as the stock has few that are likely to deliver better returns in the next twelve months.
According to the company, plastic straws represent less than 0.1 percent of the Company’s revenue and Styrofoam represents 4 percent of the company’s revenue and approximately 3 percent of the company’s net income. Investors seem to be concerned about the impact of the ban on the company’s operations and profit. With earnings of 62 cents for the 2018 fiscal year and 15 cents in the June quarter, investors may not be seeing a boost in profit to come to warrant holding the stock.

Wisynco Group

IC Insider.com spoke with the company’s CEO William Mahfood, advises of a number of positive developments that bode well for the future fortunes of the group. The company on Friday released information on a new distribution agreement with Worthy Park Estate (WPEL) for the distribution of WPEL’s spirits and sugar. Wisynco advised that the distribution of WPEL’s spirits will commence on November 1 and will include the ‘Rum-Bar’ and Worthy Park Estate brands of spirits. The distribution of WPEL’s sugar will commence on January 1, 2019, the start of the new sugar crop.

The new products could add around $750 million to gross profit. According to Mahfood the company has just added three new production lines to alleviate production capacity constraint and is expected to help increase sales around 20 percent. The expanded capacity will facilitate expanded production of Wata, carbonated products and juices. “New process has cut the production cost of plastics by more than 50 percent and this will result in significant cost savings,” Mahfood said. Importantly, Mahfood expects revenues from existing product lines to be up 20 percent for the fiscal year. Add to that, revenues from the new contract resulting in revenues probably increasing 30 percent in the period ahead.
IC Insider.com projects profit of approximately $4 billion or earnings per share of $1.10 and that should push the stock to $20 in 2019. IC Insider.com is placing the BUY RATED stamp on the stock.

NCB continues to bounce around on JSE

Add your HTML code here...

NCB Financial stock closed at $110 after hitting $125 on Friday.

NCB Financial share price bounced around on Friday similar as it was on Thursday. Seconds after opening, the price was driven to $125, pushing the market sharply up, but it continued to bounce around during the day and finally ended at $110.
The market closed, with the All Jamaica Composite Index gaining a mere 5.04 points to 386,583.74 and the JSE Index rose just 4.59 points to 352,221.51. Market activities resulted in 31 securities trading, including 1 in the US dollar market compared to 29 securities trading on Thursday.
At the end of trading, the prices of 13 stocks rose, 11 declined and 7 closed, unchanged. JMMB Group traded at 52 weeks’ high of $34.50 and PanJam Investment hit a high of $59 but they both closed lower at the close.
The main market ended with 10,467,731 units valued at $82,276,433 compared to 2,861,546 units valued at $139,051,316 changing hands on Thursday.
The day’s volume was led by, JMMB Group 7.5% preference share with 5,971,000 units, 57 percent of total volume traded, followed by Carreras with 1,556,951 units and 14.87 percent of main market volume and Wisynco Group with 983,953 units 9.4 percent of the day’s volume.
Trading resulted in an average of 348,924 units valued at over $2,742,548, in contrast to 105,983 shares valued at $5,150,049 on Thursday. The average volume and value for the month to date amounts to 376,915 shares valued $4,149,025, compared to 378,872 shares valued $4,253,986 traded on the immediately preceding trading day. August closed, with an average of 224,564 shares valued at $4,310,285, for each security traded.
In the main market activity, Berger Paints rose 50 cents to close at $22 trading 7,934 shares, Caribbean Cement lost $1.95 and finished trading 1,513 shares at $48, Jamaica Broilers jumped $1.24 in traded 83,050 stock units, to close at $32.49, Jamaica Producers lost $2.45 and finished trading 204,445 units at $24.55, Kingston Wharves jumped $4 and finished at $72.50, with 3,112 stock units changing hands, Mayberry Investments shed 30 cents and settled at $8, exchanging 213,025 units, Sagicor Group fell $1.25 to settle at $38, in the exchange of 108,965 shares, Sagicor Real Estate Fund lost $1 to settle at $11.00, with 176,754 shares. Seprod finished trading at $46.80, after falling 20 cents trading 9,397 shares, Stanley Motta lost 30 cents to end trading of 14,100 stock units at $4.80, Supreme Ventures gained 34 cents and ended at $16.45, trading 160,439 shares, Sygnus Credit Investments traded just 1,934 shares and rose 71 cents to close at $13 and Wisynco Group lost 15 cents to finish at $8.85, with 983,953 units changing hands.
Trading in the US dollar market closed with 14,159 units valued at $3,109 as Proven Investments was the sole stock trading at 22 US cents. The JSE USD Equities Index lost 0.16 points to close at 166.94.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading is very strong for continuation of the market’s rally and shows 8 stocks ended with bids higher than their last selling prices and 2 closing with lower offers.

Please stop Gwest scandalous action

Gwest booked preference shares but not properly issued.

The Jamaica Stock Exchange and the Financial Securities Commission must move to stop this scandalous action by GWest in issuing new shares that were not authorized by the shareholders of the company and was never mentioned as a contractual agreement in the prospectus that was issued in December last year.
The company cannot go to the public with an offer to sell shares and a critical contract that is now said to have exited, was not properly documented in the prospectus as a material contractual obligation of the company. By the way, the audited financial statement does not show any such contractual agreement.
GWest issued the first quarter results to June with an increase in share capital and the issue of $250 million preference shares without any information being communicated to shareholders. Now they have belated submitted an explanation to the Jamaica Stock Exchange, but those shares have been illegally issued and cannot stand.
The Gwest Corporation release states “on June 15, 2018 pursuant to the resolution passed at an Extraordinary General Meeting of the Company held on the 27th day of November 2017, it has signed an agreement for the conversion of $250,000,000 of shareholders’ loan to 10% Cumulative Non-Redeemable Preference Shares. Of the authorized 1,000,000 10% Cumulative Non-Redeemable Preference Shares, all units were allotted at $250 each to effect the conversion.”
The big question is if such a resolution existed why wasn’t the information included in the prospectus, why wasn’t the authorized capital split to include preference shares, why was the information not included in the audited financial report, why there was no mention of it in the annual report to shareholders.
With the wider shareholding not being made aware of it and not a contracted party to it must approve the increase in share capital with the issue taking place after the public issue of shares have passed for several months.
According to the company’s prospectus, section 7 lists all material contracts, no contract to issue preference shares is listed. Secondly, the reference to the share capital makes no mention of any other shares to be issued other than the ordinary shares of the company.
The prospectus stated the following: material contracts, entered into in the ordinary course of business, have been entered into by the Company with the following persons (“counterparties”) in the 2 years preceding as at the date of this Prospectus:
The above list has no contract in connection with the issue of preference shares to shareholders prior to the IPO.
The audited financial stated about Borrowings – “Shareholders’ loans: The principal balances represent loans from shareholders including US$741,248 (2017: US$742,515) of which US$716,560 was used for the purchasing of the land used for development (see Note 5). There are no set terms of repayment, however management does not anticipate repayment within the next twelve months as the loans are subordinated to the bank loans. No interest was charged on loans during the year as the shareholders agreed to waive such charges. Up to 2017 interest was charged at a rate of 4% and 15% per annum on the US dollar and Jamaican dollar loans, respectively.”
The note in the audited accounts to share capital states: “During the year ended March 31, 2017, interest payable on shareholders’ loans totaling $50 million, were converted to ordinary share capital. The 9,800 ordinary shares at no par value were allocated to the shareholders in the proportions of their shareholdings at that date. (13.2) During the year, the authourised ordinary share capital was increased to 1,000,000 ordinary shares by an ordinary resolution dated November 27, 2017. By an ordinary resolution of the same date each of the 1,000,000 ordinary shares were split into 1,000 ordinary shares such that the authourised ordinary share capital was increased to 1,000,000,000 ordinary shares. Further, by an ordinary resolution dated November 28, 2017 the 10,000 shareholdings of shareholders on register at November 27, 2017 were split such that their holdings of ordinary shares became 10,000,000 ordinary shares. Additionally, the shareholders who were allocated the 9,800 available shares at March 31, 2017, were further allocated 314,848,485 ordinary shares for the consideration of $50 million of interest converted to capital on March 31, 2017. (13.3) On December 7, 2017 the company made an offer for subscription to the public (IPO), of 160,000,000 of its ordinary shares at a price of $2.50 per share through the Junior Market of the Jamaica Stock Exchange (JSE). The company was officially registered on the Junior Stock Market on December 21, 2017. Total cost of the IPO of $30.848 million has been off-set against the issued share capital.”
“The company has one class of ordinary shares which carry no right to fixed income.”
The company released its annual report without a line mentioning the resolution to convert the loans to preference shares. The prospectus does not state it as a contractual obligation as such the prospectus that has become the legal document containing the contracts terms and obligations of all shareholders as of December must be honoured. It did not report the issue of any new shares accordingly, the additional shares are improperly issued and is a variance with the terms of the public offer.
IC Insider.com raised this matter after the company released the first quarter results, we again raise the above in the interest of the integrity of the market. We now over pass this over to the JSE and the FSC to follow up.

136 points Junior Market drop – Friday

The Junior Market dropped by an unusually large 136.58 points to close at 3,299.73 on Friday as Express Catering traded more than 23 million at $6.40 along with Lasco Distributors that fell to $3.50 and Main Event that traded at $5.10 from $6.50 did immense damage to the market index.
The major part of the damage which was done by the above three was accompanied by 11 other companies that declined on the day after the market recorded its highest close. At the close, trading ended with 29 securities, compared to 28 on Thursday, leading to 5 advancing, 14 declining and 9 remaining unchanged.
Investors exchanged 27,838,500 units valued at $164,750,850, compared to 3,874,490 units valued at $18,122,803 on Thursday.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading had 5 stocks ending with bids higher than their last selling prices, 4 closed with lower offers.
Trading closed with an average of 959,948 units for an average of $5,681,064 in contrast to 138,375 units for an average of $647,243 on Thursday. Trading for the month to date averages 531,728 units for an average of $3,009,661 and on the prior trading day, an average of 539,551 units for an average of $3,204,213. Trading in August, averaged 244,613 units at $1,348,298 for each security traded.
At the close of trading, Access Financial fell $2 and closed at $48, after trading 2,000 shares, AMG Packaging ended at $1.95, with 1,714,425 stock units changing hands, Blue Power concluded trading with 48,659 units and lost 60 cents to end at $6.40, CAC 2000 finished with a loss of 50 cents at $12.50, with 2,800 shares trading, Caribbean Cream ended trading with a loss of 10 cents at $7.90, with 50,000 shares changing hands. Caribbean Flavours traded at $18, with 15,000 stock units, Caribbean Producers finished trading 2,470 units with a loss of 9 cents at $6, Derrimon Trading ended 30 cents higher at $2.80, in exchanging 328,947 shares, Dolphin Cove concluded trading of 10,839 shares at $17. Elite Diagnostic finished at $3.16, with 31,792 stock units, Eppley settled with a loss of 99 cents at $9.01, trading 2,500 units, Everything Fresh lost 19 cents in trading 58,866 shares to end at $2.10, Express Catering ended trading 19 cents higher at $8.21 after it traded down to $6.40 the bulk of 23,411,735 shares that changed hands, FosRich Group traded 111,206 shares at $3.21. General Accident finished trading 2,000 shares with a loss of 45 cents at $3.90, Indies Pharma gained 14 cents and closed trading with 622,765 shares changing hands at $3.89, Iron Rock concluded trading of 30,000 shares 50 cents higher to end at a 52 weeks’ high of $4.50, Jamaican Teas settled at $5, exchanging 100,000 shares, Jetcon Corporation ended trading with a loss of 10 cents at $4, after 63,601 stock units changed hands. Knutsford Express closed at $11.50, in exchanging 3,860 shares, Lasco Distributors ended with a loss of 50 cents at $3.50, with 744,400 shares, Lasco Financial fell 25 cents to close at $5.25, in trading of 100,000 stock units, Lasco Manufacturing finished with a loss of 10 cents at $3.90, with 51,017 units being exchanged. Main Event settled with a loss of $1.40 at $5.10, trading 175,584 shares, Medical Disposables ended trading 34,964 shares 10 cents higher at $6.60, Paramount Trading closed at $3, with 2,200 shares, Stationery and Office finished trading 1,100 stock units at $9.25 and tTech ended with a loss of 55 cents at $5.55, with 5,400 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.

Junior Market index drops 121 points.

Express Catering traded more than 23 million with the price dropping from $8.02 at the close on Thursday to $6.40 in the morning session of trading on the Junior Market and along with Lasco Distributors that fell to $3.50 and Main Event that traded at $5.10 from $6.50 did immense damage to the market index on Friday.
The Junior market index which is now down by 109.10 to 3,327.21 covered from partially from a decline of 121 points at one stage.
The main market that was up strongly in early trading when NCB financial recovered to trade in the $120 level lost more than 1,000 points when NCB fell back to $110 but now trades at $124 with the main market off less than 140 points at 12.33 PM.

12 stocks traded firm on TTSE – Friday

All market indices of the Trinidad & Tobago Stock Exchange, ended with modest gains on Friday as 17 securities changed hands up from 13 on Thursday.
At the close of trading the Composite Index rose 0.13 points to 1,218.82, the Strong> All T&T Index gained 0.19 points to 1,689. 36, while the Cross Listed Index inched 0.01 point higher to close at 100.60.
At close, , with the price of 4 advancing, 1 declining and 7 remaining unchanged, against a total 13 securities trading on Thursday.
The market ended trading with 116,235 shares valued $1,984,887 changing hands, compared to 222,525 shares valued $1,844,656 on Thursday.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading closed with 3 stocks ending with higher bids than the last selling prices and 3 with lower offers.
Stocks closing with gains| Agostini’s gained 5 cents and closed at $21.15, after exchanging 100 shares, National Flour closed with a rise of 1 cent and ended at $1.70, with 4,733 stock units changing hands, Trinidad & Tobago NGL finished 22 cents higher and completed trading of 1,083 shares at $29.25 and Trinidad Cement increased by 5 cents and ended at $2.80, with 819 stock units changing hands.
Stocks closing with losses| Guardian Holdings traded with a loss of 10 cents at $16.90, after exchanging 213 shares.
Stocks trading with no price change| Angostura Holdings completed trading 1,581 shares at $15.75, Ansa Mcal ended at $56, with 416 stock units changing hands, Ansa Merchant completed trading at $38, with 1,226 units, Clico Investments settled at $19.90, after exchanging 11,000 shares, First Citizens completed trading at $32.60, with 50 units, JMMB Group ended at $1.65, with 7,439 stock units changing hands, Massy Holdings ended at $47.20, in exchanging 6,764 stock units NCB Financial Group completed trading 19,050 units at $5.73, Republic Financial Holdings ended at $103.69, with 187 stock units changing hands, Sagicor Financial completed trading at $7.70, with 50,000 units, Scotiabank ended at $64.94, in exchanging 10,512 stock units and West Indian Tobacco concluded at $88.45, after exchanging 1,062 shares.
Prices of securities trading for the day are those at which the last trade took place.

Plastic ban to have minimal impact – Wisynco

Wisynco, traded the most shares on tuesday.

Wisynco Group will see little impact in the recently announced ban on plastic bags, plastic straws and Styrofoam, to take effect between 2019 and 2020 a release by the company stated.
“The areas of impact for Wisynco include plastic straws and Styrofoam, which the Company manufactures. Regarding plastic straws, it is proposed that this ban take effect on January 2019. Plastic straws represent less than one tenth of 1 percent of the Company’s revenue and the ban will therefore have no impact.”
“Regarding the ban on Styrofoam for local manufacturers, though there is still some uncertainty, it is currently proposed that this ban take effect on January 2020. Styrofoam represents 4 percent of the company’s revenue and approximately 3 percent of the company’s net income.”
For the fiscal year ended June 2018, Wisynco recorded profits attributable to shareholders of $2.3 billion or 62 cents per share on a normalized basis for the year from a 14.8 percent rise in revenues to $24.54 billion compared to a profit of $1.97 billion or 55 cents per share on a normalized basis for the corresponding prior in 2017.
Revenues for the June quarter grew 15.2 percent to $6.49 billion over the $5.63 billion generated in the 2017 corresponding quarter.
The group benefited from improved profit margins in the quarter and for the full year while general expenses rose at a much slower pace than the increase in revenues. In the quarter Selling, Distribution & Administrative Expenses for the quarter totaled $1.86 billion or 3.4 percent more than the $1.79 billion for the corresponding quarter of the prior year and for the 12 months it rose 8.5 percent to $6.37 billion.
Wisynco Group stock that has been under selling pressure from the start of May, when it was trading at $10.72, gained 20 cents to close at $9 with 320,465 shares changing hands on Thursday, on the Jamaica Stock Exchange. The stock is selling at less than 10 times 2019 earnings and remains one of the better buys in the market.

NCB plunges All Jamaica to 11,805 points fall

NCB dropped $13 on Thursday.

The main market of Jamaica Stock Exchange All Jamaica Composite Index dropped 11,805.54 points from its 398,386.05 peak on Thursday as the price of NCB Financial was cut from $124.99 at the peak for the day to $110 at the close.
The main market with less than a minute of the market’s opening surged sharply by 5,783 points to within less than 1,614 points of the critical 400,000 mark on the All Jamaica Composite Index.
The market closed, with the All Jamaica Composite Index plunging 6,023.92 points to 386,578.70 and the JSE Index dropping 5,488.47 points to 352,216.9. Market activities resulted in just 29 securities trading, including 2 in the US dollar market compared to 29 securities trading on Wednesday. At the end of trading, the prices of 9 stocks rose, 13 declined and 7 closed, unchanged. Three stocks traded at 52 weeks’ high but only one held on to the gains at the close.
The main market ended with 2,861,546 units valued at $139,051,316 compared to 6,162,805 units valued at $201,094,929 changing hands, on Wednesday.
The day’s volume was led by, NCB Financial Group with 967,108 units, 33.8 percent of total volume traded, followed by Carreras with 349,836 units and 12.23 percent of main market volume and Wisynco Group with 320,465 units 11.2 percent of the day’s volume.
Trading resulted in an average of 105,983 units valued at over $5,150,049, in contrast to 228,252 shares valued at $7,447,960 on Wednesday. The average volume and value for the month to date amounts to 378,872 shares valued $4,253,986, compared to 409,365 shares valued $3,936,656 traded on the immediately preceding trading day. August closed, with an average of 224,564 shares valued at $4,310,285, for each security traded.
In the main market activity, Barita Investments rose 10 cents to closed at a 52 weeks’ high at $18.60 trading 23,085 shares, after peaking at $19.50 earlier in the day. Caribbean Cement jumped $2.45 and finished trading 51,830 shares at $49.95, Grace Kennedy gained $1 ending trading at $58, with 52,990 shares. Jamaica Broilers lost 75 cents in traded 42,294 stock units, at $31.25, with Jamaica Producers rose 20 cents and finished trading 43,944 units at $27, Jamaica Stock Exchange closed at $8 after falling 20 cents in the exchange of 24,477 shares, JMMB Group ended 50 cents higher at $32.50, in exchanging 71,988 shares after it reached a 52 weeks’ high of $33.50. Kingston Wharves dropped $3.50 and finished at $68.50, with 9,171 stock units changing hands, Mayberry Equities gained 36 cents and settled at $8.30, exchanging 3,357 units, NCB Financial Group dived $13 and ended trading 967,108 shares at $110. Sagicor Group fell 60 cents to settle at $39.25, in the exchange of 67,713 shares, Seprod finished trading at $46.80, after falling 20 cents trading 9,397 shares, Stanley Motta lost 30 cents to end trading of 14,100 stock units at $4.80, Sygnus Credit Investments traded 20,756 shares and lost 21 cents to close at $12.29 and Wisynco Group finished 20 cents higher at $9 with 320,465 units changing hands.
Trading in the US dollar market closed with 5,066 units valued at $1,447 as JMMB Group 6 % preference share completed trading of 400 units with a loss of 1 cent to end at $1.05 and Proven Investments ended trading with 4,666 shares and declined 0.10 cents at 22 US cents. The JSE USD Equities Index lost 1.70 points to close at 167.10.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading is very strong for continuation of the market’s rally and shows 9 stocks ended with bids higher than their last selling prices and 4 closing with lower offers.