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Stock losses for JSE US Market

Trading ended with the market declining after investors exchanged 39 percent fewer shares for 32 percent less funds on Tuesday than on Monday, on the Jamaica Stock Exchange US dollar market, resulting from declining stocks dominating market activity.
Trading ended with no stocks rising after five securities changed hands, up from four on Monday and ended with four stocks declining and one remaining unchanged. The JSE US Denominated Equities Index slipped 0.91 points to end at 184.82.
The PE Ratio, a measure that computes appropriate stock values, averages 11.5 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall 110,662 shares traded for US$11,208 compared to 180,46 units at US$16,528 on Monday.
Trading averaged 22,132 units at US$2,242 compared to 45,115 shares at US$4,132 on Monday and month to date averages 93,349 at US$10,315 versus 98,436 units at US$10,892 on Monday. August ended with an average of 210,413 units for US$12,959.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Margaritaville shed 0.25 of a cent to 8.75 US cents with an exchange of 61,940 shares, Proven Investments fell 0.2 of a cent to 22.8 US cents with 9,402 stocks traded, Sterling Investments declined 0.24 of a cent to 1.9 US cents with a transfer of 30,205 units and Sygnus Credit Investments USD share dipped 0.6 of a cent to 12.3 US cents with 7,130 stock units crossing the exchange.
In the preference segment, JMMB Group 6% traded 1,985 shares at US$1.01.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Rising stocks outpace losers

Trading closed on Tuesday, with the volume of stocks traded rising 64 percent higher, with the value traded increasing 47 percent over Monday as the Junior Market of the Jamaica Stock Exchange ended with two stocks rising for everyone declining.
Market activity ended with 38 securities trading similar to Monday after 16 stocks rose, eight declined and 14 ended unchanged. The Junior Market Index rose 1.69 points to  3,218.89. The PE Ratio, a measure used in computing appropriate values for stocks, averages 12.1 based on ICInsider.com’s 2021-22 earnings forecast.

A total of 10,904,334 shares traded for $35,164,246 compared to 7,417,126 units at $21,433,263 on Monday. Limners and Bards led trading with 43.7 percent of total volume after trading 4.76 million shares followed by Future Energy Source 31 percent, with 3.38 million units and Jamaican Teas 7.9 percent, with 858,909 shares.
Trading averaged 286,956 units at $925,375 versus 195,188 shares at $564,033 on Monday and month to date, an average of 209,206 units at $609,671, compared to 203,402 units at $586,102 on Monday. August closed with an average of 464,471 units at $1,258,652.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and three with lower offers.
At the close, Access Financial lost $1.48 in ending at $20.01 with 22,295 shares clearing the market, Blue Power spiked 62 cents to $3.37 with the swapping of 5,947 units, CAC 2000 gained 60 cents in closing at $9.10 after trading 5,000 stock units. Cargo Handlers increased 10 cents to $7.40 in an exchange of 3,999 stocks, Caribbean Assurance Brokers popped 4 cents to $1.79 with an exchange of 14,957 stock units, Consolidated Bakeries shed 20 cents to $1.60, with 7,360 shares changing hands. Everything Fresh dropped 6 cents in closing at 90 cents in switching ownership of 128,541 units, Express Catering rallied 60 cents to $4.90 while exchanging 4,635 stocks, Fontana fell 5 cents to end at $6.10 after 298,234 shares changed hands. Honey Bun declined 20 cents to close at $8 in trading 58,950 stocks, Lasco Financial fell 15 cents to $3 after exchanging 35,012 stock units, Limners and Bards rose 35 cents in closing at $3.65, after 4,761,862 units crossed the exchange. Lumber Depot climbed 8 cents to $2.98, with 353,242 stock units crossing the market, Mailpac Group rose 8 cents to $3.68 after trading 77,351 stocks, Medical Disposables advanced 53 cents to $5 in an exchange of 100 units. Stationery and Office Supplies rose 88 cents in closing at $6.78 after an exchange of 6,569 shares and tTech lost 15 cents to end at $4.35 with 30,100 stock units clearing the market, but after trading at a 52 weeks’ intraday low of $3.60.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Stocks give way in Trinidad

Market activity resulted in an increase in the number of active securities on Tuesday and ended with more stocks falling than rising at the close, with the market declining after trading 29 percent fewer shares, with 63 percent less value than on Monday at the close of trading on the Trinidad and Tobago Stock Exchange.
Twenty two securities traded, up from 20 on Monday, with prices of seven risings, nine declining and six ending unchanged.
The Composite Index dipped 2.18 points to 1,427.91, the All T&T Index spiked 5.19 points to close at 1,932.75 and the Cross-Listed Index declined 1.41 points to settle at 124.42.
A total of 247,225 shares traded for $1,433,385 on Tuesday, down from 349,908 units at $3,861,485 on Monday.
An average of 11,238 units traded at $65,154 compared to 17,495 shares at $193,074 on Monday, with trading month to date averaging 24,392 units at $372,081 versus 25,588 units at $399,983. The average trade for August amounts to 16,186 units at $226,311.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, Agostini’s ended at $24.40, with 90 shares crossing the exchange, Ansa McAl rose 1 cent to $57.01 after exchanging 2,000 stock units, Ansa Merchant Bank fell $1.08 to $40.41 while trading 2,380 stocks. Clico Investment Fund remained at $26.57 with the swapping of 916 units, First Citizens Bank traded 2,200 units at $50.50, GraceKennedy lost 5 cents to close at $6.25 after trading 2,560 shares. Guardian Holdings popped 6 cents to $32.81 in exchanging 1,668 stock units, Guardian Media shed 46 cents to end at a 52 weeks’ low of $2.64 after an exchange of 600 stocks, JMMB Group remained at $2.22 in switching ownership of 107,035 stocks. Massy Holdings popped 10 cents to $82.10 with an exchange of 500 stock units, National Enterprises declined 5 cents in closing at $3.25 after trading 3,443 units, National Flour Mills remained unchanged at $1.90, with 4,152 shares crossing the market. NCB Financial Group dropped 8 cents to $8.17 after 4,250 units changed hands, One Caribbean Media rallied 4 cents to end at $4.30, with 2,600 stocks crossing the exchange, Point Lisas declined 15 cents to $3.05, with 2,050 stock units trading. Prestige Holdings dropped 38 cents in ending at $7 in trading 1,000 shares, Republic Financial Holdings advanced $2.55 to $138 with an exchange of 213 units, Scotiabank lost 50 cents to close at $61 in trading 817 stocks. Trinidad & Tobago NGL increased 1 cent to $17.01 after 3,411 stock units changed hands, Trinidad Cement gained 10 cents in closing at $4, with 101,620 shares crossing the exchange, Unilever Caribbean shed 18 cents in closing at $16.22 after trading 10 units and West Indian Tobacco remained at $30.99 in switching ownership of 3,710 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

NCB sold US$874 million short

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The US dollar peaked against the Jamaican currency in July as reflected in Bank of Nova Scotia selling the currency at the highest rate since June at an average of J$157.3698 on July 29 and Citibank selling at an average of US$157.8402. Last Friday, Bank of Nova Scotia sold the US dollar at an average of J$150.3714 and Citibank at $149.08. The indications are that these rates are likely to decline further, with more net selling by National Commercial Bank as the Jamaican dollar goes through one of its frequent yearly swings, in response to demand and supply of the US dollars.

NCB Financial Montego Bay branch

NCB sold off more than twice the amount of US dollars they purchased into the foreign exchange market, since the beginning of June this year up to Friday last week, with the bank selling US$1,298,524,926 or US$874,064,897 more than the US$424,460,029 purchased from the public. In 2020, NCB sold $900 million US dollars more than they purchased.
Data show that net purchases by NCB took place on only 3 days since the start of August. NCB net sales would include the sale of US dollars that emanated from the conversion of the surplus of other currencies into US dollars. The net position reflects a definitive selling short by NCB, with demand for US dollars waning one source informed ICInsider.com and the view that the situation won’t change before December when demand is expected to dip further and supplies increase.
In contrast to the actions of NCB, Bank of Nova Scotia the second largest foreign exchange trader bought US$511,485,130 and sold US$507,936,088 between the beginning of June and Last Friday, data from Bank of Jamaica shows.
Other developments in the foreign exchange market that could have a marked impact on liquidity are the continuing growth in remittance inflows in 2021 over the record 2020 flows. Bank of Jamaica draining of liquidity in the financial system has led to increasing interest rates on BOJ CDS from under one percent a few weeks ago to nearly two percent this week. Recovery in visitor arrival, with August arrivals approaching 80 percent of arrivals in 2019 and well over that of 2020. Increased exports earnings and of course increased imports cost.

Rising stocks dominate JSE USD Market

Trading on the JSE USD market closed on Monday, with the volume of shares changing hands rising by 27 percent as the value jumped 337 percent over Friday trades and resulting in more stocks rising than falling.
Trading ended with four securities changing hands, compared to five on Friday, with prices of three rising and one remaining unchanged.
The JSE US Denominated Equities Index rallied by 4.03 points to end at 185.73.
The PE Ratio, a measure that computes appropriate stock values, averages 11.7 based on ICInsider.com’s forecasted earnings for 2021-22.
Overall, 180,461 shares traded for US$16,528 compared to 142,093 units at US$3,779 on Friday.
Trading averaged 45,115 units at US$4,132 compared to 28,419 shares at US$756 on Friday, while the month to date averages 98,436 at US$10,892 versus 101,668 units at US$11,301 on Friday. August ended with an average of 210,413 units for US$12,959.
Investor’s Choice bid-offer indicator shows no stock ended with the bid higher than the last selling price and one closed with a lower offer.
At the close, Proven Investments advanced by 0.94 of a cent to 23 US cents after trading 2,215 shares, Sterling Investments ended at 2.14 US cents with 51,201 stocks traded, Sygnus Credit Investments US$ share rose 0.4 of a cent to finish at 12.9 US cents with 118,167 stock units changing hands and Transjamaican Highway gained 0.08 of a cent to settle at 0.89 US cents with 8,878 units crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Modest slippage for Main Market

Market activity ended on Monday with the volume of shares traded jumping 66 percent higher and the value rising 21 percent more than in trading on Friday on the Jamaica Stock Exchange Main Market as stocks rising were fewer than those declining.
The All Jamaican Composite Index shed 533.05 points to settle at 446,260.46, the Main Index declined 448.18 points to 406,502.58 and the JSE Financial Index lost 0.20 points to end at 98.82.
Trading ended with 51 securities similar to Friday, with 15 stocks rising, 18 declining and 18 ending unchanged. The PE Ratio, a measure used in computing appropriate stock values, averages 15.5 based on ICInsider.com.’s forecast of 2021-22 earnings.
The market closed with 6,587,765 shares trading for $59,809,086 versus 3,971,368 units at $49,614,466 on Friday. Wigton Windfarm led trading with 22 percent of total volume for an exchange of 1.45 million shares followed by Transjamaican Highway with 17.1 percent after trading 1.13 million units and Pulse Investments 9.3 percent with 609,373 units.
Trading averages 129,172 units at $1,172,727, compared to 77,870 shares at $972,833 on Friday and month to date, an average of 319,241 units at $3,702,393, compared to 334,040 units at $3,899,360 on Friday. August closed with an average of 480,039 units at $8,561,549.
Investor’s Choice bid-offer indicator shows 13 stocks ended with bids higher than their last selling prices and none ended with lower offers.
At the close, Berger Paints shed 61 cents after ending at $13.13 in trading 11,324 shares, Caribbean Cement rallied $1.03 to $102.03 with an exchange of 5,384 stocks, Guardian Holdings popped $2 to $592 after an exchange of 5 stock units. Jamaica Stock Exchange rose 75 cents to $17.75 in trading 57,723 units, JMMB Group shed 24 cents to close at $35.50, with 115,314 shares crossing the market, Kingston Wharves fell 49 cents to $46.51 with the swapping of 712 stocks, NCB Financial gained 49 cents after ending at $129 in an exchange of 14,188 shares. PanJam Investment spiked 50 cents to close at $62.50 in switching ownership of 9,994 stock units, Seprod advanced $1.99 to end at $66 with 15,237 units clearing the market, Supreme Ventures dropped 20 cents to $17.80 in trading 4,260 units, Victoria Mutual Investments rose 27 cents in closing at $5.65 after trading 95,734 stocks.
In the preference segment, Eppley 7.75% rose 50 cents to $20.50 with 400 stock units crossing the exchange.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Falling stocks clobber gainers

Declining stocks controlled trading closed on Monday, with the volume of stocks traded surging 118 percent higher, with the value rising 112 percent over Friday trades and leading to a decline in the Junior Market of the Jamaica Stock Exchange.
Market activity led to 38 securities trading compared to 36 on Friday and ended, with seven rising, 22 declining and nine ending unchanged. At the close, the Junior Market Index lost 31.27 points to settle at 3,217.20.
The PE Ratio, a measure used to compute appropriate stock values, averages 12 based on ICInsider.com’s earnings forecast for 2021-22.
A total of 7,417,126 shares traded for $21,433,263 compared to 3,408,470 units at $10,100,692 on Friday.
Future Energy Source led trading with 30.4 percent of total volume after an exchange of 2.26 million shares followed by Limners and Bards 19.8 percent with 1.47 million units and Derrimon Trading 11.3 percent with 837,570 shares.
Trading averaged 195,188 units at $564,033 in contrast to 94,680 shares sat $280,575 on Friday and month to date, an average of 203,402 units at $586,102, compared to 204,065 units at $587,883 on Friday. August closed with an average of 464,471 units at $1,258,652.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, AMG Packaging rose 5 cents to $1.71 in switching ownership of 23,781 shares, Blue Power fell 70 cents to $2.75, with 1,000 stock units crossing the exchange, CAC 2000 shed 65 cents in closing at $8.50 with an exchange of 9,395 units. Cargo Handlers declined 70 cents to $7.30 after exchanging 4,850 stocks, Caribbean Assurance Brokers lost 5 cents to close at $1.75, with 13,929 stock units changing hands, Caribbean Cream dropped 5 cents to $6, with 8,408 shares crossing the market. Consolidated Bakeries declined 10 cents to $1.80, trading 642 stock units, Elite Diagnostic lost 4 cents to close at $3.03 in trading 23,400 units, Express Catering shed 20 cents to $4.30 in exchanging 68,756 stocks. Fosrich climbed 8 cents to $8.10 after exchanging 2,042 units, Future Energy Source spiked 36 cents to $2.80 in trading 2,255,199 shares. General Accident dropped 24 cents to close at $5.30, with 230,444 stocks crossing the market, GWest Corporation fell 20 cents to 83 cents with the swapping of 11,048 shares, Honey Bun declined 78 cents in closing at $8.20 while exchanging 9,677 units. Indies Pharma lost 23 cents to close at $3.17 in an exchange of 11,606 stock units, Knutsford Express shed 15 cents to $6.85 in exchanging 1,011 units, Lasco Distributors popped 12 cents to $3.82 with 3,067 shares crossing the exchange. Limners and Bards fell 50 cents to $3.30 with the swapping of 1,469,967 units. Lumber Depot declined 10 cents in closing at $2.90 after exchanging 683,558 shares, Mailpac Group rallied 10 cents to $3.60 after trading 72,669 stocks, Medical Disposables dropped 47 cents to $4.47, with 343,907 stock units clearing the market. Stationery and Office Supplies shed 70 cents ending at $5.90 with 2,800 units crossing the exchange and Tropical Battery lost 4 cents to close at $1.27 while exchanging 69,176 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Rising T&T stocks beat out decliners

Market activity ended on Monday, resulting in more stocks rising than falling at the close of trading, with the market declining after trading 35 percent fewer shares, with 34 percent less value than on Friday, on the Trinidad and Tobago Stock Exchange.
At the close, 20 securities traded up from 16 on Friday, with five stocks rising, three declining and 12 ending unchanged.
The Composite Index popped 5.82 points to 1,430.09, the All T&T Index fell 2.55 points to close at 1,927.56 and the Cross-Listed Index climbed 2.07 points to settle at 125.83.
A total of, 349,908 shares traded for $3,861,485 from 542,289 units at $5,864,938 on Friday.
An average of 17,495 units traded at $193,074, compared to 33,893 at $366,559 on Friday, with trading month to date averaging 25,588 units at $399,983 versus 26,317 units at $418,624. The average trade for August amounts to 16,186 units at $226,311.
Investor’s Choice bid-offer indicator shows four stocks that ended with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s lost 10 cents to close at $24.40, trading 2,000 shares, Angostura Holdings remained at $17.10 with the swapping of 600 stock units, Ansa McAl ended at $57 with an exchange of 10,716 stocks. Calypso Macro Investment Fund shed 30 cents to $16.20, with 50 units clearing the market, Clico Investment Fund rose 7 cents to $26.57 after 4,094 units crossed the market, First Citizens Bank traded 790 shares at $50.50. GraceKennedy popped 5 cents in closing at $6.30 after an exchange of 1,680 stocks, Guardian Holdings closed at $32.75 while exchanging 206 stock units, Guardian Media remained at $3.10, with 385 units changing hands. JMMB Group popped 2 cents to $2.22 in an exchange of 63,500 stocks, Massy Holdings traded 615 stock units at $82, National Enterprises ended at $3.30 after 11,315 shares changed hands. NCB Financial Group advanced 24 cents to $8.25 after exchanging 235,375 stock units, One Caribbean Media dropped 60 cents to $4.26 in switching ownership of 1,000 stocks, Republic Financial Holdings remained at $135.45 after exchanging 4,491 shares. Scotiabank traded just two shares at $61.50, Trinidad & Tobago NGL close unmoved at $17 in exchanging 6,414 units, Trinidad Cement traded 2,000 shares at $3.90. Unilever Caribbean climbed 18 cents to close at $16.40 in trading 1,230 stock units and West Indian Tobacco remained at $30.99 with an exchange of 3,445 shares.

 Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Remittances slow from torrid pace

Jamaica’s remittances inflows slowed from the torrid pace experienced between May, last year to May this year, with an increase in June and July of 10 percent each over the record levels of 2020 with increases of 42 percent and 37 percent respectively in 2020 over 2019 and bringing the year to date growth to 30.4 percent, down from 42 percent to May this year.
According to a release from Jamaica’s Central Bank, June enjoyed inflows of US$303 million versus US$275 million last year and July US$324 million, up from US$293 million in 2020. For the year to July, the country has garnered US$2 billion up from US$1.56 billion for the same period in 2020. Remittances appear on track to hit US$3.5 billion by the end of the year if the recent trend continues which would be US$600 million than last year and US$1.1 billion over 2019.

The big winners from tourism rebound

Jamaica tourism arrival numbers are approaching 80 percent of the 2019 figures. That is good news for the country, workers in the industry, and businesses close to the hotel areas and has major implications for listed companies.  

Caribbean Producers back in TOP 10

Recent data of inward bound passengers through the country’s international airports suggest that tourist arrivals for 2021 will be robust and at levels that far surpass that of 2020. Not only will the numbers exceed that of 2020, but the most lucrative period of December to April when visitor arrival numbers are some of the best monthly patronages, but the rates paid to visit are at the highest for the year.
The rebound means more revenues for the government, more foreign exchange earnings for the country, more wages paid to workers and more income for persons and companies providing goods and services to the sector.
The big winners for listed companies are Caribbean Producers, a major supplier of goods to sector in Jamaica and St Lucia. Everything Fresh is also a significant supplier to the sector in Jamaica and should see a rise in sales, Express Catering generates all its income from the industry, with its locations within the Sangster International Airport and Dolphin Cove with its attractions being a big draw for tourists.

Dolphin Cove

Others to benefit to a lesser degree are GraceKennedy, Wisynco, Jamaica Broilers, Knutsford Express and Fontana, the latter, with stores in Ocho Rios and Montego that sell to the visitors.
The rebound has significant implications for the foreign exchange market in 2022. In 2019, the tourism sector earned around $3 billion and just $1 billion in 2020. A return to 2019 visitor arrival number should see another $2 billion gross generated by the country than for 2020 and 2021, along with the billion increase in remittances since 2019 if maintained into 2022, should result in one of the most buoyant foreign exchange environment for the county.