The Jamaica Stock Exchange main market closed with trading in 2,979,208 shares with Grace Kennedy dominating with more than 2 million units. the all Jamaica Composite index fell nearly 336 points and the JSE market index dropped just above 300 points.
The closing trading data shows the volumes for the highest bids and lowest offers for each stock that investors can use as guides as to where demand and supply may be like. Other than the shares traded in Grace volumes were moderate and only 12 securities were active.
JSE closes down
March 2, 2015 by
Access joins tax line
March 2, 2015 by
Access Financial will pay only $4.7 million in taxes for 2014, having enjoyed tax free profit for most of the year. The tax charge left $306.7 million in net profits or $1.12 per shares up from $270 million in 2013. But Access suffered a big increase in bad loans amounting to $229 million, more than doubling the $95.7 million in 2013. Not reflected in the bad debt figure is $14.4 million listed in the financial as recoverable, in 2013 the amount was $12.78 million. Gross interest revenues were up by 29.5 percent to $938 million and net income of lending moved to 990 million an increase of 29.7 percent. Other expenses rose by 18.3 percent.
For 2015 and the following 4 years, less a quarter, the company will be subject to tax on profit at 12.5 percent or 50 percent of the regular tax rate.
The stock sells at a high premium to net asset value of $2.96 per share compared to the stock price of $9.60 but that is partially explained by the rich 43 percent return on equity. At the end of the year loans advanced fell to $1.085 billion from $1.12 billion in at the end of 2013 while loans received fell from $543 million to $317.7 million and cash funds increased to $127.9 million from $49 million.
IC insider forecast earnings of $1.60 for the current year after tax at 12.5 percent. The stock remains Buy Rated for long term growth.
Tax credit saves JSE
March 2, 2015 by
A tax credit of $7 million saved the Jamaica Stock Exchange (JSE) from reporting a loss in 2014 as the exchange reported lower interest income of $42.4 million versus $56.5 million and an 11.6 percent higher operating income.
The JSE encountered higher operating cost that rose 11.7 percent for the year to $384 million which is higher than the operating income of $337 million. Property expenses grew 33 percent to $83 million, wages was up by 13.5 percent to $171.7 million and professional fees by 48 percent to $35.6 million.
JSE ended up with a profit after tax of only $3 million versus $5.7 million in 2013. Earnings per share was only 2 cents but net asset value per share ended at $4. The stock last traded at $2 on the Jamaica Stock Exchange.
For the year to September the JSE reported only $8 million in profit or a mere 6 cents per share, but bad debt recovered amounted to $10 million before tax. For the year to September revenues jumped $41 million to hit $242 million. Expenses climbed for the nine months, from $247 million to $273 million or just over 10 percent, a slower pace than the income growth of 20 percent for the same period.
The JSE needs a pick-up in market activity to deliver strong top line growth while keeping cost under control to satisfy investors, that could well come in 2015.
JSE trade data at 10.55 Monday
March 2, 2015 by
GOJ intake ahead for January
March 2, 2015 by
The government of Jamaica enjoyed increased inflows into their coffers in January, bringing the total to $34.4 billion, $1.4 billion more than the $33.2 billion projected. The major area contributing to the improvement is tax on interest delivering $1.2 billion more than forecast.
The intake took the 10 months revenues to $322 billion down by $8.6 billion, just 2.6 percent short of estimates. The major contributors to the year to date shortage is corporate taxes, down $7 billion and production and consumption taxes on local goods and services down by $7.3 billion. Out-performing the target set are, PAYE, non-tax revenues and taxes on interest.
Payments are down, with capital spend coming in at $10.3 billion below projection, interest cost is $5.6 billion lower than originally projected due no doubt to lower interest rates, wages spend is $2.6 billion less than forecast and other expenditure is up by $3.3 billion. The fiscal deficit came in at $6.5 billion ahead of target and the primary surplus at $76 billion is just slightly ahead of target.
The data suggests that the fiscal deficit originally projected at $11.4 billion is likely to end at less than $4.5 billion for the fiscal year.
JSE could gain 40% for 2015
February 28, 2015 by
The all Jamaica Composite index is up 6.3 percent for the first two months of 2015 and the JSE index is up 6.2 percent and could be up nearly 40 percent for 2015 if the trend continues. The 2015 increase is the highest since the all Jamaica composite gained 9.4 percent in the first two months.
The JSE select index gain 9.2 percent over the same period. The movements to date translate to close to a 40 percent rise in the market for the year. If the movement was to continue at the same pace for the rest of the year it would take the all Jamaica index to 118,000 points by year-end and the JSE Index to 107,000.
The Jamaica Stock Exchange’s all Jamaica Composite index closed above 89,000 for the first time on Thursday, February 26, since mid-July 2103, and is a little more than 2,300 points from potential resistance at 91,720, the January, 2013 high. The market as measured by the index, has broken out of a channel going back to late last year, see green lines.
The junior market in contrast to the gains in the main market, is up only 1.7 percent.
Cargo Handlers jumps $1.80
February 27, 2015 by
Cargo Handlers climbed $1.80 on Friday
At the close of the market, there were 2 stocks with bids higher than their last selling prices and 2 stocks with offers that were lower. The junior market ended with 4 securities closing with no bids to buy and 5 securities that had no stocks being offered for sale.
Stocks trading in the junior market with gains are, Cargo Handlers finishing with 10,000 shares trading while gaining 10.6 percent or $1.80 to an all-time high of $18.80, Lasco Distributors closing with 136,000 shares to end with an increase of 5 cents to $1.55, a new 52 weeks’ high. Lasco Financial ended trading with 26,150 shares switching ownership 1 cent higher to $1.05, Lasco Manufacturing closed with 121,100 shares while gaining 9 cents to $1.24. Sweet River Abattoir ended trading with the price unchanged while 15,000 shares changed hands at $3.86.Stocks ending with losses are, AMG Packaging concluding trading with 1,470 shares changing hands to close down by 1 cent to $2.30, Caribbean Producers ended trading lower by 10 cents to $2 with only 3,000 shares and Dolphin Cove closed with 5,000 shares trading after falling 49 cents to $8.50.
Moderate JSE trading – Friday
February 27, 2015 by
Friday’s activity on the Jamaica Stock Exchange saw moderate trading taking place, resulting in the prices of 8 stocks rising, 8 declining as 25 securities changed hands, ending in only 751,397 units trading, valued at $3,640,271, in all market segments.
Main Market| The JSE Market Index lost 33.26 points to close at 81,107.95, the JSE All Jamaican Composite index fell 37.18 points to 89,400.76 and the JSE combined index declined by 137.46 points to 82,801.92.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator is showing a fluidity in price movements with 7 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Carreras closing with an increase of 45 cents to $44.50 as only 210 units traded. Gleaner finished with a mere 1,000 shares changing hands, the price jumped at 10 cents to 95 cents, Mayberry Investments finished trading with 35,551 units to end with an increase of 5 cents to $2 and Scotia Group saw trading in 2,897 shares as the price jumped at $1 to $22.
Firm| The stocks in the main market to close without a change in the last traded prices are, Caribbean Cement closing with 1,050 shares changing hands at $2.60, Desnoes & Geddes ending with 3,000 units traded at $5.50, Grace Kennedy finishing with 5,000 shares at $60.51. Jamaica Broilers ending with 19,937 shares changing hands to close $4.05, Jamaica Producers finished with 1,000 units trading at $17, Radio Jamaica ended trading with 816 units to close at $1.35 and Sagicor Group closed with 199,800 shares at $10.50.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Cable & Wireless closed with 29,952 units trading as the price slipped 2 cents to 48 cents, Jamaica Money Market Brokers in trading 7,936 ordinary shares ended 19 cents lower at $6.91, Jamaica Stock Exchange closing with 3,000 units trading slipped 15 cents to $2, Kingston Wharves closed with 3,750 shares changing hands to close lower by 10 cents to $6.40 and Pan Jamaican Investment had only 128 units trading to end down 73 cents to $52.78.
Preference| Jamaica Money Market Brokers 7.50% preference share traded 118,650 units at $2.
J$ slips against US & Pound- Friday
February 27, 2015 by
the Jamaican dollar slipped in value on Friday against the British Pound and the Us dollar but gained against the Canadian with purchases of all currencies by dealers amounting to US$41,792,863 compared with the US$36,782,160, on Thursday and selling of the equivalent of US$42,252,844 versus US$51,379,595 sold on Thursday.
In US dollar trading, dealers bought US$36,360,074 compared to US$31,445,586 on Thursday. The buying rate for the US dollar put on 3 cents to $115.15 and US$39,309,385 was sold versus US$49,329,254 on Thursday, the selling rate rose 5 cents to $115.64 The Canadian dollar buying rate jumped $1.34 to $92.04 with dealers buying C$2,968,466, and selling C$1,859,975, at an average rate that gained 39 cents to $92.64. The rate for buying the British Pound dipped 33 cents to $176.71 for the purchase of £1,911,861, while £763,754 was sold, at an average rate of $178.63, down by 1 cent. At the end of trading it took J$129.62 to purchase the Euro, $1.67 less than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.15 for $1.67 less than on Thursday. 
Other currencies bought, amounted to the equivalent of US$126,015 while the equivalent of US$273,697, was sold.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying and the highest selling rates remained at $115.80, $94.36 and $120.91 respectively. The lowest selling rate dropped $17.11 to $96.39. The highest buying rate for the Canadian dollar jumped $3.20 to $96.20, the lowest buying rate fell 45 cents to $73.25. The highest selling rate rose $1.74 to $97 and the lowest selling rate jumped $11.74 to $87.25 The highest buying rate for the British Pound, slipped 80 cents to $178.10. The lowest buying rate fell 54 cents to $142.88, the highest selling rate lost $3.04 to $181.86 and the lowest selling rate declined 35 cents to $172.15.
TTSE closes with moderate trading
February 27, 2015 by
Trading on the Trinidad Stock Exchange ended with 9 securities changing hands of which 3 advanced, 2 declined and 4 traded firm with a total of 153,230 units, valued at $2,177,076.
At the close of the market, the Composite Index rose by 0.13 points to close at 1,148.79, the All T&T Index gained 0.19 points to close at 1,980.04 and the Cross Listed Index fell 0.01 points to end 41.58.
Gains| Stocks increasing in price at the close are, ANSA McAL gained 4 cents to end at $66.86 after trading 4,646 units valued at $310,632. Ansa Merchant Bank added 5,000 shares valued at $194,550 and ended up a cent at $38.91 and Scotiabank traded 1,181 shares to end at $62.15 for a 2 cents gain.
Declines| The stocks declining at the end of trading are, Clico Investment Fund with 15,258 shares valued at $343,582 trading, lost 3 cents to $22.50 and First Citizens Bank had 700 units changing hands at $35.73 after dropping 1 cent.
Firm Trades| Firstcaribbean International Bank closed with a volume of 39,574 shares traded for $199,082 at $5.03, Guardian Holdings contributed 72,883 shares with a value of $947,479 to close at $13, Prestige Holdings traded 2,491 shares at $9.90 and Sagicor Financial Corporation closed at $5.11 while trading 11,497 shares.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than their last selling prices and 5 stocks with offers that were lower.
