IC Insider.com — Page 1410

FX: Selling exceed buying by US$4.7M

June 17, 2013 by IC Insider.com

Monday, 17 June 2013 | Authorised dealers purchased less foreign exchange than they sold today at higher prices than on Friday and sold all three major currencies at higher rates as well. While they bought the US dollar for 29 cents more than on Friday, they sold it for only 7.7 cents more than Friday’s rate as the US dollar sold averaging at $101.164. The Canadian dollar was bought for 61.5 cents more and sold for 45 cents more and the Pound sterling was bought for 54 more and sold for 49 more than on Friday.

US$28.16 was purchased and US$34.65 was sold on a day when C$1.4 million was purchased at an average rate of $97.86 and C$1.2 was sold at $99.95, the Pound sterling accounted for £2.24 million at $156.86 and selling took place at $159.78 as £1.87 million was sold.

Filed Under: FX Market, Stock Market Tagged With: Caribbean Producers (CPJ), FX Market, Trading Activity

JSE: Give back day

June 17, 2013 by IC Insider.com

Monday, 17th June 2013 | Today was give back day for some of the gains generated last week as advancing stocks just barely outnumbered declining stocks with 2.24 million units traded for a valued of $18.8 million trading.

The main indices gave up all that they gained on Friday and more by the end of trading with blue chip stocks shedding the most in value. Carreras closed at $58 having lost $1 and so did NCB that lost $0.80 to close at $20.20 with 7,598 shares trading. JMMB lost 83 cents to close at $8.03 while trading 18,400 shares. Grace traded 114,298 shares as the stock closed at $58 and $1 down and Pan Jamaican Trust lost on $1.40 to $55.60 with 5,676 shares changing hands. Sagicor Investments closed up 39 cent at $16.50 as 7,096 shares traded.

Investors looking for yields picked up 250,089 JMMB 8.75 preference shares at $3.20 and 321,000 Proven 8 percent preference shares at $5.09.

Index falls | The all Jamaica Index closed down 719.52 points and ended at 90,814.63 points. The main market index is down 408.70 points and closed at 88,440.97.

Juniors down | The junior market index gained 15.14 points to close at 744.52 with only 5 stocks trading in this segment of the market. Blue Power fresh from 121 percent jump in profits for the year ended April posted a 5 cents increase as it traded 132,900 shares up to $8.70. Lasco Distributors closed up $1.39 at $13.90 as 116,000 of the company’s shares traded. Lasco Financial Services traded 270,440 units and closed at $10 up 10 cents on the day. Lasco Manufacturing did not trade but had a bid that was higher than the last traded price. Access did not trade but is poised to go higher as there has been little or no selling in the stock to meet demand but had a bid that is higher than the last traded price.

Advances positive | The advance decline ratio was far less positive today than on Friday with the previous trading day as 10 stocks advanced and 8 declining compared to Friday when 17 stocks advanced and 4 declined.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 7 stocks were higher with 1 stock that had an offer that was lower than their last selling price. The Indicator points to more market gains ahead but it is most pronounced in the junior market, which has the higher number of bids over last traded price than the main market.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

TTSE: WITCO climbing away

June 17, 2013 by IC Insider.com

Monday, 17th June 2013 | On another slow day of trading, 8 securities traded of which 3 advanced, 1 declined and 4 traded firm, as a mere 40,001 shares crossed the floor of the main exchange valued at $525,195. West Indian Tobacco closed at another record of $113 up 48 cents on the day as just 360 units traded. Clico Investment Fund enjoyed robust interest as investors traded 858,834 shares valued at $19,323,216, while the share advanced by $0.23 to end at $22.50. Sagicor Finance traded 31,762 shares in the main market at a value of $200,223, followed by Neal & Massy with 3,699 shares valued at $218,241.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 3 stocks were higher, with 3 stocks that had offers that were lower than their last selling price. The Indicator points to continued moderate market gains ahead.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

BOJ offers yet another instrument

June 17, 2013 by IC Insider.com

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Fast on the heels of an issue of two local certificates of deposit that close on Tuesday, 18 June 2013, Jamaica’s central bank, the Bank of Jamaica, announces the offer of another special money market instrument commencing Thursday, 20 June 2013. The instrument, a 365-day US-Dollar Indexed Note due 2014 and is extended to all primary dealers and commercial banks.

The term sheet will be circulated via electronic mail to these institutions on Wednesday, 19 June 2013. A check with the BOJ did not disclose the terms of the issue other than what has been released but IC Insider gathers that the use of this instrument is to provide an alternative instrument for investment purposes without affecting the demand for foreign exchange. IC Insider can report that at least one big bank is rationing US dollars to $2,000 per day per person.

The central bank says in a release that it will continue to offer its regular 30-day Certificate of Deposit at the current interest rate of 5.75 per cent per annum. In addition, the current offers of variable rate Certificate of Deposits will remain open until Tuesday, 18 June 2013, as originally advised and will continue to monitor conditions in the financial markets and adjust its market operations to maintain stability.

Filed Under: Economy Tagged With: BOJ, Economy, FX Market

Stocks to watch: 17th June, 2013

June 17, 2013 by IC Insider.com

IC Insider will be keeping a close watch on these stocks for movement during the week of 17th to 21st June 2013.

JSE Junior Market

Access Financial
AMG Packaging
Blue Power
Consolidated Bakeries
General Accident
Lasco Financial
Paramount Trading

JSE Main Market

Desnoes & Geddes
Jamaica Broilers
Jamaica Money Market Brokers
Mayberry
National Commercial Bank
Sagicor Life
Scotia Group

T&TSE

BNSTT
Clico Find
Grace
JMMB
Scotia Investments
WITCO

Filed Under: Company News, Stocks to watch Tagged With: Daily Trading, Trading Activity, TTSE

FX: US14M bought than sold

June 17, 2013 by IC Insider.com

Friday, 14th June 2013 | The evidence is building to confirm than its not normal demand that is driving the rate of exchange for the Jamaican dollar. During the week ending Friday, authorised dealers bought the equivalent of US$14 more than they sold, with only Thursday’s trade when they bought US$200,000 more than they sold reflecting more demand than the amounts bought. Nevertheless, the rate of exchange climbed for all three major currencies during the week.

In Friday’s trading, US dollar buying by authorised dealers translated to US$2.2 million more than the amount sold but the average rate for buying and selling rose by 3 cents for buys and 30 cents selling. C$727,000 was purchased and C$570,000 sold as the average buying rate declined by 71 cents and selling rose by 15 cents. The Pound sterling rose $1.31 for buying and selling cost an average of $1.13 more than on Thursday. Overall, the equivalent of US$5 million more was purchased than the amount sold. Buying amounted to $25.54 million and selling $20.6 million.

Highest & lowest | On Friday, the highest rates climbed for all currencies with the US dollar rising by 50 cents but selling rates had no change over Thursday’s, the Canadian dollar rose $1.35 and the selling rate was up 16 cents and the Pound rose 95 cents and fell $2.99 on selling. The lowest rates saw no change in the US dollar while the Canadian rose 54 cent for buying and 60 cents for selling and the pound rose 17 cents buying and $3.30 selling.

Filed Under: FX Market, Stock Market Tagged With: Daily Trading, FX Market, Trading Activity

Blue Powered huge profit increase

June 16, 2013 by IC Insider.com

A Junior Market stock should hit the roof next week as the company Blue Power not only reported record profits, it blew away last year’s results with a stunning 121 percent increase as revenues rose by just 22 percent for the year ending April.

Profits for the financial year stood at $104 million compared to $47 million in the same period last year, an increase of 121 percent. The Lumber Depot division contributed $61 million to the profit, improving by 111 percent over the previous year while the soap division accounted for $43 million, an improvement of 137 percent over the previous year.

The results translate to return on equity of an attractive 35 percent up from 21 percent in 2012. The net asset value is $6.11 and the stock price of $8.65 is less than 1.5 net book value.

Combined sales for the year ended April, 2013 were $1.045 billion compared to $863 million in 2012, an increase of $182 million or 21 percent. For the year, the Lumber Depot division achieved sales of $742 million versus $620 million the previous year, an improvement of 20 percent while the Blue Power soap division moved to $303 million from $243 million, an increase of 25 percent.

April quarter | For the fourth quarter sales rose to $339 million compared to $224 million for the same period last year, an increase of $115 million or 51 percent. Comparing the fourth quarter with the same period last year, the increase in sales for the Lumber Depot division was 77 percent, from $156 million to $276 million while sales for the Blue Power soap division actually declined by 6 percent.

Revenues for the 4^th quarter was by far the best of any of the quarters with the December quarter coming closet with revenues of $267 million. The percentage revenue increase was also the best with a 13 percent increase in the December quarter coming closest. The latest quarter profit was the highest of any quarter with July and December quarters coming closest at $24.7 million and $23.2 million respectively.

Management’s comments | In commenting on the results, management said “The extraordinary enhancement in both sales and profits in the Lumber Depot division was due to two main factors: the first and most important being the award of a significant supply contract by an international agency and the second being the strategic management of our purchases of materials for resale. The overall increase in sales and profits of the Blue Power soap division was achieved largely as a result of a significant increase in sales of bathing soaps which are slowly but surely gaining acceptance in the market place.

As a result of the substantial improvement in profits, our balance sheet is healthy which will allow us to expand as well as be in a position to make adequate purchases of materials for resale and raw materials for manufacturing at reasonable prices.”

The company’s finances is in a healthy position with virtually no debt. Current assets of $390 million of which cash is $145 million up from $58 million in 2012. Current liabilities is $88.5 million.

Investor’s Choice is forecasting 2014 earnings close to $3 per share.

Update Wednesday 19th June | The Board of Directors of Blue Power Group Limited will meet on Thursday, June 27, 2013 to consider the payment of a dividend.

Filed Under: Company News, Dividends Tagged With: Blue Power, JSE Company

JSE: JMMB dominates trading

June 16, 2013 by IC Insider.com

Friday, 14th June 2013 | Scotia Investments bought 4.18 million units and Mayberry bought 1 million shares of Jamaica Money Market Brokers (JMMB) in today’s trading as the stock remains the dominant trader for a few days as it traded 5.22 million shares between $8.85 and $9 before closing at $8.85 up 25 cents for the day. So dominant was the JMMB trade that Carreras with 70,000 shares cost $4.07 million was the closet to it. Scotia Investments who bought some for in house purposes has been buying for the unit trust portfolio managed by them, IC Insider has been reliably informed.

Index Climbs | The all Jamaica Index closed up 324.39 points and ended at 91,534.15points. The main market index closed up 209.73 points and closed at 88,849.67. The Investor’s Choice bid-offer market sentiment indicator, points to more market gains ahead.

Carreras closed at $58 having lost $1 and so did NCB which lost $1 to close at $21 with 917 shares trading. Scotia Group lost 44 cents to close at $21.56 while trading 100,703 shares. It was 75 cents up on Grace trading 13,000 shares as the stock closed at $59 and $2 up for Scotia Investments which closed at $28 with just 1,100 shares trading and Pan Jamaican Trust put on $1.50 to $57 with 16,350 shares changing hands.

Juniors down | The junior market index slipped again in Friday’s trading by 3.43 points to close at 729.38 even as only one stock traded down in price with 5 stock advancing in this segment of the market but Lasco Manufacturing’s 73 drop cents did the damage. Lasco Manufacturing close at $12.77 with 135,136 units. Lasco Distributors moved up by 44 cents to close at $12.51 while trading 222,412 shares. Lasco Financial Services traded 370,079 units between $9.50 and closing price of $9.90.

Advances positive | The advance decline ratio was even more positive today than yesterday with 17 stocks advancing and 4 declining on a day when 7.2 million shares changed hands with a value of $65.8 million.

IC sentiment indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator says ‘bullish’ with bids for 5 stocks were higher and 2 stocks had offers that were lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

TTSE: Republic dominates, new high for WITCO

June 16, 2013 by IC Insider.com

Friday, 14th Jun 2013 | Republic Bank of Trinidad may not have been the volume leader today but it more than made up by attracting more than $10 million of the $11 million traded for the day. West Indian Tobacco made a new high on the day, the only stock to reach a new high, trading as the stock moved up to $112.52 up 2 cents as 972 shares traded.

Main Market | The main market at the Trinidad & Tobago Stock exchange had a volume of 398,576 shares crossing the floor with a value of $11,072,781 much better than yesterday’s $1,652,262. Trinidad Cement was again the volume leader as was the case on Thursday with 281,871 shares changing hands for a value of $267,777. Republic Bank was the dominant traded stock, accounting for the bulk of the funds that were invested in the market as 94,140 shares traded for $10,355,400. Scotiabank traded 2,389 shares valued at $167,230 and closed at $70, up 29 cents for the day.

Clico Investment Fund gained 66 cents to end the day at $22.27; the fund saw trading in 170,598 shares valued at $3,799,892. In yesterdays trading, the stock gained 20 cents to end at $21.61.

Advances positive | The advance decline ratio remains positive with 5 stocks advancing and 1 declining, on a day 12 stocks traded.

IC sentiment indicator | At the end of trading, the Investor’s Choice bid-offer sentiment indicator is just mildly bullish with bids for 2 stocks higher and 3 stocks with offers lower than their last selling price.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

Digicel joins the rate cut race

June 14, 2013 by IC Insider.com

Following on the announcement last week by Cable & Wireless to cut all prepaid rates to $2.99 across all networks and to overseas, Digicel Jamaica unveiled a range of new plans that involves the lowest rates per minute. The new plans goes into effect at 12.01am on Friday morning.

Customers are now able to choose from one of six plans that best suit their individual needs a release from the company said.

Digicel’s line up of plans includes the Brawta Plan, the Gimme Five Extra Plan, the Double Bubble Plan and the $2.99 Plan all with per second billing plus the $2.49 Plan and $2.89 Sweet Plan with per minute billing.

Digicel Jamaica CEO, Barry O’Brien commented; “We asked our customers what they wanted and the answers we got were great value, lots of choice and more freeness.”

The details of each plan as provided by Digicel are:

The Brawta Plan and Gimme Five Extra Plan see customers getting even more freeness than they got with Gimme Five. Customers will now get 55 minutes of free Digicel Talk, 200 free Digicel Texts, 10 MB of free Data with free Nights, 55 free International minutes, monthly free Credit and Cash Back after talking for five minutes, sending five texts or topping up with $200 or more.

The Double Bubble Plan with per second billing sees customers getting double the value of their credit every time they top up with $200 or more. But that’s not all. Double Bubble customers will also get 10 minutes of free Digicel Talk, 10 free Digicel Texts and 25 free International minutes once they have talked on net or internationally for five minutes or sent five texts.

The $2.99 Plan with per second billing means customers get a great low rate on net and to the other mobile network at any time.

The $2.49 Plan with per minute billing is perfect for those customers who make longer calls and want the lowest rate in the market. Both of these new $2.99 and $2.49 Plans come with 25 free International minutes after the first five minutes.

Best suited to customers who like making long calls, the $2.89 Sweet Plan with per minute billing offers 10 minutes of free Digicel Talk, 100 free Digicel Texts, 10 MB of free Data with free Nights, 25 free International minutes, free Credit and Cash Back to customers once they have talked for five minutes, sent five texts or topped up with $200 or more.

Digicel Jamaica CEO, Barry O’Brien, continues; “We know that everybody loves freeness and presently over half our customers talk time is free and over 90% of Digicel texts sent are free. For example, with the new Gimme Five Extra Plan, with Free after 5, a customer now gets 200 free texts which equates to $600 of free texts when you spend $15.”

To guarantee the customer experience, Digicel invested $7 billion in network improvements and upgrades last year and a further $3 billion investment is planned for this year.