After 8 consecutive days of record close, the Jamaica Stock Exchange main market ended down on Thursday, along with a sharp decline in volume traded, compared to Wednesday’s level.
At the close market activity, the main and US markets had 38 securities traded, compared to 32 on Wednesday leading to 10 advancing, 14 declining and 14 closing unchanged. The JSE All Jamaican Composite Index lost 1,047.74 points to close 453,898.97 and the JSE Index declined by 952.11 points to end at 413,463.63.
Trading closed with 1,977,854 units for $90,864,188 changing hands, compared to the big trade on Wednesday of 15,196,273 units at $1,961,044,771, boosted by a 12.6 million NCB Financial shares.
Trading ended with an average of 59,935 units valued $2,753,460, in contrast to 506,542 shares valued at $65,368,159 on Wednesday. The average volume and value for the month to date amounts to 137,805 units valued at $13,039,425 and previously, 150,653 units valued at $15,024,436. Trading for April resulted in an average of 157,923 shares at $3,718,919, for each security traded.
Wisynco Group led trading with 421,521 shares accounting for 21 percent of total main market volume, followed by NCB Financial Group with 382,188 shares, and 19 percent of the day’s trades and Carreras closed with 291,685 shares for 15 percent of volume traded. IC bid-offer Indicator|The Investor’s Choice bid-offer indicator ended with the reading showing 7 stocks ending with bids higher than their last selling prices and 4 closing with lower offers.
In main market activity, Barita Investments lost $1.45 and closed at $43, trading 8,756 shares, Caribbean Cement rose 49 cents to finish at $80.50, with 46,077 shares changing hands, Grace Kennedy lost 70 cents and ended trading of 55,186 shares at $60.80, Jamaica Broilers traded 28,735 shares after falling $2.28 to close at $31.71. Jamaica Producers gained $1.29 in trading 24,716 shares to close at $23.50, Kingston Wharves lost $1 trading 1,979 shares in closing at $70, Mayberry Investments dropped $1.01 to end trading of 3,022 shares, at $8.49, Mayberry Jamaican Equities shed 49 cents trading 29,389 shares at $10.01, NCB Financial Group lost $2.96 trading 382,188 shares to close at $147.05. PanJam Investment concluded trading of 2,800 shares and gained $1 to end at a record closing high of $91, Pulse Investments concluded trading at $2.50, with 281,094 shares, Sagicor Group declined $1 to end at $47 trading 44,572 stock units, Salada Foods lost 99 cents to end at $31.01 after trading 2,060 shares. Scotia Group traded 9,476 units and lost 70 cents in closing at $50.30, Seprod declined 46 cents trading 122,514 shares to close at $44.05, Supreme Ventures finished with a rise of $1 to close at a 52 weeks’ high of at $31, with 158,160 shares. Sygnus Credit Investments lost 58 cents to close at $12.40 with an exchange of 7,200 shares and Wisynco Group ended trading with 421,521 shares with a rise of 30 cents to end at $14.55.
Trading in the US dollar market ended with 36,316 units valued at over US$22,506 with JMMB Group 6% preference share concluded trading 19,000 units at $1.05, Margaritaville completed trading of 343 shares at 25 US cents. Productivity Business rose 1 cent to close at 60 us cents with 863 stock units trading and Proven Investments closed trading with 2,510 units in closing at 24 US cents. The JSE USD Equities Index fell 0.76 points to close at 181.56.
Jamaica Producer’s appetite for acquisitions
Jamaica Producers sale of 30 percent of JP Snacks Caribbean, for $720 million add to the group’s cash pile for the Group bringing it to just over $6 billion.
The total amount of financial resources provide good ammunition to undertake a sizeable acquisition, locally or overseas.
In an exclusive interview with Jamaica Producers’ Managing director, Jeffrey Hall, IC Insider.com gleaned that the group has a number of plans under its belt. Hall stated that all their businesses are doing well, but The Group is looking growth opportunities in infrastructure and Manufacturing. The low cost of and abundance of local capital is opening up possibilities for local businesses not seen for a long time, Hall stated. However, the group is not about to take on just about any business.
Tortuga International Holdings Company 62 percent subsidiary of Jamaica Producers is one such acquisition the group did a few years ago. The company manufactures the rum cake for sale with the main target being the overseas residents. The company produces rum cake in Jamaica for all the markets except Cayman suffered a fall in revenues in 2018. Tortuga International had revenues of $879 million in 2018, down from $907 million in 2017, according to the group’s audited accounts. Hall attributes the decline to the effects that hurricanes in the region on tourism traffic to some countries within the region.
“Tortuga will launch Mamajuana Rum Cake in the Dominican Republic in the second quarter of 2019 and Vanilla Rum Cake un Mexico in the third quarter of the year Hall told IC Insider.com.
Producers delivered $816 million profit for shareholders of the group up from $662 million in 2017 from a 21 percent increase in revenues to $19.6 billion compared to $16.2 billion in 2017, at the same time gross profit rose below the increase in revenues at 16.4 percent. Segment results show JP Foods and Drinks division revenues rising 29 percent to $11.3 billion from $8.8 billion in 2017 and delivered segment profit that rose 36 percent to $378 million while the logistic segment comprising mainly Kingston Wharves grew revenues 11 percent to $8.3 billion for a 26 percent rise in profit $2.7 billion.
First Citzens at new high on TTSE – Wednesday
Market activity on the Trinidad & Tobago Stock Exchange ended on Wednesday with trading in 17 securities against 16 on Tuesday, with 3 advancing, 7 declining and 7 remaining unchanged.
At close of the market, the Composite Index rose 1.73 points to 1,351.71. The All T&T Index added 3.13 points to 1,799.61, while the Cross Listed Index gained 0.04 points to close at 121.92. Trading ended with 264,650 shares at a value of $1,709,671, compared to 203,635 shares on Tuesday valued at $3,092,200.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended at 2 stocks with bids higher than their last selling prices and 1 closed with lower offers.
Stocks ending with gains| At the close of the market, First Citizens Bank gained 75 cents and ended at 52 weeks’ high of $38, after exchanging just 20 shares, Prestige Holdings climbed 95 cents to end at $9, with 111 units changing hands and Trinidad Cement ended trading with a gain of 15 cents at $2.75, after exchanging 207,291 shares.
Stocks closing with losses| CinemaOne fell 5 cents in trading 153 shares to close at $9.95, Guardian Holdings closed with a loss of 1 cent at $18.50, trading 300 units, JMMB Group fell 1 cent and completed trading of 9,675 shares at $1.69, National Enterprises shed 20 cents and settled at $6.80, with 1,000 stock units changing hands. One Caribbean Media lost 5 cents and completed trading of 1,625 shares at $10.25, Sagicor Financial closed 16 cents lower and completed trading of 124 shares at $8.74 and Scotiabank concluded trading with a loss of 4 cents at $63.51, with 2,500 stock units changing hands.
Stocks closing firm| Angostura Holdings settled at $15.80, with 14,157 stock units changing hands, Clico Investments closed at $22.65, with an exchange of 1,030 stock units, First Caribbean International Bank closed trading of 10,000 units at $8.35, NCB Financial Group ended at $8.45, after exchanging 1,163 shares. Republic Financial Holdings exchanged 1,804 shares at $123, Trinidad & Tobago NGL traded 5,055 units to end at $29.50 and Unilever Caribbean closed at $26.30, after exchanging 8,795 shares.
All Jamaica Index now 455,998
The main market of the Jamaica Stock Exchange moved further ahead in early trading on Wednesday to record new records.
With more than half an hour before the afternoon session, the market hit 455,998.44 on the All Jamaican Composite Index (AJI) after rising by 2,858.98 points with NCB Financial trading as high as $151.50 and PanJamaican Investment at a record $100 after rising by $10 from Tuesday’s close of $90.
The JSE Index climbed 2,598.04 points to be in record territory at 415,371.48.
The Junior Market index jumped 31.29 points to sit at 3,046.40 with Fontana trading at $4.49, General Accident at $4.45 and Lasco Manufacturing at $3.50.