The main market of the Jamaica Stock Exchange closed down on Tuesday after ending at a record closing high on Monday after Scotia Group and NCB Financial prices fell and helped to pull back the index.
Main market activity ended with 24 securities changing hands, with just 7 securities rising, 10 falling, 7 trading firm and closed with 9,664,260 units valued at over $708,128,861.
At the close of trading, the JSE All Jamaican Composite Index dived 1,583.39 points to 322,981.60 and the JSE Index dropped 1,442.64 points to 294,272.76.
In main market activity, Barita Investments closed at $9, with 8,729 shares, Carreras finished with a loss of 5 cents at $10.90, with 109,260 shares, Caribbean Cement settled with a loss of $2.39 at $32.61, with 9,561 shares, Grace Kennedy traded 10 cents higher at $45.60, with 2,303 stock units, Jamaica Broilers finished trading 50 cents higher at $19.50, with 6,339 units. Jamaica Stock Exchange ended with a loss of 20 cents at $6.30, with 3,200 shares, JMMB Group concluded trading at $26.50, with 258,232 shares, Kingston Wharves settled at $39.50, with 2,082 units, Mayberry Investments ended trading 15 cents higher at $5.15, with 11,043 shares. NCB Financial Group traded with a loss of $1.30 at $98.20, with 6,813,889 shares, 1834 Investments finished trading 3 cents higher at $1.18, with 31,000 shares, PanJam Investment ended 10 cents higher at $41.10, with 3,122 units, Pulse Investments finished 5 cents higher at $1.85, with 2,655 shares. Radio Jamaica settled at $1.06, with 14,401 shares, Sagicor Group ended trading with a loss of 10 cents at $36.10, with 126,997 stock units, Sagicor Real Estate Fund ended trading with a loss of 40 cents at $15.10, with 70,864 shares, Salada Foods traded at $12.05, with 25,000 units, Scotia Group finished trading with a loss of $1.50 at $55.50, with 33,156 shares. Seprod closed at $30.01, with 745 shares, Supreme Ventures concluded trading with a loss of 51 cents at $11.99, with 482,227 stock units, Victoria Mutual Investments finished with a loss of 5 cents at $4.50, with 1,464,709 units and Wisynco Group settled 5 cents higher at $10.75, with 77,913 shares. In the main market preference segment, Jamaica Money Market 7.25% ended trading at $2.55, with 11,031 shares, Jamaica Money Market 7.5% traded with a loss of 5 cents at $1.90, with 95,802 stock units changing hands.
Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “JSE pulls back from record – Tuesday.”
Jamaican$ value rises against US dollar – Monday
The selling rate of US dollar fell against the Jamaican dollar by 5 cents on Monday, with the rate dealers bought the US dollar costing 11 cents less than the closing rate on Friday.
On Monday, Inflows of all currencies, totaled US$49.63 million, versus US$41.47 million on Friday with the selling of US$53.75 million in contrast to US$37.21 million previously traded.
In US dollar trading, dealers sold US$50.2 million at an average of J$128.76, at the close, compared to US$36.10 million at an average of J$128.81 on Friday. Purchases of the US currency by dealers, amounted to US$46.11 million at an average of $127.14 at the close, compared US$39.08 million at an average of $127.45.
At mid-day on Monday dealers purchased US$26.57 million at an average rate of J$127.84 and sold US$17.58 million at an average of J$128.65. At mid-day on Friday dealers purchased US$9.99 million at an average rate of J$127.73 and sold US$15.10 million at an average of J$128.78.
The selling rate on Monday, for the Canadian dollar rose to J$100.55 from J$98.16 at the close on Friday, the selling rate for the British Pound slipped to J$176.24 from J$176.66 previously and the euro jumped against the Jamaican dollar at J$158.23 to buy the European common currency, versus the prior selling rate of J$159.18.
Only 10 securities trade on TTSE – Monday
Market activity on the Trinidad & Tobago Stock Exchange on Monday ended with 10 securities trading as oppose to 16 on Friday.
The market closed with 403,022 shares valued at $11,039,167 trading, compared to 200,883 shares valued at $1,445,272 on Friday. The prices of 4 stocks rose, 3 declined and 3 remained unchanged. The Composite Index rose 1.44 points on Monday to 1,268.83, the All T&T Index closed with a gain of 2.55 points to 1,697.26, while the Cross Listed Index added 0.04 points to close at 113.42.
IC bid-offer Indicator|At the end of trading, on Monday, the Investor’s Choice bid-offer indicator reading shows 8 stocks with bids lower than their last selling prices and 4 with lower offers.
Gains| First Caribbean International Bank closed with an increase of 2 cents and completed trading at $9.30, after exchanging 127,455 shares, Guardian Holdings ended trading with a rise of 50 cents to $16, after exchanging 13,000 shares, Trinidad & Tobago NGL finished trading 10 cents higher and settled at $27.75, after exchanging 5,563 shares and Unilever Caribbean rose 30 cents and ended at $30.30, with 480 units changing hands.
Losses| Ansa Mcal shed 95 cents and ended at $60.05, with 50,334 units, First Citizens lost 3 cents and settled at $32.17, after exchanging 1,615 shares and JMMB Group ended trading 2 cents lower at $1.98, with 134,136 stock units changing hands.
Firm Traded| Republic Financial Holdings concluded market activity at $101.52, with 610 stock units changing hands, Scotiabank completed trading at $62.01, after exchanging 3,949 shares and West Indian Tobacco closed at $88.50, after exchanging 65,880 shares.
Prices of securities trading for the day are those at which the last trade took place.
Iron Rock & 2 others in TOP 10
The Junior Market continues to fight for the 2018 rally to take root and grow even as interest rates are at their lowest in decades. Technical reading of this market shows the short term 45 day moving average (DMA) has crossed over the 120 DMA, a bullish sign as the market is coming from an oversold position.
With many Junior Market stocks having risen sharply in the last twelve months, it would require gains in profit above most of the recent postings to have pushed prices much higher in the short term. In a number of instances, some junior listed companies are focusing on expansion that will not bear fruit immediately and with some of the stocks pricing in these development into prices already, there are no new information to move prices in the short term. Results for the 2018 first quarter will therefore be critical in determining the performance of the market for the first half of the year.Stationery and Office Supplies got a shot in the arm from audited financial statements to December 2018, showing strong gains in revenues and profit, compared to 2016 and saw the price moving back up to $5.50 and its position in the TOP list down to 8 from number 2 in February. It won’t be long before it drops out of the list as demand push the price higher. General insurance underwriters Iron Rock is now in the list, following improved 2017 results that benefited from strong revenues growth that augurs well for earnings in 2018. The company should also benefit from rising premium rates. Paramount Trading is back in the list and so too is AMG Packaging having disposed of its machinery in the tissue operations and cut cost it in it as well from the closure of that business line. Going into the 2019 fiscal year it should be rid of most of the cost of that operations and therefore focus on the container boxes to meet the existing increased demand. Out goes Dolphin Cove with lower than projected earnings being reported for 2017, followed by Blue Power and tTech with lower results for 2017 than previously projected, that will likely negatively affect 2018 earnings for these companies.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 6.3 compared to an average PE for the overall main market is 10 based on 2018 estimated earnings.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 37 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be, of 20 times earnings.
Jamaican$ gains against US currency – Friday
The selling rate of US dollar fell against the Jamaican dollar by 5 cents on Friday, with the rate dealers bought the US dollar costing 5 cents less than the closing rate on Thursday.
On Friday, Inflows of all currencies, totaled US$41.47 million, versus US$36.59 million on Thursday with the selling of US$37.21 million in contrast to US$38.85 million previously traded.
In US dollar trading, dealers sold US$36.10 million at an average of J$128.81, at the close, compared to US$37.48 million at an average of J$128.86 on Thursday. Purchases of the US currency by dealers, amounted to US$39.08 million at an average of $127.45 at the close, compared US$33.45 million at an average of $127.50.
At mid-day on Friday dealers purchased US$9.99 million at an average rate of J$127.73 and sold US$15.10 million at an average of J$128.78. At mid-day on Thursday dealers purchased US$12.85 million at an average rate of J$128.07 and sold US$10.34 million at an average of J$128.95.
The selling rate on Friday, for the Canadian dollar rose to J$99.16 from J$98.25 at the close on Thursday, the selling rate for the British Pound slipped to J$176.66 from J$177.54 previously and the euro jumped against the Jamaican dollar at J$159.18 to buy the European common currency, versus the prior selling rate of J$154.53.