TTSE indices’ gains mask deeper problems

Market activity on the Trinidad & Tobago Stock Exchange, resulted in 6 stocks advancing, 3 declining and 9 unchanged, but this positive move belies a deeper problem awaiting a market, that continues to struggle within a sick economy.
The Composite Index gained 1.30 points to 1,289.94, the All T&T Index rose 1.52 points to 1,756.40 and the Cross Listed Index added 1.52 points to close at 111.02.
IC bid-offer Indicator| The Investor’s Choice bid-offer while indicating weaknesses in the market with 3 stocks with bids higher than last selling prices and 5 with lower offers does not tell the full story of the weakness in the market. The deeper problem is the large variance between some of the stocks offered for sale compared to the last price the stock traded at. West Indian Tobacco is set to make a big negative dent in the market index when next it traded as it is offered at $5 lower than the last price it traded at, with 1,796 shares offered at $116. The closest bid to buy is at $106.25 for only 16 shares. National Enterprises offer is 20 cents lower than the last trade. Calypso Macro Fund is offer for 90 cents less than the last trade, at $21.04 and Mora Ven Holdings

This graph tell the story that Unilever shares are set for a steep fall going forward.

is offered at $1.49 below the last trade at $14.49. Unilever Caribbean is also very weak with 40,863 shares offered for sale at $38.75 but buyers are down at $35 for just 310 units. Unilever reported profit of $3 million for the June quarter or 11 cents per share and $6.8 million for the half year suggesting profit around 60 cents for the full year and is now priced at a PE ratio of 64 times earnings, the clearest indication of a huge fall in the price to come.
At the close of trading the number of securities trading climbed to 18 on Thursday compared to 15 on Wednesday, leading to 458,073 shares trading at a value of $5,509,500 compared to Wednesday’s trades of 350,612 valued at $4,377,442.
Gains| At the close of market activities, Ansa McAL traded 20,500 shares valued at $1,292,100 and gained 8 cents, to close at $63.03, Clico Investment traded 20 cents higher, closing at $21.20 with 87,039 shares valued at $1,831,429, Massy Holdings ended at $49.50, gaining 1 cent with 11,979 shares valued at $592,958. National Flour Mills closed at $1.99, rising 4 cents while trading 6,000 shares, Scotiabank advanced 40 cents to $58.50 trading 1,000 units and Trinidad Cement rose 5 cents, and settled at $4 exchanging 49,601 shares.
Losses| Trading ended as, JMMB Group traded with a loss of 2 cents, and closed at $2.07 exchanging 188,500 shares valued at $395,789, Point Lisas lost 1 cent to close at $3.95 with 500 units and Prestige Holdings was down 1 cent to $10.75 trading 9,075 shares.
Firm Trades| The last traded prices of securities closing unchanged are Angostura Holdings that closed at $15.05 with trades of 7,541 shares, Ansa Merchant Bank exchanging 3,020 shares at $40, Grace Kennedy trading 14,778 shares at $2.95. Guardian Holdings remained at $15 with 1,204 units, One Caribbean Media closed at $14 with 350 units, Republic Financial Holdings ended at $101.76 with 81 units. Sagicor Financial traded 10,000 shares at $8, Trinidad & Tobago NGL closed at $23.49 exchanging 19,958 shares valued at $468,779 and L.J. Williams 8% preference share exchanged 42 units at $3.30.

JSE main market in moderate gain

Trading on the Main Market of the Jamaica Stock Exchange was moderate on Thursday with just 20 securities changing hands, 4 advanced, 9 declined and 8 traded firm. Only 2,566,192 units valued at $67,621,781 traded compared to 6,096,729 units valued at $100,198,639 on Wednesday.
The JSE All Jamaican Composite Index inched higher by 166.44 points to close at 320,626.86 and the JSE Index rose just 151.64 points to close at 292,127.34. The US dollar Equity market fell 5.09 points to 175.63 as 2 securities traded in this market resulting in 12,000 shares valued at US$2,745 as the price of 1 security fell.
Trading ended with an average of 128,310 units for an average of $3,381,089 in contrast to 243,869 units for an average of $4,007,946 on Wednesday. The average volume and value for the month to date amounts to 199,991 units valued at $3,227,959 and previously 209,946 units at an average of $3,206,692. In contrast, October closed with average of 1,185,251 units at $16,528,582 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 8 stocks ended with bids higher than their last selling prices and 2 with lower offers.

Jamaican$ improves to $126.75 to US$ – Thursday

The rate of exchange for to buy the US dollar by the public slipped further on Thursday to $126.75 as dealers sold US$34.63 million of the US dollar, compared to US$35.83 million at an average rate of $126.90 on Wednesday.
US currency purchases amounted to US$39.10 million on Thursday, at an average rate of $125.95 compared to Wednesday, with US$37.17 million at $126.06.
Dealers purchased US$53.58 million, versus US$47.42 million on Wednesday in all currencies in Jamaica’s forex market and sold US$47.74 million compared with US$45.70 million of all currencies sold previously.
At Midday, dealers bought US$15.6 million at J$126.32 and sold US$15.1 million at J$126.81 compared to the purchase of US$13.2 million at J$126.51 and selling of US$6.66 million at J$126.81.
The selling rate for the Canadian dollar rose to J$100.03 from J$99.65 at the close on Wednesday. The selling rate for the British Pound rose to J$166.19 versus J$166.02 on Wednesday and the euro fell in value against the Jamaican dollar, to J$146.18 to buy the European common currency, versus J$149.02 previously.

Teachings from silly Unilever Investors

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Investors should refrain from the fad of following the leader blindly. In 2013 ICInsider.com posted a report on the Unilever Caribbean, a company based in Trinidad and traded on the country’s stock exchange.
Since the report, the company stock has been on a downward slope after rising to a new record in 2013, yesterday Jamaica Stock Exchange junior market listed Knutsford Express after a long period of overvaluation relative to the market, dropped $2.75 as demand for the stock evaporated. The same thing happened to Cargo Handlers that was pushed unrealistically to $30, only for it to currently be trading at $10 and is still above normal valuation. This latter stock came as a big buy on the way up by a brokerage house.
Unilever’s profit peaked in the period to September 2014 and started a downhill ride since, but investors kept on pushing the price higher until it peaked at TT$68.30 in December 2015, on Wednesday the stock traded with a loss of $1.25, to a multi year’s low of $38.

Unilever products

The IC Insider.com report in 2013 was: When stock prices rise much faster than the growth in profits, we need to take time to note what is happening. Investors in such stocks should be fully conversant with the factors at play to ensure that their investment can be protected appropriately if and when the factors change.
Unilever Caribbean stock price is up 13 percent so far in 2013, on top of a 45 percent increase in 2012, 44 percent in 2011 and 35 percent in 2010 after a 16 percent fall in 2009. The company, a subsidiary of Unilever PLC, a United Kingdom company, is based in Trinidad and manufactures a range of homecare, personal care and food products for the Caribbean region, including Jamaica, has been having reasonable profit performances for some years. They have been able to improve sales and margins in a market that has been in recession since 2009. The growth in the stock price is well more than the rise in profits for the past four and half years.
Some of the company’s brands include Mistolin, Radiante, Breeze, Vaseline, Lux, Lipton, Becel and Blue Band. The product range also comprises dishwashing liquids as well as fabric conditioners.

Knutsford Express peaked at $16.89 and is now trading at $12.

For the three months to March 2013, revenues climbed to $137 million, up from $128 million for the same period in 2012, while profits were up to $13 million after tax compared to $11.9 million in 2012. The December quarter is the most significant period for earnings, with more than a third being generated in the period. For the 2012 full year to December, the company reported after tax profit of $59.5 million, an increase of just 2.8 percent over that earned in 2011. Profit for 2011 was up 11 percent over 2010 and 2010 profit was up 26 percent over the previous year. In Trinidad, lower interest rates have helped to push the PE ratio to 21 times earnings at a current stock price of $53.25, up from 14 times in 2011 and 11.5 for 2010.
Unilever reported areas of success reflected in good growth in some of its products and expressed concerns about rising input cost of some of the products it manufactures and competition from cheaper products. From all indications, management seems to have managed to steer the operations well, resulting in improved margins, which moved from 61.8 percent in 2012 first quarter to 63.8 percent in 2013, a continuation of the marked improvement seen for 2012 when the margins for the entire year came out at 63.7 percent versus the 59.2 percent enjoyed in 2011.
While cost increase seems to be under control in 2013 for the first quarter, that was not the case in 2012 when selling cost rose by $17 million or 17 percent and the administrative cost rose 22 percent, well above the growth in revenues. For the quarter, selling costs rose by 4.8 percent and the administrative cost rose 2.7 percent, while revenues were up 4.75 percent.
The company boast equity capital of $176 million, has no interest bearing debt and a high current asset ratio with liabilities almost covered twice over.
The article concluded that the stock seems poised to rise further as demand exceeds the supply of the stock on the Trinidad market.
At the close of the market on Wednesday, November 8, 2017, the stock seems poised to suffer a further decline, which shows up in the chart formation.

JSE main market pulls back

The Main Market of the Jamaica Stock Exchange closed down in trading on Wednesday, with 25 securities changing hands, 12 advanced, 8 declined and 5 traded firm with 6,096,729 units valued at $100,198,639 compared to 8,833,616 units valued at $92,295,814 on Tuesday.
The JSE All Jamaican Composite Index declined by 345.46 points to close at 320,460.42. The JSE Index declined by 314.75 points to close at 291,975.70. Just one security traded in the US dollar market resulting in 45,180 units changing hands valued at US$10,397 with the index rising 0.05 points to 180.72.
Trading ended with an average of 243,869 units for an average of $4,007,946 in contrast to 384,070 units for an average of $4,012,861 on Tuesday. The average volume and value for the month to date amounts to 209,946 units valued at $3,206,692 and previously 202,820 units at $3,038,361. In contrast, October closed with average of 1,185,251 units at $16,528,582 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 6 stocks ended with bids higher than their last selling prices and 2 with lower offers.

JSE main market ends with losses Wednesday

More stocks closed with gains than with losses, on Wednesday on the Main Market of the Jamaica Stock Exchange as 25 securities changed hands, with 12 advancing, 8 declined and 5 traded firm as 6,096,729 units valued at $100,198,639 traded.
Price movements resulted in moderate fall in the market indices at the close.
In the main activity, Barita Investments traded with a loss of 2 cents at $8.88, with 28,307 units, Berger Paints concluded trading 50 cents higher at $15, with 19,008 shares, Cable & Wireless closed with a loss of 1 cent at $1.09, with 1,256,447 shares, Caribbean Cement traded $1 higher at $33, with 14,395 stock units. Carreras concluded trading at $11.50, with 1,097,819 units, Ciboney Group settled 2 cents higher at $0.17, with 4,000 shares, Grace Kennedy finished at $43, with 32,084 shares, Jamaica Broilers finished trading with a loss of 9 cents at $18.90, with 22,921 stock units. Jamaica Producers traded 20 cents higher at $15.80, with 32,668 units, Jamaica Stock Exchange finished trading 1 cent higher at $7, with 35,412 shares, JMMB Group concluded trading 14 cents higher at $29.50, with 199,909 shares, Kingston Wharves ended trading with a loss of 50 cents at $32.50, with 3,491 units. Mayberry Investments closed with a loss of 5 cents at $5, with 1,000 shares, NCB Financial Group traded 1 cent higher at $108.01, with 279,573 shares changing hands, 1834 Investments finished 5 cents higher at $1.35, with 400 stock units, PanJam Investment concluded trading with a loss of 45 cents at $42.55, with 21,820 units, Radio Jamaica ended trading 2 cents higher at $1.15, with 3,500 stock units. Sagicor Group settled 40 cents higher at $38, with 54,460 units, Sagicor Real Estate Fund concluded trading 20 cents higher at $15.20, with 546,470 shares, Scotia Group traded with a loss of 80 cents at $51, with 502,155 stock units, Seprod finished trading with a loss of 75 cents at $29, with 103,599 units and Supreme Ventures concluded trading 50 cents higher at $13, with 426,660 shares. In the main market preference segment, Jamaica Money Market Brokers7.25% preference share ended 14 cents higher at $2.49, Jamaica Money Market Brokers7.5% preference share ended 14 cents higher at $1.85, with 399,000 stock units, JMMB Group 7.5% preference share ended at $1.10, with 1 million stock units and Proven Investments traded 45,180 units in the US dollar market unchanged at 57.51 US cents.

Prices of securities trading for the day are those at which the last trade took place.

NCB at J$122.50 in Trinidad

NCB trades at TT$6.45 or J$122.50 on the TTSE on Wednesday.

NCB Financial Group rose to a record 52-week high of $6.45 (J$122.50) after advancing 24 cents with 14,386 shares changing hands, Unilever Caribbean that suffered from major reversal of profits from 2014, tumbled to a 52-week low of $38.75 with a loss of $1.25 trading 1,200 units on the Trinidad & Tobago Stock Exchange on Wednesday.
Trading resulted in 15 securities changing hands compared to 16 on Tuesday as 3 stocks advanced, 4 declined and 8 held firm, leading to 350,612 shares trading at a value of $4,377,442, compared to Tuesday’s trades of 656,483 units valued at $7,023,258.
The Composite Index advanced 4.61 points to 1,288.64, the All T&T Index gained 0.35 points to 1,754.88 and the Cross Listed Index rose 1.22 points to close at 110.87.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| Three stocks rose at the close of trading including Angostura Holdings that gained 5 cents closing at $15.05 with 164 units and JMMB Group rising 5 cents and ended at $2.09, exchanging 96,985 shares.
Losses| The last traded price of the securities declining are First Citizens with a loss of 1 cent, closed at $31.80 trading 15,800 shares valued at $505,147, after trading at $22. Grace Kennedy settled at $2.95, losing 5 cents with 122,197 shares valued at $360,591 and Massy Holdings was down 1 cent to $49.49 with 2,400 shares.
Firm Trades| At the close of trading are Clico Investment closed at $21 in exchanging 23,928 shares valued at $502,488, Ansa Merchant Bank exchanged 320 units at $40, First Caribbean International Bank traded 34,720 shares at $9 valued at $312,480. Guardian Holdings remained at $15 with 347 units. One Caribbean Media closed at $14 with 10,075 shares trading, Republic Financial Holdings ended at $101.76 with 17,762 shares valued at $1,807,461, Scotiabank exchanged 765 units at $58.10 and Trinidad & Tobago NGL closed at $23.49 with trades of 9,563 shares.

Jamaican$ trades at $126.90 – Wednesday

The rate of exchange for to buy the US dollar by the public slipped further on Wednesday to $126.90 as dealers sold US$35.83 million of the US dollar, compared to US$49.57 million at an average rate of $126.91 on Tuesday.
US currency purchases amounted to US$37.17 million on Wednesday, at an average rate of $126.11 compared to Tuesday, with US$48.22 million at $126.02.
Dealers purchased US$47.42 million, versus US$52.58 million on Tuesday in all currencies in Jamaica’s forex market and sold US$45.70 million compared with US$52.88 million of all currencies sold previously.
At Midday, dealers bought US$13.2 million at J$126.51 and sold US$6.66 million at J$126.81 compared to the purchase of US$11.5 million at J$126.14 and selling of US$10.8 million at J$126.82.
The selling rate for the Canadian dollar rose to J$99.65 from J$99.38 at the close on Tuesday. The selling rate for the British Pound dropped to J$166.02 versus J$165.76 on Tuesday and the euro gained in value against the Jamaican dollar, to J$149.02 to buy the European common currency, versus J$148.23 previously.

Knutsford hits junior index with $2.75 drop

One of Knutsford Express buses.

Knutsford Express dropped $2.75 to close at $12 on Wednesday and was a major contributor the near 74 points fall in the Junior market index. Today’s fall brings the decline in three days to 176 points.
Today’s decline reduced a part of the over valuation of the stock leaving it with a PE of 22 that is still one of the higher valued junior market stocks. The stock close with just two bids amounting to 4,096 share and seems poised to head lower as there is limited buying interest, at current prices.
At the close of market activities, the prices of 6 securities advanced, 6 declined and 7 remained unchanged. The Market Index declined by 73.52 points or 2.39 percent to close at 2,998.97.
Trading ended with 19 securities changing hands, resulting in an exchange of 1,174,483 units valued at $5,458,374 compared to 801,297 units valued at $3,685,511 on Tuesday.
Trading ended with an average of 61,815 units for an average of $287,283 in contrast to 38,157 units for an average of $175,501 on Tuesday. The average volume and value for the month to date amounts to 65,350 units valued at $322,925 and 66,036 shares valued at an average of $329,835, previously. In contrast, October closed with average of 73,639 units valued at $371,926 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 6 stocks ended with bids higher than their last selling prices and 2 with lower offers.
At the close of the market, AMG Packaging finished 5 cents higher at $3.15, with 42,597 shares, Cargo Handlers finished at $10.85, with 140 stock units, Caribbean Producers ended trading 15 cents higher at $3.80, with 287,001 units, Express Catering ended at $4.61, with 320 stock units, General Accident closed with a loss of 5 cents at $2.75, with 45,000 shares. Honey Bun finished 20 cents higher at $5, with 3,956 shares trading, Knutsford Express plunged $2.75 to $12, with 10,320 shares as demand had thinned out weeks ago leaving it exposed to suffer a sharp fall with the stock considered to be overpriced. Key Insurance ended 49 cents higher at $3.99, with just 100 stock units, KLE Group rose 22 cents to $2.50, with 102,500 units changing hands. Lasco Distributors finished with a loss of 10 cents at $6.40, with 251,035 shares, Lasco Financial concluded trading at $4.90, with 256,200 stock units, Lasco Manufacturing ended trading at $3.90, with 23,285 units, Medical Disposables closed 20 cents higher at $5.75, with 63,829 shares. Main Event settled with a loss of 10 cents at $5.50, with 22,000 shares, Paramount Trading traded with a loss of 15 cents at $3.15, with 15,250 units, Consolidated Bakeries finished trading with a loss of 24 cents at $2.36, with 2,000 shares, Iron Rock settled at $3.25, with 100 shares. Stationery and Office settled at $5, with 43,850 stock units and tTech ended trading at $7.40, with 5,000 shares.

Prices of securities trading for the day are those at which the last trade took place.

All Jamaica index surges 1,973 points

Bulls still at large in down town Kingston

At the close of trading on the Jamaica Stock Exchange, the JSE All Jamaican Composite Index surged 1,972.76 points to close at 320,805.88 while the JSE Index jumped by 1,797.41 points to 292,290.45.
A total of 23 securities changed hands in the main market leading to 11 advancing, 4 declining and 6 traded firm while the US dollar market saw 4 securities trading resulting in 84,731 units changing hands valued at US$48,586 with the index remaining unchanged.
In the main activity, Berger Paints closed with a loss of 1 cent at $14.50, with 92,500 shares, Cable & Wireless ended at $1.10, with 158,331 units, Caribbean Cement ended 99 cents higher at $32, with 17,500 stock units. Carreras ended at $11.50, with 289,081 shares, Grace Kennedy closed $1 higher at $43, with 95,433 shares, Jamaica Broilers ended at $18.99, with 68,325 stock units, Jamaica Producers traded at $15.60, with 33,353 units. Jamaica Stock Exchange traded 17 cents higher at $6.99, with 66,743 shares, JMMB Group ended trading 86 cents higher at $29.36, with 175,289 shares, Kingston Wharves ended trading 50 cents higher at $33, with 5,600 units, Mayberry Investments settled 5 cents higher at $5.05, with 1,811,830 shares. NCB Financial Group finished trading $1.70 higher at $108, with 96,989 shares, 138 Student Living settled at $6, with 6,634 shares, 1834 Investments closed 10 cents higher at $1.30, with 9,934 stock units, PanJam Investment traded at $43, with 338,780 units, Radio Jamaica ended with a loss of 2 cents at $1.13, with 45,746 stock units, Sagicor Group finished with a loss of 60 cents at $37.60, with 45,779 units. Sagicor Real Estate Fund concluded trading 36 cents higher at $15, with 9,883 shares, Scotia Group finished 81 cents higher at $51.80, with 392,849 stock units, Seprod concluded trading with a loss of 25 cents at $29.75, with 400,000 units and Supreme Ventures traded 70 cents higher at $12.50, with 193,750 shares. In the main market preference segment, JMMB Group 7.5% preference share closed at $1.85, with 1,000 units traded. In the US dollar market, JMMB Group 6% preference share closed at $1.121, after a modest gain with 26,500 units, Margaritaville traded just 100 units at 30 US cents, Productivity Business Solutions end up with 15,881 shares trading at 57.51 US cents and Proven Investments traded 42,250 units at 23 US cents.
Prices of securities trading for the day are those at which the last trade took place.

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