The Main Market of the Jamaica Stock Exchange finished at another new record close of 304,331.28 for the all Jamaica Composite Index on Wednesday. The main and US dollar markets closed with 27 securities changing hands, of which 12 advanced and 5 declined.
In the main activity, Barita Investments closed at $8, with 720 units changing hands, Berger Paints settled 10 cents higher at $11.60, with 72,142 shares, Caribbean Cement finished at $27.50, with 700 units, Carreras settled with a loss of 40 cents at $11.50, with 456,367 stock units, Ciboney Group ended with a loss of 1 cent at $0.18, with 9,835 shares traded. Grace Kennedy ended 50 cents higher at $42.50, with 7,396 units, Jamaica Broilers closed trading 50 cents higher at $18.50, with 18,060 stock units, Jamaica Producers gained 40 cents to end at $16, with 13,000 shares traded, Jamaica Stock Exchange ended trading with a loss of 5 cents at $7.20, with 4,000 units, JMMB Group finished trading at $27, with 180,823 units. Mayberry Investments finished trading 11 cents higher at $4.21, with 200 stock units, 1834 Investments concluded trading 10 cents higher at $1.35, with 3,110 units, PanJam Investment finished 60 cents higher at $38.60, with 485 shares, Portland JSX settled 25 cents higher at $9, with 4,760 units, Radio Jamaica ended trading at $1.15, with 688,353 stock units changing hands. Sagicor Group closed with a loss of $1.50 at $38.50, with 385,734 shares, Sagicor Real Estate Fund closed 75 cents higher at a 52 weeks’ closing high of $14, with 35,500 units, Scotia Group settled $1 higher at $53, trading 35,890 shares, Seprod exchanged 24,500 stock units at $30 nd Supreme Ventures ended trading at $12, with 33,492 stock units. In the main market preference segment, JMMB Group finished trading at $1.15, with 262,000 stock units, Sagicor Bank A preference share traded 1,350 units at $1.05 and the B share saw 9,000 units trading at $1.
In the US dollar market segment, JMMB Group 6% preference share finished at $1.10, with 10,000 shares Productivity Business traded 550 shares at 60 US cents, Proven Investments closed with 483,576 units trading at 23.5 US cents and Sterling Investments traded just 100 shares at a 52 weeks’ high of 12 US cents after rising 1 cent.
Prices of securities trading for the day are those at which the last trade took place.
Juniors enjoying more recovery
Trading on the Junior Market of the Jamaica Stock Exchange closed trading on Wednesday with 16 securities changing hands, resulting in an exchange of 1,087,963 units valued at $5,258,148, which is much improved compared to 462,606 units valued at $2,337,749 on Tuesday.
The Junior Market Index advanced by 9.11 points to close at 2,963.36. At the close of market, the prices of 6 securities advanced, 6 declined and 4 remained unchanged.
Trading ended with an average of 67,998 units for an average of $328,634 in contrast to 30,840 units for an average of $155,850 on Tuesday. The average volume and value for the month to date amounts to 76,123 units valued at $327,928, previously 71,470 units valued at an average of $327,875. In contrast, September closed with average of 116,176 units valued at $538,652 for each security traded.
Trading ended with the market sentiments looking mixed for Thursday trading activity as 3 stocks ended with bids higher than their last selling prices and 2 with lower offers.
At the close of the market, Access Financial ended trading with a loss of 78 cents at $41.21, with 815 shares, Caribbean Cream finished trading at $5.90, with 10,000 stock units, Caribbean Producers ended trading 14 cents higher at $3.74, with 31,700 units changing hands, Express Catering closed with a loss of 25 cents at $4.44, with 103,623 stock units. General Accident ended at $3, with 705 units, Honey Bun settled 30 cents higher at $4.30, after trading 4,000 shares, Jamaican Teas settled at $4.10, with 122,528 units, Knutsford Express finished trading with a loss of 1 cent at $14.99, with 5,060 shares, Lasco Distributors ended trading at $6.30, with 11,761 shares, Lasco Financial finished with a loss of 5 cents at $4.20, with 19,763 shares, Lasco Manufacturing ended trading with a rise of 35 cents to $4.20, with 3,316 shares, Main Event closed with a loss of 15 cents at $5.15, with 6,653 stock units, Medical Disposables traded 14 cents higher at $4.74, with 1,071 units, Stationery and Office ended 3 cents higher at $4.83, after 692,137 shares changed hands, while tTech traded 5 cents higher at $7.05, with 14,031 units and in the junior market preference segment, Eppley concluded trading with a loss of 55 cents at $6, with 60,800 stock units.
Prices of securities trading for the day are those at which the last trade took place.
J$ stays below $128 to US$
The Jamaica dollar continued to trade below the $128 mark to buy one US dollar, in foreign exchange trading on Wednesday, for the second time since the close of 2016.
Dealers sold US$48.45 million at $127.90 at the close of trading up from US$46.05 on Tuesday at a rate of $127.97. US currency purchases, amounted to US$45.61 million on Wednesday, at an average rate of $126.96 compared to Tuesday with US$48.11 million at $127.01.
At Midday, the selling rate of the US dollar was $127.85, with US$12 million being sold, versus $127.78 on Tuesday midday with US$17.7 million being sold. In BOJ foreign exchange auction, 37 bids went after $10 million on offer, with bids totaling US$19.8 million, leading to the average rate falling to $127.75. The highest bid was $128.05 to buy $1 million and the lowest $125.05, to buy US$800,000.
Inflows of all currencies into Jamaica’s forex market fell to US$54.05 million, from US$58.13 million on Tuesday while dealers sold US$55.19 million versus US$52.98 million, previously.
The selling rate for the Canadian dollar fell to J$102.59 from J$103.78 at the close on Tuesday. The British Pound inched down to J$168.24 for buying the British currency versus J$168.87 on Tuesday and the euro rose in value against the Jamaican dollar, to J$150.94 to buy the European common currency, versus J$151.61 previously.
New record close of 304,331 for JSE
Trading on the Main Market of the Jamaica Stock Exchange finished at another record close on Wednesday, with 23 securities changing hands, 10 advanced, 4 declined and 6 traded firm.
Sagicor Group traded at an intraday high of $42 by fell back to close at $38.50, with 385,734 shares and Berger Paints traded 72,142 shares in closing at $11.60 even as there is no official information as to the take up of offer to buy minority shares by Ansa Coatings.
The JSE All Jamaican Composite Index climbed 1,832.93 points to a record close of 304,331.28 and the JSE Index advanced by 1,670.01 points to close at 277,280.22. Trading ended with 2,338,963 units valued at $40,714,751 compared to 3,286,324 units valued at $72,430,544 on Tuesday. In the US dollar market, trading accounted for 484,226 units valued at US$124,982 as 4 securities changed hands of which 2 gained, resulting in the JSE USD Equities Index advancing by 1.15 points to close at 184.81.
Trading ended with an average of 101,694 units for an average of $1,770,207 in contrast to 142,884 units for an average of $3,149,154 on Tuesday. The average volume and value for the month to date amounts to 1,919,815 units valued at $26,465,745 and previously, 2,085,099 units valued at an average of $28,710,794. In contrast, September closed with average of 283,480 units at $3,630,990 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 5 stocks with bids higher than their last selling prices and 3 with lower offers.
JMMB Group hits J$30 in Trinidad
JMMB Group jumped to $1.60 in trading on the Trinidad & Tobago Stock Exchange on Tuesday reaching an equivalent of J$30 or $3 more than the $27 it traded at in Kingston. The market closed with 11 securities changing hands compared to 18 on Monday.
Trading resulted in 452,687 shares changing hands at a value of only $3,307,105 compared to Monday’s trades of 778,140 units valued at $10,430,581, at the close 5 stocks advanced, 1 declined and 5 remained unchanged. Market movements resulted in the Composite Index advancing 4.71 points to 1,246.63, the All T&T Index gaining 0.05 points to 1,770.50 and the Cross Listed Index added 1.29 points to close at 97.18.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| The last traded price of the securities rising and the volume changing hands are First Caribbean International Bank gaining 12 cents to close at $8.25 with 6,080 shares trading, Grace Kennedy closed at $2.90, with a 1 cent gain, exchanging 700 units, Guardian Holdings settled at $15.26, rising 1 cent with 103,061 shares valued at $1,572,711, JMMB Group advanced 10 cents to close at a 52 weeks’ high of $1.60 with 24,600 shares, at the close the bid was at $1.60 to buy 5,400 units, there were no stock offered for sale and Trinidad & Tobago NGL traded 1 cent higher to $23.02 with 4,884 shares.
Losses| Clico Investment was the sole securities declining in value at the close of trading, ending at $21.40, with a loss of 5 cents as 4,819 shares were exchanged.
Firm Trades| The last traded prices of securities and the volume traded unchanged at the close of the market are, Angostura Holdings that remained at $15 with 8,000 shares, First Citizens closing at $31.76 with 8,328 shares changing hands. National Flour exchanged 231,130 shares at $2 valued at $462,260, Republic Financial Holdings closed at $101.76 with 984 units and Sagicor Financial ended at $8 with 60,101 shares valued at $480,532.
All Berger directors must go
Trading in shares of Berger Paints were suspended from October 5 to 13 as the takeover offer to buy out minority shareholders entered the final stage. Trading resumed on Tuesday this week, without one word being said as to the outcome of the take up.
Considering the very strong recommendations made by directors for shareholders to take up the offer, it would be logical if the investing public was informed about the results. Trading is taking place with investors being in the dark.
This is no way to run a capital market. The Stock Exchange has information but has so far done nothing to get investors promptly informed as to the status of the company remaining listed. The Financial Securities Commission that is there to protect investors seems completely dead. With directors putting out highly questionable information in support of their ill-advised recommendation to sell, these regulators left investors completely exposed to improper information.
IC Insider.com gathers that around 6 million units were surrendered by investors. What is known by this publication, is that the larger minority shareholders with more than 31 percent of the shares, were never influenced by the recommendation to accept the offer and did not sell. That left smaller investors who unfortunately have given up their chance to reap a huge pay day in 2018 when the price is likely to be in the $40-50 range. Very sad indeed.
The stock exchange needs to get information out to the public and fast. And while the Jamaica Stock Exchange should do so, the Trinidad and Tobago Exchange needs to do the same as the Ansa Coatings parent, is listed on that exchange and should be informing their shareholders of the outcome of the offer as well.
Apart from what would be expected of Ansa to advice of the added acquisition. Under the Jamaica Stock Exchange rules, each listed company is required to report connected party transactions. The directors’ recommendation stated that all directors who owned shares directly and their connected parties, as well as two senior managers intended to accept the offer, accounting for over 500,000 units. These are connected parties and Berger is required to inform the Stock Exchange of these transactions along with the major shareholder buying, as a part of insider trading information.
With such poor judgement, minority shareholders need to demand that all directors resign from the board with immediate effect as no confidence can be placed in them to protect the interest of minority. One hopes it does not get down to that and that all will resign forthwith without having to be pushed.