The Main Market of the Jamaica Stock Exchange closed at a new record high on Thursday, as the JSE All Jamaican Composite Index rose 516.81 points to record close of 295,611.68 and the JSE Index advancing 470.87 points to a record close at 269,335.73.
A total of 21 securities changed hands in the main market, with, 8 advancing, 5 declining with 3,821,978 units valued at $54,648,279. The JSE US Dollar Equities Index advanced 1.65 points to close at 186.63 with 1,000 units trading, valued at US$598.
In the market activity, volume and prices quoted are amounts traded for the day at the last trading price. In the main activity, Cable & Wireless ended trading 1 cent higher at $1, with 640,469 stock units, Caribbean Cement dropped $2.59 to $26.01, with just 400 units, Carreras traded 542,284 shares, to close at $12. Grace Kennedy fell 45 cents to end at $43, with 49,438 shares, Jamaica Broilers traded 49 cents higher at $18.99, with 6,020 stock units. Jamaica Producers settled with a loss of $1 at $15, with 93,586 shares, Jamaica Stock Exchange traded with a loss of 20 cents at $7.60, with 1,739 stock units, JMMB Group closed $2.50 higher at a record close of $25, with 371,074 shares. Kingston Properties traded with a loss of 20 cents at $7.20, with 1,400 stock units, 
Kingston Wharves concluded trading at $31.50, with 4,080 units. 1834 Investments concluded trading at $1.38, with 1,843 shares, PanJam Investment settled $2.15 higher at $44, with 5,905 stock units, Radio Jamaica settled at $1.15, with 2,500 shares, Sagicor Group settled 3 cents higher at $34.53, with 23,475 stock units, Sagicor Real Estate Fund ended at $13.08, with 300 units changing hands. Salada Foods finished at $8.50, with 10,000 stock units, Scotia Group ended trading $1.98 higher at $50.98, with 185,115 stock units, Seprod traded $1.95 higher at $30, with 13,026 shares and Supreme Ventures ended with a loss of $1 at $11, with 1,783,545 shares.
In the main market preference segment, Sagicor Bank A shares closed at $1.05, with 23,000 units changing hands and in the US dollar segment Productive Business ordinary share traded 1,000 units at 58 US cents.
J$ revaluation continues – Thursday
The Jamaican dollar made gains on Thursday in Jamaican forex market as dealers sold US$39.07 million at an average rate of J$129.34 versus J$129.45 for US$56.74 million previously.
US currency purchases, accounted for US$33.93 million at an average rate of JS$128.35 compared in total inflows US$38.54 million on Wednesday, at an average rate of J$128.55.
Inflows of all currencies into Jamaica’s forex market ended at US$41.15 million compared to US$44.76 million on Wednesday, while dealers sold US$46.03 million, well down on the US$62.53 million, previously.
The selling rate for the Canadian dollar slipped to J$104.11 from J$104.14 at the close on Wednesday. The British Pound declined to J$171.45 for buying the British currency versus J$172.35 previously and the euro lost value against the Jamaican dollar, with it taking J$153.03 to buy the European common currency, versus J$154.41, previously.
4th straight record close for JSE majors
Trading on the Main Market of the Jamaica Stock Exchange closed at a new record closing high on Thursday the fourth consecutive record close as the JSE All Jamaican Composite Index rose 516.81 points to record close of 295,611.68 and the JSE Index advanced 470.87 points to a record close at 269,335.73.
A total of 21 securities changed hands in the main market with, 8 advancing, 5 declining and 8 traded firm with 3,821,978 units valued at $54,648,279 compared to 4,324,540 units valued at $37,838,559 on Wednesday. The JSE USD Equities Index advanced 1.65 points to close at 186.63 with 1,000 units trading valued at US$598.
Trading ended with an average of 181,999 units for an average of $2,602,299 in contrast to 188,023 units for an average of $1,645,155 on Wednesday. The average volume and value for the month to date amounts to 1,441,294 units valued at $18,008,361 and 1,441,968 units valued at $22,837,126, previously. In contrast, September closed with average of 283,480 units valued 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 a very strong 7 stocks with bids higher than their last selling prices, down from 6 on Tuesday and 2 with lower offers, compared to 2 on Wednesday.
Trading in Berger Paints was suspended at the start of market based on the request of the company but with no reason released to the public. At the close, JMMB Group ended at an all-time record close of $25 as supply has declined sharply in recent weeks and Scotia Group continues to quietly move back up slowly with the price closing at $50.98 and Supreme Ventures traded the largest volume with 1,783,545 shares of its stock trading.
Berger shares suddenly suspended
Trading in Berger Paints shares surprisingly suspended on Thursday
Trading in shares of Berger Paints Jamaica has been suspended effective with the opening of the market on Thursday, October 5, apparently based on a request from the company on Wednesday and to the surprised of investors.
Information gleaned is that the request if for the shares to be suspended up to and including Friday, October 13. The request is very strange and unusual, with the buyout offer set to expire on Monday October 9. IC Insider.com gathers that, Rule 411b of the Stock Exchange states that a listed company may make application in writing and accompanied by certified copy of the resolution of the board requesting the suspension stating in writing the reasons for the suspension.
It unclear, to what extent the above rule was complied with. IC Insider.com gathers that the regulatory arm of the exchange had several calls on the matter and are seeking clarification on the matter.
With most shares kept in an electronic form the need for suspending trading is not warranted and worse for the request to go beyond Monday is unnecessary. Persons making the request are not taking in consideration investors and the need to keep trading in the share open for their convenience. The suspension request is raising concerns that there are persons who want to unduly influence investors to dispose of their shares to Ansa Coatings, even when there is no evidence that the shares will be well accepted and lead to delisting of the company.
The offer to buy the minority shares of Berger followed Ansa Coatings gaining majority shares when they acquired to parent company and resulting in a mandatory offer for the rest. The price offered is $10.88 per share but the stock has consistently traded above this level since March this year.
Majors jump to record close
Trading ended on the Jamaica Stock Exchange on Wednesday with just 23 securities trading leading to the prices of 9 advancing and 11 declining as the market finished at a record closing high.
The JSE All Jamaican Composite Index climbed to a record close of 295,094.91 with gains of 929.05 points and the JSE Index rose 846.47 points to a new closing high of 268,864.84 as 4,324,540 units valued at $37,838,559 changed hands.
In the market activity, volume and prices quoted are amounts traded for the day at the last trading price. At the close of the market, 
Barita Investments ended trading with a loss of 24 cents at $7.76, with 2,150 units changing hands, Berger Paints lost 45 cents at $11.25, with 77,437 shares, Cable & Wireless ended with a loss of 6 cents at $0.99, with 2,312,610 stocks units trading, Caribbean Cement finished 60 cents higher at $28.60, with 3,500 units, Carreras finished with a loss of 60 cents at $12, with 787,049 shares trading. Grace Kennedy closed at $43.45, with 6,516 shares, Jamaica Broilers ended with a loss of 30 cents at $18.50, with 35,182 units, Jamaica Producers gained 95 cents to end at $16, with 14,581 shares, Jamaica Stock Exchange finished with a loss of 19 cents at $7.80, with 5,832 stock units, JMMB Group ended trading with a loss of 20 cents at $22.50, with 264,042 stock units changing hands, Kingston Wharves ended trading at $31.50, with just 100 stock units, 
Mayberry Investments finished 89 cents higher at $4.99, with 209,716 shares, 138 Student Living ended 60 cents higher at $5.40, with 10,000 stock units, PanJam Investment traded with a loss of $1.20 at $41.85, with 7,370 units, Pulse Investments closed 17 cents higher at $1.82, with 26,600 shares trading. Radio Jamaica closed 4 cents higher at $1.15, with 77,200 stock units, Sagicor Group ended with a loss of 3 cents at $34.50, trading 24,279 stock units, Scotia Group closed at $49, trading 4,559 units, Seprod ended with a loss of $1.95 at $28.05, with 1,594 shares. Sterling Investments finished 20 cents higher at $12.25, with 2,486 stock units, Supreme Ventures ended trading $1 higher at $12, with 319,536 shares and in the main market preference segment, JMMB Group settled with a loss of 4 cents at $1.15, with 9,853 units changing hands.
Another record close for JSE
The JSE All Jamaican Composite Index climbed to a record close at 295,094.91 after holding on to gains of 929.05 points and the JSE Index advanced by 846.47 points to a new closing high of 268,864.84 on Wednesday as 23 securities changing hands.
The market was ending at a new closing high for the second consecutive day having surged to new closing high on Tuesday.
At the close of trading 9 securities advanced, 11 declined and 3 traded firm with 4,324,540 units valued at $37,838,559 compared to 78,668,713 units valued at $1,059,742,531 on Tuesday. There was no trading in the US dollar market. Fresh from reports that the major holdings in Supreme Ventures will be under the full control of a Trinidad Company the price of Supreme climbed by $1 to $12 with 319,536 shares trading while Mayberry Investment that are the brokers charged with raising the funds to effect the purchase of half of the major holding company holdings jumped 89 cents to $4.99.
Trading ended with an average of 188,023 units for an average of $1,645,155 in contrast to 3,575,851 units for an average of $48,170,115 on Tuesday. The average volume and value for the month to date amounts to 1,441,968 units valued at $22,837,126 and 2,097,440 units at an average of $33,914,748 previously. In contrast, September closed with average of 283,480 units valued at $3,630,990 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows a very strong 6 stocks with bids higher than their last selling prices, down from 7 on Tuesday and 2 with lower offers, compared to 2 on Tuesday.
Big US$ sell off by dealers – Wednesday
Dealers in Jamaican forex market, sold off US dollars on Wednesday with the selling rate falling below Tuesday’s rate of JS$129.57 to the US and ending at J$129.46 on Wednesday as selling exceeded buying by a wide margin.
Inflows of all currencies into Jamaica’s forex market ended down, at US$44.76 million compared to US$48.33 million on Tuesday, while dealers sold US$62.53 million versus US$49.45 million, previously.
US currency purchases, accounted for US$38.54 million of total inflows, at an average rate of J$128.55 versus J$128.62 for US$40.80 million on Tuesday, while dealers sold US$56.74 million compared to US$43.61 million previously.
The selling rate for the Canadian dollar rose to J$104.14 from J$103.94 at the close on Tuesday. The British Pound rose to J$172.35 for buying the British currency versus J$170.96 previously and the euro gained in value against the Jamaican dollar, with it taking J$154.41 to buy the European common currency, versus J$152.57, previously.
Trading levels rise for Juniors – Wednesday
Caribbean Producers trded 2.2 million shares on Wednesday.
Trading on the Junior Market of the Jamaica Stock Exchange surged on Wednesday with 18 securities changing hands, resulting in an exchange of 2,934,308 units valued at $12,094,964 compared to 533,674 units valued at $2,239,006 on Tuesday.
At the close of market activities, the prices of 6 securities advanced, 6 declined and 6 remained with the prices unchanged as the Junior Market Index declined by 28.64 points to close at 2,931.76.
Trading ended with an average of 163,017 units for an average of $671,942 in contrast to 31,393 units for an average of $131,706 on Tuesday. The average volume and value for the month to date amounts to 92,783 units valued at $417,563 and 57,666 units valued at an average of $290,374, previously. 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 slightly positive for Thursday trading activity as 6 stocks ended with bids higher than their last selling prices and 1 with a lower offer.
At the close of the market the volume of stocks units changing hands and their last traded price are: Access Financial finishing at $42, with 2,160 units trading, AMG Packaging settling with a loss of 10 cents at $3.40, with 74,000 units, while Caribbean Producers concluded trading 19 cents higher at $3.79, with 2,221,427 stock units, Dolphin Cove ended trading at $17.50, with 11,060 units changing hands. Eppley ordinary ended trading at $12, with 50,000 shares, Express Catering settled 20 cents higher at $4.20, with 11,519 stock units, 
Honey Bun concluded trading at $4.50, with 26,385 units, Jamaican Teas lost 1 cent at $3.78, with 3,892 shares, Jetcon Corporation ended at $4.50, with 142,850 stock units trading. Knutsford Express closed with a loss of 9 cents at $14.80, with just 1,448 units, Lasco Distributors concluded trading with a loss of 15 cents at $6.10, with 35,721 shares, Lasco Financial added 3 cents to move to $4.18, with 278,455 units trading. Lasco Manufacturing closed with a loss of 31 cents at $3.89, with 4,344 stock units, Main Event finished with a loss of 9 cents at $5.01, with 5,094 stocks units, Medical Disposables rose 70 cents in concluding trading at $5.30, with 2,100 units, Stationery and Office settled 5 cents higher at $4.80, with 60,000 stock units, Sweet River finished 34 cents higher at $3.86, with 1,553 units and in the junior market preference segment, Eppley ended at $6.55, with 2,300 units trading.
Trading drops on TTSE – Wednesday
Trading levels dropped sharply at the close on Wednesday on the Trinidad & Tobago Stock Exchange with 9 securities changing hands compared to 12 on Tuesday with 1 rising, 4 declining and 4 remaining unchanged as 151,676 shares traded at a value of $794,116 compared to Tuesday’s trades of 221,213 units valued at $3,516,269.
The Composite Index gained 0.09 points to 1,244.67, the All T&T Index declined 0.23 points to 1,784.79 and the Cross Listed Index added 0.06 points to close at 94.66.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Trinidad Cement was the sole security to gain as it traded 5,550 shares and added 1 cent in closing at $4.21.
Losses| The last traded price of the securities declining and the volume changing hands are Clico Investment closing with a loss of 1 cent, at $21.51 with 5,300 shares, Angostura Holdings closed at $15.10, losing 5 cents trading 184 units, 
Scotiabank lost 3 cents, closing at $58.02 with 4,879 shares and Trinidad & Tobago NGL traded 10 cents lower to $23 with 1,650 units.
Firm Trades| The last traded prices of securities and the volume traded unchanged at the close of trading are Grace Kennedy closing at $2.90 in exchanging 27,014 shares, while National Flour Mills trading 99,091 shares at $2, NCB Financial Group holding firm at $5.16 with 3,000 units trading and Sagicor Financial that closed at $8.15 with 5,008 shares.
Shaw’s abundance of riches
Minister of Finance Audley Shaw rolling in increased taxes.
The GOJ approved increased spending in the second half of the year by $10 billion but still ended the year underspending the amounts allocated to be spent by $5 billion.
After a mere 5 months of the current fiscal year to August, the Minister of Finance has amassed a tidy $14.6 billion more than forecast for the government coffers.
According to data released by the Ministry of Finance, tax revenues are $11 billion higher than originally forecasted, thanks to 37 percent surge in corporate profit taxes, that added nearly $6 billion to the surplus, and $9 billion from indirect taxes, mainly local GCT and special consumption taxes.
Government operations (GOJ) raked in a small surplus for August, pushing the year to date surplus to $5.6 billion, after capital inflows of $11.4 billion, that was originally included in the budgeted forecast. The net position on GOJ operations, is $21.5 billion better than planned and pushed the primary surplus to $52 billion or $19.5 billion better than planned.
Interest cost ended $2 billion lower than projected and should enjoy even lower cost, going forward, with the recent cut in Treasury bill rates, by over 50 basis points.
GOJ revenues inflows have been extremely buoyant since the drop in budgeted inflows for the fiscal year to March 2015. While 2015 fiscal year came up short of budget by $16 billion with revenues at $412 billion, 2016 came in with $50 billion more than the out turn for 2015, at $456 billion and 2017 with total revenues of $514 billion, was $52 billion more than for 2016.
