Main market stocks of the Jamaica Stock Exchange closed at record levels at the close on Thursday with the market indices climbing over 2,300 points but with advancing stocks being edged out by declining ones.
The All Jamaica Composite Index surged 2,567.56 points to a record close of 278,436.64, the JSE Market Index jumped 2,339.33 points to a record at the close of 253,687.31 and the JSE US dollar market index lost 10.81 points to close at 186.89.
At the close of trading, 25 securities changed hands in the main market with 1 trading in the US dollar market, leading to 8 stocks advancing and 9 declining. The main market ended with 1,374,903 units valued at $47,150,828 changing hands compared to 1,809,394 units valued at $47,308,355 at the close on Wednesday. Trading in the US dollar market accounted for 631,286 units valued at US$150,176 bringing the total of all trades to J$66,373,329.
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 4 stocks with bids higher than their last selling prices and 2 with lower offers.
The main market ended trading with an average of 54,996 units valued at $1,886,033 for each security traded compared to an average of 69,592 units valued at $1,819,552. The average volume and value for the month to date ended at 109,162 units with an average value of $1,864,984 compared with an average of $119,995 units with an average value of $1,860,774 on the previous trading day. The average volume and value for July ended at 160,668 units with an average value of $2,691,438.
In market activity, Barita Investmentslost 23 cents to close at $8.77 trading 800 shares, Berger Paints advanced $2.51 to $18.69 while exchanging just 179 units, Cable and Wireless lost 1 cent to close at $1.04, with 218 units changing hands, Caribbean Cement lost $1 in closing at $28, 1,500 shares,Carreras dipped 50 cents to $109.50, with 121,812 shares switching owners and Grace Kennedy closed at $40, with a loss of 49 cents trading 9,790 shares. Jamaica Broilers exchanged 68,558 shares at $18.10, Jamaica Producers closed at $15.10, with a loss of 90 cents trading 460 units, Jamaica Stock Exchange lost 1 cent, closing at $6.48 with 34,250 shares changing, JMMB Group closed at $19.99, gaining 79 cents with 267,627 shares. Kingston Wharves exchanged 283 units at $29, Mayberry Investments gained 14 cents to close at $4.63, with 2,435 shares changing hands, NCB Financial Group held firm at $90, after exchanging 27,309 shares, 1834 Investments traded 50,000 shares at $1.40, PanJam Investment closed $2 lower to $31 trading 614,451 shares, Portland JSX gained 30 cents to $9.30, with an exchange of 3,350 shares, Proven Investments added 1 cent, closing at $25.02, with trades of 80,000 shares, Pulse Investments gained 1 cent to close at $1.99 trading 20,000 shares and Radio Jamaica closed at $1.50 exchanging 2,438 shares. Sagicor Group closed at $34.35, with gains of 35 cents trading 28,700 shares, Salada Foods gained 39 cents, closing at $9.50 with 128 units, Scotia Group ended at $44 with 23,318 shares, Seprod closed at $32.55, losing 85 cents with 7,443 shares changing hands. Proven Investments US ordinary share traded 631,286 units at 24 US cents, Jamaica Money Market Brokers 7.5% preference share closed at $1.99 with 2,934 units traded and Proven 8.25% preference share exchanged 6,920 units at $4.99.
Forex inflows down to US$48M – Thursday
Trading in the Jamaican foreign exchange market on Thursday resulted inflows of US$48.44 million in contrast to US$57.76 million on Wednesday and outflows of US$37.65 million compared to US$45.81 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $12 million, which is almost in line with the net inflows.
In USA dollar trading, inflows ended at US$42.03 million versus US$48.22 million on Wednesday, with outflows of US$34.14 million compared to US$40.11 million.
The value of the Jamaican dollar slipped modestly in value against the US dollar, with the selling rate ending at J$128.44 from J$128.36 previously. Dealers bought the US currency at an average of J$127.36, versus J$127.39 on Wednesday.
The selling rate for the Canadian dollar climbed to J$101.30 from J$101.01 at the close on Wednesday, while the British Pound was more costly at the close, with J$167.68 buying the British currency versus J$167.14 and the euro, declined in value against the Jamaican dollar, with it taking J$151.67 to buy the European common currency , versus J$151.74 previously.
SOS listing pushes juniors ahead of main market
Stationery & Office Supplies shares were listed on the Junior Market of the Jamaica Stock Exchange on Thursday. The listing brings the total of Junior Market ordinary shares listed to 32, exceeding the ordinary share listing on the Jamaica Stock Exchange main market.
Total Junior Market listings are now 36 with 4 preference shares listed.
After a successful public offering of the stock that was priced at $2, investors traded 278,046 units between $3.50 up to $5 on the opening day, but those trades were outside the limit of $2.60 it could trade at based on the limitation of the exchange’s circuit breaker and were cancelled. The stock closed with the bid at $4.70 which is the effective price on which a 30 percent change can take place in Fridays trading and could result in the price going as high as $6.11.
Trading in the Junior Market of the Jamaica Stock Exchange closed on Thursday with a number of stocks declining, out pacing those rising. The volume and value of stocks trading declined compared to that on Wednesday and the market index closed lower.
The market index declined 21.58 points to close at 3,133.22 with 554,002 shares valued at $2,805,282 trading compared with 3,764,636 units valued at $19,753,434 on the previous day. A total of 17 securities traded compared 17 on Wednesday with 6 stocks declined, 5 advanced and 7 traded firm.
Trading ended with an average of 30,778 units for an average of $155,849 in contrast to 221,449 units for an average of $1,161,967 on Wednesday. The average volume and value for the month to date amounts to 140,412 units valued at $744,935 compared to 162,339 units valued at $862,752 previously. In contrast, July closed with average of 536,395 units at $1,905,441 for each security traded.
At the close of the market, stocks trading and the last traded price on Thursday are: AMG Packaging trading 48,800 units with a loss of 20 to end at $3.50, Cargo Handlers with a loss of $1.70 to close at $11.50 with 1,500 shares, Caribbean Cream closed at $6.80 with 1,842 shares, Caribbean Flavours ended at $11 with 13,151 shares, Caribbean Producers traded at $3.50 with 24,600 shares, Express Catering rose 1 cent to close at $5.01 with 212,564 shares, General Accident climbed 15 cents higher to close at $2.95 with 3,122 shares, Honey Bun with a loss of 5 cents, closed at $5 with 500 shares after posting poor results for the June quarter, with profit before taxes falling to $8 million, $31 million less than in the prior year’s period. Jamaican Teas rose 4 cents in closing at $4.55 with 21,717 shares, Jetcon Corporation closed 5 cents higher to $5.15 with 48,384 shares, Knutsford Express ended at $14.90 with a loss of 10 cents with 2,542 shares, Lasco Distributors closed 10 cents higher at $6.70 with 46,231 shares, Lasco Financial closed at $4 with 6,700 shares, Lasco Manufacturing closed at $4.50 with 75,963 shares, Main Event closed at $5 with 37,286 shares, Paramount Trading ended 10 cents higher at $2.70 with 1,000 shares, Eppley 8.25% preference share closed at $6.05 with a 8,000 shares and Eppley 10% preference share close at $6.60 with a 100 shares.
10 for 1 split for Carreras shares
The directors of Carreras advised that they will be recommending a 10 for 1 stock split to members of the Company at its Annual General Meeting scheduled for September 6.
In order to facilitate the proposed subdivision of the existing ordinary shares in the capital of the Company, the maximum number of shares that the Company is authorized to issue is to be increased by a subdivision into 10 ordinary shares for each one that currently exists and thus raising the authorized capital to $4.8544 billion units with effect from the close of business on September 20, 2017. The existing issued shares are to be increased from 485,440,000 units of no par value to 4,854,400,000 ordinary shares of no par value. The ex-stock split date is September 18, 2017.
Carreras stock trades at $110 on the main market of the Jamaica Stock Exchange.
Strong demand for SOS after listing
Stationery & Office Supplies was listed on the Junior Market of the Jamaica Stock Exchange on Thursday. The stock was offered to the public in mid-July at $2 each and was heavily oversubscribed, has bids to buy 98,660 units as high as $3.50 and 19,800 shares at $3.51.
No trade has taken place with 10,346 units being offered at $4.50, 10,000 units at $6 and 34,105 shares at $12 in the morning session.
Currently bids amount to buy more than 3.2 million units down to $2.50 up to $3.51. The stock exchange circuit breaker rule would restrict the maximum price the shares can trade at today at $2.60, and if it does not trade by the close, the maximum it can trade at on Friday would be $2.90. With bids at $3.50 and above currently, then it may not trade on Friday either if investors starts bids above $2.90 on Friday. Unless management intervene as they did for Express Catering it likely to be well into next week before the first trades would start.
Forex inflows still high – Wednesday
Trading in the Jamaican foreign exchange market on Wednesday resulted inflows of US$57.76 million in contrast to US$69.11 million on Tuesday and outflows of US$45.81 million compared to US$45.43 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $14 million, US$2 million more than the net inflows of US$12 million.
In USA dollar trading, inflows ended at US$48.22 million versus US$60.09 million on Tuesday, with outflows of US$40.11 million compared to US$39.85 million.
The value of the Jamaican dollar slipped modestly in value against the US dollar, with the selling rate ending at J$128.36 from J$128.28 previously. Dealers bought the US currency at an average of J$127.39, versus J$127.21 on Tuesday.
The selling rate for the Canadian dollar dropped to J$101.01 from J$102.02 at the close on Tuesday, while the British Pound was slightly less costly at the close, with J$167.14 buying the British currency versus J$167.15 and the euro, rose in value against the Jamaican dollar, with it taking J$151.74 to buy the European common currency , versus J$151.31 previously.
Junior stocks eased slightly on Wednesday
Trading in the Junior Market of the Jamaica Stock Exchange closed on Wednesday with a number of stocks declining, out pacing those rising. The volume and value of stocks trading, declined compared to that on Tuesday and the market index closed slightly lower.
The Market index declined 6.83 points to close at 3,155.07, with 17 securities trading as 6 stocks advanced 5 declined and 6 traded firm. At the close 3,764,636 shares valued at $19,753,434.21 traded, compared with the 7,982,375 units valued at $43,352,441passing through the market on the previous trading day.
Trading ended with an average of 221,449 units for an average of $1,161,967 in contrast to 347,060 units for an average of $1,884,889 on Wednesday. The average volume and value for the month to date amounts to 162,339 units valued at $862,752 compared to 147,562 units valued at $787,949 previously. In contrast, July closed with average of 536,395 units at $1,905,441 for each security traded.
At the close of the market, stocks that were active and their last traded price for the day are: Access Finance closing at $46 with 15,230 shares, AMG Packaging losing 5 cents trading 60,000 units at $3.70, Cargo Handlers closing at $13.20 with 300 shares, Caribbean Cream closing 30 cents higher to $6.80 with 22,500 shares, Caribbean Producers ending at $3.50 with 4,900 shares, Eppley gaining 1 cent, closing at $12.39 with 2,100 shares. Express Catering rose 70 cents and closed at $5 with 201,753 shares, General Accident ended with a loss of 10 cents and closed at $2.80 with 75,000 shares, Honey Bun lost 5 cents, to close at $5.50 with 3,488 shares, Jamaican Teas closed at $4.51 with 3,129 shares, Jetcon Corporation fell 50 cents, close at $5.10 with 1,978,580 shares. Knutsford Express closed at $15 trading 4,245 shares, Lasco Distributors closed with a loss of 10 cents at $6.60 with 518,930 shares, Lasco Manufacturing traded 10 cents higher close at $4.50 with 769,919 shares, Main Event rose 15 cents to $5.00 with 44,075 shares, Medical Disposables lost 25 cents, to close at $5.25 with 58,344 shares and Paramount Trading gained 6 cents to close at $2.60 with 17,000 shares.
TTSE makes modest gains
Trading on the Trinidad & Tobago Stock Exchange on Wednesday resulted in 17 securities changing hands compared to 12 on Tuesday, with 3 stocks advancing, 6 declining and 8 remaining unchanged.
The market closed with 288,058 shares traded at a value of $6,518,541 compared to Tuesday’s trades of 147,398 valued at $6,520,927.
The Composite Index advanced 0.89 points to 1,217.82, the All T&T Index added 0.48 points to 1,792.88 and the Cross Listed Index gained 0.18 points to 86.18 points.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 3 with lower offers.
Gains| First Caribbean International added 4 cents, closing at $8.05 in exchanging 20,000 shares, Massy Holdings gained 1 cent to close at $49 with 48,938 shares valued at $2,397,962 changing hands Prestige Holdings gained 2 cents and closed at $10.65, with 5,491 shares.
Losses| First Citizens lost 1 cent to close at $31.65 trading 14,496 shares valued at $458,860, L.J. Williams B fell 2 cents and closed at 78 cents, with an exchange of 2,700 shares and National Enterprises closed at $10.47 after falling 1 cent with 9,000 shares changing hands. National Flour Mills traded at a 52 weeks’ low of $2, with a loss of 10 cents in exchanging 32,260 shares, One Caribbean Media lost 5 cents to end at a 52 weeks’ low of $14.90, in trading 4,875 shares and Republic Financial Holdings lost 1 cent to $101.90 with 13,285 shares valued $1,353,748 trading.
Firm Trades| Angostura Holdings closed at $15.01, after trading earlier at $15.22, exchanging 40,258 shares valued at $612,548, Clico Investment traded 16,000 shares at $21.50 valued at $344,000, Grace Kennedy exchanged 4,975 shares at $2.85. Sagicor Financial held firm at $8.10 in exchanging 6,444 shares, Scotiabank traded 1,083 shares at $58. Trinidad Cement closed at $4.14, with 37,500 shares changing hands and Trinidad & Tobago NGLremained at $23.50 while trading 15,225 shares valued at $357,783.