The Jamaica Stock Exchange announced the payment a final dividend for 2016 of 3.56 cents per share in May, bringing the for 2016 profits and $190.2 million, Mrs. Marlene Street-Forrest, newly promoted Managing Director of Stock Exchange informed IC Insider.com.
In 2015 we paid $140.2 million, representing 80 percent of consolidated profit and $190.2 million of the 2016 profits a total of 85 percent of group profits Street-Forrest stated. The payments over the last two years is in contrast with the stated dividend policy is no less 20 percent of profits to be paid in each year.
The payment was approved at a Special Meeting of the Board of Directors held on April 25 and is payable on May 31, 2017 to shareholders of record on May 11. The stock will start trading ex-dividend on May 9, 2017.
Last year, the JSE paid a dividend of 12.96 cents per share in December and a dividend of 53 cents per share, on May 6, 2016 based on number of shares in issue at the time. The JSE later in the year split their issued shares into 5 for each one.
The JSE will need to enjoy another big break in 2017, if they are to beat the results of $224 million made in 2016 from revenues of $921 million. In the first quarter of 2016, the JSE earned one off income estimated by IC Insider.com around $110 million from the sales of the Desnoes and Geddes shares to Heineken after the latter acquired majority shares in the local company.
$190m JSE dividends for 2016
Falling stocks 2 to 1 over gainers
Trading on the Trinidad & Tobago Stock Exchange resulted in 13 securities changing hands on Tuesday compared to 9 on Monday. Market activity led to 3 stocks advancing, 6 declining and 4 unchanged with 113,158 shares traded at a value of $864,641 compared to Monday’s 50,550 shares valued at $1,371,638.
The Composite Index lost 0.12 points to 1,233.73, the All T&T Index declined 0.28 points to 1,802.82 and the Cross Listed Index added 0.01 point to close at 89.19.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 8 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| Sagicor Financial gained 2 cents to close at $9.02 exchanging 1,000 units, Scotia Investments closed at a 52 weeks’ high of $2.75, with gains of 5 cents, trading 11,000 shares and Trinidad & Tobago NGL added 1 cent, closing at $22.50, with 250 shares changing hands.
Losses| Clico Investment closed at $22.50, with a loss of 1 cent trading 19,179 shares valued at $431,534, JMMB Group traded 1 cent lower to close at $1.30 exchanging 71,262 units, National Flour Mills lost 2 cents to close at $2.53 with 800 shares changing hands. Readymix traded at $12, losing 62 cents with an exchange of 5,583 units, Republic Financial Holdings closed at a 52 weeks’ low of $101.90, with a 10 cent loss, trading 1,047 shares and Trinidad Cement lost 1 cent to close at $4.21 with trades of 116 units.
Firm Trades| First Citizens closed at $32 with 920 units changing owners, Guardian Holdings closed at $15.45 with trades of 100 shares, Massy Holdings closed at $51.43 exchanging 1,611 shares and One Caribbean Media traded 290 shares at $16.85.
Junior Market jumps sharply to new record
The Junior Market of the Jamaica Stock Exchange traded up more than 129 points after midday on Tuesday.
The market index hit a new intraday record high of 3,261.11 points with Lasco Manufacturing trading at a new high of $6.25 with over 4 million shares trading and Lasco Distributors trading up to $7.30 with 569,000 shares. The Junior Market index has since slipped back to 3,212.92, up 81.29 for the day at 12:30 but the All Jamaica Composite index dropped 3,016.25 points to 248,857.65.
April T-Bill cacelled as GOJ cash surges
Regular issue of Treasury bills would normally be held by the 19th of April but none were offered this time around based on the absence of an announcement by the Central Bank of Jamaica.
When the last issue of Treasury bill closed on Friday, 15 March 2017, the Bank of Jamaica stated that applications for the next offer of Government of Jamaica Treasury Bills must be lodged at the Bank of Jamaica by 10:45 a.m. on Wednesday, 19 April 2017. Bank of Jamaica acting on behalf of the government would make an announcement of the date and amounts for the upcoming issue. The website of Bank of Jamaica carries information when the public is being offered news bills and the result of the issue, a check on the site throws no information on the April issue, with no announcement no explanation for cancelation of the issue.
At the end of February, data out of the Ministry of Finance showed a budgetary surplus of $17.5 billion in revenues above forecast and a cash deficit of $5.5 billion. With March projected to generate large net inflows of revenues over outflows, the central government would not need to borrow from the financial market. Inflows was projected at $72 billion and expenditure at $35 billion for March, if achieved would result in a surplus of $30 billion for the financial year.
TTSE ends with moderate trading
Trading levels on the Trinidad & Tobago Stock Exchange fell back on Monday resulted in 9 securities exchanged compared to 17 on Friday with lower volume and value than on Friday.
At the close, 2 stocks advanced, 3 declined and 4 were unchanged with just 50,550 shares changing hands valued at $1,371,638 compared to Friday’s 229,684 shares valued at $1,612,238.
The Composite Index gained 0.55 points to 1,233.85, the All T&T Index added 0.77 points to 1,803.10 and the Cross Listed Index gained 0.05 points to close at 89.18.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 10 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| Republic Financial Holdings gained 10 cents to close at $102 trading 120 units and Trinidad & Tobago NGL advanced 49 cents, closing at $22.49, with an exchange of 15,579 shares valued at $350,504.
Losses| Massy Holdings closed at $51.43, with a loss of 2 cents exchanging 369 shares, National Flour Mills lost 1 cent to close at $2.55 with 200 shares changing hands and Unilever Caribbean closed $1.25 lower to $57, with an exchange of just 100 units.
Firm Trades| Ansa McAL closed at $66.50 with 1,833 units changing owners, Clico Investments closed at $22.51 with trades of 400 shares, First Citizens closed at $32 trading 26,424 shares valued at $845,568 and JMMB Group exchanged 5,525 shares at $1.31.
Blue Power back in TOP stocks
In another shortened trading week on the Jamaica Stock Exchange, there was only one new entry to the TOP 10 listings. Lasco Distributors rose to $7.29 at the end of the week and was replaced by former top tenner Blue Power that remains a prime candidate for s stock split.
NCB Financial Group which IC Insider.com said last week was worth watching, hit an all-time high of $75 but did not hold at that level and ended the week at $65 as some supply come to the market. Berger Paints is another stock that IC Insider.com said was worth watching pulled back during the week to make it more attractive.
The average PE ratio of the Junior Market are currently at an average of 12 and the main market at 13 based on this year’s estimated. At the close of the week, IC Insider.com’s TOP 10 Junior Market stocks continue to trade at an average discount of just under 35 percent to the Junior Market average, those in the main market are trading at a 52 percent discount, to the average of the market, leaving several stocks with good room for growth for the rest of the year.
The coming week should be dominated by the release of 2017 second quarter results for NCB Financial Group and the announcement of a dividend payment. IC Insider.com projects an increase in the payment based on increased profits.
Overall, bid volumes for junior market stocks remained low excepting for Caribbean Cream, with 181,732 units on the bid at $7.50, Key Insurance with 72,023 units at $3.05, Jamaican Teas with 68,000 shares with a bid of $4.60, and the next highest being Lasco Financial with 22,352 units at $4. Offers are buoyant with 2.7 million units being offered for Eppley at $12, over 400,000 for C2W Music at 50 cents, 200,000 for Jamaican Teas at $4.99, Knutsford Express with a bid of $41 for 229,236 shares and 140,000 shares of Lasco Manufacturing at $6.
Brokerage house, Barita Investments ended the week with 90,004 units offered at $7.10 and only 100 units on the bid of $7, Berger Paints ended the week with an offer of 24,070 units at $14.15 while 3,850 units are on the bid at $13.52. Caribbean Cement continues to trade with a heavy sell bias notwithstanding evidence of increased building activity and that this year’s first quarter results could be out at any time to provide direction for the stock. The cement producer had a bid to buy 27,600 units at $31 and offers of 67,879 shares at $32. JMMB Group’s buying interest picked up his past week and now has a bid at $19 to buy 256,195 units with an offer to sell 50,000 shares at $19.50, NCB Financial Group closed the week with a bid to buy only 1,400 shares at $65, with 261,390 units on offer at $65. Pulse Investments has offers to sell 98,000 units at $8.05 with buying at $7 for 1,000 shares. Radio Jamaica bid is at $1.75 to buy 26,159 units with 85,791 units on offer at $1.79 while investment banker and Scotia Group’s subsidiary, Scotia Investments, closed the week with only 10,000 units on the bid to buy at $37.01 and ended with 4,180 units offered at $39.40.