IC Insider.com — Page 964

National Commercial hits record at $58

November 17, 2016 by IC Insider.com

NCB traded 5.8m shares up to $58 for an intra-day high.

The Jamaica Stock Exchange main market pulled back slightly from the record close on Wednesday at $9 even as National Commercial Bank traded at a new intraday high of $58, with 4.8 million units trading.
At the close the All Jamaica Composite Index lost 333.38 points to close at 191,454.46, with the year to date gains at 14 percent. The JSE Market Index fell 298.11 points to finish at 172,236.12 and the JSE combined index eased by 15.03 points to end at 185,121.93 with a gain for the year to date of 17 percent.
At the close 5,034,107 units valued at $245,730,492 changed hands, compared to 35,034,107 units valued at $28,268,540 changing hands on Wednesday. The junior market accounted for 599,996 units trading valued at $2,314,012 of the stocks traded.
The average trade for the day in the main market ended at 282,822 and 191,250 units month to date. On Wednesday, an average of 125,962 units traded and for the month to date, 117,386 units, in comparison the average for the October was 220,811 units.

The market closed with 35 securities trading as the prices of 13 gained while 13 declined in the overall market, including 4 stocks rising and 5 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 19 stocks with bids higher than their last selling prices and just 6 with lower offers.
In market activity, Barita Investments lost 9 cents in trading 68,100 units to close at $4.11, Cable & Wireless closed at 80 cents with 95,301 units trading, Caribbean Cement climbed by $1.25 with 15,900 units changing hands, to close at $30.55, Carreras loss 50 cents in trading 3,000 shares to end at $65.50. Grace Kennedy ended up trading 13,000 units at $41.44 after gaining 4 cents, Jamaica Broilers rose 7 cents and closed at $14.58 with 4,935 shares changing ownership, Jamaica Producers rose 30 cents to end at $8.30 with 129,016 units trading.

Jamaica Stock Exchange ended at $5.70 after trading 396,314 shares, JMMB Group close trading with 287,849 shares to end with a gain of 50 cents at $14.50, Mayberry Investments traded 9,925 shares to close at $3.75. Pan Jamaican Investment (soon to become PanJam Investment limited with shareholders approving the name change) gained 90 cents and closed at $23.70 after trading 9,780 shares, Portland JSX traded 9,100 units with the price recovering 79 cents to $11, for an all-time low. Radio Jamaica lost 2 cents in trading 30,611 shares at $1.30, Sagicor Group had 35,900 shares changing hands and fell 9 cents to close at $24.01, Scotia Group shed 20 cents in trading 33,025 shares to close at $31.30, Seprod dropped $1.67 in trading 3,033 shares to end at $25.83. Proven Investments ordinary share traded 16,060 units and ended at 19.50 US cents, JMMB Group 7.50% preference share lost 1 cent in trading 517,006 units at $1.08.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: Barita Investments, Cable & Wireless, Caribbean Cement, Carreras, Daily Trading, Grace Kennedy, Jamaica Broilers, Jamaica Producers, Jamaica Stock Exchange, Jamaican stocks, JMMB Group, junior market, Mayberry Investments, National Commercial Bank, Pan Jamaican, Portland JSX, Proven Investments, Radio Jamaica, Sagicor Group, Sagicor Real Estate Fund, Scotia Group, Seprod, Supreme Ventures, Trading Activity

Jamaican$ trades mixed on Thursday

November 17, 2016 by IC Insider.com

US$ bungle The average closing rates trading the Jamaican dollar in the foreign exchange market were mixed against the main currencies it normally trade with, on Thursday. Dealers bought the equivalent of US$37,367,097 of all currencies, and sold US$36,133,436, compared to US$35,097,312 purchased and US$41,311,362 sold on Wednesday.
In US dollar trading, dealers bought US$31,042,246 compared to US$29,558,721 on Wednesday. The buying rate for the US dollar rose 6 cents to close at $128.41. A total of US$30,989,415 was sold versus US$37,232,249 on Wednesday, with the selling rate rising 2 cents to $129.10. The Canadian dollar buying rate jumped 67 cents to $95.94, FX trde sum 17-11-16 with dealers buying C$6,177,817 and selling C$5,714,958 at an average rate that rose 24 cents to $96.45. The average rate for buying the British Pound dipped 14 cents to $157.33 for the purchase of £934,445 while £325,720 was sold with a rise of 71 cents to end at $160.65.
At the end of trading on Thursday, dealers sold €436,490 with the selling rate for the Euro, closing with a fall of $1.01 to $137.31, according to data from Bank of Jamaica. Dealers purchased €519,931 of the European common currency at $136.28 after falling 89 cents. FX h&l 17-11-16 The US dollar equivalent of other currencies traded, amounts to US$12,130 being bought and selling of US$4,746.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies, in the foreign exchange market on Thursday, include a rise in the highest buying rate for the Canadian dollar by $1.95 to $98.60,. The highest buying rate for the British Pound rose $3.25 to $163.75, while the highest selling rate rose 81 cents to $168.80. The highest selling rate for the Euro climbed $3.80 to $168.80 and lowest selling rate dived $19.24 to $114.96.

Filed Under: FX Market, Stock Market Tagged With: Bank Of Jamaica, BOJ, British Pound, Canadian dollar, Daily trading activity, euro, euro v J$, FX trading, jamaican dollar, US Dollar

Juniors rise on Thursday

November 17, 2016 by IC Insider.com

Jetcon ended trading at a new closing high of $5.20 on Thursday.

The junior market index climbed 25.45 points to end at 2,471.74 on Thursday as the prices of 4 stocks rose and 5 declined with 12 securities trading. The gain for the junior market index for the year to date inched up to 38 percent.
The volume of stocks traded dropped sharply on Thursday with the volume falling 68 percent from Wednesday’s level and ending with just 599,996 units changing hands, valued at $2,314,012, down 68 percent from $7,271,634 on Wednesday.
Market activities ended with 9 securities closing with bids higher than their last selling prices and 5 ending with lower offer.
ICI Jm sum 17-11-16

An average of 50,000 units with an average value of $192,834 traded, compared to 134,647 units with an average value of $519,402 on the preceding trading day. The average for the month to date is 132,360 units for an average of $778,840 compared to 139,223 units valued at $827,673 on Tuesday and 129,138 units with an average value of $709,705 for October.
In trading activity, Caribbean Flavours traded 1,650 units and fell 10 cents to end at $8.40, Caribbean Producers traded 75,305 shares to end at $3.30, C2W Music traded 8,000 shares and close at 25 cents, Honey Bun with 3,000 shares changing hands, declined by 29 cents to end at $5.80. ICI Jm trds 17-11-16

Jamaican Teas traded 8,623 shares but lost 10 cents to close at $3.90, Jetcon Corporation traded 17,138 shares to close at $5.20, for an all-time high, KLE Group slipped 10 cents in trading 50,000 shares and closed at $1.60, Lasco Distributors ended with 1,400 shares trading at $7, after rising by 50 cents. Lasco Financial rose 10 cents and ended with 100,966 shares changing hands at $3.20, Lasco Manufacturing closed at $4.90 with 212,067 shares changing hands after gaining 15 cents, Medical Disposables traded 3,000, shares to close at $4.78 and Paramount Trading lost 15 cents to end at $3.85 with 118,847 shares changing hands.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: C2W Music, Caribbean Flavours, Caribbean Producers, Daily Trading, Honey Bun, Jamaican stocks, Jamaican Teas, Jetcon Corporation, junior market, Key Insurance, Lasco Distributors, Lasco Financial, Lasco Manufacturing, Medical Disposables, Paramount Trading, Trading Activity

Stocks shrug off interest rate rise

November 17, 2016 by IC Insider.com

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The latest issue of Treasury bill offerings saw the 182 instrument climbing 40 basis points to 6.2 percent while the 91 days T-bill rose marginally to virtually hold at 5.70 percent just a tad above the average in October.
The 28 day T-bill slipped from 5.78 percent to 5.70 percent. At the same time the main market All Jamaica Composite index continues to climb with some companies posting good increased profits.
The rise in the 192 days instrument comes against the back drop of stability in the exchange rate for November to date, very low inflation that seems headed to around than 2 percent for 2016. The change in rates also comes against the change in Bank of Jamaica policy to offer Certificate of Deposits daily to the market to bid on.

Filed Under: Economy, Feature Stories, JSE Main Market, Money Market, Stock Market Tagged With: 182 days Treasury bill, 91 Days Treasury Bills, Bank Of Jamaica, Certificate of Deposits, GOJ Treasury bills, TBills

BOJ should cut inflation forecast

November 17, 2016 by IC Insider.com

Inflation rate in Jamaica remains at a low level for October with the rate receding from 0.5 percent in September to 0.2 percent in the latest compilation by the Statistical Institute of Jamaica (Statin).
The rate of inflation for the calendar year-to-date was 1.1 per cent, while increase for the last twelve months to October is up 1.8 percent. The fiscal year-to-date registered an increase of 2.4 percent and is running well below the central bank’s forecast of 4.5 to 6.5 percent.
The month by month increase for 2016, should end just under 2 percent for the full year, suggesting that its time the central bank adjusts their fiscal rate target sharply down, with the price of oil under pressure and the prospect that electricity rates should decline with Jamaica Public Service switching to LNG to power their Bogue plant.

The fiscal deficit was wiped out by Peter Phillips as Minister of Finance after his fellow minister Omar Davies ran up huge deficit an high inflation under his watch

According to Statin, “the main contributors to this movement were the 0.5 percent increase in the index for the division ‘Food and Non-Alcoholic Beverages’ and 0.2 percent rise in the ‘Transport’ division.”
Higher prices for vegetables and starchy Foods’ with an increase of 1.6 percent and movement for the division ‘Transport’ mainly attributable to higher prices for petroleum locally impacted the overall increase in inflation. A decline in electricity rates charged to consumers helped to moderate the increase.
The continued low inflation is aided by a fall in oil prices and other commodities on the world market but most telling, is the elimination of the huge government fiscal deficit in the past. The large deficit helped to fuel high levels of inflation and severe instability in the rate of exchange for the local currency.

Filed Under: Economy, Feature Stories Tagged With: JPS, Statin, Statistical Institute of Jamaica

Juniors drop to 2,446.29 – Wednesday

November 16, 2016 by IC Insider.com

The junior market traded at a new intraday high of 2,522.83 on Tuesday but closed at 2,485.13 and continued the decline with a sharp 38.84 points fall on Wednesday, to close at 2,446.29 even as the prices more stocks rose than declined. The fall in the market index brings the gain for the year to date at 37 percent
The volume of stocks traded rose on Wednesday with the volume climbing 46 percent from Tuesday’s level and ending with 1,885,054 units changing hands, valued at $7,271,634, up 32 percent from $5,509,660 on Tuesday.
At the close of trading, 14 securities changed hands, down from 17 on Tuesday. 6 stocks advanced and 4 declined, including 1 that traded at a 52 weeks’ intra-day high.
Market activities ended with 7 securities closing with bids higher than their last selling prices and 1 ending with a lower offer.
An average of 134,647 units with an average value of $519,402 traded, compared to 75,933 units with an average value of $324,098 on the preceding trading day. The average for the month to date is 139,223 units for an average of $827,673 compared to 139,639 units valued at $855,698 on Tuesday and 129,138 units with an average value of $709,705 for October.
In trading activity, Caribbean Cream regained 20 cents and closed with 122,116 shares changing hands at $7.30, Caribbean Flavours traded 3,350 units to end at $8.50, Caribbean Producers rose 9 cents in trading 485,148 shares to end at $3.30, C2W Music traded 1,000 shares and rose 2 cents to 25 cents. Dolphin Cove ended at $15.29 with 2,174 shares trading, General Accident loss 5 cents and closed with 500,000 units changing hands to end at $3.10, Honey Bun with 7,330 shares changing hands rose 19 cents and closed at $6.09, Jetcon Corporation traded 20,100 shares to close at $5.02, but traded as high as $for an intraday all-time high. Key Insurance gained 15 cents with 145,963 shares trading to end at $2.15, in response to the company posting improved results for the September quarter compared to a loss in the June quarter, KLE Group climbed 10 cents in trading 70,000 shares and closed at $1.70. Lasco Distributors ended with 92,344 shares trading at $6.50, after declining by 39 cents, Lasco Financial ended with 4,651 shares changing hands at $3.10, Lasco Manufacturing closed at $4.75 with 380,890 shares changing hands after slipping 15 cents and Paramount Trading lost 1 cent to end at $4 with 49,988 shares changing hands.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: C2W Music, Caribbean Flavours, Caribbean Producers, Daily Trading, Dolphin Cove, General Accident, Honey Bun, Jamaican stocks, Jetcon Corporation, junior market, Key Insurance, Lasco Distributors, Lasco Financial, Lasco Manufacturing, Paramount Trading, Trading Activity

NCB hits new high on TTSE

November 16, 2016 by IC Insider.com

NCB closed at a new 52 weeks’ high on the TTSE on Wednesday.

Trading on the Trinidad and Tobago Exchange closed on Wednesday with 15 securities changing hands, up from 11 on Tuesday, 2 of which advanced, 5 declined and 8 traded unchanged.
At the close of trading market activity resulted in 2 stocks closing at 52-week high while trading closed with 795,747 shares changing hands with a value of $8,048,155, in contrast to Tuesday’s volume of 650,998 with a value of $6,697,034.
The Composite Index advanced 6.18 points to 1,188.30 points, the All T & T Index dropped 2.85 points to close at 1,800.14 points, 7.6 percent down year to date and the Cross Listed Index gained 2.08 points to close at 77.06 points, with the year to date gains rising to 55.65 percent.
IC bid-offer Indicator |The Investor’s Choice bid-offer ended with 5 stocks with bid higher than their last selling prices and 5 with lower offers.
Gains| Grace Kennedy gained 26 cents to close at a 52 weeks high of $2.80 with 238,602 shares changing hands, valued at $666,729 and National Commercial Bank gained 25 cents to close at a 52 weeks high of $2.90 with 192,307 shares changing hands with a value of $552,064.
< Strong> Losses| Guardian Holdings lost 44 cents to close at $12.56 with 1,875 shares changing hands, JMMB Group with 100,000 shares changing hands, lost 1 cent to close 90 cents. National Flour Mills dropped 6 cents to close at $2.50 with 1,125 shares changing hands, TTSE sum 16-11-16

Sagicor Financial closed at $7.40, down 1 cent with 13,220 shares changing hands and West Indian Tobacco lost 5 cents to close at $126.90 with 28,905 shares changing hands.
Firm Trades | Angostura Holdings closed at $15.50 with 90,500 shares changing hands with a value of $1,402,750, Clico Investment Fund closed at $22.60 with 884 shares changing hands, First Citizens Bank with 1,175 shares changing hands, closed at $33, First Caribbean International Bank closed at $8.50 with 117,275 shares changing hands with a value of $996,737. Massy Holdings closed at $50.99 with 120 shares changing hands, Scotiabank traded 7,237 shares to close at $58.74, Trinidad & Tobago NGL closed at $22.68 with 2,472 shares changing hands and Unilever Caribbean with 50 shares changing hands, closed at $59.87.

Filed Under: Stock Market, TTSE Market Tagged With: Angostura Holdings, Clico Investments Fund, Daily Trading, Firstcaribbean International Bank, Grace Kennedy, Guardian Holdings, JMMB Group, Massy Holdings, National Commercial Bank, National Flour Mills, Sagicor Financial Corporation, Scotiabank, Trading Activity, Trinidad and Tobago NGL, TTSE, Unilever Caribbean, West Indian Tobacco

Record 191,788 close for JSE stocks

November 16, 2016 by IC Insider.com

Bulls in cautious run on Jamaican stocks

The Jamaica Stock Exchange main market surged on Wednesday as movement in National Commercial Bank shares between Tuesday and today help drive the All Jamaican index by 1,682 points to a new all-time closing high. Trading volume rose above Tuesday’s levels but with a lower dollar value.
At the close the All Jamaica Composite Index climbed 1,682.71 points to close at 191,787.84, with the year to date gains at 13 percent. The JSE Market Index rose 1,504.65 points to finish at 172,534.23 and the JSE combined index gained 996.34 points to end at 185,136.96 with a gain for the year to date of 17 percent.
At the close 5,034,107 units valued at $28,268,540 changed hands, compared to 3,554,573 units valued at $49,191,747 changing hands on Tuesday. The junior market accounted for 1,885,054 units trading valued at $7,271,634 of the stocks traded.

The average trade for the day in the main market ended at 125,962 and 117,386 units month to date. On Tuesday, an average of 90,548 units traded and for the month to date, 99,679 units, in comparison the average for the October was 220,811 units.
The market closed with 39 securities trading as the prices of 14 gained while 14 declined in the overall market, including 6 stocks rising and 6 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 16 stocks with bids higher than their last selling prices and just 3 with lower offers.
In market activity, Barita Investments traded 14,000 units to close at $4.20, Berger traded 14,500 shares to gain 15 cents and close at $6.50, Cable & Wireless closed at 80 cents with 167,652 units trading, Caribbean Cement lost 65 cents with 26,557 units changing hands, to close at $29.30, Carreras gained $1 in trading 6,500 shares to end at $66. Ciboney traded 254,900 units and closed at 18 cents, Grace Kennedy ended up trading 42,866 units at $41.40 after easing 3 cents, Jamaica Broilers fell 7 cents and closed at $14.51 with 32,302 shares changing ownership, Jamaica Producers lost 20 cents to end at $8 with 124,267 units trading.

Jamaica Stock Exchange rose 19 cents and ended at $5.70 after trading 71,432 shares, JMMB Group close trading with 289,634 shares to end at $14, Mayberry Investments rose 10 cents in trading 35,604 shares to close at $3.75, National Commercial Bank ended with just 2,200 shares changing hands but fell back $4 to $49. Trading in the shares of 138 Student Living ended in 53,200 units changing hands at $5, Pan Jamaican Investment fell 85 cents and closed at $22.80 after trading 40,782 shares, Portland JSX traded just 1,000 units with the price falling 79 cents to $10.21, for an all-time low. Sagicor Group had 117,831 shares changing hands and fell 89 cents to close at $24.10, Sagicor Real Estate Fund closed at $10.23 with 21,237 units switching owners, Scotia Group gained 29 cents in trading 75,089 shares to close at $31.50, Seprod rose 20 cents in trading 82,367 shares to end at $27.50. Proven Investments ordinary share traded 15,255 units to end at 19.50 US cents compared to 19.97 US cents on Tuesday, JMMB Group 7.50% preference share gained 1 cent in trading 1,251,688 units at $1.09 and Jamaica Money Market Brokers 7.50% preference share ended in trading 401,986 units at $2.10.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: 1834 Investments, Barita Investments, Berger Paints, Cable & Wireless, Caribbean Cement, Carreras, Ciboney, Daily Trading, Grace Kennedy, Jamaica Broilers, Jamaica Producers, Jamaica Stock Exchange, Jamaican stocks, JMMB Group, junior market, Mayberry Investments, National Commercial Bank, Pan Jamaican, Portland JSX, Proven Investments, Sagicor Group, Sagicor Real Estate Fund, Scotia Group, Seprod, Trading Activity

Quick about turn at Key Insurance

November 16, 2016 by IC Insider.com

Natalia Gobin-Gunter Chairman and Deputy Managing director inserting name strip to indicate listing of Key Insurance on the junior market.

Key Insurance recovered from a loss of $21 million in the June quarter to a profit of $84 million in the September quarter, up from a loss of $284,000 in the 2015 third quarter and also reversed the loss in the six months to June this year of $18 million.
The second quarter was negatively affected by an Insurance claims of $747 million compared to just $82 million in 2015 for the same period. In the September quarter the insurance company benefited from a positive turn around for claims.
The claims experience in the second quarter forced the company’s management to review the insurance claims and reserves quarterly rather than annually in the past. The end result is that claims seem to be back to normal in the third quarter with a net recovery in claims of $228 million as opposed to an expense of $193 million expensed in 2015.
Nine months profit ended at $66 million compared to $68 million for the 2015 period and seems set to reach $120 million for the full year, for earnings per share of 35 cents. At this level of earnings, the stock has a PE of 6, the lowest in the junior market.
Key generated net premium income of $166 million up 25 percent over 2015 and $451 million for the nine months, an increase of 28.5 percent. Administrative expenses rose from $77 million in the 2015 third quarter to $100 million in 2016 and for the nine months to $281 million from $220 million.
The stock last traded at $2 on the junior market of the Jamaica Stock Exchange.

Filed Under: Buy Rated, Company News, Company Results, Stocks to watch Tagged With: Key Insurance

National Commercial jumps $7 to $53

November 15, 2016 by IC Insider.com

NCB closes at new record on Tuesday on the JSE.

National Commercial Bank jumped 15 percent with a rise of $7 to a 52 weeks’ high of $53 while trading 64,595 shares. Trading levels on the Jamaica Stock Exchange climbed on Tuesday from Monday’s levels and the main market climbed as the number of securities rising exceeded those falling almost 2 to 1 with 4 stocks hitting 52 weeks’ high.
At the close the All Jamaica Composite Index climbed 1,633.32 points to close at 190,105.13, with the year to date gains at 13 percent. The JSE Market Index rose 1,460.49 points to finish at 171,029.58 and the JSE combined index gained 1,250.77 points to end at 184,140.62 with a gain for the year to date of 15.6 percent.
At the close 3,554,573 units valued at $49,191,747 changed hands, compared to 1,386,155 units valued at $4,662,262 changing hands on Monday. The junior market accounted for 1,290,866 units trading valued at $5,509,660 of the stocks traded.
ICI Jm sum 15-11-16rv

The average trade for the day in the main market ended at 90,548 and 99,679 units month to date. On Monday, an average of 62,133 units traded and for the month to date, 108,809 units, in comparison the average for the October was 220,811 units.
The market closed with 42 securities trading as the prices of 21 gained while 13 declined in the overall market, including 9 stocks rising and 8 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 12 stocks with bids higher than their last selling prices and just 1 with a lower offer.
In market activity, Barita Investments traded 115,028 units and gained 20 cents to close at $4.20, Cable & Wireless closed at 80 cents with 436,344 units trading, Caribbean Cement lost 5 cents with 131,792 units changing hands, to close at $29.95, Carreras traded 2,000 shares to end at $65. Grace Kennedy ended up trading 378,873 units at $41.43 after rising 63 cents, ICI -JSE fn Qts -15-11-16r

Jamaica Broilers fell 42 cents and closed at $14.58 with 6,665 shares changing ownership, Jamaica Stock Exchange rose 19 cents and ended at $5.69 after trading 101,985 shares, JMMB Group gained 55 cents in trading 237,408 shares to end at $14. Kingston Wharves jumped $1.26 in trading 40,000 shares to close at $18.51, Pan Jamaican Investment fell 5 cents and closed at $23.65 after trading 108,967 shares, Radio Jamaica closed with a gain of 1 cent to close at $1.32 with 23,297 shares trading, Sagicor Group had 452,560 shares changing hands and rose 99 cents to close at $24.99. Sagicor Real Estate Fund traded with a rise of 11 cents to close at $10.23 with 29,630 units switching owners, Scotia Investments gained 10 cents in trading 37,500 shares to close at $26.65, Seprod rose 30 cents in trading 4,600 shares to end at $27.30. Supreme Ventures fell 10 cents trading 47,100 shares to close at $4.90 and JMMB Group 7.50% preference share traded 26,082 units at $1.08.