The main market indices of the Jamaica Stock Exchange made modest gains on Wednesday with the all Jamaica Composite Index rising 216.41 points to 183,669.65. The JSE Market Index climbed 193.50 points to finish at 165,275.10 and the JSE combined index rose 551.77 points to end at 177,742.62 and gained at 12 percent for the year to date.
At the close 2,584,785 units valued at $33,734,659 changed hands, compared to 5,164,481 units valued at $41,188,234 changing hands on Tuesday. The junior market accounted for 718,533 units trading valued at $4,825,236 of the stocks traded.
The average trade for the day in the main market ended at 77,761 units, compared to an average for the month to date of 178,931 units. On Tuesday, an average of 157,519 units, compared to an average for the month to date of 280,102.
The market closed with 40 securities trading as the prices of 11 gained while 14 declined in the overall market, including 5 stocks rising and 4 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 14 stocks with bids higher than their last selling prices and 7 with lower offers.
In market activity, Berger Paints traded 5,000 shares to end at $6, Cable & Wireless closed at 84 cents with 290,565 units trading, Caribbean Cement traded 40,741 shares and lost 40 cents to close at $32.10, Carreras closed at $66 with 820 units changing hands. 1834 Investments traded 26,836 units but lost 3 cents to end at $1.17, Grace Kennedy lost 5 cents and closed trading with 6,685 shares changing hands at $41.90, Jamaica Broilers closed at $14.50 with 419,751 shares switching owners. 
Jamaica Producers closed with a loss of 4 cents at $8.25 with 890 units trading, Jamaica Stock Exchange rose 44 cents and ended at $27.39 while trading 2,323 shares, JMMB Group lost 43 cents in trading 7,580 units to close at $13.22. Kingston Wharves traded 5,328 shares to close at $17, Mayberry Investments ended with 265,471 shares trading at $4, National Commercial Bank traded 14,975 shares to close with a decline of 49 cents at $43, Pan Jamaican Investments rose 45 cents to close at $23 after trading 15,199 shares. Portland JSX traded 1,500 units with the price falling 7 cents to $11.03, Radio Jamaica traded 111,388 units and fell 15 cents to end at $1.40. Sagicor Group had 12,768 shares changing hands and lost 15 cents to close at $22.40, Scotia Group rose 36 cents and closed at $30.51 with 388,287 shares changing hands and Proven Investments traded 245,840 units at 19.75 US cents after rising 0.25 cents.
LASCO Manufacturing profit jumps 45%
Profit jumped 45 percent to $363 million for the quarter ending September this year, from $250 million in the September 2015 quarter for LASCO Manufacturing from revenue of $2.2 billion, an increase of 29 percent over the 1st quarter, this year and 35 percent over the June quarter of 2015.
For the six months period ended September 2016, LASCO generated a net profit of $587 million, 18 percent above the previous year’s profit of $497 million.
Revenue increased 28 percent to September 2016 to $4 billion, over the same period last year resulting from increased production as part of the expansion of the manufacturing plant. Gross margin of $1.3 billion, was achieved compared to $1 billion, the previous year.
Expenses for the six months rose 23 percent to $585 million, compared to the same period last year, due mainly to increases in marketing and equipment maintenance expenses.
“Production at the Liquid Plant continues to grow steadily, and we will further increase our capacity to meet the market demand for our iCool line of beverages, by ramping up production with the installation of additional equipment by the end of the financial year. We continue to be optimistic and confident about the future for this product line with substantial profits to be realized” Robert Parkins, Managing Director, stated in a release with the results.
Perkins went on to say “The new Dry Plant at White Marl is now fully operational, and together with the existing Red Hills Road Dry Plant recorded an increase of 24 percent in profits over last year at the end of the 2nd quarter. New products will be introduced by the end of the year to enhance the product line which is projected to continue to realize significant sales and profits.”
“The Statement of Financial Position shows Property, Plant and Equipment moving from $3.5 billion, at the beginning of the financial year to $4.6 billion at the close of the 2nd quarter. This is due to approximately $1 billion, of assets associated with both the liquid and dry plants being transferred during the period from work in progress as a result of continuing commissioning of these operations.”
The company reported cash flows from operations of $1.5 billion including more than $600 million released from working capital of which $1.17 billion was spent on expanding the plant.
IC Insider is forecasting $1.8 billion in profit or 45 cents earnings for the full year to March next year and $3.7 billion or 90 cents per share for 2018. Lasco last traded at $5 on the junior market of Jamaica Stock Exchange.
Cargo Handlers gains 220% – Wednesday
Cargo Handlers traded at a new all-time high of $12 on Wednesday.
Trading volume dropped 48 percent from Tuesday’s levels, ending with 718,533 units changing hands, while value traded, fell 42 percent to $4,825,236 from $8,364,061 on Tuesday.
An average of 44,908 units with an average value of $301,577 traded, compared to 81,413 units with an average value of $492,004 on the preceding trading day. The average for the month to date, amounts to 140,710 units at $781,154.
At the close of the market on 16 securities traded, versus 17 on Tuesday resulting in 5 stocks advancing and 4 declining stocks as 1 stock closed a new high. The market index climbed 36.24 points to 2,381.82 to be up 33 percent for the year to date.Market activities ended with 4 securities closing with bids higher than their last selling prices and 5 ending with lower offers.
CAC 2000 that could being facing a $200 million legal claim pay out, failed to trade but ended with an offer of $6.16 compared to $5.36 on Tuesday versus the last traded price of $6.30.
In trading activity, AMG Packaging climbed $2.58 while trading 3,000 shares to close at $19.58, Blue Power lost 10 cents and ended at $24.40 with 9,700 units changing hands, Caribbean Cream ended with 12,750 shares changing hands at $7.10, Caribbean Flavours traded 2,670 units to end at $8.38. Caribbean Producers lost 10 cents in trading 9,550 units to end at $3.65, Consolidated Bakeries had 20,000 units changing hands to end at $2.50,
C2W Music traded 14,000 shares but fell 1 cent to 24 cents, Derrimon Trading ended at $4.60 with 25,000 shares changing hands, after rising by 60 cents. General Accident closed trading with 1,500 units at $3 but ended with the stock being offered at $2.99, Jetcon Corporation lost 5 cents and ended with 10,000 shares trading at $4.15, Lasco Distributors traded 178,472 units and rose 25 cents to close at $6.75, Lasco Financial ended with 40,310 shares changing hands at $3.10, Lasco Manufacturing rose 1 cent and closed at $5 with 193,398 shares trading but was on offer at $4.80 at the close. tTech ended with 9,420 shares changing hands at $5 and Eppley 10% preference share, traded 26,000 units at $6.10.
Modest gains in early JSE trading
Trading on the Jamaica Stock Exchange continues on moderate pace on Wednesday with all the market indices rising.
Trading volume and values declined from Tuesday’s level, with declining stocks beating out advancing ones nearly 2 to 1.
The all Jamaica Composite Index gained 42.86 points to 183,496.10, the Jamaica Stock Exchange Market Index grew 38.32 points to 165,119.92, the Jamaica Stock Exchange combined index climbed 373.23 points to close at 177,564.08 and the junior market index inched up 32.86 points to 2,378.44.
At 11:30 am, a total of 31 securities traded, resulting in a volume of 808,218 shares changing hands carrying a value of $4,193,655, compared to 1,521,635 shares changing hands carrying a value of $7,634,987, on Tuesday at 11 AM.
The average number of shares traded amounts to 26,072 units compared to 56,357 on Tuesday. Market activity resulted in 11 stocks falling while the prices of 8 securities rose.
In trading activity, Cargo Handlers traded 11,300 units at a new all-time high of $12, as the price rose $2, while Cable & Wireless gained 4 cents to 88 cents in trading 141,071 shares, Proven Investments traded 195,300 shares and Radio Jamaica traded 111,388 units.
Junior market drops – Tuesday
Kurk Boothe – Medical Disposables Managing Director – the company’s closed closed at a new high on Tuesday.
Trading volume on the junior market dropped 79 percent from Monday’s levels, ending with a 1,384,024 units changing hands, while value traded, fell 77 percent to $8,364,061 from $36,505,806 on Monday.
An average of 81,413 units with an average value of $492,004 traded, compared to 352,499 units with an average value of $1,921,358 on the preceding trading day. The average for the month to date, amounts to 147,097 units at $813,126.
At the close of the market on 17 securities traded, versus 19 on Monday resulting in 6 stocks advancing and 6 declining stocks as 1 stock hit a new high. The market index dropped 30.46 points to 2,345.58 to be up 31 percent for the year to date.Market activities ended with 7 securities closing with bids higher than their last selling prices and 5 ending with lower offers.
CAC 2000 that could being facing a $200 million legal claim pay out failed to trade but ended with and offer of $5.36 versus the last traded price of $6.30.
In trading activity, AMG Packaging dropped $3 while trading 7,848 shares to close at $17, Blue Power ended at $24.50 with 800 units changing hands, Cargo Handlers finally traded 3,000 shares at $10. Caribbean Cream rose 9 cent and ended with 12,500 shares changing hands at $7.10, Caribbean Producers traded 17,150 units to end at $3.75, Consolidated Bakeries had 30,186 units changing hands, with the price declining 9 cents to end at $2.50. General Accident jumped 40 cents and closed trading with 182,058 units at $3 but closed with the stock being offered at $2.97, Honey Bun gained 3 cents with 9,561 shares changing hands to close at $5.65. Iron Rock Insurance rose 1 cent in trading 104,660 units to close at $3.20, Jetcon Corporation ended with 82,581 shares trading at $4.20.
Knutsford Express lost 5 cents and ended at $22.95 with 2,540 shares changing hands, Lasco Distributors traded 4,800 units trading with a loss of 33 cents at $6.50, Lasco Financial rose 1 cent and ended with 28,350 shares changing hands at $3.09, Lasco Manufacturing lost 1 cent and closed at $4.85 with 768,128 shares trading. Medical Disposables jumped 62 cents to close at a 52 weeks’ high of $5.62 with 10,000 shares changing hands, the stock closed with the offer at $5.50, Paramount Trading rose 12 cents to close at $24 with 111,962 shares changing hands and Eppley 10% preference share, traded 7,900 units at $6.10.
Jamaican stocks suffer losses – Tuesday
Berger closed at a new high on Tuesday of $6.
At the close 5,164,481 units valued at $41,188,234 changed hands, compared to 14,409,476 units valued at $129,902,890 changing hands on Monday. The junior market accounted for 1,384,024 units trading valued at $8,364,061 of the stocks traded.
The average trade for the day in the main market ended at 157,519 units, compared to an average for the month to date of 280,102 units. On Monday, an average of 321,333 units traded with the average for the month to date at 402,684.
The market closed with 41 securities trading as the prices of 16 gained while 14 declined in the overall market, including 7 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 15 stocks with bids higher than their last selling prices and 5 with lower offers.
In market activity, Berger Paints gained 16 cents in trading 1,899 shares to end at a 52 weeks’ closing high of $6, Cable & Wireless lost 1 cent and closed at 84 cents with 272,908 units trading, Caribbean Cement traded 120,302 shares and gained 94 cents to close at $32.50, Carreras closed at $66 with 17,600 units changing hands. Ciboney traded 500,000 units but lost 4 cents to end at 16 cents, Grace Kennedy lost 4 cents and closed trading with 3,829 shares changing hands at $41.95, Jamaica Broilers closed at $14.50 after easing by 25 cents, with 282,556 shares switching owners. Jamaica Producers closed at $8.29 with 4,530 units trading, Jamaica Stock Exchange lost 44 cents and ended at $26.95 while trading 4,200 shares, JMMB Group lost 1 cent in trading 14,307 units to close at $13.65.
Kingston Wharves traded 3,565 shares to close at $17, Mayberry Investments rose 15 cents and ended with 745,266 shares trading at $4, National Commercial Bank traded 60,773 shares to close with a rise of 16 cents at $43.49, Pan Jamaican Investments declined 1 cent to close at $22.56 after trading 61,235 shares. Portland JSX traded 8,780 units with the price rising 6 cents to $11.10, Radio Jamaica traded 14,435 units and gained 15 cents to end at $1.55. Sagicor Group had 31,499 shares changing hands and closed at $22.55, Scotia Group rose 11 cents and closed at $30.15 with 306,000 shares changing hands. Seprod had 5,000 units changing hands to close with a loss of 48 cents at $24.02, Supreme Ventures traded 168,442 shares and gained 50 cents to close at $5, Proven Investments traded 149,847 units at 19.5 US cents after rising 1.5 cents and JMMB Group 7.5% preference share traded 1,000,151 units at $1.08 for a loss of 1 cent.
6 stocks rose on TTSE – Tuesday
Witco had the largest dollar trade on the TTSE on Tuesday.
Trading activity closed with 6 stocks rising while 4 declined and 4 remained unchanged as 571,256 shares valued at $5,404,483 changed hands, compared to 153,635 shares valued at $1,497,555 on Monday. Two stocks closed at new 52 weeks’ high.
The market closed with positive movements in two of the indices with the the Composite Index advancing by 3.81 points to close at 1,172.26. The All T&T Index closed with a gain of 0.65 points to 1,805.44, down 7.34 percent for 2016 and the Cross Listed Index fell 0.95 points to 71.94 points and is up 45.30 percent year to date.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 7 with lower offers.
Gains| Clico Investment Fund closed with 15,500 shares valued at $350,300 changing hands with a rise of 1 cent to $22.59, Firstcaribbean International Bank ended trading with 5,000 shares and closed with a rise of 19 cents at a 52 weeks’ high of $8, Grace Kennedy contributed 40,986 shares to close at a 52 weeks’ high of $2.65 after rising 5 cents. Point Lisas gained 10 cents and closed at $3.70 with 826 units changing hands, Prestige Holdings with 1,232 units changing hands, ended at $11.10 to record a gain of 10 cents and Scotiabank gained 5 cents and closed with 600 shares changing hands at $58.56.
Losses| Massy Holdings ended with 137 shares changing hands at $51.43 after losing 7 cents,
Sagicor Financial traded 855 units and lost 20 cents to close at $7, Trinidad and Tobago NGL closed at $23.54 with 20,444 units with a value of $481,187 trading, after falling 1 cent and Trinidad Cement lost 2 cents in trading 7,898 units at $3.98.Firm Trades| Angostura Holdings ended with 2,219 shares changing hands to close at $14.65, First Citizens traded 4,940 to close at $32, Guardian Holdings traded 7,721 shares with the price closing at $12.60 and JMMB Group closed at 85 cents with 434,803 units valued $369,582, switching ownership and West Indian Tobacco in trading 28,950 shares with a value of $3,676,650 to close $127.
Jamaican stocks gain in early trade
Trading on the Jamaica Stock Exchange continues 
on a moderate pace on Tuesday, with all the market indices rising. Trading volume and values rose from Monday’s level, with advancing stocks beating out declining ones 4 to 1.
The all Jamaica Composite Index gained 283.24 points to 185,038.33, the Jamaica Stock Exchange Market Index grew 253.58 points to 166,498.95, the Jamaica Stock Exchange combined index climbed 403.55 points to close at 178,986.96 and the junior market index inched up 16.42 points to 2,392.46.
At 11 am, a total of 27 securities traded, resulting in a volume of 1,521,635 shares changing hands carrying a value of $7,634,987, compared to 510,894 shares changing hands carrying a value of $4,041,514, on Monday.
The average number of shares traded amounts to 56,357 units compared to 28,383 on Monday. Market activity resulted in 3 stocks falling while the prices of 12 securities rose.
Lawsuit may cost CAC $200m
Steven Marston,
Chief Executive Officer
CAC in a release to the Jamaica Stock Exchange stated that the court ruled in favour of the Claimant and awarded damages of US$372,100 and J$568,187 plus loss of profits of $7,077,874. Interest at commercial rates and legal fees were also awarded.
CAC further advised that on application, the court granted a stay of execution of 42 days and that its legal counsel is reviewing the judgment but, in the interim, the company will be providing for these amounts less the insurance amount of $20 million in the 2016 accounts.
IC Insider estimates that the company will likely be hit with a total cost of US$1 million and J$100 million before the insurance coverage when interest and legal fees are factored in.
The judgement resulted from a claim in negligence and or breach of contract as a result of a fire that occurred at the Claimant’s premises on May 11th, 2003. The Claimant prevailed at first instance in the Supreme Court with CAC appealing the judgment on account of the trial judge in the Supreme Court excluding the testimony and or report of the Company’s expert from the evidence. The Court of Appeal held that the exclusion of such evidence “created an unnecessary imbalance which was not in the interest of justice.”
CAC reported a loss of $9 million after tax for the July 2016 quarter and profit of $31 million after tax for the nine months period, compared to $39 million for the July 2015 quarter and a profit of $71.6 million for the nine months to July 2015.The net results came from sales revenues of $679 million for the nine months period compared to $674 million for 2015 and $198 million for the July quarter versus $259 million in 2015. The company saw a large climb in administrative cost of 42 percent for the nine months in 2016 and 57 percent for the quarter.
CAC successfully raised $120 million before cost of approximately $10 million in its initial public offering in December 2015. The stock traded traded on the junior market of the Jamaica Stock Exchange at $6.30 on Monday.
Jamaican$ holds vs US dollar – Monday
The selling rate of the Jamaican dollar closed unchanged on Monday as dealers bought the equivalent of US$66,732,742 of all currencies, and sold US$47,361,025, compared to US$62,281,233 purchased and US$50,300,502 sold on Friday.
In US dollar trading, dealers bought US$63,006,330 compared to US$57,960,736 on Friday. The buying rate for the US dollar fell 7 cents to close at $128.70. A total of US$44,536,359 was sold versus US$48,096,845 on Friday, with the selling rate remaining at $129.19. The Canadian dollar buying rate dropped 81 cents to $94.90, 
with dealers buying C$2,442,115 and selling C$1,709,029 at an average rate that rose 15 cents to $97.50. The average rate for buying the British Pound dropped 63 cents to $154.41 for the purchase of £1,505,320 while £955,498 was sold with a fall of 24 cents to end at $157.29.
At the end of trading on Monday, dealers sold €327,853 with the selling rate for the Euro, closing at $142.92 for rise of $1.66, according to data from Bank of Jamaica. Dealers purchased €101,358 of the European common currency at $134.07 after falling $2.29. The US dollar equivalent of other currencies traded, amounts to US$14,149 being bought and selling of US$8,876.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies, in the foreign exchange market on Monday, include a jump of $14.71 in the lowest buying rate for the US Dollar to $104.71. The lowest buying rate for the Canadian dollar declined $1.37 to $77.31, the highest selling rate fell $1.78 to $100.60. The highest buying rate for the British Pound surged $7.95 to $166. Trading in the Euro resulted in a fall of $1.50 in the highest buying rate to $138, the lowest buying rate dipped $1.24 to $112.30 and the highest selling rate fell $1.36 to $146.38.
