Grace Kennedy traded 27.9 million shares valued at $1,161,862,567 but Scotia Group’s traded at earlier $32.40 helping to move the main market indices upwards. Scotia eventually fell back from the mornings high by mid-morning.
The junior market rose moderately, Jetcon Corporation rose 10 cents to a new high of $4.10 with 4,300 units trading and Lasco Distributors traded 3,734,752 units at $7.05. In the main market, Cable & Wireless traded 513,700 shares at 80 cents, National Commercial Bank traded 309,258 units at $40 and Scotia Group traded 190,191 units and fell back $1.45 to $30.06.
At 10:45 am 22 securities traded, resulting in a volume of 33,336,371 shares carrying a value of $1,215,936,825 changing hands compared to 3,624,650 shares carrying a value of $1,765,042 on Thursday. The average number of shares traded amounts to 1,515,290 units compared to 9,488 units on Thursday. The number of stocks falling are 4 while the prices of 8 securities rose as the market continues to consolidate.
The all Jamaica Composite Index gained 820.63 points to 178,889.28, the Jamaica Stock Exchange Market Index climbed 733.78 points to 161,000.59, the Jamaica Stock Exchange combined index rose 752.52 points to close at 172,783.54 and the junior market index rose 7.01 points to 2,284.94.
Grace trade 27.9m shares
Mavis Bank Coffee sold
Mavis Bank Coffee (‘Mavis Bank’) with sales of $1.15 billion and profit of around $98.4 million in 2015 according to the 2015 audited reports for Jamaica Producers is being sold to Specialty Coffee Investments Company Limited (‘SCI’).
The joint shareholders made the announcement to the Jamaica Stock Exchange on Thursday. Pan Jamaican Investment Trust and Jamaica Producers Group, in separate reports, advised that the Pan Jamaican subsidiary, Scotts Preserves and JP Tropical Foods, a subsidiary of Jamaica Producers Group, entered into an agreement to transfer their shares owned in Mavis Bank Coffee Factory to SCI. SCI is acquiring the shares in Mavis Bank that are owned by both companies on a fifty percent basis each.
The Jamaica Producers audited accounts for 2015 showed Mavis Bank with net assets of $171 million and IC Insider estimates that the sales price, could be in the region of $750 million.
In October 2011, the Government sold its majority interest in Mavis Bank Coffee for an estimated J$243 million and then approximately 150 employees. Since acquisition the company invested additional sums in the venture.
20 JSE stocks rose 14 fall -Thursday
Jamaican main market stocks recovered from losses sustained on Thursday with a strong advance decline ratio but with low trading levels. Trading led to the prices of 20 securities gaining out of a total of 43 that traded, with 14 declining in the overall market, including 8 stocks rising and 8 falling, in the junior market.
At the close of the market to 2,177,808 units valued at $15,988,922, changed hands, compared to the 6,452,961 units valued at $39,142,493 changing hands on Wednesday. The junior market accounted for 1,412,005 units valued at $5,750,259 of the total traded on Thursday.
At the close of trading, the JSE Market Index climbed 896.25 points to end at 160,266.81. The all Jamaica Composite Index jumped 1,002.31 points to close at 178,068.65 and the JSE combined index rose 868.84 points, to end at 172,031.02.
At the close, IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 13 stocks with bids higher than their last selling prices and 3 with lower offers, suggesting that advancing stocks should continue to have the upper hand immediately ahead.
In market activity, investors picked up just 31,724 units of Cable & Wireless, the price slipped 2 cents in closing at 78 cents, Caribbean Cement gained 41 cents to close at $27 with just 1,255 units changing hands, Carreras traded 5,037 shares and gained 42 cents to close at $66.02, Investors traded 8,000 shares of 1834 Investments to close at $1.24. Grace Kennedy ended at $41.45, with 18,474 shares changing hand, Jamaica Broilers had 8,152 shares changing hands, to end at $14.55. Jamaica Producers lost 10 cents and ended at $8.40 with 3,615 units trading, Jamaica Stock Exchange gained 50 cents and ended at $27 while trading 61,156 shares, JMMB Group traded 22,000 units and rose 10 cents to $10. Kingston Wharves jumped $1.35 in trading 9,780 shares to close at $17.55, Pan Jamaican Investments gained 5 cents and closed at $24.45 after trading 3,610 shares, Radio Jamaica closed at $1.40 after 5,899 shares changed hands, Sagicor Group traded 208,100 shares while falling 53 cents to close at $22.57. Sagicor Real Estate Fund traded 28,000 shares to close with a fall of 20 cents at $10.15, Scotia Group closed with a gain of $1.10 at $31.51 with 24,280 shares changing hands. Seprod gained 19 cents to close at $19.70 with 6,473 shares trading, Supreme Ventures gained 23 cents with 76,730 units changing hands to close at $4.98 and Jamaica Money Market Brokers 7.50% preference share closed with 234,000 units changing hands for a 2 cents fall to $2.08.
3 new closing junior highs – Thursday
The market index gained 3.66 points, to close at 2,277.93. Market activities ended with 4 securities closing with bids higher than their last selling prices and 2 ending with lower offers.
Trading ended with 1,412,005 units changing hands, 57 percent less than on Wednesday, while the value traded dropped 64 percent, with $5,750,259, down from $15,960,574 changing hands on Wednesday.
At the close, AMG Packaging traded 59,416, shares with the price dropping 33 cents to close at $15.22, CAC 2000 closed with 5,000 shares changing hands at $6.40. Caribbean Cream gained 30 cents and closed with 10,000 shares changing hands at a 52 weeks’ closing high of $9, Caribbean Producers traded 1,013,163 shares and rose 5 cents to close at $3.30. Consolidated Bakeries closed with a regained of 5 cents at $2.40 with 83,211 units changing hands. General Accident closed trading with 57,610 units but lost 1 cent to close at $2.29, Honey Bun fell 32 cents in trading 20,637 units to end at $5.53, Iron Rock Insurance traded 8,000 shares at $3.28, Jamaican Teas traded only 3,900 units but declined by 20 cents to end at $3.60. Jetcon Corporation traded 20,000 shares and gained 70 cents to close at a new all-time high of $4, Key Insurance traded 10,000 units and lost 16 cents to close at a new low of $2.49. Knutsford Express Services dropped $1 to end with 14,950 units trading at $25, Lasco Distributors closed with 8,645 units trading, ended with a loss of 3 cents at $6.97, Lasco Financial gained 20 cents with 5,000 shares changing hands at $3.30. Lasco Manufacturing rose 9 cents and closed at $4.45 with 89,310 shares trading, Medical Disposables rose by 15 cents in trading 1,063 shares and closed at $4, Paramount Trading climbed $2.45 to end with 2,000 shares changing hands at a 52 weeks’ high of $17.50 and Derrimon Trading preference share lost 5 cents in trading 100 shares at $2.15.
Trading activities climb on TTSE – Thursday
Trading activity on the Trinidad and Tobago stock market closed Thursday with losses in the two of the market indices. Volume traded rose above the 43,000 units changing hands on Wednesday. At the close 13 securities changed hands, 4 rose, 2 fell while 7 remained unchanged.
Market activity resulted in 396,924 shares valued at $22,225,458 changing hands, well over the $694,381 traded on Wednesday.
The Composite Index declined 0.21 points to close at 1,156.70, the All T&T Index fell 0.54 points to close at 1,818.39 and the Cross Listed Index ended with a gain of 0.01 points to 65.90.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 7 stocks with bids higher than their last selling prices and 3 with offers that were lower.
Gains| Republic Financial Holdings gained 1 cent to close at $110, with 60,000 shares changing hands at a value of $6,599,993, Sagicor Financial Corporation closed with a gain of 2 cents with 4,430 shares changing hands at $6.62. Scotiabank gained 5 cents and closed with 61,705 shares changing hands with a value of $3,569,632 to end at $57.85 and Trinidad and Tobago NGL that closed at $23.51 with 12,122 units changing hands after rising 1 cent.
Losses| Massy Holdings lost 15 cents and ended with 64,689 shares carrying a value of $3,551,396 changing hands, to end at $54.80 and National Enterprises lost 5 cents to close with 1,029 shares changing hands at $10.45,
Firm Trades| Angostura Holdings ended with 2,150 shares changing hands to close unchanged at $14, Ansa McAl traded 102,794 units to close at $62.70, Clico Investment Fund closed with 70,975 shares changing hands, valued at $1,604,035, to end at $22.60, First Citizens traded 1244 units at $35. Guardian Media ended with 805 shares changing hands at $19.75, National Commercial Bank ended with 12,768 shares changing hands to close at $2.64 and Trinidad Cement traded 2,213 shares to close at $3.12.
Net FX inflows up US$6.3m – Thursday
Trading in Jamaica’s foreign exchange market saw net inflows climbing by US$6.3 million of all foreign currencies traded as dealers continue to add to the net pool of funds accumulated in the system since the start of July.
At the end of trading, dealers bought US$25,483,427 and sold only US$19,195,850 compared to US$35,551,732 purchased and US$26,969,039 sold on Wednesday, of all currencies.
In US dollar trading, dealers bought US$22,657,177 compared to US$32,192,191 on Wednesday. The buying rate for the US dollar lost 3 cents to close at $127. A total of US$17,269,462 was sold versus US$24,604,567 on Wednesday, the selling rate rose 5 cents to end at $127.77. The Canadian dollar buying rate fell $2.51 to $93.70, with dealers buying only C$745,881 and selling C$1,241,166 at an average rate that rose 73 cents to $97.97. The average rate for buying the British Pound jumped $1.04 to $165.63 for the purchase of £1,497,758 while only £632,131 was sold as the rate dropped $3.11 to end at $166.14.
At the end of trading, the selling rate for the Euro, fell $1.64 to close at J$142.81 from Wednesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$138.96 for a gain of $1.94 from the rate on Wednesday. The US dollar equivalent of other currencies traded, amounts to US$322,513 being bought, while US$143,398, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Thursday, include a jump of $20.50 in the lowest selling rate of the US dollar to end at $124.50. There was a fall of $1.37 in the highest buying rate for the Canadian Dollar to end at $96.18 and a dive of $13.90 in the lowest selling rate to $79.10. Trading in the British Pound resulted in a rise of $1 in the highest buying rate to close at $169, a climb of $1.80 in the highest selling rate to $177.12 and a decline of $3.50 in the lowest selling rate to $169.50.
Scotia pushed JSE main market
A big 47 percent jump in Scotia Group’s third quarter profits motivated investors to push the stock up by $1 to $31.50 and the main market all Jamaica index up by more than 1,600 points in the morning session, even as the overall volumes traded so far is light.
The junior market rose moderately with two stocks traded at new highs in the morning session, as Jetcon Corporation rose 70 cents to $4 with 20,000 units trading and while 2,000 units traded for Paramount Trading at $17.50 for a gain of $2.45. Caribbean Cream that has come in for increased buying traded above Wednesday’s closing high to $9 with 10,000 shares.
At 10:45 am 26 securities traded, resulting in a volume of only 246,695 shares carrying a value of 1,765,042 changing hands compared to 3,624,650 shares carrying a value of $18.2 million on Wednesday. The average number of shares traded amounts to only The 9,488 units compared to 95,386 units on Wednesday. The number of stocks falling are 6 while the prices of 12 securities rose as the market continues to consolidate.
The all Jamaica Composite Index gained 1,653.06 points to 178,719.40, the Jamaica Stock Exchange Market Index climbed 1,478.14 points to 160,848.70, the Jamaica Stock Exchange combined index rose 1,468.28 points to close at 172,630.46 and the junior market index rose 9.48 points to 2,283.75.
Net FX inflows up US$8.6m – Wednesday
Trading in Jamaica’s foreign exchange market saw net inflows climbing by US$8.6 million of all foreign currencies traded as dealers continue to add to the net pool of funds accumulated in the system since the start of July. The central bank is issuing 3 to 7 years US dollar bonds, to mop up excess US dollar, at rates ranging from 2.65 percent to 4.2 percent.
In Wednesday’s trading, the local dollar only lost value versus the US dollar buying rate but enjoyed gains around against the other rates. At the end of trading, dealers bought US$35,551,732 and sold only US$26,969,039 compared to US$26,841,312 purchased and US$24,854,416 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$32,192,191 compared to US$23,201,767 on Tuesday. The buying rate for the US dollar rose 17 cents to close at $127.03. A total of US$24,604,567 was sold versus US$21,450,365 on Tuesday, with the selling rate easing 1 cent to end at $127.72. The Canadian dollar buying rate fell 59 cents to $96.21, with dealers buying C$2,544,063 and selling C$2,364,789 at an average rate that fell 52 cents to $97.24. The average rate for buying the British Pound declined $1.30 to $164.59 for the purchase of £972,514 while only £295,488 was sold as the rate dropped $3.11 to end at $166.14.
At the end of trading, the selling rate for the Euro, rose $1.30 to close at J$144.45 from Tuesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$137.02 for a gain of 66 cents from the rate on Tuesday. The US dollar equivalent of other currencies traded, amounts to US$172,652 being bought, while US$179,631, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include a decline of $3.49 in the highest selling rate of the US dollar to end at $134.51 and a drop of $19.60 to $104 in the lowest selling rate. There was a fall of $1.45 in the highest buying rate for the Canadian Dollar to end at $97.55. Trading in the British Pound resulted in a fall of $1.10 in the highest buying rate to close at $168, a decline of $2.02 in the highest selling rate to $175.32 and a rise of $1 in the lowest selling rate to $163.