All Jamaica just below 350,000 points

The main market of the Jamaica Stock Exchange hit new record high with the all Jamaica composite Index sitting just below the 350,000 points level with 3 hours of trading elapsing.
The All Jamaican Composite Index jumped sharply by 5,035.03 points to 349,774.63 and the JSE Index surged 4,5687.48 points to end at a record 318,684.18 while the Junior Market index jumped 32.26 points to 3,194.15.
Indies Pharma traded 3,185,194 shares up to $2.25 up 75 cents from the IPO price of $1.50 while Everything Fresh climbed to $2.20 following six months results. Subsequently, Indies traded 21.19 million units with the last traded price being $2.24.

Derrimon buying Woodcats International

Staff at Derrimon Trading.

Derrimon Trading signed an agreement to buy Woodcats International with the transaction set to close within thirty days.
Woodcats was founded in 1999 by Christopher Collings and reached of $450 million in the 2017 financial year. products include: export pallets, warehouse pallets, wooden crates, sawdust, and landscaping mulch with in heat treatment and pallet repair.
Revenues for the Derrimon Trading first quarter March this year, climbed 27 percent to $1.94 billion above the $1.53 billion reported for the 2017 quarter and led to a big hike in profit.
The company reported a strong 45 percent jump in its first quarter results, from $35 million to $52 million or 21 cents per share to March this year, but profit could have been even higher had they not incurred finance cost which jumped 56 percent to $38 million from $25 million in 2017.
Derrimon stock traded 236,050 as high as $25 on Friday on the Jamaican Stock Exchange but ended at a record close of $24 to be up 243 percent for the year. The company is expected to approve a  stock split of 10 to 1 at their upcoming annual general meeting slated for August 22.

Seprod could ditch Duckenfield sugar

Seprod could ditch loss making Duckenfield sugar operations.

Duckenfield sugar factory in St Thomas faces closure, unless the government steps in to alleviate the problems. IC understands a major part of the issue is a cess placed on locally produced sugar that cost the industry almost a billion per year.
The industry that is struggling to be viable is not in a position to bear the cost of the cess. Duckenfield has racked up a huge amount of losses since it was taken over by Seprod.
Seprod who operates the St Thomas based Duckenfield factory, stated in a release accompanying their six months results as they bemoan the impact that continuous losses at the factory has on the results of the group.
The report singed by the Chief executive, Richard Pandohie and Vice Chairman, Peter John Thwaites states, “Unfortunately, the Group would have had much better results had it not been for the $220 million loss in the sugar operation for the period. Management has exhausted almost all options to make these operations achieve even a breakeven status and we are committed to, in very short order, eliminating these nine years of erosion in shareholders’ value.”
For the six months ended June 2018, Seprod generated revenues of $10.44 billion, an increase of J$2.07 billion or 25 percent over the corresponding period in 2017. Net profit increased 29 percent for the period to $598 million in the 2017 period. The 2018 results are bolstered by the transfer of the former Jamaican dairy operations of Nestle within the Group effective January, this year.

Sugar cane under production in Jamaica

These operations, located in Bog Walk, St. Catherine, produce Supligen and Betty products, as well as co-manufacture products for international customers. In 2017, these operations were operated by Seprod under a management services contract and were not included in the Group’s results. The directors’ report stated that, “had these operations been included in the Group’s results in 2017, the increase in revenues for the six months ended 30 June 2018 would have been $1.20 billion or 13 percent and the increase in net profit would have been $77 million or 15 percent.”
For the June quarter, revenues rose 33 percent to $5.48 billion with gross profit rising sharply to 36 percent from 24 percent in 2017, with gross profit hitting $1.96 billion and profit after tax coming in at $325 million attributable to Seprod shareholders, 37 percent ahead of the 2017 out turn.

JSE markets fall in morning session

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All Jamaica Stock exchange indices are down in then morning session on Wednesday except the US market that is flat.
At midday, the All Jamaican Composite Index dropped 1,540.15 points to at 343,864.88, the JSE Index fell 1,403.25 points to close at 313,299.72 and the Junior market dived 62.25 points to 3,088.65.
NCB Financial pulled back to $100.05 from Tuesday‘s closing price of $104, trading 29,803 shares, Caribbean Cement traded 7,300 shares up to $43.50 but pulled back to $41. Grace Kennedy traded 9,374 units up to a new high of $58 but pulled back to $57.
In the junior market Access Financial dropped from $46.50 to $36 trading 1,000 shares, Caribbean Producers jumped to a new high of $6.77 with 5.28 million units changing hands and General Accident traded 6,949 shares at a new 52 weeks’ high of $3.86 and now has no stock being offered for sale.

Republic makes bid for Cayman biggest bank

Demand rises for Republic Financial Holdings

Trinidad’s Republic Holdings has made an offer through its wholly-owned subsidiary of RBTT Barbados Republic Financial Holdings to acquire between 51 percent and 74.99 percent of the issued shares of Cayman National Bank.
The offer is priced between US$6 to US$6.75 per Cayman National share representing a premium between US$3 to US$3.75 per share as compared to the closing price of US$3 per Cayman National share on 3 August. The offer price is around 10 times earnings which is very attractive to republic as profit has been growing nicely for last year and the current year. The acquisition would allow Republic to merge Cayman National with Republic’s Cayman operations.
Cayman National has total assets of CI$1,558,692,523, up from $1,464,852,010 at June 2017. Total Comprehensive Income for nine months to June 2018 is CI$16,062,080 and is up from CI$10,841,267 in 2017.
The Offer remains subject to a number of conditions, including completion of due diligence by RBTTBL and recommendation by the Board of CNC for the Possible Offer.
Cayman National was Established in 1974 and is the largest financial services company based in the Cayman Islands, providing banking, trust and company management, fund administration, and wealth management services to clients locally and around the world, from the Cayman Islands, and the Isle of Man, with an office also in Dubai. Cayman National is publicly traded on the Cayman Islands Stock Exchange and comprises: Cayman National Bank Ltd., Cayman National Fund Services Ltd., Cayman National Securities Ltd., Cayman National Bank (Isle of Man) Limited and Cayman National Trust Company (Isle of Man) Limited and Cayman National (Dubai) Ltd.
RBTTBL was established in 1999 and is a licensed offshore international financial business operating pursuant to the International Financial Services Act, CAP. 325 of the Laws of Barbados which primarily conducts investment and investment management services. RBTTBL’s registered office is located at Republic Bank (Barbados) Limited, Independence Square, Bridgetown, Barbados. RBTTBL is a wholly-owned subsidiary of Republic Financial Holdings Limited. RBTTBL currently has wholly-owned subsidiary in the Cayman Islands, Republic Bank (Cayman Limited).
About Republic Bank (Cayman) Limited:
Republic Bank (Cayman) Limited was established on 13 January 1992 and currently holds a Trust License and an Unrestricted Class B Banking License under the Banks and Trust Companies Law of the Cayman Islands, as amended. Republic Bank (Cayman) Limited also holds a Mutual Funds License and is a registered Excluded Person for purposes of the Securities Investment Business Law of the Cayman Islands (SIBL-EP).
RFHL is listed on the Trinidad and Tobago Stock Exchange and has over US$10 billion of total assets. RFHL, along with its subsidiaries and associated companies, provides commercial banking and related services. These include investment banking, mortgage financing, securities trading and related activities, trustee services, credit card operations, foreign exchange and trade finance services as well as deposit taking and lending operations. Through its subsidiaries and associated companies, RFHL has operations domiciled in Barbados, Ghana, Suriname, Grenada, Guyana and St. Lucia in addition to Trinidad and Tobago.

More record for JSE majors

The main market of the Jamaica Stock Exchange cleared another mile stone after 15 minutes off the market opening on Tuesday with the All Jamaican Composite Index breaking through the 347,000 points mark.
The All Jamaican Composite Index jumped 2,501.62 points to at 347,551.83 and the JSE Index gained 2,279.26 points to close at 316,658.95. The Junior market was flat at 3,130.20 points but Medical Disposables traded at a new record high and headed to $6.68 having posted strong gains in its first quarter profit.
Helping in the record move on the day after the in the main market was closed for the Independence Holiday, is NCB Financial rising to $104 and Grace Kennedy at $57.

Employment jumps 10,700 for 2018

Employment in Jamaica jumped by 10,700 persons since the start of 2018, to 1,217,300 persons in April, and 14,700 more than the 1,202,600 recorded in April last year.
A total of 1,206,600 persons, were employed, in January 2018 this year data out of the Statistical Institute of Jamaica (Statin)shows.
The effect of the increase in the number of persons employed, is that the unemployment rate fell to 9.7 percent In April, compared to 12.2 percent in April 2017, but inched up slightly from the 9.6 percent recorded in January, this year.
“Among major occupation groups, the largest increase in the Employed Labour Force between April 2017 and April 2018 occurred in ‘Elementary Occupations’. This occupation group includes, among other jobs, car washers, street vendors and housekeepers in hotels. There were 174,900 persons employed in this occupation group in April 2018, an increase of 13,200 or 8.2 percent when compared with April 2017,” the Statin report showed.

AJI crosses 345,000 mark

The main market of the Jamaica Stock exchange jumped to a new record high in early morning trading on Thursday with All Jamaican Composite Index crossing the 345,000 points mark for the first time.
Having traded at a number of record intraday highs on Friday and closing at a new end of day record, with more than 3,000 points rally, the All Jamaican Composite Index advanced by 1,257.21 points to a record high of 345,208.15 and the JSE Index gained 1,145.46 points to close at 314,523.59, a new record high as well. The Junior Market was down by 7.16 points to 3,094.98.
On Friday, the All Jamaican Composite Index jumped 3,071.05 points to close at a record of 343,950.94 and the JSE Index climbed 2,798.07 points to close at 313,378.13.

JSE trades at record high

The Jamaica Stock Exchange main market, trades at a new intraday high in the morning session on Monday and could be heading for another record close, if prices hold up substantially at the the end of trading.
Just before Mid-day the All Jamaican Composite Index climbed 1,552.05 points to 341,987.04 and the ;JSE Index rose 1,414.10 points to 311,588.81. the new record follows the record reached on last Friday. When the All Jamaican Composite Index climbed a strong 2,697.06 points to 341,378.20 and the JSE Index surged 2,457.33 points to 311,034.08 as NCB Financial jumped over $3 and ended the day at $100.01 following release of the group’s nine months results.
Currently, the Junior Market trades down, 15.08 points to 3,078.02.

All Jamaica index breaks 341,000

The Jamaica Stock Exchange All Jamaica Composite Index made another record run and hit 341,378.20  after rising 2,697 points as NCB Financial traded at $102.
Investors were responding to the third quarter results to June, showing net profit attributable to stockholders of $20.7 billion, an increase of 40% or $5.9 billion over the prior year’s nine months to June. The group recorded $4.4 billion in one off gains from the acquisition of the majority shares in Clarien bank in Bermuda.
The previous high was reached during trading in the morning sessions oon friday July 20 when the market surged to a then new record high of 340,893.72 points on the all Jamaica Index while the JSE index rose to a record high of 310,624.04 but then closed down at the close.