JSE lost altitude – Monday

Carib Cement jumped $7.99 to end at a 52 weeks’ closing high of $50.

In moderate trading, the Jamaica Stock Exchange closed down on Monday after the All Jamaica Composite Index hit a new high of 347,919.92 points in early trading.
At the close trading,  advancing stocks were the same as stocks, leading to the All Jamaican Composite Index to decline by 880.86 points to 346,120.15 and the JSE Index in shedding 802.56 points to end at a record close of 315,354.54.
Trading in the main market ended with 4,879,200 units valued at over $45,250,338 compared to 11,481,249 units valued $123,719,859 on Friday.
Market activities resulted in 29 securities trading including 2 in the US dollar market compared to 26 securities trading on Friday. At the end of trading, the prices of 9 stocks rose, 9 declined and 11 traded unchanged, including
Caribbean Cement traded at an all-time closing high of $50 with very low volume while the Jamaica Stock Exchange traded at a 52 weeks’ high of $8.50 but pulled back at the close to $8.
The day’s volume was led by, Mayberry Jamaican Equities with 2,626,900 units and 53.84 percent of the main market volume, followed by Jamaica Stock Exchange with 822,926 units and Victoria Mutual Investments with 298,913 units.
Stocks with major price changes| Barita Investments lost 50 cents and ended at $9, trading 7,186 stock units, Caribbean Cement jumped $7.99 to a 52 weeks’ closing high of $50 exchanging a mere 610 shares, but ended with the being offered at $45 Jamaica Broilers traded 27,922 stock units and added $1.90 to end at $24, Mayberry Investments lost 25 cents to end at $8 trading just 18,821 shares, Kingston Wharves lost 75 cents to end at $51.50, after trading 2,500 stock units, NCB Financial Group lost 50 cents and ended trading at $103.50, exchanging 42,838 shares, Scotia Group traded 9,910 units and shed 80 cents to end at $52, Supreme Ventures fell 29 cents in trading 81,921 at $15.51 and Wisynco Group fell 25 cents to close at $9.25 after trading 197,432 shares.
Trading in the US dollar market closed with 35,200 units valued at US$65,830 as JMMB Group 5.75% preference share rose 12 cents and closed at US$2.15 trading 35,200 shares and Margaritaville rose 1 cent in trading 5,000 shares at 18 US cents. The JSE USD Equities Index rose 0.47 points to 159.31.
Trading resulted in an average of 180,711 units valued at over $1,675,938, in contrast to 478,385 shares valued at $5,154,994 on Friday. For the month to date an average of 196,186 shares valued at an average of $4,035,512 versus 198,469 shares valued at an average of $4,438,731 on Monday. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 10 stocks ended with bids higher than their last selling prices and 4 closing with lower offers.

9 months’ high for Junior Market – Monday

Derrimon ended at a new closing 52 weeks’ high on Monday.

The Junior Market move higher at the close of trading on Monday rising 31.40 points to close at 3,158 as the number of declining and advancing stocks were equal for a second day.
At the end of market activity, one stock traded at a 52 weeks’ intraday high and one closed at a 52 weeks’ high. Trading ended with 27 securities changing hands, compared to 26 on Friday, with 11 advancing, 7 falling and 9 remaining unchanged.
The market closed with, 2,611,628 units valued at $11,933,757 compared to 1,989,152 units valued at $15,833,326 on Friday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 8 stocks ending with bids higher than their last selling prices, 2 closed with lower offers.
Trading closed with an average of 124,363 units for an average of $568,274 in contrast to 76,506 units for an average of $608,974 on Friday. The average volume and value for the month to date amounts to 201,586 units valued at $1,097,411, compared to 213,423 units valued at $1,178,519 previous trading day. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, AMG Packaging ended at $1.95 after rising 4 cents trading 930 stock units, Blue Power jumped $5 to $45, in exchanging 10,166 units, CAC 2000 finished trading and lost 1 cent to end at $8, with 2,000 shares changing hands, Cargo Handlers climbed 89 cents to $10.89, trading 500 shares, Caribbean Producers finished trading 2,645 units with a rise of 27 cents to $6.77. Derrimon Trading concluded trading of 23,900 shares and rose $1 to end at a 52 weeks’ closing high of $25, Elite Diagnostic settled with a loss of 10 cents at $2.80, after exchanging 66,552 units, Everything Fresh traded 51,500 shares and ended at $1.90. Express Catering traded with a loss of 10 cents at $8, with 120,080 shares, FosRich Group finished trading 10 cents higher at $3, after swapping 1,116,649 shares. Honey Bun concluded trading 19,521 shares and gained 61 cents to close at $4.51, Iron Rock lost 57 cents to close at $3.50, with 13,394 shares changing hands, Jamaican Teas ended trading 24,588 stock units and added 15 cents to $4.05, KLE Group gained 31 cents to $2.81, exchanging 669 shares. Lasco Distributors concluded trading of 73,800 stock units with a loss of 1 cent to close at $3.99, Lasco Financial finished 11 cents higher at $5.90, trading 1,012,633 shares, Lasco Manufacturing settled at $4, trading 12,500 shares, Main Event ended trading 15,000 shares with a loss of 19 cents at $5.81. Medical Disposables dropped $1.20 to $5.20, with 28,901 shares and Stationery and Office closed 50 cents higher at $9.50, trading 5,700 units. In the Junior Market preference segment, Eppley 8.25% concluded trading at $6.20, with 10,000 units, changing hands.
Prices of securities trading for the day are those at which the last trade took place.

3 new highs for Junior Market – Friday

Iron Rock hits 52 weeks’ high of $4.07 on Friday.

The Junior Market move higher at the close of trading on Friday rising just 0.99 points to close at 3,126.60 as the number of declining and advancing stocks were equal for a second day.
At the end of market activity, three stocks traded at a 52 weeks’ high and one closed at a 52 weeks’ low.
The market closed with, 1,989,152 units valued at $15,833,325.80 compared to 17,879,196 units valued at $94,384,927 on Thursday and ended with 26 securities changing hands, compared to 22 on Thursday, with 10 advancing, 10 falling and 6 remaining unchanged.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 8 stocks ending with bids higher than their last selling prices, 3 closed with lower offers.
Trading closed with an average of 76,506 units for an average of $608,974 in contrast to 812,691 units for an average of $4,290,224 on Thursday. The average volume and value for the month to date amounts to 213,423 units valued at $1,178,519, compared to 245,494 units valued at $1,311,926 previous trading day. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, Access Financial closed at $36, exchanging 1,800 shares, AMG Packaging ended with a loss of 9 cents at $1.91, trading 7,000 stock units, Blue Power concluded trading at $40, with 4,820 units, Cargo Handlers settled with a loss of 89 cents at $10, trading 310,120 shares, Caribbean Flavours traded 5,000 stock units and rose 50 cents to $13. Derrimon Trading concluded trading of 236,050 shares and rose $1 to a 52 weeks’ high of $24, after trading at $25 ahead of the close as news broke that the company entered into an agreement to acquire Woodcats International. Dolphin Cove finished at $16.50, with 816 stock units changing hands, Elite Diagnostic settled 15 cents higher at $2.90, with 90,678 units, Everything Fresh traded 157,069 shares and lost 1 cent to end at 1.90, Express Catering traded 72,934 shares and ended 10 cents higher at a 52 weeks’ high of $8.10. FosRich Group finished trading 26,184 shares with a loss of 7 cents to end at $2.90, General Accident climbed 40 cents to $3.80, after trading 8,350 stock units, Honey Bun concluded trading with a loss of 41 cents at $3.90, with 1,000 shares, Iron Rock jumped 92 cents higher to close at a 52 weeks’ high of $4.07, with 553,112 shares changing hands. Jamaican Teas ended trading with a loss of 15 cents at $3.90, with 5,000 stock units, Jetcon Corporation traded at $4, with 29,302 units, Key Insurance finished trading 12,547 shares with a loss of 45 cents to end at $3.02, Knutsford Express ended with a loss of 21 cents at 52 weeks’ low of $11.30, after exchanging 2,000 shares. Lasco Distributors concluded trading at $4, with 4,740 stock units, Lasco Financial traded 68,728 units and finished 39 cents higher at $5.79, Lasco Manufacturing rose 7 cents to end at $4, trading 38,000 shares, Main Event ended trading with a loss of 85 cents at $6, with 15,400 shares traded. Medical Disposables traded 92,420 shares and rose 40 cents to $6.40, Stationery and Office closed at $9 after gaining 97 cents with 238,725 units changing hands and tTech concluded trading at $5, with 2,357 shares trading. In the junior market preference segment, Eppley 8.25% concluded trading with a loss of 1 cent at $6.20, with 5,000 units changing hands.
Prices of securities trading for the day are those at which the last trade took place.

JSE end at a new close – Thursday

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The Jamaica Stock Exchange took another sizable jump to end at a record close on Thursday as advancing stocks out-numbered declining stocks in continuation of the market’s record bull run.
At the close trading, the All Jamaican Composite Index jumped 2,217.67 points to 346,695.82 and the JSE Index climbed 2,020.55 points to end at a record close at 315,879.03.
Trading in the main market ended with 7,873,698 units valued at $335,479,879 compared to 3,458,733 units valued at $66,593,492 on Wednesday.
Market activities resulted in 28 securities trading including 2 in the US dollar market compared to 27 securities trading on Wednesday. At the end of trading, the prices of 12 stocks rose, 8 declined and 8 traded unchanged, including Grace Kennedy trading at an intraday high of $58 and Mayberry Investments trading at an all-time high of $9 before pulling back at the close.
The day’s volume was led by, Grace Kennedy with 5,253,678 units accounting for 66.72 percent of the main market volume, followed by Carreras with 899,233 units or just 11.42 percent of the day’s volume and JMMB Group 7.50% preference share with 500,000 units and 6.35 percent of the day’s volume.
Major price changes| Grace Kennedy jumped $1.01 to finish at a record high of $58.05, JMMB Group rose 40 cents ended at $29.50, trading 13,087 shares. Mayberry Investments climbed $1.60 to end a record closing high of $9 trading just 1,000 shares, Kingston Wharves finished at $52, after falling 50 cents with 3,842 stock units NCB Financial Group gained 60 cents and ended trading at $104.80, trading 27,159 shares, Sagicor Real Estate Fund rose 50 cents and settled at $14.50 exchanging 3,300 shares, Sterling Investments gained 40 cents to $14.50 after 68,200 shares traded, Scotia Group traded 351,092 units and gained $1.30 to end at $52.80 and Seprod added 99 cents to finish trading at $34, with an exchange of just 750 shares.
Trading in the US dollar market closed with 5,754 units valued at US$5,330 as JMMB Group 6% preference share completed trading of 16,500 stock units and rose 1 cent to end at $1.05, Proven Investments fell 1 cent and closed at 19 US cents trading 3,200 shares. The JSE USD Equities Index closed unchanged at 154.43
Trading resulted in an average of 302,835 units valued at an average of $12,903,072 for each security traded. In contrast to 138,349 units for an average of $2,663,740 on Wednesday. For the month to date an average of 185,362 shares valued at an average of $5,398,127 versus 157,082 shares valued at an average of $2,241,849 on Wednesday. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 8 stocks ended with bids higher than their last selling prices and 3 closing with lower offers.

Junior Market bounces – Thursday

The Junior Market move higher at the close of trading on Thursday rising 39.96 points to close at 3,125.61 as the number of declining and advancing stocks were equal but with a bounce in volume.
The market closed with, 17,879,196 units valued at $94,384,927 compared to 6,775,011 units valued at $40,419,386. on Wednesday. Lasco Financial accounted for bulk of the trade with 16.75 million units.
Trading ended with 22 securities changing hands, compared to 22 on Wednesday, with just 6 advancing, 6 falling and 10 remaining unchanged. General Accident traded at a 52 weeks’ high of $3.90 but closed lower at $3.40.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 7 stocks ending with bids higher than their last selling prices, 2 closed with lower offers.
Trading closed with an average of 812,691 units for an average of $4,290,224 in contrast to 307,955 units for an average of $1,837,245 on Wednesday. The average volume and value for the month to date amounts to 245,494 units valued at $1,311,926, compared to 105,288 units valued at $575,717 previous trading day. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, Access Financial closed at $36, trading 4,041 shares, AMG Packaging ended 10 cents higher at $2, exchanging 1,200 stock units, Blue Power concluded trading at $40, with 200 units, Caribbean Producers finished trading 100,000 units but lost 27 cents at $6.50, Derrimon Trading concluded trading 15,000 shares at $23. Elite Diagnostic settled at $2.75, trading 6,000 units, Eppley ended trading 78 cents higher at $9.96, with 15,030 shares, Everything Fresh traded 96,968 shares and lost 7 cents to end at $1.91. Express Catering traded with a loss of 10 cents at $8, with 41,451 shares changing hands, FosRich Group finished trading 41,146 shares and rose 40 cents to $2.97, with shares. General Accident closed with a loss of 46 cents at $3.40, trading 27,032 stock units, Honey Bun concluded trading and rose 6 cents to $4.31, with 7,000 shares, Iron Rock finished trading at $3.15, with 50,052 shares, Jamaican Teas ended trading 5 cents higher at $4.05, with 25,091 stock units changing hands. Jetcon Corporation traded 18,720 units at $4, Lasco Distributors concluded trading 412,642 stock units, at $4, Lasco Financial finished 10 cents higher at $5.40, with 16,753,104 units, Lasco Manufacturing settled at $3.93, exchanging 40,000 shares. Main Event ended trading at $6.85, with 2,006 shares changing hands, Medical Disposables traded with a loss of 20 cents at $6, with 50,000 shares and Stationery and Office closed with a loss of 1 cent at $8.03, trading 72,513 units. In the junior market preference segment, Eppley 9.5% finished at $5.98, with 100,000 shares.
Prices of securities trading for the day are those at which the last trade took place.

3 new highs as Junior Market dives – Wednesday

Caribbean Producers traded at a 52 weeks’ high with the largest block of shares on Wednesday.

The Junior Market snapped badly on Wednesday, sending the index down a sizable 65.25 points to 3,085.65 as Access Financial dived $10.50 leading falling prices to have the upper hand even as 3 securities closed at 52 weeks’ highs.
Trading ended with 22 securities changing hands, compared to 25 on Tuesday, with just 5 advancing, 12 falling and 5 remaining unchanged as 3 stocks hit new 52 weeks’ highs and one at a low. The market closed with, 6,775,011 units valued at $40,419,386 trading, compared to 510,714 units valued at $2,313,622 on Tuesday. Caribbean Producers finished trading at a 52 weeks’ high of $6.77, exchanging 5.3 million units, Express Catering also closed trading at a 52 weeks’ high, of $8.10, General Accident closed at a 52 weeks’ high of $3.86 and AMG Packaging closed at a 52 weeks’ low of $1.90
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 5 stocks ending with bids higher than their last selling prices, 3 closed with lower offers.
Trading closed with an average of 307,955 units for an average of $1,837,245 in contrast to 20,429 units for an average of $92,545 on Tuesday. The average volume and value for the month to date amounts to 105,288 units valued at $575,717, compared to 38,741 units valued at $161,485. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, Access Financial closed with a loss of $10.50 to $36, with 1,000 shares, but ended with the bid at $46 to buy 500 units. AMG Packaging lost 10 cents to close at a 52 weeks’ low of $1.90, with 62,500 stock units, Caribbean Producers finished trading 55 cents higher to a 52 weeks’ high of $6.77, with 5,275,108 units, C2W Music ended at $1.71, with 33,179 shares trading, Elite Diagnostic settled with a loss of 15 cents at $2.75, trading 53,599 units. Eppley ordinary share ended trading of 570 shares with a loss of 80 cents to $9.18, Everything Fresh traded 45,328 shares to end at $1.98. Express Catering traded 6,659 shares after gaining 10 cents to a 52 weeks’ high of $8.10, FosRich Group finished trading 5 cents higher at $2.57, with 2,150 shares changing hands, General Accident closed 39 cents higher at a 52 weeks’ high of $3.86, exchanging 6,949 stock units. Honey Bun concluded trading with a loss of 26 cents at $4.25, with 523,466 shares, after the company posted modest profit in its June quarter and lower profit year to date. Jamaican Teas ended trading 48,384 stock units with a loss of 30 cents at $4, Jetcon Corporation fell 5 cents to $4, with 138,272 units, KLE Group closed with a loss of 50 cents at $2.50, trading 7,933 shares. Knutsford Express dropped 44 cents to $11.51, trading 6,900 shares, Lasco Distributors concluded trading 5,698 stock units at $4, Lasco Financial finished trading 60,817 units and closed 5 cents higher at $5.30, Lasco Manufacturing settled with a loss of 22 cents at $3.93, after exchanging 418,473 shares. Main Event ended trading 3,494 shares and lost 26 cents to $6.85, Medical Disposables traded 63,387 shares with a loss of 48 cents to close at $6.20 and Stationery and Office closed at $8.04, with 3,000 units trading. In the junior market preference segment, Eppley 9.5% finished trading 8,150 shares at $5.98.
Prices of securities trading for the day are those at which the last trade took place.

JSE takes breather from record run – Wednesday

Mayberry Investments hit an all time high of $9 on Wednesday.

The Jamaica Stock Exchange took a break from ending at record close on Wednesday but advancing stocks just out-numbered decliners but the indices close lower.
At the close, the All Jamaican Composite Index declined by 926.88 points to 344,478.15 and the JSE Index dipped 844.49 points to close at 313,858.48.
Trading in the main market ended with 3,458,733 units valued at over $66,593,492 compared to 3,687,476 units valued at over $83,983,141, on Tuesday.
Market activities resulted in 27 securities trading including 2 in the US dollar market compared to 33 securities trading on Tuesday. At the end of trading, the prices of 11 stocks rose, 9 declined and 7 traded unchanged, including Grace Kennedy trading at an intraday high of $58 and Mayberry Investments trading at an all-time high of $9.
The day’s volume was led by, Sagicor Group with 898,949 units accounting for 25.99 percent of the main market volume, followed by 1834 Investments with 624,732 units, 18.06 percent of the day’s volume and Radio Jamaica with 498,490 units and 14.41 percent of the day’s volume.
Major price changes| Caribbean Cement jumped $2.30 to finish at $43.50, with 29,172 shares, Jamaica Broilers rose 55 cents to $25.50, with 48,642 stock units trading, JMMB Group fell $1 to end at $29.10, trading 37,485 shares. Mayberry Investments rose 29 cents to end $7.40 trading 68,254 shares, Salada Foods ended trading at $16.50, with 35,500 stock units, Scotia Group traded 351,092 units and gained $1.30 to end at $52.80, Seprod added $1 and finished trading at $33.01, with an exchange of just 277 shares and Supreme Ventures ended at $15.80, with 115,692 shares after rising by 30 cents.
Trading in the US dollar market closed with 5,754 units valued at US$5,330 as JMMB Group 6 percent preference share completed trading of 4,300 stock units and fell 1 cent to end at $1.04, Productivity Business Solution closed at 59 US cents trading 1,454 shares. The JSE USD Equities Index closed unchanged at 154.43.
Trading resulted in an average of 138,349 units valued at an average of $2,663,740 for each security traded. In contrast to 122,916 units for an average of $2,799,438 on Tuesday. For the month to date an average of 157,082 shares valued at an average of $2,241,849 versus 162,724 shares valued at an average of $2,114,773 on Tuesday. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ended with bids higher than their last selling prices and 3 closing with lower offers.

AJ Index new record of 345,405 points – Tuesday

The All Jamaican Composite Index of the Jamaica Stock Exchange traded at an intraday record high of 347,551.83 in the morning session but drifted lower to close just above 345,000 points for the second day in a row.
At the close, the All Jamaican Composite Index gained 354.82 points to end at a record close of 345,405.03 and the JSE Index advanced by 323.28 points to end at a record close of 314,702.97.
Trading in the main market ended with 3,687,476 units valued at over $83,983,141 compared to 4,818,830 units valued at $56,754,894, on Friday.
Market activities resulted in 33 securities trading including 3 in the US dollar market compared to 29 securities trading on Friday. At the end of trading, the prices of 11 stocks rose, 12 declined and 10 traded unchanged.
The day’s volume was led by, Scotia Group with 841,089 units for 22.81 percent of the main market volume, followed by Carreras with 764,451 units or 20.73 percent of the day’s volume and Radio Jamaica ended with 547,000 units and accounting for 14.83 percent of the day’s volume.
Major price changes| Berger Paints traded 8,650 shares with a gain of 74 cents to close at $20, Caribbean Cement lost 30 cents and finished at $41.20, with 171,284 shares, Grace Kennedy jumped $1.05 to close at a 52 weeks’ high of $57.05, trading with 122,139 shares, NCB Financial Group climbed $3 ended trading 45,133 shares, at $104, with 1834 Investments lost 15 cents traded at a 52 weeks’ low of 90 cents, with 18,000 shares. Mayberry Investments declined $1.14 to end $7.11 trading 24,638 shares, PanJam Investment concluded trading of 4,384 shares at $51.25, after slipping $1.30, Portland JSX climbed $1 and ended at $9, exchanging 20,000 units, Sagicor Real Estate Fund fell 50 cents to settle at $14.00, with 1,000 shares, Scotia Group traded 841,089 units and fell $1.50 to end at $51.50, Seprod lost 49 cents and finished trading at $32.01, with 2,500 shares. Sterling Investments gained 60 cents and closed at $14.10, with 13,727 shares, Supreme Ventures lost 30 cents and ended at $15.50, with 65,275 shares trading.
Trading in the US dollar market closed with 154,010 units valued at US$128,075 as JMMB Group 6% preference share completed trading of 115,000 stock units and gained 1 cent to end at $1.05, Proven Investments added 1 cent and closed at 20 US cents trading 38,800 shares and Sygnus Credit closed 10 US cents in trading 210 shares. The JSE USD Equities Index lost 0.71 points and closed at 154.43
Trading resulted in an average of 122,916 units valued at an average of $2,799,438 for each security traded. In contrast to 185,340 units for an average of $2,182,881 on Friday. For the month to date an average of 162,724 shares valued at an average of $2,114,773 versus 185,258 units traded for an average of $1,727,278 on Friday. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ended with bids higher than their last selling prices and 2 closing with lower offers.

Junior Market continues to climb – Tuesday

The Junior Market Index moved higher by 20.70 points to close at 3,150.90 on Tuesday after closing on Monday, for the Independence Day public holiday and being up in 6 of the last 7 trading sessions.
Trading ended with 25 securities changing hands, compared to 23 on Friday, with 7 advancing, 4 falling and 14 remaining unchanged. Medical Disposables traded at a 52 weeks’ high after June Quarter profit climbed sharply. The market closed with, 510,714 units valued at $2,313,622.29 changing hands, compared to 771,621 units valued at $2,972,863 on Friday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 2 stocks ending with bids higher than their last selling prices, one with a lower offer.
Trading closed with an average of 20,429 units for an average of $92,545 in contrast to 57,100 units for an average of $240,564 on Friday. The average volume and value for the month to date amounts to 38,741 units valued at $161,485, compared to 49,641 units valued at $202,520. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, AMG Packaging ended at $2, after trading 4,221 stock units, Blue Power concluded trading 513 units at $40, CAC 2000 finished at $9, with 5,383 shares changing hands, Cargo Handlers settled at $10.89, in exchanging 6,000 shares, Caribbean Cream ended trading 5,395 shares rising 30 cents higher at $5.80. Caribbean Flavours traded with a loss of 20 cents at $12.50, with 3,000 stock units changing hands, Caribbean Producers finished trading 911 units at $6.22, Consolidated Bakeries closed at $2.16, exchanging 7,500 shares, C2W Music ended at $1.71, with 8,000 shares changing hands. Derrimon Trading ended at $23, with 19,545 units changing hands, Elite Diagnostic finished at $2.90, trading 28,545 stock units, Everything Fresh traded 198,030 shares to end at $1.98. Express Catering ended trading 29,883 shares and rose 5 cents to $8, General Accident finished trading 14 cents higher at $3.47, while exchanging 3,570 shares, GWest Corporation closed at $2.20, with 49,760 stock units changing hands. Honey Bun ended at $4.51, trading 5,505 units, Jamaican Teas settled with a loss of 20 cents at $4.30, with 11,758 shares, Jetcon Corporation ended trading 4,900 stock units and gained 2 cents to $4.05, KLE Group finished trading at $3, with 2,791 shares. Knutsford Express closed 44 cents higher at $11.95, trading 3,022 shares, Lasco Distributors ended at $4, with 45,380 shares changing hands, Lasco Manufacturing finished 5 cents higher at $4.15, with 9,796 units, Medical Disposables jumped 88 cents higher to close at a 52 weeks’ high of $6.68, with 1,793 shares, Stationery and Office fell 8 cents to $8.04, with 50,993 stock units and tTech ended with a loss of 25 cents at $5, trading 4,520 shares.
Prices of securities trading for the day are those at which the last trade took place.

JSE & FSC should explain Knutsford capital mess

Knutsford Express 2014 & 2015 audited accounts filled with errors & 2018 needs correcting.

Knutsford Express recently released full year audited results to May 2018 with s lightly higher profit of $178 million after taxation compared to $170 million in 2017. The profit resulted in earnings per share of 35.5 cents for the year versus 34 cents in 2017.
The initial release of the results had the 2017 earnings per share as $1.70, but that was incorrect as the incorrect number of shares were used. The company released an up dated report but that still reflects the error in computing the EPS. In June 2017 the shares were split in to 5 each raising the issue capital to 500 million units. But the revised report carried the error which was in the first report that the weighted number of shares in in issue was 498 million units, that is completely wrong.

JSE failed to have errors corrected in audited accounts.

Stock splits and bonus shares don’t give rise to weighted number of shares as no value is added to the company. As a result, all the issued share has to be used in computing the EPS for both periods.
The appropriate methodology is that the “Additional shares from the share split are incorporated in the calculation of EPS in full without any time apportionment so that the increase in number of shares in the current period, comparative prior periods and all subsequent periods is the same therefore resulting in EPS which is comparable over several accounting periods.”
Interestingly, the number of shares used to compute the interim report to February was correctly shown as 500 million units. As it now stands, the audited accounts and the interim reports have used different figures. What is the Jamaica Stock Exchange doing to correct this?
The first audited accounts, after listing, carried an even greater error was with no correction to date.
The audited accounts stated, “Earnings per share is computed as the net profit for the year divided by the weighted average number of ordinary shares in issue for the year as at the date of the statement of financial position of 46,857,114 (2013: 1,000). For comparative purposes, the earnings per share for 2013, using the weighted average number of ordinary shares at the end of the 2014 financial year, would be $0.74.”
The financial statements for 2014 stated, “During January 2014, the Company raised additional capital of $99,862,700 from its initial public offering of 99,999,003 shares for its enlistment on the Jamaica Stock Exchange Junior Market. Transaction costs of $5,374,140 were incurred for the initial public offering”. That is in conflict with the prospectus which stated, “The Company invites Applications on behalf of itself and the Founders (or the Selling Shareholders) for 20,000,000 Ordinary Shares in the Invitation of which 4,867,338 shares are newly issued shares for subscription and 15,132,662 shares are existing shares of the Selling Shareholders for sale”.

The FSC has down on the job in reviewing Knutsford prospectus & reports after IPO.

While the note is saying that $100 million was raised, the cash flow and shareholders’ equity show that only $25 million was raised.
Not only are the audited accounts for 2014 and 2015 in conflict with the information included in the prospectus, it is factually incorrect as the initial public offer of shares was never 99,999,003 units. There is no indication how the original three shareholders holdings moved to the above amounts when just 973 were issued in the prior year.
The prospectus stated that “as at December 18, 2013 the latest practicable date prior to publication of this Prospectus, the holdings of Shares in the capital of the Company (including legal and, where known to the Company, beneficial
holdings) were as follows: Oliver Townsend 41,858,371 or 44 percent, Anthony Copeland 30,442,452 Shares at 32 percent and
Gordon Townsend 22,831,839 or 24 percent for a total issued Share Capital before invitation is 95,132,662. After the issues, the total number of shares went to 100 million units with all three original shareholders reducing their holdings.
One of the objectives for mentorship, of Junior Market companies, is to prevent errors like these from occurring, but they still continue.
While these errors remain, investors are being deprived of pertinent information to assess profitability. The company should be showing expenses in the categories of direct expenses marketing and sales, administrative and finance. But investors continue to get just one lump sum figure to assess that is not good enough.
While revenues for the past year grew by 23 percent to $925 million while other income declined from $8.5 million to $1.5 million. Cost climbed faster at 25 percent for the year before finance cost, Finance costs rose to $21.7 million from $17.6 million. The company is not subject to taxation and should not have deferred taxation amounting to $3.7 million, while the tax credit of $5.7 million in the prior year should not have been booked.
The balance sheet shows shareholder’s equity at $630 million at the end of May current assets at $304 million including cash and equivalent of $230 million and current liabilities of $63 million. Borrowed funds stand at $78 million.