The major indices on the Main Market of the Jamaica Stock Exchange lost grounds on Monday, with the three indices followed falling on reduced trading volume.
At the close, the JSE All Jamaican Composite Index declined 1,707.65 points to close at 530,322.08, the JSE Market Index fell 1,546.68 points to 482,876.34 and the JSE Financial Index lost 0.21 points to 130.75.
The market closed, with 42 securities changing hands in the Main and US dollar markets with the prices of 17 advancing, 16 declining and 9 trading firm. The JSE Main Market activity ended with 39 securities accounting for 25,245,816 units valued at $126,226,094 in contrast to 33,972,337 units valued at $135,349,407 from 37 securities on Friday.
Sagicor Select Financial Fund with 11.7 million shares dominated trading and accounted for 46 percent of Main Market stock changing hands. Wigton Windfarm with 5.1 million shares and 20 percent of total volume, followed by Sagicor Select Manufacturing and Distribution, with 4.4 million units for 17.5 percent of the day’s trade. QWI Investments with 1 million units was the only other stocks trading more than one million units.
The Market closed with an average of 647,329 units for $3,236,567 for each security traded, in contrast to 918,171 units valued at $3,658,092 for each security, on Friday. 
The average volume and value for the month to date amount to 600,720 units valued at $2,828,391 for each security changing hands compared to 715,931 units valued at $2,747,993 for each security traded. Trading in January resulted in an average of 626,134 units valued at $3,511,981 for each security.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows nine stocks ending with bids higher than their last selling prices and five closing with lower offers. The PE ratio of the market ended at 19.3, while the Main Market ended at 18.5 times the 2019 earnings.
In the prime market, Barita Investments slipped $2 to $68, after exchanging 17,021 shares, Berger Paints closed 49 cents lower at $16.51 trading a mere 180 units, Grace Kennedy gained 60 cents to end at $69.20, after swapping 55,760 shares. Jamaica Broilers settled at $34, with gains of 99 cents exchanging 16,088 shares, Jamaica Stock Exchange climbed $2 to $31, in transferring 7,590 shares. JMMB Group closed 80 cents higher to $44, with 191,897 shares trading, Kingston Properties shed $1 to end at $5, after exchanging 35,000 units. Kingston Wharves dropped $7.51 to $58.50, with 3,888 units changing hands, Mayberry Jamaican Equities fell by $1.12 to $9.88 after transferring a mere 242 shares, NCB Financial Group advanced to $184.99, with gains of $2.99 and 53,906 shares changing hands. PanJam Investment climbed $1.44 to settle at $100.95 after trading 61,440 units. Proven Investments gained $1.80 and ended at $48, in swapping 4,738 units, 
Pulse Investments ended at a 52 weeks’ high of $8.50, with gains of $1.50 with 335,014 shares changing hands, Sagicor Group closed $2.80 higher to end at $68.80, in swapping 35,213 shares. Sagicor Real Estate Fund lost 60 cents to end at $9 after trading 4,586 units, Scotia Group exchanged 944,499 shares at $53.45, after losing $1.05, Sygnus Credit Investments lost $1 to settle at $24, with 23,258 shares changing hands and Wisynco Group gained $1.09 to end at $22.65 trading 162,591shares.
Trading in the US dollar market ended with 76,891 units valued at over US$18,235. The market index declined 14.06 points to close at 216.52. JMMB Group 6% preference share lost one cent, trading 5,000 units and closed at 99 US cents. Proven Investments ended at 29 US cents, after losing 2 US cents exchanging 13,700 units and Sygnus Credit Investments closed one cent lower to 17 US cents, with 58,191 units changing hands.
Junior market steadies on Monday
The Junior Market of the Jamaica Stock Exchange index gained just 5.80 points to end Monday’s trading activities at 2,994.69 as the volume and value of trading slipped versus Friday’s levels.
Trading concluded on Monday with 33 securities changing hands, resulting in an exchange of 5,323,805 units valued at $16,300,544 compared to 7,192,523 units valued at $17,864,788 from 33 securities on Friday. At the close of market activities, the prices of 11 securities advanced, 13 declined and 9 remained unchanged. The average PE ratio for the juniors closed at 12.8 times 2019 earnings.
The trading day ended with an average of 161,327 units for $493,956 for each security traded in contrast to 217,955 units for an average of $541,357 on Friday. The average volume and value for the month to date amounts to 134,897 units valued at $395,780 and previously 128,387 units valued at $371,602. In contrast, January closed with 137,619 units valued at $521,935 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows eight stocks ended with bids higher than their last selling prices and five with lower offers.
At the close of the market, AMG Packaging exchanged 30,000 shares to end at $1.97 after falling 3 cents, Blue Power closed trading of 9,865 units and gained 14 cents to settle at $3.80, Cargo Handlers lost 17 cents in swapping 913 shares to close at $8. Caribbean Producers declined 21 cents to settle at $4.59 after 88,719, Consolidated Bakeries ended trading with 17,478 shares, after rising 2 cents to close at $1.65, Derrimon Trading gained 1 cent to finish at $2.06, exchanging 35,222 shares. Dolphin Cove climbed 40 cents and exchanged 100 shares at $10.30, Everything Fresh closed 4 cents higher at $1.04, with 311,182 stock units trading, Express Catering fell 25 cents to $5.60 with 12,000 shares changing hands. Fontana closed trading of 281,324 units and gained 25 cents to end at $6.50, Fosrich dipped 25 cents in exchanging 10,104 units at $3.70, General Accident shed 50 cents in trading 11,991 units at $5.50. Honey Bun ended with an exchange5,149 shares, after rising 20 cents to settle at $7.20, iCreate dropped 1 cent to finish at 73 cents 13,700 stock units changing hands, 
Indies Pharma declined 10 cents in trading of 69,000 units at $2.85. Iron Rock Insurance shed 5 cents in the swapping 141,717 units at $3.40, Jamaican Teas lost 8 cents trading 74,943 shares to end at $6.27, Key Insurance closed trading of 21,000 units and gained 10 cents to rest at $3.25. Lasco Distributors finished market activity exchanging 208,659 shares to close at $3 after falling 2 cents, Lasco Financial ended trading 118,707 units and gained 30 cents to settle at $4, Lasco Manufacturing lost 5 cents to settle at $4 with 1,283,815 units crossing the exchange. Limners and Bards ended trading with 44,140 shares, after rising 1 cent to close at $2.73, Lumber Depot finished with a loss of 1 cent at $1.52 with 1,090,903 stock units changing hands and MailPac closed trading of 1,193,264 units and gained 5 cents to end at $2.06.
Transjamaican Highway IPO highly overvalued
After suffering US$11.5 million in losses in 2014, with more losses in 2015 and 2016, Transjamaican Highway (TJH) turned a profit in 2017 of US$1.75 million, with an increase to US$6.5 million in 2018. The company seemed on track for another profitable year in 2019, before costs associated with restructuring debt financing pushed profit off the highway.
IC.Insider.com projects 2020 earnings to be around US$5 million or 6 Jamaican cents per share, from total revenues of US$57 million with a gross profit of $21 million. Finance cost is projected at $15 million, inclusive of preference share dividend with a high, 8 percent coupon rate. The PE ratio is a rich 25 times 2020 earnings, but that should fall to 19 in 2021. The IPO price works out at 1.3 times book value. Shareholders’ equity amounts to $95 million, with borrowings at $245 million inclusive of nearly US$20 million in preference shares, putting the debt to equity ratio at a high 2.6.
National Road Operating and Constructing Company (NROCC), the selling party, currently owns all the existing 12.5 billion ordinary shares, is inviting investors to purchase up to 8 billion ordinary shares of TJH, at $1.41 each. The company reserves the right to upsize the offer by an additional 2 billion shares in the event of oversubscription on the terms and conditions set out in this Prospectus. NROCC estimates that after the issue, new shareholders will own between 64 percent and 80 percent of the issued ordinary shares offer is upsized or not.
Just under 80 percent of 8 billion shares offered for sale is underwritten by NCB Capital Markets, Underwriting of a portion of the offer will ensure the listing of the shares will on the Main Market of the Jamaica Stock Exchange.
A total of 5.36 billion shares are reserved for a select group of applicants and just under 2.64 billion are available for the general public.
Highway 2000 East-West was the first toll road built and operated in Jamaica and connects May Pen and Portmore to Kingston and is operated under a concession agreement.
The concession is for a period of 35 years, with 17 years remaining, with an option to renew for a further 35 years, subject to payment of a renewal concession fee to be determined. The company has the right of first refusal to secure a similar concession to maintain, operate or own, when complete, the leg of Highway 2000 that will extend from May Pen to Williamsfield that will extend the length of the Toll Road by approximately 50 percent.
The Portmore leg of the highway accounts for 56 percent of traffic and 51 percent of revenue in 2019 and Vineyards accounts for 19 percent of traffic and 36 percent of revenue, with Vineyards having higher tolls than any other toll plaza due to more class 2 and 3 vehicles using it.
Traffic on the highway is exceeding the forecasts since 2015 onwards, the prospectus states and is expected to grow at a steady pace, with 4.5 percent in 2020. In 2021, the growth rate rises to 5.6 percent and 6.3 percent in 2022. 
For the nine months to September last year, the Company had revenue from ordinary operations of US$39.26 million, reflecting an increase of US$240,000, on the US$39 million generated for the same period in 2018. This miniscule rise was primarily due to an increase in the annual toll rates starting in July 2019 following the toll rate increases allowed under the Concession Agreement. Revenue was also affected by decreased traffic since March 2019, primarily at the Portmore leg, due to the near completion of construction works of the Nelson Mandela Highway. The reduced traffic at Portmore has, however, been offset by increased traffic at the Spanish Town toll plaza as more users divert to the Nelson Mandela Highway.
There are other opportunities for the company to take advantage of, with expansion locally and overseas. As such, the growth prospects could be very positive going forward.
The stock seems suited for investors with a long-term time horizon. The stock at the offering price is well ahead of the average of 16 for the market based on 2020 earnings. Investors in the IPO are taking on a considerable risk of a pullback in the value of the stock when things settle sometime after listing.
2 weeks of Junior Market fall broken
The Junior Market broke the unbroken 5 days losing run 13 days of decline with just one day with gains in between before Friday’s gains that saw the market index advancing 34.92 points to close at 2,988.89.
Trading on the Junior Market of the Jamaica Stock Exchange ended on Friday with 33 securities changing hands, resulting in an exchange of 7,192,523 units valued at $17,864,788 compared to 2,099,024 units valued at $7,953,736 from an exchange of 34 stocks on Thursday.
At the close of market activities, the prices of 15 securities advanced, 4 declined and 14 remained unchanged. The average PE ratio closed at 12.9 on Friday.
Trading ended with an average of 217,955 units for an average of $541,357 in contrast to 61,736 units for an average of $233,933 on Thursday. The average volume and value for the month to date amounts to units 128,387 valued at $371,602 and previously 127,778 units valued at $296,606. In contrast, January closed with an average of 137,619 units valued at $521,935 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 4 stocks ended with bids higher than their last selling prices and 8 with lower offers.
At the close of the market, Access Financial shed 3 cents in trading of 2,616 units to close at $29, Blue Power closed trading of 4,450 units and gained 11 cents to end at $3.66, Cargo Handlers climbed 17 cents and exchanged 1,100 shares at $8.17. Derrimon Trading closed with a loss of 14 cents at $2.05, swapping of 1,500 shares, Elite Diagnostic added 10 cents to finish at $4.15 after trading 109,192 shares, Everything Fresh lost 3 cents in trading 283,556 shares to close at $1. Express Catering gained 25 cents to settle at $5.85, with 500 shares changing hands, Fosrich rose 15 cents and exchanged 47,450 shares at $3.95, Fontana shed 30 cents trading 346,323 units, to close at $6.25. 
GWest Corporation swapped 100 units and gained 9 cents to end at $1.10, Honey Bun climbed 1 cent in exchanging 20,562 shares to end at $7, iCreate climbed 2 cents and traded 18,000 shares at 74 cents, Indies Pharma gained 10 cents with 46,501 shares changing hands at $2.95. Key Insurance shed 25 cents in trading of 100 units at $3.15, Lasco Financial added 5 cents with an exchange of 9,600 shares at $3.70, Lasco Manufacturing ended trading with 883,087 shares, after rising 10 cents to end at $4.05. Limners and Bards climbed 31 cents and exchanged 158,018 shares at $2.72, Lumber Depot closed trading of 712,522 units and gained 1 cent to end at $1.53, MailPac gained 1 cent to end at $2.01, after 857,836 shares changed hands and Paramount Trading climbed 21 cents and exchanged 3,282,300 shares at $1.71.
Prices of securities trading for the day are those at which the last trade took place.
JSE majors break losing streak
Rising stocks edged out decliners on Friday, sending the Main Market of the Jamaica Stock Exchange higher at the close with a slightly higher value of trades than on Thursday and disrupted the market decline of the previous four days.
At the close, the JSE All Jamaican Composite Index advanced 962.01 points to close at 532,029.73, the JSE Market Index gained 855.61 points to 484,443.02 and the JSE Financial Index lost 0.58 points to 130.96.
The market closed with 40 securities changing hands in the Main and US dollar markets with the prices of 15 advancing, 13 declining and 12 trading firm. The JSE Main Market activity ended with 37 securities accounting for 33,972,337 units valued at $135,349,407 in contrast to 49,111,069 units valued at $124,613,707 from 41 securities on Thursday.
Wigton Windfarm dominated trading with 12 million shares for 35 percent of total volume, followed by Sagicor Select Financial Fund with 10.7 million units for 31.5 percent of the day’s trade and Sagicor Select Manufacturing and Distribution with 4.7 million shares for 14 percent of the market’s volume after the stock hit an intraday low of 80 cents. The only other stocks trading more than one million units were QWI Investments with 3 million units with the price trading at an intraday low of 80 cents and Scotia Group with 1.2 million shares.
The Market closed with an average of 918,171 units for $3,658,092 for each security traded, in contrast to 1,197,409 units valued at an average of $3,035,972 on Thursday. 
The average volume and value for the month to date amount to 715,931 units valued at $2,747,993 for each security changing hands compared to 669,453 units valued at $2,538,839 for each security traded. Trading in January resulted in an average of 626,134 units valued at $3,511,981 for each security.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows eight stocks ending with bids higher than their last selling prices and four closing with lower offers. The PE ratio of the market ended at 19.4, while the Main Market ended at 18.6 times 2019 earnings.
In the prime market, Berger Paints gained 50 cents to close at $17 after trading 2,616 stock units, Caribbean Cement climbed $1.85 to $69, with 4,574 shares changing hands, Eppley Caribbean Property Fund lost 46 cents after swapping 550 units and closed at $37.04. Grace Kennedy lost of 90 cents and settled at $68.60, in transferring 8,617 shares, Jamaica Broilers ended 99 cents lower to $33.01, in exchanging 29,612 shares. Jamaica Stock Exchange slid $2 to $29, after trading 54,034 shares, Kingston Wharves added $2.54 to end at $66.01, with an exchange of 1,366 units, Mayberry Investments closed 40 cents lower to $7, in swapping 37,457 shares. Mayberry Jamaican Equities gained 40 cents to settle at $11, after transferring 53,346 shares, MPC Caribbean Clean Energy advanced $4.50 to end at $194.50, in trading 200 units, NCB Financial lost $5 to close at $182, with 54,453 shares changing hands. PanJam Investment lost 49 cents to settle at $99.51, in an exchange of 4,947 units, 
Proven Investments slipped 80 cents to $46.20, trading 11,741 units, Pulse Investments closed at $7, losing 50 cents after hitting a record high of $8.50 with a transfer of 76,200 shares. Sagicor Group closed 50 cents lower to end at $66, with 51,954 shares changing hands, Sagicor Real Estate Fund ended 60 cents higher at $9.60 after trading 600 units, Scotia Group transferred 1,208,696 shares to close at $54.50, after gaining $1.50. Sygnus Credit Investments closed 50 cents higher to end at $25, with 13,607 shares changing hands and Wisynco Group shed 94 cents to end at $21.56, in swapping 339,994 shares.
Trading in the US dollar market ended with 32,514 units valued at over US$9,281. The market index advanced 10.01 points to close at 230.58. JMMB Group 6% preference share traded 2,095 units at US$1, Proven Investments gained 2.5 cents to close at 31 US cents, with 14,850 units changing hands and Sygnus Credit Investments closed at 18 US cents, after transferring 15,569 units.
Junior Market down 12% for 2019
The Junior Market lost more grounds at the close on Thursday as the market index declined by 43.06 points to end at 2,953.97 and landing the market with an 11.8 percent fall for the year to date and 19.4 percent since the peak in August last year.
Trading ended with 34 securities changing hands the same as on Wednesday, resulting in an exchange of 2,099,024 units for $7,953,736, compared to 3,482,018 units valued at $11,901,548 on Wednesday.
At the close, the prices of 11 securities advanced, 16 declined and 7 remained unchanged. The average PE Ratio for Junior Market stocks ended 12.2 times 2019 earnings.
Trading ended with an average of 61,736 units for an average of $233,933 in contrast to 102,412 units for $350,046 for each security traded on Wednesday. The average volume and value for the month to date amounts to 127,778 units valued at $296,606 and previously 111,408 units valued at $318,574. In contrast, January closed with an average of 137,619 units valued at $521,935 for each security traded
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows seven stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close of the market, Access Financial lost $1.28 in trading 8,829 shares to close at $29.03, AMG Packaging fell 5 cents, exchanging 1,000 shares to close at $2. Blue Power declined by 15 cents to settle at $3.55 with 41,385 shares crossing the market after the stock traded at an intraday low of $3.29, Caribbean Cream closed 30 cents higher to end at $3.65, with 1,330 units changing hands. Derrimon Trading closed 16 cents higher at $2.19, after hitting an intraday low of $1.88 with 63,837 stock units traded, Elite Diagnostic gained 2 cents to finish at $4.05, in trading 26,549 stock units, Everything Fresh ended trading 106,378 shares at $1.03, after rising 3 cents. Express Catering declined 20 cents in exchanging 60,400 units at $5.60, Fontana climbed 15 cents to settle at $6.55 with 118,764 shares changing hands, Fosrich closed trading of 9,071 units and lost 20 cents to end at $3.80 after hitting an intraday low of $3.21. General Accident shed 50 cents in trading 9,068 shares to close at $6, GWest Corporation closed trading of 14,959 units and lost 9 cents to end at $1.01, Honey Bun ended market activity exchanging 11,413 shares to close at $6.99 after rising 43 cents. iCreate settled at 72 cents with a gain of 5 cents in the swapping 14,066 units, Indies Pharma closed trading of 54,675 units and lost 5 cents to end at $2.85, Jamaican Teas gained 35 cents to close at $6.35 in the swapping 43,984 shares. 
Jetcon Corporation rose by 8 cents in trading of 345 units at $1.50, Key Insurance closed 20 cents higher at $3.40, with 75,721 units trading, Knutsford Express fell 50 cents to close at $10 with 2,501 units crossing the exchange. Lasco Distributors ended with a loss of 1 cent at $3.02, with 78,081 units changing hands, Lasco Financial ended trading with 28,706 shares, after declining 6 cents to end at $3.65. Limners and Bards lost 20 cents to end the day at $2.41 with 115,393 shares traded, Main Event closed 30 cents lower at $5.80, with 11,381 stock units trading. Paramount Trading lost 30 cents in trading 21,563 units at $1.50, SSL Venture exchanged 31,675 units and gained 8 cents to settle at $1.10 and Stationery and Office Supplies declined 75 cents to end at $9 with 9,107 shares changing hands.
In the Junior Market preference segment, Derrimon Trading lost 30 cents in trading of 6,818 units at a 52 weeks’ low of $1.50.
Prices of securities trading for the day are those at which the last trade took place.
More corrections for Main Market
The Main Market of the Jamaica Stock Exchange stretched its losing streak into the fourth day the JSE All Jamaican Composite Index shedding 2,281.59 points to close at 531,067.72, the JSE Market Index falling 2,132.31 points to 483,587.41.
At the close of trading, JSE Financial Index lost just 0.18 points to close at 131.54, a reflection that stocks in this segment of the market remain relatively stable on Thursday.
The market closed with 45 securities changing hands in the Main and US dollar markets with the prices of 14 advancing, 16 declining and 15 trading firm. The JSE Main Market activity ended with 41 securities accounting for 49,111,069 units valued at $124,613,707 in contrast to 12,415,818 units valued at $141,179,331 from 43 securities on Wednesday.
Sagicor Select Financial Fund dominated trading with 24.3 million shares for 49.5 percent of total volume, followed by Wigton Windfarm with 12.3 million units for 25 percent of the day’s trade, and QWI Investments with 5.9 million shares for 12 percent of the market’s volume. Sagicor Select Manufacturing and Distribution was the only stock trading more than 1 million units, ending the day with 4.3 million shares.
The Market closed with an average of 1,197,409 units valued at an average of $3,035,972 for each security traded, in contrast to 288,740 units valued at an average of $3,283,240 on Wednesday. 
The average volume and value for the month to date amount to 669,453 units valued at $2,538,839 for each security changing hands compared to 489,068 units valued at 2,376,829 for each security traded. Trading in January resulted in an average of 626,134 units valued at $3,511,981 for each security.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows seven stocks ending with bids higher than their last selling prices and three with lower offers. The PE ratio of the market ended at 19.4, while the Main Market ended at 18.7 times the 2019 earnings.
In the Main Market, Barita Investments gained $1.90 to close at $70, after exchanging 20,047 shares, Eppley lost 40 cents to settle at $13.80 after trading 195 units, Eppley Caribbean Property Fund slid to $37.50, with a loss of $3.57 swapping 6,340 shares. Jamaica Broilers closed $1 lower to $34, with 41,583 shares changing hands, Jamaica Stock Exchange gained 50 cents trading 81,502 shares to close at $31, JMMB Group declined by $3 to $43, in transferring 112,651 shares. Kingston Wharves climbed $2.40 to $63.47, with an exchange of 3,773 units. MPC Caribbean Clean Energy dropped $6, ending at $190 after 858 units changed hands, NCB Financial lost $2 to end at $187, in trading 211,865 shares, PanJam Investment lost $1 to settle at $100, with an exchange of 3,124 shares. Proven Investments rose to $47, with gains of $2.50 in trading 9,744 units, 
Pulse Investments closed at $7.50, climbing $1.50 after a transfer of 510,319 shares, Sagicor Group gained 50 cents to end at $66.50, with 23,173 shares crossing the market. Scotia Group dropped $1.50 after trading 150,064 shares to close at $53, Stanley Motta rose 70 cents to $5.75 trading 6,768 shares and Sygnus Credit Investments lost $1 to end at $24.50, with 29,744 shares changing hands.
Trading in the US dollar market ended with 9,740 units valued at over US$2,707, with the market index declining 2.16 points to close at 220.57. JMMB Group 5.75% preference share traded 230 units at US$2, JMMB Group 6% preference share exchanged 21 units at US$1, Proven Investments gained 1.3 cents to close at 28.5 US cents, with 5,260 units changing hands and Sygnus Credit Investments closed at 17.99 US cents, after transferring 4,229 units.
IPOS and more IPOS
First Rock IPO closed on the originally scheduled day last week. There was no announcement made about the level of subscription, but IC Insider.com gathers the issue was oversubscribed.
Sharp on the heels of First Rock is Trans Jamaica Highway that is coming to gobble up as much as $14 billion. IC Insider.com’s preliminary review of Trans Jamaica Highway prospectus is that it lacks critical information for investors to make a proper assessment of the issue easily. So much is happening with the company finances, that investors should be provided with a profit forecast for 2020 and 2021 at least. Building a robust capital market requires more information not less. It is full time that investors get all relevant information so they can make informed investment decisions. The average Jamaican cannot make a proper assessment of this unusual company. It is unacceptable that some companies have to provide forecasted earnings regardless of how meaningless they may be and others with relevant information that can guide investors, keep it to themselves.
IC Insider.com’s preliminary assessment is that the PE ratio for Trans Jamaica based on estimated 2020 earnings is around 25. It not attractively priced as Wigton Windfarm. A more detail assessment of the offer will be coming soon.
IC Insider.com gathers from usually reliable sources that Caribbean Assurance Brokers’ prospectus will be out on Thursday as they seek to raise just $100 million from the market.
JSE Junior Market down 10.5% for 2020
The Junior Market index slumped to 2,997.03 after shedding another 22.16 points to end market activity on Wednesday and moving the market back to the levels of May last year.
At the close of the market, the index is down 10.5 percent for 2020 to date and 18.2 percent since it peaked in August 2019.
Trading ended with 34 securities changing hands, resulting in the prices of 10 stocks advancing, 13 declining and 11 remaining unchanged.
At the close of trading 3,482,018 units valued at $11,901,548 crossed the exchange, compared to 4,430,356 units valued at $12,074,628 on from 33 securities Tuesday. The average PE Ratio for Junior Market stocks declined to 12.3 times, 2019 earnings.
Trading ended with an average of 102,412 units at $350,046 in contrast to 134,253 units for $365,898 for each security traded on Tuesday. The average volume and value for the month to date amounts to 1111,408 units valued at $318,574 and previously 116,262units valued at $301,590. In contrast, January closed with an average of 137,619 units valued at $521,935 for each security traded
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows six stocks ended with bids higher than their last selling prices and two with lower offers.
At the close of the market, Blue Power climbed 20 cents in exchanging 19,694 shares at $3.70, Caribbean Cream dipped 35 cents in trading of 5,800 units at a 52 weeks’ low of $3.35, Cargo Handlers declined by 25 cents to settle at $8 with an exchange of 5,666 shares. Derrimon Trading ended the day with 57,595 shares changing hands after rising 3 cents to end at $2.03, Dolphin Cove closed 10 cents higher at $9.90, with 1,279 stock units traded, Elite Diagnostic fell 27 cents in trading of 48,099 units at $4.03. Everything Fresh declined 7 cents, swapping 217,903 units at $1, Fontana declined by 2 cents to settle at $6.40 with 110,646 shares changing hands, Fosrich closed trading of 8,000 units and gained 10 cents to end at $4. General Accident climbed 50 cents and exchanged 400 shares at $6.50, GWest Corporation closed trading of 5,000 units and gained 4 cents to end at $1.10, Honey Bun ended market activity exchanging 4,007 shares to close at $6.56 after falling 44 cents. iCreate settled at 52 weeks’ low of 67 cents after shedding 3 cents in the swapping of 37,619, Indies Pharma closed trading of 98,212 units and gained 4 cents to end at $2.90, Jamaican Teas ended the day with a loss of 35 cents at $6 in the swapping of 108,780 shares. 
Jetcon Corporation dropped 3 cents trading of 6,000 units at $1.42, Knutsford Express fell $1.50 to close at $10.50 with 6,655 units crossing the exchange, Lasco Financial ended trading with 35,602 shares, after rising 1 cent to end at $3.71. The Limners and Bards gained 11 cents to end the day at $2.61 with 36,617 shares traded, Lumber Depot ended market activity exchanging 544,386 shares to close at $1.52 after falling 3 cents, Main Event closed 30 cents higher at $6.10, with 100 stock units trading. Mailpac Group fell 10 cents in exchanging 567,179 units at $2, Medical Disposables closed with a loss of $1.30 to finish at $6.30 in the swapping of 2,300 shares and Stationery and Office Supplies climbed 5 cents to end at $9.75 with 11,000 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.
JSE Main Market dives again
The Jamaica Stock Exchange Main Market indices dropped back again on Tuesday after suffering pulling back on Monday, with more than twice the number of stocks declining versus those advancing.
At the close, the JSE All Jamaican Composite Index declined 4,862.18 points to close at 540,072.15, the JSE Market Index fell 4,352.68 points to 491,789.45 and the JSE Financial Index lost 0.45 points to 132.94.
The market closed with 42 securities changing hands in the Main and US dollar markets with the prices of 9 advancing, 23 declining and 10 trading firm. The JSE Main Market activity ended with 37 securities accounting for 17,558,523 units for a sum of $50,385,050 in contrast to 28,713,834 units valued at $92,575,039 from 40 securities on Monday.
Sagicor Select Financial Fund dominated trading with 7.7 million shares for 44 percent of total volume, followed by Wigton Windfarm with 5.8 million units for 33 percent of the day’s trade, and Sagicor Select Manufacturing and Distribution Fund with 1.86 million shares for 10.6 percent of the market’s volume. QWI Investments was the sole stock trading more than 1 million units ending the day with an exchange of 1.2 million units.
The Market closed with an average of 474,555 units valued at an average of $1,361,758 for each security traded, in contrast to 717,846 units valued at an average of $2,314,376 on Monday. Trading in January resulted in an average of 626,134 units valued at $3,511,981 for each security.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows twelve stocks ending with bids higher than their last selling prices and four closing with lower offers. The PE ratio of the market ended at 19.6, while the Main Market ended at 18.8 times 2019 earnings.
In the prime market, Barita Investments closed $1.50 lower to $70, after transferring 20,290 units, Caribbean Cement shed $4 to end at $70, with an exchange of 3,166 shares, Jamaica Broilers gained $1.99 in swapping 11,044 stock units and closed at $35.99. Jamaica Producers lost $1 to settle at $25 trading 18,659 shares, Jamaica Stock Exchange gained $1.50, rising to $32 with 86,224 units changing hands, JMMB Group climbed to $46.40, after rising 40 cents in transferring 93,611 shares. Kingston Wharves dived $8 to $61 while trading 7,712 stock units, MPC Caribbean Clean Energy declined $5 to $190, in exchanging 212 shares, 138 Student Living closed 72 cents higher at $4.97 after trading 33,100 stock units. PanJam Investment lost $1 to close at $100 in transferring 13,154 shares, Pulse Investments ended 41 cents lower to $6.06, after trading 22,656 units, Sagicor Group dropped $1 to $67, after swapping 31,808 stock units. Salada Foods lost $1 to close at $31, with 1,130 shares changing hands, 
Scotia Group transferred 4,797 units at $46, after losing $1, Seprod closed $1 lower at $46 after exchanging 4,797 shares. Supreme Ventures declined $1.35 to end at $21.60, in swapping 9,714 units, Sygnus Credit Investments shed $2 to $24.50, with 21,007 shares changing hands and Victoria Mutual Investments gained 84 cents to end at $10.94, in trading 106,620 shares.
Trading in the US dollar market ended with 216,868 units valued at over US$36,463. The market index climbed 1.31 points to close at 235.22. JMMB Group 6% preference share closed with an exchange of 184 units at US$1, Margaritaville gained 4 US cents after trading 288 units at 35 US cents. Proven Investments lost half of a cent to close at 31.5 US cents trading 12,408 shares, Sterling Investments ended at 2.4 US cents after losing 0.6 of a cent, in transferring 25,378 shares and Sygnus Credit Investments gained half of a cent to close at 17 US cents.
