The official selling rate for the US dollar ended at J$130.47 on Wednesday, rising from $130.06 on Tuesday as sale to Bank of Jamaica under its foreign exchange auction, absorbed US$10 million at an average weighted rate of $131.17.
In Wednesday’s foreign currency trading, dealers bought just over US$27 million at an average rate of J$128.79 and sold over $35.4 million. Overall US$29.4 million of all currencies were bought by dealers and they sold US$38.2 million.
Dealers attempted to sell US$11.35 million to BOJ at rates as high as $134, for US$200,000 and as low as $126.80 for US$1 million. BOJ accepted all bids up to $132.93 and partially up to $133.
BOJ has been buying funds from the market from April when they started the buy side of the BFXITT auction.
On July 11, the central bank will sell US$5 million to the market and buy US$5 million on July 25. In April US$32 million was bought from the market, by BOJ, US$35 million was purchased in May and in June US$19 million. At the auction of Wednesday June 13, the central bank offered to purchase US$10 million buy only US$9 million was offered, the average rate ended at J$132.66 with the highest rate clearing at $133.50. On the June 13, the selling rate in the daily foreign exchange market jumped J$1.29 to JS$131.58 for US$1, a direct result of the BOJ buying, the rate moved even higher on the 14th even as inflows were more than sales on that day.
The central banks purchases helped to steer the Net International Reserves US$69 million higher in May to US$3.175 billion and also grew in April as well from US$3.075 billion at the end of March. At the end of February the NIR was US$3.18 billion.
July and August are two of the months with strong inflows of foreign exchange, but with summer being the prime time of Jamaicans to travel overseas demand tends to be high as well.
JSE main market climbs on low volume
Caribbean Cement ended at a new closing high of $45 on Wednesday.
The volume traded on the Jamaica Stock Exchange declined on Wednesday to 3,503,975 units valued at $50,822,952 compared to 8,102,862 units valued $101,385,351 on Tuesday.
Market activities in the main and US dollar markets resulted in 28 securities trading including just 1 from the US dollar market. At the close, the prices of 14 stocks advanced, 8 declined and 6 closed unchanged, compared to 27 securities trading on Tuesday.
At the close of the market, the All Jamaican Composite Index rose 1,170.17 points to 335,227.10 while the JSE Index advanced by 1,066.16 points to close at 305,429.74.
Tuesday’s volume was led by Ciboney with 1,230,196 units accounting for 35 percent of the day’s volume, followed by JMMB Group 7.25% preference share with 850,000 units or 24 percent of the day’s volume and PanJam Investment with 326,719 units.
Stocks with major price changes are, Caribbean Cement rising $1.50 to an all-time closing high of $45, Jamaica Broilers lost the $1 it added on Tuesday to end at $23, Kingston Wharves gained 43 cents to end at $46.40, NCB Financial rallied 50 cents to $97.50, Sagicor Real Estate Fund rose $1.45 to close at $15.45, Scotia Group was up 40 cents to close at $50.50 and Seprod jumped $1.65 to $33.25.
In the US dollar market, 5,704 units traded valued at $921 as Proven Investments rose 1 cent to 18.50 with 3,704 units changing hands and 
Sygnus Credit trading 2,000 shares, with the price slipping 0.25 cent to end at 11.25 US cents. The JSE USD Equities Index rose 1.30 points to 156.01.
Trading resulted in an average of 134,768 units valued at an average of $1,954,729 for each security traded. In contrast to 311,649 units for an average of $3,899,437 on Tuesday. The average volume and value for the month to date amounts to 190,523 units at a cost of $2,359,871, compared to 218,947 units valued at $2,566,413 on Tuesday. June closed with an average of 250,168 shares with a value of $5,895,281, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 6 stocks ended with bids higher than their last selling prices and 6 closing with lower offers.
Junior Market moves higher – Wednesday
Derrimon closed at new 52 weeks’ high on Wednesday.
At the close of market activity, the prices of 5 stocks that traded remained unchanged out of a total of 20 securities trading on Wednesday, with a similar number trading on Tuesday. At the close, one stock Derrimon Trading closed at 52 weeks’ high as investors seem to be responding to a combination of increased first quarter profit and a proposed 10 to 1 stock split to come. A total of 1,732,089 units valued at $7,477,627 traded compared to 1,064,377 units valued at $3,987,642 on Tuesday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows7 stocks ending with bids higher than their last selling prices and 5 with lower offers.
Trading ended with an average of 86,604 units for an average of $373,881 in contrast to 53,219 units for an average of $199,382 on Tuesday. The average volume and value for the month to date amounts to 71,831 units valued at $297,781 and previously 64,795 units valued at $261,543. June closed with an average of 139,543 units, valued at $671,002 for each security traded.At the close of trading, Access Financial closed with a loss of 4 cents at $47, with 1,400 shares traded, AMG Packaging fell 2 cents to end at $2.08, with 27,000 stock units, Blue Power concluded trading at $48, with 1,178 units, Caribbean Flavours traded 60 cents higher at $11.60, with 3,905 stock units, Caribbean Producers finished trading after rising 5 cents to $5.60, with 1,521 units. Consolidated Bakeries closed with a loss of 5 cents at $2.05, with 96,800 shares, Derrimon Trading jumped $2.40 to a new all-time high of $18.40, with just 500 shares, Dolphin Cove finished with a loss of $1.80 at $15, while exchanging 20,000 stock units, Elite Diagnostic settled with a loss of 8 cents at $2.97 trading 65,477 units.
Express Catering traded 4,427 shares with a loss of 45 cents to $7.05, GWest Corporation ended with a loss of 10 cents at $2.40, exchanging 10,919 units, Jamaican Teas eased down by 1 cent to $4.99, with 1,120 stock units, Jetcon Corporation traded 154,528 units. at $4.10, Lasco Distributors concluded trading 1 cent higher at $4.20, with 430,142 stock units, Lasco Financial finished at $4.99, trading 497,156 units. Lasco Manufacturing settled 20 cents higher at $4.20, with 223,000 shares, Paramount Trading traded 25,143 stock units and finished trading at $2.97, Stationery and Office closed 54 cents higher at $8.50, with 12,615 units trading and tTech concluded trading at $6, with 5,000 shares changing hands.Prices of securities trading for the day are those at which the last trade took place.
Junior Market gains again – Tuesday
C2W trades at a 52 weeks’ high of $1.30 on Tuesday.
The Junior Market inched higher at the close on Tuesday, leading to the market Index rising just 7.32 points to close at 3,071.02 after the prices of 10 securities advanced and 6 declined.
At the close of market activity 4 remained unchanged out of a total of 20 securities trading on Tuesday compared to 24 securities trading on Monday. At the close, one stock C2W Music closed at 52 weeks’ high and 1,064,377 units valued at $3,987,642 traded, compared to 1,657,028 units valued at $6,997,147 changing hands on Monday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ending with bids higher than their last selling prices and 3 with lower offers.
Trading ended with an average of 53,219 units for an average of $199,382 in contrast to 75,319 units for an average of $318,052 on Monday. The average volume and value for the month to date amounts to 64,795 units valued at $261,543. June closed with an average of 139,543 units, valued at $671,002 for each security traded.
At the close of trading, AMG Packaging ended trading rising 9 cents to $2.10, with 5,738 stock units changing hands, Caribbean Cream lost 3 cents to close at $4.60, with 1,550 shares, Caribbean Flavours traded at $11, with 7,953 stock units, Caribbean Producers finished trading 35 cents higher at $5.55, with 50,570 units, C2W Music ended 3 cents higher at 52 weeks’ high of $1.30, with 13,000 shares. Elite Diagnostic settled at $3.05, with 18,002 units trading, Everything Fresh gained 17 cents to close at $2.42 trading 331,780 shares, Express Catering traded 50 cents higher at $7.50, with 50,873 shares, FosRich Group rose 15 cents to $2.75, with 35,646 shares, General Accident closed with a loss of 4 cents at $2.96 and 65,519 stock units changing hands. 
GWest Corporation ended with a loss of 50 cents at $2.50, with 37,683 units traded, Honey Bun gained 5 cents to end at $5.25, with 1,600 shares, Jamaican Teas ended trading at $5, with 114,149 stock units, Jetcon Corporation traded at $4.10, with 159,848 units. Lasco Distributors concluded trading 93,515 stock units and rose 19 cents to $4.19, Lasco Financial finished with a loss of 1 cent at $4.99, after exchanging 16,828 units, Lasco Manufacturing settled with a loss of 20 cents at $4 and the trading of 40,386 shares, Stationery and Office closed with a loss of 4 cents at $7.96, with 18,458 units and tTech concluded trading at $6, with 800 shares changing hands. In the junior market preference segment, Eppley 9.5% ended trading at $6, with 479 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.
JSE Trading climbs sharply – Monday
The volume traded on the Jamaica Stock Exchange declined sharply on Monday to 3,063,437 units valued at $29,501,732 compared to a much larger 16,726,086 shares valued at $358,993,001 on Friday.
Market activities in the main and US dollar markets resulted in 30 securities trading including 5 from the US dollar market. At the close, the price of just 6 stocks advanced, 13 declined and 11 closing unchanged, compared to 24 securities trading on Friday.
At the close on the Jamaica Stock Exchange on Monday, the All Jamaican Composite Index dropped 1,910.31 points to 333,653.33 while the JSE Index dived 1,740.51 points to end at 303,995.85.
Monday’s volume was led by Wisynco Group with 1,365,496 units accounting for 44.57 percent of the day’s volume, followed by Pulse Investments with 545,254 units or 17.80 percent of total volume.
Stocks with major price changes are, Carreras fell 45 cents and closed at $9.55, Mayberry Investments rose 45 cents to $6.50, NCB Financial dropped $2.70 to $95.30, PanJam Investment dropped $4.12 to close at $53.45, Pulse Investments climbed 70 cents to $2.50, Scotia Group lost 90 cents to end at $50.10 and Wisynco Group lost 73 cents and ended at $9.22.
In the US dollar market, 144,201 units traded valued at $24,829 with JMMB 5.75% preference share closed at US$2.25 trading 6,866 shares and JMMB 6% preference share $1 completed trading at $1 with 3,800 stock units, Margaritaville lost 2 cents and finished trading 18 US cents with 1,000 shares, 
Proven Investments traded 77,535 units and fell 2.5 cents to 17.5 cents and Sygnus Credit traded 55,000 units and closed with the price rising 1 cent to end at 12 US cents. The JSE USD Equities Index closed with a rise of just 0.04 points to 155.04.
Trading resulted in an average of 122,537 units valued at an average of $1,180,069 for each security traded, in contrast to 727,221 units valued at an average of $15,608,391 on Friday. June closed with an average of 250,168 shares with a value of $5,895,281, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 6 stocks ended with bids higher than their last selling prices and 6 closing with lower offers.
Positive July start for Junior Market
Derrimon Trading closed at a 52 weeks’ high of $15 on Monday.
The Junior Market opened trading July on a positive note when the market closed on Monday, leading to the market Index rising 26.14 points to close at 3,063.70.
Market activity resulted in 22 securities changing hands, resulting in the prices of 10 advancing, 7 declining and 2 remaining unchanged compared to 24 securities trading on Friday. At the close, two stocks closed at 52 weeks’ high and 1,657,028 units valued at $6,997,147 traded, compared to 4,873,191 units valued at $15,916,560 changing hands on Friday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 7 stocks ending with bids higher than their last selling prices and 2 with lower offers.
Trading ended with an average of 75,319 units for an average of $318,052 in contrast to 203,050 units for an average of $663,190 on Friday. June closed with an average of 139,543 units, valued at $671,002 for each security traded.
At the close of trading, AMG Packaging ended 1 cent higher at $2.01, with 3,895 stock units changing hands, Blue Power concluded trading with a loss of 2 cents at $48, with 3,103 units, Caribbean Cream closed trading at $4.63, with 36,811 shares, Caribbean Producers finished trading 10 cents higher at $5.20, with 744 units, Consolidated Bakeries closed trading at $2.10, with 13,000 shares. C2W Music ended 47 cents higher at a 52 weeks’ high of $1.27, with 44,209 shares trading, Derrimon Trading concluded trading $1.30 up at an all-time closing high of $15, with 8,333 shares, after it traded at an intraday high of $16, Elite Diagnostic settled 5 cents higher at $3.05, with 112,684 units, Everthing Fresh traded 32,820 shares but fell 15 cents, to end at $2.25, Express Catering traded with a loss of 20 cents at $7, in exchanging 23,749 shares. FosRich Group finished trading with a loss of 39 cents at $2.60, while just 4,731 shares changed hands, 
General Accident closed 2 cents higher at $3, with 107,169 stock units traded, Honey Bun concluded trading at $5.20, with 1,747 shares, Jamaican Teas ended trading with a loss of 50 cents at $5, after 88,992 stock units were exchanged. Jetcon Corporation closed at $4 higher at $4, with 104,374 shares, Key Insurance traded at $4, with 1,000 units, Knutsford Express rose 1 cent to end at $12.51, with 850 shares trading, Lasco Distributors ended at $4, with 676,262 shares, Lasco Financial concluded trading 11 cents higher at $5, with 289,231 stock units. Lasco Manufacturing rose 30 cents to $4.20, with 84,335 units, Main Event settled 73 cents higher at $7, with 3,024 shares trading and Paramount Trading fell 3 cents to end at $2.97, with 15,965 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.
Grace, CPJ, Palace & Salada in TOP 10
Jamaican stocks have not had a spectacular year with six months having elapsed so far. The main market grew 6 percent and the Junior Market is up just over 11 percent for the year to date.
Palace Amusement with an increase of 164 percent was the only stock to double in price, C2W Music and Express Catering came close with more than 90 percent gain, while former TOP 10, Stationery and Office Supplies came in with an attractive 63 percent.
With the average PE ratio for Junior Market Top stocks at 6.2 compared to an average PE for the overall main market, of 11, based on 2018 estimated earnings and the main market PE is 7.9 for the top stocks, compared to a market average of 13, suggest that the rest of the year should deliver better returns than the first half. The sharp reduction in Bank of Jamaica policy rate to an unprecedented 2 percent and Treasury bill interest rates to record lows of 2.5 percent, is set to push stocks values much higher unless profits for most of the listed companies were to fall. A factor that is at play that is not known to the vast majority of investors, is the lack of supply for many stocks. 
The shortage of supply is set to result in a big rise in prices going forward before supplies will be able to satisfy what is likely to be a rising demand.
Out of the top lists are JMMB Group that rose by week end while Jamaica Broilers earnings was downgraded to $2 per share based on lower 2018 results from ongoing business operation and Pulse inched up in price to be squeezed out of the main market list. Stationery and Office Supplies slipped off the Junior Market list after Caribbean Producers just got squeezed in, with the price slipping to $5.10. Grace Kennedy, Palace Amusement and Salada Foods return to the top list with the latter price falling from $14.25 at the close of the previous week to $11.70 now. Importantly, Palace implemented price increases mainly between 4.8 and just over 8 percent for the movies, effective at the start of July, this resulted in projected earnings for 2019 now put at $150 per share, up from $140 at our last revision.
On Friday, prospectuses for Stanley Motta and Mayberry Jamaican Equity were published. These issues are not priced to bounce based on the underlying nature of these companies. Stanley Motta is a real estate play that will provide income that is better than most fixed interest securities with growth moderate going forward, while Mayberry is a close end mutual fund that growth is going to depend of appreciation in the investments held or to be acquired.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 45 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings and main market stocks traded at a discount of 39 percent to the market.
Stocks to Watch The stock closed without an offer at the close of the week. NCB Financial, PanJam Investment could move higher again this week as there continues to be buying but there is very limited supply of the stock on offer. 
Radio Jamaica that came for increased buying in the past week could get more attention with the network broadcasting the popular world cup matches as adverting revenues should climb as a result from the coverage. Others worth watching include Caribbean Cement, Berger Paints with little selling, Grace Kennedy for which there is also limited supply and Pulse Investments that traded a large volume on Wednesday and Thursday with the price shooting to $2.28 before pulling back on Friday. In the Junior market, demand for Derrimon Trading closed the week at a new high, during the past week and seems poised to move higher. Stationery and Office Supplies settled down during the week is set to rebound soon as selling around the $8 level starts to ease. Jamaican Teas pulled back in the past week to $5.50 but with limited stocks being offered for sale, it is worth watching.
JSE Trading climbs sharply – Friday
Jamaica Broilers traded more half of Friday’s volume.
The volume traded on the Jamaica Stock Exchange rose sharply on Friday to 16,726,086 units valued at $358,993,001 from just 3,989,661 units valued at $65,937,392, Thursday.
The sharp increase in Friday’s volume was led by Jamaica Broilers Group with 8,778,922 units accounting for nearly 53.5 percent of the day’s volume followed by Radio Jamaica with 2,669,432 units and 15.96 percent of total volume and Carreras with 1,124,379 units and NCB Financial with 1,089,615 shares.
At the close on the Jamaica Stock Exchange on Thursday, the main market indices rose with All Jamaican Composite Index climbing 2,198.27 points at 335,563.64, while the JSE Index rose 2,002.87 points to 305,736.36. The market closed out the half year mark with an increase of just 6 percent. Palace Amusement led the stocks rising with an increase of 168% followed by Kingston Wharves with 40 percent, PanJam Investments up 29 percent with Jamaica Broilers and Caribbean Cement up 28 percent each.
Stocks with major price changes are, Caribbean Cement rose $1 to end at $41, Carreras rose 80 cents and closed at $10, Grace Kennedy rose 66 cents to $52.26, Jamaica Broilers lost 50 cents to end at $23, JMMB Group rose 60 cents to close at $29, NCB Financial jumped $1.50 to $98, Productive Business Solution preference share lost $2 in closing at $103 and Scotia Group rose 80 cents to end at $51.
Market activities in the main and US dollar markets resulted in 24 securities trading of which 12 advanced, 4 declined and 8 closing unchanged, compared to 27 securities trading on Thursday.
In the US dollar market, 156,168 units traded valued at $17,178 with Sygnus Credit being the sole stock trading in the segment with the price ending at 11 US cents. The JSE USD Equities Index closed unchanged at 155.
Trading resulted in an average of 727,221 shares valued at $15,608,391, compared to 166,236 units valued at an average of $2,747,391 for each security traded on Thursday. For the month to date, 250,168 units traded with an average value of $5,895,281 and on the previous day, 229,774 units traded with an average value of $5,182,608. May closed with an average of 589,414 shares with a value of $16,532.367, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 9 stocks ended with bids higher than their last selling prices and 3 closing with lower offers.
Trading picks up on Junior Market – Friday
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Volume surged on the Junior Market, on Friday with 4,873,191 units valued at $15,916,560 changing hands, with GWest trading almost 3.6 million units valued at $9.6 million.
The day’s trading saw a 212 percent rise in the volume and 165 percent increase in the value over the 1,563,696 units valued at $6,095,052 traded on Thursday.
Market activity resulted in 24 securities changing hands, leading to the prices of 5 advancing, 11 declining and 8 remaining unchanged compared to 22 securities trading on Tuesday. The Junior Market Index slipped just 0.74 points to close at 3,037.56.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 7 stocks ending with bids higher than their last selling prices and 2 with lower offers.
Trading ended with an average of 203,050 units for an average of $663,190 in contrast to 91,982 units for an average of $358,532 on Thursday. The average volume and value for the month to date, amounts to 139,543 units valued at $671,002 and previously 136,164 units valued at 671,284. May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of trading, AMG Packaging suffered a loss of 10 cents to end at $2, with 42,000 stock units trading, Caribbean Cream dropped 87 cents to $4.63, with 29,345 shares changing hands, Caribbean Producers traded down 10 cents to $5.10, with 26,000 stock units, Derrimon Trading ended at a new high by rising by $1.70 to $13.70, with 500 shares, Dolphin Cove concluded trading $1.99 higher at $16.80, with 4,700 shares. Elite Diagnostic finished at $3, with 77,171 stock units trading, Express Catering ended trading 20 cents higher at $7.20, with 37,570 shares, FosRich Group traded with a loss of 1 cent at $2.99, in exchanging 42,123 shares, General Accident lost 3 cents to end at $2.98, with 41,000 shares. 
GWest Corporation jumped 50 cents higher to $3, with 3,562,554 stock units, Honey Bun ended at $5.20, trading just 100 units, Iron Rock concluded trading at $3, with 528,900 shares, ISP Finance finished with a loss of 2 cents at $15, after trading 9,000 shares. Jamaican Teas settled at $5.50, with 1,000 shares, Jetcon Corporation ended trading at $4.06, with 90,000 stock units, Key Insurance traded at $4, with 148 units, Knutsford Express closed with a loss of 1 cent at $12.50, trading 58,719 shares. Lasco Distributors ended at $4, after shedding 10 cents exchanging 41,764 shares, Lasco Financial concluded trading of 6,941 stock units and fell 11 cents to $4.89, Lasco Manufacturing declined 30 cents to close at $3.90, with 26,900 units, Medical Disposables fell 17 cents to $5, with 500 shares, Stationery and Office finished trading 78,256 stock units at $8 and tTech ended at $6, with 8,000 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.
Pulse leading trade for 2nd day
Trading on the Jamaica Stock Exchange fell sharply on Thursday to just 3,989,661 units valued at $65,937,392, down from 12,393,354 units valued at $115,843,551 on Wednesday with Pulse as the lead trade.
At the close on the Jamaica Stock Exchange on Thursday, the main market indices rose with All Jamaican Composite Index climbing 1,984.67 points at 333,365.37, while the JSE Index rose 1,808.26 points to 303,733.49.
Stocks with major price changes are, Grace Kennedy down 66 cents to $51.60, JMMB Group fell 60 cents to close at $28.40, NCB Financial falling $1.56 to $96.50, PanJam Investment adding back the $4.77 lost on Wednesday to end at $57.57 and Sagicor Group rose 82 cents to end at $39.
For the second consecutive day, Pulse Investments led trading and closed on Thursday with 781,135 units trading, accounting for nearly 20 percent of the day’s volume and was followed by JMMB Group 7.25% preference share with 750,000 shares and Scotia Group with 628,743 units.
Market activities in the main and US dollar markets resulted in 25 securities trading of which 10 advanced, 8 declined and 9 closing unchanged, compared to 28 securities trading on Wednesday.
In the US dollar market, 139,245 units traded valued at $25,213 with Sygnus Credit traded 128,045 units trading, to end at 11 US cents. JMMB Group 6.00% USD preference share ended with 11,000 units and Sterling Investments trade with 200 units at 9.2 US cents after falling from 10.4 US cents. The JSE USD Equities Index closed down 0.49 at 155.
Trading resulted in an average of 166,236 units valued at an average of $2,747,391 for each security traded, in contrast to 515,323 units valued at an average of $4,826,815 on Wednesday. For the month to date, 229,774 units traded with an average value of $5,182,608 and on the previous day, 232,741 units traded with an average value of $5,302,373. May closed with an average of 589,414 shares with a value of $16,532.367, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 10 stocks ended with bids higher than their last selling prices and 2 closing with lower offers.
