Feature Stories — Page 476

4 new highs for junior market

June 10, 2015 by IC Insider.com

Paramount is one of fours stocks to close at 52 weeks’ high. The stock closed at $5.50 on Wednesday for an all-time high.

Trading picked up on the Junior Market with 9 securities trading, and ended with 940,177 units changing hands valued at $2,275,177. The JSE Junior Market Index gained 7.97 points to close at 934.69, with the price of 6 stocks advancing, none declining and 4 closing at 52 weeks’ high, Honey Bun traded at 52 weeks intraday high of $2.96.
At the close of the market, there were 2 stocks with bids higher than their last selling prices and 5 with lower offers. The junior market ended with 4 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, Caribbean Cream traded at a 52 weeks’ high with 10,000 units, 10 cents higher, at $1.65. Caribbean Producers with 330,543 shares trading closed at $3, Dolphin Cove with 2,092 shares changing hands to close higher by 25 cents at a new high of $11.25, Honey bun finishing trading with 83,634 shares to close unchanged at $2.95.

Jamaican Teas closed with 4,041 shares trading 4 cents higher at $3.54, Lasco Distributors with 21,867 shares trading, unchanged at $1.65, Lasco Financial Services finished trading with 352,000 units, to close with a gain of 3 cents to new a new 52 weeks’ high of $1.98. Lasco Manufacturing end up with 124,000 shares trading 5 cents higher at $1.50 and Paramount Trading ended trading with 12,000 shares to end with an increase of 70 cents to an all-time high of $5.50. At the close Access Financial seems set to fall with an offer at $15.84 to sell 5,951 units well below the last traded price of $16.75.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: Caribbean Producers (CPJ), Daily Trading, Dolphin Cove, Honey Bun, Lasco, Lasco Distributors, Lasco Financial Services, Lasco Manufacturing, Trading Activity

Junior market closes at new high

June 9, 2015 by IC Insider.com

Dolphin Cove was one of 6 stocks ending at 52 weeks’ high

Trading on the Junior Market resulted in the market hitting a new all-time high, with 6 stocks closing at 52 weeks’ high out of 12 securities trading, culminating in 1,069,919 units changing hands valued at $1,990,730. The JSE Junior Market Index gained 14.46 points to close at 926.72, a new record high, with the price of 6 stocks advancing and 1 declining.
At the close of the market, there were 4 stocks with bids higher than their last selling prices and 3 with lower offers. The junior market ended with 5 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
Stocks trading in the junior market include, Access Financial with just 100 shares changing hands, to close lower by 25 cents at $16.75, Cargo Handlers finishing with 500 units to close with a gain of 51 cents, to a new all-time high of $23.51. Caribbean Cream with 435,000 shares trading at an all-time high of $1.55, gained 20 cents, Dolphin Cove finished trading with 1,000 shares to closed at an all-time high of $11, to gain 75 cents, Honey Bun concluded trading with 20,000 shares changing hands to close 25 cents higher at a 52 weeks’ high of $2.95.

Lasco Distributors traded 23,150 shares at $1.65, Lasco Financial Services finished trading with 495,970 units, with the price rising 4 cents to $1.95. Lasco Manufacturing traded 79,899 shares at $1.45, Paramount Trading ended with just 1,000 shares changing hands with an increase of 54 cents to $4.80, a new all-time high. The stock closed with a bid to buy 49,500 units at $5 and Eppley 9.5% preference share closed trading with 4,000 units and put on just 1 cent to $6.01 to new high, with a 1 cent gain.

Filed Under: Breaking News, Feature Stories, JSE Junior Market, Stock Market Tagged With: Cargo Handlers, Daily Trading, Dolphin Cove, Eppley, Honey Bun, Lasco, Lasco Distributors, Lasco Financial Services, Lasco Manufacturing, Paramount Trading

Cross currents impact Scotia Group

June 3, 2015 by IC Insider.com

Faced with cross currents of one sort or the other Scotia Group has had to navigate some traitorous water over the past two years or so. They may be coming to the end but their latest results are not very encouraging. For with profit of $10.5 billion in 2013 up from $10.2 billion in 2012, Scotia could just manage $9.76 billion last year or $3.14 per share. The group so far seems to be retreating rather than going forward, with the latest results.
Scotia in its latest quarterly report reported net profit of $3.845 billion for the six months ended April 2015, a fall of $1.1 billion, from the restated net income of $4.96 billion for the period ended April 2014. For the quarter to April net profit came in at $2.3 billion versus $2.69 billion in the April 2014 quarter, reduction in foreign exchange trading and securities trading gains and increased in other operating costs were major contributors to the decline but were partially offset by increased fee income and insurance revenues.

Jackie Sharp CEO of Scotia Group

For the half year the full expensing of Asset Tax in the first quarter as well as the increase in the asset tax rates from 0.14 percent to 0.25 percent imposed in May 2014 impacted the results. Additionally, during the second quarter a new tax regime for insurance companies became effective in March 2015, as a result insurance companies were subjected to corporate income tax of 25 percent on statutory income. This change resulted in an increased tax charge of $368 million for Scotia Life. Total revenue for the six months was $17.7 billion, an increase of $372 million.
Net interest income after impairment losses for the period was $11.4 billion, an increase of $235 million when compared with the same period in 2014. There was a reduction in the impairment losses on loans of $242 million.
Operating Expenses for the six months amounted to $9.94 billion and increase of $434 million over the $9.4 billion in 2014 excluding the Asset Tax of $1.29 billion being recorded in the financial results for April 2015, compared to $484 million for April 2014.
The loan portfolio is up $10.8 billion or 7.9 percent over April last year, and after allowance for impairment losses, loans amounted to $147.55 billion as at April. Non-performing loans totalled $4.9 billion, representing 3.26 percent of total gross loans down from 3.45 percent last year and 3.34 percent as at January this year the bank advised investors. The Group’s aggregate loan loss provision as at April 2015 was $5.3 billion.
Earnings per share amounts to 74 cents for the quarter and $1.21 for the half-year and looks like ending the year just below $3 per share. The stock traded on the Jamaica Stock exchange at $25.50 on Thursday. A dividend of 40 cents was declared, payable on 15th of July.

Filed Under: Company News, Company Results, Dividends, Feature Stories Tagged With: Jamaican Stock, Scotia, Scotia Life

Scotiabank T&T Q2 profit up 18%

June 3, 2015 by IC Insider.com

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Scotiabank Trinidad and Tobago released results showing net profit of $260 million for the six months ended 30 April 2015, an increase of $9.8 million or just 3.9 percent over the similar period in 2014. Most importantly, is not so much the half year number even as the show growth but the results of the April quarter with profits jumping 18.4 percent to $125 million from net revenues that is up by 17 percent to $347 million from $296 in 2014.
For the period, earnings per share, grew to 147 cents and was up to 71 cents in the quarter, versus 60 cents in 2014. For 2014 fiscal year to October, Scotiabank made earnings of $3.17, based on the latest they should exceed the 2014 results. Return on Equity (ROE) was 14.73 percent. Return on Assets fell slightly to 2.49 percent reflective of the continued spread compression being faced within the domestic economy.
Revenue comprising net interest and other income, was $702 million for the period ended April 2this year an increase of $51million over the same period last year. Net Interest Income for the six months to April, was $460 million, $21.3 million or 5 percent higher than for the 2014 period,
Other Income increased 14 percent for the six months to $242 million compared 2014. “The increase was driven by growth in our key segments Retail, Corporate and Commercial Banking and Insurance and complemented the strong asset growth” the bank said in a release to the Trinidad & Tobago Stock Exchange.
Total Non-Interest Expenses for the six months was $329 million, $18 million or 5.7 percent higher than 2014. Loan Loss Expense increased by $14 million when over the similar period in 2014.
Total Assets grew 6 percent to $21.4 billion at the end of April, with loans to customers ending the period at $12.7 billion an increase of $1.9 billion or 17 percent compared to 2014. Treasury bills holdings as at 30 April, 2015 totalled $1.7 billion which fell by $482 million when compared to 2014. Investment Securities grew by $731 million or 49 percent as the Bank moved to redeploy funds held in short-term instruments to higher yielding medium term instruments which became available in the market.
The bank will be paying a second quarter dividend of 40 cents per ordinary share, payable on 10th July 2015 to shareholders on record as at 11th June 2015. The stock traded on the Trinidad & Tobago Stock exchange on Wednesday at $62.54.

Filed Under: Company News, Company Results, Feature Stories Tagged With: Scotiabank

GOJ enjoys lower Interest cost

May 31, 2015 by IC Insider.com

Jamaica’s Ministry of Finance newest office building

The payment for interest on the country’s huge national debt in April by the government of Jamaica ended at $900 million less than budgeted. The total amount paid is also less than that paid in April last year.
Interest payments amount to $7.376 billion compared with $8.168 billion budgeted and is down on the $7.875 billion paid in 2014. The expenditure saw a near $1 billion savings from the budgeted amount for local debt of $4.588 billion, compared to the budgeted sum of $4.547 billion, there was a slight increase in the cost of foreign debt to $2.788 billion, versus $2.621 billion budgeted.
The fall in the interest cost on the local debt would have occurred as a result of Treasury bill rates having fallen at the time the budget was crafted and April, with government having variable rate instruments funding its operations. The cut in the cost amounts to a large 20 percent and if the savings were to continue for the rest of the fiscal year, the savings could be around $12 billion on the amount of $63 billion allocated to pay interest on the local debt.
Overall revenues collected by government was $28.26 billion, a shade less than forecast at $28.6 billion while recurrent expenditures of $41.56 billion were under budget of $42.77 billion. The short fall in revenues is due to the absence of bauxite levy of $147 million budgeted and grants that came in at only $67 million versus $665 million in the budget.

Filed Under: Economy, Feature Stories Tagged With: GOJ revenues, GOJ Treasury bills, Minister of Finance

Prices up prices down index gains

May 29, 2015 by IC Insider.com

Sagicor traded 5.36 million shares on Friday

The Jamaica Stock Exchange ended the week on a positive note with most prices for stocks rising and new highs still being recorded, resulting in the prices of 14 stocks rising, 10 declining as 35 securities changed hands, ending in 17,846,913 units trading, valued at $135,894,171, in all market segments.
Hardware & Lumber closed at a new 52 weeks’ high of $18, Jamaica Stocks Exchange closed at an all-time high of $4 and Scotia Investments also closed at a new high of $30 after jumping $3.70 but with limited volume and Palace Amusement traded at $60 for a new 52 weeks’ low.

TheJSE Market Index gained 451.19 points to 98,766.37, theJSE All Jamaican Composite index rose 504.32 points to close at 109,333.21 and the JSE combined index put on 439.21 points to end at 101,019.67.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator continues to reflect a market that has a upward bias with 11 stocks with bids higher than their last selling prices and just 2 with offers that were lower.
Barita Investments traded 134,024 shares at $2.50 but closed with the bid at $2.55 to buy 11,765 shares, Carreras traded 160,324 shares with the price rising to $50 from $49 on Thursday after the company announced a $2 dividend. The stock traded as high as $51.06 for an intraday 52 weeks’ high. Caribbean Cement slipped 40 cents to close at $4.60 with 12,000 units changing hands. Desnoes & Geddes had 62,181 shares trading, to close 12 cents lower at $7.38, Grace Kennedy with 20,682 units changing hands, closed with a loss of 50 cents at $63. Jamaica Broilers shared 1,284,333 units at 20 cents higher, than on

Thursday, at $5.50, Jamaica Stock Exchange had 1 million units changing hands in one trade, to close at $4, the stock closed without an offer. JMMB Group enjoyed trading in 171,384 shares to end at $9, Mayberry Investments had 37,164 units changing hands between $3.16 and the ending price, of $3. National Commercial Bank closed at $29.57 after losing 53 cents, Palace Amusement traded 566 shares and fell by $20 to $60, Sagicor Group had another heavy day of trading with 5,359,993 units changing hands and Scotia Group traded 14,391 units at $25.05 for a 45 cents decline.
In the preference sector, Jamaica Money Market Brokers 7.50% preference share traded 429,000 units at $2.30, Jamaica Money Market Brokers 8.75% preference shares 370,000 units at $3.02.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: Barita Investments, Caribbean Cement, Carreras, Desnoes & Geddes, H&L, National Commercial Bank, Scotia Investments

Juniors trade 8.66 million shares

May 29, 2015 by IC Insider.com

Caribbean Cream traded 5.3 million shares with the audited accounts showing profit rising 62%.

Caribbean Cream was the dominant trade on Thursday on the Junior Market with 5.3 million units as investors responded positively to the company’s audited results showing a 62 percent increase in profit versus 40 percent shown in the preliminary interim report that was released previously. Also trading in large volume was Caribbean Producers with 2.7 million shares.
Trading ended with 9 securities being active and cumulating in 8,660,524 units changing hands valued at $14,662,200. The JSE Junior Market Index gained 1.53 points to close at 871.93, with the price of 5 stocks advancing and only 1 declining and 1 closing at 52 weeks’ high.
At the close of the market, there were 8 stocks with bids higher than their last selling prices and none with a lower offer. The junior market ended with 3 securities closing with no bids to buy and 10 securities that had no stocks being offered for sale.
Caribbean Producers with 2,723,803 shares trading, ended lower by 10 cents to $2.80,

In trading, Caribbean Cream closed with 5,300,365 units trading, the price rose by 5 cents to $1.15. Blue Power closed with 19,573 shares trading unchanged at $9.50, Cargo Handlers finished with 1,000 units to close at $22.28, Dolphin Cove finished trading with 4,333 shares at $10.25 with a gain of 25 cents. Jamaican Teas had activity in 15,000 shares and closed unchanged at $3.50, KLE Group traded 135,446 shares for 9 cents higher, at 84 cents, Lasco Financial Services traded 250,000 units at a new closing all-time high of $1.66, after adding 9 cents and Lasco Manufacturing ended trading with 211,004 units, the price rose 4 cents to close at $1.29.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: Blue Power, Cargo Handlers, Caribbean Producers (CPJ), Dolphin Cove, General Accident, Jamaican Teas, Lasco Financial Services, Lasco Manufacturing

Sagicor stole show with 11.4m Shares

May 28, 2015 by IC Insider.com

Sagicor Group

Sagicor Group had 11,418,503 shares trading at $11.52 as Sagicor Investments was the only broker trading the stock on behalf of clients, as well as some being bought for in house inventory purposes.
Activity on the overall market resulted in the prices of 18 stocks rising, 8 declining as 37 securities changed hands, ending in 15,580,599 units trading, valued at $163,455,688, in all market segments.
The JSE Market Index gained 621.20 lost points to 98,315.18, the JSE All Jamaican Composite index rose 694.34 points to close at 108,828.89 and the JSE combined index gained 600.84 points to end at 100,580.46.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows only 6 stocks with bids higher than their last selling prices and 3 with offers that were lower.
In trading, Barita Investments exchanged 77,159 shares to close at $2.50, after shedding 20 cents, Cable & Wireless traded 353,348 units at 50 cents at the close Caribbean Cement had 102,760 shares changing hands at $5, to gain 60 cents at the close, but traded as low as $4.40. Carreras had 104,150 units trading unchanged at $49, Desnoes & Geddes gained 15 cents in trading 12,500 units at $7.50. Gleaner closed up 14 cents as 25,811 units changed hands at $1.10. All the Jamaica Producers’ 36,937 shares traded at $18.55, Jamaica Stock Exchange traded at a new all-time high of $3.65 with 10,000 units, Margaritaville traded 89,180 units at 10.5 US cents up from 10 US cents, Mayberry Investments traded 98,500 at $3, National Commercial Bank traded 15,647 shares to close with a gain of 53 cents at $30.10. Proven Investments ended with 18,320 units as the price rose to 20.99 US cents, followed by Sagicor Real Estate Fund with 202,000 shares at $7.51, Scotia Group had 673,965 shares changing hands at $25.50 and Jamaica Money Market Brokers 8.75% preference shares with 289,776 units at $3.02.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: Barita Investments, C&WJ, Caribbean Cement, Carreras, Gleaner, Jamaica Broilers, Jamaica Producers, Jamaican Stock, JMMB, Mayberry, NCB, Proven, Sagicor, Scotia, Trading Activity

Lasco Financial at new high

May 28, 2015 by IC Insider.com

Mayberry buys more Lasco Financial shares on Thursday as the stock traded at an all-time high of $1.68.

Lasco Financial Services traded at a new all- time high of $1.68 during the trading session on Thursday. Fairly heavy trading in the stock within minutes of the close, saw 1,483,076 units changing hands and the price slipping to $1.57 for a new closing high, two days after Mayberry bough 20 percent of the company and after the company reported profits of $190 million or 15.5 cents per share for the year to March. Mayberry bought additional shares for their own account by way of crosses towards the end of trading, leaving no stock on offer at the close.
Trading ended on the Junior Market with 9 securities changing hands, and ended with a total of 1,913,100 units valued at $2,968,161. The JSE Junior Market Index gained 1.68 points to close at 870.40, with the price of 3 stocks advancing and 3 declining and 1 closing at 52 weeks’ high.
At the close of the market, there were 6 stocks with bids higher than their last selling prices and none with lower offers. The junior market ended with 3 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
The other stocks trading in the junior market are, Caribbean Cream with 200,000 shares changing hands to close unchanged at $1.10,

Caribbean Flavours & Fragrances finished trading with 3,000 shares to close unchanged at $2, Caribbean Producers with 1,000 shares trading, ended lower by 9 cents at $2.90, General Accident Insurance traded just 100 units at $2.02 and lost 2 cents. Jamaican Teas traded with 25,000 shares changing hands to close 10 cents higher at $3.50, with results released for the company, the supply that was overhanging the market has disappear with only offers between $4 and $5.50 for a total of 50,000 shares in the market. Lasco Distributors traded 44,266 shares, unchanged at $1.60, Lasco Manufacturing traded 148,658 shares as the stock traded lower by 2 cent to $1.25 and Medical Disposables had 8,000 units changing hands at $1.95.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: Caribbean Flavours & Fragrances, Caribbean Producers (CPJ), Daily Trading, General Accident, Jamaican Stock, Jamaican Teas, Lasco, Lasco Distributors, Lasco Financial Services, Lasco Manufacturing, Medical Disposables & Supplies

Mayberry takes 20% of Lasco Financial

May 26, 2015 by IC Insider.com

Mayberry buys 20% of Lasco Financial Services on Tuesday.

Mayberry Investments bought 244,505,426 shares in Lasco Investments over the stock exchange floor today to be the dominant trade on the Jamaica Stock Exchange. Lascelles Chin was the major seller with 218,797,608 units, leaving approximately 160 million units directly in his name.
Joel Izquierrdo Gonzalez who had 14,515,000 shares seems to have disposed of his holdings as well, Mayberry crossed another 10 million units to cement the major part of the trade for the day. Chin confirmed the sale and indicated that Mayberry now has 20 percent and it’s a win, win proposition for both entities. Lasco Financial has 1,228,102,990 Ordinary shares of no par value that are issued. Lasco just reported full year reulsts with profit of $189.5 million just up from $178.2 million in 2014, the company reported just $10 million profit in the last quarter to March versus $41 million in the same period in 2014.Mayberry previously owned around 39 percent of Access Financial Services which they divested last year for approximately $1 billion. Some of the funds are being invested in this and other entities. It could well be that Mayberry will eventually buy more shares in the company.
Elsewhere in trading pick on the Junior Market with 11 securities trading, and ended with 245,363,622 units changing hands valued at $315,546,759. The JSE Junior Market Index declined 21.64 points to close at 856.43, with the price of 2 stocks advancing and 6 declining.
At the close of the market, there were only 2 stocks with bids higher than their last selling prices and 4 with lower offers. The junior market ended with 4 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, Access Financial Services ending

with 61,836 shares changing hands 10 cents lower at $17, Blue Power closed with 1,700 shares trading at $9.50, in losing 30 cents. Caribbean Cream finished with 81,200 units with a loss of 11 cents at $1.08, Caribbean Producers with 51,724 shares trading, was unchanged at $3, General Accident Insurance concluded trading with 187,684 shares changing hands to close 7 cents lower at $2. Honey Bun finished trading with just 500 shares to close 11 cents higher, at $2.62, Knutsford Express Services ended with 3,437 shares unchanged at $6. Lasco Distributors traded 289,032 shares, 15 cents lower, at $1.55, Lasco Financial Services finished trading with 244508476 units in total between $1.28 and $1.45 to settle at $1.30, there were 170,033 shares of Lasco Manufacturing traded to close lower by 5 cent at $1.25 and 8,000 Paramount Trading shares traded at $3.80 for a 4 cents gain.