NCB spawns big surge in JSE indices – Friday

NCB Financial jumped $3.75 on Friday to push marekt up sharply.

The Jamaica Stock Exchange had one of its biggest index movement in the main market on Friday as a big jump in the profit of NCB Financial Group pushed the stock sharply thus helping to spike the market.
At the closed on Friday 27 securities changed hands as 14 stocks advanced and 7 declined. There was no trading in the US dollar market
Trading levels in the main market ended at 6,987,999 units valued at $137,346,087 compared to 7,307,280 units valued at $263,394,539 at the close on Thursday.
The All Jamaica Composite Index jumped 7,046.25 points to close at 253,995.90 the JSE Market Index surged 6,419.93 points to finish at 231,419.04 and the JSE US dollar market index remained at 219 points.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 8 stocks with bids higher than their last selling prices and 4 with lower offers.
The main market ended trading with an average of 258,815 units valued at $5,086,892 per security that traded, compared to an average of 304,470 units valued at $10,974,772 on Thursday. The average volume for the month to date, ended at 382,748 units with an average value of $5,254,387 versus at 390,038 units with an average value of $5,264,239 on the prior trading day. The average volume and value for March ended at 549,909 units and $1,379,459.
In market activity, Berger Paints closed $2 higher to $16 trading 61,718 shares, Cable and Wireless closed at $1.31, with 65,000 shares changing hands, and Caribbean Cement traded $4 lower to $26 with trades of 36,720 units. Carreras gained $2.50 to close at $77.50 exchanging 2,221 shares, Grace Kennedy gained 10 cents to close at $44 trading 32,916 units, Jamaica Broilers closed at $16.50, gaining 1 cent with an exchange of 56,098 shares, Jamaica Producers closed $1.65 higher to $17.65 exchanging 60,114 shares and Jamaica Stock Exchange closed $1.37 higher to $8.40, with trades of 376,194 shares. JMMB Group closed at $22.88, gaining 38 cents trading 31,800 units, Kingston Properties closed at $16 Trading 500 units, Kingston Wharves closed at $30.75, with a loss of 25 cents exchanging 2,000 units, Mayberry Investments closed 15 cents lower to $4.60 with an exchange of 19,050 shares, NCB Financial Group traded at $67.50, gaining $3.75 with 138,083 shares changing hands, 1834 Investments gained 1 cent to close at $1.81, with an exchange of 3,000 shares, PanJam Investment closed 85 cents higher to $35 with trades of 3,250 shares. Portland JSX lost 20 cents to close at $10 exchanging 11,500 shares, Pulse Investments closed at $8.05 with trades of 3,873 units, Radio Jamaica lost 2 cents to close at $1.68 exchanging 6,750 shares, Sagicor Group closed at $32.50, with a loss of $1.01 trading 15,000 shares, Sagicor Real Estate fund closed at $10.35 trading 8,689 units, Scotia Group closed at $42, gaining $1.50 with 2,685,790 units changing owners, Scotia Investments advanced $2.14 to close at $38.25 with an exchange of 34,747 shares, Sterling Investments traded at $17.01, losing 14 cents with 11,000 shares exchanged and Supreme Ventures closed at $6.38, with gains of 8 cents trading 68,278 shares. JMMB 7.5% preference share gained closed at $1.98 exchanging 2,900 units and JMMB Group 7.5% preference share closed at $1.10 with gains of 5 cents trading 3,200,000 units.

 

NCB buy rated for growth

NCB Financial Group’s shares look likely to rise.

NCB Financial Group (NCBFG) reported net profit of $9.5 billion for the six months ended March 31, 2017, an increase of 58 percent over the prior year, with profit for the quarter to March, ended with a 63 percent increase to $5.9 billion, up from $3.59 billion in 2016.
Operating income amounted to $29.2 billion, an improvement of $3.8 billion or 15 percent over the similar period in 2016. The increase the Group said “was driven gains realised on investment activities increasing by $1.8 billion or 96 percent mainly due to improved investor confidence as a result of the improved macroeconomic fundamentals of Jamaica. Net fee & commission income increasing by $1.7 billion or 33 percent, primarily due to credit related fees from volume growth in loan product sales, point of sale and e-commerce commissions, coupled with corporate finance and unit trust fees.”
Loans the main driver of profits, increased by $34.6 billion or a strong 20 percent to $207.3 billion at the end of March over a year ago. The increase was driven by a 22 percent in Retail Banking and 17 percent increase in Corporate Banking portfolio, Patrick Hylton, the Managing director, advised investors in a report accompanying the results.
Operating profit rose about the similar period in 2016 by 150 percent for Retail & SME divisio0n, 16 percent for payment services, 77 percent for Corporate Banking. Treasury and Correspondent Banking enjoyed a 46 percent rise, Wealth, Asset Investment Banking operating profit jumped 67 percent, Life Insurance and Pension Fund Management rose 50 percent general insurance grew 42 percent and other 45 percent
The Group approved an interim dividend of 60 cents per ordinary stock unit at its board of directors meeting on April 27. The dividend will result in a total payment of $1.48 billion. Earnings per share ended at 42.39 for the March quarter and $3.84 for the six months and seems on target to exceed IC Insider.com target of $8 for the full year to September.
In trading on the Jamaica Stock Exchange, the group’s stock traded at $63.75 and at TT$3.99 on the Trinidad Stock Market.

A new record close for Junior market

The Junior Market of the Jamaica Stock Exchange ended trading at yet another record closing high with a big gain of 43.64 points, with an increase of 1.36 percent to 3,247.20 points on Wednesday.
Key Insurance closed trading at a 52 weeks’ high of $3.95 after rising 90 cents with 1,986 shares. Jamaican Teas was in good demand and ended as the market leader with over 500,000 shares.
By close, declining stocks outnumber advancing stocks 9 to 4 with 17 securities changing hands versus 20 on Tuesday with 1,523,004 valued at $8,929,450 versus changing hands compared to 1,591,968 units valued at $9,438,771 on Tuesday.
The Junior Market ended trading with an average of 89,588 units for an average value of $525,262 traded, compared to 348,288 units for an average value of $2,052,746 on the previous trading day. The average volume and value for the month to date are 557,888 units and $3,070,123. The average volume and value for the month to the previous trading day ended at 587,157 units and $3,229,177. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 10 stocks having bids higher than their last sale prices and none ending with a lower offer, than the last traded price.
At the close of the market on Tuesday, AMG Packaging closed at $5 with 173,191 units changing hands, Cargo Handlers traded 1,500 shares to close at $20.50, Caribbean Producers gained 5 cents to end at $3.75 with 54,114 shares trading, Consolidated Bakeries ended trading with a loss of 5 cents with 10,702 shares changing hands, to close at $2.85. General Insurance fell 10 cents and ended at $3.20 with 106,550 shares trading, Honey Bun rose 15 cents with 14,965 shares changing hands, to close at $7.55, ISP Finance lost 3 cents to end $17 with 74,496 units changing hands after trading at a 52 weeks’ intraday high of $17.51. Jamaican Teas added 3 cents trading 500,072 shares, to close at $4.75, Jetcon Corporation put on 15 cents and ended at $12.95 with 8,344 shares trading, KLE Group ended at $2.80 with 5,670 shares changing hands, Knutsford Express closed trading with 3,265 shares at $41, Lasco Distributors rose 2 cents and ended with 80,680 units trading at $7, Lasco Financial rose 29 cents and ended with 78,156 shares changing hands at $4.80, Lasco Manufacturing gained 33 cents to close at $5.59 while trading 359,883 shares, Main Event rose 11 cents trading 1,264 shares to close at $6.10 and Medical Disposables closed at $6 with 48,166 units trading.

Junior market jumps 2.3% by 72 points

Lasco Manufacturing traded at an intraday high of $6.25 on Tuesday.


The Junior Market of the Jamaica Stock Exchange traded up more than 129 points just after midday on Tuesday, to hit a new intraday record high of 3,261.11 points with Lasco Manufacturing trading at a new high of $6.25 with over 4 million shares trading and Lasco Distributors trading up to $7.30 with 569,000 shares well ahead of the close.
The market index has since slipped back to close sharply up by 2.3 percent or 71.93 points, to end at 3,203.56 with a 6,965,751 shares valued at $41,054,916 trading. By close, declining stocks outnumber advancing stocks 9 to 4 with 20 securities changing hands versus 21 on Monday with 1,591,968 units valued at $9,438,771 changing hands.
The Junior Market ended trading with an average of 348,288 units for an average value of $2,052,746 traded, compared to 75,808 units for an average value of $449,465 on the previous trading day. The average volume and value for the month to date are 587,157 units and $3,229,177. The average volume and value for the month to the previous trading day ended at 603,081 units and $3,307,605. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 9 stocks having bids higher than their last sale prices and 2 ending with lower offers, than their last traded price.
At the close of the market on Monday, Access Financial Services jumped $4.75 to $41.75 in trading traded 2,000 units, AMG Packaging lost 50 cents in closing at $5 with 13,814 units changing hands, Cargo Handlers traded 23,977 shares to close at $20.50, Caribbean Cream lost 44 cents in trading 188 units to end at $7.54, Caribbean Flavours ended at $12.50 with 1,000 shares trading, Caribbean Producers lost 1 cent and ended at $3.70 with 365,081 shares trading, Consolidated Bakeries ended trading with a gain of 4 cents with 339,160 shares changing hands, to close at $2.90. C2W Music had 27,386 units changing hands to close at 37 cents, Dolphin Cove rose 8 cents and ended at a 52 weeks’ closing high of $20.08 with 240 shares changing hands, General Insurance ended at $3.30 with 1,500 shares trading, Honey Bun had 3,944 shares changing hands, to close at $7.40, ISP Finance rose 93 cents to end at a 52 weeks’ closing high of $17.03 with 500 units. Jamaican Teas fell 13 cents trading101,650 shares, to close at $4.72, Jetcon Corporation fell 4 cents and ended at $12.80 with 24,015 shares trading, Knutsford Express closed trading with 61,726 shares at $41, Lasco Distributors rose 8 cents and ended with 621,283 units trading at $6.98, Lasco Financial lost 24 cents and ended with 10,000 shares changing hands at $4.51, Lasco Manufacturing dropped 49 cents to close at $5.26 while trading 5,336,241 shares, Main Event lost 1 cent trading 16,340 shares to close at $5.99, Medical Disposables dropped 50 cents and closed at $6 with 42,173 units trading and Eppley 9.5% preference shares traded 1,419 units at $6.02.

Market up 4 of 5 days to Monday

The main market of the Jamaica Stock Exchange continued its quiet move higher as the market closed on Monday with gains on 4 days out of 5. The market ended with 26 securities changing hands and 1 trading in the US dollar market. At the close, 12 stocks advanced and 8 declined and 3 stocks closed at 52 weeks’ high.
Trading levels in main market ended at 1,892,384 units valued at $17,691,277 compared to 2,910,852 units valued at $97,817,290 at the close on Friday. Trading in the US dollar market accounted for just 760 units valued at US$228.
The All Jamaica Composite Index gained 1,103.05 points to close at 251,873.90 the JSE Market Index advanced 1,005.00 points to finish at 229,485.66 and the JSE US dollar market index remained at 760 points at the close.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 9 stocks with bids higher than their last selling prices and 3 with lower offers.
The main market ended trading with an average of 184,556 units valued at $680,434 per security compared to an average of 116,434 units and $3,912,692 on Friday. The average trade for the month to date ended at 454,388 units and $5,163,911 versus an average of 454,388 units and $5,508,794 on the prior trading day. The average volume and value for March ended at 549,909 units and $1,379,459.
In market activity, Barita Investments closed at $7.10 with trades of 300 shares, Berger Paints closed at $14.99, with gains of $1.47 exchanging 1,230 shares, Cable and Wireless closed at $1.36, losing 4 cents with 1,031,203 shares changing hands, Caribbean Cement traded $2 lower at $30 with an exchange of 75,122 units. Carreras closed at a 52 weeks’ high of $75.90, with gains of 90 cents while exchanging 12,046 shares, Grace Kennedy closed at $44, with a loss of 50 cents trading 31,293 units, Jamaica Broilers closed at $16.80 with 19,196 shares changing owners, Jamaica Producers closed at $15.50 exchanging 2,602 shares, Jamaica Stock Exchange closed 50 cents lower at $8, trading 107,792 shares. JMMB Group closed 29 cents higher to $19.99 trading 54,400 units, Kingston Properties gained 50 cents to close at $16 exchanging 5,980 units, Kingston Wharves closed at $32, while rising 50 cents trading 13,221 units, NCB Financial Group traded at $65, with 37,342 shares changing hands, 1834 Investments gained 15 cents to close at $1.65, with an exchange of 40,389 shares, PanJam Investments closed 95 cents higher to $35.60 trading 5,345 shares. Pulse Investments lost 1 cent with 200,000 shares changing hands, to end at $8.04,Radio Jamaica was down 4 cents to close at $1.75 with trades of 5,300 shares, Sagicor Group closed at $33, losing 50 cents with an exchange of 39,945 shares, Sagicor Real Estate Fund rose 45 cents to close at $10.50, with 991 shares being swapped, Scotia Group closed at $41 exchanging 61,310 units, Seprod closed $1 higher to $36, trading 1,563 shares, Supreme Ventures closed at $6.35, losing 3 cents exchanging 57,364 shares. Proven Investments closed at 30 US cents with trades of 760 ordinary shares, Proven Investments 8.25% preference share gained 6 cents in trading 20,000 units at $5.17, JMMB 7.25% preference share traded 10 cents higher to close at a 52 weeks’ high of $2.51 with 25,000 units changing hands, and JMMB 7.50% preference share closed 8 cents higher to $1.88 with trades of 26,250 units.

 

Junior market jumps 53 points

I$P hits a new high on Monday.


Trading on the Junior Market on Monday pushed the market index up sharply 2 percent or 52.89 points, to end at 3,213.63. A total of 1,591,968 shares valued at $9,438,771 traded.
On Friday 105,074,102 units valued at over $530,770,260 changed hands. At the close, on Monday, 21 securities changed hands, with 7 advancing and 6 declining, compared to 17 on Friday.
The Junior Market ended trading with an average of 75,808 units for an average value of $449,465 traded, compared to 6,180,830 units for an average value of $31,221,780 on the previous trading day. The average volume and value for the month to date are 603,081 units and $3,307,605. The average volume and value for the month to the previous trading day ended at 640,744 units and $3,511,758. The average volume and value for March was 137,459 units and $1,313,411.

Trading ended with 9 stocks having bids higher than their last sale prices and 2 ending with lower offers, than their last traded price.
At the close of the market on Friday, AMG Packaging closed at $5.50 with 1,733 units changing hands, Blue Power traded 5,895 shares to close at $20.50, Caribbean Cream rose 48 cents in trading 100,000 units to end at $7.98, Caribbean Flavours ended at $12.50 with 300 shares trading, Caribbean Producers fell 4 cents and ended at $3.71 with 103,007 shares trading, Consolidated Bakeries ended trading with a gain of 6 cents with 27,386 shares changing hands, to close at $2.86. C2W Music had 27,386 units changing hands to close at 37 cents, Dolphin Cove lost 6 cents and ended at $20 with 13,000 shares changing hands, General Insurance lost 10 cents and ended at $3.30 with 5,000 shares trading, Honey Bun had 2,391 shares changing hands, to close with a gain of 15 cents at $7.40, ISP Finance rose 93 cents to end at a 52 weeks’ closing high of $17.03 with 500 units. Jamaican Teas fell 15 cents trading 204,689 shares, to close at $4.85, Jetcon Corporation ended at $12.84 with 19,185 shares trading, Knutsford Express closed trading with 15,275 shares at $41, Lasco Distributors shed 39 cents and ended with 272,184 units trading at $6.90, Lasco Financial jumped 59 cents and ended with 8,800 shares changing hands at $4.75, Lasco Manufacturing closed at $5.75 while trading 583,590 shares, Main Event jumped 60 cents trading 31,673 shares to close at $6, Medical Disposables dropped 20 cents and closed at $6.50 with 19,860 units trading, tTech rose 20 cent, trading 2,500 shares to end at $7.50 and Eppley 9.5% preference shares traded 1,000 units to close at $6.02.

JSE majors climbed at week end

Scotia Investments traded 2 million sahres on Friday.

Trading closed on Friday with the majority of stocks rising in the main market of the Jamaica Stock Exchange leading to recovery in the market indices with 25 securities changing hands with 1 trading in the US dollar market. At the end of trading, 12 stocks advanced and 6 declined.
Trading ended in main market with 2,910,852 units valued at $97,817,290 compared to 12,546,567 units valued at $314,956,099 at the close on Thursday. Trading in the US dollar market accounted for a mere 250 units valued at US$75.
The All Jamaica Composite Index gained 1,335.21 points to close at 250,770.85 the JSE Market Index advanced 1,216.53 points to finish at 228,480.66 and the JSE US dollar market index gained 2.74 points to close at 219.00.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 11 stocks with bids higher than their last selling prices and 5 with lower offers.
The main market ended trading with an average of 116,434 units valued at $3,912,692 per security compared to an average of 238,986 units and $466,995 on Thursday. The average trade for the month to date ended at 454,388 units and $5,508,794 versus an average of 464,688 units and $5,641,802 on the prior trading day. The average volume and value for March ended at 549,909 units and $1,379,459.
In market activity, Berger Paints lost 48 cents and closed at $13.52, in trading 45,730 shares, Cable and Wireless closed at $1.40, gaining 4 cents with trades of 69,032 shares, Caribbean Cement traded 80,949 units at $32. Carreras closed at $75, with gains of 99 cents, exchanging 324 shares, Grace Kennedy closed at $44.50, with 46,392 units changing hands, Jamaica Broilers closed 11 cents lower at $16.80 trading 15,649 shares, Jamaica Producers closed at $15.50, exchanging 950 shares, Jamaica Stock Exchange gained 55 cents to close at $8.50, with an exchange of 17,958 shares. JMMB Group closed 70 cents higher at $19.70, trading 28,174 units, Kingston Wharves gained 49 cents to close at $31.50 trading 6,650 units, Mayberry Investments closed at $4.75, with gains of 20 cents, exchanging 8,500 shares, NCB Financial Group traded at $65, with 45,850 shares changing hands, 1834 Investments gained 2 cents to close at $1.50, with an exchange of 65,558 shares, 138 Student Living lost 3 cents, closing at $4.46 with 938 units traded, Pan Jamaican closed 35 cents lower to $34.65 trading 84,581 shares. Radio Jamaica gained 3 cents to close at $1.79 with trades of 9,565 shares, Sagicor Group gained 20 cents and closed at $33.50, trading 177,474 shares, Sagicor Real Estate Fund closed at $10.05, with 37,732 shares being exchanged, Salada closed 40 cents lower to 52 weeks’ low of $6.50, with 3,870 shares changing hands, Scotia Group closed at $41, with a loss of 90 cents, exchanging 106,302 units, Scotia Investments closed 7 cents higher at $37.08 trading 2,000,000 shares, Sterling Investments gained 15 cents to close at $17.15 with trades of 1,180 units, Supreme Ventures closed at $6.38, gaining 27 cents in swapping 55,750 shares. Proven Investments closed at 30 US cents, trading 250 ordinary shares, JMMB Group 7.25% preference share closed at $1.50 with 994 units changing hands and JMMB Group 7.50% preference share closed at $1.05 with trades of 750 units.

Lasco’s big trade – Friday

Lasco’s ICool drinks.

Lasco Manufacturing traded 102,563,271 units on the Junior Market on Friday pushing total trading to105,074,102 units valued at over $530,770,260 and moved the market index up by 3.49 points, to end at 3,078.74.
On Thursday 4,322,025 units valued at over $20,003,894 that were traded. At the close, on Friday, 17 securities changed hands, with 7 advancing and 7 declining, compared to 23 on Thursday.
The Junior Market ended trading with an average of 6,180,830 units for an average value of $31,221,780 traded, compared to 187,914 units for an average value of $869,735 on the previous trading day. The average volume and value for the month to date are 640,744 units and $3,511,758. The average volume and value for the month to the previous trading day ended at 214,583 units and $1,380,218. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 4 stocks having bids higher than their last sale prices and 4 ending with lower offers, than their last traded price.
At the close of the market on Thursday, AMG Packaging rose 40 cents to close at $5.50 with 15,377 units changing hands, Cargo Handlers traded 209 shares and rose 40 cents to close at $20.50, Caribbean Cream lost 40 cents in trading 6,375 units to end at $7.50, Caribbean Producers rose 1 cent and ended at $3.75 with 14,369 shares trading, Derrimon Trading lost 30 cents and ended at $8.20 with 30,045 shares trading, Honey Bun had 6,129 shares changing hands, to close with a fall of 25 cents at $7.25, Iron Rock Insurance ended at $3 with 19,769 shares changing hands, Jamaican Teas gained 50 cents trading 201,800 shares to close at a 52 weeks’ high of $5, after the stock was split 2 for 1 last week, Jetcon Corporation rose 74 cents to end at $12.84 with 34,483 shares trading, Key Insurance traded 27,977 units to close at $3.05, Knutsford Express closed trading with 8,026 shares at $41, Lasco Distributors gained 49 cents and ended with 2,083,974 units trading at $7.29, Lasco Financial lost 9 cents and ended with 23,367 shares changing hands at $4.16, Lasco Manufacturing gained 75 cents to close at a 52 weeks’ high of $5.75, Main Event dropped 80 cents trading 22,768 shares to close at $5.40, Paramount Trading dropped 45 cents and closed at $3 with 6,000 units trading and tTech lost 20 cent, trading 10,163 shares to end at $7.30.

Junior Market jumps

Main Event hits new high on Thursday.

The Junior Market activity remained at elevated levels on Thursday with both volume and values being just below Wednesday’s levels. Market index jumped 59.04 points, to end at 3,075.25.
Trading resulted in 4,322,025 units valued at over $20,003,894 passing through the market, compared to 5,247,482 units valued at $20,969,571 that were traded on Wednesday. At the close, with 23 securities changing hands, with 13 advancing and 4 declining compared to 20 on Wednesday.
The Junior Market ended trading with an average of 187,914 units for an average value of $869,735 traded, compared to 262,374 units for an average value of $1,048,479 on the previous trading day. The average volume and value for the month to date are 214,583 units and $1,380,218. The average volume and value for the month to the previous trading day ended at 216,806 units and $1,422,759. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 3 stocks having bids higher than their last sale prices and 3 ending with lower offers, than their last traded price.
At the close of the market on Thursday, Access Financial Services climbed $2 to $37 in trading 120 units, AMG Packaging rose 10 cents to close at $5.10 with 29,000 units changing hands, Blue Power closed with 868 units changing hands at $35, Cargo Handlers traded 380 shares at $20.10, Caribbean Cream gained 10 cents in trading 4,000 units to end at $7.90, Caribbean Producers lost 1 cent and ended at $3.74 with 1,400 shares trading, Consolidated Corporation traded 20,300 shares to end at $2.80 after falling 6 cents, C2W Music gained 7 cents in closing trading with 36,145 units at 37 cents, Dolphin Cove ended at $20.06 with 8,388 shares trading, General Accident gained 10 cents and closed trading with 1,412,648 shares at $3.40, Honey Bun had 6,098 shares changing hands, to close at $7.50, Jamaican Teas gained 75 cents in trading 52,407 shares to close at $4.50, after the stock was split 2 for 1 last week, Jetcon Corporation rose 10 cents to end at $12.10 with 210,457 shares traded, Key Insurance traded 195,450 units to close with a gain of 5 cents at $3.05, KLE Group ended at $2.80 with 101,871 shares changing hands after rising by 30 cents, Knutsford Express closed trading with 3,110 shares at $41, Lasco Distributors ended with 404,843 units trading at $6.80, Lasco Financial rose 5 cents and ended with 40,530 shares changing hands at $4.25, Lasco Manufacturing gained 5 cents to close with 636,494 units changing hands at $5, Main Event rose 60 cents trading 215,516 shares to close at a 52 weeks’ high of $6.20 after trading as high as $6.50,Medical Disposablesrose 70 cents and closed trading with 119,000 shares at $6.70, Paramount Trading lost 5 cents and closed at $3.45 with 20,000 units trading and Sweet River lost 1 cent, trading 803,000 shares to end at a 52 weeks’ low of $3.49.

Is the JSE blocking trades legally?

The Junior Market activity picked up sharply on Wednesday with both volume and values climbing strongly over Tuesday’s levels while the market index gained another day when trades Eppley ordinary share at $12 with a potential gain $7.10 and Jamaican Teas at $6.20 for a gain 65 percent were canceled at the close, having exceeded the daily price limits placed on trading by the Jamaica Stock Exchange.
The failure of trades in the two stocks between Tuesday and Wednesday being recorded as official trades is said by the JSE to be determined by a little know rule that the JSE instituted outside the circuit breaker. The circuit breaker rule was put in place in the 1990 in attempt to appease critics of the exchange who were concerned about big swings in stock prices back then. The initial price limit was set at 15 percent above or below the closing price in a day, but the stock could trade higher if the bids or offers exceeded the closing price by more than 15%. In 2014 the Exchange rewrote the rules allowing price movement up to 30 percent in a day from the previous day’s closing price, no limitation were placed on the level that the closing bids and offers could be. The stock exchange now states that a rule exist that limits the level of bids and offers that can be posted above the last closing price to 15 percent. That limitation was not in the original circuit breaker rule and not in the current one. It appears to this publication that the 2014 rules, having been completely rewritten, overrides all prior ones and therefore the exchange has been acting in breach of the rule by limiting bids and offers and canceling trades as a result.
On Wednesday, the Junior Market index rose 17.73 points, to end at 3,016.21 with 5,257,482 units valued at over $20,969,571 passing through the market, compared to 541,499 units valued at $4,457,020 that were traded on Tuesday. At the close, with 20 securities changing hands, with 9 advancing and 5 declining compared to 20 on Tuesday.
The Junior Market ended trading with an average of 262,374 units for an average value of $1,048,479 traded, compared to 27,075 units for an average value of $222,851 on the previous trading day. The average volume and value for the month to date are 216,806 units and $1,422,759. The average volume and value for the month to the previous trading day ended at 212,663 units and $1,456,784. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 2 stocks having bids higher than their last sale prices and 2 ending with lower offers, than their last traded price.
At the close of the market on Wednesday, AMG Packaging lost 49 cents to close at $5 with 56,490 units changing hands, following six months results that continued to be lower than the prior year’s figures with $26.4 million reported after tax compared with $52.2 million for the similar period in 2016. Cargo Handlers lost 40 cents in trading just 1,995 shares at $20.10, Caribbean Cream traded 8,955 units to end at $7.80, Derrimon Trading ended at $8.50 with 2,000 shares trading, General Accident gained 15 cents and closed trading with 445,164 shares to end at $3.30, Honey Bun had 8,830 shares changing hands to close with a rise of 25 cents to end at $7.50, Iron Rock Insurance traded 78,275 shares to end at $3, ISP Finance rose 70 cents to end at a 52 weeks’ closing high of $16.10 with 19,094 units. Jetcon Corporation rose 10 cents to end at $12 with 87,622 shares traded, Key Insurance traded 954,445 units to close at $3, KLE Group ended at $2.50 with 80,000 shares changing hands after falling by 20 cents, Knutsford Express closed trading with 8,848 shares at $41, Lasco Distributors ended with 88,575 units trading at $6.80, Lasco Financial lost 5 cents and ended with 8,787 shares changing hands at $4, Lasco Manufacturing gained 15 cents to close with 1,076,495 units changing hands at $4.95, Main Event rose 25 cents trading 17,917 shares at $5.60, Medical Disposables closed trading with 1,367 shares to end at $6, Paramount Trading lost 5 cents and closed at $3.50 with 2,303,823 units trading, tTech rose 30 cents, trading 1,800 shares to end at $7.50 and Eppley 8.25% preference share closed trading with 12,000 units at a 52 weeks high of $6.10.