After clearing the near 11 year record high set back in January 2005 on Monday on Jamaica Stock Exchange bulls continued their rampage and pushed the market on Tuesday to a new record high of 143,154 points after adding 2,959.73 points on the all Jamaica Composite Index.
A total of 24 stocks rose, 10 declined as 40 securities, totalling 6,809,889 units valued at $47,476,253 changed hands, in all market segments. A total of 12 stocks ended at 52 weeks’ closing highs and 3 traded at 52 weeks’ intraday high. The JSE Market Index shot up 2,648.39 points to 129,029.81, a new closing high. JSE combined index climbed 2,323.43, points to end at a new closing high of 133,399.90.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 12 stocks with bids higher than their last selling prices and 2 with offers that were lower.
In trading, Berger Paints traded 15,000 shares and gained 40 cents to close at $3.40 for a 52 weeks’ high, Cable and Wireless closed with a gain of 24 cents as with 338,626 shares changed hands to end at 52 weeks’ high of $1.26. The stock closed 76,499 units on the bid at $1.27 and with over 2,168,716 million shares on the bid at $1.26. Caribbean Cement gained $1 to end at $18.50 for a new 52 weeks’ closing high, with 193,583 shares changing hands.
Cement closed with seven lots being offered amounting to just over 400,000 shares between $18.50 and $24. Carreras ended at 52 weeks’ high with 5,000 share trading at $53 after adding 98 cents, Ciboney Group traded 200,000 shares to end at 9 cents after gaining 1 cent. Desnoes & Geddes had 451,515 units changing hands to close at $30, Grace Kennedy exchanged 1,200 shares at $67.50 to close at a new 52 weeks High as the price gained $2.40, Jamaica Broilers traded 162,859 shares to close at $8.01. JMMB Group lost 45 cents in trading 115,050 shares to close at $9.75, Mayberry Investments traded 49,431 shares and gained 31 cents to end at a 52 weeks high of $3.81, National Commercial Bank rose 12 cents to end with 73,630 shares trading at $31.50. Pan Jamaican price traded 12,771 shares to end at $80, Pulse Investments traded 118,971 and close at 5 by gaining 4 cents, Sagicor Group lost 20 cents with 68,757 shares trading to close at $14.30.
Sagicor Real Estate Fund traded 25,000 units as the price gained 80 cents to close at $10 for a 52 weeks’ high. Scotia Group ended with 125,411 shares trading closed at $26.50 after rising by 50 cents, Seprod traded 31,400 shares at $14.96, Sterling Investments traded 216,400 shares to close at $13, Supreme Ventures ended at $3.90 with 808,203 units changing hands and lost 10 cents. Jamaica Money Market Brokers 8.75% preference share, had 100,000 units changing hands at $2.70 and Proven Investments 8% preference share closed with a loss of 10 cents as 120,500 units traded to end at $4.95.
All Jamaica at record high 140,195 points
Cable & Wireless HQ – the stock traded at a new 52 weeks’ high on Thursday, Friday and Monday
The Jamaica Stock Exchange closed on Monday at a record high of 140,194.65 points after adding 2,684.37 points with 22 stocks rising, 7 declining as 37 securities, totalling 9,954,429 units valued at $35,061,223 changed hands, in all market segments. A total of 6 stocks ended at 52 weeks’ closing highs.
Today’s gain pushed the market well over the old record of 138,917.59 set on 24th of January 2005 and ends the longest period in the market’s history, that it failed to exceed a previous high. The all Jamaica Composite Index is the last of the JSE indices to hit new highs in October.
The JSE Market Index shot up 2,402.00 points to 126,381.42, a new closing high. JSE combined index climbed 2,317.79, points to end at a new closing high of 131,076.47.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 11 stocks with bids higher than their last selling prices and none with offers that were lower.
In trading, Berger Paints traded 295,658 shares and gained 25 cents to close at $3, Cable and Wireless closed with a gain of 20 cents as with 307,231 shares changed hands to end at 52 weeks’ high of $1.02. Trading in the stock was suspended for an hour as the as the trade was executed at 97 cents, a price in excess of 15 per cent from the closing price on Friday as investors continue to respond to the news that Liberty Global planned on making a bid to acquire Cable and Wireless’ parent company. The stock closed with over 4.33 million shares on the bid at $1.02 with 2.8 million units at $1 and five offers amounting to only 47,649 shares between $1.13 and $1.70 and at 3.3 million units at $30. Caribbean Cement gained $2.70 to end at $17.50 for a new 52 weeks’ closing high, with 170,368 shares changing hands. Investors were responding to the company’s reported earnings of 72 cents for the September quarter and $1.75 for the nine months. Cement closed with only two lots being offered, amounting to 13,000 shares at $19 and $24. Ciboney Group traded 5,358,999 shares to end at 8 cents after shedding 1 cent. Desnoes & Geddes had 413,169 units changing hands to close at $30, Grace Kennedy exchanged 1,621 shares at $65.10 and gained 35 cents, Jamaica Broilers lost 49 cents in trading 55,596 shares to close at $8.01. JMMB Group gained 30 cents in trading 101,850 shares to close at $10.20, Mayberry Investments traded 8,050 shares and gained 50 cents to end at $3.50, National Commercial Bank fell 62 cents to end with 7,356 shares trading to end at $31.38.
Pan Jamaican price jumped $5 in trading 5,720 shares to end at a 52 weeks’ high of $80, Pulse Investments traded 200,000 and close at 61 by gaining 6 cents, Sagicor Group with 21,192 shares closed at $14.50. Sagicor Real Estate Fund traded 1,104 units but the price gained $1.05 to close at $9.20 and closed with a bid to buy 99,296 units at $9.20 and with only three offers posted with two at $10 to sell 25,000 units and 19,000 at $11, Scotia Group ended with 11,554 shares trading closed at $26 after rising $1.24. Seprod traded 20,700 shares at $14.96, Supreme Ventures ended at $4 with 308,224 units changing hands and gained 10 cents and Proven Investments ordinary traded 6,875 shares and fell 1.5 cents to end at 23 US cents.
10 junior stocks rose on Monday
The junior market enjoyed wide spread trading as 15 securities trading and the market index gaining 5.92 points to close at 1,316.57 for another record close. A total of 2,615.192 units, valued at $12,840,259 changed hands as 10 stocks advanced and 3 declined.
The market ended with 4 stocks closing at 52 weeks’ high. 4 securities ended with no bids to buy, while 8 had no stocks being offered for sale. A total of 4 stocks closed with bids higher than the last traded prices and none closed with a lower offer.
In trading, Access Financial closed with a gain of 16 cents to $12.86 with 6,672 units changing hands, Caribbean Cream rebounded with a 10 cents fall and closed at $3.20 with 6,500 shares changing hands. Caribbean Flavours rose 13 cents to $4.08 with 100,000 shares changing hands to close at a new 52 weeks’ high. Caribbean Producers traded 155,000 units for a gain of 46 cents end at $2.96, Consolidated Bakeries traded 117,800 shares with a gain of 20 cents to end at $1.50, Derrimon Trading had 108,498 units changing hands to end at $2.70 having gained 30 cents for a new 52 weeks’ high. General Accident ended with 24,208 shares changing hands and lost 15 cents and ended at $2.05, it-jumps-129-at-honey-bun/”>Honey Bun traded only 235 shares and gained 10 cents to land at $4.18, 
Jamaican Teas had 337,560 units changing hands for 4 cents lower to end at $3.40. Lasco Distributors with 928,359 shares changing hands, closed 11 cents higher at $3.06 for a 52 weeks high, the stock traded as high as $3.30. Lasco Financial gained 4 cents and closed at $2.49 to close at a 52 weeks high while 181,367 shares changed hands. Lasco Manufacturing traded 550,293 shares to end at $3.45 while gaining 15 cents, Derrimon Trading preference share ended with 45,200 shares changing hands to end at $2.20 and Jamaican Teas debenture had 50,000 units changing hands for 4 cents lower to end at $100.
C&W shares may fetch over $3 in a takeover
Cable & Wireless with the old Lime brand logo
Cable and Wireless shares had become scarce in recent weeks, with one investor IC Insider sources indicated, was seeking 7 million shares to buy, earlier last week at 60 cents each. From as far back as the 8th of October, there were only 4 million units on offer between 55 cents and $1.21. By Thursday the supply dropped even more with trading taking place as high as 67 cents. At 12.30 on October 22, there were 453,964 shares on offer at 67 cents, with 5,000 units sold out of this amount by the close of the market. A total of 305,850 units were on offer at 70 cents, with the next at 90 cents, with 5,000 units. At 99 cents there were 233,730 units, at $1 one block of 877,723 units with the next lot of 10,000 at $1.71, the next 130,169 shares at $2 and 1.66 million units at $3.75. That not a lot for a stock that usually trade in millions of units.
Only 5,850 shares traded on Friday at 82 cents and demand swelled to more than 5 million units at the close to buy at 82 cents. Supply disappeared with only 4 offers listed, ranging for 10,000 units each at $1.20, $1.21 and $1.70 and then 2.66 million units at $3.75.
The question on investors’ minds, is where will the price settle? One broker indicated that it will trade at $1 on Monday if there is supply. With the imbalance between supply and demand, a higher price than that seems imminent. Some Investors are wondering why some buying on the buyout news of the parent when there is uncertainty if the Jamaican shareholders will be bought out as well if the deal goes through. Some are looking at the Diageo transaction with Desnoes & Geddes and speculating that the same could happen here.
IC Insider.com has the stock as BUY RATED from February 2014 on the basis of a turnaround in the financial fortunes of the company. Based on what’s happening locally the current price can be justified as the company is now in a position to be reporting profits, with rising revenues and falling cost. If the deal with CWC goes through, (that does not seem likely at the stated price) and the minority shareholders in C&W were to be bought out, IC Insider went to work to see how high the price could be, in a takeover.
C&W had major improvement in earnings in the June quarter, with EBITDA rising a very strong 82 percent. Net results saw a sharp fall to a loss of just $303 million, from a loss of $712 million in 2014 as revenues grew 13 percent to $5.45 billion, aided by a 17 percent growth in mobile subscribers and 27 percent increased mobile revenues. Operating expenses were static at $4 billion but finance cost rose to $1.1 billion from $962 million in 2014, depreciation was down and amortization up. Revenues should climbed close to $6 billion in the September quarter and is likely to result in a profit around $200 million before any allowance for tax.In March 2015, CWC completed the purchase of Columbus International, a fibre-based telecommunications and technology services provider operating in the Caribbean, Central America and the Andean region, for a consideration comprising US$708 million in cash and 1,558 million CWC shares. This resulted in an increase in share capital of US$78 million and the formation of a merger reserve of US$1,209 million. The total consideration, $2 billion for the CWC acquisition resulted in a multiple of 7.8 times EBITDA.
The proposed price of US$5.5 billion being proposed for CWC with EBITDA of US$840 for the combined entities at March, would be 6.55 times EBITDA. Applying this ratio, puts C&W value based on EBITDA for the current fiscal year around $3.30 each. CWC communications paid much higher multiple for Columbus only a year ago which would make it difficult for CWC management to justify to their shareholders a deal that reduced the value of the group with the full benefit of the merger of the Flow operation not yet visible. The proposed buyout price would, however, be more than the market value of CWC, worth 2.6 billion pounds, or about $4 billion, based on its market capitalization on Thursday. John Malone the major owner of Liberty Global already has a 13 percent stake in CWC.
JSE gains with 9 stocks at 52 weeks’ high
Cable & Wireless HQ – the stock traded at a new 52 weeks’ high on Thursday & on Friday.
The Jamaica Stock Exchange closed on Friday with 24 stocks rising, 6 declining as 39 securities, totalling 3,992,906 units valued at $54,025,781 changed hands, in all market segments. A total of 9 stocks ended at 52 weeks’ closing highs as the market closes on a another record for the all Jamaica Index.
The JSE Market Index shot up 952.69 points to 123,979.42, a new closing high. The JSE All Jamaican Composite index gained 1,064.69 to end at 137,510.28 and is 1,400 points away from the old record of 138,917.59 set on 24th of January 2005 and the JSE combined index climbed 1,055.98, points to end at a new closing high of 128,758.68.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 13 stocks with bids higher than their last selling prices and 2 with offers that were lower.
In trading, Cable and Wireless closed with a gain of 15 cents as with only 5,850 shares changed hands to end at 52 weeks’ high of 82 cents. Trading in the stock was suspended for an hour as the trade was executed at a price in excess of 15 per cent from the closing price on Thursday. Attempts were made to trade as high as $1 but those trades were cancelled, being over maximum 30 percent from the opening price permitted. Investors were responding to the news that Liberty Global Media planned on making a bid to acquire Cable and Wireless’ parent company. The stock closed with over 5.1 million shares on the bid at 82 cents and three offers amounting to 40,000 shares between $1.20 and $1.70 and at 2.66 million units at $3.75.
Caribbean Cement gained 82 cents to end at $15 for a new 52 weeks’ closing high, with 68,800 shares changing hands. The company reported earnings of 72 cents for the September quarter and $1.75 for the nine months and should enjoy another week of gains come next week. Cement closed with only three lots being offered amounting to 83,500 shares between $16.50 and $17. Carreras traded 242,083 shares to end at $52, Desnoes & Geddes had 177,539 units changing hands to close at $30, Grace Kennedy exchanged 1,621 shares at $65.10 and gained 35 cents, Jamaica Broilers added 70 cents in trading 625,083 shares to close at a 52 weeks’ high of $8.50. Jamaica Stock Exchange had 10,000 shares trading at $9.15 while the price rose 45 cents for a 52 weeks’ high, JMMB Group lost 10 cents in trading 220,241 shares to close at $9.90. Kingston Wharves traded 32,278 shares to close at $9, Mayberry Investments traded 17,435 shares and gained 14 cents to end at $3, National Commercial Bank closed with a gain of $1 with 290,955 shares trading to end at $32. 
Pan Jamaican price jumped $2 in trading 95,000 shares to end at a 52 weeks’ high of $75, Sagicor Group with 73,795 shares closed 25 cents up, to $14.50. Sagicor Real Estate Fund traded 5,000 units but the price gained 5 cents to close at $8.15 and closed with a bid to buy 100,000 units at $9.20 and with only two offers posted with one at $10 to sell 16,000 units and 19,000 at $11, Scotia Group ended with 48,410 shares trading at $24.76 after falling 25 cents. Scotia Investments ended with 5,290 shares trading at $27 after adding $1, Supreme Ventures ended at $3.90 with 205,516 units changing hands. Jamaica Money Market Brokers 7.50% preference share traded 324,850 units at $2 and Proven Investments preference share traded 179,500 units and gained 5 cents to end at of $5.05.
Junior market brakes 1,300 Mark
AMG Packaging closed at a new 52 weeks’ high on Friday
The junior market closed over the 1,300 mark for the first time on Friday, gaining 91 percent so far for 2015 and is heading even higher as several junior market stocks are undervalued. Trading resulted in 14 securities traded as the market index rose by 17.52 points to 1,310.65 for a new closing high. A total of 1,446,535 units, valued at $6,684,912 changed hands as 10 stocks advanced and 1 declined.
The market ended with 4 stocks closing at 52 weeks’ high. 4 securities ended with no bids to buy, while 7 had no stocks being offered for sale. A total of 8 stocks closed with bids higher than the last traded prices and none closed with a lower offer.
In trading, AMG Packaging closed with a gain of 57 cents at a 52 weeks’ high of $4.37 with 13,830 units changing hands, Caribbean Cream rebounded with a 20 cents gain and closed at $3.30 with 97,766 shares changing hands. Caribbean Flavours rose 18 cents to $3.98 with 270,000 shares changing hands to close at a new 52 weeks’ high. Caribbean Producers traded 31,000 units with a loss of 49 cents end at $2.50, Derrimon Trading had 32,804 units changing hands to end at $2.40 having gained 10 cents, Dolphin Cove rose 10 cents in trading 220,000 shares, to end at $13. General Accident ended with 80,000 shares changing hands, gained 30 cents and ended at a 52 weeks’ high of $2.20,
Jamaican Teas had 30,000 units changing hands for 9 cents higher to end at $3.44. Lasco Distributors with 22,240 shares changing hands, closed 8 cents higher at $2.95, Lasco Financial gained 4 cents and closed at $2.45 while 427,767 shares changed hands. Lasco Manufacturing traded 192,350 shares to end at $3.30, Medical Disposables closed at $2.55 with 883 shares trading, Paramount Trading ended with 15,000 shares changing hands with a rise of 50 cents to end at $7 for a 52 weeks’ high and Eppley 9.5% preference share, closed at $6 with 12,095 units trading.
23 stocks rose on JSE Wednesday
Pan Jam closed at a 52 weeks’ high of $70 on Wednesday.
The Jamaica Stock Exchange closed on Wednesday with the All Jamaican Index just under 3,000 points away from the old record 138,917.59 reached on 24th of January 2005. By the close 5 stocks ended trading at 52 weeks’ closing highs and 3 others traded during the day at intraday highs. A total of 23 stocks rose, with 4 declining as 34 securities, total ing 6,445,040 units valued at $52,398,293 changing hands, in all market segments.
The JSE Market Index shot up 1,005.41 points to 122,671.34, the JSE All Jamaican Composite index gained 1,123.61 to end at 136,048.43 and the JSE combined index climbed 915.07, points to end at a new high of 127,267.35.
IC bid-offer Indicator| At the end of trading, in the main and junior
markets, the Investor’s Choice bid-offer indicator had a reading of 13 stocks with bids higher than their last selling prices and 3 with offers that were lower.In trading, Cable and Wireless closed with a gain of 6 cents as 2,942,811 shares changed hands to end at 61 cents, Caribbean Cement gained $1.79 to end at $13.80 for a new 52 weeks’ closing high, with 28,042 shares changing hands. Carreras climbed 50 cents while trading 24,317 shares to end at $52.50, Desnoes & Geddes had 610,451 units changing hands, to close at $30, Grace Kennedy exchanged 31,258 shares at $64.56 to gain 31 cents, Jamaica Broilers rose 46 cents in trading 105,833 shares to close at $8. Jamaica Stock Exchange had 52,325 shares trading at $8.70 to gain 10 cents, JMMB Group gained 45 cents in trading 116,623 shares to close at $9.45, Kingston Wharves traded 21,168 shares and gained 5 cents to close at $9,
National Commercial Bank closed with a gain of 10 cents with 3,900 shares trading, to end at $31.60. Pan Jamaican jumped $5 in trading 31,149 shares to end at a 52 weeks’ closing high $70, Sagicor Group with 300,003 shares and closed 1 cent higher at $14.02, Salada Foods with 20,780 shares, closed 1 cents down at $8.50, Scotia Group ended with 338,961 shares trading at $26 after rising $1.49. Seprod traded 2,900 shares at $14.96 with a 46 cents gain, Proven Investments ordinary share traded 191,356 units with a gain of 2 cents, to end at all-time high of 25 US cents, Supreme Ventures gained 15 cents and ended at $3.75 with 43,770 units changing hands and Proven Investments Limited 8% preference share exchanged 130,000 units at $5.
7 new highs as JSE moves higher on Tuesday
The Jamaica Stock Exchange closed on Tuesday with the All Jamaican Index is now 4,000 points away from the old record 138,917.59 reached on 24th of January 2005. By the close 7 stocks ended trading at 52 weeks’ closing highs. A total of 14 stocks rose, with 10 declining as 31 securities, totaling 3,337,233 units valued at $31,552,287 changing hands, in all market segments.
JSE Market Index shot up 1,073.37 points to 121,665.93, the JSE All Jamaican Composite index gained 1,199.55 to end at 134,924.82 and the JSE combined index jumped 1,219.53 points to end at a new high of 126,352.28.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice offer indicator had a reading of 15 stocks with bids higher than their last selling prices and 3 with offers that were lower.
In trading, Cable and Wireless closed with a gain of 4 cents as 276,100 shares changed hands to end at 55 cents, Caribbean Cement gained 1 cent to end at $12.01 for a new 52 weeks’ closing high, with 12,669 shares changing hands. Desnoes & Geddes had 317,100 units changing hands, to close at $30, Gleaner traded 29,300 shares at $1.72 with a loss of 1 cent, Hardware & Lumber exchanged 12,651 shares at $17.10 to gain $2.09,
Jamaica Broilers fell of 46 cents in trading 318,500 shares to close at $7.54. Jamaica Stock Exchange had 32,622 shares trading at $8.60, JMMB Group traded 33,950 shares to close at $9, National Commercial Bank closed with a loss of 49 cents with 6,444 shares trading, to end at $31.50. Pan Jamaican traded just 1,539 shares at $65, to gain $2.49 for a 52 weeks’ closing high, Sagicor Group with 9,000 shares, closed 49 cents lower at $14.01, Sagicor Real Estate Fund with 135,265 shares, closed 51 cents up to $8.01, Scotia Group ended with 310,000 shares trading at $24.51 after shedding 69 cents. Seprod traded 2,621 shares at $14.50 with a 50 cents loss, Proven Investments ordinary share traded 240,268 units with a gain of 1 cent, to end at 23 US cents, Supreme Ventures ended at $3.75 with 42,015 units and JMMB Group 7.50% preference share exchanged 500,000 units at $2.
Another new record close for juniors
Caribbean Flavours traded at a 52 weeks’ high of $3.50.
The junior market ended at a new record high at the close, with 13 securities traded and the junior market index rising by 23.09 points to 1,285.78 with 1,356,689 units, valued at $3,717,777 changing hands while 7 stocks advanced and 3 declined.
The market ended with 5 securities closing with no bids to buy, while 4 had no stocks being offered for sale. A total of 8 stocks closed with bids higher than the last traded prices and 1 closed with a lower offer.
In trading, AMG Packaging closed with a loss of 8 cents with 26,909 units changing hands at $3.80 at the end of trading, Cargo Handlers ended with 712 shares changing hands, for a gain of $1 and closed at a new all-time high of $32, Caribbean Cream price slipped 7 cents and closed at $3.23 with 75,719 shares changing hands. Caribbean Flavours traded at a new 52 weeks’ high of $3.50 with 23,708 shares as the price rose 20 cents, Caribbean Producers traded 7,100 units to end at $3, Consolidated Bakeries rose 2 cents in traded 173,007 shares, to end at $1.20. Derrimon Trading ended with 335 shares changing hands to gain 3 cents and end at $2.33, Honey Bun had 10,222 units changing hands at $4, for an increase of 35 cents. Jamaican Teas had just 7,175 shares changing hands at $3.35, Knutsford Express traded 5,000 shares at $6.15 after adding 15 cents for a new all-time high, Lasco Distributors with 66,215 shares changing hands, closed at $2.83. Lasco Financial closed at a new all-time high of $2.50 while 549,875 shares changed hands with the price rising 24 cents and Lasco Manufacturing traded 410,712 shares to end at $3.35 after trading shedding 10 cents.
3 new record close on Friday
The JSE Main Index recorded an all-time high at the close of Friday on the Jamaica Stock Exchange of 120,592.56 points, the first time since April 26, 2005 with the then all-time high of 120,385.49 points. The newer JSE Combined Index and the JSE Select Index also recorded all-time highs at 125,132.75 points and 4,024.14 points respectively at the markets close on Friday.
The JSE Select Index enjoyed the record high from as far back as January 24, 2005, with a close of 3,714.71, the same day as the all Jamaica Composite Index. The junior market ended at a new closing record high of 1,262.69 on Friday but traded just over the 1,300 points level during trading on Tuesday October 13, to have hit the highest point in the history of that market.
In the process of scaling the new highs the JSE Select Index has gained 81 percent for the year to date and the JSE main Index put on 58 in 2015 to date. The junior market is up by 84 percent for this year has scaled a number of records this year on its way to today’s record close.
This now leaves the All Jamaican Composite index to scale the record high of 138,917.59 reached on 24th of January 2005 which is just over 5,000 points away. The market could face some resistance around 150,000 points on the all Jamaica composite Index.