Dolla Financial Services IPO was heavily oversubscribed, and it is unlikely that investors will be able to buy the stock in the secondary market at a price that would place it in the TOP10 after day two of listing. Accordingly, the stock has been moved to the sideline, but it seems set to reach the $3 region sometime after listing.
The shifting of Dolla Financial out of the TOP10 resulted in Paramount Trading entering the TOP10 with the price falling to $1.75 in a week that saw investors selling stocks to raise funds to get into the IPO issue.
The past week was volatile, with the Junior Market index dropping more than 330 points or 7.6 percent from the close of the previous week to Wednesday, as investors sought funds to go into the Dolla IPO. The selloff was visible from May 12 with a near 100 points fall on that day as there was talk in the market of the pending issue.
This week’s pullback of the market resulted in mostly declines in the TOP10 Junior Market stocks. Medical Disposables dropped 13 percent to $7, while Access Financial also dropped 13 percent to close at $20, Elite Diagnostic slipped 9 percent in closing at $3.60 and Lasco Financial dipped 7 percent to $3.30.
For the TOP10 Main Market stocks, Berger Paints fell 13 percent to $10.63; Radio Jamaica declined 11 percent to $2.55, VM Investments lost 7 percent, followed by QWI Investments down 6 percent to 85 cents. There were no meaningful gains.
During the week, General Accident reported first quarter results with profit due to shareholders of the parent company rising 36 percent to $49 million, Friday after trading, Lasco Distributors reported profit increasing 12 percent for the full year to $1 billion but the final quarter being up 35 percent to $241 million and Lasco Manufacturing rising 45 percent in the March quarter to $522 million and the full year up 24 percent to $1.7 billion.ICInsider.com upgraded earnings for Lasco Distributors to 50 cents from 45 cents, but the others remain as previously stated. All three stocks are trading below ten times 2022 earnings and therefore have huge potential to appreciate.
Results for Access Financial and Medical Disposables to March are awaited.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 14.4, while the Junior Market PE for the Top 10 sits at 5.9 versus the market at 13.1. The Junior Market TOP10 is projected to gain an average of 245 percent to May 2023 and the Main Market 241 percent.
Watch these stocks that sit just outside the TOP10 that investors should watch. They include Key Insurance, followed by Caribbean Producers and Scotia Group from the Main Market. In the Junior Market, Iron Rock Insurance, Dolphin Cove, Jetcon Corporation, Stationery and Office Supplies and Lasco Manufacturingreported strong fourth quarter results to March this year.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023. They are ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
The majority shareholder of 
In the main market, the All Jamaican Composite Index dipped 5,169.29 points to 449,757.41. The JSE Main Index shed 4,912.09 points to close at 391,568.41, the Junior Market slipped for a fourth day by 38.57 points to 4,336.16 and the JSE USD market index dipped 0.32 points to 222.86.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
the JSE Main Index rallied 1,632.06 points to end at 401,425.56, the Junior Market rose 9.99 points to 4,462.21 and the JSE USD market index lost 1.15 points to end at 223.61.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The Junior Market Index dropped 33.11 points to 4,452.22 after reaching a record intraday high of 4,543.70 within an hour of opening.
At the close, Blue Power advanced 26 cents in closing at $3.85, with 6,369 shares clearing the market, CAC 2000 increased 65 cents to close at $6.75 after exchanging 65 stock units, Dolphin Cove fell 60 cents to $21.40 in trading 48,298 units. Elite Diagnostic climbed 30 cents in ending at $3.90 after trading 1,902,202 stocks, Fontana fell 75 cents to end at $10.50 with 127,121 stocks changing hands, Fosrich rose $1.37 in closing at a 52 weeks’ high of $34.97 after an exchange of 575,546 units. Future Energy Source gained 28 cents to end at $6.78, with 2,333,516 shares changing hands, Honey Bun lost 20 cents to close at $9.27 in switching ownership of 15,379 stock units, iCreate shed 24 cents after ending at $3.24 trading 319,360 stock units. Iron Rock Insurance dropped 30 cents to $3.30 in exchanging 140 stocks, ISP Finance fell $7.49 to close at $22 with the swapping of 941 units, KLE Group lost 65 cents to end at $1.95 after trading 5,054 shares. Knutsford Express declined 10 cents to $7.90 in an exchange of 59,645 shares, Lasco Manufacturing shed 48 cents in ending at $5.10, with 57,949 stock units crossing the market, Mailpac Group rallied 13 cents in closing at $3.17 with an exchange of 137,725 units.
Main Event dropped 87 cents in closing at $9 while exchanging 61,254 stocks, Medical Disposables declined 79 cents to close at $6 after 574,571 shares crossed the exchange, Spur Tree Spices fell 27 cents to end at $3.80 in exchanging 2,417,836 stocks. Stationery and Office Supplies lost $1.25 to close at $8.25, with 16,626 stock units changing hands and tTech popped 16 cents ending at $3.95 in trading 34,234 units.
“In January 2022, there were 1,257,100 employed persons, an increase of 57,800 or 4.8 percent over January 2021”, Statin reported. But the 2022 numbers lag that of January 2020 with 1,273 million persons employed. With a full labour force of 1.34 million only 83,000 persons were regarded as unemployed as of January, the lowest on record with an unemployment rate of 6.2 percent bettering the previous lowest rate of 7.1 percent in October last year and much better than 8.8 percent for the same quarter of 2021.
At the close, Access Financial lost $1.48 to $20.02 in finishing at 16,240 shares, Blue Power dropped 19 cents to close at $3 exchanging 37,408 units, Caribbean Assurance Brokers gained 16 cents ending at a 52 weeks’ high of $3.40 as 204,605 stocks passed through the exchange. Dolphin Cove climbed 16 cents in closing at $29.95 after exchanging 182,924 stock units, Elite Diagnostic shed 23 cents to end at $3.26 with the swapping of 27,759 units, Express Catering fell 15 cents to $5.85 in switching ownership of 157,512 stocks. Fontana declined 50 cents to $10.50 and closed, with 413,248 stock units changing hands, Fosrich declined 10 cents to end at $14.20, with 21,133 shares crossing the market, Future Energy Source advanced 23 cents in closing at 52 weeks’ high of $5.02 after trading 7,159,766 units up to $5.20. Honey Bun lost 22 cents to close at $10.07 in an exchange of 157,085 stocks, Iron Rock Insurance rose 51 cents to $3.95 in swapping of 102,513 shares, Jamaican Teas shed 22 cents to close at $4.08, with 334,737 stock units changing hands.
Lasco Financial rallied 46 cents to $3.78 with an exchange of 383,158 stock units, Lasco Manufacturing dipped 25 cents to $4.60, with 321,152 stocks clearing the market, Lumber Depot increased 26 cents to end at $3.89 1,194,535 units changing hands. Medical Disposables popped 35 cents to $7.10 in exchanging 2,810 shares, SSL Venture advanced 14 cents to $1.94 while exchanging 16,160 stock units, Stationery and Office Supplies increased 30 cents in closing at $7.30 with an exchange of 34,711 units and tTech fell 20 cents to close at $3.91 after 121,488 shares crossed the market.
Proven Investments advanced 0.02 of a cent in ending at 22.95 US cents exchanging 108,180 stock units. Sterling Investments shed 0.06 of a cent to close at 2.25 US cents with the swapping of 7,824 units, Sygnus Credit Investments USD share gained 0.93 of one cent to 12.93 US cents, with 15,250 units changing hands and Transjamaican Highway rose 0.05 of a cent in closing at 0.85 of one US cent after 485,400 stocks crossed the market.
