Trading surged on the Jamaica Stock Exchange Main Market on Friday, with a 240 percent surge in the volume of stocks traded following a 417 percent and a jump in value over Thursday, as Transjamaican Highway traded more than 36 million shares with a value of $114 million as the market closed with 62 securities trading compared with 54 on Thursday and resulted in prices of 26stocks rising, 13 declining and 23 ending unchanged.
Trading closed with 49,321,891 shares for $163,817,114 up from 14,522,075 units at just $31,656,097 on Thursday.
Trading averaged 795,514 shares at $2,642,212 compared to 268,927 units at $586,224 on Thursday and month to date, an average of 729,589 units at $3,850,69 compared to 725,808 units at $3,920,010 on the previous day and March with an average of 828,473 units at $2,341,254.
Transjamaican Highway led trading with 36.12 million shares for 73.2 percent of total volume followed by Sagicor Select Financial Fund with 4.29 million units for 8.7 percent of the day’s trade, Wigton Windfarm with 2.72 million units for 5.5 percent market share and Sagicor Select Manufacturing & Distribution Fund with 2.31 million units for 4.7 percent of total volume.
The All Jamaican Composite Index lost 592.66 points to lock up trading at 355,522.73, the JSE Main Index declined 152.35 points to 319,451.54 and the JSE Financial Index sank 0.34 points to lock up trading at 68.06.
The Main Market ended trading with an average PE Ratio of 13.7. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with financial year, ending around August 2025.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, AS Bryden rose $1.49 and ended at $38.49, with 86 shares crossing the market, Caribbean Cement climbed $1 to $57 with an exchange of 26,366 stocks, Eppley fell 85 cents in closing at $38 and closed after an exchange of 2,580 shares. First Rock Real Estate rallied 50 cents to finish at $10 with traders dealing in 35,198 stock units, GraceKennedy popped 44 cents to close at $73.94 in switching ownership of 36,032 shares, Jamaica Stock Exchange sank 69 cents to end at $10.54, with 15,178 stock units changing hands. JMMB Group rallied $1.77 to $25.49 in an exchange of 49,184 units, Kingston Properties advanced 35 cents to finish at $8.10 after 105,500 stocks passed through the market, MPC Caribbean Clean Energy gained $4 and ended at $95 with a transfer of 99 units. NCB Financial rose $3.49 in closing at $64.49, with 98,273 stocks crossing the exchange, Proven Investments gained 99 cents to end at $20 in trading 20,311 shares, Sagicor Group declined $1.39 to close at $40.01 after a transfer of 20,296 units. Scotia Group shed $1.50 to $41.50 with investors exchanging 275,364 shares, Seprod popped $2.01 to end at $82 in an exchange of 21,585 stocks, Stanley Motta gained 78 cents to close at $6.12 with investors trading 3,286 units. Sygnus Credit Investments climbed 41 cents to close at $10.81 after an exchange of 23,442 stock units and Wisynco Group advanced 48 cents and ended at $21 with investors dealing in 51,699 shares.
In the preference segment, JMMB Group 7% preference share dropped 52 cents to finish at $2.92 after an exchange of 3,470 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
One stock rose on JSE USD market as 7 held firm
The Jamaica Stock Exchange US dollar market closed on Friday, with the volume of stocks traded declining 43 percent having a 23 percent greater value than on Thursday and resulting in eight securities changing hands, similar to Thursday, with prices of one rising, none declining and seven ending unchanged.
The market closed with an exchange of 147,586 shares for US$21,362 compared to 257,793 stock units at US$17,324 on Thursday.
Trading on Friday averaged 18,448 shares at US$2,670 compared with 32,224 stocks at US$2,166 on Thursday, with trading month to date averaging 37,587 shares at US$2,359 compared with 38,643 units at US$2,342 on the previous day and March that ended with an average of 49,394 units for US$3,593.
The US Denominated Equities Index rose 0.34 points to 237.88.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.6. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Margaritaville ended at 10 US cents in an exchange of 58 shares, Productive Business Solutions remained at US$1.59 with investors trading just two shares, Proven Investments advanced 1.02 cents in closing at 14.67 US cents with an exchange of 44,924 shares. Sygnus Credit Investments ended at 8.79 US cents with 464 stock units clearing the market and Transjamaican Highway closed at 2.03 US cents after an exchange of 100,000 shares.
In the preference segment, JMMB Group US 8.5% preference share remained at US$1.20 after trading 1,000 stock units, Sygnus Credit Investments US 8% ended at US$10.60 with an exchange of 300 units and Sygnus Credit Investments E8.5% ended at US$10.20 with 838 stocks crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The value of Pref shares vs ordinary ones
Investors drove up prices of several preference shares on the Jamaica Stock Exchange in 2023 to unrealistic levels that defile logic, while ordinary shares can enjoy unlimited rise driven by growth in profits the same is not the case for preference shares that have limited potential for growth.
Many of those listed on the JSE have limited life spans as they are primarily income generating instruments, with a finite life span. The JMMB preference shares are in this category. The old JPS preference shares that were issued at $2 each have declined in value due to a decline in interest rates but the supply of these are very limited. These seem to have no set date to be repaid.
Investors may be confused about the likely value of Transjamaican 8.5 percent preference shares. Some think the fair value should be closer to $4, but that is not so and will only be the case if market interest rates fall below 8.5 percent, even then the short term nature of these shares makes it unlikely that rational investors would push the price to that level. The Transjamaican preference shares have an 8 year timeline, with annual repayment of principal starting on the 6th anniversary.
The true value of the ordinary shares should be over $4. They currently provide a dividend yield close to where the preference shares trade currently, with expectations that there will be a greater level of dividend payment in the future.
Ordinary shares offer unlimited capital appreciation and the potential for an endless dividend stream depending on the level of profit generated. Preference shares have limited capital upside potential unless they have participative features, allowing them to share in profits over and above the coupon rate.
None of the preference shares listed on the Jamaica Stock Exchange have participation features. Long ago the shares of Jasmaica Livestock that were listed on the local exchange had such a feature. With interest rates on the Bank of Jamaica certificate of deposits just under 11% currently, the prices of the preference shares on the market should have declined to better equate the yields with the CD rates and as these rates fall, the share prices should be rising to reflect the better returns from Preference shares that is possible.
Rising stocks beat decliners on Trinidad Exchange
Trading ended on the Trinidad and Tobago Stock Exchange on Thursday, with the volume of stocks traded declining 83 percent, with the value 68 percent lower than on Wednesday, resulting in the trading of 21 securities compared with 22 on Wednesday and ending with prices of six stocks rising, four declining and 11 remaining unchanged.
Trading closed with an exchange of 241,363 shares for $3,383,480 versus 1,416,843 stocks at $10,593,318 on Wednesday.
An average of 11,493 shares were traded at $161,118 down from 64,402 stocks at $481,514 on Wednesday. Trading for the month to date averages 18,437 shares at $188,430 compared to 18,907 units at $190,281 on the previous day and March that ended with an average of 28,236 shares at $236,496.
The Composite Index dipped 1.79 points to 1,186.96, the All T&T Index dropped 3.46 points to 1,791.60, the SME Index remained unchanged at 77.71 and the Cross-Listed Index remained unchanged at 75.57.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s climbed $2 to close at $71 as investors exchanged 510 stock units, Angostura Holdings popped 15 cents to $22.95 after 130 shares passed through the market, Ansa McAl fell 99 cents to end at $55.01 after an exchange of 3,700 units. Ansa Merchant Bank remained at $45.30 with investors swapping 5 stocks, Calypso Macro Investment Fund ended at $22.75 in swapping 5,100 shares, First Citizens Group remained at $48.30 after a transfer of 658 stocks. FirstCaribbean International Bank ended at $6.95 with 10,000 stock units being traded, GraceKennedy gained 5 cents in closing at $4.05 with investors trading 58,200 stocks, Guardian Holdings remained at $18.05 in an exchange of 25 shares. Guardian Media ended at $1.98 after trading of 5 stock units, L.J. Williams B share shed 29 cents and ended at $1.70 after an exchange of 700 stocks, Massy Holdings rose 2 cents to close at $4.35 with a transfer of 42,346 units. National Enterprises remained at $3.85 after 971 stocks changed hands, National Flour Mills ended at $2.20 in an exchange of 12,307 units, Prestige Holdings remained at $13, with 262 shares crossing the market. Republic Financial gained 6 cents in closing at $118.27 with traders dealing in 12,219 stocks, Scotiabank ended at $67.50, after 1,997 shares changed hands, Trinidad & Tobago NGL advanced 9 cents to close at $8.59 with 2,244 units crossing the exchange. Trinidad Cement sank 5 cents to $2.70 with investors dealing in 16,000 stock units, Unilever Caribbean dropped 10 cents to close at $11.20 after 41,042 stock units crossed the market and West Indian Tobacco ended at $11.15 with an exchange of 32,942 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market drops
Trading on the Jamaica Stock Exchange US dollar market ended on Thursday, with a 29 percent decline in the volume of stocks that changed hands following a 25 percent drop in value compared with market activity on Wednesday, resulting in trading in eight securities, compared to eight on Wednesday with prices of two rising, four declining and two ending unchanged.
The market closed with an exchange of 257,793 shares for US$17,324 down from 363,343 stock units at US$23,058 on Wednesday.
Trading averaged 32,224 units at US$2,166 versus 45,418 shares at US$2,882 on Wednesday, with a month to date average of 38,643 shares at US$2,342 compared with 39,018 units at US$2,352 on the previous day and March that ended with an average of 49,394 units for US$3,593.
The US Denominated Equities Index skidded 1.80 points to cease trading at 237.54.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.6. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, AS Bryden ended at 22.49 US cents and closed after an exchange of 284 shares, Proven Investments declined 1.02 cents to 13.65 US cents after an exchange of 470 shares, Sterling Investments rose 0.1 of a cent to finish at 1.6 US cents with a transfer of 21,000 stocks. Sygnus Credit Investments shed 0.01of a cent and ended at 8.79 US cents after an exchange of 2,990 units and Transjamaican Highway fell 0.01 of a cent to close at 2.03 US cents with 230,228 stocks clearing the market.
In the preference segment, JMMB Group US8.5% preference share ended at US$1.20 with an exchange of 1,900 units. Productive Business Solutions 9.25% preference share rallied 19 cents to US$11.21, with 164 shares crossing the market and Sygnus Credit Investments E8.5% skidded 40 cents to close at US$10.20 with investors transferring 757 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Increased spending on JSE USD stocks
A total of 140 percent more funds passed through the Jamaica Stock Exchange US dollar market on Wednesday, but bought fewer shares than on Tuesday, resulting in trading in eight securities, up from five on Tuesday with prices of three rising, three declining and two ending unchanged.
The market closed with trading of 363,343 shares for US$23,058 compared to 384,592 units at US$9,594 on Tuesday.
Trading averaged 45,418 units at US$2,882 versus 76,918 shares Aat US$1,919 on Tuesday, with a month to date average of 39,018 shares at US$2,352 compared with 38,621 units at US$2,319 on the previous day and March that ended with an average of 49,394 units for US$3,593.
The US Denominated Equities Index sank 3.56 points to lock up trading at 239.34.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.6. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, AS Bryden ended at 22.49 US cents with investors trading 443 shares, First Rock Real Estate USD share climbed 0.45 of one cent and ended at 4.95 US cents after an exchange of 9,330 stocks, MPC Caribbean Clean Energy remained at 61 US cents, with 14 shares crossing the market. Proven Investments sank 0.03 of a cent to end at 14.67 US cents with an exchange of 40,533 stock units, Sygnus Credit Investments rose 0.8 of one cent in closing at 8.8 US cents after 118,886 shares passed through the market and Transjamaican Highway lost 0.06 of a cent to close at 2.04 US cents in switching ownership of 193,930 stocks.
In the preference segment, Productive Business Solutions 9.25% preference share advanced 2 cents to US$11.02 with investors swapping 186 units and Sygnus Credit Investments E8.5% fell 10 cents to end at US$10.60 with a transfer of 21 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.