New highs for Jamaica Broilers at $20, Berger Paints at $23.50, Supreme Ventures at $7.50 and gains in the price of Sagicor Group shares, helped push the main market all Jamaica Composite index up by 3,327.59 points to a new record.
By 10:45 AM the index hit 265,287.63 points and sits just around an important resistant point going back to mid-1992.
The junior market gained 26.86 points to trade at a new record of 3,351.29. The Junior Market sits around resistance currently. Junior Market 2016 listing, ISP Finance hit a new high of $30 with 2,421 shares trading. Key Insurance dropped to$3.05 having last traded at $3.80 previously. Lasco Financial Services fell to $4.20 with just over 1 million shares trading while Lacso Manufacturing traded just under 1 million units and now trades at $5.70.
Junior at record majors surge 3,300 pts
JSE trading in record territory
Berger Paints ended at a 52 weeks’ high of $20 on Wednesday
The main market of the Jamaica Stock Exchange is trading at record levels in the morning session on Wednesday.
The All Jamaica Index crossed over the 260,000 points mark, to hit 260,625.67 points at 11.30 am after adding 3,317.30 points. The Main Market Index is up 3,022.44 to 237,459.51 while the Combined Index jumped 2,631.98 points to 253,640.67. The US Equities Index slipped 6.38 to 212.61 and the Junior Market Index lost 15.43 to trade at 3,252.90.
Stocks with noticeable moves, are Berger Paints that traded at a all-time high of $20, Caribbean Cement traded at $32,a big recovery from yesterday’s low. The rise comes against the back ground of some shareholders slated to meet with management later today, in an attempt to clarify a number of issues relating to the company’s finances. NCBFinancial Group traded at $71.99 and Salada Foods jumped from $6.50 to $8 after the company released results for the half year, showing strong rise in profit.
In the Junior Market, Caribbean Producers rose to $4.50 in response to improved nine months’ results while Jamaican Teas rose to a new high of $5.10, in trading 134,800 shares and Main Event jumped to a new high of $8.
Junior Market jumps sharply to new record
The Junior Market of the Jamaica Stock Exchange traded up more than 129 points after midday on Tuesday.
The market index 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. The Junior Market index has since slipped back to 3,212.92, up 81.29 for the day at 12:30 but the All Jamaica Composite index dropped 3,016.25 points to 248,857.65.
Jamaican stocks mostly up – Friday
The main market of the Jamaican Stock Exchange, recovered some lost grounds on Friday, while the juniors and the US dollar market lost some ground as advancing prices were ahead of falling ones, on a day of moderate trading.
The market closed with trading in 46 securities with 23 stocks rising and 13 falling, in all markets. At the close, the main market had 24 stocks trading with 14 rising and 5 declining, the junior market had 18 securities trading with 8 stocks gaining and 8 declining, based on the last selling price and 2 traded in the US dollar market with one rising. Six stocks reached new 52 weeks’ high, five of these ended at their highs.
The JSE combined index rose 400.49 points, to close at 246,540.82, the All Jamaica Composite Index climbed 1,013.17 points to finish at 253,758.02 the JSE Market Index gained 905.95 points to end at 231,279.30. The junior market index had 42.53 points slashed off Thursday’s close to end at record 3,120.22 and the JSE US dollar market index eased 7.93 points, to close at 230.67.
Trading in the overall market reached 5,537,756 units valued at $81,543,783 compared with the previous day with 5,458,228 units valued at $114,968,563, having changed hands. The junior market accounted for for 1,700,678 units valued at over $11,745,304 of those trading. The US dollar market index traded 355,953 units valued at US$109,455.
The average trade for the day in the main market ended at 140,693 shares compared to an average of 154,908 units on Thursday. For the month to date, an average of 138,259 shares traded, compared to an average of 135,825 units up to the prior trading day. January ended with an average of 592,602 units.
The junior market ended trading with an average of 94,482 units for an average value of $652,517 traded, compared to of 52,582 units for an average value of $304,893 on the previous trading day. The average volume and value for the month to date ended at 237,485 units and $1,461,383 compared to 246,757 units and $1,513,124 to the previous day. The average volume and value for January, ended at 165,547 units and $884,749.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 9 stocks with bids higher than their last selling prices and 5 with lower offers.
Jamaican stocks mostly up on Wednesday
Stocks trading on the Jamaican Stock Exchange, on Wednesday mostly rose leading to gains in the man market indices, moderate gains for the junior market and a rise of the US dollar market index.
The market closed with trading in 51 securities with 23 stocks rising and 14 falling, in all markets. At the close, the main market had 11 stocks rising and 11 declining, while 12 stocks gained and 4 declined from the junior market based on the last selling price and 1 fell in the US dollar market.
The JSE combined index rose 657.50 points, to close at 248,171.94, the All Jamaica Composite Index climbed 744.89 points to finish at 255,197.40 the JSE Market Index moved higher by 666.06 points to end at 232,566.36. The junior market index gained 3.90 points to close at record 3,162.69 points and the JSE US dollar market index rose 9.57 points, to close at 235.54.
Trading in the overall market reached 9,365,244 units valued at $67,194,537 compared with the previous day with 15,737,390 units valued at $95,432,907, having changed hands. The junior market accounted for 6,803,575 units valued at over $35,960,840 of those trading. The US dollar market index traded 9,768 units valued at US$3,077.
The average trade for the day in the main market ended at 101,437 shares compared to an average of 85,131 units on Tuesday. For the month to date, an average of 116,741 shares traded, compared to an average of 132,046 units up to the prior trading day. January ended with an average of 592,602 units.
The junior market ended trading with an strong>average of 272,143 units for an average value of $1,438,434 traded, compared to of 53,783 units with an average value of $315,952 on the previous trading day. The average volume and value for the month to date ended at 258,893 units and $1,588,639 compared to 258,010 units and $1,598,653 to the previous day. The average volume and value for January, ended at 165,547 units and $884,749.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 17 stocks with bids higher than their last selling prices and 2 with lower offers.
Jamaican stocks enjoy big gains – Monday
Stocks trading on the Jamaican Stock Exchange, on Monday mostly rose leading to strong gains in the man market indices, moderate gains for the junior market and a fall of the US dollar market index. The market closed with trading in 52 securities and ended with 23 stocks rising and 15 falling, in all markets.
At the close 11 stocks gained and 8 declined from the junior market, based on the last selling price and 1 gained and 1 fell in the US dollar market.
The All Jamaica Composite Index climbed 1,994.33 points to close at 255,338.83, the JSE Market Index moved sharply higher by 1,783.28 points to finish 232,692.82, the JSE combined index jumped 1,704.71 points, to close at 247,657.49, the junior market index rose 5.05 points to close at 3,101.51 points and the US dollar market index fell 5.28 points to end at 233.43.
Trading was quite steady compared with the previous day with 8,079,039 units valued at $48,306,068, having changed hands, compared to 8,815,422 units valued at $83,003,765 changing hands on Friday. The junior market accounted for 2,642,818 units valued at over $15,747,182 of those trading.
The average trade for the day in the main market ended at 219,185 shares compared to an average of 122,952 units on Friday. For the month to date, an average of 178,960 shares compared to an average of 138,735 units up to the prior trading day. January ended with an average of 592,602 units.
The junior market ended trading with an average of 110,117 units with an average value of $656,133 traded, compared to of 274,339 units with an average value of $1,777,511 on the previous trading day. The average volume and value for the month to date ended at 272,597 units and $1,690,274 compared to 285,096 units and $1,759,823 to the previous day. The average volume and value for January, ended at 165,547 units and $884,749.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 14 stocks with bids higher than their last selling prices and 5 with lower offers.
Jamaican stocks drop on Tuesday
Stocks trading on the Jamaican Stock Exchange, on Tuesday mostly rose leading to strong gains in the man market indices, moderate gains for the junior market and a fall of the US dollar market index.
The market closed with trading in 47 securities with 15 stocks rising and 15 falling, in all markets. At the close 7 stocks gained and 7 declined from the junior market based on the last selling price and 1 fell in the US dollar market.
The JSE combined index fell 143.05 points, to close at 247,514.44, the All Jamaica Composite Index shed 886.32 points to close at 254,452.51, the JSE Market Index moved down 792.52 points to finish 231,900.30, the The junior market index jumped sharply by 57.28 points, to close at record 3,158.79 points and the the US dollar market index fell 7.46 points to end at 225.97.
Trading was boosted by a 12 million units that changed hands, of 138 Student Living preference share, to reach 15,737,390 units valued at $95,432,907 compared with the previous day with 8,079,039 units valued at $48,306,068, having changed hands, compared to 8,815,422 units valued at $83,003,765 changing hands on Monday. The junior market accounted for 1,021,882 units valued at over $6,003,095 of those trading. The US dollar market index traded 85,076 units valued at US$26,437.
The average trade for the day in the main market ended at 85,131 shares compared to an average of 219,185 units on Monday. For the month to date, an average of 132,046 shares compared to an average of 178,960 units up to the prior trading day. January ended with an average of 592,602 units.
The junior market ended trading with an average of 53,783 units with an average value of $315,952 traded, compared to of 110,117 units with an average value of $656,133 on the previous trading day. The average volume and value for the month to date ended at 258,010 units and $1,598,653 compared to 272,597 units and $1,690,274 to the previous day. The average volume and value for January, ended at 165,547 units and $884,749.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 6 stocks with bids higher than their last selling prices and none with a lower offer.
Jamaica stock market index up but
Stocks indices gained at the close of trading on the Jamaican Stock Exchange on Friday, but with declining stocks overpowering advancing ones 2 to 1 in the overall market based on last traded prices. The market closed with trading in 45 securities and ended with 11 stocks rising and 24 falling.
At the close 5 stocks gained and 9 declined from the junior market as 6 securities ending at new 52 weeks’ closing highs and one trading at an intraday high. The Jamaican Stock Exchange uses the average price as the closing market price as well as in computing the movement in the market indices, accordingly, the JSE reported that 21 stocks advanced and 16 declined.
The All Jamaica Composite Index rose 741.30 points to close at 253,344.50, the JSE Market Index gained 662.86 points to finish at 230,909.54 and the JSE combined index jumped 1,322.69 points, to close at 245,952.78.
Trading was quite steady compared with the previous day with 8,815,422 units valued at $83,003,765, having changed hands, compared to 8,545,755 units valued at $87,407,183 changing hands on Thursday. The junior market accounted for 5,212,444 units valued at over $33,772,710 of those trading.
The average trade for the day in the main market ended at 122,952 shares compared to an average of 95,844 units on Thursday. For the month to date, an average of 138,735 shares compared to an average of 154,517 units up to the prior trading day. January ended with an average of 592,602 units.
The junior market ended trading with an average of 274,339 units with an average value of $1,777,511 traded, compared to of 238,531 units with an average value of $1,255,988 on the previous trading day. The average volume and value for the month to date ended at 285,096 units and $1,769,823 compared to 285,992 units and $1,769,183 to the previous day. The average volume and value for January, ended at 165,547 units and $884,749.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 8 stocks with bids higher than their last selling prices and 6 with lower offers.
Scary data pushing some stocks
Overvalued Cargo Handlers, rated a buy by Barita.
IC Insider.com attempted to get an understanding of this unusual development of scary PE ratios. One possible clue came from two seasoned investors. One bought shares in Jamaica Stock Exchange (JSE) on the assumption that the PE was only 4, he was unaware that the earnings per share, last reported by the company, was not adjusted for the 5 to 1 stock split. The other investors pointed out that Cargo Handlers was selected by Barita Investments as the top junior market stock for 2017. That is a strange selection as research going back to the early years of the JSE, shows that only around 20 percent of top 10 stocks ends in the top 10 in the subsequent year, in very bullish periods, even less do so. A look at Barita’s stock market update chart, shows the Cargo Handlers having a PE of just 11.47 with earnings of $2.18, but the earnings is well ahead of the 43 cents the company reported for 2016. The PE for the stock, based on 2016 earnings is near 60 and 46
Jamaica Producers is one of the company’s that investors seem to be pushing the price, based on pre-bonus earnings.
Cargo Handlers may not be the sole stock that investors seem to be ignoring the effect of stock split on values. Barita shows JSE with a PE of 12.5 with earnings of $1.02, thankfully there is no recommendation for this one. Jamaica Producers is shown with a PE of 6.52 from earnings of $3.02, with a buy recommendation. Producers earnings are at best inflated with one off items, with them earning at the above level highly unlikely, as such the stock boast a PE of 40 times 2017 earnings. Pan Jam Investment is shown with earnings per share of $3.97 and a PE of 10.08. The only problem is that Pan Jam earnings for the nine months from continuing operations for 2016, is in the order of $1.92 making reaching the Barita’s earnings forecast challenging.
When the quarterly reports start coming in with adjusted earnings, it could be a huge disappointment and wake up call for some investors. It just does not seem smart for investors to be buying stocks that are valued well ahead of the market and expect to beat the market, unless there are huge increased profits down the road.
Apology for JSE trade sheet
The Jamaica Stock Exchange has switched over trading to a new platform as of Monday. So far we have been unable to obtain the feed to be able to supply our trading sheet. Work is ongoing to get the system functioning.
The new system which was slated to have come on stream in October 2016 was challenging for user. In yesterday’s trading report that was first posted on the exchange’s website had a number of errors, which were later corrected. The initial data came from the new system and had to be manually corrected. Under the old system a stock could not trade over 30 percent in a day but the final trade sheet had Main Event trading at $2.61 when the maximum price should be $2.60.
The former system was compatible with Excel, the current one is not and currently is not a flexible either. A staff member of one of the brokerage house indicated that he spent a considerable amount of time identifying weaknesses in the system since the late last year, some of which are incorporated into the system.