An investor picked up 31,265,399 proven shares in trading on the US market of the Jamaica Stock Exchange today, representing 5 percent of the total issued share capital of the company of 625,307,963 units.
The trades were executed at 31.55 US cents per share and cost US$9,864,233. The trades comprise a block of 21,374,171 shares with amounts in smaller denominations. Proven Investments’ record show Nekia Limited as the owners of the 21.37 million block and the second-largest shareholder.
The purchaser is unknown at the time of going to press, but Barita Investments subsequently announced that they acquired the block of shares that put them as the lead shareholder in the company. The move is consistent with realignments taking place within the dynamic Jamaican financial market.
5% of Proven shares traded
Barita’s unit trust leads this year
Many investors in the growing pool of equity-linked managed Funds are losing out on good returns being enjoyed by others in the Unit Trust industry because they fail to focus regularly eyes on their investment and compare the performance of their investment against others.
Investors wanting to enjoy stock market-like gains with reduced risk have several options, but paying attention to past performance can make a big difference between ordinary or excellent returns.
Investors should review the performance of their investment regularly at least once per year to see how well theirs stack up with similar forms of investment. This applies to stocks, Unit Trusts, money market instruments or any other forms of investment.
A good example is the long-term top unit trust performer Barita’s Capital Growth Fund that gained the most for the year to September, with an increase of 43.15 percent, outperforming by far the 23.69 percent posted in the corresponding period in 2018. The Fund’s twelve-month growth was an attractive 52.67 percent, the highest of all the local equity Funds.
New kid on the block JN Mutual Funds Global Equity Fund holds the number 2 spot with growth of 35.91 percent to October 2 and gained just over 31 percent for the last twelve months, followed by 
Sagicor Investments’ Sigma Equity Fund with, growth of 31.31 percent and sits at number 3 for 2019 to date but that is lower than the 36.47 percent at the similar point in 2018. VM’s Wealth Classic Equity Growth portfolio is the fourth-best performing Fund in 2019 with a gain of 29.78 percent and is significantly up on the 16.42 percent increase in the 2018 period. NCB’s E Fund is next with 29.26 percent for 2019, a huge turnaround compared to last year’s mere 2.96 percent gain.
Barita’s Capital Growth Fund that led the pack with growth for the twelve-month period is followed by Sagicor’s Sigma Equity Fund with 39.84 percent and in third place, VMWealth Classic Equity with 33.96 percent.
Scotia Premium Growth Fund delivered a 23.14 percent growth while JMMB Income & Growth Fund had gains of 22.64 percent for the nine months to September. Sigma Global Venture Equity Fund delivered gains of 18.22 percent for the year to September and 17.60 percent for the 12 months.
The bottom three performing equity Funds for the year to September are JN Global Diversified Income with 11.26 percent growth and a twelve-month growth of 9.10 percent as of October 2, JMMB Optimum Capital generated just 15.7 percent gains for the nine months, and 11.44 percent for the past 12 months.
The three best performing Funds, Sagicor’s Sigma Equity, Scotia’s Premium Growth and Barita’s Capital Growth, have been and continue to outperform the other players in the market over the long term, despite encountering periodic blips in their performance due to local and external economic conditions.
For the past 5 years to the end of 2018, the three best performing Funds were Sagicor’s Sigma Equity, Scotia’s Premium Growth and Barita’s Capital Growth, and for the 10 years to 2018, the same three Funds have been the top performers.
August off with record breaking run for JSE
The Junior Market of the Jamaica Stock Exchange is up 52.35 points to cross over the 3,500 points level for the first time in the market’s history.
The move after an hour trading on Friday pushed the Junior Market Index to a record high of 3,514.89 points. The JSE Main Index rose 5,119.76 points to a record of 528,859.86 and the All Jamaican Composite Index added 5,633.92 points to trade at 580,884.11.
The Limners and Bards the (Lab) traded at $3.65 to record a 265 percent gain since the IPO and the listing a week ago. Pulse Investments traded at $3.90 up from $3 at the close on Wednesday. General Accident trades at $4.90, Jamaican Teas rose to a record high of $7 from $5.65 on Wednesday and Caribbean Cream fell to $4.40 on limited volume.
AJ Index up over 14,000 points
New record high for the JSE main market.
Bulls pushed the Junior Market index up 33.05 points at 10:15 am to reach 3,351.14 points after it went as high as 3,361.08 points after 30 minutes of trading. The index just 86 points adrift from the all-time high of 3,436 points on September 20, last year.
NCB Financial in early market activity traded at $249 but now trades at $225 while the Jamaica Stock Exchange is down to $32.
Shares of Limners and Bards, trading as the Lab, were listed on the Junior market today and has so far traded just 100 shares at $1.30, the maximum it can trade at for the day. The highest bid is now at $2 to buy 49,808 shares and offers are at $3. Investors attempted to trade the Lab at $2, resulting in suspension in trading until just after 12 noon.
Bulls push Junior Market over 3,300
Bulls let out their fury on bears in the Junior Market pushing the market index up 87.62 points at 10:15 am to reach 3,320.05, the highest level since October last year.
Amongst the stocks contributing to the big surge were Blue Power that rose to $11.95, Cargo Handlers $10.95, Elite Diagnostic at a record high of $5.99, Fontana traded as high as $8.99, Jamaican Teas $4.56, with third quarter results, more than tripling that of 2018 to $118 million versus $44 million and General Accident at $4.50.
The JSE All Jamaican Composite Index gained 10.675.81 points to a record of 565,028.91, the JSE Index advanced 9,701.20 points to a record high of 514,451.64 and the JSE Financial Index rose 2.53 points a record of 137.90. Wisynco traded at a new record high of $28, subsequently NCB Financial traded at an all-time high of $229.99.
AJ Index at record 550K – Wednesday
New record high for the JSE main market.
Investors pushed the Jamaica Stock Exchange to a new record on Wednesday, for the main market with NCB Financial trading at a new high of $219.99 having gained $9.99.
The JSE All Jamaican Composite Index jumped 12,035.55 points to a record of 550,672.36, the JSE Index climbed 10,937 points to a new record of 501,405.60 and the Junior market Index rose 24.93 points to 3,101.46 with Fontanahitting a new high of $7 and seeming poised to rise further, with the bid above the last selling price. Proven Investments traded at a new all-time high of $41 on the main market.
Record 521,000 points for All Jamaica
New record high for the JSE main market.
The main market of the Jamaica Stock Exchange hit new record highs in mid-morning trading on Thursday with the JSE All Jamaican Composite Index surpassing the 520,000 mark for the first time.
The JSE All Jamaican Composite Index (AJI) rose 6,011.90 points to a record 521,685.45 and the JSE Index climbed 5,463.24 points to a record 475,064.08 at 10.50 am. The rise to more than 521,000 points on the AJI is a major development. The market has broken through an important resistance level of 520,000 points that has it genesis from as far back as the 2004 and 2005 peak. Continuing rallies above current levels, would confirm a big upside for stocks.
The Junior Market Index climbed 27.55 points to 3,126.49.
In trading, Barita Investments traded 66,243 shares at $45.05, JMMB Group is up to a record $49.95 with 15,329 shares changing hands, NCB Financial traded 106,754 units at $192. In the Junior Market, Fontana hit a new record of $6 trading 54,772 shares, the stock has gone on to trade at $6.50 with more than 164,00 share trading.
Huge growth ahead for JSE stocks
At the start of July last year, the Jamaica Stock Exchange main market PE ratio was just 12 times that year’s estimated earnings and it has climbed 29 percent to 15.5 currently.
The rise in main market PE is leading some investors to be concerned about the value of many stocks, but they need not be as the main market is priced well below the 45 percent fall in Government of Jamaica Treasury bill rates since June last year. Not only that, since interest rates peaked at 9.11 percent in 2014, Treasury bill rates declined 400 percent while the main market stocks are up 520 percent but PE ratio of the main market is up only 160 percent over the same period, an indication that the main factor driving stock prices is increased profit and that the fall in interest rates has played much lesser role than profits.
Profits have been rising and interest rates have dropped with the 92 days Treasury bill for last year June, yielding 2.656 percent and currently 1.836 percent, a sharp 45 percent fall.
Growth in profit is the main reason for JSE rise since 2014.
What this suggests is that the PE ratio of the main market far from overvalued, is set to rise to 18 to 20 times current year’s earnings by the end of the year. The market valuation is well below the fall in interest rates and therefore has a far way to go before topping out.
Interestingly, while the Jamaica Stock Exchange main market stocks surge higher, the Junior Market PE at 11 times last year’s earnings at mid-year is still around the same level currently and trailing by a wide margin the main market stocks. This has huge implications for increases to come from the Junior Market as investors eventually bid these stocks up to reflect the sharp fall in interest rates and rising profits.
JSE majors jump to new record – Friday
New record high for the JSE main market.
NCB Financial Group raced to $190.20 and Scotia Group to $59.60 to help the JSE All Jamaican Composite Index climb 4,775.33 points to a record of 497,884.46 while the JSE Index jumped 4,339.53 points to a new high of 453,435.24 with 90 minutes of trading left in the day.
While the main market was hitting new highs, the Junior Market struggles with a decline of 16.04 points to 3,113.94.
The big trades so far are Wigton with 15.7 million shares, NCB with 5 million units and in the Junior Market Lasco Finance with 1 million shares and Lasco Manufacturing 1.73 million shares. Subsequent to 11:30 am, NCB traded up to $193.
10 records in 10 days for JSE main market
The Jamaica Stock Exchange chalked up its 10th consecutive session at record high as JMMB Group traded at a new high of $42.50, up from $39.61 at the close on Wednesday and NCB Financial Group trading at a record $184.50.
At 11.17 am, the JSE All Jamaican Composite Index jumped 2,642.74 points to a record high of 483,354.79 and the JSE Index climbed 2,674.49 points to another record 440,231.57. The Junior Market rose 20.71 points to 3,128.48. The market moved on to higher levels as NCB traded at a new all-time high of $184.85 as the JSE All Jamaican Composite Index raced 6,813.16 points to a record high of 487,225.21 and the JSE Index surged 6,191.68 to 443,748.76 at mid-day.
If the market hold on to the gains, it would have broken through resistance at 480,000 points on the All Jamaica index and should be heading for the next level of resistance at 520,000 points.
