Treasury bills rates bottomed and have moved back closer in line with the Bank of Jamaica’s overnight rate of 2 percent.
IC Insider.com is forecasting a further increase in T-bill rates to move above 2 percent, this could happen with the December Treasury bill auction.
In the mean time the main market of the Jamaica Stock Exchange has moved on the new record highs, with NCB Financial being the primary mover with the stock closing at $159.05 on Friday. The Junior Market that peaked at an all-time high in October has pulled back with no new price sensitive news to encourage aggressive buying.
The above developments are happening as the PE ratio of the market continues to inch higher. The ratio climbed slowly until June but moved much sharper thereafter, to better reflect the sharp fall in interest rates. The recent inching up of Treasury bill rates appears to have slowed the upward movement in the average PE ratio of the over all market that sits just under 16 currently. The average PE is now ahead of the longer term trend that goes back to 2013, but well below the trend, from late 2015 that suggests that the average PE is headed for 18, that will require a 15 percent rise in stock prices to get there. December is usually a bullish month and so the PE of 18 may be reached by year end or early in 2019.
PE ratios continue to rise
All Jamaica hits record 433,000 points
The market opened up at the start of trading with gains of 1,433.80 points for the all Jamaica and 1,306.36 for the JSE index.
The opening high follows Wednesday’s trading when the JSE All Jamaican Composite Index closed at a new all-time high of 418,487.99 and JSE Index ended at 381,289.90.
Barita Investments traded at a new high of $24.01 to more than double in value for the year so far, PanJam Investment traded at $72, Sagicor Group at $51.95 haven risen sharply to a record high, but the bid is at $55 to buy 49,301 shares, Scotia Group trades at $60 and Seprod at $33.65.
The junior market continues under some selling pressure is not sharing in the strong gains of the more matured companies and declined by 20.08 points to 3,158.36.
All Jamaica hits record 424,461 points
The main market of the Jamaica Stock Exchange, gained in early trading on Thursday and now trades at a record high of 424,461.33 points after rising 5,973.34 while the JSE index rose 5,442.39 to now sit at 386,732.29 after just 15 minutes into the trading day.
The market opened up at the start of trading with gains of 1,433.80 points for the All Jamaica and 1,306.36 for the JSE Index.
The opening high follows Wednesday’s trading when the JSE All Jamaican Composite Index closed at a new all-time high of 418,487.99 and JSE Index ended at 381,289.90.
Barita Investments traded at a new high of $24 to more than double for the year so far, NCB Financial now traded up to$150 and Sagicor Group at $47.
The Junior Market continues under some selling pressure is not sharing in the strong gains of the more matured companies and declined by less than a point to 3,177.54.
Since posting the stroy the main market has moved higher with Sagicor Group trading at $51.95.
Main market stocks jump – Tuesday
Investors pushed the Jamaica Stock Exchange main market ending sharply higher on Tuesday, and sending the All Jamaica Index surging 5,742.86 points to 397,756.57 and JSE Index jumped 5,232.40 points to close at 362,401.24.
Market activity closed with 28 active securities in the main and US dollar markets, compared to 29 on Monday.
Main market trading closed with JMMB Group leading with 5,977,409 units, to close at $31.75 and NCB Financial with just under 4,29 million units s the price ended at $135.99.
The Junior Market rose in trading on Tuesday with Index to climbing 28.23 points to close at 3,234.31 on a day of moderate trades as 21 securities traded with Lasco Manufacturing trading the most with 296,410 shares changing hands.
All Jamaica jumps over 9,400
The Jamaica Stock Exchange, started the final quarter of the year in record territory with the all Jamaica Composite Index jumping more than 9,000 points over the 402,000 mark.
The market indices surged sharply with the All Jamaica Composite Index jumping 9,042 points to a record 402,319.29 at 10.58 minutes 5 minutes after 11 moved on to 402,706.63 and the JSE Index that surged 8,238.28 points to a record 366,558.39 at and went to higher to 366,911.31. The Junior Market rose 25 to 3,420.02.
In the main market NCB Financial traded at $127.98 but with only 130 shares trading and Jamaica Producers traded up to $28, Jamaica Broilers traded up to $30, PanJam Investment traded at $63, Scotia Group up to $61 while Supreme Ventures traded at $23.90. Sterling Investments traded at a new high of $23.
All Jamaica jump over 400,000
The Jamaica Stock Exchange, started the final quarter of the year in record territory and is within just 535 points of the critical 400,000 points milestone at 9.35 am and with just under 35 minutes of trading the market jumped over the 400,000 mark.
The market indices surged sharply with the All Jamaica Composite Index jumping 7,088.22 points to a record 400,365.51 and the JSE Index that surged 6,458.17 points to a record 364,778.28. The Junior Market rose 23.03 to 3,418.05.
In the main market NCB Financial traded at $127.98 but with only 130 shares trading and Jamaica Producers traded up to $27.80, Jamaica Broilers traded up to $30, Scotia Group up to $61 while Supreme Ventures traded at $23.90.
All Jamaica just 535 points from 400,000
The Jamaica Stock Exchange, started the final quarter of the year in record territory and is within just 535 points of the critical 400,000 points milestone at 9.35 am.
The market indices surged sharply with the All Jamaica Composite Index jumping 6,187.64 points to a record 399,464.93 and the JSE Index jumped 5,637.64 points to a record 363,957.75. The Junior Market had slipped just 1.38 points at the opening but rose 23.03 to 3,418.05 at 18 minutes after opening.
In the main market NCB Financial traded at $127.98 but with only 130 shares trading and Jamaica Producers traded up to $27.80.
Junior Market index drops 121 points.
Express Catering traded more than 23 million with the price dropping from $8.02 at the close on Thursday to $6.40 in the morning session of trading on the Junior Market and along with Lasco Distributors that fell to $3.50 and Main Event that traded at $5.10 from $6.50 did immense damage to the market index on Friday.
The Junior market index which is now down by 109.10 to 3,327.21 covered from partially from a decline of 121 points at one stage.
The main market that was up strongly in early trading when NCB financial recovered to trade in the $120 level lost more than 1,000 points when NCB fell back to $110 but now trades at $124 with the main market off less than 140 points at 12.33 PM.