JSE: Heavy trades for JPG and JMMB

Monday, 19th August 2013 | The market closed off today as stocks of 27 companies traded with a volume of 4.196 million units valued at $30.1 million. There were 11 stocks advancing and 8 declining as all the indices gained moderately except for a small fall in the US$ market. The cross listed index had no trades.

The all Jamaica Index gained 130.14 points and closed at 85,460.90 and the JSE market index increased by 73.96 to close at 85,373.85, the junior market gained 6.60 closing at 809.44.

Main Market trades of note | Cable & Wireless traded 530,000 units and slipped 2 cents to close at 15 cents. Other stocks with major changes on the day are Desnoes & Geddes with 52,837 units falling by 9 cents to close at $4.52, Grace Kennedy with 26,000 units valued at $1,481,300, gained 99 cents to $56.99, Jamaica Broilers Group, 66137 units to close at $5 up 2 cents, Jamaica Money Market Brokers having another heavy trade with 661,166 units valued at $5,324,306, closed at $8.10, Jamaica Producers Group 653,240 units at $18.25 up 73 cents with a value of $11,914,904, National Commercial Bank had only 9,000 at $18.55 up by 5 cents. Sagicor Life, 238,356 units valued at $2,118,414 to close at $9.50 up $1 and Scotia Group 16,428, closing at $21.10 up 2 cents. Carreras gained 60 cents as just 1,890 shares changed hands, the stock closed with a bid of $49.10 for 52,775 shares. Caribbean Cement Company traded at $2.10, a new 52 weeks high but with only 2,042 units trading and gaining 10 cents on the day.

JSEIndicesAug19Junior market | The junior market recovered from a lacklustre Friday when only 4 stocks traded, to a day in which 8 traded. Blue Power slipped by 42 cents to close at $9.18 with only 5,585 units trading. After the market closed, the company reported increased profit for the June quarter of $30 million compared to $25 million in the same period last year, an increase of 20%. Caribbean Producers traded 9,500 shares and dropped 7 cents, closing at $2.03. Consolidated Bakeries traded 69,160 shares and closed up 5 cents to $1.40. General Accident Insurance traded 35,000 shares firm at $1.85. Lasco Financial Services traded 146,909 shares, closed up 2 cents to $1.52. Lasco Manufacturing had trading in 401,924 shares and dropped 5 cents to $1.60.

Eppley shares have still not traded since listing and has one bid for 450 units at $350.

Proven Investment Preference shares traded 1,073,900 units valued at $5,466,151, while the ordinary shares which are quoted in US dollar traded 89,000 at a value of US$10,591. Yhe stock lost a fraction of a cent to close at US.1190 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 5 stocks were higher with 1 stock having an offer lower than their last traded price.

Buy Rated stock list grows

Monday, 19th August 2013 | The reporting season is now in full swing with June quarterly results rolling in almost every day.

Stock Watch | New to the Watch list is  RJR as the company reported a strong turnaround from cost cutting and increased revenues in the June quarter to record a small profit. Look out for our post on their last quarter later this week.

Buy Rated | We have added First Citizens to the Buy Rated list since the IPO has been fully subscribed. Unfortunately investors will have to wait until 16th September before they can trade in the stock on the Trinidad Stock Market.

Also new to the Buy Rated list is General Accident, a Junior Market company. The company’s continued good quarterly results have made the stock undervalued when compared to other companies. We will post our report on the latest quarterly results shortly.

Buy Rated JMMB traded heavy volumes in Jamaica this past week and all shares on offer in the Trinidad market were snapped up in two days as the company posted very strong growth in profit for the first quarter to June. The stocks seems poised to move up in the coming week.

Caribbean Cement rallied sharply in the past week and looks as if it will go further in the coming week. The same applies to its parent Trinidad Cement that has shown 85% increase in value since July 1st with lots of potential based on the TTSE PE Ratio chart.

Related Posts | T&T Citizens Bank IPO oversubscribed | First Citizens’ $1B IPO opens today | General Accident’s profit up 65 percent  | JMMB big bump in profits | Cement profit surge – not so fast | Cement could be good for your pocket | TTSE: PE Ratio green lights TCL

Better than a broker’s ‘buy’ recommendation, IC Insider has no vested interest in any stock transaction or conflict of interest. Our research is backed by published reports of the company’s performance and insights of future earnings that can be found at ICInsider.com. The final decision to buy, or not, is your personal choice.

To find published reports for a Buy Rated stock on IC Insider, please use category Buy Rated’ under Company News or enter the company name, in full or part at ‘Search IC Insider’.

Watch&Buy_Aug19th

JSE: JMMB leads trading

Friday, 16th August 2013 | There was trading for 6,702,939 units priced at $53,276,771 as 5 stocks increased in price while 8 fell.  Jamaica Money Market Brokers was the volume leader with 4,278,813 shares valued at $34.658 million.

JSE All Jamaican Composite closed at 85,330.76 down 561.93 points, the JSE Market Index closed at 85,299.89 a decline of 319.37 points and the Junior Market increased 5.41 to 802.84.

Main Market | Cable & Wireless lost a cent in trading 676,677 units as the stock closed at 17 cents, responding to higher loss in the June results than was generated in the June quarter 2012. Carreras declined further to $48.50 losing 50 cents in trading 26,875 units, reflecting investors’ negative reaction to the June quarter results which had a 41 percent reduction in profits and a cut in the dividend payment. There is little demand in the market currently for the stock.

Grace Kennedy traded 12,200 units at $56 down $1, Jamaica Broilers Group traded 116,150 units at $4.98, Jamaica Money Market Brokers traded a large volume of 4,278,813 as the stock traded at $8.10 with a value of $34.658 million, Jamaica Producers Group traded 25,789 share at $17.52 and lost 73 cents. Kingston Wharves traded 80,000 units at $7.60, National Commercial Bank Jamaica chipped in with 84,588 shares at $18.50 a decline of 54 cents, Sagicor Life Jamaica Limited lent support with 106,833 units closing at $8.50, Scotia Group Jamaica traded a nice volume of 300,734 shares and closed at $21.08, down 42 cents on the day. Scotia Investments traded 10,953 and closed at $26.01, off a $1.99, Proven Investments 8% traded 75,000 units at $5.09.

Junior market | In the junior market just 4 securities traded on the final day of the week, same as yesterday. KLE Group contributed a mere 1,549 as the stock declined by 10 cent to $1.70, Lasco Distributors put in 141,400 units as the stock closed firm at $1.50, Lasco Financial Services contribution was 30,000 units, the stock closed firm at $1.50 and Lasco Manufacturing 103,300 units, closing firm at $1.65. Friday’s trading in the Lasco stocks suggest that profit taking is ending and the way could be paved soon for more gains in the prices of all three companies.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks was higher than the last selling price with 1 stock having an offer that was lower.

JSEIndicesAug16

JSE: JMMB dominant in an up market

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Thursday, 15th August 2013 | Trading accounted for 15,667,671 units with a value of $102.95 million as 5 stocks increased in price while 8 fell. Jamaica Money Market Brokers was the dominant trade with 9,526,181 units valued $77.16 million as the price closed at $8.10, up 10 cents. However, Caribbean Cement was the star having made major moves over the last two weeks and closed up a cent at $2, after trading as high as $2.20 on the day with 242,535 units. The stock price responded to return of the company to profit in the June quarter.

JSE All Jamaican Composite closed at 85,892.69 an increase of 146.20 points, the JSE Market Index closed at 85,619.26, up 55.10 points and the junior market increased 2.02 to 797.43.

Junior Market | Only 4 stocks traded on the junior market as Jamaican Teas traded moderate volume of 14,432 shares at $4.39, 1 cents less at the end of trading, Lasco Distributors 255,734 units as the stock closed down 9 cents at $1.46, Lasco Financial Services 112,100 shares as the stock closed up 5 cents at $1.50, Lasco Manufacturing just 2,300, closing firm at $1.58.

Main Market | Cable & Wireless lost 2 cents while trading 4.57 million units as the stock closed at 17 cents. The stock is responding to higher loss in the June results than was generated in the year ago quarter. Carreras declined further to $49 losing $1 in trading 24,752 units. The stock continues to reflect investors’ negative reaction to the June quarter results. Grace Kennedy traded 33,682 units at $57 as the stock traded firm, Jamaica Broilers Group traded 76,710 units at $4.96, down 4 cents, Jamaica Producers Group contributed 250,200 units valued at $4.57 million at $18.25 and gained 10 cents. Kingston Wharves traded 82,996 units at $7.70, down 20 cents, National Commercial Bank Jamaica chipped in with 184,224 shares at $19.04, up 54 cents, Pan Jamaican Investment Trust traded 100,277 units at $51.10 as the price slipped 40 cents, Sagicor Life Jamaica Limited lent support with 39,346 units closing at $8.50, Scotia Group traded 266,400 shares as the stock traded and closed at $21.50 up 43 cents, Seprod traded 57,000 units firm at $13.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks was higher than the last selling price, with 1 stock with an offer that was lower.

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JMMB to raise $750M

Jamaica Money Market Brokers is going to the public to raise $750 million in August by way of two sets of preference shares. The investment banking house lodged a prospectus with the Jamaica Stock Exchange (JSE) today with the offer.

The offer which opens on Wednesday, August 21 is for 313 million 7.5% preference shares maturing in August 30, 2018 at an issue price of $2 and a 7.25% preference share priced at $2.50 for 50 million units. The shares will be listed on the JSE. Dividends will be paid monthly on both issues.

JMMB is a listed company on the JSE as well as on the Trinidad & Tobago Stock Exchange. It currently has two preference shares listed on the JSE.

In it’s latest audited accounts to March this year JMMB reported profits of $3.85 billion after tax. The June first quarter results is slated for release this week.

Related posts | JMMB posts improved profit | JMMB’s rebranding | JMMB to acquire 100% of IBL

JSE: Low trading activity

Wednesday, 14th August 2013 | Activity was very moderate on the local stock market as just $15.7 million of stocks traded, accounting for 4 million units. 8 stocks advanced in price and 6 declined. All the indices fell marginally with the exception of a rise in the US index. The all Jamaica Composite index shed 153.81 closing at 85,746.49, the main Market Index fell by 87.42 to close at 85,565.16 and the Junior Market Index dipped 2.60 to 795.41.

Cable & Wireless accounted for the bulk of the shares traded with 2.5 million units at 19 cents. Jamaica Producers released results for the June quarter and accounted for the bulk of the amount traded of $5.48 million as the stock gained $1.06 to close at $18.25. Other stocks to trade with reasonable volumes or price changes were, Carreras with 37,751 units to close at $50, off 3 cents but the stock traded as low as $49.25. Desnoes & Geddes traded 41,553 units at $4.61, off 9 cents. Grace Kennedy 25,300 units, firm at $57, National Commercial Bank with 29,962, dropping 70 cents to close at $18.50 but traded as high as $19.20. Scotia Bank 89,729 units at $21.07 and Scotia Investments 66,000 units to close at $28 having traded as low as $27.

Junior market | Activity has moderated since the hectic trading before the end of July with the stock split of the Lasco companies. Eight companies traded in this market as Caribbean Cream traded 154,958 units at $1.07, Lasco Distributors put in 350,600 shares at $1.55, gaining 4 cents, Lasco Financial Services had 46,000 units changing hands, with a closing price of $1.45 and Lasco Manufacturing had 63,108 units trading and closed at $1.58.

One stock C2W Music reached $1, a new low since listing. The company reported results today showing continued losses.

There still has been no trading in Eppley shares since listing, the stock now has a bid at $350 for 449 units.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks were higher with 1 stock with an offer lower than their last selling price.

After the bell | Pan Jam released lower profits for both the June quarter and year to June. Profit for the June quarter was $486 million attributable to shareholders, compared to $468 million in the 2012 quarter, an increase of 4 percent. For the 6 months ended June this year, profit was $710 million compared to $970 million for 2012, a decrease of 27 percent.

JMMB first quarter results to June show a big jump in profits from ongoing operations of J$832 million and earnings per share of J$0.46 for the quarter ending June 2013, compared to $470 million in 2012.

Seprod enjoyed a bump in profit in the June quarter of $312 million versus $161 million in 2012 and year to June $542 million versus $453 million in 2012. Both periods in 2013 were boosted by a $107 million gain from sales of equities.

Monetgo Ice reported improved results for 2013 of $3.5 million versus a loss of $590,000. Gains from foreign exchange earnings that increased by $3.5 million played a big role in the improvement.

Cable & Wireless reported increased loss for the first quarter to June amounting to $826 million compared to $430 million in 2012. The worsening position is due to increased spend in certain areas and reduced revenues offset by some areas of cost savings.

Jamaica Producers reported after tax profit due to the company’s stockholders of $73 million in the June quarter against $46 million in the 2012 period and for the six months $158.5 million versus $112 in 2012.

Dolphin Cove reported profit for the six months to June of $221 million compared to $195 million in 2012 and for the three months to June $103 million versus $84 million.

Proven Investments net profit after tax grew to US$1,033,815 from US$845,876 in 2012 June quarter.

KLE Group is reporting a worsened loss position for both the June quarter and year to date with a loss of $36 million in six months while in the 2012 period the loss was $9 million.

C2W Music reported a loss of US$345,855 for the six months to June 2013. For the similar period in 2012, the loss was US$131,284. There was just US$1,803 income for the period.

TTSEAug14

JSE: 17 stocks advanced to 6 declining

Tuesday, 13th August 2013 | The market turned around today at the close as 17 stocks advanced to 6 declining with all the indices with trades enjoying gains, a respite from two days of healthy declines. Cable & Wireless was the dominant trade in terms of volume as stocks of 27 companies traded 11 million units valued at $39.16 million.

Main market trades of note | The all Jamaica Index gained 529.59 points closing at 85,900.30, the JSE market index gained 300.99 to close at 85,651.58. Investors gobbled up 8.35 million Cable & Wireless shares as the stock price closed 3 cents up at 19 cents. At the end of trading there were just over a 12 million units on offer at 20 cents each while bids are in for 7 million units at 18 cents.  Caribbean Cement Company exchanged 78,372 units at $1.85 as the price gained 19 cents. Demand for Carreras has faded and only 18,000 units traded with price closing at $50 but there is only about 30,000 units on the bid side at the end of trading. Kingston Wharves traded 103,302 units at $7.60 closing up 8 cents. Mayberry Investments traded 183,686 shares at $2.60. National Commercial Bank had a big trade with 1.63 million units between $1920 and $19.52 but the price settled at $19.20 at the end up 65 cents. Sagicor Life traded 56,000 at $8.50.

JSEIndicesAug13Jamaica Money Market lost 65 cents while trading 5,173 units and closed at $7.85, Grace Kennedy gained 50 cents while trading 11,794 units to close at $57.

Junior market | It was a very light day for trading on the junior market with just 8 companies trading. Access financial lost 31 cents as the stock closed at $8.20 with 87,732 units. Caribbean Producers had 89,564 shares trading to close at $2.04. Lasco Financial Services dropped 6 cents to close at $1.43. Honey Bun traded a small volume but the price slipped back 50 cents to close at $3.50.

There still has been no trading in Eppley shares since listing and the stock has no bids or offers at the close of trading.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks were higher with 3 stocks having offers lower than their last selling price.

JSE: Cable & Wireless again

Monday, 12th August 2013 | Investors not only snapped up a large portion of Cable & Wireless on Friday but took out the remnants of the stock that was on offer on Friday at 15 cents and drove the price to 16 cents at the end of trading. Investors bought 12,506,365 shares, most of it the moment the market opened, valued at $2 million. Demand that was non-existent from June 26 suddenly came alive last week. From Wednesday to Friday, 15.8 million shares traded with buyers picking up 11.5 million on the last day of the week.

Unlike Friday when there were not a great deal of bids, at the end of trading today there were 5.8 million units on bid at 17 cents while offers were around 19 cents. At the end of trade, there were bids for 23.6 million units at 15-17 cents and 9.4 million shares on offer at 19 cents where some volume can be found.

Look behind C&W | Part of the stimuli for the sudden interest could be tied to the release of information by Cable & Wireless Communications on the 25th of July indicating that whilst it is early days, they have seen a pick-up in customer numbers in Jamaica following the launch of a competitive new price plan. As noted at the release of the full year figures, market conditions in the rest of the Caribbean remain difficult, particularly in the Eastern Caribbean and Barbados. Interestingly, no mention was made of the difficulties in Jamaica. The major cost reduction plan announced at the full year is proceeding as anticipated and they are already seeing the benefits of the restructuring performed last year with operating expenses in the Caribbean down 5 percent against the first quarter in the prior year. Following the outsourcing of certain field force functions in Jamaica, they have seen an improvement in installation and repair times.

Other big trades | The next big trade was National Commercial Bank with 3 million units changing hands valued at $57.5 million as the price closed at $18.55, down 55 cents. Interestingly, NCB Capital Markets sold the bulk of the stocks with several brokers buying. Carreras came in with 240,000 units at a value of $12 million as the stock lost to close at $50.10, down 42 cents.

A total of 21.29 million units traded in the market at a value of $106.3 million as the price of 9 stocks advanced and 13 declined.

Main market trades of note  | The all Jamaica Index shed 978.24 points (Friday 542.03) to close at 85,370.71 and the JSE market index fell 555.98 (Friday 308.06) to close at 85,906.57.

Caribbean Cement traded 65,500 shares and gained 15 cents to close at $1.66, a 52 weeks high. The bid closed at $1.66 for 17,000 units after trading as high as $1.85 and had an offer of 500 shares at $2.12, but there is virtually no supply in the market close to the offer price and only a few close to $3. Gleaner Company traded 1,853,251 units at $1.19, an increase of 3 cents for a value of $2.2 million. Jamaica Money Market Brokers traded 423,340 units valued at $3.6 million, the last traded price was $8.50, a gain of 50 cents. Pan Jam lost 63 cents to close at $51.12 with only 801 units changing hands. Sagicor Life traded 70,333 units to close at $8.40 down 30 cents and Scotia Group traded 51,680 to close at $21.06, off by 2 cents. Seprod fell $1.75 to $13 with only 1,100 shares trading.

Junior market | Stocks of 9 junior market companies traded as 2 advanced and 3 declined. Access Financial Services traded 67,570 units at $8.51 but traded as high as $9. Caribbean Creams traded 34,000 at $1.05 at the close but had a bid of $1.07 for 200,000 units at the end of trading. Caribbean Producers produced a volume of 154,958 units and closed trading at $2.03. Jamaican Teas traded 175,538 units at $4.35, slipping 5 cents on the day. Lasco Financial traded 114,784 shares firm at $1.49, down 3 cents. Lasco Manufacturing closed at $1.53, down 3 cents while trading 331,850 units.

Eppley shares that were listed on July 29, have still not traded and have no bids or offers at the close of trading.

Proven Investment ordinary shares traded 2,007,350 units valued at US$233,882, at 12 cents each.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer sentiment indicator shows that bids for 6 stocks were higher and offers of 2 were lower than their last selling price.

After the bell | Proven Investments posted net profit after tax of US$1,033,815 for the June quarter versus US$845,876 in 2012. Earnings per share was 0.35 US cents.

Guardian Holdings reported TT$36.571 million compared to TT$98.7 million and for the six months TTS$106.4 million down from $195.6 million in 2012.

JSEIndicesAug12

Keep an eye out and buy!

Monday, 12th August 2013 | With the Emancipendence Holiday season over, will the markets be back on track? Our ‘Stocks to Watch‘ list previews some of the action expected in the markets this week.

Buy Rated Stock | New to our Buy Rated list is Sagicor. Our analysts were quite impressed by their recent quarterly report and will publish their reasons why in the upcoming days. Meanwhile, we reviewed the latest quarterly report from another Buy Rated stock, Barita Investments. In our opinion “At the current price in the $2.32 range . . . investors could reap good returns from this stock in 2014, if not before.”

Better than a broker’s ‘buy’ recommendation, IC Insider has no vested interest in any stock transaction or conflict of interest. Our research is backed by published reports of the company’s performance and insights of future earnings that can be found at ICInsider.com. The final decision to buy, or not, is your personal choice.

Related posts | Profits up at Barita Sagicor undervalued despite $B NDX hit

To find published reports for a Buy Rated stock on IC Insider, please use category Buy Rated’ under Company News or enter the company name, in full or part at ‘Search IC Insider’.

Watch&BuyAug12th

JSE: Cable & Wireless day

Friday, 9th August 2013 | Cable & Wireless was the dominant stock traded on the last day of the holiday-shortened week, when buyers picked up 11.5 million units of the telecom company at 15 cents each for a total sum of $1.73 million thus cutting the supply of the stock at that price, to 12.5 million. The company should be releasing results for the June quarter by next week and this most likely will stimulate interest one way or the other.

The market closed off the week with high volume of 13.2 million shares but only because of Cable & Wireless trades as the total value for trading only amounted to $11.2 million. Stocks of 26 companies traded with 8 stocks advancing and 6 declining.

Main market trades of note | The all Jamaica Index shed 542.03 points to close at 86,348.95 and the JSE market index fell 308.06 to close at 85,906.57.

Caribbean Cement traded 23,956 shares and was up 20 cents to close at $1.59, a 52 weeks high, the bid closed at $1.61 for 258,000 units. Carreras traded 59,363 shares between $51.18 and $50.50, the stock closed off 98 cents at $50.52. Desnoes & Geddes closed 9 cents down at $4.61 as 68,250 units traded. Jamaica Money Market Brokers traded 65,033 units with the last traded price of $8, but was as high as $8.45, the stock lost 20 cents. Pan Jam gained 64 cents to close at $51.75 with only 1,100 units changing hands. Sagicor Investments traded just 13,385 units to close at $16.53 down $1.47 and Seprod traded 100,000 to close firm at $14.75. Jamaica Money Market Brokers 8.5 percent preference shares traded 400 shares at an all-time high of $3.70 up 14 cents on the day.

Junior market | General Accident Insurance traded 42,000 shares firm at $2 but traded as low as $1.85, Lasco Distributors traded 700,232 units to close down 2 cents at $1.46, Lasco Financial traded 136,381 units to close 1 cent higher at $1.52, Lasco Manufacturing closed at $1.56 gaining 4 cents while trading 148,500 units.

Newly listed Eppley have still not traded and has no bids or offers at the close of trading.

Proven Investment Preference shares traded 101,000 units valued at $514,000, at $5.09.

Market intelligence | The pressure eased on Cable & Wireless this week as the amount of stock on offer at 15 cents dropped sharply to 12.47 million after trading 15.8 million shares since Wednesday. The demand for the stock has not changed much. After the offer at 15 cents, the next meaningful level is at 19 cents. The coming week will determine the medium term direction of this stock with results due this coming week.

Demand for Carreras is low with about 120,000 units on the bid. Supply does not appear all that great but could overwhelm demand if sellers want out considering the poor first quarter results that could continue into the second quarter. Caribbean Cement demand has built up significantly while supply has disappeared almost completely helped by the release of quarterly results showing a return to profitability. Desnoes & Geddes is under some selling pressure with 1 million shares on offer at $4.85 and 1 million at $5.18 with a major bid at $4.50 for 1.5 million units. Results for the June quarter which should be up on 2012 is not expected until month end. Gleaner has selling at $1.49 and $1.50 for 13 million units with a bid for 1.15 million at $1.16.

In spite of a 41 percent rise in second quarter profit, Grace Kennedy has not attracted a preponderance of buy orders. Jamaica Money Market Brokers is not in very strong demand ahead of the June results, due in days even as selling seems to be close to $9. Mayberry now has a second bid of 1 million shares at $2 per share after weeks of just one bid in place at $2.60, supply of the stock is low. National Commercial Bank has less than 50,000 units on offer below $23, at $23 is 103,000 units, at $24 is 20,000 units and 43,000 units at $25. Bids around $19 are in excess of all the supply in the market.

Radio Jamaica continues with a large bid or 4.3 million at $1.23, there is virtually no supply at this stage. Sagicor Life has a little more than 200,000 shares on offer between $9.02 and $15, the bids have stayed below $9 but could change soon with the company reporting a strong increase in second quarter results. Scotia Group looks fluid around the $21-23 level and may need the onset of results which are likely to be released by month end to change direction, supply of the stock is not very heavy.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer sentiment indicator shows that bids for 6 stocks were higher and offers of 2 were lower that than their last selling price.

After the bell | Sagicor Life posted strongly improved 2nd quarter results up by 39 percent to $1.56 billion versus $1.12 billion in June 2012 for the six months period. Profits, which was hit by the write off of gains in investment when the government debt exchange took place in the first quarter came in at $2.18 billion compared to $2.6 billion in 2012.

Sagicor Investment profits were flat for June quarter at $331 million while year-to-date results was $338 million versus $800 million in 2012.

Big jump in Consolidated Bakeries profit before tax of $14.25 million for the six months to June vs $9 million in 2012 represents a 58 percent increase with $10.6 million in the latest quarter vs the 2012 results being $1.85 million or a 47 percent increase. Revenue for the six month period increased by 30.69 percent and for the quarter by 40.46 percent over the same periods last year.

JSEIndicesAug9