In Thursday’s trading on the Jamaica Stock Exchange, the market was directionless with advancing stocks numbering just below declining ones and the IC market indicator showing investors in a tussle over the immediate future direction of the market. Prices of 6 stocks rose and 8 declined as 20 securities traded resulting in 3,602,192 shares changing hands valued at $19,621,158 in another lacklustre session.
Main Market| All advancing shares in the market was in the main market and all but one stock that declined was also in this market, but the indices moved up slightly, with the JSE Market Index inching up by just 1.23 points to 74,599.03 and the JSE All Jamaican Composite index edging up by only 1.38 points to close at 82,123.43.
Gains| Stocks recording gains at the end of trading in the main market are Berger Paints trading 89,657 unitss to close with a gain of a cent at $1.68, Caribbean Cement gained 21 cents to close at $3.91 with 20,500 units changing hands, Carreras traded 443 shares to close 6 cents higher at $33.56, Ciboney with 50,000 shares by increasing by a cent to close at 12 cents for a new 52 weeks high, Grace Kennedy 7,439 shares with a gain of $1 to close at $58 and Jamaica Money Market Brokers with 451,214 ordinary shares to close up by 4 cents at $7.24.
Firm| There were only 5 stocks in the main market to close without a change in price as Gleaner with 228,484 shares closed at $1.10, Hardware & Lumber traded 3,300 units and closed at $11.70, Mayberry Investments with 3,060 units closed at $1.70, Scotia Group had 59,888 units changing hands to close at $20.62 and Seprod traded 685 shares in closing at $10.84.
Declines| The number of stocks that declined in the main market are Cable & Wireless with 1,500,888 units while losing a cent to end at 40 cents, Desnoes & Geddes with 76,472 shares to end at $4.30 as the price lost 30 cents, Jamaica Broilers with 450,872 shares to close at $4.86, down 4 cents, Jamaica Producers that traded 6,600 units to close at $18.26 while losing 4 cents, National Commercial Bank 571,665 shares as the price closed with a 10 cents lost, at $18, Sagicor Group had 50,529 units changing hands to close with a fall of 71 cents to $9.50 and Salada Foods 2,400 shares to close 45 cents lower, to end at $7.50
Junior Market| The JSE Junior Market Index declined by 0.59 points to close at 743.20 as only 2 junior market stocks traded at the end of the trading session.
Gains| No stock gained at the end of trading in the junior market.
Firm Trades| Lasco Manufacturing was the only stock in the junior market that traded to close at the same price as the previous trading day with 27,096 units to end at $1.20.
Declines| Caribbean Producers was the only stock declining in the junior market at the end of trading as the price fell 9 cents to close at $2.91 as it traded a mere 1,000 units.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than the last selling price and 6 stocks with offers that were lower.
Market directionless
JSE needs revamping
There are clearly some major weaknesses at the Jamaica Stock Exchange but no one wants to fix it, not its executive management or any of the board of directors.
Those close to the JSE may feel that there are persons with a vendetta for them but nothing could be further than the truth. The problem is that in many cases, situations that make no sense are brought to their attention and no one does anything about it. Take the matter of the daily stock market report. It has been brought to the attention of the JSE that the report is erroneous as it does not summate the volume and value properly. For example, the volume associated with the main market includes the preference shares. However, those shares don’t form a part of the index and therefore should not be reported as such. Also, the market volume does not include Proven Investments shares even as it is reported on the daily report.
The information below is an extract of stock exchange report taken from Tuesday’s trading:
“Market volume amounted to 3,444,116 units valued at over $18,332,628. Jamaica Money Market Brokers Limited 8.75% was the volume leader with 2,827,574 units (51.74%) followed by LIME with 1,850,500 units (33.86%) and Jamaica Broilers Ltd. with 435,184 units (7.96%).”
As reported, the volume of Cable & Wireless and JMMB preference shares adds to nearly 4.7 million shares yet the report says 3.4 million traded. What sort of nonsense is this? How can the stock exchange publish such erroneous information and no one does anything about it? In fact, there was trading in 6.27 million shares on Tuesday not 3.44 million.
Then there continues to be the matter of Cable & Wireless Jamaica that did not change its name, but changed its brand name to Lime. The Stock Exchange lists the ordinary shares as Lime and the preference shares as Cable & Wireless. However, there is no limited liability company with the name Lime, so why the JSE continues this practise is beyond good reasoning. Worse yet, is to have one listing as Lime and two as Cable & Wireless in the preference segment gives the wrong impression that these are two separate companies.
The JSE hardly made money in 2014, yet it pushed First Caribbean International Bank off the Exchange. This action happened shortly after the JSE went public at an elevated price, which would suggest that they would want to retain as much income as possible, but no, they delisted the bank, thus cutting its income and depriving some local investors the ready access to trade in those shares locally.
Another matter that the JSE needs to deal with is the 15 percent rule, which was instituted in the 1990s when it was thought that the rule would prevent wild swings in prices. The rule may be useful when prices are in triple digits, but when a stocks sells for less than $20, it makes little sense. Barbados has a similar rule, but they suspend trading in the stock for 15 minutes to allow information to go out to investors and then re-open trading. The rule that states that a stock cannot move by more than 15 percent in a day is far too restrictive and prevents liquidity in the stock until the price gets equilibrium. Jamaica must move to the more enlightened Barbados regulation in this regard.
Related posts | First Caribbean may be delisted | JSE IPO oversubscribed by 41%
JSE: Sharp jump in stocks rising will it last?
Tuesday, 8th April 2014 | In today’s trading on the Jamaica Stock Exchange, the prices of 15 stocks rose and 6 declined as 28 securities traded resulting in 6,273,690 shares trading valued at only $18,352,886. Cable & Wireless with 1,850,500 shares and Jamaica Money Market Brokers 8.75% preference shares with 2,827,574 units dominated the volume of stocks trading.
Main Market | Nine companies in the main market advanced and so did Proven US denominated ordinary shares and only 3 declined as the indices fell, with the JSE Market Index declining by 105.87 points to 76,289.54 and the JSE All Jamaican Composite index falling by 118.34 points to close at 84,012.93.
Gains | Stocks recording gains at the end of trading are Cable & Wireless with 1,850,500 shares trading with a cent gain to close at 48 cents; Desnoes & Geddes closed at $5 as the price gained 55 cents with only 2,500 units changing hands; Gleaner 16,000 units to end at $1.20 for a 7 cents gain; Jamaica Broilers 435,184 shares to close 3 cents higher at $4.90; National Commercial Bank 45,340 shares in closing at $19.00 as the price put on $1; Pan Jamaican, a mere 158 units as the price ended a cent higher at $49.61; Proven Investments US dollar ordinary, 1,000 units at a new high of 18.5 US cents for a gain of 0.5 US cent; Sagicor Group 31,112 shares to close 10 cents up at $9.90; Sagicor Real Estate Fund 4,295 units as it closed up 5 cents at $6.75 and Scotia Group gained 30 cents to end at $21.50 as 52,480 shares changed hands.
Firm Trades | The stocks in the main market to close without a price change are Hardware & Lumber with 500 shares closing at $11.80; Jamaica Money Market Brokers that traded 1,000 units and closed at $ 7.20; Jamaica Money Market Brokers 8.75% preference share with 2,827,574 units at $3.03; Jamaica Producers with only 200 units at $18.26; Mayberry Investments 10,720 shares at $1.85; 1,000 units Proven Investments 8% preference shares at $5.09 and Salada Foods with 10,000 shares at $8.
Declines | The stocks that declined at the end of trading are Carreras while losing 50 cents to end at $35.25 with 16,950 shares; Grace Kennedy with 4,500 shares as the price closed at $56.01 for a fall of 79 cents; Radio Jamaica had 4,500 units in closing at $1.28, down by 2 cents and Seprod with 150,000 shares to close at $11.05 after shedding $1.95.
Junior Market | The JSE Junior Market Index advanced by 7.63 points to close at 751.68 with only 7 securities traded.
Gains | Caribbean Flavours traded just 2,221 units to close at $2.80, up 35 cents; Dolphin Cove traded only 804 shares to end at $8.11 for a 1 cent gain; Jamaican Teas 22,060 shares as it closed with 5 cents gain to $3.20; Lasco Distributors 108,959 units in closing at $1.50 for an increase of 10 cents and Lasco Manufacturing which ended trading with 75,000 shares as the price gained 5 cents to end at $1.30.
Firm Trades| There were no junior market stocks trading firm.
Declines | Caribbean Producers traded 312,000 units to close at $2.75, down 25 cents and Medical Disposables 287,133 units as the price faded by 10 cents to $2.
IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.
More insider sales than buys
Recently, there was low-volume insider selling of stocks of 3 companies with one buying, which does not suggest much about the companies’ fortunes changing significantly.
The largest is Jamaica Money Market Brokers. However, the company’s stock has been rising in Trinidad following a briefing by the company where the management told investors that they were bullish on JMMB’s future including news about acquiring a bank in the Dominican Republic.
JMMB advised that a related party sold 270,007 of its shares on March 25.
Blue Power Group advised that a senior manager sold 20,000 shares of the company on March 18.
Mayberry Investments advised that a director sold 13,650 of its shares during the period March 20 – 21.
The Gleaner Company advised that a Director purchased 30,000 of its shares on March 20.
Related posts | JMMB Insiders sell big | JMMB in expansion mode | NCB insider buys, JMMB sells
JSE: 13 up only 4 down
Monday, 24th March 2014 | In today’s trading on the Jamaica Stock market, the prices of 13 stocks rose and 4 declined, which is exactly in line with the IC bid offer indicator from Friday. A total of 22 securities traded resulting in 3,296,305 shares trading valued at $96,939,740.
Main Market | The main market dominated trading with the vast amount of advancing stocks coming from this segment. The JSE Market Index climbed 269.80 points to close at 76,448.11 and the JSE All Jamaican Composite advanced by 301.55 points to 84,190.18.
Gains | Cable & Wireless with 653,000 shares as the price gained 6 cents to end at 44 cents; Caribbean Cement with 7,476 shares as the price inched up a cent to close at $4.16; Carreras 21,499 units closing 25 cents higher at $35.50; Jamaica Broilers 50,000 shares to close at $5.10 and gained 10 cents; Jamaica Money Market Brokers ordinary 395,010 units to close at $7.50 for a 30 cents gain; Mayberry Investments 200 units at $2 for a 10 cents gain; Pan Jam Investment 719 shares to close 4 cents higher at $49.05; Sagicor Group with 192,847 shares to close at $9.99 as it gained 68 cents; Sagicor Investments 3,536 shares closing at $18.40, up $1.30; Scotia Group with 78,157 shares as it closed at $21.12 for a gain of 6 cents and Scotia Investments 3,443 units while closing at $25, up 92 cents.
Firm | There were only a few stocks in the main market to close without a price change with Jamaica Money Market Brokers 7.50% reference shares trading 50,000 units and closed at $2; Proven Investments with 121,000 ordinary shares closing at 18 US cents; Proven Investments 8% preference share traded 10,150 units at $5.07 and Sagicor Real Estate Fund with 3,000 units at $6.50.
Declines | The two stocks declined in the main market with Grace Kennedy putting in a solid trading of 1,499,578 units accounting for $85.8 million as the price slipped by $1.12 to close at $58.78 and National Commercial Bank that saw just 10,711 units changing hands at $19 at the close for a 50 cents fall.
Junior Market | The JSE Junior Market Index advanced by 0.45 points to close at 731.01 with only 5 stocks trading of which 2 advanced and 2 declined.
Jr Market Gains | The two stocks that traded higher are Consolidated Bakeries with 42,202 units to close at $1.20 for a 10 cents gain and Lasco Manufacturing with 104,238 units to close at $1.26 having gained 6 cents.
Jr Market Firm Trades| The sole trade in the junior market to hold firm is Lasco Distributors with 2,780 shares to end at $1.41.
Jr Market Declines| Blue Power traded 17,894 units to close down 4 cents at $9.01 and Caribbean Producers that closed with 28,865 units at $2.71 with a 29 cents fall.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 8 stocks with the bid higher than the last selling price and 4 stocks with offers lower.
JSE: Selling hits C&W
Friday, 14th March 2014 | Cable & Wireless (C&W) was the dominant trade with 29,835,502 units valued at $14 million on the Jamaica Stock Exchange as a wide array of sellers entered the market and buyers were hardly anywhere to be seen. Sellers increased the amount on sale with 49 offers posted between 45 cents and $9.90 versus only 24 bids to buy, ranging from 41 cents down to 10 cents. Of the amount of C&W shares traded, one transaction accounted for 29,447,165 units at 47 cents each. The stock closed at 45 cents for a fall of 6 cents.
The prices of 7 stocks rose and 9 declined as 27 securities traded resulting in 38,136,579 shares trading valued at $31,436,519.
Main Market | 5 companies in the main and US based market advanced and 7 declined as the indices moved down marginally with the JSE Market Index falling by 505.69 points to 76,804.37 and the JSE All Jamaican Composite index dropping by 565.21 points to close at 84,588.38.
Main Market Gains | Stocks recording gains are Carreras with 3,161 shares while gaining 50 cents to close at $35.50; National Commercial Bank with 28,743 shares as the price gained 10 cents to close at $19.10; Proven Investments ordinary with 49,076 units changing hands and closed at 18 US cents gaining 0.05 cents; Sagicor Group 49,249 shares at $9.14 up 4 cents and Scotia Group with 64,014 at $21.70 for a 70 cents gain.
Firm | Gleaner with 152,736 shares closing at $1.20; Jamaica Broilers with 12,196 units to close at $4.80; Jamaica Money Market Brokers 7.50% preference, 975,000 units at $2 and the 8.75% traded 30,000 units at $3.01; Jamaica Stock Exchange 10,700 shares at $2; Mayberry Investments 11,000 shares to close at $1.90 and Proven Investments 8% preference, 43,500 units to close at $5.09.
Declines | The stocks declining are Cable & Wireless that closed at 45 cents; Berger Paints lost 15 cents while trading 759 units at $1.70; Jamaica Money Market Brokers ordinary had 226,516 changing hands for a one cent fall while closing at $7.19; Jamaica Money Market Brokers 7.25% preference had 80,000 shares at $2.49, down by a cent; Sagicor Real Estate Fund traded only 3,379 units to close with a fall of 5 cents to $7.15; Scotia Investments lost $3.90 to close at $23.10 as 4,856 shares traded and Supreme Ventures swapped 10,000 units at $2.10 as the price slipped 25 cents to a new 52 weeks low.
Junior Market trading | The JSE Junior Market Index advanced by 16.63 points to close at 744.13 as 8 stocks traded with 2 advancing and 2 declining.
Junior Market gains | Stocks trading up are Lasco Distributors with 4,459,908 units to close at $1.40, up 10 cents and Lasco Manufacturing with 1,240,076 shares, 9 cents higher at $1.33.
Firm Trades | Access Financial Services traded 5,500 units to close at $9; Caribbean Producers 5,000 shares to close at $2.70; Dolphin Cove 2,480 units to close at $8.40 and General Accident 414,539 units to close at $1.60.
Declines | Lasco Financial Services lost a cent in trading 73,189 units to close at $1.21 and Medical Disposables closed down 10 cents to $2.10 while trading 345,500 shares.
IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than the last selling price and 3 stocks with offers lower.
NCB insider buys, JMMB sells
There was contrasting trading action by insiders in two related companies this past week with National Commercial Bank, that owns roughly 30 percent of JMMB, advising that a related party purchased 6,000,000 of the bank’s shares on March 6, 2014 while Jamaica Money Market Brokers (JMMB) advised that a connected party sold 1,500,000 of its shares on March 4, 2014.
In the latest quarterly reports to December quarter last year, NCB profits grew to $2.86 billion from $2.79 billion while JMMB net profit grew to $752 million from $642 the year before.
Additionally, Jamaica Money Market Brokers advised that a Director sold 31,146 of the company’s shares on March 11, 2014.
Image courtesy of StuartMiles/FreeDigitalPhotos.net
JSE: Participation rises, indices jump
Wednesday, 12th March 2014 | Trading on the Jamaica Stock market resulted in the prices of 12 stocks rising and 11 declining as 36 securities traded totalling 6,209,101 shares valued at $48,209,856. The number of companies trading was one of the highest for the year, tying with the previous highest day on January 29th, an indication that the market is generating more interest from investors.
Main Market trading | 7 companies in the main market advanced and 7 declined as the indices moved up strongly with the JSE Market Index gaining 1,182.56 points to 78,595.45 and the JSE All Jamaican Composite index moved up 1,321.76 points to close at 86,590.28
Gains | Caribbean Cement trading 18,567 units at $4.45 for a rise of 6 cents; Carreras traded 387,368 units at $35 to close up by 30 cents; Gleaner had 402,394 units changing hands a $1.20 up by 10 cents; Jamaica Broilers traded 457,322 shares at $5 as the price gained 20 cents; Jamaica Money Market Brokers had 207,214 ordinary shares changing hands to close at $7.20 for a one cent gain; Jamaica Money Market Brokers 8.75% preference traded 1,333,000 units at a cent higher to close at $3.01 and Sagicor Group put through 108,039 units at $9.40 up 40 cents.
Firm | Stocks without a price change are Grace Kennedy with 19,850 shares closing at $59.99; Jamaica Money Market Brokers 7.25% preference shares traded 250 units and closed at $2.50 while the 7.50% preference traded 259,569 units to close at $2; Jamaica Producers had 27,440 shares trading at $18.26; Cable & Wireless 722,000 units at 60 cents; Proven Investments 4,230 units at 18 US cents; Salada Foods 9,800 shares at $9; Scotia Group 877,705 shares to close at $21 after trading as high as $22.49; Scotia Investments 25,230 shares to close at $25.50; Seprod 1,082 shares at $11.50 and Supreme Ventures 300 shares at $2.35.
Declines | Kingston Wharves with 4,796 units as the price lost 6 cents to end at $6; Mayberry Investments traded 1,000 shares to close 5 cents lower at $1.85; National Commercial Bank 6,604 units at 35 cents lower at $19; Pan Jamaican Investment 1,229 shares at $50 in losing a cent; Radio Jamaica 257,250 shares at $1.37, a fall of 3 cents; Sagicor Investments only 670 units to close at $17.99, down a cent and Sagicor Real Estate Fund 5,200 shares, closing down by 4 cents to end at $7.15.
Junior Market trading | The JSE Junior Market Index declined by 7.83 points to close at 714.99 as 11 stocks traded with 5 advancing and 4 declining.
Gains | Caribbean Producers traded 48,599 units to close at $2.75, up 5 cents; General Accident 165,461 units at $1.60 for a one cent increase; Jamaican Teas only 4,443 shares but the price rose 7 cents to end at $3.13 followed by Lasco Manufacturing with 67,941 units at $1.23 for a one cent gain and Paramount Trading exchanged 1,000 units to close at $2.93 a fall of a cent.
Firm Trades | Access Financial Services traded 3,784 units at $8 and Medical Disposables 31,717 shares to close at $2.05.
Declines | Cargo Handlers traded 3,177 units at $14.30, down a cent; Honey Bun 1,852 shares to close at $3 for a 5 cents fall; Lasco Distributors 727,333 units closing at $1.30 for a 5 cents fall and Lasco Financial Services 15,685 shares at $1.23 down 7 cents.
IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than the last selling price and 4 stocks with offers lower.
JSE: 10 up 10 down
Tuesday, 11th March 2014 | In Tuesday’s trading on the Jamaica stock market, the prices of 10 stocks rose and 10 declined as 33 securities traded resulting in 6,450,322 shares trading, valued at $26,852,072.
Main Market trading | The advancing and declining stocks tilted the indices marginally up with the JSE Market Index inching up by 29.07 points to 77,412.89 and the JSE All Jamaican Composite index up by 32.50 points to close at 85,268.52.
Gains | Ciboney exchanging 1,235,982 shares at 2 cents higher to closed at 8 cents; National Commercial Bank gained 15 cents to close at $19.35 with 524,529 units changing hands; Pan Jamaican Investment closed at $50.01, up a cent with 10,498 shares; Radio Jamaica with 9,672 shares closed at $1.40 for a 5 cents gain; Sagicor Real Estate Fund put in 17,425 units at $7.19 for a gain of 2 cents; Scotia Group 6,400 shares at $21 an increase of 40 cents and Seprod 9,168 shares at 49 cents higher at $11.50.
Firm| Stocks in the main market trading firm are Barita Investments with 15,000 shares closing at $2.30; Jamaica Broilers 64,355 shares to close at $4.80; Jamaica Money Market Brokers 112,400 ordinary at $7.19; Jamaica Money Market Brokers 7.50% preference, 220,000 units at $2, and 333,000 units of the 8.75% preference at $3; Jamaica Producers 15,131 units at $18.26; Sagicor Group 89,670 shares at $9; Sagicor Investments 17,366 units at $18 and Supreme Ventures 52,123 units at $2.35.
Declines| Cable & Wireless traded 1,570,376 shares in closing 10 cents lower to end at 60 cents; Caribbean Cement 9,969 shares to close down 11 cents at $4.39; Carreras with 43,827 shares at $34.70 down a cent; Grace Kennedy with 44,150 shares at $59.99 down a cent; Mayberry Investments 36,865 shares at $1.90 off by 10 cents and Scotia Investments 4,000 shares at $25.50, down by $1.50.
Junior Market trading | The JSE Junior Market Index declined by 9.24 points to close at 722.82.
Gains | Three stocks closed higher with Jamaican Teas trading 34,325 units to close at $3.06, up 4 cents; Lasco Distributors with 231,781 units at $1.35 with an increase of 4 cents and Lasco Manufacturing with 249,951 shares at a cent higher at $1.22.
Firm Trades | Caribbean Producers traded 324,496 units at $2.70; Derrimon Trading had 516,735 shares changing hands in closing at $2.50, Honey Bun 11,309 units at $3.05 and Lasco Financial Services 139,375 units at $1.30.
Declines| Access Financial Services traded down by $1.10 with 366,491 units at $8; Cargo Handlers lost 69 cents in closing at $14.31 with 653 units; Caribbean Cream traded 20,200 units, 6 cents lower at 75 cents and General Accident had 113,100 shares changing hands at $1.59.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than the last selling price and one stock with the offer that was lower.
JSE: Low trading, another high for C&W
Monday, 10th March 2014 | In trading on the Jamaica Stock market, the prices of 12 stocks rose and 8 declined as 27 securities traded resulting in 5,152,645 shares trading valued at $14,962,508. Cable & wireless closed at yet a new 52 weeks high and Pulse Investments closed at a new 52 weeks low.
Main Market | 8 companies in the main market advanced and 7 declined as the indices moved up with the JSE Market Index gaining 307.89 points to 77,383.82 and the JSE All Jamaican Composite index moving up 344.12 points to close at 85,236.02.
Gains | Stocks recording gains are Cable & Wireless gaining of 5 cents to close at 70 cents, 52 weeks high, with 3,778,521 units changing hands; Grace Kennedy with 101,500 units at $60 as the price gained 50 cents; Jamaica Stock Exchange with 7,482 units as the price rose 20 cents to end at $2.00; Mayberry Investments 195,661 units with the price closing at $2.00 for a 10 cents gain; Pan Jamaican Investment was up $1.95 to close at $50 with 5,730 units changing hands; Sagicor Real Estate Fund 12,940 shares at $7.17 for a 2 cents gain; Scotia Group with 63,862 units at $20.60 up a mere 5 cents and Seprod with 10,996 units at $11.01, up 11 cents.
Firm | There were only 5 stocks in the main and US dollar markets to close without price changes. Desnoes & Geddes with 44,754 shares at $5; Jamaica Broilers 3,337 shares at $4.80; Proven Investments ordinary, 66,000 units at 18US cents; Proven Investments 8% preference, 500 units closing at $5.09 and Sagicor Investments with 1,000 units at $18.
Declines | Seven stocks declined in the main market with Caribbean Cement losing 25 cents to end at $4.50 with 34,137 shares changing hands; Carreras with 3,000 units at $34.71 a fall of 9 cents; Jamaica Money Market Brokers ordinary, only 2,000 units at $7.19, down 25 cents; Jamaica Money Market Brokers 8.75% preference with 252,200 units at $3.00 for a 5 cents fall; National Commercial Bank 7,730 units as the price declined by 20 cents to $19.20; Pulse Investments traded at 75 cents with 106,700 units, the price was off 12 cents at the end of trading and Sagicor Group 79,275 units for 10 cents lower at $9.
Junior Market | The JSE Junior Market Index eased 0.47 points to close at 732.06 as only 7 stocks traded with 4 advancing and 2 declining.
Gains | Stocks trading up are Consolidated Bakeries with 110,800 shares at $1.20, up 10 cents; Dolphin Cove 1,020 units at $8.40, up 10 cents; Lasco Financial with only 1,000 units, closed at $1.30 for a gain of 9 cents and Medical Disposables with 200,000 shares, closed at $2.05 for a gain of 5 cents.
Firm Trades | KLE Group traded 5,000 shares at $1 as the sole stock in the junior market to close with the price unchanged.
Declines | Only two junior market companies lost ground in trading with Derrimon Trading having 4,500 units changing hands at 5 cents lower to close at $2.50 and Lasco Distributors losing 9 cents in trading 53,000 units to close at $1.31.
IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 8 stocks with bids higher than the last selling price and 4 with offers that were lower.