Stock Market — Page 1138

Capital market developments

October 3, 2013 by IC Insider.com

Access paying 16% for $102.5m | Access Financial, a junior listed company on the Jamaica Stock Exchange, is seeking to raise up to $102.5 million and will pay 9% per annum by way of unsecured notes due November 2014 to do so. The notes are priced at 97.99649% of the face value to yield 11 percent to maturity in November 2014, but the cost to the company is closer to 16 percent when all the cost of raising the funds, interest and the discount are taken into account.

The Invitation opens on Tuesday, 8th October 2013 and closes on Tuesday, 15th October 2013 subject to the right of the Company to shorten or extend the time for closing of the subscription list in the circumstances specified in this Prospectus.

Access has been very profitable and will use to funds for working capital. Earnings for the six months to June, rose 34 percent to $119.59 million from $89. 38 million in the same period last year. Revenues, which was up by 13 percent in the first quarter, is up 18 percent in the second quarter over 2012 and up 16 percent year to date.

The results are coming off of a successful 2012 when it clocked up earnings of $238 million from an increase of 47 percent from revenues of $661 million.

Access Financial is an IC Insider Buy Rated stock.

Image from Behance.net

Jamaican Teas looking $200m | Junior market listed Jamaican Teas (JTL) is offering fixed and floating rate senior secured corporate notes due 2017 to raise up to $200 million at an initial rate of 8.5% for two years and variable thereafter until maturity. The note will be secured by way of a debenture creating a fixed and floating charge over the assets of JTL, subject only to existing registered security interests. JTL has applied to the Jamaica Stock Exchange for the notes to be listed for trading.

The offer officially opens on October 17 and is scheduled to close on November 7. The floating rate for each interest period shall be determined on each interest setting date, commencing on the first interest setting date and shall be equivalent to the 180 day WATBY plus a margin of 2.50%. Interest will accrue from the issue date and will be payable on the 30th day of each month until maturity on November 06, 2017.

JTL has the right to redeem the note after the expiration of two (2) years for the full principal value together with any accrued and unpaid interest thereon without penalty subject to 90 days written notice to note holders.

The company generated revenues, which climbed from $582 million in 2012 to $783 million in 2013 and should exceed a billion for the first time based on the year to June performance.

The company generated profit of $75 million for the nine months to June 2013 versus $65 million the similar period of the prior year, an increase of 16.2% and $24 million in the June quarter versus $22 million in the comparative period in 2012, an increase of 9.5%.

Filed Under: JSE Main Market, Stock Market Tagged With: Capital Markets, Jamaican Teas, JSE Company

JSE: Carreras rescued but can it last?

October 3, 2013 by IC Insider.com

Thursday, 3rd October 2013 | Investors came to the rescue of Carreras stock in today’s trading as the price closed up by $3 to $46 from Wednesday’s $43 closing prices. Investors bought 44,019 units between $42.99 and $48 before allowing it to fall to $46, the last traded price for the day. The big question is the sustainability of the rise with few very active bids amounting to approximately 50,000 on bid between $42 and $46 with quite some supply below $49 or lower. The eagerness, or lack thereof, of investors to get out will probably determine where the price goes in the several weeks ahead of the next quarterly results.

The all Jamaica Index closed down by 506.35 to 85,322.57, the JSE index closed at 85,040.74, decline of 287.78 and the junior market was up 3.31 to 772.63, on a day when 12 stocks advanced, 5 declined and the prices of 10 remained unchanged. There was trading in 8,723,711 units with a value of $181,118,390.

Big Trades | There was big trades in Grace Kennedy 503,800 units closing at $56.50 for a total value of $28.22 million as the price held firm at 56.50; Pan Jamaican Investment 1.87 million units valued at $91.5 million as the price closed at $49 down by a dollar; National Commercial Bank trading 2,844,771 units with a value of $52.4 million to close at $19.33, up by 33 cents after falling as low as $18.11 shortly before the close. The bulk of the trades in Grace was a cross by one broker amounting to 500,000 units but those for Pan Jam and NCB were trades with third parties. This suggest that there is wider interest in owing stocks by large investors.

Cable & Wireless traded 499,886 units and close up a cent at 19 cents; Caribbean Cement gained 12 cents and closed at $2.20 with 39,159 units; Jamaica Broilers 125,847 units resulted in a close at $4.60, down 19 cents; Jamaica Money Market Brokers 190,000 closing at $8 up 20 cents; Mayberry Investments 5,000 at $2.70 up 10 cents; RJR gained 8 cents to close at $1.40 but with only 100 shares trading; Scotia Group traded only 24,563 and closed at 22.84 up $1.54; Supreme Ventures chipped in with 27,100 units and closed firm at $2.55; Proven Investments 8% had 909,000 units valued at $4,624,810 trading, as the price closed unchanged at $5.09.

Junior market | Blue Power 11,000 shares were exchanged at $9.30 down 20 cents; Caribbean Cream 48,174 units traded to close firm at $1; Cargo Handlers gained 70 cents to close at $13.70 with 6,005 units changing hands. Consolidated Bakeries 67,110 units changed hands 18 cents cheaper, to close at $1.21; General Accident Insurance had 81,100 units changing hands, the price closed at $1.99, up 14 cents; Jamaican Teas 553,636 units traded firm at $4; Lasco Distributors traded 17,000 units and closed at $1.48 up 2 cents; Lasco Financial Services traded up to $1.25 with a 4 cent gain as trading took place in 394,595 shares and Lasco Manufacturing chipped in with 382,839 units with the price falling to $1.52, down 3 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 3 stocks being higher and 4 stocks with offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

TTSE: Low Citizens, low trading

October 3, 2013 by IC Insider.com

Thursday, 3rd October 2013 | Trading levels remained low on the T&TSE with 663,353 units trading with a value of $6,450,745 with trading in 13 securities of with 3 advancing, 2 declined and 8 traded firm.

Sagicor Financial Corporation was the dominant traded security with 502,739 shares changing hands for a value of $3,644,858 as the price fell 4 cents to $7.26. First Citizens only contributed 47,367 shares to trading with a value of $1,658,029 as the stock traded firm at $35. Trinidad Cement added 45,515 shares with a value of $100,133, closing $2.20 while Point Lisas Industrial Port chipped in with 26,126 shares valued at $97,973 the price closed firm at $3.75.

Guardian Holdings, increased 50 cents to end the day at $15.50 as 15,000 units traded. Clico Investment Fund in posting a volume of 19,779 shares valued at $425,505 resulted in a decline in the price by 9 cents to end at $21.51.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 2 stocks being higher and 2 stocks with offers lower than their last selling price.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

FX: High demand, low supply to set rate

October 2, 2013 by IC Insider.com

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Wednesday, 2nd October 2013 | The tightness in the financial system and the high demand-low supply of the autumn season continue to impact the Forex market as the local currency continues its slow slide towards equilibrium and the early period of the winter season when inflows are usually higher than at other times of a year.

For US Dollar, buying by authorized dealers amounted to US$21,736,777 as the rate was up 30 cents to $103.06 and selling resulted in the rate being up 5 cents to $103.78 as US$25,818,516 was sold.

There was buying of CS$655,725 at 98.25 down 51 cents and C$385,721 was sold at $100.37, up a cent and £1,010,313 was purchased as the rate was down $1.43 to $165.16 and £1,053,597 was sold at $169.55 up 28 cents.

Inflows of foreign exchange into the system fell short of the amount sold as dealers bought the equivalent of US$24.1 million and sold US$28.16 million.

High & Lows | The highest rates for buying for the US dollar was up $1.15 to $105.80, but the rate paid at the lowest level remained unchanged at $84.75. There was no change o the highest selling rate of $108.61 but the low increased by $1521 to $101.30.

The Canadian dollar was bought as high as $101.10, down 45 cents and was bought for 17 cents less for the day at $80.51, while selling took place as high as 21 cents less at $103.79 and remained unchanged for the low at $97.

The British Pound was 20 cents higher for the highest buy rate at $169.50 and $16.97 up at the low of $135.29, while sales took place at 54 cents higher at $174.41 at the high end with no change at the low of $162.50.

Filed Under: FX Market, Stock Market Tagged With: Daily Trading, FX Market, Trading Activity

JSE: Carreras sheds $3.61

October 2, 2013 by IC Insider.com

Wednesday, 2nd October, 2013 | The main market indices climbed on Wednesday, the third such increase in as many days. Will these gains hold? The all Jamaica Index closed up 489.46 to 85,828.92, the JSE index closed at 85,328.52 for an increase of 278.18 and the junior market was down 4.72 to 769.32.

Scotia Group accounted for the bulk of the increase as the stock traded as high as $22.99 during the day but closed at $21.30 at the end of trading with 718,222 units. On a day when 4 stocks advanced and 8 declined there was trading in 4,123,904 with a value of $51,473,251.

Main Market | Cable & Wireless traded 525,000 to close at 18 cents. Carreras got hit again as news broke that sales are down 25 percent after the smoking ban was introduced, but investors failed to note that the figures represented an improvement over the 30 percent drop in the period prior to the ban due to overstocking by traders who made purchases to beat a price increase earlier in the year. The stock traded 8,031 units, helping to pull the closing price down to $43, a $3.61 fall. Gleaner Company had a small trade of 40,320 shares and closed firm at $1.21; Grace Kennedy closed up 50 cents to $56.50 with 81,795 units; Jamaica Broilers 31,404 units help the price to close at $4.79, costing it a cent from Tuesday’s close; Kingston Wharves exchanged 23,144 to close a cent up at $6.02; Mayberry Investments 59,519 units traded firm at $2.60; National Commercial Bank traded 329,585 and closed unchanged at $19; Pan Jamaican Investment 23,798 units traded firm at $50; Sagicor Life 115,633 units helped in adding 4 cents to the price to close at $9.05; Seprod traded 1,399,582 shares to close at $14, down 50 cents.

Juniors | Trading in the junior market was sparse as Caribbean Producers had a volume of 152,977 units trading to close at $2.08; Lasco Distributors had just 12,582 units and closed firm at $1.46; Lasco Financial Services had 201,720 units in closing unchanged at $1.21 and Lasco Manufacturing traded 336,000 to close firm at $1.55.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 3 stocks being higher and 5 stocks with offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

TTSE: Low activity on TTSE

October 2, 2013 by IC Insider.com

Wednesday, 2nd October, 2013 | First Citizens Bank traded 90,294 shares on Wednesday as the price closed firm at $35 for a total value of $3,160,256 as the overall T&TSE market had trading in 12 securities of which 7 advanced, 4 declined and 1 traded firm as 290,457 shares changed hands valued at $5,690,199.

Angostura Holdings put in 5,000 units increased 45 cents to $10.50; Jamaica Money Market Brokers with a volume of 50,000 shares amounting to $27,500, the price gained 5 cents to close at 55 cents; National Enterprises traded 6,435 units, increasing 88 cents to end the day at $17; Guardian Holdings closed firm at $15 with 11,252 units trading; Republic Bank traded 3,347 units off a cent to close at $110.03; Sagicor Financial Corporation contributed 24,774 shares with a value of $180,505 as the price remained firm at $7.30, while Trinidad Cement added 16,435 shares valued at $36,171 with the price moving up to $2.21.

Clico Investment Fund in posting a volume of 72,295 shares valued at $1,561,353, advanced by $0.02 to end at $21.60

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bid for 1 stock being higher and 2 stocks with offers lower than their last selling price.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

Insider Trades Aug to Sept 2013

October 2, 2013 by IC Insider.com

Updated 2nd October, 2013

Scotia Group Jamaica advised that under the Employee Share Ownership Plan, a senior officer acquired 10,171 SGJ shares and two senior officers withdrew a total of 79,563 SGJ shares in September. The company also advised that a senior officer of Scotia Investments Jamaica Limited purchased 51,000 SGJ shares on September 26, 2013.

The Gleaner Company Limited advised that a senior manager sold 100,000 shares of the company on September 26, 2013.

Mayberry Investments Limited advised that a related party purchased 50,435 of the company’s shares during the period October 1 – 2, 2013.

Ansa McAL Limited informed the Trinidad Stock Exchange that on September 20, 2013 a major shareholder connected to a Senior Officers purchased 32,167 of the company’s shares.

Jamaica Money Market Brokers advised that a related party sold 1,359,300 JMMB shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 4,732 of the company’s shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 67,230 MIL shares during the period September 20 – 24, 2013.

Scotia Group Jamaica advised that a senior manager purchased 4,500 SGJ shares on September 19, 2013.

Jamaica Money Market Brokers Limited (JMMB) has advised that a related party sold 1,000,000 JMMB shares on September 20, 2013. A related party also sold 507,100 of the company’s shares on September 17, 2013 and another sold 122,639 shares on September 18, 2013. It also looks as if 8 million units of the company’s stock that was sold on Monday could be from insiders.

Mayberry Investments Limited advised that a related party purchased 13,000 of its shares on September 20, 2013

Blue Power Group Limited advised that a senior manager sold 40,000 shares on September 12, 2013

Scotia Group Jamaica Limited advises that a senior manager purchased 88,000 of the company’s shares under the Employee Share Ownership Plan on September 13, 2013 and that a senior manager sold 13,025 of the group’s shares under the Employee Share Ownership Plan on September 3, 2013.

Dolphin Cove advised that a Director bought 11,642 of the company’s share on August 27, 2013 and during the period August 27, 2013 to September 10, 2013, a director sold total of 31,500 of the company’s shares.

Mayberry Investments Limited advises that a related party purchased 17,152 shares on September 12-13, 2013 and a related party purchased 346,095 shares on September 10, 2013

Jamaica Money Market Brokers Limited advised that a related party sold 160,000 JMMB shares on September 9, 2013

Mayberry Investments advised that a connected party has bought a total of 42,550 of the company’s shares during the period September 4-5, 2013.

Jamaica Money Market Brokers advised that a connected party sold 1,000,000 of the company’s shares on September 5, 2013

Sagicor Investments Jamaica advised that a senior manager purchased 74,082 S shares under the S Stock Option Scheme on September 2, 2013

Jamaica Money Market Brokers (JMMB) advised that a senior manager purchased 2,597 JMMB shares on August 27, 2013 and that a connected party sold 300,000 JMMB shares on August 28, 2013.

Mayberry Investments advised that a connected parties has traded 90,739 MIL shares on August 29, 2013; purchased 106,728 MIL shares on August 28, 2013 and a bought a total of 3,040 during the period August 30, 2013 to September 2, 2013. They also advised that a related party purchased 33,386 MIL shares on September 3, 2013.

Jamaican Teas advised that a director sold 2,000,000 of the company’s shares on September 2nd and 3rd.

Mayberry Investments advised that a connected party purchased 106,728 of the company’s shares on August 28, 2013

Sagicor Investments advised that a senior manager sold 82,904 of the company’s shares on August 28, 2013

Jamaica Money Market Brokers advised that a senior manager purchased 2,597 of the company’s shares on August 27, 2013 and a related party sold 220,000 shares on August 20, 2013.

Jamaica Producers Group | Two related parties purchased a total of 653,240 shares on August 19, 2013. Also, a Director purchased a total of 500,000 of the company’s shares on August 14 and 15, 2013. Previously two Directors purchased a total of 290,287 of the shares between May 17 and 24, 2013. An interesting pattern is developing that worth watching.

Filed Under: Company News, General Business News, JSE Main Market, Stock Market Tagged With: Insider Trades, Jamaica Producers, JMMB

FX: Jamaican dollar continues slide

October 1, 2013 by IC Insider.com

Tuesday, 1st October 2013 | Demand and supply will drive the movement in the rate of exchange for the rest of the year and beyond as the Jamaica’s central bank is not likely to intervene to stem the depreciation of the Jamaican dollar. The movement is a part of the broader plan for sustainable economic growth going forward. At the same time, information is that the financial system is tight with the government running a fiscal surplus for the funding of its local operations.

On Monday, the inflows of foreign exchange into the system was more than the amount sold as dealers bought the equivalent of US$45.33 million and sold US$38 million. The amount of US dollars actually bought was US$40.57 million and selling was $35.53 million at 9 cents more than on Friday at a new high of $103.60. The buying rate moved up by 14 cents to $102.87.

Canadian dollars fetched 20 cents more at $98.44 as dealers bought C$1.22 million and sold $758,886 at 22 cents more than on Friday to close at $100.71. The Pound Sterling was bought for 3 cents less than on Friday at $163.93 for £2.1 million as they sold £948,527 at 22 cents cheaper at $167.16.

Tuesday trading | The US dollar once more gained against the Jamaica dollar as dealers sold at 13 cents more at $103.73 as they sold US$24.28 million. They bought $21.6 million at 12 cents lower than on Monday at $102.76. The Canadian was purchased at 32 cents more at $98.76 for C$746,970 while they sold 409.482 for 36 cents cheaper at $100.36. The Pound Sterling was up $2.66 at $166.59 for 1.84 million and sold 1.768 million at $169.27 at $2.12 higher than on Monday. Overall, the total US dollar equivalent that entered the market amounted to $25.46 million and selling $27.7 million.

High & Lows | The highest rates for buying the currencies remained unchanged for the US dollar at $104.65 on Tuesday but the rate paid at the lowest level increased by 25 cents to $84.75. There was no change to the highest selling rate of $108.61 but the low increased by $1.59 to $86.09.

The Canadian dollar was bought as high as $101.55, which is 5 cents less than on Monday and lowest buying rate was 34 cents more at $80.68, while selling took place as high as 5 cents more at $104 and 85 cents down as low as $97.

The British Pound was $1.45 higher for the high buy rate at $169.30 and $16.43 cheaper at the low of $118.32 while sales took place at 10 cents higher at $173.87 at the high end and 25 cheaper for the low at $162.50.

Image courtesy of Boaz Yiftach/FreeDigitalPhotos.net

Filed Under: FX Market, Stock Market Tagged With: Daily Trading, FX Market, Trading Activity

JSE: Trading up, will it last?

October 1, 2013 by IC Insider.com

Tuesday, 1st October, 2013 | The Jamaica Stock Market started October in a spirited manner when the level of trading rose on Tuesday with 10,321,856 units trading valued at $95,698,771. Activity resulted in 32 companies stocks trading, with 9 stocks increasing in price to 5 that fell. The main market index climbed 550.14 to 85,050.34, the all Jamaica grew 967.97 to 85,339.46 and the junior market index was up 5.21 to 774.04.

The movement in the market on Tuesday is in line with the IC Insider comments that “eight of the stocks with higher bids are in the main market and could well result in a better start of the new month . . .”

Main market | A numbers of selected stocks in the main market had good volumes resulting in some price movements but that could well be related to portfolio realignment than an indication of greater market interest. Cable & Wireless had a volume of 20,644 units as the price remained unchanged at 18 cents; Caribbean Cement exchanged 17,741 units at $2.10, gaining 23 cents in the process; Desnoes & Geddes chipped in with 15,000 units and closed frim at $4.57; Jamaica Producers had a good volume with 2,000,000 closing firm at $18.25; National Commercial Bank Jamaica 1,101,900 traded firm at $19; Sagicor Life’s 2,547,861 units helped to push the price up by 41 cents to $9.01; Salada Foods put in 100,560 shares to close firm at $8.50; Seprod’s 509,552 units help push the price up a dollar to $14.50; Jamaica Money Market Brokers 7.50% traded for the first time since listing last week as 499,000 units traded at $2; Proven Investments 8% exchanged 78,440 units as the price remained unchanged at $5.09 and Proven Investments ordinary stock traded 51,560 units firm at US11.9 cents.

Junior market | C2W Music traded at a new all-time low with 44,000 units changing hands as the price was down 4 cents to 93 cents. Caribbean Cream traded 22,776 units firm at $1; Caribbean Producers Jamaica 61,100 units closed unchanged at $2.08; Consolidated Bakeries saw an 18 cents climb in the price $1.39 with 35,200 shares trading; General Accident Insurance had 32,000 units going through the market as the price increased 3 cents to $1.85; Lasco Distributors 294,845 units helped to move the price down by 4 cents to $1.46; Lasco Financial Services 1,488,652 traded at $1.21, off by 2 cents; while Lasco Manufacturing 1,115,311 units gained it 4 cents to close at $1.55; Paramount Trading had 16,324 units with the price closing firm at $3.20.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 5 stocks being higher and 6 stocks with offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

TTSE: Trading volume low

October 1, 2013 by IC Insider.com

Tuesday, 1st October, 2013 | First Citizens Bank traded only 6,918 to close down a cent at $35, and as a result, trading levels fell on the Trinidad market on the first trading day of October. In the end, 307,425 units traded at a value of $9,689,530 with trading in 11 securities of which 4 advanced, 2 declined and 5 traded firm.

Guardian Holdings, an IC Insider buy rated stock, contributed 19,238 shares with a value of $288,823. Grace Kennedy closed at $3.51 up 19 cents with 4,328 stock trading. Republic Bank, with increased buying interest in last few days, had a volume of 67,411 valued at $7,417,906, twice the 33,442 shares that traded on Monday but the price held firm at $110.04, National Flour Mills added 14,580 shares valued at $12,539; Neal & Massy traded 3,000 units and gained 35 cents to end the day at $56.46. Trinidad Cement had 145,000 shares changing hands valued at $311,850 as the price shed 6 cents to end the day at $2.15, while Sagicor Financial added 8,000 shares as the price remained unchanged at $7.30. Active trader, Clico Investment Fund contributed 35,000 shares valued at $755,300 to the market activity, as the price advanced by a cent to end at $21.58.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 2 stocks being higher and 3 stocks with offers lower than their last selling price.