Thursday, 29th August 2013 | Carreras shares recovered from Wednesday’s slide by putting on $2.50, which is 50 cents more than it lost, as the stock traded between $46.89 and $48. The gain in Carreras helped the Jamaica Stock market’s main indices to gain ground as the All Jamaica index gained 417.80 to end up at 84,754.04, while the Main Market Index gained 237.45 to 84,717.61. The Junior Market Index bucked the positive trend by falling 19.56 to close at 778.52. In today’s trading 31 securities traded of which 7 advanced, 9 declined and 16 traded firm as 4,856,227 shares traded with a value of $30,498,966.

Stocks that traded with good volumes include Berger Paints 450,000 units valued at $1,012,600 trading at $2.25; Carreras 51,561 valued at $2,429,258 to close at $47.50 a gain of $2.50; Caribbean Cement chipped in with 115,700 to close at $2.30 down 44 cents as trade accounted for $265,820; Desnoes & Geddes 521,832 units firm at $4.50 for a value of $2,348,244; Hardware & Lumber 105,000 units at $4.50 valued at $474,400 as the price fell by 10 cents; Mayberry Investments 90,739 units firm at $2.60; National Commercial Bank 342,222 units valued at $6,497,121 closing at $19 up 39 cents; Sagicor Life Jamaica 44,174 units as the price closed at $8.20 up 3 cents; Scotia Group Jamaica 181,319 units valued at $3,871,161 at $21.35 up 28 cents; Proven Investments 8% preference stock 1,733,460 units firm at $5.09 valued at $8,823,311.

Jamaica Stock Exchange ordinary shares traded 16,715 units lost 10 cents to close at $3.

Junior Market | The number of stocks in junior market advancing was less than those declining. Access Financial Services traded 281,700 to close at $8.20 off 5 cents; Caribbean Producers Jamaica 128,413 units at $2.03; Consolidated Bakeries 37,500 units at $1.45 as loss of 5 cents; General Accident Insurance 157,822 units at $1.70 down 20 cents; KLE Group 22,682 units to closed firm at $1.61; Lasco Distributors 22,000 units, closed at $1.46 down 8 cents; Lasco Financial Services 129,482 to close at $1.40 down 2 cents and Lasco Manufacturing 255,030 at 1.60 up a cent.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 8 stocks were higher with 3 stocks having offers lower than their last selling price.

After the Bell | Scotia Group Jamaica reported net income of $3.06 billion for the third quarter ended July 31, 2013. This is $127 million above the previous quarter ended April 30, 2013 and $468 million above the quarter ended July 31, 2012. For the nine months ended July 31, 2013, net income was $8.71 billion compared to $7.95 billion for the same period last year. Earnings per share (EPS) for the nine months was $2.70 compared to $2.45 for the same period last year. Today the Board of Directors approved a third interim dividend of 40 cents per stock unit payable on October 9, 2013, to stockholders on record at September 18, 2013.

Scotia Investments Jamaica reported its unaudited financial results for the nine months ended July 31, 2013. Net income for the quarter was $562 million or 51 percent above the $372 million earned in the previous quarter and 18 percent above the $477 million made in the 2012 quarter. For the nine months ended July 31, 2013, net income was $1.421 billion, down $90 million or 6 percent when compared to the same period last year. Earnings per share (EPS) for the nine months was $3.36 compared to $3.57 for the same period last year. The Return on Average Equity (ROE) stood at 16.10 percent, down from 18.69 percent reported for the last year. The Board of Directors has approved an interim dividend of 45 cents per stock unit, payable on October 9, 2013, to stockholders on record as at September 18, 2013.

Desnoes & Geddes reported flat profits of $1.2 billion for the twelve months to June this year as redundancy payment of $150 million and an adjustment of $88 million relating to 2012 taxation bit into net profits. As such, the June quarter results came in at $161 million compared to $472 million in the same quarter last year.

First Caribbean International Bank continues to be plagued by nonperforming loans as the banking group reported another disappointing quarterly profit of US$9 million versus US$18 million last year, while the nine months results came in at US$43 million compared to US$47 million in 2012.

Wednesday 28th August 2013 | Trading on the Jamaica Stock Exchange remains low keyed with stocks of 32 companies trading as 11 stocks declined an 8 advanced. Volume amounted to 5,249,151 units valued at $15.5 million.

The Main Market Index closed at 84,480.16 down 169.90, the All Jamaica Composite ended at 84,336.24 off 298.93 and the Junior Market closed at 798.08, up 8.41.

Main market | Carreras dropped $3 to $45 but with only 1,090 shares trading the stock traded as low as $45 but had a bid at the end of the day at $47 for a small volume of 250 units. Jamaica Broilers Group closed firm at $5 with 37,050; Jamaica Money Market Brokers traded 31,163 to close firm at $8; Mayberry Investments closed at $2.60 with 106,728; National Commercial Bank closed at $18.61 as 29,676 units traded as the price shed a cent; Pulse Investments closed at 85 cents down 15 cents as 114,600 changed hands and Sagicor Investments traded 86,904 units firm at $16.55. Kingston Wharves lost 40 cents to close at $7 as 4,562 units traded. Carib Cement lost 6 cents to close at $2.74 as demand dropped with a bid at the close at $2.11.

Junior market | 11 stocks in the Junior Market traded with Dolphin Cove 25,000 units to close at $8.30 after it had traded at $9 the stock lost 20 cents; General Accident Insurance saw 1,542,480 units crossing the exchange and closed at $1.90 up 5 cents; Access Financial Services traded 10,554 at $8.25 down 25 cents; Consolidated Bakeries traded 10,000 units firm to close at $1.50. KLE Group hit a new all-time low at $1.61 while trading 7,000 and lost 9 cents. Lasco Distributors traded 114,060 to close at $1.55 up 9 cents; Lasco Financial Services contributed 2,507,000 units to the total at the closing price of $1.42, up a cent.

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 4 stocks having offers lower than their last selling price.

Image courtesy of Photokanok/FreeDigitalPhotos.net 

Tuesday, 27th August 2013 | Carreras lost ground as the closed at $47, a 52 weeks low, with just 7,868 shares trading between $47 and $48.52, losing $2 in the process as demand for the stock evaporates following the smoking ban in public spaces and the sharp drop in profits in the June quarter. The stock seems destined to decline further as there are 343,835 units on the offer at $49 but only 6 bids for about 12,000 shares at the close with 10,000 of them at $42.01.

The market lost some ground in trading with the advance decline ratio being evenly matched with 9 stocks advancing in price to 10 that fell, the closeness is reflected in the small movement of the all Jamaican Composite Index that closed at 84,635.17, a fall of just 56.52 as the stocks of 31 companies traded, one of the highest numbers for some time. Thanks to a $1 fall in the heavily weighted First Caribbean International Bank, the Main Market Index dropped to 84,650.06, down 286.62. Trading resulted in 2.42 million units at value of $20,314,792.

Caribbean Cement lost ground after a relentless run, which took it from under a $1 prior to the release of the six months results, in trading 20,100 units to close at $2.75 a decline of 25 cents. On Friday last, the stock traded as high as $3.30. Grace Kennedy closed at $56.70 with 11,825 units changing hands as the stock lost 30 cents. Jamaica Money Market Brokers traded 69,034 to close at $8, down 3 cents; Jamaica Producers Group was the big trader on the day with 552,027 units valued at$10,045,787 at a closing price of $18.20 which is up 70 cents on the last traded price on Monday; National Commercial Bank had one of the better trading days for some time with 133,650 units at a closing price of $18.62, a 2 cents increase as trading accounted for $2,488,524.

Sagicor Life Jamaica contributed 35,895 units to trading at a closing price of $8.15, up 5 cents; Scotia Group chipped in with 27,963 units at a closing price of $21.05 up a cent and Supreme Ventures had 30,000 units trading at $2.65 up 10 cents. Salada lost 50 cents to close at $8.50 with 1.170 units.

Junior market | Ten junior market stocks traded, resulting in prices rising for 5 and falling for 2, helping to move the index up by 4.48 to 789.67. Stocks trading in worthwhile volume are Access Financial Services, 97,481 closed at $8.50 up 25 cents; Blue Power Grou, 166,271 closing at $10 for an increase of 50 cents; Caribbean Producers, 49,000, at a closing price of $2.03, down 7 cents; Dolphin Cove, 24,978 at $8.50 up 30 cents; Lasco Distributors contributed 63,652 units and closed at $1.46 off 9 cents on the day; Lasco Financial Services 956,518 units at $1.41 down 9 cents; Lasco Manufacturing 43,154 traded firm at $1.60 up 2 cents.

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 4 stocks having offers lower than their last selling price. This ratio continues to reflect a weakened position for the market at least for the time being.