Stock Market — Page 1152

Barita, Lasco Financial get thumbs up

August 5, 2013 by IC Insider.com

Monday, 5th August 2013 | Two weeks into the earnings season and quarterly reports continue to flow in. How will the markets respond? Our ‘Stocks to Watch’ list gives clues for some of the market action expected this week.

Buy Rated Stock | New to our Buy Rated list are Barita Investments and Lasco Financial, which brings the number to 5 companies that have received a ‘two thumbs-up’ based on our review of their 2nd quarter results.

Other companies that reported results and solidified their position on our Buy Rated list are Access Financial and Lasco Manufacturing.

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’.

Image courtesy of ImageryMajestic/FreeDigitalPhotos.net

Filed Under: Company News, FX Market, JSE Main Market, Stock Market, Stocks to watch, TTSE Market Tagged With: JSE Company, Trading Activity, TTSE

TTSE: Agostini’s at 52 weeks high

August 5, 2013 by IC Insider.com

Monday, 5th August, 2013 | Trading on the Trinidad & Tobago Stock Exchange on Monday was subdued with 11 securities trading of which 2 advanced, 3 declined and 6 traded firm as just 708,913 units changed hands valued at $2.33 million.

Interest continued to be displayed in Trinidad Cement (TCL) with a volume of 503,031 shares changing hands for a value of $759,577 as the stock closed at $1.51. The price remained steady at Friday’s last traded price but the bid was higher at the close at $1.52 suggesting further gains ahead. The TCL Group released results on Friday showing a continuation of the return to profitability that was evidenced in the first quarter. Profit due to shareholders of TCL was placed at $46 million and $73 million year to date. While there are some one off cost and income that ought to be adjusted for to arrive at ongoing income, it would still mean a decent profit in the quarter and year to date.

Prestige Holdings saw 100,000 shares being traded for $935,000, while National Flour Mills had 70,000 shares with a value of $49,000 but ended up falling 5 cents to close at 70 cents. Sagicor Financial Corporation added 11,500 shares valued at $79,350. Agostini’s traded 4,304 units at $17 increasing by 33 cents to end the day at $17.00, a new 52 weeks high. Clico Investment Fund posted a volume of 6,600 shares valued at $141,964 and advanced by a cent to end at $21.51.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 3 stocks were higher and 1 stock had the offer lower than their last selling price.

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

Access growth continues

August 5, 2013 by IC Insider.com

Access Financial Services is reporting another successful quarter but at a slower pace of 22 percent for the June quarter than for the first quarter. For the six months to June, earnings are up a still strong 34 percent to $119.59 million and $89.38 million in the same period last year. First quarter earnings increased 47 percent to $61.5 million from revenues of $173 up $19 million over 2012 first quarter. For the June quarter earnings came in at $58 million from revenues of $197.6 million versus $47.5 million in June 2012 based on revenues of $166.8 million.

Revenues for the year 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. In the June quarter, revenues grew by $20 million over that of the March quarter but expense increased by $23 million led by a $11.5 million increase in provision for bad loans which resulted in slightly lower profit for the quarter versus the first quarter.

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.

The company’s growth is emanating from very strong growth in loans which increased from $643 million in March 2012 to $758 million at the end of March this year and to $776 million at the end of June. The last quarter is the period of greatest demand for loans and therefore the most profitable period.

Access is primarily involved in payroll lending at high interest rates amounting to about 60 percent per annum but they have been moving to more rapidly expand their offering to the small business sector. Investor’s Choice projects $1.37 per share earnings for 2013 and recommends the stock as a good buy.

The company has increased profits in each year and the stock has grown from $18.30 to the equivalent of $90 each (the stock was split into 10 units for each 1 owned and now trades at $9 each). Investors would have received a dividend in each year since the listing amounting to 65 cents based on last year’s earnings, 45 cents for 2011 earnings and 31 cents per share based on 2010 earnings — not bad for those who backed the issue.

Insider Call | Access Financial Services is a IC Insider Buy Rated stock.

Filed Under: Company News, Company Results, Stocks to watch Tagged With: JSE Company

TTSE: PE Ratios show bargains

August 5, 2013 by IC Insider.com

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Friday, August 2nd 2013 | There has not been much change in prices on the Trinidad & Tobago Stock Exchange in the last week hence there is not much change in the potential gains for the stocks with the potentially greatest change.

Of note however, is the continued march of Trinidad Cement that is now selling at $1.51 and thus reduced the potential gain from 800 percent last week to a still very strong 600 percent this week. New results will be available for this stock this week, which is likely to give the stock even more kick.

Last week we added Berger Paints to the list, but the stock has no bids currently and for some time but there is a small amount on sale, the PE of this stock is very low and therefore the stock has much upside potential.

Filed Under: Stock Market, TTSE Market Tagged With: PE Ratios, TTSE

FX: Inflows show buoyant July

August 2, 2013 by IC Insider.com

Friday, August 2nd, 2013 | The last two weeks to August 2nd were very good for the foreign exchange market as authorised dealers purchased US$21 more than they sold in the holiday shortened week on top of US$16 million more purchased than sold in the week ending the 26th of July. In weeks ending 12th and 19th of July, foreign currency dealers bought nearly $15 million more than they sold. with buying and selling being even in the 1st week of the month.

There was more buying than selling for all r days of trading this week. On Friday, US$2.6 million more was purchased than the amount sold, up from nearly US$10 million on Wednesday. Overall buying accounted for US$32.3 million and selling US$29.7 million on Friday.

Rates |The US dollar selling rate remained firm at $101.85 but all other spot rates declined with the buying rate for the US dollar falling by 33 cents to $101.03, that for the Canadian declined by $1.03 to close at $96.32 and the Pound Sterling lost $2 to $151.57. The Canadian selling rate slipped by 79 cents to $98.30 and the Pound by 97 cents to $155.17.

Dealers bought the US dollar as high as $102.20, down 30 cents and as low as $77.61, a decline of $6.06. It cost dealers 20 cents more to purchase the Canadian dollar at $99.40, the highest price paid and 15 cents less for the lowest price at $$77.95. For the pound, $155.70 the highest price but there was no change from the previous days rate, but the lowest buying rates slipped back by $1.82 to $123.97. On the sell side there was no charge for the US dollar from the day before, while the Canadian dollar cost 11 cents less at $102.88, the highest rate and 23 cents less for the lowest rate which ended at $95.92. The Pound was more expensive for the highest and lowest selling rates as the former increased by $3.86 to $162.16 and the lowest was up 85 cents to $150.60.

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

Holding company for Sagicor Life

August 2, 2013 by IC Insider.com

Sagicor Life Jamaica (SLJ) has advised that at meeting held on July 25, 2013, the decision was taken to reorganize the corporate structure of the Sagicor Life Jamaica Group.

The reorganization will involve the establishment of a new holding company which will be listed on the main market of the Jamaica Stock Exchange and which will become the direct holding company of Sagicor Life Jamaica Limited, (the Group’s insurance division), Sagicor Investments Jamaica Limited, (the Group’s investment banking division) and Sagicor Bank Jamaica Limited, (the Group’s commercial banking division).

All current shareholders of SLJ will exchange shares in SLJ for shares of equal value in the new Holding Company. That means the value of the new shares to be issued in Sagicor Group will be identical in value to the shares previously held in SLJ.

The reorganization will align the group’s organizational structure with the requirements of new omnibus legislation for deposit taking institutions which soon to be promulgated by Parliament.

The day-to-day operations of Sagicor Life Jamaica Limited, Sagicor Investments Jamaica Limited and Sagicor Bank Jamaica Limited will not be affected by the reorganization.

Filed Under: Company News, General Business News, JSE Main Market, Stock Market Tagged With: JSE Company, Sagicor

JSE: Holiday hangover

August 2, 2013 by IC Insider.com

Friday, August 2nd, 2013 | The market closed today with only stocks of 18 companies trading with a volume of 4.09 million units carrying a value of $44.28 million. A mere 5 stocks advanced to 4 declining as all of the indices with trades increased on the day.

Main market trades of note | The all Jamaica Index gained 213.65 points to close at 86,83.57 and the JSE market index was up by 121.43 to close at 86,185.41. Seprod was the dominant trade with 1.66 million shares trading at a value of $24.5 million, Sagicor Life traded 652,000 shares valued at $5.67 million between $8.65 and $9, the stock closed at $9. Carreras chipped in with 32,362 units as the price surprisingly inched up with the release of a 40 percent drop in profits, by 11 cents to $50.61 at a total value for $1.64 million. National Commercial Bank traded 32,626 units at $19.11 each and gained 6 cents at the close. Bank Scotia Group traded 136,201 valued at $$2.9 million and lost 9 cents to close at $21.21, while trading as high as $22.

Junior market | Only 6 stocks in the junior market traded on low volumes as the index climbed 9.20 to close at 806.67.

Caribbean Producers traded 102,392 units and dropped just a cents to close at $2.04. Jamaica General Accident Insurance saw 69,068 shares changing hands and closed down by 2 cents to $1.93, Lasco Distributors traded 129,210 shares between $1.40 and $1.50 the closing price, the same as Wednesday. Lasco Financial traded 540,369 shares valued at $854,675 between $1.50 and $1.60 and closed down 10 cents at $1.50, Lasco Manufacturing traded just 80,000 shares and gained 15 cents and closed at $1.60.

Eppley shares that were list this week have not traded and have no bids or offers at the close of trading.

Proven Investment ordinary shares which are quoted in US dollars traded 550, 474 units at a value of US$64,654. The stock lost a fraction of a cent to close at US.117 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 7 stocks were higher with 1 stock having the offer lower than their last selling price.

After the bell | Access Financial Services is reporting a 22 percent increase in profits for the June quarter than for the first quarter. For the six months to June, earnings are up a strong 34 percent to $119.59 million vs $89. 38 million in the same period last year.

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

TTSE: Angostura up 48c, Sagicor up 40c

August 2, 2013 by IC Insider.com

Friday, August 2nd, 2013 | Angostura Holdings traded 4,125 units, gained 48 cents to end the day at $9.50 while Sagicor Financial Corporation traded 33,910 shares valued at $233,959 and gained 40 cents to close at $6.90. Overall there was trading in 11 securities of which 3 advanced, 1 declined and 7 traded firm. Trading took place in 1,684,120 units valued at $8.385 million.

Scotia Investments traded a volume of 21,545 shares for $40,258. Trinidad Cement contributed 9,513 shares valued at $14,365, closing at $1.51, the same as the last price on Wednesday and National Commercial Bank added 4,531 shares valued at $5,347. Prestige Holdings traded 3,917 shares at $9.35, National Flour traded 3,000 shares at 75 cents and national Enterprises chipped in with 2,507 at $16. Guardian Holdings had 1,000 units changing hands and slipped 1 cent to end the day at $15.97. Clico Investment Fund advanced by 13 cents to end at $21.50 with 146,043 shares valued at $3,139,742 trading.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 2 stocks were higher than their last selling price, there were no offers that were lower.

There was no trading on Thursday, August 1^st, a public holiday in Trinidad & Tobago.

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

FX: US$10m more buying than selling

July 31, 2013 by IC Insider.com

Wednesday, 31 July 2013 | The forex market was quite buoyant on Wednesday as selling of foreign currencies was far less than buying with the equivalent of US$46.95 million bought and only US$37.15 sold.

The selling rates eased by 1 cents for the US dollar and 79 cents for the Canadian and was up 50 cents for the Pound, which saw more selling than the amount purchased by £300,000, there was US$10 million less selling than buying. The Canadian dollar saw C$1.36 being purchased versus C$882,000 sold. Buying rate for the US dollar climbed by 13 cents to $101.36, the Canadian slipped by 93 cents to $97.35 and the Pound was off by 38 cents to $153.58.

The highest and lowest rates for the three main currencies were most soft with the US dollar increasing 30 cents on the highest buy rate but was flat for the lowest buy and the highest buy rates and fell back by $15.16 on the lowest selling rate. The Canadian fell for both buying rates by $1.10 and 74 cents respectively there was no change to the highest selling rate but the lowest rose by 75 cents to $96.50. All the rates for the pound fell between $4.82 for the highest selling rate to 74 cents for the lowest buy rate.

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

JSE: Declining stocks on top

July 31, 2013 by IC Insider.com

Wednesday, 31 July 2013 | The Jamaica market closed today with stocks of 26 companies trading as a volume of 3,441,374 valued at $23.9 million traded. Only 5 stocks advanced to 10 declining as all the indices with trading lost altitude.

The day brings to an end a month when for every week there were net declines in the market, which is a carryover from June when only one in 4 weeks recorded a net gain. The results of companies now being released will have a telling impact on prices over the next several weeks. The signs are there. Grace which posted a 41 percent increase in the second quarter results moved back up today in price, Lasco Manufacturing lost its zest with a 10 percent decline in profits while Lasco Financial with a 50 jump in first quarter profits looks as if it will go higher.

Trades of note Main Market | The all Jamaica Index shed 247.46 points to close at 86,625.92 and the JSE market index fell by 140.64 to close at 86,063.98.

Cable & Wireless traded 643,455 units between 14 cents and 15 cents but closed at 14 cents. Carreras was again dominant in the market with a volume of 171,767 units valued at $8.6 million. Desnoes & Geddes chipped in with 126,748 units and closed at $4.70, the same as Tuesday’s last selling price. Grace Kennedy saw $7.6 million being expended on 135,000 shares as the stock regained yesterday’s loss by putting on $2.90 to close at $56.50 in response to the strong second quarter results. Jamaica Broilers had just 52,971 units trading and closed at $5. Mayberry enjoyed a day of trading when 332,000 units crossed the exchange at $2.60. Sagicor Life gained 40 cents to close at $9 with 66,145 units changing hands. Supreme Ventures traded 80,250 units closed at $2.90 and lost 10 cents in the process. National Commercial Bank and Scotia Group traded relatively light volumes and their closing prices were stable.

Junior market | 9 stocks in the junior market traded with 3 advancing and 3 declining. Lasco Manufacturing traded 1 million units and closed at $1.45 losing 15 cents in the process. Lasco Distributors traded 256.900 units and closed at $1.50 while Lasco Financial traded 148,186 shares gained just 4 cents to $1.60. General Accident had 270,446 shares changing hands and closed at $1.96. No other major trades took place.

Eppley shares that were listed on Monday is yet to have a bid and offer to date.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for an elevated 8 stocks were higher with 2 stocks having offers lower than their last selling price.

Results ticker | Paramount Trading released audited results to May showing profit of $73,348,356 versus $53,374,640 in 2012 after tax. Carreras suffered a major reversal in its fortunes with a major drop in profit after tax for the first quarter to June this year, which is down by 40 percent to $485 million compared with the same quarter last year $806 million.

Barita Investments showed vastly improved numbers for the June quarter with profits up with $98.899 million compared to $48.46 million. The results swung the loss for the year to date at the end of the second quarter to a profit at the end of the latest quarter.

Salada Foods reports lower profit in the June quarter than for the same period last year. Profit came in at $42 million after tax and $95.4 year to date versus $52.49 and $106.6 respectively.