Stock Market — Page 1158

JSE IPO oversubscribed by 41%

July 9, 2013 by IC Insider.com

[Press Release] The Invitation for Subscription for 38,250,000 Shares at the Invitation price of J$2.85 Jamaica Stock Exchange Limited (the “Company”) which opened on Friday, 5th July, closed at 4 pm today, Monday, 8th July, 2013 well ahead of the projected closing of 19^th July. The Invitation for sale and subscription of the JSE shares was oversubscribed by 41% and in excess of 150 applications were received. Applicants (inclusive of Applicants for Reserved Shares) will be advised of the basis of allotment within three (3) business days in accordance with the Main Market Rules, in addition to being posted on the JSE website.

The closing of the Invitation represents a landmark event for the Jamaica Stock Exchange (JSE) as they will now be able to use the proceeds to foster future growth for the company which will be done through new product offerings that will further diversify its business and income streams, in addition to settling outstanding debt obligations.

Lamar Harris, Manager of Investment Banking at Stocks & Securities Ltd. said “SSL has received an overwhelmingly positive response to the offer. This is extremely encouraging when one considers the vital role that the JSE plays in building Jamaica’s capital markets and that the Exchange is a National utility. The listing of the JSE is a historic event and SSL is truly proud to be the lead broker.”

The closing of the Invitation represents SSL’s fifth client IPO offering, as well as the company’s first anticipated Main Market listing.

FX: GBP, CAD mostly cheaper, USD slightly up

July 8, 2013 by IC Insider.com

Monday, 8th July 2013 | The Pound sterling and the Canadian dollar were mostly cheaper today versus the Jamaican dollar and the US dollar was moderately more expensive as a total amount of currencies traded was the equivalent of US$42.5 million buying while $38.6 million was sold.

In today’s Forex trading, the Jamaican dollar closed at a selling rate of $101.72 to the US dollar as the currency slowly drifts upwards, this time by 7 cents, and authorised dealers purchased the US dollar for 101.05, more than 15 cents than they did on Friday. The Canadian dollar closed at a selling rate of $96.22 down by $1.08 and authorised dealers purchased the Canadian dollar for $94.67 less than Friday by $1.28. The Pound sterling closed at a selling rate of J$152.43, an insignificant 9 cents more than Fridays close, while buying took place by authorised dealers at J$149.39, a significant $1.31 below Fridays close.

Highest rates traded in buying the currencies: For the US dollar $102.80 up 50 cents, Canadian $96.40 down 45 cents, Pound sterling $ 154.70 up 10 cents. The lowest buying rates were the US dollar $83.50 up 42 cents, Canadian $77.27 down 71 cents, Pound sterling $122.63 down $1.41.

Highest rates traded in selling the currencies: For the US dollar $107 no change, Canadian $100.53 no change from Friday, Pound sterling $159.91 up $1.91. The lowest selling rates were the US dollar $82.67 up 42 cents, Canadian $92 down $1.95, Pound sterling $ 147 down $1.

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

Ghana Stock Exchange best African performer

July 8, 2013 by IC Insider.com

Report from www.myjoyonline.com | The Ghana Stock Exchange is the best performing market in Africa in terms of returns to investors for the first quarter of this year. That’s the conclusion of Databank’s quarterly market research, which ranks stock markets in Africa based on dollar returns to investors.
With a little over 45 percent return, the report ranked Ghana’s stock market as the best performer beating other markets like South Africa, Egypt, and Nigeria.
In cedi terms, the Ghana Stock Exchange has returned nearly 53 percent to investors. This is far better than the 23 percent you would have earned if you had invested in Treasury bills or about the average 15 percent annum you would have realized on your bank deposit.
Vice President of Databank Financial Services, Reverend Daniel Ogbarmey Tetteh explains to JOY-BUSINESS what must be accounting for this. “Just before the end of last year, we saw the market picking up and showing signs of beginning to have a good rally. So we expected and projected that we’re going to have a good rally this year driven especially by the financial stocks as evident in the valuation,” he said.
But what will this mean to retail investors and can the market sustain the performance?
“If the rally was not supported by the fundamentals, that’s when it would have been a source of worry because of the possible correction in the near future. If you monitor the full year 2012 results and even the Q1 results that have been released, it gives some support to the price rally seen on our markets. So if anything at all, the upward trend is likely to be sustained – maybe not at the same pace, but we still expect the market to inch up. For me, I would like to caution retail investors to know that investing in shares is a long-term play and so shouldn’t just be excited about the short term benefits but also get interested in the long term benefits.” he said.

Story by Ghana / Joy Business / Emmanuel Agyei / George Wiafe

Filed Under: Economy, Global Market, Stock Market Tagged With: Economy

JSE: Jrs march on, main market drops

July 8, 2013 by IC Insider.com

Add your HTML code here...

Monday, 8th July 2013 | In a moderate trading session, the junior market raced to the 4^th record high in less than a week as the Lasco Manufacturing and AMG Packaging moved up minutely in price. But the fall back in the price of Scotia Group from the impact of Friday’s rise, when it traded at $24, was felt today along with a fall in NCB and Carreras.

Main Market | The all Jamaica Index fell sharply by 2,286.97 points to close at 88,233.55 and the main market index dropped by 1,299.05 to end the day at 86,977.41. Trades of note include Carreras down to $55 off by 78 cents while trading 5,750 shares, NCB shed 75 cents to close at $19.25 with 71,600 shares trading, Sagicor Life put on 57 cents to close at $9, 180,538 shares traded, Scotia Group traded 152,000 shares valued at $3.2 million and closed back at $22, the same as the last trade on Friday. Scotia Investment traded 87,852 shares as the stock closed at $26 down 50 cents, after trading between $26 and $26.70.

Junior Market | 10 stocks traded in the junior market with Blue Power trading 45,798 shares at the price of $9.18 with no change for the day. Caribbean Producers traded 75,712 units at $2.03. Dolphin Cove closed down 15 cents at $8.20, General Accident moved 353,000 between $1.96 and $2.02, Lasco Distributors traded 381,576 units at $1.80 and had a bid for 118,000 units at $1.80 at the close. Lasco Finance saw more than 441,000 units changing hands between $1.30 and $1.32 with 73,000 units on the bid at the close at $1.33. Lasco Manufacturing closed up 2 cents at $1.65, an all-time closing high with 60,000 units. The stock traded between $1.65 and $1.80.

The three Lasco shares will be free to trade in the post-split quantities on Tuesday. With the full volume available to trade, it should be interesting to see the market’s reaction.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 4 stocks were higher with 3 stocks having offers that were lower than their last selling price.

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

TTSE: Still marking time

July 8, 2013 by IC Insider.com

Monday, 8th July 2013 | Price changes on the Trinidad & Tobago Stock Exchange were moderate ranging from an increase of 8 cents to a decline of 5 cents as trading took place in 14 securities of which 2 advanced, 4 declined and 8 traded firm. The total amount traded was $4.3 million as 935,265 units traded. The mutual funds contributed 118,600 units valued at $2.668 million to the total amounts that traded. The all Trinidad & Tobago index gained slightly to close at 1,828.28 but the cross listed and the composite fell moderately.

Trinidad Cement traded 667,304 shares valued at $667,304, followed by Jamaica Money Market Brokers with a volume of 91,242 shares being traded for $41,099 as the stock fell by 5 cents. National Commercial Bank contributed 18,654 shares with a value of $22,365, while Guardian Holdings added 12,300 shares valued at $199,475 while putting on 8 cents to close at $16.22.

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 with 3 stocks having offers lower than their last selling price.

West Indian Tobacco closed with a bid for 1,000 units at $117.50 the last traded price was $117.25 the offer is for 100 units at $118.

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

Stocks to watch and buy

July 8, 2013 by IC Insider.com

Monday, 8th July 2013 | Better investing starts with a watch list. IC Insider, your independent source of market intelligence about the Jamaica and Trinidad & Tobago stock exchanges, publishes a weekly watch list based on emerging market data and trending trading activity.

In addition to a watch list, for the first time we’re introducing the stocks that have received our analysts’ Buy Rated seal of approval. Unlike a stock 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 search for published company results on IC Insider, please use ‘Search IC Insider’ and enter the company name, in full or in part.

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

JSE: Junior market at new record?

July 5, 2013 by IC Insider.com

Friday, 5th July 2013 | The junior market closed at a new all-time high at 823.39 points up 13. The fireworks that was expected in the trading of the Lasco shares did not materialise as investors could not trade in shares with a record date of July 9^th since the central depository did not make the switch over to the new number of shares. In the end, investors could not trade more than the number of shares they previously held. What little trading that took place left Lasco Distributors at $1.80 up by 17.25 cents over Thursday’s price as 54,400 shares traded at $1.80, Lasco Financial traded 30,000 shares at $1.30, a gain of 10 cents or the equivalent to $1 based on the old price.

In Friday’s activity, 25 stocks traded valued at $49.1 million, more than twice Thursday’s trade of $22.35 million. The advance decline ratio remained tilted in favour of declining stocks with 9 declining and 8 advancing as all the indices moved up sharply with the exception of the US dollar index which declined marginally and the cross listed that had no trades.

Main Market | The all Jamaica Index leapt 1,611.32 points to close at 90,572 and the JSE market index by 915.26 to close at 88,276.46 . Trades of note include Scotia Group, the dominant stock of the day, with 786,000 shares trading between $21.11 and $24. Scotia Investment, the broker, crossed shares at the higher prices with the stock closing up 85 cents. Carreras traded 6,500 shares between $55 and $56, the stock closed at 55 off $1. Grace Kennedy lost 50 cents to close at $59.50 on limited volume. Jamaica Money Market Brokers traded down 47 cents to close at $8 while trading 156,200

Jamaica Producers climbed to $20 up 50 but only 3,200 shares trading. Sagicor Life lost 57 cents to close at $8.43 while trading 34,554 shares, Scotia Investments did not trade but the price in Trinidad moved up to $29.20 in today’s trading, nearly a 10 percent difference to the local price of $26.50.

Junior market | 8 stocks in the junior market traded. Blue Power traded 1,147 shares and dropped $1.22 to $9.18, Dolphin Cove closed down 15 cents to $8.35 on very low volume, and the only other trade of note was Access Financial Services 13,269 shares at $8.25.

Proven Investment Preference shares traded 3.935 million units valued at $19.83 million while the ordinary shares, which are quoted in US dollars traded 457,725 at a value of US$51,972. The stock lost a fraction of a cent to close at 11.35 US cents.

Market intelligence | Cable & Wireless remains under pressure with offers in excess of 30 million shares at 15 cents and few bids in the market to support the volume at that price. The demand for the stock has not changed much since Thursday. RJR still has a bid of $1.23 to buy 4.79 million shares, the lowest offer seems small at $1.30 at close. Bids seem to be building for Carreras as the offers taper off. Mayberry Investments still has an order to sell 1 million units at $5.18 which is preventing the stock from moving up. At the same time, there are still two bids for 500,000 units each at $4.67 as the only visible major bids. Grace Kennedy still has 700,000 units on offer at $61. The tightness in the bids and offers in Jamaica Producers remains. The strongest bid on Scotia Investments remains at $26 for 221,000 but an offer of 6 million units at $30 may act as a short term barrier on the upside.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 4 stocks were higher with 2 stocks having offers lower than their last selling price.

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

FX: Pound gets hit

July 5, 2013 by IC Insider.com

Friday, 5th July 2013 | The Pound got hit today again as it did yesterday when it fell by $1.60 for the buying rate and for the selling $1.21 on top of the losses in Thursday’s trade when it fell $1.38 for the buying rates and was down $1.07 for the selling rate. A major reason for the decline is a sharp fall in the value for the Pound against the USA dollar which surged today against most currencies with the release of better than expected payroll employment numbers in the US economy. The highest and lowest rates for the British currency all fell with the highest selling rate dropping all of $3.57 and the lowest by 50 cents. The highest buying rate was down by 70 cents and the lowest by $1.29.

The US dollar slipped by 3 cents on the selling side and it gained 27 cents on the buying rate while the Canadian moved up sharply from Thursday’s prices closing at $1.11 up on the buying rate and 71 cents up on the selling rate. With the exception of a 85 cent s drop on the highest buying rate all the other highest and lowest rates moved up for the Maple leaf currency. The US dollar moved up for all the highest and lowest rates except there was no change to the lowest selling rate.

The selling rates for the US dollar closed at $101.65, the Canadian $97.31 and the Pound $152.34.

It was a pretty big day as US$43 million was sold for the collective currencies and buying took place for US$33.99 million.

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

TTSE: Demand up for TT Cement shares

July 5, 2013 by IC Insider.com

Friday, 5th July 2013 | The level of trading on the Trinidad exchange amounted to 250,000 units valued at $12 million as 12 stocks changed hands with 7 increasing in price versus 2 declining.

Shares trading in reasonable quantity are Republic Bank with 91,064 shares for a value of $10,018,860, Trinidad Cement with a volume of 50,000 shares amounting $50,000, Scotia Investments with 19,378 shares with a value of $35,849, National Flour Mills 18,588 shares valued at $14,870 and West Indian Tobacco Company traded 5,000 shares with the price up by 22 cents to end the day at $117.25. Conversely, Clico Investment Fund was the only active security on the Mutual Fund Market, posting a volume of 36,820 shares valued at $828,450 and the stock price declined by $0.01 to end at $22.50.

Trinidad Cement traded 50,000 shares at a $1, up 5 cents and has a solid bid for 623,000 at $1 at the close.

One Caribbean Media traded at a 52 weeks high of $17.43 with 6,800 units trading with the price gaining 3 cents. Prestige Holdings lost 2 cents while trading 10,852 units at $9.35 each.

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 with 2 stocks having offers lower than their last selling price.

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

SSL uses IPO as fund raiser

July 5, 2013 by IC Insider.com

[Press Release] Stocks & Securities Ltd is using a novel approach to raise funds for the Jamaica Environment Trust (JET). Read below to lear how voluntary donations can be made by applicants of the JamaicaStock Exchange IPO that opens today.