TTSE: JMMB at 52 weeks high

Thursday, 17th October 2013 | Jamaica Money Market Brokers traded at a new 52 weeks high on the Trinidad Stock Market as 313,881 shares changed hands for a value of $220,617 as the price closed at 70 cents (J$11.20). The stock traded in Jamaica on Thursday at $8.50. JMMB was not the only stock to trade a 52 weeks high as Republic Bank closed at a new 52 weeks high of $111.02 up 2 cents with 3,651 shares changing hands and Unilever hit a new 52 weeks high but just failed to hold on at that level by a cent as it closed at $55.57 as only 411 units traded.

Trading occurred in 15 securities of which 6 advanced, 5 declined and 4 traded firm while 471,165 shares changed hands valued at $2,272,881.

TTSEOct17Trinidad Cement with a volume of 78,195 shares traded to close at $2.35 for $183,758; National Enterprises contributed 23,376 shares with a value of $420,300 to close at $17.98 while Sagicor Financial Corporation added 11,000 shares valued at $79,243 at $7.20, down 5 cents. National Flour traded 9,700 units to close at 97 cents; Point Lisas Industrial Port Development saw 6,000 shares changing hands but the price fell 2 cents to end the day at $3.75. Scotia Bank traded 2530 shares firm at $70.21 and West Indian Tobacco gained 8 cents to end the day at $118.20 with 1,640 units.

Clico Investment posted 1,449 shares valued at $251,228 and the price advanced by 2 cents to end at $21.90.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed short term bullishness with bids for 6 stocks being higher and 2 stocks with offers lower than their last selling price.

TTSE: Trading picking up

Wednesday, 16th October 2013 | Buying interest in the Trinidad market is on the rise with 3 stocks hitting new 52 weeks high and sharp price gains in some stocks after a long period of consolidation of the market.

In Wednesday’s trading there were good price movements in Angostura Holdings, which climbed 60 cents to end at a new 52 weeks high of $12.60 with no stock on offer at the close. With the PE of close to 21 times ongoing earnings, the stock is close to being fully priced and is subject to being removed from the IC Insider Buy List. National Enterprises traded less than 500 shares and gained 90 cents to end at a new 52 weeks high at $17.99 and National Flour Mills added 46,848 shares, closing up 3 cents at 97 cents a new 52 weeks high. Based on recent activity and the closeness of the 2013 year end for companies, IC Insider has upgraded the market sentiment to bullish selective buying.

There was trading in 14 securities of which 8 advanced, 1 declined and 5 traded firm, resulting in 1,620,478 shares changing hands valued at $10,385,707.

First Citizens traded 30,079 and gained 5 cents to close at $35.05; Guardian Holdings gained 14 cents to end at $15.15 while trading 1,000 units; Jamaica Money Market Brokers had 142,994 shares traded for $90,686. Point Lisas Industrial Port Development saw 1,109,112 shares changing hands for a value of $4,181,352 and the price fell a cent to end the day at $3.77; Scotia Investment traded 24,256 units firm at $1.95; Trinidad Cement contributed 47,430 shares valued at $110,976, while National Flour Mills added 46,848 shares valued at $45,443.

TTSEOct16Clico Investment had a volume of 206,616 shares valued at $4,520,072 trading as the price advanced by 38 cents to end at $21.88.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 3 stocks being higher and 2 stocks with offers lower than their last selling price. This coupled with the lack of supply in the market t0 meet demand is suggesting that the market is looking somewhat more bullish than a few weeks ago.

The stocks with bids above last selling prices includes a stock that has hardly traded recently, Praetorian Property Fund with a bid at $3.60 for 6,000 shares versus the last sale of $3.41. Republic Bank a Buy Rated stock has a bid for 34,188 shares at $111 and no sock being offered and should be going higher in the days and weeks ahead.

JMMB which traded as high as 65 cents today has dried up in Jamaica at the low price and seems to have dried up in the Trinidad market as well and should move higher in both markets, having closed higher in Jamaica.

The potential gains are not confined to the above as there are others that are showing signs of gains.

Image courtesy of Photokanok/FreeDigitalPhotos.net

JSE: Negative sentiment dominates

Wednesday, 16th October 2013 | The main market and the junior markets seems to be diverging, with the latter looking to be finding support and the former suffering from lack of adequate support.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market had a negative bias with bid for only 2 stocks being higher and 8 stocks with offers lower than their last selling price, this is the worse reading since IC Insider have been reporting this indicator.

In Wednesday’s trading the Jamaican stock market had the highest level of participation with 38 securities trading, more than it has had in a very long time, resulting in 8,685,851 units changing hands valued at $39,986,984. A fair amount of these were in the preference section. There were 7 stocks advancing to 16 declining. The junior market index was the only one to move up but just 1.48 to close at 748.80, the JSE main index was down 567.88 to 82,468.48 and the all Jamaica index fell by 999.17 to 80,796.70. Declines in National Commercial Bank, Jamaica Broilers, Kingston Wharves, Sagicor Life were some of the stocks to help push the indices down somewhat sharply.

JSEIndicesOct16Main Market | The main market had trading in Cable & Wireless 501,682 units closing at 17 cents, down a cent; Carreras 37,306 units and gaining $1.50 to close at $40.50 but with the offer below $40 at the end; Jamaica Broilers 35,790 units as the price closed at $3.90 down 65 cents; Jamaica Money Market Brokers had 1,505,650 shares changing hands to close up 30 cents at $8.40; Kingston Wharves 21,420 units resulted in a fall of 42 cents to close at $5.58; Mayberry Investments 38,260 units resulted in the closing price of $2.50, down 10 cents; National Commercial Bank having lost much support fell on 21,561 units to close at $16.75 down 26 cents; Pan Jamaican Investments dropped $2.23 to close at $48.11 on 1,501 shares; Sagicor Life 385,312 brought the price down to at $8.33 off by 61 cents; Scotia Group 16,270 units help the stock to close up 20 cents at $20.50; Seprod 11,107 units inched the price up 5 cents to $13.05; Supreme Ventures 50,000 units unchanged at $2.61.

Jamaica Money Market Brokers 7.50% preference shares 1,569,814 units closed at $2; the 8.75% traded 12,572 units to traded resulted in a close at $2.90 down 10 cents and Proven Investments 8% traded 2,928,230 units firm at $5.09.

Junior market | Junior market trading took place in reasonable volume for Caribbean Cream 778,759 units to close firm at $1.02; Caribbean Flavours & Fragrances 24,330 units with the price having fallen back 30 cents to $2.58, the opening days price; Caribbean Producers 63,599 units and closed unchanged up a cents at $2.09; Consolidated Bakeries 42,200 units landed the price down a cents at $1.16, Dolphin Cove 76,300 was firm at $8; General Accident Insurance 89,649 units declined 4 cents to close at $1.61; Jamaican Teas 63,286 units saw the price closing unchanged at $3.80; Lasco Distributors 83,300 units at $1.50 up 5 cents; Lasco Financial Services 37,950 units firm at $1.20 and Lasco Manufacturing 201,237 units firm at $1.45.

FX: More purchases than sales but . . .

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Wednesday, 16th October 2013 | Today was more of the same, like the last few days when the amount of foreign exchange bought by dealers exceeded the amount sold. On only one of those days, the amount of US dollar currency bought was marginally less than the amounts sold. Withstanding this trend, the rate for selling the US dollar has risen on every occasion.

In Wednesday’s trading with $23.2 million of purchases and $20.2 million of sales, the selling rate for the US dollar climbed by 4 cents to $104.90 and the buying rate rose by 11 cents to $104.14. The rates for both the Canadian and the Pound have been fluctuating and in today’s trading buying accounted for C$926,032 at a buying rate that was lower by 12 cents to end at $99.40 while selling was for C$426,759 at a rate that was 39 cent up at $101.32. For the Pound, buying accounted for £1.90 million at a rate that was $1.08 more costly at $166.40 and selling was 84 cents more than on Tuesday at $169.03 for £1.11 million.

FX_TRADE+Currency+Oct16The total amount of foreign currency bought was US$27,251,224 with selling accounting for US$22,683,877.

Rates for exchanging Jamaican dollars for foreign currencies differ quite markedly from the official rates, as dealers bought the US dollar as high as $106.80, at 50 cents higher than on Tuesday, and as low as $85 but they sold unchanged as high as $108.93 and as low as $101.80, up by $16.84 on the day.

FX_TRADE+HighLow+Oct16The Canadian dollar and the Pound sterling saw a mix of rates with most falling, the highest rate the Canadian was bought at, rose 15 cents to $102.50 and that of the Pound was up 80 cents at $170.40. Meanwhile, the lows for buying fell 75 cents for the Canadian at $80.47 and the pound at $133.67 down 21 cents. Selling took place as high at 70 cents lower for the Canadian, at $103.74 and as low as $96.95, just 5 cents down. Selling of the British Pound was as 27 cents down at $172.32 at the high and the low was 25 down at $161.05.

JSE: Caribbean Flavours up 27% to $2.85

Tuesday, 15th October 2013 | The Junior Market’s newly listed Caribbean Flavours & Fragrances, saw 1,158,788 units trading up to $2.88, an increase of 30 cents as Mayberry Investments, the broker for the initial public offering, crossing the vast majority of the shares to trade.

Trading resulted in 8,503,678 units changing hands valued at $42,733,465. There were 7 stocks advancing to 7 declining. The junior market index declined 7.05 to close at 747.32. Declines were moderate in the main market with the JSE main index going down 197.24 to 83,036.36 and the all Jamaica index falling by 347.04 to 81,795.87.

Main Market | Investors picked up 97,032 units of Carreras unchanged at $39, down $2 for the day, as it closed at a new 52 weeks low. Grace Kennedy traded only 1,400 units to close up 49 cents, at $57, still well off the price in Trinidad at the equivalent of $66.40. Mayberry Investments snapped up nearly 1.8 million units of the 1,947,082 Jamaica Broilers shares for their own account, as the stock closed at $4.55, up 5 cents at the end of trading, with NCB Capital Market selling all but 4,000 units on behalf of clients. Jamaica Money Market Brokers traded 200,000 shares to close up 10 cents at $8.10, well below the J$10 equivalent it is trading for in Trinidad today. National Commercial Bank dropped to $17.01 at the end of trading down by $1.49 on 545,939 shares, the largest portion, 499,741 units was a cross at $17.60 by  First Global Financial Services. Sagicor Life traded 143,150 units, closing at $8.94, up 43 cents while Scotia Group exchanged 29,725 units, down 5 cents at $20.30; Seprod traded 150,000 units firm at $13; Jamaica Money Market Brokers 7.5% preference shares traded 474,816 units firm at $2; the 8.75% preference shares traded 316,239 units firm at $3. Proven Investments Limited 8% preference share traded 200,000 units firm at $5.09.

JSEIndicesOct15Junior market | Elsewhere in the Junior market, companies seem to be marking time with small volumes, except for today’s trading in Caribbean Flavours stock. AMG Packaging traded 10,000 firm at $4; Caribbean Producers traded 2,707,019 firm at $2.08; Lasco Distributors saw 89,000 units trading firm at $1.45; Lasco Financial Services traded 17,564 units firm at $1.20 and Lasco Manufacturing traded 96,800 units and closed down 5 cents at $1.45.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market with fluidity in price movements either way, with bid for 7 stocks being higher and 6 stocks with offers lower than their last selling price.

Company results | Paramount Trading disclosed increased profits for the 3 months to August amounting to $19 million before tax compared to $10.7 million in 2012, up 78 percent. In the previous year 2012, after tax amounted to $8 million, Sales climbed 11 percent from $152 million to $169 million in the quarter. Helping with the increased profit was an improvement in gross profit margin, which rose from 29.6 percent to 31.3 percent and the holding of administrative and other cost to only a 7 percent increase. See our post for more details!

FX: NCB dumped US$54m

The rate of exchange for the Jamaican dollar has been sliding since May but this did not stop the country’s dominant bank, National Commercial Bank (NCB) off loaded $42.5 million on October 4, while buying $4.4 million on a day when US$70 million was sold and only US$27 million was purchased. This followed the dumping of US$18.45 million on October 3 when they bought US$2.4 million. The most likely buyer for the bulk of the sale would have been the country’s central bank, Bank of Jamaica, if so, it may not bode well for speculators against the local currency as the move may well be signaling that the top of the market is not far away.

Interestingly, there was US$700,000 more purchased on Monday, October 14 over the amount sold and US$2.2 million today. While the rate for the Jamaican dollar has been on a slide, the week ending October 11 saw buying exceeding selling by very good margins for three days when there was $11 million more buying than selling as US$149 million was bought and US$136 million was sold. In the prior week, there was a net sell off of US$20.5 Million as dealers bought US$152.7 million and sold US$173 million.

FX_TRADE+Currency+Oct15Since the huge NCB sale, there has been more buying that selling of foreign currency in the overall market. On Tuesday, more funds were purchased in the forex market for the third consecutive day but the rate for the local dollar rose across the board except for a decline in the selling rate for the Canadian dollar.

Trades on Tuesday | Dealers purchased US$23.5 million in various currencies and sold US$21.35 million. Actual purchases of US dollars amounted to $21.2 million at a closing rate that was 13 cents up on the day at $104.03 and sold US$19.48 million at only 4 cents higher than on Friday at $104.85. Dealers purchased C$813,472 for $99.53 at 64 cents more than on Friday and they sold C$407,722 at $100.93, down by 45 cents. £830,084 was purchased at $165.32 up by 70 cents and £663,395 was sold at $168.20 or 22 cents lower at the end of the day.

Highs & Lows | The highest and lowest rates generally moved up except for one remaining unchanged and the highest selling rate for Pound which fell by 21 cents to end at $172.59.

FX_TRADE+HighLow+Oct15The highest buying rate for the US dollar increased by 5 cents to end at $106.30 while the lowest buying rate was unchanged at $84.96; the highest selling rate inched to 6 cents to $108.93 and the lowest increased 21 cents to $84.96.

The highest buying rate for the Canadian dollar climbed 5 cents to end at $102.35, the lowest buying rate ended at $81.22, higher by $1.04; the high for selling rate stood 98 cents higher at $104.44 and the selling low was at $97 up 40 cents.

The British Pound highest buying rate climbed 40 cents to end at $169.60, the lowest buying rate was up 21 cents to $133.88; the highest selling rate fell 21 cents to $172.59 and the lowest selling rate climbed 25 cents to $161.30.

TTSE: Selected undervalued stocks rumbling

Tuesday, 16th October 2013 | Activity and interest seems to be picking up in a number of undervalued stocks on the Trinidad market now that buying has cooled for First Citizens and some others that appear fully valued.

In today’s trading one such stock that has been languishing, Republic Bank, an IC Insider Buy Rated stock, gained 95 cents to return to a recent 52 weeks high to end the day at $111, but only 714 units traded. Another Buy Rated stock Neal & Massy gained 47 cents to close at $57.01 while trading 4,958 units. Angostura holdings traded 14,000 units to hit $12, a new 52 weeks high, as the price gained 5o cents.

At the end of trading, 18 securities changed hands with 6 advancing, 2 declining and 10 trading firm and resulted in 1,064,639 shares crossing hands, valued at $3,959,599.

First Citizens traded firm at $35 while trading 30,172 units; Grace Kennedy traded 25,597 units firm at $4.15; Jamaica’s National Commercial Bank exchanged 267,850 shares for $316,063, the stock traded firm at $1.18; Jamaica Money Market contributed 237,006 shares with a value of $149,314 as the price moved up 3 cents to close at 63 cents; National Flour Mills added 100,000 shares valued at $95,000, closing firm at 95 cents. Point Lisas Industrial Port Development had trading in 373,888 shares valued $1,413,258.

TTSEOct15Clico Investment traded 1,200 shares valued at $25,800 as the price fell 5 cents to close at $21.50.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 6 stocks being higher and 4 stocks with offers lower than their last selling price, suggesting that the market is looking somewhat more bullish than a few weeks ago. The stocks with bids above last selling prices includes a stock that has hardly traded recently, Praetorian Property Fund with a bid at $3.60 for 6,000 shares versus the last sale of $3.41.

Related post | Buy Rated misses & gains so far | TTSE PE: Some stocks lose potential

 

Insider Trades October 2013

Updated 15th october 2013

Desnoes & Geddes advised that a director purchased 4,860 of the company’s shares on October 14, 2013.

Big Producers & Pan Jam sale | While insiders were buying shares at Mayberry Investments this past week, directors at two of the country’s largest listed companies were offloading big chunks of their holdings.

In the case of Jamaica Producers Group the company advised that a director and a related party sold a total of 14,598,054 of its shares and at Pan-Jamaican Investment Trust the company informed the Jamaica Stock Exchange that a director sold 450,000 shares, both sales taking place on October 10,

On the other hand, Mayberry Investments advised the exchange that a related party purchased 607,866 shares on October 7.

JSE: Minors dominate

Monday, 14th October 2013 | The first trading day of the week saw the minor stocks dominating the main market volume as Cable & Wireless with 1,484,204 at 17 cents, down a cent; Caribbean Cement with 3,314,249 closing at $2.20, up 20 cents and Radio Jamaica with 3,166,688 units, closing at $1.32 were the dominant trades.

Trading resulted in 11,011,030 units changing hands valued at $23,764,695. There were 11 stocks advancing to 5 declining but only the junior market index moved up 7.25 to close at 754.37. Declines were moderate in the main market with the JSE main index going down 94.68 to 83,233.60 and the all Jamaica index falling off by 166.60 to 82,142.91.

Carreras investors picked up 23,449 units unchanged at $41; First Caribbean International Bank traded 3,224 units to close firm at $100; Grace Kennedy traded 3,180 units to close up a cent, at $56.51 while it traded in Trinidad at the equivalent of $66.40. Investors snapped up 203,759 units of Hardware & Lumber at $4.50 up by 5 cents; Jamaica Money Market Brokers traded 99,289 shares to close firm at $8.00, well below the J$9.60 equivalent it is trading for in Trinidad. Mayberry Investments saw 28,160 units changing hands, unchanged at $2.60; National Commercial Bank traded 65,465 shares to close up 25 cents at $18.50; Sagicor Life traded 18,668 units, closing at $8.51, down 9 cents while Scotia Investments exchanged 117,950 units firm at $26.50 and Jamaica Money Market Brokers 8.75% preference shares traded 100,000 units firm at $3.

JSEIndicesOct14Junior market | The junior market welcomed its 19 listing as Caribbean Flavours & Fragrances, the newcomer saw 86,420 units trading up to $2.58, an increase of 33 cents on the IPO price of $2.25. Lasco Distributors 1,186,462 units traded firm at $1.45 at the end; Lasco Manufacturing traded 949,326 units and closed up 5 cents at $1.50; investors landed 29,624 Paramount Trading shares at $3.05, up 5 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market with a slight negative bias with bid for 1 stock being higher and 5 stocks with offers lower than their last selling price.

Company results | Caribbean Cream disclosed increased profits for the six months to August amounting to $17.6 million before tax compared to $15.9 million in 2012 and after tax $14.6 million versus $9.4 million, as sales climbed from $307 million to $422 million. The problem is that the company’s earnings per share computation is now properly computed and the taxation included appear to be overstated. Administrative and other cost are up just over 50 percent to $71 million while profit margin declined as the company states that they absorbed cost increases resulting from the devaluation of the local currency.

TTSE: Week’s off to a positive start

Monday, 14th October 2013 | In today’s trading on the Trinidad Exchange, 13 securities changed hands with 7 advancing, 2 declining and 4 trading firm and resulted in 1,080,184 shares crossing hands, valued at $3,840,347.

First Citizens traded 13,825 units to close firm at $35 and now seems to have settled around this price level for a while. Jamaica Money Market Brokers had 430,529 shares changing hands for a value of $251,565 as the price gained 3 cents to reach 60 cents at the end; the bid is at 60 cents with an offer at 63 cents. The price could rise in Tuesday’s trading based on these closing numbers. The stock is now at the equivalent of J$9.60 versus $8 in Jamaica and seems set to pull up the price in Jamaica. Grace Kennedy added 110,000 shares valued at $456,500 to close at $4.15 (J$66.40) compared to $56 in Jamaica, up 4 cents.

TTSEOct14One Caribbean Media closed at a 52 weeks high of $18.08, up by 6 cents. With only 4,000 units, Point Lisas Industrial Port Development, now an IC Insider Buy Rated stock, traded 208,847 units down a cent at $3.77. Sagicor Financial traded 42,085 units and closed down 25 cents to $7. Trinidad Cement contributed 208,847 shares with a value of $787,353 as the price gained 20 cents to end the day at $2.35. Clico Investment, in posting a volume of 38,404 shares valued at $827,418, advanced by a cent to end at $21.50.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 5 stocks being higher and 3 stocks with offers lower than their last selling price. The stocks with bids above last selling prices includes Praetorian Property Fund with a bid at $3.60 versus the last sale of $3.41.