JSE: Market gives back but not much

Thursday, 11th July 2013 | Sagicor Life was the dominant stock in Thursday’s trading as 1.59 million units with a value of $13. 49 million were traded by Sagicor Investments in crosses that saw the stock dip to $8.45. Next in volume was junior market listing, Lasco Financial, with 5.46 million units trading between $1.30 and $1.31 valued at $7.1 million. Over 5.3 million units were bought by Mayberry Investments on behalf of clients.

In the day’s activity, 26 stocks accounted for 10.5 million units at a value at $30.1 million. The advance decline ratio was 5 advancing to 4 declining but all the indices moved down moderately with the exception of the US dollar index and the cross listed that had no trades.

Main Market | The all Jamaica Index lost 528.73  points to close at 87,706.14 and the JSE market index fell by 300.90 closing at 86,677.83.  Jamaica Broilers traded 72,000 units to close at $5.10 down 10 cents, NCB traded 20,000 at $19.50 and D&G traded 41,600 at $5. Jamaica Producers gained 49 cents to close at $20 with small volume traded.

Junior market | 12 stocks in the junior market traded as the index closed down 9.93 points to 814.85 traded. Access Financial traded just 1,000 shares and gained 55 cents to close at an all-time high of $9.05. Cargo Handlers traded at a 52 weeks high of $13 but with just 500 units, the stock gained $2 in the process. Blue Power traded up by 15 cents to close at $10.15, just over 23,000 shares changed hands. Lasco Distributors closed down 10 cents as 543,000 shares traded at a value of $871,000 and Lasco Manufacturing fell 5 cents to $1.65 with 1.66 million shares trading at a value of $2.75 million. AMG Packaging with came out with third quarter results today showing a reduction in the latest quarter versus that of 2012, but higher nine months results than for the similar period last year, traded 187,6000 units and closed at $4.25 with no change in price. 75,000 shares that were on offer for weeks at $4.70 were sold today at $4.25 each at 11 am which seems to have been influenced by the results.

Proven Investment Preference shares traded 507,000 units valued at $2.58 million, there was no trades in the ordinary shares. There is still no stock on offer at the close as was the case yesterday. There is a bid for more than 200,000 units at US$.115 per share.

Market intelligence | Cable & Wireless selling continues, but the sellers seem to be holding out for prices at 14 cents or more as the amounts offered at 15 cents remain in excess of 29 million shares, while the few quantities for the few bids have not increased much. RJR still has a bid at $1.23 for 4.9 million units and there has not been much change to the supply. Good support exists for Sagicor Life at $8.40, Carreras support is pretty good at $53.50 and more bids have come in for the stock close to $54. Demand seems to have pulled back for Jamaica Broilers, even as the supply does not seem overwhelming. Grace Kennedy supply of 700,000 units at $61 still remains as a barrier for upward price movement for the time being. Mayberry’s sell order of Blue Power supply has fallen to 216,000 units at $10.50 as 7,400 units were traded today at that price. There are good bids in the market for JMMB’s stock between $7.85 and just over $8, decent supply is listed at $10.50 and above.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 5 stocks were higher with 4 stocks having offers lower than their last selling price. This fluidity here is an indication of cautiousness currently in the market.

New issue IPO | Eppley limited a subsidiary of Musson Group, is the latest company to make an appeal to the public with an initial public offering contained in a prospectus just released today. The shares are clearly not for the average investors, with a price of $277 each when it opens on Monday 22 July 2013 and only 218,999 shares will be available for subscription to raise $82.6 million.  The broker is Proven Wealth Management. IC Insider will have a full assessment of this offering as well as the results for AMG Packaging.

JSEIndicesJul11

TTSE: T&T Cement continues in focus

Thursday, 11th July 2013 | Trinidad Cement, an IC Insider buy rated stock, remains the main focus on the exchange as it traded 230,565 shares on Thursday valued at $242,088 with no price change at $1.05. The stock is responding to return to profitability as reported by the March quarterly results and the low value which it is now priced at.

West Indian Tobacco Company had 2,684 shares trading with a value of $315,397 at the same price as Wednesday’s close of $117.51, while Financial Corporation added 1,670 shares valued at $10,354. There was no change in the price of Scotiabank which traded 5,192 shares at $69.96 with a value of $363,232. Agostini’s Limited had a volume of 19,128 shares traded at value of $318,863. Unilever Caribbean stock price increased 15 cents to end the day at $54.15 a 52 weeks high, while trading a mere 50 shares. Guardian Holdings traded 1,884 units and the price declined by 23 cents to end the day at $15.99.

Market activity resulted in 10 securities trading of which 2 advanced, 1 declined and 7 traded firm. The volume traded was 264,357 shares on the main market, valued at $1,463,540 and Clico Investment Fund, traded 112,800 shares valued at $2,538,000, more than twice Wednesday levels in the Mutual Fund Market and closed with the price at $22.50, the same as yesterday. The total amount traded in the market was priced $4.18 million, less than Wednesday’s $5 million.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 5 stocks were higher with 6 stocks having offers lower than their last selling price.

TTSEJul11

FX: Rates mixed as selling exceeds buying

Wednesday 10th July 2013 | There was $24.7 million in US dollar equivalent purchased by authorised dealers on Wednesday and they sold the equivalent of US$31.58 million to end users. The amount of US dollar currency purchased was less than the amount sold by US$7.2 million as US$22 million was purchased and US$29.3 million sold. There was moderately more Canadian dollars and Pound Sterling purchased than sold.

The selling rate for the US dollar fell 10 cents from Tuesday’s rate to close at $101.80, at the same time the buying rate edged up by 5 cents, closing at $101.00. The highest buying rate for the US dollar fell by $1 to close at $102.20. There was no change in the highest selling rate, while the lowest buying rate increased by 17 cents and the lowest selling rate increased by 83 cents to $83.50.

Buying of the Canadian went down by 47 cents to $94.45 and the selling rate fell by 15 cents while closing at $97.00. The highest buying rate for the Canadian dollar climbed by $1.05 to close at $97.50 and the highest selling rate moved up 16 cents. The lowest buying rate remained the same as for Tuesday at $93.

The buying rate of the Pound went down by 31 cents on the day to $150.50 and the selling rose by 53 cents to close at $151.89. The highest buying rate for the British Pound fell $1.60 to close at $152.40. The highest selling rate moved down by $3.85 to $154.79 and the lowest selling rates increased by 95 cents to $148.50.

FX_TRADE+Currency+Jul10

FX_TRADE+HighLow+Jul10

JSE: Neither fish nor fowl

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Wednesday 10th July 2013 | The movement in the indices of the Jamaica Stock Exchange sums up the market as in the end it was neither fish nor fowl. There were very moderate shifts with the junior market slipping back from a series of days when it kept moving up to new records highs. The volume of stocks traded was 5.08 million at a value of $19.97 million, a little more than Tuesday’s $15.1 million. The advance decline ratio remained almost evenly split, with 7 declining and 8 advancing.

Main Market | The various indices all moved by less than 100 points as only the junior market and combined indices declined. In trades of note, Carreras gained $1 closing at $55 while trading 13,600 units. Grace Kennedy slipped 50 cents to close at $59.50, as 14,500 units traded. Jamaica Producers dropped 46 cents to $19.50 with 21,840 units trading.

Junior market | 10 stocks traded in the junior market with the price of 3 moving up and 4 fell. Lasco Distributors off 10 cents closed at $1.70 while trading 703,738 units and Lasco Manufacturing, which also lost 10 cents, closed at $1.70 for 1 million shares traded. Lasco Financial Services traded over a 1.1 million shares and lost 5 cents as the price settled at $1.30 for the day. Blue Power, surprisingly, traded up to $10.75 in early trading but closed at $10.00 with more than 295,000 shares trading with the stock up 1 cent. Mayberry Investments was the main buyer for their own account. General Accident traded 100,000 shares to close at $2. The only other trade of note is Access Financial which traded at an all-time high of $8.50, with 1,500 shares trading. Supply of this stock is scarce and bodes well for further gains.

Proven Investment ordinary shares, which are quoted in US dollars, traded 136,075 units at a value of US$15,462, the stock gained .001 of a cent.  Importantly, there was no stock on offer at the close.

Market intelligence | Cable & Wireless moved up by 2 cents in today’s trading, but only 65,000 shares traded, which hardly dented the supply at 15 cents which remains at over 29 million units. The demand for the stock has not changed much since Tuesday. The position with RJR with a bid at $1.23 for 4.9 million units has not changed nor has the supply. Good support exists for Sagicor Life at $8.40, Carreras support is pretty good at $53.50 and this could be the floor for the price for a while.  Demand seems to have pulled back for Jamaica Broilers with the only serious bid at $4.80. The stock traded 289,000 units and lost 5 cents to close at $5.20. Grace Kennedy supply of 700,000 units at $61 remains as a barrier for upward price movement for the time being. Mayberry’s sell order of 305,000 Blue Power stock was partially reduced as buying lowered the amount to 223,000 units which are on offer at $10.50.  There are good bids in the market for JMMB’s stock between $7.85 and just over $8 while decent supply is listed at $10.50 and above.

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 lower than their last selling price.

JSEIndicesJul10

TTSE: T&T Cement & Neal & Massy in focus

Wednesday, 10th July 2013 | Neal & Massy Holdings was the dominant stock in today’s trading on the Trinidad & Tobago Stock exchange as it traded 43,183 shares for $2,547,797 at the previous closing price of $59.

In the overall market activity, 12 securities traded of which 4 advanced, 1 declined and 7 traded firm. A volume of 326,831 shares crossed the floor of the main market of the Exchange valued at $3,848,323 and Clico Investment Fund traded 54,370 shares valued at $1,223,325 in the Mutual Fund Market and closed with the price at $22.50, the same as yesterday. The total amount traded in the market was priced at $5 million.

Trinidad Cement contributed 270,930 shares to the volume at a value of $284,477at $1.05 each, up 5 cents for the day, but closed with the stock being offered at $1.04 for just 500 units. West Indian Tobacco Company had 7,600 shares trading with a value of $893,096, while Sagicor Financial Corporation added 1,670 shares valued at $10,354.

Scotiabank stock gained 21 cents to end the day at $69.96 with only 78 units trading.

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 5 stocks having offers lower than their last selling price.

TTSEJul10

JSE: Fourth time in a week

Tuesday, 10th July 2013 | In today’s stock market activity, 30 companies, traded 5.5 million shares valued at $15.1 million on the Jamaica Stock Exchange. The advance decline ratio was even at 8 each. Only the junior market index recorded an increase as it made the fourth record high within a week. The other indices except the US equity index which moved up 1 point, declined marginally, the cross listed stock did not trade.

Main Market | Trades of note include: Cable & Wireless traded a million shares between 13 and 14 cents; the large offer at 15 cents is now down to 29.3 million units. Carreras gave up $1 to close at $54 with 4.950 units trading. Grace Kennedy put on 50 cents and closed at $60 on very little volume. National Commercial Bank traded 80,500 shares and lost 21 cents while closing at $19.04. Scotia Group was off 90 cents to $21.10 with 25.680 shares trading. Sagicor Life traded 201,000 units and closed at $9.

Junior market | 11 stocks in the junior market traded, 3 of which closed at new all-time highs while 4 traded at new all-time high during the day. Blue Power closed up at $9.92, an increase of 81 cents as 11,530 shares traded. The focus remains on the Lasco companies as all three hit all time price highs during trading. Lasco Distributors traded 914,381 units between $1.80 and $1.85 and closed at $1.80. Lasco Finance saw more than 572,500 units changing hands between $1.30 and $1.35 and closed at $1.35 up 5 cents. Lasco Manufacturing closed up 15 cents at $1.80 while trading between $1.70 and $1.86 during trading as 961,967 units traded. Caribbean Creams traded 239,580 units at $1.03 each, General Accident chipped in with 223,645 units at $2.

Proven Investment Preference shares traded 589,390 units valued at $3 million while 10,800 of the ordinary shares traded.

Market intelligence | The supply and demand for some selected stocks reported last week has remained essentially the same so investors should pay attention for timing purposes.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 5 stocks were higher with 3 stocks having offers lower than their last selling price.

JSEIndicesJul9

TTSE: AnsaMcAl trades heavy

Tuesday, 9th July 2013 | Trading activity on the Trinidad & Tobago Stock exchange  took place in 11 securities of which 3 advanced, 3 declined and 5 traded firm. A volume of 878,144 shares changed hands at a value of $24 1 million of which $16,745,549 was by main market stocks and $7,373,701 for mutual funds.

ANSA McAL traded 210,375 shares at a value of $13,989,938 closing 69 cents down at $66.50. Jamaica Money Market Brokers had a volume of 165,987 shares with a value of $74,694, Trinidad Cement contributed 97,696 units with a value of $97,696, while Sagicor Financial Corporation added 27,116 shares valued at $168,119. West Indian Tobacco traded 1,500 shares and closed at $117.50 up 25 cents

Clico Investment Fund traded 327,720 shares at $22.50.

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.

TTSEJul9

FX: Rates mixed but US$ at $101.90

Tuesday, 9th July 2013 | There was $30.17 million in US dollar equivalents purchased by authorised dealers on Tuesday and they sold the equivalent of US$33 million to end users. The amount of US dollar currency purchased was less than the amount sold by US$3.5 million as only US$26.11 million was purchased.

The selling rate for the US dollar climbed 18 cents on Tuesday to close at $101.90. At the same time the buying rate slipped back by 10 cents closing at $101.95, yet the highest buying rate for the US dollar climbed by 40 cents to close at 103.20 and the highest selling rate moved up by 21 cents but there were no changes to the lowest buying and selling rates.

Buying of the Canadian went up by 25 cents to $94.92 and the selling climbed 93 cents while closing at $97.15. The highest buying rate for the Canadian dollar climbed by a mere 5 cents to close at $96.45 and the highest selling rate moved up down by 22 cents and the lowest buying rate moved up by $1.

Buying of the Pound went up by $1.42 to $150.81 and the selling fell by $1.07 closing at $151.36. The highest buying rate for the British Pound fell 70 cents to close at $154 and the highest selling rate moved down by $1.27 to $158.64 and the lowest selling rates increased by 55 cents to $147.55.

FX_TRADE+Currency+Jul9

FX_TRADE+HighLow+Jul9

JSE IPO oversubscribed by 41%

[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 19th 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

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.

FX_TRADE+Currency+Jul8

FX_TRADE+HighLow+Jul8