Iron Rock Insurance rocketed higher in the past week to be the top-performing ICTOP10 stock in the Easter Holiday shortened period with a gain of 23 percent and dropped out of the Junior Market TOP10 listings. Kintyre Holdings was next with a rise of 11 percent, yet still leads the Junior Market listing. Margaritaville is up 10 percent in the Main Market, in a shortened week, with the Junior Market rising just 21 points and the Main Market Index gained a solid 3,271 points.
At the end of the week, the Junior Marlet ICTOP10 main losers were AMG Packaging down 11 percent to close at $2.50, Dolphin Cove falling 10 percent to $12.43 and Elite Diagnostic declining 7 percent to finish at $1.35.
In the Main Market ICTOP10, Guardian Holdings rose 6 percent to $308, and could rise further in the weeks ahead, with the visible supply of shares on offer plunging to less than 60,000 units. VM investments gained 6 percent to close at $2.30, while NCB Financial rallied 5 percent to close at $46. QWI investments was the only stock declining, down 1 percent to $0.78.
In the All JSE ICTOP10, Express Catering replaced NCB Financial, while Limners and Bards returned to the Junior Market ICTOP10.
The average PE for the JSE Main Market ICTOP 10 is just 5.4, well below the market average of 13.1. The Junior Market TOP10 stands at 7.1, just under half the market average of 14.2.
In the Main Market ICTOP 10, 18 stocks have the highest values, accounting for 35 percent of the Main Market, with PE ratios between 15 and 40, with an average of 21 and a PE of 18 for the top half of the market with the highest values.
In the Junior Market IC TOP10, 17 stocks or 35 percent of the market have PEs ranging from 15 to 53, with an average of 21 and a PE of 21 for half of the market with the highest PEs.
ICTOP10 focuses on likely yearly winners. The list includes some of the best companies in the market and others that are not blue chip. In some cases, they include weaker companies that may be oversold and end up on the list. 
ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and remove emotions in selecting stocks for investments.
IC TOP10 stocks will likely deliver the best returns on or around May 2025 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on the receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
At the market’s weekly close, the average PE ratio of stocks was higher at 17.22, based on 2024 earnings and 12.37, based on estimates of 2025 earnings, following the recent updating of earnings for 2025, suggesting an average potential increase of 29 percent for 2025.
Republic Holdings at 140 percent, First Citizens Bank at 90 percent, Trinidad Cement with 380 percent, Eric Solis with a 200 percent potential gain and One Caribbean Media with 330 percent.
At the end of the last week the Junior Marlet lost 57.58 points for a 1.7 percent decline during the past week, the Junior Marlet TOP10 stocks outperformed the market prices of 6 stocks rising and just two declining, in contrast, the JSE All Jamaica index fell 1.5 percent with prices of 6 stock declining and just one rising.
Caribbean Assurance rose 8 percent to $2.69, Limners and Bards rallied 5 percent to $1.15 and Kintyre Holdings popped 4 percent higher to close at 28 cents. Elite Diagnostic fell 6 percent to $1.45.
In the Junior Market IC TOP10, 17 stocks or 35 percent of the market have PEs ranging from 15 to 53, with an average of 22 and a PE of 20 for half of the market with the highest PEs.
Investors should watch Prestige Holdings, which could gain 90 percent and Trinidad and Tobago NGL 380 percent. 
The Jamaica stock market struggled last week, even as interest rates on BOJ certificate of deposits have fallen since last year and seem poised to decline further, with Bank of Jamaica CD rates now under 6 percent currently. The total take from the money market dropped to $83 billion from $160 billion a year ago, and more than $100 billion a few eeks ago, The NIR is at a record high of US$5.79 billion and the price of oil on the world market has delined to just over US$60 per barrel and set to keep pressure on inflation. Profit results, of course, released by several companies are not inspiring enough to evoke increased buying interest across the market. 
During the past week, in the Junior Marlet TOP10, Kintyre Holdings climbed 8 percent to close at 27 cents and Caribbean Flavours gained 5 percent to close at $1.25. Dolphin Cove lost 15 percent to end at $13.99, Caribbean Assurance fell 13 percent to $2.50, as investors await the long delaid 2024 full year results. AMG Packaging declined by 10 percent to $2.50, Dolla Financial lost 9 percent to close at $2.40, Limners and Bards dipped by 7 percent to $1.10 and Express Catering and Elite Diagnostic fell 4 percent to $2.76 and and $1.54 43 spectively.
Based on 2024 earnings estimates, the Main Market ICTOP10 is projected to gain an average of 281 percent by May 2025, providing better values than the Junior Market, that is projected to achieve a 212 percent increase for the same period.
Stocks with the potential to gain more than 100 percent when the market comes back to life, include CIBC Caribbean Bank which could rise by 200 percent, the severely undervalued Guardian Holdings, with a 440 percent potential, Republic Holdings at 140 percent, First Citizens Bank 100 percent, Massy Holdings 50 percent, Trinidad Cement with 340 percent, Eric Solis with a 100 percent potential gain and One Caribbean Media with 330 percent.
The Transjamaican’s public share issue which is 36 percent oversubscribed, diverted funds away from the secondary market, resulting in the ICTOP10 ending with the prices of just two stocks rising in the Junior Market listing while seven declined. In the Main Market listing three stocks rose and six declined.
NCB Financial hit an eight and a half year low of $42 after falling 7 percent during the week after trading as low as $40.10, 38 percent below the $65 the new shares were sold at last year to the public, QWI Investments fell 6 percent to 77 cents and Jamaica Broilers dropped 5 percent to $35.24.
In the Junior Market IC TOP10, 12 stocks or 26 percent of the market have PEs ranging from 15 to 29 with an average of 19 and a PE of 17 for half of the market with the highest PEs.
The average PE ratio of the market closed at 7.74 based on 2023 earnings and 5.67 based on estimates of the 2024 earnings. The difference illustrates the market’s current undervalued level and the potential gains ahead.
In the Junior Market ICTOP10, Dolphin Cove rebounded sharply from its recent fall, with a 9 percent climb during the week to $18.50 and AMG Packaging rose 4 percent to $2.90.
There is one change to the Junior Market ICTOP10 and none in Main Market ICTOP10, with the Junior Market Iron Rock Insurance returning as Dolphin Cove drops out with the B recovery continuing for the stock price following the sharp fall two weeks ago.
The list includes some of the best companies in the market and non-blue chip stocks and in some cases weaker companies that may be oversold and therefore end up on the list. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.