Market activity climbed Thursday, with increased volume and value of stocks passing over the Trinidad and Tobago Stock Exchange, with 120 percent rise in the volume of stocks traded as the value rose twice that on Wednesday, resulting in 20 securities trading the same as Wednesday, with prices of three rising, six declining and 11 remaining unchanged.
Investors traded 1,680,092 shares for $14,416,020 up from 763,837 stock units at $7,220,624 Wednesday. An average of 84,005 units were traded for $720,801 compared with 38,192 shares at $361,031 on Wednesday, with trading month to date averaging 60,038 shares at $543,029 versus 58,471 units at $531,410 on the previous day. The average trade for October amounts to 29,755 at $358,068.
The Composite Index rose 3.92 points to 1,306.95, the All T&T Index rallied 7.59 points to 1,967.62 and the Cross-Listed Index remained at 83.98.
Investor’s Choice bid-offer indicator shows three stocks ended with a bid higher than their last selling prices and three with lower offers.
At the close, Agostini’s remained at $43 after ten shares crossed the market, Angostura Holdings gained 50 cents in ending at $24 after a transfer of 1,656 stocks, Ansa McAl ended at $50 after trading six stock units. Calypso Macro Investment Fund remained at $22.15 with investors transferring 34 units, Clico Investment Fund ended at $30 in exchanging 79,072 stock units, First Citizens Group rose 4 cents to $50.05 in trading 1,328 units. FirstCaribbean International Bank remained at $5.11 with a transfer of 160 shares, GraceKennedy ended at $4.75 with 15,434 stocks crossing the exchange, JMMB Group remained at $1.81 with an exchange of 7,800 units. 
L.J. Williams B share ended at $2.30 in trading 12,958 stock units, Massy Holdings ended at $4.50 after an exchange of 1,500,007 stocks, National Enterprises dipped 1 cent to close at $3.25 after 200 shares changed hands. National Flour Mills shed 1 cent to end at $1.50 in switching ownership of 3,448 stocks, NCB Financial lost 2 cents to end at $4.56 as 2,725 shares passed through the market, Republic Financial rallied $3.99 in ending at $139.99 after exchanging 35,020 units. Scotiabank dropped 10 cents to $77.90 76, with stock units crossing the market, Trinidad & Tobago NGL declined $1 to close at $22 with 6,202 stock units clearing the market, Trinidad Cement remained at $3.60 after an exchange of 13,843 shares. Unilever Caribbean fell 1 cent to $13.78 with the swapping of 68 stocks and West Indian Tobacco remained at $22 as investors traded 45 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on the Trinidad Exchange
Seprod slated to make big acquisition
Seprod is in the process of acquiring a distribution company headquartered in Trinidad and Tobago and is involved in food, grocery, hardware, housewares, pharmaceuticals and beverages.
ICinsider.com gathers the acquisition, which Seprod states is slated to be concluded by the end of May, would about double Seprod’s size in revenues. The target has 1,300 employees and revenues of US$240 million around J$37 billion, just below Seprod‘s sales of J$43 billion for 2021. The group, AS Brydens which is being acquired, also operates in Barbados and Guyana and is expected to boost Sperod’s profit per share, from the majority ownership that they will hold along with others within the Musson Group.
IC Insider.com gathers that Seprod expects to benefit from increased sales of locally manufactured goods through the new linkage.
Jamaica’s remittances up again in October
Total remittance inflows climbed a respectable 8.8 percent for an increase of US$24 million to US$296 million, up from US$272 million in 2020.
The increase continues the robust growth remittance inflows enjoyed since May last year. It puts the total inflows for the year to date at US44 million short of the total intake for 2020, when US$2.905 billion was taken in for the year to the end of December. At the pace inflows have grown, the take for the current year could hit a record US$3.5 billion, data released by the Bank of Jamaica is suggesting.
BOJ’s new website
Visitors to Bank of Jamaica’s website will be greeted by a spanking new look that is completely different from the former site.
A brief look and navigation of the site appear to make it easier to navigate the new one compared to the former, with certain information that appears easier to find. The format for some of the information also looks different and, in cases, more appealing form than the previous ones.
JPS slackness
Many Jamaicans have been paying their JPS bills through the MYJPS web portal for years, but the company does not have the decency to advise persons making payments by that method that they are making changes to the system.
In August, the site was not operational for days, but JPS still charged persons using that system, late fee, although it was not the customers’ fault. In September, the site was operational, but now the site is gone. A call to JPS confirms that they have migrated to a new system; as such, the old information will have to be inputted allover. This is awful customer service.
This is not the approach that the company should take. Clearly, the customers are not important, if they were, they would have been informed and efforts would have been taken to migrate to information over to the new system.
Richard Byles next BOJ governor
BOJ interest rate & cash reserves cut will help push demand in the economy.
Word reaching IC Insider.com is that the next Governor of Jamaica’s central bank will be the past CEO of Sagicor Group, Richrad Byles.
Byles has a bachelors degre in economics from the University of the West Indies and a Master degree in National Development and Planning from the University of Bradford. He is widely accepted to have played a major role in transforimng both the PanJam group and Sagicor Group.
Bryan Wynter who serves as the current governor of the central bank demits office later this year.
Wisynco to distribute JP Snacks
An announcement is set for today, that the Wisynco Group has picked up the distribution of certain Jamaica Producers’ products.
A check with a spokesperson for Wisynco indicated that they could not confirm the distribution agreement. It is unclear whether the new distribution agreement is only for the Jamaican market or if it includes other markets as well.
Other sources had indicated the distribution was for Tortuga Rum Cake Jeffery Hall, Managing Director of Jamaica Producers 62 percent shareholders in Tortuga International Holdings manufacturers of the rum cake, told IC Insider.com that the distribution of Rum cake remains with Select Brands who have indebt knwoledge of the market for the Rum Cake. Tortuga International had revenues of $879 million in 2018 according to the group’s audited accounts and was negatively affected by hurricane in the region, Hall stated.
Wisynco confirmed that the company are now distributors of packaged sugar for the Pan Caribbean sugar company in Frome as well as Appleton Sugar factory. Seprod is also said to be co distributors as well for the pacaked Appleton sugar.
Some impressive profit results
The latest set of listed companies to report financials show an array of impressive profits for a number of them, turn around situation in one and flat results for a few.
C&W reported a small loss of $138M for 2017 before tax.
Cable and Wireless reported a very small loss for 2017 down sharply from a billion loss in 2016 and is about to break out into a highly profitable period starting in 2018. The company that has chalked up accumulated losses of more than $48 billion reported losses of only $138 million before tax for 2017, and just $383 million after tax, flowing from a 9 percent rise in revenues to $27 billion with a big rise in mobile revenues by 54 percent to $15 billion while interest cost at $5.2 billion the company lost the year, down from a loss of $1.4 billion in 2016. With the sharp fall in interest rates locally interest cost should drop by around $2 billion in 2018 and plunge the company into an excellent profit position with continued growth in revenues. Unfortunately, the parent company wants to take over the company at a low price, after local shareholders have suffered losses for many years at just the stage when good times seem to be returning.
Newly listed FosRich Group posted an 81 percent increase in profit to $55 million and earnings per share of 14 cents from revenues that fell 9.5 percent to $1.05 billion, but helped by other income of $42 million comprising mostly interest and foreign exchange gains.
Jamaica Producers enjoyed strong gains in operating profits with an increase of 77 percent to $662 million after adjusting the 2016 results for non-recurring gains of $3.7 billion. Operating income for the year was up an impressive 34 percent resulting in gross profit rising from $3.24 billion to $5.14 billion. Earnings per share came in at 59 cents.
Stationery and Office Supplies that listed in August last year enjoyed a 29 percent bounce in revenues for the full year and 37 percent rise in the December quarter to record full year revenues of $906 million and a 78 percent rise in profits to $83 or earnings per share of 38 cents.
Kingston Wharves profit climbed 18 percent from $1.29 billion to $1.63 billion for 2018 from revenues that moved from $5.41 billion to $6.37 billion for a rise of 28 percent and ended with earnings per share of $1.14.
Grace Kennedy continues to struggle to increase profits ended 2018 with flat results of $4.15 billion versus $4.12 billion in 2016. The 2016 figures and one off gains that makes the 2018 better that it appears on the surface. Revenues rose from $88.3 billion to $92 billion in 2018 and other revenues slipped from $2.38 billion to $2.1 billion. The group reports $4.15 in earnings per share.
FosRich profit rose 77% for 2017.
Supreme Ventures reports earnings per share at $44 cents from profits that are virtually flat with 2016 results coming from a 25 percent rise in revenues to $56.2 billion. Profit for the year ended at $1.197 billion from $1.178 billion. The 29017 suffered from write off of assets and impairment amounting to $484 million while repairs and maintenance rose by $110 million.
The 2017 listed Victoria Mutual Investments reports a 9 percent rise in profits to $346 million from a 19 percent rise in net income of $966 million and produced earnings per share of 29 cents.
Elite IPO fully subscribed
Elite Diagnostics could be in the Junior Market TOP 10 by the end of 2018.
Word reaching IC Insider.com from usually reliable sources, is that the much delayed Initial Public Offer for Elite Diagnostics was oversubscribed before the revised prospectus was posted on the Jamaica Stock Exchange on Monday.
The company is issuing just over 70 million shares at a price of $2 each and a PE ratio around 9 times estimated 2018 earnings and just under 6 times 2019 estimated earnings. The shares were to have officially opened on Monday January 22, but was put off until Wednesday 24, following amendment to include depreciation that was omitted from interim results to September, and then was pulled to correct errors in the interim results balance sheet and cash flow statement. The issue will now officially open on Monday February 5 and is expected to list on the Junior Market of the stock exchange that will see profit being tax free for 5 years and at half the regular rate for the second 5 years. Brokers for the issue are NCB Capital Markets and Sagicor Investments.
Trading on JSE’s main market sinks – Monday
Trading activity on the main market ended on Monday as 25 securities changed hands, leading to 3,323,821 shares valued at $32,670,539 changing hands, with the prices of 7 stocks rising, 11 declining and 7 trading firm.
At the close of the market the JSE All Jamaican Composite Index dipped 36.79 points to 312,175.12 and the JSE Index lost 33.52 points to 284,426.84.
In main market activity, Barita Investments ended at $8, with 1,774 stock units, Cable & Wireless concluded trading at $1.35, with 22,165 units, Carreras finished with a loss of 1 cent at $11.29, with 47,138 shares, Caribbean Cement settled with a loss of 10 cents at $32.50, with 4,300 shares, Ciboney Group ended trading at 22 cents, with 800 shares. Grace Kennedy traded with a loss of 60 cents at $42.50, with 15,000 stock units, 
Jamaica Broilers finished trading 50 cents higher at $18.50, with 15,969 units, Jamaica Producers closed with a loss of $1 for the second day in a row, to close at $15, with 3,000 shares, Jamaica Stock Exchange ended with a loss of 35 cents at $6.65, with 8,489 shares. JMMB Group concluded trading with a loss of $1 at $24, with 12,937 shares, Kingston Wharves settled with a loss of 50 cents at $33, with 2,685 units, Mayberry Investments ended trading 10 cents higher at $5.85, with 419,093 shares, NCB Financial Group traded 85 cents higher at $100.85, with 88,617 shares. 1834 Investments finished trading at $1.20, with 11,700 shares, PanJam Investment ended 50 cents higher at $40.50, with 2,405 units, Portland JSX concluded trading at $11, with 814 shares, Pulse Investments finished 5 cents higher at $2, with 214,000 shares. Radio Jamaica settled with a loss of 5 cents at $1.05, with 18,744 shares, 
Sagicor Group ended trading at $35.20, with 7,022 stock units, Sagicor Real Estate Fund ended trading with a loss of 20 cents at $14, with 42,280 shares. Salada Foods traded 5 cents higher at $12.55, with 100 units, Scotia Group finished trading with a loss of 95 cents at $50.05, with 4,487 shares. Supreme Ventures concluded trading at $11.50, with 254,605 stock units, Victoria Mutual Investments finished with a loss of 11 cents at $4.01, with 1,225,416 units and Wisynco Group settled 25 cents higher at $10.45, with 900,281 shares.
Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “JSE main market slipped – Monday.”
