April T-Bill cacelled as GOJ cash surges

Regular issue of Treasury bills would normally be held by the 19th of April but none were offered this time around based on the absence of an announcement by the Central Bank of Jamaica.
When the last issue of Treasury bill closed on Friday, 15 March 2017, the Bank of Jamaica stated that applications for the next offer of Government of Jamaica Treasury Bills must be lodged at the Bank of Jamaica by 10:45 a.m. on Wednesday, 19 April 2017. Bank of Jamaica acting on behalf of the government would make an announcement of the date and amounts for the upcoming issue. The website of Bank of Jamaica carries information when the public is being offered news bills and the result of the issue, a check on the site throws no information on the April issue, with no announcement no explanation for cancelation of the issue.
At the end of February, data out of the Ministry of Finance showed a budgetary surplus of $17.5 billion in revenues above forecast and a cash deficit of $5.5 billion. With March projected to generate large net inflows of revenues over outflows, the central government would not need to borrow from the financial market. Inflows was projected at $72 billion and expenditure at $35 billion for March, if achieved would result in a surplus of $30 billion for the financial year.

Is C2W Music rebounding?

C2W Music is reporting profit of US$42,573 for the 2016, representing a major improvement over the years of losses since it listed on the Junior Market of the Stock Exchange a few years ago.
In 2015 the company lost US$18,510. Profit arose from fees and royalties amounting to US$$40,569, up from US$7,048 in 2015 and other income of US$26,180 compared to US$14,476 in 2015 an lower administrative cost.

Jamaican Teas ex split Thursday

Shareholders of Jamaican Teas will consider a 2 for 1 stock split at their Annual General Meeting scheduled for tomorrow April 12, to be held at the Courtyard Marriott hotel in Kingston.
The resolution which will be considered will see a recommendation being put forth, for the authorized shares to be increased to 1 billion units from 500 million units.
The issued shares will move from 337,416,730 units at the end of September last year, to 678,833,460 shares of no par value. Subsequent to the 2016 year end, directors exercised the option to acquire 2 million new shares under a share option plan, thus increasing the number of issued shares prior to the record date of April 19. The stock is slated to start trading ex-split on Thursday April 13. in 2016, the company also approved a 2 for 1 stock split as well.
The shares traded on the Jamaica Stock Exchange Junior Market at $7.75 on Tuesday.

Increased tax pushed JPS profit down

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Jamaica Public Service Company (JPS) reported lower profit for 2016 after profit tax after profit before tax increased from US$30.83 million to $33 million. Taxes more than doubled to US$8.94 million cutting profit to US$24 from US$26.5 million in 2015.
While the Jamaican economy grew nearly 1.5 percent in 2016 JPS’ gross revenues went in the opposite direction, falling to US$713 million from US$759 million. The decline in revenues could well be attributable to an increasing switch to solar energy by many corporate clients which may continue for a while as the cost of installing solar declines.
Gross profit contracted to $284.7 million from $286.2 million. Operating expenses rose by $20 million to $220 million leaving operating profit at $64.4 million well off from $86 million in 2015. Net finance cost hit $39.8 million down from $42.58 million while the company garnered $10.37 million from other income compared to $2.45 million in 2015.
Equity grew to $395.4 million at the end of 2016 up from $366.9 million. The company borrowed $369 million at the end of the year. JPS reports their results in US dollars.
JPS has a number of preference shares listed on the Jamaica Stock Exchange but so far the ordinary are not listed.

Sagicor Group ups dividend

Sagicor Group Kingston head quarters.

Shareholders of Sagicor Group Jamaica are set to enjoyed an increase in the dividend for 2017 as the group has just announced an increase of 4 cents over the amount paid for the similar period in 2016.
The group in declaring the first dividend of 2016 has set a later date for payment than in 2016 with the a payment of Seventy Cents per share, payable on May 5, to shareholders on record as at April 24. The ex-dividend date will be April 20.
Last year Sagicor paid an interim dividend of sixty-six cents per share on April 19 and on November 25, 2016 an interim dividend of Forty-five Cents was paid, for a total for the year of one dollar and one cent or just under 35 percent of the profits.
Last year the company reported profit attributable to stockholders of $11.26 billion up 15 percent from the $9.79 billion earned in 2015, with earnings per share ending at $2.90 for 2016. Total revenue for 2016 amounted to $59.7 billion up from $55 billion in 2015.
The company’s shares closed trading on the Jamaica Stock Exchange on Thursday at $34, and is up from $23.10 at the same time last year, for a gain of 47 percent, just below the movement in the all Jamaica index of 47.5 percent, over the similar period.

2 for 1 stock Kingston Properties stock split

Gary Sinclair chairman of Kingston Properties

Shareholders of (KPREIT) will see the number of shares owned doubling when they voted to split the existing shares into two units at the Annual General Meeting scheduled for May 16, 2017.
The company’s Board of Directors took the decision on March 31, to recommend to the shareholders of that each of the 500,000,000 ordinary shares in the capital of the Company be subdivided into two ordinary shares each thereby making a total share capital 1,000,000,000 ordinary shares.
On March 6, the directors reported to the Jamaica Stock Exchange that they would be recommending a stock split to shareholders. The stock traded before the announcement at $11 moved up after to a record $16.35 on March 16 and remain sat that price on April 3.
The directors at the same meeting approved a dividend to shareholders on record as at April 18 in the amount of US$0.00124 per unit. The payment date is May 9 and the X-dividend date is April 12.

Dolphin Cove late dividend

Dolphin Cove.

The Board of Directors of Dolphin Cove is just announcing that they declared an interim dividend of 20 cents per share that is payable on April 4, 2017.
The only problem is that the public was not made aware of it until late on Monday when it was posted on the stock exchange website. Investors in the stock would not have benefited from the announcement as the record date has long gone from March 16, 2017. The ex-dividend date was March 14, 2017.
The company paid dividends of 20 cents per stock unit in May, August and November last year. The stock last traded at $18 on the junior market of the Jamaica Stock Exchange and is up from $15.50 at the start of 2017.

$m in dormant accounts for Government

Government of Jamaica could end up getting several million dollars that currently sits in dormant accounts in the country’s banks without any transactions since 2001.
The amounts go from a high of $7 million for a resident of Christiana in Manchester to a low of a few dollars and is followed by an account with $3.26 million, for a resident of Clarendon, two accounts of more than $1 million each are listed and 3 in excess of J$853,000. Also included is an amount of US$27,022 for a resident of Hartford, Connecticut ,USA with the list including amounts of US$15,760, one for US$13317, US$ 11,857 and US$11,497.
The list which includes accounts for Bank of Nova Scotia, Citibank, First Global and Sagicor Bank, comprises around 15,000 accounts and is published in the Saturday Gleaner.
According to the notice, depositors have one year to claim the amounts, failing which they will be forfeited by the state.

World oil prices tumble

World oil prices tumbled to trade around three-month lows on Monday, as rising U.S. inventories and drilling activity overtakes investors previous bet that OPEC’s efforts to restrict crude output would keep prices high for a long period.
Brent crude fell to a session low of $50.85, its lowest level since November last year while US West Texas Intermediate crude (WTI) to $48.34 a barrel. Reuters News stated that the price has fallen by more than 8 percent since last Monday, its biggest week-on-week drop in four months.
If prices hold at these levels it would mean lower imports for the Caribbean region and lower inflation for most countries within the region that are highly dependent on the imports of oil.
Jamaican motorists should enjoy a slight ease with new taxes being added to petrol at the pumps. With prices softening, Jamaica edging strategy needs reviewing as the price target for it around $70 a barrel is not on the radar anytime soon, barring some unusual negative development.

Jamaica stock price confusion

There was confusion on the Jamaica Stock Exchange on Friday with investors being left uncertain about the closing prices of some stocks. AMG Packaging should have been trading with the opening price at $4.87 with a maximum tradable price on that day of $6.33. The stock market traded platform showed that the stock traded at $11.03 and then at $18.03, with the latter being cancelled in the morning session only for it trade back at that level with the market closing, showing the price at $18.30, subsequently, all trades were cancelled. Jamaican Teas last traded at $6.45 cents but the JSE official price has the last trade at $5.60 while the trading platform showed Blue Power last trading at $26 but the official price was $43.70.

tTech, one of ICI Insider.com top selections for 2017.

Insider trade for tTech

Trading in stocks by persons closely connected with the management may be sending signal as to future prospects. Of course that is not always the case. tTech stock price enjoyed major gains of 164 percent, since listing last year January at an IPO price of $2.50. With such gains, when a director buys a reasonable volume around $6.60, the investing public may need to take keen note. Last week the company advised that a Director purchased 200,000 units of its shares on March 8, 2017.

Broiler’s Haitian profit jumps 161%

Jamaica Broilers

Sales of table eggs in Haiti, penetrated the Haitian market sharply for Jamaica Broilers, with market share nearly doubling to 21 percent of the market up from 13 percent in 2015, the company reported in their latest fiscal quarterly, to January this year.
The growth helped profit in the Caribbean division to climb 161 percent from $115 million to $299 million. Net Profit from continuing operation climbed 25 percent to $721 million up from $579 million for the January quarter and rose by just 4 percent to $1.55 billion compared to $1.49 billion for the nine months to January. Earnings per share ended at 60 cents for the quarter and $1.29 for the nine months and should end up around $1.70 for the full year, from net profit of $2 billion with 2018 fiscal profit preliminarily forecasted by IC Insider to be $2.
Revenue for the group climbed 12 percent to $11.7 billion in the latest quarter from $9.9 billion and $32 billion compared to $28 billion for the nine months to January.

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