JSE Trading | Proven dominates again
Proven dominated trading again today as it did on Thursday last week. NCB Capital Market purchased nearly US$549,599 of the shares as 5,000,900 Proven’s ordinary shares changed hands, with the bulk of it, 5 million units, being sold by one of NCB Capital Market’s clients which they bought for their own account at US$0.1099 each. Proven also dominated in the preference share segment of the market with its 8% preference shares, trading 9,681,047 units valued at $48,708,793.93, as the stock slipped 6 cents, to close at $5.03. Data shows that NCBCM sold from their in-house portfolio to various clients.
Trading volume came in at 17,658,172 units with a value of $159,616,952.40.
Mayberry Investments sold 1.733 million Scotia Group shares from in-house plus 150,000 units on behalf of one of their clients in today’s trading as Scotia Group saw 2.411 million units trading with a value of $52.98 million. Jamaica Broilers saw trading in 266,098 units, with a value of $1.198 million. Sagicor Investments bought the bulk of the Scotia Bank shares apparently mostly for clients.
In contrast to Scotia, National Commercial Bank traded just 27,610 units at a value of $506,000 but Lasco Manufacturing traded 51,421 units valued at $555.4 million.
At the close the market, the All Jamaica Composite index gained 789.23 points closing at 83,274.18. The main market index, the JSE Index, closed up 448.64 at 84,259.73 points, the junior market index slipped 7.71 to 620.75 mainly due to 47 cent drop in Dolphin Cove shares to $7.92. Also contributing to the fall of this index was a 19 cents fall in Blue Power on 2,404 shares that traded and 10 cents off for Access Financial down to $7 and Consolidated Bakeries off 10 cents to $1.10.
Grace Kennedy gained 50 cents to close at $55.51 and Scotia Bank gained 69 cents to $21.99. Seven stocks closed the day with higher bids than the last selling price. These include Blue Power, Carreras, Ciboney, Dolphin Cove, Jamaica Producers, Kingston Properties and Scotia Investments.
Watch for further advances in the market in the trading days ahead is the message from the market.
TTSE Trading | Republic Banks puts on $1
Republic Bank had the biggest day trading with an increase of $1.08 to end the day at $109.98.
In another moderate day of trading, 550,425 shares crossed the floor of the main market valued at $6,150,572.56. Angostura Holdings traded 430,897 shares (78 percent of shares trading) for a value of $3,878,073, followed by Point Lisas Industrial Port Development Corporation with 47,763 shares for $174,334.95. Sagicor Financial Corporation saw trading in 30,190 shares with a value of $208,317.70, while Neal & Massy Holdings added 24,164 shares valued at $1,425,676.00. Angostura Holdings suffered the day’s greatest decline, falling $0.50 to close at $9.00.
Clico Investment Fund traded 20,425 shares valued at $429,129.25 as the price declined by $0.11 to end at $21.01.
Trading took place in 13 securities of which 2 advanced, 3 declined and 8 traded firm. At the end of trading, there was only one stock with its bid above the last selling price. On Friday there were 5 stocks that closed above their last selling price.
ForEx Trading | FX sell off continues
Authorized dealers were selling the US dollar at JS$99.0276 on average on Monday, but they were paying $98.42 on average to purchase the funds from the public. The prices continued lower than the prior trading day, as was the case all of last week.
Purchases by the dealers amounted to US$41.2 million with sales exceeding purchases by over US$3 million when US$44.36 million were sold to the public. The imbalance between sales and purchases is unusual for Mondays which are normally days when purchases exceed sales. The out turn for Monday suggests that authorized dealers are selling off some of their portfolio. If so, rates could decline more on Tuesday as more sell off takes place.
Interestingly, while the averages are falling, that is not the case for the highest traded selling price which remains at $104.22 with the lowest settling at $82.66 according the daily Bank of Jamaica’s foreign exchange report. The highest buying rate came out at $99.30 and the low $81.16. Rates for the Canadian dollar also fell from Friday’s close while the Pound sterling rates were mixed, with selling being slightly higher than on Friday but the rate for purchasing was lower by $1.70.
