The star performer for the week was iCreate, up 132 percent and Supreme Ventures, with a 30 percent price movement in the market during the week, but several ICTOP10 stocks had some noted moves as well.
iCreate hits a low of 80 cents on Thursday.
iCreate, more than doubled, surging from the previous week’s $1.36 close to $3.16. The move coincides primarily with two acquisition announcements with little or no information given as to the cost and funding, leading to wild speculation in the stock. Supreme Ventures (SVL) stock jumped to a 52 weeks’ high of $33.41 from $24.49 at the end of the previous week. The SVL was more solidly based as the company reported solid increased profits for the March quarter as investors pushed the price sharply higher in response.
There are two changes to this week’s ICTOP10 listing. Lasco Distributors returns to the Junior Market TOP10 as Stationery and Office Supplies slipped out. The latter rose 15 percent to close the week at $9.11. The expectations are that the company will have blowout first quarter results, helped by school opening and following a strong 2021 fourth quarter. The Main Market welcomed back Jamaica Stock Exchange share that will benefit from an upsurge in trading activity in the first quarter as Scotia Group fell out, still looking attractively priced at $35.20, with Bank of Jamaica increasing interest rates is positively impacting the results.
The Junior Market ended with three stocks rising from 8 to 15 percent. Caribbean Assurance Brokers climbed 10 percent for the week while Jetcon Corporation rose 8 percent to close at $1.40. Declining were Lasco Financial, down 8 percent and Access Financial and AMG Packaging, down 5 percent, as buying eased markedly following improved results released at the close of the market ahead of the Easter weekend. Investors seem not to be factoring in cost savings and increased efficiency that the newly installed machine brings to the business following the close of the recent quarter. With a 5 percent rise, Guardian Holdings was the biggest mover in the Main Market.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 14.8, while the Junior Market PE for the Top 10 sits at 6 versus the market at 13.8. The Junior Market TOP10 is projected to gain an average of 249 percent by May 2023 and the Main Market 200 percent.
ICTOP10 focuses on likely yearly winners; accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023. They are ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
