Tuesday, 25th June 2013 | Stock prices continued to retreat today with 11 stocks declining and 8 gaining, the third day in a row that this has been so. The junior market index fell marginally but the major indices fell with the all Jamaica declining by 889.68 points to close at 88,742.30 and the main market slipping 505.36 points to 87,263.84 at the close.
Trading picked up with more than twice the number of shares traded today than yesterday as 5.8 million units changed hands with a value of $58.9 million, compared to 2,507,546 on Monday at a value of $23.7 million.
Juniors up | Eleven stocks traded in the junior market as the index closed at 788.83 down 3.5 points with 4 increasing in price and 3 falling. Blue Power closed at an all-time closing high of $10.50 up 50 cents on the day as just under 22,000 shares traded. Consolidated Bakeries closed up 25 cents at $1.60 having recovered most of the amount lost after the company reported poor 2012 final results. Jamaican Teas lost 38 cents to close at $4.01 with 10,938 shares changing hands. Paramount traded a mere 1,000 shares and fell 25 cents to close at $3.30. Lasco Manufacturing traded 1.23 million shares between $15.55 and $16 but closed at $15.55. Lasco Distributors traded 1.04 million shares between $15.50 and $15.55, gaining 1 cent to close at $15.51, an all-time closing high after the stock traded at $16.50. Caribbean Producers traded 422,635 shares and General Accident traded 210,139 units to close at $2.
Main Market | Although the overall market enjoyed nearly $59 million of trading only $21 million came from the main market as the two large Lasco companies accounted for $35 million of the amount traded. The market sentiment suggest that profit taking is occurring for a number of stocks hence the price pull back. Carreras again lost ground shedding 50 cents to close at $56 as 65,925 units valued at $3.7 million traded.
Companies that had noticeable price action included Carreras which lost $1.40 to close at $56.50, Desnoes & Geddes losing 20 cents to close at $4.80 after trading 144,000 units as high as $5. Grace traded 23,932 shares as the stock closed at $59.60, down 50 cents. JMMB which traded 71.1 million shares (Monday 7,874 shares) as the price moved back to $8, up 50 cents on the day. The bid for 1 million units at $7.60 is still posted providing some down side support for the stock. National Commercial bank lost 49 cents while trading just under 11,000 shares to close at $20.06. Pan Jamaican Investment lost $0.48 to close at $50.52 with moderate volume, and Scotia Group trading down 80 cents at $21.20 while trading 60,868 shares.
IC bid-offer Indicator | At the end of trading, the IC bid-offer market sentiment indicator shows that bids for 6 stocks were higher, with 3 stocks that had an offer lower than their last selling price. The main market should continue in a flux for a few more trading days as investors get accustomed to the tighter liquidity in the financial market.
