JSE: Advancing stocks clobber decliners

Friday, 23rd August 2013 | The market turned around today having lost altitude fairly sharply on Wednesday and Thursday with the prices of 11 stocks increasing to just 4 the at fell. Importantly, at the end of trading 10 stocks had bids that were above the last traded price with a mere 2 that had offers below the last price — a pretty bullish indicator — but this is after 2 two days of decline and will be worth watching.

The market traded 10,030,006 shares valued at $78.4 million with Jamaica Money Market Brokers being the dominant trade on the last trading day of the week with 6 million units valued at $48.5 million as the price gained 7 cents to end the day at $8.10. Jamaica Money Market Brokers sold 1,992,204 for a client at $8.10 to Mayberry Investments on behalf of a client. JMMB crossed the rest on behalf of clients. Caribbean Cement continues its relentless run with the price closing at a new 52 weeks high of $3 but not before it traded as high as $3.30, having recovered from a low of 60 cents earlier this year. A volume of 431,780 was the level of trading as the price gained 35 cents.

Main Market trades of note | The all Jamaica Index gained just 34.67 points to close at 84,854.71 and the JSE market index moved up by 19.70 to close at 85,086.16. Stocks trading with reasonable volume were Carreras 99,390 units at a value of $4.87 million as the stock closed at $49, Grace Kennedy 73,795 shares valued at $4.2 million and had a closing price of $57 for a gain of 25 cents, Kingston Wharves 389,475 valued at $2.9 million, between $7.40 and $7.70 but closed at $7.40 down10 cents, Sagicor Life Jamaica 149,000 at $1.2 million to close at $8.30 after shaving a cent off Thursday’s price and Scotia Group with 146,208 units with a value of $3 million, the stock closed at 21.03, up a cent.

JSEIndicesAug23JMMB 8.75% traded 216,447 at $3 valued at $649,341 and Proven Investment 8% preference shares traded 2.06 million units valued at $10.485 million while the ordinary shares, which are quoted in US dollars, traded 3,900 units at US12 cent.

Junior market | Trade in the junior market was light with stocks of only 7 companies trading, with the index inching up 1.33 to 783.46. Caribbean Cream traded 120,000 units at $1.05 the same price as Thursday, Caribbean Producers gained 7 cents while trading 10,104 units to close at $2.10, Lasco Distributors had trading in 102,609 shares, gained a cent to close at $1.55, Lasco Financial Services traded 45,040 shares, closed down 3 cents to $1.45 and Lasco Manufacturing lost a cents to $1.58.

Eppley shares have still not traded but the bid remains at $400 for 423 units. There are no stocks on offer at the close of trading.

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