Thursday, 3rd October 2013 | Investors came to the rescue of Carreras stock in today’s trading as the price closed up by $3 to $46 from Wednesday’s $43 closing prices. Investors bought 44,019 units between $42.99 and $48 before allowing it to fall to $46, the last traded price for the day. The big question is the sustainability of the rise with few very active bids amounting to approximately 50,000 on bid between $42 and $46 with quite some supply below $49 or lower. The eagerness, or lack thereof, of investors to get out will probably determine where the price goes in the several weeks ahead of the next quarterly results.
The all Jamaica Index closed down by 506.35 to 85,322.57, the JSE index closed at 85,040.74, decline of 287.78 and the junior market was up 3.31 to 772.63, on a day when 12 stocks advanced, 5 declined and the prices of 10 remained unchanged. There was trading in 8,723,711 units with a value of $181,118,390.
Big Trades | There was big trades in Grace Kennedy 503,800 units closing at $56.50 for a total value of $28.22 million as the price held firm at 56.50; Pan Jamaican Investment 1.87 million units valued at $91.5 million as the price closed at $49 down by a dollar; National Commercial Bank trading 2,844,771 units with a value of $52.4 million to close at $19.33, up by 33 cents after falling as low as $18.11 shortly before the close. The bulk of the trades in Grace was a cross by one broker amounting to 500,000 units but those for Pan Jam and NCB were trades with third parties. This suggest that there is wider interest in owing stocks by large investors.
Cable & Wireless traded 499,886 units and close up a cent at 19 cents; Caribbean Cement gained 12 cents and closed at $2.20 with 39,159 units; Jamaica Broilers 125,847 units resulted in a close at $4.60, down 19 cents; Jamaica Money Market Brokers 190,000 closing at $8 up 20 cents; Mayberry Investments 5,000 at $2.70 up 10 cents; RJR gained 8 cents to close at $1.40 but with only 100 shares trading; Scotia Group traded only 24,563 and closed at 22.84 up $1.54; Supreme Ventures chipped in with 27,100 units and closed firm at $2.55; Proven Investments 8% had 909,000 units valued at $4,624,810 trading, as the price closed unchanged at $5.09.
Junior market | Blue Power 11,000 shares were exchanged at $9.30 down 20 cents; Caribbean Cream 48,174 units traded to close firm at $1; Cargo Handlers gained 70 cents to close at $13.70 with 6,005 units changing hands. Consolidated Bakeries 67,110 units changed hands 18 cents cheaper, to close at $1.21; General Accident Insurance had 81,100 units changing hands, the price closed at $1.99, up 14 cents; Jamaican Teas 553,636 units traded firm at $4; Lasco Distributors traded 17,000 units and closed at $1.48 up 2 cents; Lasco Financial Services traded up to $1.25 with a 4 cent gain as trading took place in 394,595 shares and Lasco Manufacturing chipped in with 382,839 units with the price falling to $1.52, down 3 cents.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 3 stocks being higher and 4 stocks with offers lower than their last selling price.
