JSE: Carreras tumbles

Tuesday, 27th August 2013 | Carreras lost ground as the closed at $47, a 52 weeks low, with just 7,868 shares trading between $47 and $48.52, losing $2 in the process as demand for the stock evaporates following the smoking ban in public spaces and the sharp drop in profits in the June quarter. The stock seems destined to decline further as there are 343,835 units on the offer at $49 but only 6 bids for about 12,000 shares at the close with 10,000 of them at $42.01.

The market lost some ground in trading with the advance decline ratio being evenly matched with 9 stocks advancing in price to 10 that fell, the closeness is reflected in the small movement of the all Jamaican Composite Index that closed at 84,635.17, a fall of just 56.52 as the stocks of 31 companies traded, one of the highest numbers for some time. Thanks to a $1 fall in the heavily weighted First Caribbean International Bank, the Main Market Index dropped to 84,650.06, down 286.62. Trading resulted in 2.42 million units at value of $20,314,792.

Caribbean Cement lost ground after a relentless run, which took it from under a $1 prior to the release of the six months results, in trading 20,100 units to close at $2.75 a decline of 25 cents. On Friday last, the stock traded as high as $3.30. Grace Kennedy closed at $56.70 with 11,825 units changing hands as the stock lost 30 cents. Jamaica Money Market Brokers traded 69,034 to close at $8, down 3 cents; Jamaica Producers Group was the big trader on the day with 552,027 units valued at$10,045,787 at a closing price of $18.20 which is up 70 cents on the last traded price on Monday; National Commercial Bank had one of the better trading days for some time with 133,650 units at a closing price of $18.62, a 2 cents increase as trading accounted for $2,488,524.

Sagicor Life Jamaica contributed 35,895 units to trading at a closing price of $8.15, up 5 cents; Scotia Group chipped in with 27,963 units at a closing price of $21.05 up a cent and Supreme Ventures had 30,000 units trading at $2.65 up 10 cents. Salada lost 50 cents to close at $8.50 with 1.170 units.

JSEIndicesAug27Junior market | Ten junior market stocks traded, resulting in prices rising for 5 and falling for 2, helping to move the index up by 4.48 to 789.67. Stocks trading in worthwhile volume are Access Financial Services, 97,481 closed at $8.50 up 25 cents; Blue Power Grou, 166,271 closing at $10 for an increase of 50 cents; Caribbean Producers, 49,000, at a closing price of $2.03, down 7 cents; Dolphin Cove, 24,978 at $8.50 up 30 cents; Lasco Distributors contributed 63,652 units and closed at $1.46 off 9 cents on the day; Lasco Financial Services 956,518 units at $1.41 down 9 cents; Lasco Manufacturing 43,154 traded firm at $1.60 up 2 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks were higher with 4 stocks having offers lower than their last selling price. This ratio continues to reflect a weakened position for the market at least for the time being.

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