Wednesday, 31 July 2013 | The Jamaica market closed today with stocks of 26 companies trading as a volume of 3,441,374 valued at $23.9 million traded. Only 5 stocks advanced to 10 declining as all the indices with trading lost altitude.
The day brings to an end a month when for every week there were net declines in the market, which is a carryover from June when only one in 4 weeks recorded a net gain. The results of companies now being released will have a telling impact on prices over the next several weeks. The signs are there. Grace which posted a 41 percent increase in the second quarter results moved back up today in price, Lasco Manufacturing lost its zest with a 10 percent decline in profits while Lasco Financial with a 50 jump in first quarter profits looks as if it will go higher.
Trades of note Main Market | The all Jamaica Index shed 247.46 points to close at 86,625.92 and the JSE market index fell by 140.64 to close at 86,063.98.
Cable & Wireless traded 643,455 units between 14 cents and 15 cents but closed at 14 cents. Carreras was again dominant in the market with a volume of 171,767 units valued at $8.6 million. Desnoes & Geddes chipped in with 126,748 units and closed at $4.70, the same as Tuesday’s last selling price. Grace Kennedy saw $7.6 million being expended on 135,000 shares as the stock regained yesterday’s loss by putting on $2.90 to close at $56.50 in response to the strong second quarter results. Jamaica Broilers had just 52,971 units trading and closed at $5. Mayberry enjoyed a day of trading when 332,000 units crossed the exchange at $2.60. Sagicor Life gained 40 cents to close at $9 with 66,145 units changing hands. Supreme Ventures traded 80,250 units closed at $2.90 and lost 10 cents in the process. National Commercial Bank and Scotia Group traded relatively light volumes and their closing prices were stable.
Junior market | 9 stocks in the junior market traded with 3 advancing and 3 declining. Lasco Manufacturing traded 1 million units and closed at $1.45 losing 15 cents in the process. Lasco Distributors traded 256.900 units and closed at $1.50 while Lasco Financial traded 148,186 shares gained just 4 cents to $1.60. General Accident had 270,446 shares changing hands and closed at $1.96. No other major trades took place.
Eppley shares that were listed on Monday is yet to have a bid and offer to date.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for an elevated 8 stocks were higher with 2 stocks having offers lower than their last selling price.
Results ticker | Paramount Trading released audited results to May showing profit of $73,348,356 versus $53,374,640 in 2012 after tax. Carreras suffered a major reversal in its fortunes with a major drop in profit after tax for the first quarter to June this year, which is down by 40 percent to $485 million compared with the same quarter last year $806 million.
Barita Investments showed vastly improved numbers for the June quarter with profits up with $98.899 million compared to $48.46 million. The results swung the loss for the year to date at the end of the second quarter to a profit at the end of the latest quarter.
Salada Foods reports lower profit in the June quarter than for the same period last year. Profit came in at $42 million after tax and $95.4 year to date versus $52.49 and $106.6 respectively.
