Wednesday, 14th August 2013 | Activity was very moderate on the local stock market as just $15.7 million of stocks traded, accounting for 4 million units. 8 stocks advanced in price and 6 declined. All the indices fell marginally with the exception of a rise in the US index. The all Jamaica Composite index shed 153.81 closing at 85,746.49, the main Market Index fell by 87.42 to close at 85,565.16 and the Junior Market Index dipped 2.60 to 795.41.
Cable & Wireless accounted for the bulk of the shares traded with 2.5 million units at 19 cents. Jamaica Producers released results for the June quarter and accounted for the bulk of the amount traded of $5.48 million as the stock gained $1.06 to close at $18.25. Other stocks to trade with reasonable volumes or price changes were, Carreras with 37,751 units to close at $50, off 3 cents but the stock traded as low as $49.25. Desnoes & Geddes traded 41,553 units at $4.61, off 9 cents. Grace Kennedy 25,300 units, firm at $57, National Commercial Bank with 29,962, dropping 70 cents to close at $18.50 but traded as high as $19.20. Scotia Bank 89,729 units at $21.07 and Scotia Investments 66,000 units to close at $28 having traded as low as $27.
Junior market | Activity has moderated since the hectic trading before the end of July with the stock split of the Lasco companies. Eight companies traded in this market as Caribbean Cream traded 154,958 units at $1.07, Lasco Distributors put in 350,600 shares at $1.55, gaining 4 cents, Lasco Financial Services had 46,000 units changing hands, with a closing price of $1.45 and Lasco Manufacturing had 63,108 units trading and closed at $1.58.
One stock C2W Music reached $1, a new low since listing. The company reported results today showing continued losses.
There still has been no trading in Eppley shares since listing, the stock now has a bid at $350 for 449 units.
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 1 stock with an offer lower than their last selling price.
After the bell | Pan Jam released lower profits for both the June quarter and year to June. Profit for the June quarter was $486 million attributable to shareholders, compared to $468 million in the 2012 quarter, an increase of 4 percent. For the 6 months ended June this year, profit was $710 million compared to $970 million for 2012, a decrease of 27 percent.
JMMB first quarter results to June show a big jump in profits from ongoing operations of J$832 million and earnings per share of J$0.46 for the quarter ending June 2013, compared to $470 million in 2012.
Seprod enjoyed a bump in profit in the June quarter of $312 million versus $161 million in 2012 and year to June $542 million versus $453 million in 2012. Both periods in 2013 were boosted by a $107 million gain from sales of equities.
Monetgo Ice reported improved results for 2013 of $3.5 million versus a loss of $590,000. Gains from foreign exchange earnings that increased by $3.5 million played a big role in the improvement.
Cable & Wireless reported increased loss for the first quarter to June amounting to $826 million compared to $430 million in 2012. The worsening position is due to increased spend in certain areas and reduced revenues offset by some areas of cost savings.
Jamaica Producers reported after tax profit due to the company’s stockholders of $73 million in the June quarter against $46 million in the 2012 period and for the six months $158.5 million versus $112 in 2012.
Dolphin Cove reported profit for the six months to June of $221 million compared to $195 million in 2012 and for the three months to June $103 million versus $84 million.
Proven Investments net profit after tax grew to US$1,033,815 from US$845,876 in 2012 June quarter.
KLE Group is reporting a worsened loss position for both the June quarter and year to date with a loss of $36 million in six months while in the 2012 period the loss was $9 million.
C2W Music reported a loss of US$345,855 for the six months to June 2013. For the similar period in 2012, the loss was US$131,284. There was just US$1,803 income for the period.
