JSE majors searching for direction

The JSE market indices declined marginally for the third consecutive day on Friday even as more stock rose than fall as investors continue to search for a longer-term direction for stocks.
The All Jamaican Composite Index declined 528.54 points to close at 550,491.91, while the JSE Index lost 478.93 points to 501,326.97 and the JSE Financial Index dipped 0.19 points to close at 136.36.
The market closed with 38 securities changing hands in the main and US dollar markets with the prices of 15 stocks advancing, 11 declining and prices of 12 stocks trading unchanged. Main market activity ended with 35 securities accounting for 16,239,630 units valued at $138,772,724, in contrast to 36,435,491 units valued at $481,608,400 on Thursday from 36 securities.
Sagicor Select Funds dominated trading with 8 million shares for 49.5 percent of the day’s trade, Wigton Windfarm with 4.3 million shares for 26.3 percent of total volume and QWI Investments with 919,163 shares with 5.7 percent of total volume.
The market closed with an average of 463,989 units valued at an average of $3,964,935 for each security traded, in contrast to 1,012,097 units for an average of $13,378,011 on Thursday. The average volume and value for the month to date amounts to 655,062 units valued at $9,766,801 and previously, an average of 666,940 units valued at $10,151,395 for each security changing hands. The market closed October with an average of 957,488 units valued at $13,947,047 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 11 stocks ending with bids higher than their last selling prices and 3 with lower offers. The PE ratio of the market ended at 17.3 with the primary market ending at 18.8 times 2019 current year’s earnings.
In main market activity, Berger Paints closed 70 cents higher to $16.70, with 17,737 shares traded, Carreras gained 50 cents to settle at $8.55, with 47,337 units changing hands, Grace Kennedy lost 30 cents to end at $64, in swapping 17,728 shares. Jamaica Producers closed $1 higher to $24 trading 101,198 shares, JMMB Group rose $1.05 to $46 exchanging 616,089 shares, Kingston Wharves climbed $1.53 to $58.78, with 315 units traded, Mayberry Jamaican Equities closed at $12.20, after losing 80 cents trading 198,974 units. NCB Financial Group dropped $5 to close at $205, in exchanging 49,914 units, 138 Student Living gained 38 cents, ending the day at $3.88, in transferring 43,183 shares. Proven Investments climbed 50 cents to $47.50, after trading 17,142 units, Scotia Group lost 55 cents to settle at $55, in swapping 82,307 shares, Stanley Motta closed 30 cents lower to $5.15, with 27,800 units exchanged and Sygnus Credit Investments gained 30 cents trading 100 units, ending the day’s trade at $22.30.
Trading in the US dollar market closed with 16,990 units valued at US$8,483 with the market index adding 0.34 points to close at 215.88. Proven Investments closed 1 US cents higher to 32 US cents trading 14,185 shares, JMMB Group 6% preference share settled at US$1.02 exchanging 1,700 units and JMMB Group 5.75% preference share ended the day’s trade at US$2 with 1,150 units changing hands.