JSE: Negative sentiment dominates

Wednesday, 16th October 2013 | The main market and the junior markets seems to be diverging, with the latter looking to be finding support and the former suffering from lack of adequate support.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market had a negative bias with bid for only 2 stocks being higher and 8 stocks with offers lower than their last selling price, this is the worse reading since IC Insider have been reporting this indicator.

In Wednesday’s trading the Jamaican stock market had the highest level of participation with 38 securities trading, more than it has had in a very long time, resulting in 8,685,851 units changing hands valued at $39,986,984. A fair amount of these were in the preference section. There were 7 stocks advancing to 16 declining. The junior market index was the only one to move up but just 1.48 to close at 748.80, the JSE main index was down 567.88 to 82,468.48 and the all Jamaica index fell by 999.17 to 80,796.70. Declines in National Commercial Bank, Jamaica Broilers, Kingston Wharves, Sagicor Life were some of the stocks to help push the indices down somewhat sharply.

JSEIndicesOct16Main Market | The main market had trading in Cable & Wireless 501,682 units closing at 17 cents, down a cent; Carreras 37,306 units and gaining $1.50 to close at $40.50 but with the offer below $40 at the end; Jamaica Broilers 35,790 units as the price closed at $3.90 down 65 cents; Jamaica Money Market Brokers had 1,505,650 shares changing hands to close up 30 cents at $8.40; Kingston Wharves 21,420 units resulted in a fall of 42 cents to close at $5.58; Mayberry Investments 38,260 units resulted in the closing price of $2.50, down 10 cents; National Commercial Bank having lost much support fell on 21,561 units to close at $16.75 down 26 cents; Pan Jamaican Investments dropped $2.23 to close at $48.11 on 1,501 shares; Sagicor Life 385,312 brought the price down to at $8.33 off by 61 cents; Scotia Group 16,270 units help the stock to close up 20 cents at $20.50; Seprod 11,107 units inched the price up 5 cents to $13.05; Supreme Ventures 50,000 units unchanged at $2.61.

Jamaica Money Market Brokers 7.50% preference shares 1,569,814 units closed at $2; the 8.75% traded 12,572 units to traded resulted in a close at $2.90 down 10 cents and Proven Investments 8% traded 2,928,230 units firm at $5.09.

Junior market | Junior market trading took place in reasonable volume for Caribbean Cream 778,759 units to close firm at $1.02; Caribbean Flavours & Fragrances 24,330 units with the price having fallen back 30 cents to $2.58, the opening days price; Caribbean Producers 63,599 units and closed unchanged up a cents at $2.09; Consolidated Bakeries 42,200 units landed the price down a cents at $1.16, Dolphin Cove 76,300 was firm at $8; General Accident Insurance 89,649 units declined 4 cents to close at $1.61; Jamaican Teas 63,286 units saw the price closing unchanged at $3.80; Lasco Distributors 83,300 units at $1.50 up 5 cents; Lasco Financial Services 37,950 units firm at $1.20 and Lasco Manufacturing 201,237 units firm at $1.45.

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