Wednesday 10th July 2013 | The movement in the indices of the Jamaica Stock Exchange sums up the market as in the end it was neither fish nor fowl. There were very moderate shifts with the junior market slipping back from a series of days when it kept moving up to new records highs. The volume of stocks traded was 5.08 million at a value of $19.97 million, a little more than Tuesday’s $15.1 million. The advance decline ratio remained almost evenly split, with 7 declining and 8 advancing.
Main Market | The various indices all moved by less than 100 points as only the junior market and combined indices declined. In trades of note, Carreras gained $1 closing at $55 while trading 13,600 units. Grace Kennedy slipped 50 cents to close at $59.50, as 14,500 units traded. Jamaica Producers dropped 46 cents to $19.50 with 21,840 units trading.
Junior market | 10 stocks traded in the junior market with the price of 3 moving up and 4 fell. Lasco Distributors off 10 cents closed at $1.70 while trading 703,738 units and Lasco Manufacturing, which also lost 10 cents, closed at $1.70 for 1 million shares traded. Lasco Financial Services traded over a 1.1 million shares and lost 5 cents as the price settled at $1.30 for the day. Blue Power, surprisingly, traded up to $10.75 in early trading but closed at $10.00 with more than 295,000 shares trading with the stock up 1 cent. Mayberry Investments was the main buyer for their own account. General Accident traded 100,000 shares to close at $2. The only other trade of note is Access Financial which traded at an all-time high of $8.50, with 1,500 shares trading. Supply of this stock is scarce and bodes well for further gains.
Proven Investment ordinary shares, which are quoted in US dollars, traded 136,075 units at a value of US$15,462, the stock gained .001 of a cent. Importantly, there was no stock on offer at the close.
Market intelligence | Cable & Wireless moved up by 2 cents in today’s trading, but only 65,000 shares traded, which hardly dented the supply at 15 cents which remains at over 29 million units. The demand for the stock has not changed much since Tuesday. The position with RJR with a bid at $1.23 for 4.9 million units has not changed nor has the supply. Good support exists for Sagicor Life at $8.40, Carreras support is pretty good at $53.50 and this could be the floor for the price for a while. Demand seems to have pulled back for Jamaica Broilers with the only serious bid at $4.80. The stock traded 289,000 units and lost 5 cents to close at $5.20. Grace Kennedy supply of 700,000 units at $61 remains as a barrier for upward price movement for the time being. Mayberry’s sell order of 305,000 Blue Power stock was partially reduced as buying lowered the amount to 223,000 units which are on offer at $10.50. There are good bids in the market for JMMB’s stock between $7.85 and just over $8 while decent supply is listed at $10.50 and above.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 4 stocks were higher with 3 stocks having offers lower than their last selling price.
