Thursday, 24th October 2013 | After nearly three weeks of stock prices taking a beating, there are some embryonic signs that sentiments may be on the mend, but even this may not be a certainty with an across the board low level of trading with few exceptions. Company results will be released in earnest in the upcoming weeks and will help to signal the direction of the market for the remainder of the year, with good results helping and bad ones pressuring it.
Trading volume on Thursday picked up with 18 million shares valued at $82,975,931 with Jamaica Broilers, Jamaica Producer, Radio Jamaica Scotia Group and Proven 8% traded relatively large volumes. There was trading in stocks of 24 companies with 6 declining and 4 advancing, pulling the indices down, with the main market index falling 324.67 to 81,979.68, the all Jamaica down by 571.26 to 79,936.65 and the junior market by 2.67 to close at 748.65.
Main Market | Trading in this market resulted in Carreras seeing 43,621 units changing hands as the price dropped by 50 cents to close at $39.50; Grace Kennedy 1,570 units helped pulled the price down to $55.01, a fall of 50 cents; Jamaica Broilers found buyers for 3,003,729 shares with a value of $12.6 million as the price closed at $4.18 for a one cent gain; Jamaica Producers put in 789,256 units valued at $14.4 million and closed firm at $18.25; National Commercial Bank 46,778 units helped the price down by 4 cents to end at $18.45. Pan Jamaican Investment exchanged 10,000 units firm at $48.01; Radio Jamaica had a big day with 7,978,985 units valued at $10.5 million as the price closed at unchanged at $1.30; Sagicor Life had a small volume of 16,135 units as it closed unchanged at $8.10; Scotia Group had a nice volume of 999,919 units valued at $20 million as it closed firm at $20.50 and Scotia Investments exchanged 88,955 units mostly at $26.50 but closed at $28, up $1.99.
Jamaica Money Market Brokers 7.50% exchanged 1,100,000 units unchanged at $2, and the 8.75% preference shares enjoyed a day with trading of 667,000 units at $2.99. Proven Investments 8% traded 2,792,919 unit firm at $5.09.
Junior Market | Trading in the junior market was low with Caribbean Flavours changing 18,000 units to close firm at $2.70; General Accident Insurance 374,329 units to end at $1.60; Lasco Distributors only 6,700 units at $1.50; Lasco Financial Services a mere 8,800 units at $1.17 and Lasco Manufacturing with 406,212 units down by 5 cents to $1.40.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed some improvement with bids for 4 stocks being higher and 3 stocks with offers lower than their last selling price.
