NCB Financial Group still in strong demand.
Investors continued to push both the stocks higher in the main and Junior markets this past week as results for a number of companies encouraged increased buying.
Last week IC Insider posited that NCB Financial seems to have broken through resistance at the $150 level. The $165 region where the stock trades is also a resistance area but the strong buying at this price point, suggests it is poised to move higher, with $190 being the next point of resistance. Investors pushed the price to an all-time high of $184.85 on Thursday before it pulled back to $169 and closed the week at $170.02. A lot of focus is on this stock with the closing bid and offer suggest it is one to continuing watching. One stock that should be on every one’s watch list is Scotia Group that will release second quarter results to April this week.
Barita Investments continues to enjoy strong buying interest as the price firms up around the $45 level and could yet move higher in coming days or weeks. Eppley seems to have demand that should push the price higher during the week as the company is getting set to launch an IPO for the Eppley Property Fund. The announcement that Sygnus Credit Investments borrowed $600 million and plan on raising more, coupled with good third quarter results is driving new interest into the stock.
Wisynco hit a new high last week as supply of the stock dried up.
Wisynco Group posted a new high of $16.50 on Friday as supply dried up. Some selling came in towards the close, but this one is heading higher over the next few weeks as investors start to focus on the more than $1.50 earnings per share expected for the new-year that starts in July.
Elite Diagnostic is finding interest now at $4 with the take out of supply below after March quarter results send positive message about future profits. While the current year that ends in June should realize earnings of 25 cents, it is the promise of more than 60 cents for the next fiscal year that is likely to be the catalyst for more interest in the stock. During the past week, Fosrich jumped to a record high of $6.50 but pulled by the close on Friday to end at $5.20, but with an offer to sell 32,166 shares at $4.98. Lasco Financial has seen buying coming in that drove the price over $5, and could move higher this week with the promise of increased profit for the current 2020 fiscal year. Lasco Manufacturing posted strong full year results with impressive fourth quarter numbers. The company’s profit performance encouraged more buying during the past week, with 6.75 million shares trading on Friday. Investors still wanted more, with the bid closing at $3.98 versus the last traded price of $3.91. Investors may find the $8 price for the Medical Disposables stocks on offer, pricey, but the full year’s results telegraphed a powerful message about profits to come that makes the stock still attractive at this price level. Expect demand to pick up in the future for this stock as the company continues to grow attractively.
Paramont trading could surprise.
Paramount Trading stock has been on the back foot for more than a year, with the start of the new financial year, the prospects for vastly improved profit, that IC Insider.com preliminarily places at 15 cents per share, will start to influence the stock price. At the close on Friday, the stock that traded at $2.29 has a bid of $2.10 with the offer at $2.50 and may be signaling that selling is mostly exhausted at these levels. Demand for Stationery and Office is not aggressive currently, but then supply is very short, suggesting it is only a matter of time before the price moves higher.
Investors should continue to keep eyes on Jamaica Producers, Sagicor Group and Honey Bun.
