Palace, Grace out NCB & PanJam in TOP 10

There were no entrants or exists from to the Junior Market TOP 10 list but Palace Amusement more than doubled during the week rising 132 percent and left the list along with Grace Kennedy that rose to $51.50. The two are replaced by NCB Financial and PanJam Investment.
PanJam released 2017 audited financial statements with increased earnings of 29 percent to $4.13 billion, from ongoing operations resulting in earnings per share of $3.93. The group is expected to continue to enjoy increased earnings in 2018.
The main market hit record highs during the week but pulled back as the market move closer to resistance level in a long term channel. It just a matter of time for the break out to take place, regardless the channel points upwards for the market. Profit results for 2018 first quarter, will be important in helping to fuel the break out but with Treasury bill rates falling to 3.16 percent on the 182 days instrument during the past week, an important leg for a rally to come, is in place.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 6.3 compared to an average PE for the overall main market is 10 based on 2018 estimated earnings. At the same time the main market ended the week with a PE of 6.7 for the top stocks compared to a market average of close to 12.
IC’s TOP 10 stocks now trade at an average discount of 37 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be, of 20 times earnings and main market stocks traded at a discount of 45 percent to the market

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