Proven shareholders sending message

Investors in Proven Investments US ordinary shares a strong message to the management of the group by talking with their money. Last week, the company’s shares were sold at $20 and less in the Jamaican dollars on the main market of the stock exchange when the price in the US dollar market was near J$31.
On Tuesday 550,000 shares were sold at J$24 in the JSE main market while 1.83 million units traded, with the stock closing at 23 US cents, 1 US cent less than the price of the right issue. The price has suffered a steep fall since the company released the full year results to March and got worse since the announcement of the rights.
Trading in the main market of the Jamaica Stock Exchange closed on Tuesday with the market indices rising, even as advancing stocks were fewer than declining stocks. At the close, the All Jamaica Composite Index advanced 898.62 points to close at 259,352.76, the JSE Market Index gained 818.75 points to 236,299.73 but the JSE US dollar market index lost 5.93 points to close at 181.40.
At the close of trading, 24 securities changed hands in the main market of the exchange with 1 trading in the US dollar market, leading to 9 stocks advancing and 12 declining. Trading in the main market ended with 2,115,285 units valued at $50,230,238 changing hands compared to 1,709,564 units valued at $44,534,888 at the close on Monday. Trading in the US dollar market accounted for 1,828,601 units valued at US$421,790.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 4 stocks with bids higher than their last selling prices and 1 with a lower offer.
The main market ended trading with an average of 88,137 units valued at $2,092,927 for every security traded compared to an average of 74,329 units valued at $1,781,396 on Monday. The average volume and value for the month to date ended at 243,952 units with an average value of $4,245,530 compared with an average of 252,609 units with an average value of $4,365,119 on the previous trading day. The average volume and value for May ended at 358,008 units and $9,037,303.
In market activity, Berger Paints closed at $13, losing $1.30 trading 7,842 shares, Cable and Wireless closed at $1.13, with 23,303 stock units changing owners, Caribbean Cement traded $3 higher to close at $28 exchanging 26,007 shares, Carreras lost 30 cents to close at $86.50, with trades of 916 units, Grace Kennedy closed at $42, gaining $1 with an exchange of 11,922 units, Jamaica Broilers closed at $18, with gains of 9 cents trading 120,579 shares, Jamaica Producers exchanged 17,174 units to close at $16. Jamaica Stock Exchange lost 1 cent, closing at $6.99 trading 115,220 shares, JMMB Group gained $1.47 to close at $18.50, with 301,494 units changing owners and Kingston Wharves lost $1.10 to close at $28.90 trading 8,540 shares. Mayberry Investments closed at $4.55, losing 45 cents with trades of 5,600 shares, NCB Financial Group closed at $70, with gains of $1.40 after exchanging 93,364 shares and PanJam Investment gained 79 cents to close at $34.89, with trades of 26,073 shares. Proven Investments traded $3 higher to close at $24 exchanging 550,000 shares, Pulse Investments closed at $17.99, losing 1 cent with an exchange of 500 shares, Sagicor Group closed at $34.53, gaining 43 cents trading 48,115 shares and Sagicor Real Estate fund lost 60 cents to close at $11, with 146,392 shares changing hands. Scotia Group closed at $45.50, with gains of $2.99 exchanging 324,221 shares, Scotia Investments closed at $36.58, with a loss of 42 cents trading 194 units, Seprod traded $2 lower to close at $28, with an exchange of 6,700 shares while Supreme Ventures closed at $7.65, gaining 24 cents with 86,000 shares changing owners. Proven Investments US ordinary shares closed at 23 US cents, losing 0.01 US cent with trades of 1,828,601 units, JMMB 7.5% preference share lost 5 cents to close at $1.85 exchanging 75,500 shares, JMMB Group 7.5% preference share closed at $1.13 trading 329 units and Proven Investments 8.25% preference share traded 119,300 units at $5.17.