Solid gains for ICTOP10 stocks

The Jamaica Stock Exchange Main Market index posted gains of 7,269 points and the All Jamaica Composite Index rose 10,305 points for the week with the Junior Market adding 114 points resulting in four stocks rising by 4 percent or more in the Main Market, with one decline of note. JMMB Group was the leading stock for the week, with a jump of 14 percent. In the Junior Market four stocks rose by 5 percent or more and one with a 4 percent fall.
While this week’s gains are noteworthy and may be partially due to more demand following the sharp cut in BOJ CD rates, they may also be influenced by month-end trading activities. Regardless the Junior Market closed 150 points higher and the All Jamaica index is 3,369 points higher than the August close and with one more day left for trading the gains could increase. Friday’s close for the Junior Market and the All Jamaica index is also higher than the close for July. These are trends worth watching as they conform with historical market moves.
In the Junior Market ICTOP10, Iron Rock Insurance rallied 10 percent during the week to $3.90, One Great Studio and Lasco Financial climbed 9% to 75 cents and $1.72 respectively and Lumber Deposit rose 5 percent to $2.90. Caribbean Assurance slipped 4 percent to close at $3.40.
In the Main Market ICTOP 10, JMMB Group jumped 14 percent to $23.99, Berger Paints popped 8 percent higher to $7.40, General Accident and Guardian Holdings rose 4 percent to close at $6.75 and $312 respectively. Key Insurance declined by 6 percent to $2.60. There were no other notable price changes in this market.
No new stock entered the IC TOP10 lists this week.
The All JSE TOP10 had no new listing but JJMB Group jumped from 4^th spot last week to 6^th this week with the stocks rising from $21.08 to $23.99. The All JSE TOP10 includes ten stocks listed on the Jamaica Stock Exchange with the highest potential gains, based on projected 2024 earnings. This list is more exacting than the Junior and Main Market TOP10 lists by themselves.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 14.4 and the Junior Market TOP10 sits at 6.6, just more than half of the market, with an average of 13.
The Main Market ICTOP10 is projected to gain an average of 313 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 222 percent over the same period.
In the Main Market ICTOP 10, a total of 16 of the most highly valued stocks representing 31 percent of the Main Market have PEs between 15 to 108, with an average of 29 and 20 excluding the highest PE ratios, and a PE of 23 for the top half of the market with the highest values and 17 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 10 stocks, 21 percent of the market, with PEs ranging from 15 to 24 and a PE of 17 for half of the market with the highest values.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns on or around May 2025 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.