The Jamaica Stock Exchange Main Market closed the past week some 6,000 points higher than the previous week while the Junior Market ended slightly higher, resulting in four Junior Market TOP10 stocks declining between one and 5 percent as five gained between one and 31 percent while the Main Market TOP10 had six rising and three declining. 
The Junior Market Iron Rock Insurance popped 31 percent to $2.35, General Accident gained 13 percent to $5, followed by Dolphin Cove with an 11 percent rise to $14.78 and a 5 percent increase for Caribbean Cream to $3.35. Medical Disposables fell 5 percent to $4.90 and Lasco Distributors slipped 4 percent to $2.71.
In the Main Market, Guardian Holdings jumped 12 percent to $645, Scotia Group rose 9 percent to $34.90, followed by Berger Paints with a 6 percent rise to $10.61 and JMMB Group up 4 percent to $32.10. Stocks declining are 138 Student Living, that fell 12 percent to $5 and Jamaica Broilers, down 8 percent to $29.50.
After reentering the TOP10 in the previous week, the Main Market’s Scotia Group swapped places with Radio Jamaica returning to the TOP flight of stocks. The Junior Market’s CAC2000, Dolphin Cove and Medical Disposables dropped out, following lower earnings projections and were replaced by Caribbean Brokers with its price down to $1.98, Lasco Manufacturing and Tropical Battery.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14.4, while the Junior Market Top 10 PE sits at 6.1 versus the market at 12.6, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 232 percent and the Main Market TOP10 by an average of 265 percent to May 2023.
The Junior Market has 14 stocks around 30 percent of the market, with PEs from 15 to 33, averaging 20 compared with the above average of the market. The top half of the market has an average PE of 17 and shows the extent of potential gains that lie ahead for the TOP 10 stocks. The situation in the Main Market is similar, with the 17 highest valued stocks priced at a PE of 15 to 105, with an average of 32 and 24 excluding the highest valued ones and 21 for the top half excluding the highest valued stock.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. 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 are likely to deliver the best returns up to the end of May 2023 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.

Persons who compiled this report may have an interest in securities commented on in this report.