The Main and Junior Markets closed the week lower, resulting in three new entrants into the top 10 listings and some notable price movements, with the two markets without a clear direction, but the Main Market is showing signs of bottoming out with a big breakout not seeming far away.
Some emerging signs of potential moves higher are emerging for some stocks, with a sharp decline in the volume of some select stocks being offered for sale, setting the stage for sharp upward push in prices of some stocks in the coming weeks. Scotia Group is one such, as it approaches the release of full year results and an announcement on dividend, but buying interest is currently low keyed. The stock trades at an extremely low PE of 5.7 times projected 2023 earnings. AMG Packaging trades at 6.5 times 2024 earnings with only 58,816 shares on offer at the close on Friday and so is Jamaica Teas, with offers now generally above $2.53, with buyers mostly at $2.30, Access Financial is yet another, but buying is weak, Caribbean Cement also has limited stocks on offer.
Four Junior Market stocks gained 6 percent and over and two ended with big losses, while the Main Market had two stocks with worthwhile gains and two with moderate losses of 4 and 6 percent.
The Main Market ICTOP10 ended with Palace Amusement rising 15 percent to $1.29, Key Insurance popped 10 percent to $2.20, while Margaritaville declined 6 percent to $16 and Caribbean Producers lost 4 percent to close at $9.08.
The Junior Market ended with Caribbean Cream jumping 19 percent to $3.69, AMG Packaging climbed 12 percent to $2.89 while Jamaica Teas rose 7 percent to $2.55, Iron Rock Insurance jumping 20 percent to $2.65 and Honey Bun rose 6 percent to $6.44. The losers were Iron Rock Insurance down 22 percent to $2.06 and Lasco Distributors with a fall of 12 percent to 3.61.
Honey Bun and Elite Diagnostic dropped out of Junior Market ICTOP10 and are replaced by Tropical Battery and Stationery and Office Supplies. Sygnus Credit Investments drop out of the Main Market TOP10 with Pulse Investments coming in to replace it.
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 12.8. The Main Market ICTOP10 is projected to gain an average of 287 percent by May 2024, based on 2023 forecasted earnings and now provides better values than the Junior Market.
In the Main Market ICTOP 10, a total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 108, with an average of 29 and 19 excluding the highest PE ratios, and a PE of 23 for the top half and 20 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 6.9, over half of the market, with an average of 13.2. There are 16 stocks, or 33 percent of the market, with PEs from 15 to 49, averaging 20 that are well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 200 percent on or around May 2024.
Of great significance is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 2024 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 and result 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.
A total of just 5,872,659 shares were exchanged for a mere $19,826,535 down from 12,317,838 units at $140,029,195 on Thursday.
The Main Market ended trading with an average PE Ratio of 12.8. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Mayberry Investments popped 59 cents in closing at $8.10 after an exchange of 16,339 shares. NCB Financial climbed $1.80 to close at $67 after 16,124 units passed through the market, 138 Student Living rose 27 cents to $4.19 with an exchange of 329 stocks, Proven Investments declined $1.18 in closing at $22.30, with 12 stock units clearing the market. Scotia Group lost $1.52 to end at $33 after a transfer of 29,724 shares, Seprod dipped $1.70 to close at $71.50, with 3,418 stock units crossing the market, Stanley Motta fell 35 cents and ended at $5.69 with investors dealing in 1,508 units. Supreme Ventures advanced 98 cents to $25.70 and closed with an exchange of 91,853 stocks and Sygnus Credit Investments gained 59 cents to end at $11.44 with investors transferring 84,858 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
A total of 12,317,838 shares were traded for $140,029,195 compared to just 7,745,089 units at $50,833,820 on Wednesday.
3,034.26 points to close at 309,071.45 and the JSE Financial Index dipped 1.17 points to lock trading at 66.48.
Pan Jamaica skidded $4.78 and ended at $45.02 after 2,143 stocks passed through the market, Scotia Group advanced 97 cents to $34.52 with stakeholders exchanging 822,622 units, ahead of the likely announcement of an increase in dividend payment and a big jump in full year earnings to be made on Friday. Sterling Investments rallied 42 cents in closing at $2.48 in switching ownership of 21 stock units, Supreme Ventures fell 78 cents to end at $24.72 after an exchange of 101,770 shares, Sygnus Credit Investments dropped 25 cents and ended at $10.85 with a transfer of 53,546 stocks, Sygnus Real Estate Finance lost 44 cents to close at $9 as investors exchanged 56 units and Wisynco Group skidded 97 cents to $19.99 with shareholders swapping 3,067,300 stock units.
In the preference segment, 138 Student Living preference share jumped $24.07 to close at $114 in an exchange of just one share.
At the close of the market, the JSE Combined Market Index tumbled by 2,952.13 points to close at 322,378.34, while the All Jamaican Composite Index sank 3,179.90 points to end at 344,394.76, the JSE Main Index dived 3,034.26 points to wrap up trading at 309,071.45. The Junior Market Index lost 12.14 points to finish at 3,713.03 and the JSE USD Market Index rose 4.74 points to end at 231.03.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.5 on 2022-23 earnings and 13.8 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume pertaining to the highest bid and the lowest offer for each company.
after trading occurred in 55 securities as was the case on Tuesday and ended with 19 rising, 23 declining and 13 unchanged.
The All Jamaican Composite Index climbed 197.16 points to settle at 347,574.66, the JSE Main Index climbed 1,116.91 points to finish at 312,105.71 and the JSE Financial Index increased 0.73 points to culminate at 67.65.
JMMB Group fell 75 cents to close at $25 with stakeholders exchanging 49,637 stocks, Key Insurance dropped 46 cents to $2.03, with 65,790 units crossing the market, NCB Financial shed $2.88 to close at $65.10 with traders dealing in 20,826 stock units. 138 Student Living skidded 27 cents and ended at $3.92 after an exchange of 24,380 shares, Pan Jamaica rallied $4.78 to end at $49.80 with investors transferring 67 stocks, Proven Investments popped $1.45 in closing at $23.48, with 634 units crossing the market. Sagicor Group climbed 25 cents to $41.25 with an exchange of 486,890 stock units, Sagicor Real Estate Fund increased 40 cents to end at $8.30 and closed with an exchange of 150 shares, Scotia Group lost 45 cents in closing at $33.55 with shareholders swapping 33,394 units. Seprod rallied 69 cents and ended at $72.99 while exchanging 12,041 stocks, Supreme Ventures shed 65 cents to close at $25.50 after a transfer of 210,385 stock units, 
Sygnus Real Estate Finance fell $1.05 to $9.44 in switching ownership of 819 shares and Wisynco Group rose 96 cents in closing at $20.96 in an exchange of 32,976 units.
with a loss of $5.41 and Seprod $4.70, on a day when the volume of stocks traded jumped 131 percent and the value surged 443 percent above Monday’s levels. 
The All Jamaican Composite Index shed 3,347.62 points to end at 347,377.50, the JSE Main Index dumped 4,153.74 points to end trading at 310,988.80 and the JSE Financial Index skidded 1.25 points to lock up trading at 66.92.
Guardian Holdings dropped $104.99 to close at $300 with 200 units crossing the market, Jamaica Broilers lost 45 cents to end at $33.55 with a transfer of 34,649 stock units, Jamaica Producers dropped $1.30 in closing at $21.70 with an exchange of 1,347 shares. JMMB Group climbed 57 cents to $25.75 after investors traded 74,210 stocks, Key Insurance rose 49 cents to $2.49 after an exchange of 34,522 units, Kingston Properties advanced 65 cents in closing at $7.65 in trading 12,574 stock units. Massy Holdings fell 50 cents to close at $89.50 and closed with an exchange of 988 shares, NCB Financial skidded 52 cents to end at $67.98 with traders dealing in 19,128 stock units, Pan Jamaica declined $5.41 and ended at $45.02 in switching ownership of 111,040 stocks. Sagicor Group shed 50 cents to $41 after 32,712 units passed through the market, Sagicor Real Estate Fund dipped 40 cents in closing at $7.90 with investors transferring 20,295 shares and 
Seprod fell $4.70 and ended at $72.30 with just 3,104 units clearing the market.
led by Guardian Holdings, down $104.99, ISP finance with a fall of $7.50, Pan Jamaica down $5.41, Seprod falling $4.70, Eppley Property $4.30, Carib Cement off $2.77 and Access down $2,45.
In the preference segment, Jamaica Public Service 7% popped $1 to end at $46.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
A total of just 5,640,042 shares were traded for $27,974,248 down from 6,383,376 units at $32,170,003 on Friday.
the JSE Main Index dropped 526.46 points to finish trading at 315,142.54 and the JSE Financial Index dipped 0.40 points to end trading at 68.17.
GraceKennedy popped 75 cents to close at $75.50, with 65,161 stock units crossing the exchange, JMMB Group lost 42 cents and ended at $25.18 with shareholders swapping 129,520 shares, Mayberry Investments climbed 50 cents to $8 in trading 56,820 stocks. NCB Financial rose 50 cents and ended at $68.50, with 21,422 units clearing the market, Pan Jamaica gained 73 cents to close at $50.43 with a transfer of 5,880 stock units, Sagicor Group shed 45 cents in closing at $41.50 after trading 24,167 shares. Seprod advanced $3 to end at $77 with an exchange of 3,906 stocks and Supreme Ventures dropped 99 cents to $26, with 27,440 units crossing the market.
At the close of trading, the JSE Combined Market Index lost 879.86 points to close at 328,071.5, the All Jamaican Composite Index slipped 650.28 points to end at 350,725.12, the JSE Main Index skidded 526.46 points to settle at 315,142.54. The Junior Market Index dropped 44.12 points to end trading at 3,712.92 on Monday and the JSE USD Market Index lost 2.72 points to settle at 224.13.
ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Some positives are visible in the market, with a sharp decline in the volume of some stocks being sold. Scotia Group is one such stock, as it approaches the release of full year results and an announcement on dividends, but buying interest is currently low keyed. The stock trades at an extremely low PE of 5.7 times projected 2023 earnings. AMG Packaging trades at 6.5 times 2024 earnings with a very limited supply of stocks on offer.
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
Of import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.