Stocks pulled back this past week from the month end Induced rally of the prior week on the Jamaica Stock Exchange, resulting in two new additions to the ICTOP10 stock, with mostly declining stocks dominating the ICTOP10.
Coming into the Junior Market TOP10 are Paramount Trading, with the price dropping to an appealing $1.50 and Everything Fresh dipping to $1.55. Leaving the Junior Market TOP 10 are Dolphin Cove and Lasco Distributors with modest price changes for the week. There are no changes to the Main Market TOP10.
The Main Market closed the week with Caribbean Producers rising 4 percent to close at $10.24, but Guardian Holdings dropped 13 percent to close the week at $440, followed by a 6 percent fall in Key Insurance and Scotia Group to $2.31 and $32 respectively.
There were no gains of worth in the Junior Market but One on One Educational Services fell 12 percent to $1.01, Caribbean Assurance Brokers fell 6 percent to $3.19 and Caribbean Cream slipped 4 percent to $4.
At the end of the week, the average PE for the JSE Main Market TOP 10 stands at 4.9, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 344 percent, by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 23 percent of the Main Market are priced at a PE of 15 to 108, with an average of 32 and 21 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market Top 10 sits at 5.7 just half of the market at 10.9. There are 11 stocks or 23 percent of the market, with PEs from 15 to 37, averaging 20 that are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently and is projected to rise by 268 percent by May 2024.
The divergence between the average PE of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
ICTOP10 focuses on likely yearly winners. The lists include 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 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 6,892,036 shares were traded for $103,552,949 compared with 7,238,507 units at $54,207,250 on Thursday.
The All Jamaican Composite Index dropped 613.07 points to end at 346,558.09, the JSE Main Index dropped 1,281.78 points to settle at 314,985.96 and the JSE Financial Index rallied 0.17 points to 69.36.
Jamaica Broilers popped $1.50 to close at $34 in an exchange of 1,729,298 stocks, Jamaica Stock Exchange increased 55 cents in closing at $9.95 after 32,907 shares passed through the market, JMMB Group shed 49 cents and ended at $28 as investors exchanged 9,328 stock units, Kingston Properties rose 45 cents to end at $7.10 after trading 1,731 units. Kingston Wharves declined $1.55 to $29.75 after exchanging 5,377 shares, Massy Holdings skidded $2 to close at $98 in switching ownership of 58,267 units, Mayberry Investments fell 39 cents to close at $7.04 with 147 stocks clearing the market, NCB Financial rallied $1.45 and ended at $62.52, with 9,987 stock units crossing the market. Sagicor Group skidded 50 cents to $44.50 with 20,674 stock units changing hands, Scotia Group declined $1.84 in closing at $32 in an exchange of 114,599 shares, Seprod dipped $7.94 to end at $65.51 with an exchange of 8,224 units, Supreme Ventures lost 44 cents in closing at $25.55 with investors dealing in 29,929 stocks and Wisynco Group advanced 39 cents to close at $18 closed after 102,755 stock units were traded.
In the preference segment, Eppley 7.50% preference share fell 40 cents to end at $5.60 with a transfer of 56 units, Jamaica Public Service 7% gained $4.68 to close at $52 in trading 36 shares, 138 Student Living preference share dropped $28.85 and ended at $85, with 50 stocks crossing the market and Productive Business Solutions 9.75% preference share climbed $2 and ended at $100 with stakeholders exchanging 350 stocks.
At close, the JSE Combined Market Index dipped 1,046.10 points to close trading at 329,401.93, the All Jamaican Composite Index fell 613.07 points to end at 346,558.09, the JSE Main Index shed 1,281.78 points to 314,985.96, the Junior Market Index popped 17.15 points to finish at 3,880.34 and the JSE USD Market Index fell 0.78 points to 247.94.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21 on 2022-23 earnings and 11 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.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
The volume of stocks traded declined 66 percent and the value 64 percent lower than on Wednesday, with a total of 7,238,507 shares changing hands for $54,207,250 versus 21,242,982 units at $150,463,331 on Wednesday. There was trading in VM Financial Group 2026A traded 1,000,000 units at $100.27.
The All Jamaican Composite Index dropped a hefty 4,288.27 points to close at 347,171.16, the JSE Main Index dived 4,681.02 points to close at 316,267.74 and the JSE Financial Index dipped 1.87 points to close at 69.19.
Jamaica Producers skidded 90 cents in closing at $18.70 after trading 25,958 shares, Jamaica Stock Exchange declined 50 cents to end at $9.40 in trading 41,071 units, JMMB Group rallied 99 cents to close at $28.49 while exchanging 72,618 stocks. Kingston Wharves popped $1.30 and ended at $31.30 after trading 1,859 stock units, NCB Financial lost $3.44 to $61.07, with 69,894 shares crossing the exchange, Pan Jamaica dropped $1.15 to $50.35 with an exchange of 4,858 units. Proven Investments increased $1.83 to end at $21.98 with traders dealing in 17,729 stocks, Seprod dipped 73 cents to close at $73.45 after a transfer of 14,380 shares and Wisynco Group fell 84 cents in closing at $17.61 with investors transferring 161,658 stock units.
In the preference segment, Jamaica Public Service 7% climbed $6.17 to $47.32 with shareholders swapping 6 units, JMMB Group 7.35% – 2028 skidded 45 cents to close at $2.55, with 938,987 stocks changing hands and 138 Student Living preference share shed $6.47 and ended at $113.85 with a transfer of 29 stock units.
At close, the JSE Combined Market Index dropped 3,987.82 points to end at 330,448.03, while the All Jamaican Composite Index dived 4,288.27 points to settle at 347,171.16, the JSE Main Index plunged 4,681.02 points to close trading at 316,267.74, the Junior Market Index rallied 43.90 points to finish at 3,863.19 and the JSE USD Market Index fell 5.33 points to 248.72.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.3 on 2022-23 earnings and 11.1 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.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. 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 21,242,982 shares were traded for $150,463,331 up from 8,077,700 units at $48,668,636 on Tuesday.
The All Jamaican Composite Index lost 1,589.24 points to end at 351,459.43, the JSE Main Index shed 2,331.49 points to settle at 320,948.76 and the JSE Financial Index slipped 0.93 points to settle at 71.06.
GraceKennedy rallied 50 cents in closing at $75.50 in switching ownership of 23,408 stocks, Jamaica Stock Exchange rose 30 cents in closing at $9.90, with 16,015 stock units clearing the market, Kingston Properties advanced 37 cents to end at $6.77 after an exchange of 89 units, Kingston Wharves climbed 41 cents to $30, with 1,868 shares crossing the market. Mayberry Investments rose 43 cents and ended at $7.43 after exchanging 63,649 stocks, NCB Financial lost $2.99 to close at $64.51 as investors exchanged 13,632 stock units, Proven Investments declined 36 cents to close at $20.15 after a transfer of 3,389 units, Salada Foods popped 35 cents and ended at $3 with shareholders swapping 9,800 shares. Scotia Group rallied 44 cents to end at $33.94 in trading 81,862 units, Seprod popped $4.18 in closing at $74.18 with an exchange of 1,233 stock units and Wisynco Group increased $1.12 to $18.45 in an exchange of 345,315 stocks.
In the preference segment, Eppley 7.50% preference share climbed 42 cents to $6.01 with investors dealing in 473 shares, 138 Student Living preference share advanced $15.32 and ended at $120.32 one share changing hands and Productive Business Solutions 9.75% preference share shed $2 to close at $98 with a transfer of 69 units.
At close, the JSE Combined Market Index dropped 2,887.66 points to end at 334,435.85, the All Jamaican Composite Index dived 1,589.24 points to end at 351,459.43, the JSE Main Index fell 2,331.49 points to 320,948.76, the Junior Market Index dropped 79.03 points to end trading at 3,819.29 and the JSE USD Market Index declined by 1.83 points to end at 254.05.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.2 on 2022-23 earnings and 11 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.
Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
A total of 8,077,700 shares were traded for $48,668,636 compared with 10,318,659 units at $87,662,978 on Monday.
The Main Market ended trading with an average PE Ratio of 12.2. 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 up to August 2024.
Jamaica Stock Exchange increased 60 cents to close at $9.60 after 7,627 units passed through the market, JMMB Group fell $2.26 and ended at $27.30 in an exchange of 50,094 shares, Kingston Properties skidded $1.10 in closing at $6.40 in trading 150,600 stock units, Kingston Wharves dropped 41 cents to $29.59 with a transfer of 4,588 stocks. Massy Holdings skidded $2.80 to close at $100.10 after a transfer of 5,247 units, NCB Financial dipped 99 cents and ended at $67.50 with shareholders swapping 10,276 shares, Proven Investments fell $1.46 to end at $20.51, with 3,082 stocks crossing the exchange, Sagicor Group shed $2 and ended at $45 in switching ownership of 166,783 stock units. Salada Foods declined 39 cents in closing at $2.65 after trading 400 stocks, Seprod lost $4.50 to end at $70 with investors transferring 7,249 stock units, Stanley Motta shed $1.05 to close at $5.30 with 826 shares clearing the market and Wisynco Group skidded 67 cents to end at $17.33 after 29,314 units crossed the market.
In the preference segment, Eppley 7.50% preference share dipped 58 cents to end at $5.59 with traders dealing in 116 stocks and Jamaica Public Service 7% declined $7.25 to $41.15 and closed with 400 shares being traded.
A total of 10,318,659 shares were exchanged for $87,662,978 compared to 22,184,532 units at $189,538,021 on Friday.
The Main Market ended trading with an average PE Ratio of 12.4. 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 up to August 2024.
Kingston Properties skidded 50 cents in closing at $7.50 as investors exchanged 32,491 units, Massy Holdings lost $1 to close at $102.90 after a transfer of 1,925 stocks, Mayberry Jamaican Equities climbed 50 cents to close at $10.50 after 4,679 shares changed hands, MPC Caribbean Clean Energy fell $2 and ended at $81 after exchanging 860 stock units. NCB Financial dropped $1.48 to end at $68.49 with investors transferring 93,728 units, Pan Jamaica increased $1.15 in closing at $51.50 after trading 25,182 stock units, Proven Investments rose $1.85 to $21.97 in an exchange of 10,524 stocks, Sagicor Group shed $1.48 to close at $47 with 183,195 shares crossing the exchange. Scotia Group skidded 56 cents in closing at $33.50, with 5,166 units changing hands, Seprod shed 40 cents to end at $74.50 after an exchange of 8,372 stock units, 
Stanley Motta rallied 40 cents to $6.35 with traders dealing in 326,153 stocks and Supreme Ventures lost 87 cents and ended at $26 while 115,040 shares were exchanged.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 4.9, well below the market average of 12.4. The Main Market TOP10 is projected to gain an average of 330 percent, by May 2024, based on 2023 forecasted earnings.
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.