Trading activity dropped on Monday at the close of the Jamaica Stock Exchange Main Market, with a 29 percent decline in the volume of stocks traded and a 58 percent lower value than on Friday, after trading in 57 securities up from 52 on Friday, and ended with prices of 18 rising, 26 declining and 13 ending unchanged.
A total of 5,872,129 shares were traded for $40,649,016 down from 8,247,700 units at $96,457,587 on Friday.
Trading averaged 103,020 shares at $713,141 compared to 158,610 units at $1,854,954 on Friday and month to date, an average of 278,165 units at $1,770,403, compared with 292,089 units at $1,854,453 previously, up from October that closed with an average of 214,410 units at $1,325,907.
Wigton Windfarm led trading with 2.06 million shares for 35.1 percent of total volume followed by Transjamaican Highway with 1.17 million units for 19.9 percent of the day’s trade and Wisynco Group with 610,399 units for 10.4 percent market share.
The All Jamaican Composite Index fell 1,911.15 points to cease trading at 346,257.04, the JSE Main Index lost 2,209.15 points to conclude trading at 312,449.18 and the JSE Financial Index declined 0.64 points to end the day at 67.62.
The Main Market ended trading with an average PE Ratio of 13. 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.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments dropped 47 cents to end at $70.02, with 12,255 stock units crossing the market, Berger Paints advanced 29 cents to $7.44 with an exchange of 14,213 shares, Eppley lost $4.75 in closing at $28.51, with 250 stocks clearing the market. First Rock Real Estate popped $1 to close at $8 in an exchange of 8,594 units, Guardian Holdings skidded $25 and ended at $410 with investors transferring 11,983 stocks, Jamaica Producers gained 26 cents to finish at $22.30 in an exchange of 7,946 shares. Jamaica Stock Exchange fell 32 cents in closing at $9.50 with shareholders swapping 1,542 stock units, JMMB Group dipped $1.40 and ended at a 52 weeks’ low of $25.60 in switching ownership of 25,040 units, Kingston Properties declined 25 cents to end at $7 after an exchanging of 18,104 shares. Kingston Wharves shed $1.50 to close at $26.50 as 11,792 units passed through the market, 
Massy Holdings rose $1 to $91 with 1,170 stocks changing hands, Mayberry Jamaican Equities rallied $1.20 to close at $10.20 after 20,300 stock units were traded. MPC Caribbean Clean Energy declined 80 cents in closing at $92, with 276 shares crossing the market, NCB Financial increased $3.83 and ended at $69.83 with a transfer of 32,729 units, Pan Jamaica climbed $2.48 to end at $49.48 with stakeholders exchanging 15,814 stocks. Proven Investments shed 90 cents in closing at $22.10 in trading 4,893 stock units, Sagicor Group lost $1.10 to close at a 52 weeks’ low of $40 while were investors exchanging 9,528 shares, Salada Foods skidded 51 cents to close at $2.51 with traders dealing in 30,370 units and Seprod popped $2.94 to end at $77.95 after a transfer of 31,895 stocks.
In the preference segment, Eppley 7.25% preference share fell $1 and ended at $18 in trading 6,375 stock units and Eppley 7.75% preference share dipped $2.88 to $16.34 after an exchange of 3,000 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Shakeup in ICTOP10
A load of third quarter results hit the market during the past week, while some were good a large number were disappointing, collectively they offered no help to a market that continues to struggle with the Main Market being steady at the end of the week but the Junior Market declined compared with the previous week, for a second week of decline, having undergone wild daily swings during the week.
Price movements in the market and reduced profits in some cases resulted in three new ICTOP10 listings for the Junior Market and none for the Main Market.
Action in the Junior Market, resulted in Iron Rock Insurance gaining 10 percent to $2.19, followed by a 9 percent rise in Dolphin Cove to $18 after an announcement of an 80 cents dividend to be paid in December and the release of third quarter results and Jamaican Teas added 14 cents for a 7 percent rally. Everything Fresh shed 7 percent to $1.45, followed by Caribbean Cream down 6 percent to $3.38 and Lasco Manufacturing dropping 5 percent to $4.50.
The Main Market closed the week with few notable price changes and ended with Palace Amusement Company gaining 7 percent to $1.30, while 138 Student Living declined by 5 percent to $4.
There were no new additions to the Main Market IC TOP 10, however, the Junior Market, had 3 new additions with Express Catering coming in as well as Caribbean Flavours and Lasco Distributors, replacing Dolphin Cove enjoyed b appreciation during the week, Everything Fresh that also dropped out following downward adjustment to earnings, after the company released third quarter results with weak profit performance although revenues in the quarter rose nicely over the similar period in 2022 and Caribbean Assurance with management advising of a surprising 40 percent cut in “the International Comprehensive Health Insurance Programme’s renewal commission rate, with a corresponding 40 percent increase in its new business rate, with the expressed intention of incentivising the production and consistent growth of new business.” Unfortunately, Management gave no timeline when revenues will return to traditional levels.
An indication 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, well below the market average of 13.1. The Main Market ICTOP10 is projected to gain an average of 320 percent by May 2024, based on 2023 forecasted earnings.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 20 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 6.9, just over half of the market, with an average of 13.1. There are 14 stocks, or 29 percent of the market, with PEs from 15 to 46, averaging 21 that are well above the market’s average of 13. 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 260 percent on or around May 2024.
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.
ICTOP10 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, 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.
JSE Main Market falls into weekend
Trading on the Jamaica Stock Exchange Main Market ended on Friday, with the volume of stocks traded declining 9 percent and the value jumping 68 percent over trading on Thursday, following trading in 52 securities as was the case on Thursday, and ended with prices of 19 stocks rising, 16 declining and 17 ending unchanged.
A total of 8,247,700 shares were traded for $96,457,587 versus 9,049,895 units at $57,441,768 on Thursday.
Trading averaged 157,610 shares at $1,854,954 versus 174,036 units at $1,104,649 on Thursday and month to date, an average of 292,089 units at $1,854,453, compared with 302,526 units at $1,854,414 on the previous day. October closed with an average of 214,410 units at $1,325,907.
Sagicor Select Financial Fund led trading with 1.35 million shares for 16.5 percent of total volume followed by Wigton Windfarm with 1.01 million units for 12.3 percent of the day’s trade and Transjamaican Highway with 888,809 units for 10.8 percent market share.
The All Jamaican Composite Index declined 1,958.70 points to end at 348,168.19, the JSE Main Index skidded 615.77 points to finish at 314,658.33 and the JSE Financial Index dropped 0.75 points to 68.26.
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.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Berger Paints climbed $1.15 to end at $7.15 in an exchange of a mere 10 stock units, Caribbean Cement fell lost 94 cents to $50, with 17,396 shares clearing the market, First Rock Real Estate dipped 85 cents and ended at $7 as investors exchanged 9,000 stocks. General Accident gained 60 cents in closing at $5.15 with a transfer of 1,424 units, GraceKennedy popped $1.11 to close at $74 with stakeholders exchanging 44,445 shares, Guardian Holdings gained $22.50 to close at $435, with a mere 2 stock units crossing the market. 
Jamaica Stock Exchange rose 39 cents and ended at $9.82 after an exchange of 80,721 stocks, Key Insurance rallied 35 cents to end at $2.25, with 120 units crossing the market, Kingston Wharves advanced $1.98 in closing at $28 after an exchange of 12,121 stocks. Mayberry Investments rose 31 cents to close at $8.16 after 6,324 units passed through the market, Mayberry Jamaican Equities fell $1.24 to $9, with 70,300 shares changing hands, NCB Financial declined $4 to end at $66 with an exchange of 433,935 stock units. Proven Investments advanced 98 cents in closing at $23 after trading 3,225 shares, Sagicor Group shed $1 to close at $41.10, with 466,034 stocks crossing the exchange, 
Scotia Group popped 50 cents and ended at $34 with investors dealing in 30,975 units and Wisynco Group rallied 50 cents to $19.60 while exchanging 11,521 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market ekes out gains on Thursday
Trading activity on the Jamaica Stock Exchange Main Market ended on Thursday, with the volume of stocks changing hands rising 16 percent with a 40 percent lower value than on Wednesday. Trading took place in 52 securities compared to 55 on Wednesday, resulting in 24 rising, 16 declining and 12 ending unchanged.
A total of 9,049,895 shares were traded for $57,441,768 versus 7,777,704 units at $95,955,593 on Wednesday.
Trading averaged 174,036 shares at $1,104,649 compared to 141,413 units at $1,744,647 on Wednesday and month to date, an average of 302,526 units at $1,854,414, compared with 313,426 units at $1,918,016 on the previous day and October that closed with an average of 214,410 units at $1,325,907.
Carreras led trading with 3.18 million shares for 35.1 percent of total volume followed by Wigton Windfarm with 1.74 million units for 19.2 percent of the day’s trade and Ciboney Group with 1.71 million units for 18.9 percent of the day’s trad
The All Jamaican Composite Index rallied 917.53 points to close at 350,126.89, the JSE Main Index advanced 335.47 points to finish at 315,274.10 and the JSE Financial Index slipped 0.07 points to close at 69.01.
The Main Market ended trading with an average PE Ratio of 12.7. 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.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and 11 with lower offers.
At the close, Ciboney Group popped 27 cents to close at $1.53 after an exchange of 1,714,624 stock units, First Rock Real Estate lost 69 cents to close at $7.85 with investors transferring 12,478 shares, General Accident dropped 60 cents and ended at $4.55, with 8,393 units crossing the market.
GraceKennedy climbed 89 cents to end at $72.89 after a transfer of 112,399 stocks, Key Insurance fell 50 cents in closing at a 52 weeks’ low of $1.90 with stakeholders exchanging 69,034 units, Massy Holdings shed $1 to close at $90, with 805 stocks changing hands. NCB Financial shed $2.39 to end at $70 with investors dealing in 45,046 shares, Proven Investments skidded 73 cents in closing at $22.02 in an exchange of 15,505 stock units, Salada Foods increased 42 cents to close at $3.02 with traders dealing in 562 shares. Scotia Group dipped 50 cents to end at $33.50 as investors exchanged 131,682 stock units, 
Seprod rallied 25 cents to $75.25 with 3,156 units clearing the market and Stanley Motta rose 55 cents in closing at $6 with an exchange of just 250 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big fall for Junior Markets as Main market rises
The Junior Market of the Jamaica Stock Exchange suffered a big setback in trading on Thursday with an 84-point fall while the USD Market closed marginally lower but the Main Market ended moderately higher as the volume and the value of stocks traded declined below that on Wednesday.
At the close of trading on Thursday, the JSE Combined Market Index dipped 426.94 points to close at 328,172.19, while the All Jamaican Composite Index advanced 917.53 points to 350,126.89, the JSE Main Index increased 335.47 points to conclude trading at 315,274.10. The Junior Market Index dropped 84.47 points to close at 3,710.26 and the JSE USD Market Index slipped 0.60 points to finish at 227.62.
Investors traded 19,049,560 shares, in all three markets, compared to 59,330,218 units on Wednesday. The value of stocks traded on the Junior and Main markets ended at $75.1 million from $180.35 million on Wednesday. The JSE USD market closed after 3,636,438 shares were traded, for US$276,260 compared to just 184,226 units at US$16,805 on Wednesday.
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 11.9 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 PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Investors need pertinent information to successfully navigate numerous investment options in the stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. 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.
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.
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.
Declining stocks dominated Main Market trading
Declining stocks dominated trading activity on the Jamaica Stock Exchange Main Market ended on Wednesday, with trading in 55 securities compared with 57 on Tuesday and ended with prices of 26 declining, 15 rising and 14 ending unchanged after a 93 percent decline in the volume of stocks traded as the value dropped by 61 percent compared to Tuesday.
In total 7,777,704 shares were traded for $95,955,593, sharply down from 106,705,122 units at $248,485,563 on Tuesday.
Trading averaged 141,413 shares for $1,744,647 compared with 1,872,020 shares at $4,359,396 on Tuesday. Trading for the month to date, ended with an average of 313,426 units at $1,918,016, down from 330,381 units at $1,935,104, previously, well up on October that closed with an average of 214,410 units at $1,325,907.
Sagicor Select Manufacturing & Distribution Fund led trading with 2.43 million shares for 31.3 percent of total volume followed by Wisynco Group with 1.18 million units for 15.2 percent of the day’s trade and Transjamaican Highway with 1.06 million units for 13.6 percent of the day’s trade.
The All Jamaican Composite Index dropped 419.77 points to close at 349,209.36, the JSE Main Index rallied 57.72 points to 314,938.63 and the JSE Financial Index lost 0.01 points to settle at 69.08.
The Main Market ended trading with an average PE Ratio of 12.3. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies who’s financial year ends around August 2024.
Investor’s Choice bid-offer indicator shows 10 stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Eppley fell 74 cents to $33.25 after an exchange of 122 shares, Eppley Caribbean Property Fund rallied $2 to close at $38.50 in trading 1,557 stocks, General Accident increased 59 cents to end at $5.15 with stakeholders exchanging 2,000 shares. GraceKennedy dipped 40 cents in closing at $72, with 211,034 stock units crossing the market, Jamaica Broilers climbed $1.49 and ended at $34.79 with investors dealing in 367 shares, Kingston Wharves lost $2.78 to close at $26.01, with 1,000 stock units crossing the exchange. 
NCB Financial skidded $1.10 and ended at $72.39 with shareholders swapping 178,366 units, Pan Jamaica rose $1 to $47 with 643 stocks clearing the market, Proven Investments shed 98 cents in closing at $22.75 with an exchange of 551 units. Salada Foods declined 44 cents to end at $2.60, with 12,850 shares changing hands, Supreme Ventures rallied 50 cents to $26.50 with a transfer of 67,347 stocks, Sygnus Credit Investments popped 35 cents and ended at $11.80 after 16,050 stock units passed through the market and Wisynco Group dropped 50 cents to end at $19 in switching ownership of 1,180,403 shares.
In the preference segment, Jamaica Public Service 7% shed 99 cents in closing at $41.01 with investors transferring 673 units and Productive Business Solutions 10.5% preference share advanced $50 to close at $1,150 in an exchange of 300 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Transjamaican trade swells Main Market trading
Trading jumped on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks traded rising 1,581 percent and the value 180 percent more than on Monday, as 100 million Transjamaican Highway preference shares were traded, with activity in 57 securities compared with 55 on Monday, and ended with 21 rising, 18 declining and 18 ending unchanged.
At the close, 106,705,122 shares were traded for $248,485,563 compared to 6,345,906 stock units at $88,810,985 on Monday.
Trading averaged 1,872,020 shares at $4,359,396 up sharply from 115,380 shares at $1,614,745 on Monday and month to date, an average of 330,381 units at $1,935,104 versus 154,985 units at $1,659,286, previously. Trading in October closed with an average of 214,410 units at $1,325,907.
Transjamaican Highway preference share led trading with 100 million shares valued at $200 million, for 93.7 percent of total volume followed by Transjamaican Highway ordinary share ended with 1.49 million units for 1.4 percent of the day’s trade, Wigton Windfarm followed with 1.13 million units for 1.1 percent market share, Palace Amusement closed with 1.08 million units for 1 percent market share and 
Sagicor Select Financial Fund closed with 1.07 million units for 1 percent of total volume.
The All Jamaican Composite Index slipped 728.78 points to conclude trading at 349,629.13, the JSE Main Index shed 851.71 points to 314,880.91 and the JSE Financial Index eased by 0.10 points to conclude trading at 69.09.
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.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement advanced 93 cents to $50.94 after an exchange of 11,092 shares, Eppley Caribbean Property Fund popped 50 cents to end at $36.50 with investors swapping 4,293 stocks, 
General Accident lost 44 cents to close at $4.56 in trading a mere 200 shares. Guardian Holdings climbed 47 cents to $412.50 with investors trading 44 stock units, Jamaica Producers increased $1.15 to end at $22.15 as 256,471 shares passed through the market, Jamaica Stock Exchange rose 65 cents to $9.10 with investors dealing in 1,545 stocks. Kingston Wharves rallied $2.29 to end at $28.79 in an exchange of 3,294 units, Pan Jamaica dropped $1 in closing at $46 with traders dealing in 7,497 stocks, Supreme Ventures gained 45 cents and ended at $26 after an exchange of 18,990 units. Sygnus Credit Investments shed 45 cents to close at $11.45 after 7,403 stocks changed hands, Victoria Mutual Investments declined 37 cents to $2.62 while exchanging 101,363 shares and Wisynco Group fell 98 cents in closing at $19.50 in switching ownership of 119,452 stock units.
In the preference segment, Eppley 7.50% preference share rose 49 cents and ended at $5.99 as investors exchanged 628 shares and JMMB Group 7% preference share climbed 40 cents to close at $2.40 after a transfer of 521 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
NCB stock price surges to 3 months high
Stocks mostly declined at the end of trading on the Jamaica Stock Exchange Main Market on Monday, notwithstanding, a $6.50 surge in NCB Financial contributed significantly to lifting the market index to close trading on Monday as the stock closed trading at the highest price since late August, but still below the near $85 a year ago.
The market closed with the volume of stocks traded declining 44 percent and the value 22 percent less than Friday, with trading of 55 securities compared with 57 on Friday, and ended with prices of 12 rising, 30 declining and 13 ending unchanged, but Berger Paints closed at 52 weeks’ lows, but AS Bryden traded at a 52 weeks’ intraday high of $33.64 and an intraday low of $28.99, while Key Insurance traded at an intraday low of $2.10.
A total of 6,345,906 shares were traded for $88,810,985 compared with 11,402,012 units at $114,300,385 on Friday.
Trading averaged 115,380 shares at $1,614,745 compared with 200,035 shares at $2,005,270 on Friday and month to date, an average of 154,985 units at $1,659,286, compared to 159,869 units at $1,664,779 on the previous day. October closed with an average of 214,410 units at $1,325,907.
Transjamaican Highway led trading with 951,988 shares for 15 percent of total volume followed by Wigton Windfarm with 801,888 units for 12.6 percent of the day’s trade and Jamaica Broilers with 791,159 units for 12.5 percent market share.
The All Jamaican Composite Index rose 2,334.48 points to end at 350,357.91, the JSE Main Index climbed 733.38 points to 315,732.62 and the JSE Financial Index popped 0.45 points to settle at 69.19.
The Main Market ended trading with an average PE Ratio of 11.9. 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.
Investor’s Choice bid-offer indicator shows 13 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments lost 55 cents in closing at $70.50 in switching ownership of 40,600 stock units, Berger Paints fell $1.60 to close at a 52 weeks’ low of $5.80 after a transfer of 121 shares, Caribbean Cement dipped 93 cents to close at $50.01 with shareholders swapping 9,077 units. Eppley Caribbean Property Fund gained $2.50 to end at $36, with 15,761 stocks crossing the market, Guardian Holdings dropped $27.96 and ended at $412.03 in an exchange of 23 shares, Jamaica Broilers shed $1.47 to end at $33.50 after 791,159 stock units passed through the market.
NCB Financial jumped $6.51 in closing at $73.50 after the trading of 223,653 stock units, Proven Investments climbed 69 cents and ended at $23.72 with investors transferring 2,148 units, Sagicor Group dropped 95 cents to end at $42, with 33,342 shares changing hands. Scotia Group skidded 50 cents to close at $34 after an exchange of 463,033 units, Seprod fell $1.95 to $75.05, with 2,878 stocks crossing the exchange, Stanley Motta lost 35 cents to end at $5.45 with investors dealing in 2,119 stock units. Sygnus Real Estate Finance dropped $1.64 in closing at $9.36, with an exchange of 153 shares and Wisynco Group popped 48 cents to close at $20.48 with 32,732 units changing hands.
In the preference segment, Eppley 7.50% preference share shed 43 cents and ended at $5.50, with 1,410 stocks crossing the market. Jamaica Public Service 7% declined $8 to $42 with traders dealing in 1,260 stock units and JMMB Group 7% preference share dipped 45 cents and ended at $2 as investors exchanged 685 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
New additions to ICTOP10
A series of third quarter company results were released during the past week, and most reported good numbers that augur well for the stock prices in the months ahead. Some of the results are companies in the ICTOP10. During the week the JSE Main Market rose but the Junior Market lost ground moderately for a second week.
Price movements in the market resulted in two new ICTOP10 listings for the Junior Market and one for the Main Market. In the Junior Market, Dolphin Cove rose 6 percent to $16.50 and AMG Packaging rose 4 percent to $2.44 after trading at a 52 weeks’ low of $1.95 during the week. Paramount Trading dropped 12 percent to $1.48, followed by Everything Fresh shedding 11 percent to $1.56, Iron Rock Insurance fell 9 percent to $2 and Caribbean Assurance Brokers declined 8 percent to end at $2.85.
The Main Market closed the week with Sygnus Credit Investments climbing 7 percent to $11.90, Margaritaville and Jamaica Broilers rising 6 percent to $17.58 and $34.97 respectively. General Insurance dropped 9 percent to end at $5.04.
Lasco Financial and Lasco Distributors released half year results but dropped out of the Junior Market ICTOP10 and Lasco Manufacturing also reported six months results but remained in the ICTOP 10. Following the release of the results, Lasco Distributors earnings were reduced from $1.65 to $1.60 for the full year and sits at number 12 in ICInsider.com rankings. 
Importantly selling in the stock has been drastically reduced with just 19 offers up to $15.90 amounting to less than 200,000 shares and 19 bids above $4, with the highest bid amounting to more than the total stocks being offered. Earnings per share for Lasco Financial were reduced to 15 cents for the year and holds the 31st spot on the list.
Jamaica Teas also released results for the year to September, showing an improvement over 2022 and disclosed expected improvements from major changes already undertaken, which should improve 2024 results added to that, stocks should do better in the coming year, resulting in exposure of projections for 2024 as such it along with Caribbean Cream are now in the ICTOP10.
Returning to the Main Market TOP 10 is Palace Amusement Company replacing Caribbean Cement.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 12.2. The Main Market ICTOP10 is projected to gain an average of 319 percent by May 2024, based on 2023 forecasted earnings.
An indication of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 20 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 5.7, just over half of the market, with an average of 11.9. There are 11 stocks, or 23 percent of the market, with PEs from 15 to 48, averaging 21 that are well above the market’s average. The top half of the market has an average PE of 17, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 260 percent on or around May 2024.
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.
AS Bryden jumps 29% on the JSE debut
The Trinidad and Tobago based AS Bryden commenced trading on the Main Market of the Jamaica Stock Exchange on Friday and was welcomed by investors who pushed the stock price up $6.50, up 29 percent on the listing price of $22.50, in swapping 53,309 shares with a value of J$1,575,191 as the price closed at $29 on a day when the All Jamaican Composite Index lost 1,118.17 points to close at 348,023.43, the JSE Main Index climbed 1,433.99 points to 314,999.24 and the JSE Financial Index dipped 0.10 points to end at 68.74.
The day closed with rising stocks beating out those declining, with trading in 57 securities, a similar number compared with Thursday and resulted in prices of 23 rising, 19 declining and 15 ending unchanged as the volume of stocks traded rose 52 percent but with a marginally higher value.
Investors traded 11,402,012 shares at $114,300,385 compared to 7,516,087 units at $111,267,823 on Thursday.
Trading averaged 200,035 shares at $2,005,270 compared with 131,861 stocks at $1,952,067 on Thursday. Trading for the month to date, averaged 159,869 units valued at $1,664,779 compared to 153,983 units at $1,614,887, on the previous day. Trading in October closed with an average of 214,410 units at $1,325,907.
Wigton Windfarm led trading with 4.489 million shares for 39.4 percent of total volume, followed by Kingston Wharves with 3 million units for 26.6 percent of the day’s trade and Transjamaican with 986,893 million units for 8.7 percent of the day’s trade.
At the close of trading, the JSE Combined Market Index popped 1,420.45 points to close at 328.954.78,
The Main Market ended trading with an average PE Ratio of 12.1. 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.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments rose $1 to $71.05 after an exchange of 32,450 stocks, Eppley gained 67 cents to close at $34 after investors traded 33 shares, Eppley Caribbean Property Fund dropped $2.50 to end at $33.50 after trading 210 stock units. General Accident fell 52 cents to close trading of 3,360 shares at $5.04, GraceKennedy added 99 cents to close at $72.49 as investors exchanged 84,190 shares, Guardian Holdings rose $1.99 to $439.99 after a transfer of 300 shares. Jamaica Broilers had an exchange of 24,321 shares at $34.97, after gaining 97 cents, Jamaica Stock Exchange lost 55 cents in closing at $8.45 after investors exchanged 27,320 shares, JMMB Group rose $0.36 to $27.40 with an exchange of 22,320 shares. 
Kingston Wharves lost $1.21 to finish at $17.58, with 3,029,633 stock units crossing the market, MPC Caribbean Clean Energy jumped $12.13 to $93 after an exchange of 102 shares, Margaritaville popped $1.57 in closing at $17.58 after 284 stocks passed through the market. NCB Financial popped $1.99 and ended at $66.99 in switching ownership of 35,941 units, Pan Jamaica shed $2.50 to close at $47 with shareholders swapping 1,057 stocks, Seprod slipped $1 to $77 in an exchange of 12,345 shares. Sygnus Credit Investments gained 60 cents in closing at $11.90 after investors traded 3000 shares, Sygnus Real Estate Fund dropped $0.87 in closing at $11.00 with just 24 shares changing hands and Wisynco Group ended with investors trading 55,638 shares and lost 55 cents in closing at $20.
In the preference segment, Jamaica Public Service 7% climbed $8 to close at $50, with investors dealing in 1,495 stock units and Productive Business Solutions 9.75% preference share popped $10.20 to end at $112.20, with 231 stocks changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
