The Main Market of the Jamaica Stock Exchange closed down on Tuesday, while the Junior Market slipped a few points and the JSE USD Market fell at the close of the market, with an increase in the value and volume of stocks traded compared to Monday.
At the close of trading, the JSE Combined Market Index dropped 3,283.21 points to 325,261.79, the All Jamaican Composite Index dived 3,930.88 points to cease trading at 347,160.74, the JSE Main Index shed 3,454.22 points to 312,225.96. The Junior Market Index shed 4.96 points to cease trading at 3,704.44 and the JSE USD Market Index shed 3.22 points to conclude trading at 223.77.
Investors traded 11,376,869 shares, in all three markets up from 9,923,864 units on Monday. The value of stocks traded on the Junior and Main markets ended at $58.95 million up from $43.02 million on Monday. The JSE USD market closed after 132,328 shares were exchanged, for US$8,195 compared to 837,700 units at US$41,015 on Monday.
In the preference segment, Productive Business Solutions 9.75% preference share dropped $12 to end at $100.
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 14 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 local 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.
Strong performance in ICTOP10 stocks
The main market has been quietly rising since the start of November and closed the past week at the highest level since the start of the month while the Junior Market declined to the lowest level since early May this year but the performance of the ICTOP10 was mostly positive, with the Junior Market having 4 stocks gaining between 5 and 15 percent and two with declines of 6 and 7 percent. The Main Market had two stocks gaining 5 and 11 percent and two falling by 3 percent.
Against the above market movements, there was just one new addition to the ICTOP10 with listings for the Junior Market with Caribbean Flavours moving out with a 15 percent gain for the week to close at $1.39 and Access Financial taking its place. The other big action in the Junior Market, resulted in Paramount Trading gaining 12 percent to close at $1.68, Caribbean Cream rising 9 percent to $3.70 and Jamaican Teas adding 5 percent to end at $2.35. Lasco Manufacturing dropped 7 percent to $4.20 and Express Catering fell 6 percent to $3.75.
The Main Market closed the week with Key Insurance climbing 11 percent to $2.50, while 138 Student Living rose by 5 percent to $4.22.
Access Financial Services is enjoying a turnaround in its fortunes with profit for the second quarter to September surging 153 percent over the same period in 2022 to reach EPS of 51 cents even with allowances for credit losses rising to $89 million from $54 million in the 2022 period as revenues from interest climbed 25 percent to $556 million and revenues net of finance cost was up 9.5 percent to $567 million. 
For the half year, profit jumped 76 percent to $234 million as loan granted borrowers rose almost $600 million to $5.36 billion from $4.76 billion in September 2022 and the same amount since March this year. The company had more than $760 million available to lend plus cash flows from profit that should pushed lending up around 25 percent year over year and helped to swell profits for the year substantially above the six months levels.
Elsewhere, we upgraded Scotia Group’s earnings to $6 per share making it a more attractive IC TOP10 stock.
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 318 percent by May 2024, based on 2023 forecasted earnings.
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 7, over half of the market, with an average of 12.9. There are 15 stocks, or 31 percent of the market, with PEs from 15 to 47, averaging 20 that are well above the market’s average of 12.9. 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.
Of great 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 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.
Fall for JSE Main Market
Declining stocks overwhelmed those rising in trading activity on the Jamaica Stock Exchange Main Market on Monday, sending the indices careening downwards at the close of the market, with a 42 percent decline in the volume of stocks traded at a 65 percent lower value than on Friday, with trading taking place in 58 securities compared with 55 on Friday, and ended with 14 rising, 24 declining and 20 ending unchanged.
A total of 6,629,759 shares were traded for $37,460,689 down from 11,457,646 units at $107,505,758 on Friday.
Trading averaged 114,306 shares at $645,874 down from 208,321 units at $1,954,650 on Friday and month to date, an average of 289,287 units at $2,525,609, compared with 299,466 units at $2,634,962 on the previous trading day, well above October with an average of 214,410 units at $1,325,907.
Transjamaican Highway led trading with 1.98 million shares for 29.8 percent of total volume followed by Wigton Windfarm with 1.72 million units for 26 percent of the day’s trade and JMMB Group 7.35% – 2028 with 776,731 units for 11.7 percent market share.
The All Jamaican Composite Index dropped 1,216.15 points to end the day at 351,091.62, the JSE Main Index dropped 210.01 points to finish at 315,680.18 and the JSE Financial Index declined 0.21 points to close at 68.54.
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 six stocks ended with bids higher than their last selling prices and eight with lower offers.
At the close, Barita Investments fell $1.02 and ended at $69.98 after closing with an exchange of 13,434 shares, Caribbean Cement gained $3.78 to close at $54.98 with shareholders swapping 5,863 units, Caribbean Producers lost 40 cents to close at $8.80 in trading 10,350 stocks. Eppley popped $1.50 to end at $34.50 after a transfer of 1,623 stock units, Eppley Caribbean Property Fund dropped $3.50 in closing at $36 with traders dealing in 654 shares, Jamaica Stock Exchange advanced 45 cents to $9.70 in switching ownership of 8,137 stock units.
JMMB Group shed 41 cents to close at $26.09 with investors dealing in 58,966 units, Pan Jamaica declined 40 cents and ended at $50 after an exchange of 130 stocks, Proven Investments dropped $1.44 to end at $23.60, with 1,056 shares crossing the market. Pulse Investments skidded 29 cents in closing at $1.91 in an exchange of 101,006 stock units, Scotia Group lost $1.48 to $33 after 127,879 stocks passed through the market, Seprod rose 90 cents to end at $76 with a transfer of 768 units. Sygnus Real Estate Finance rallied $1.60 in closing at $10.50, with 4,612 stocks clearing the market and Wisynco Group fell $2.29 and ended at $19.21 with stakeholders exchanging 144,364 shares.
In the preference segment, Eppley 7.25% preference share increased $1 to close at $19, with 470 stock units crossing the market and Eppley 7.50% preference share climbed 40 cents to $6.40 with an exchange of 1,169 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Highest weekly November close for Main Market
Stocks finished at their highest weekly close for November at the close of trading activity on the Jamaica Stock Exchange Main Market on Friday, following a moderate decline in the volume of stocks traded declining but with the value surging 200 percent more than on Thursday, with trading in 55 securities compared with 54 on Thursday, resulting in prices of 22 rising, 13 declining and 20 ending unchanged.
A total of 11,457,646 shares were traded at $107,505,758 compared with 12,874,056 units at $35,782,868 on Thursday.
Trading averaged 208,321 shares at $1,954,650 compared to 238,408 units at $662,646 on Thursday and month to date, an average of 299,466 units at $2,634,962 compared to 304,788 units at $2,674,683 on the previous day, up from October with an average of 214,410 units at $1,325,907.
Wigton Windfarm led trading with 1.99 million shares for 17.4 percent of total volume followed by Sygnus Credit Investments with 1.73 million units for 15.1 percent of the day’s trade, Wisynco Group with 1.69 million units for 14.8 percent market share, JMMB Group 7.5% with 1.64 million units for 14.3 percent market share and Transjamaican Highway with 1.13 million units for 9.8 percent of total volume.
The All Jamaican Composite Index climbed 2,405.50 points to wrap up trading at 352,307.77, the JSE Main 
Index rallied 1,073.03 points to close trading at 315,890.19 and the JSE Financial Index popped 0.28 points to 68.75.
The Main Market ended trading with an average PE Ratio of 13.2. 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 around August 2024.
Investor’s Choice bid-offer indicator shows 14 stocks ended with bids higher than their last selling prices and five with lower offers, an indicator pointing to a higher market opening on Monday.
At the close, Berger Paints lost 69 cents to close at $6.01 with shareholders swapping 50 stock units, Caribbean Cement dropped $3.80 to $51.20 in trading 109,512 shares, Eppley fell 30 cents to end at $33, with 3,604 stocks changing hands. Eppley Caribbean Property Fund climbed $3.25 in closing at $39.50 as investors exchanged 3,625 units, General Accident increased 58 cents and ended at $5.15 with 27,352 stocks clearing the market, Guardian Holdings dipped $1 to $410 with traders dealing in 16,088 shares. 
Jamaica Broilers shed 88 cents to end at $34 after 37,432 stocks passed through the market, Jamaica Producers popped 98 cents in closing at $22.98 in switching ownership of 157,497 units, Jamaica Stock Exchange gained 25 cents to close at $9.25, with 1,158 shares crossing the market. Key Insurance rose 25 cents and ended at $2.50 while exchanging 163,000 stock units, Kingston Wharves advanced $1.98 to $28.49, with 700 units crossing the market, Mayberry Investments rallied 58 cents to end at $7.80 in an exchange of 8,001 stocks. Proven Investments popped $2.53 in closing at $25.04 with investors dealing in 1,908 shares, Sagicor Group climbed $1.08 and ended at $41.20 with a transfer of 52,723 stock units, Scotia Group increased 55 cents to close at $34.48 after 35,464 stocks crossed the exchange. Sterling Investments rose 31 cents to $2.60 in trading 586 units, 
Sygnus Credit Investments rallied 50 cents and ended at $12 in an exchange of 1,727,489 shares and Wisynco Group gained $2.30 in closing at $21.50 after an exchange of 1,691,440 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big bounce for JSE Main Market
Trading activity dropped sharply on the Jamaica Stock Exchange Main Market on Thursday, but the market put on a spirited rally, with the volume of stocks traded declining 76 percent and the value 97 percent lower than on Wednesday, following trading in 54 securities compared with 53 on Wednesday and ended with prices of 23 stocks rising, 17 declining and 14 ending unchanged.
A total of 12,874,056 shares were traded for $35,782,868 down sharply compared with 54,394,461 units at $1,087,515,284 previously.
Trading averaged 238,408 shares at $662,646 compared to 1,026,311 units at $20,519,156 on the previous day. Trading month to date, averages 304,788 stocks at $2,674,683 down from 308,824 units at $2,797,036 on the previous day. Trading in October averaged 214,410 units at $1,325,907.
Sagicor Select Financial Fund led trading with 9.74 million shares for 75.6 percent of total volume and was followed by Transjamaican Highway with 1.46 million units for 11.4 percent of the day’s trade and Carreras with 323,017 units for 2.5 percent market share.
The All Jamaican Composite Index rallied 3,739.69 points to 349,902.27, the JSE Main Index surged 4,376.18 points to finish at 314,817.16 and the JSE Financial Index popped 0.76 points to 68.47.
The Main Market ended trading with an average PE Ratio of 12.9. 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 14 stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Berger Paints skidded 40 cents to close at $6.70 with an exchange of 102,044 units, Caribbean Cement gained $1.05 to end at $55, with 552 stocks crossing the market, Eppley Caribbean Property Fund lost $2.25 and ended at $36.25 with traders dealing in 100 shares. First Rock Real Estate declined $1.20 in closing at $6.80 while exchanging 172 stock units, GraceKennedy fell $1.50 to end at $75.50 after a transfer of 18,277 shares, Guardian Holdings dipped $1 in closing at $411 as investors exchanged 119 stock units. Jamaica Broilers popped 88 cents to $34.88 after trading 30,156 stocks, JMMB Group increased 90 cents to end at $26.40 after an exchange of 226,028 units, Key Insurance shed 25 cents and ended at $2.25 after 2,037 stocks passed through the market.
Kingston Properties climbed 26 cents to close at $6.99 in an exchange of 4,130 units, Massy Holdings rose $4.70 to $90, with 4,339 shares clearing the market, Mayberry Investments dropped 93 cents to end at $7.22 with stakeholders exchanging 8,400 stock units. NCB Financial rallied $1 in closing at $69 in trading 40,922 shares, Pan Jamaica advanced $4.46 and ended at $50.46, with 8,417 stock units crossing the exchange, Proven Investments fell $1.22 to close at $22.51 in switching ownership of 133 units. Scotia Group popped 52 cents to $33.93 after an exchange of 11,642 stocks, Sygnus Credit Investments declined 50 cents to close at $11.50, with 10,050 units crossing the market and Sygnus Real Estate Finance lost $1.79 and ended at $8.90 with a transfer of 8,800 stocks.
In the preference segment, Eppley 7.50% preference share climbed 50 cents in closing at $6, with 1,445 shares changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market jumps as Juniors rise
Massy Holdings jumped $4.70, Pan Jamaica gained $4.46, Caribbean Cement price climbed $1.05 and NCB Financial rose $1 but was partially offset by declines of more than $1 in six and helped in lifting the Jamaica Stock Exchange Main Market by more than 4,000 points on Thursday as the Junior Market inched higher but the JSE USD Market slipped marginally as the markets closed trading, with the value and volume of stocks traded dropped compared to Wednesday.
At the close of trading on Thursday, the JSE Combined Market Index surged 4,148.87 points to close at 327,505.01, the All Jamaican Composite Index jumped 3,739.69 points to 349,902.27, the JSE Main Index advanced 4,376.18 points to end trading at 314,817.16. The Junior Market Index advanced 5.21 points to conclude trading at 3,683.06 and the JSE USD Market Index dipped 0.87 points to settle at 225.03.
Investors traded 16,069,112 shares, in all three markets down from 62,120,345 units on Wednesday. The value of stocks traded on the Junior and Main markets ended at $42.6 million from just $1.1 billion on Wednesday. The JSE USD market closed after 345,389 shares were traded, for US$6,537 compared to 368,630 units at US$6,490 on Wednesday.
In the preference segment, had not stocks trading with notable price movements.
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 13.9 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 local 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.
Trading surges on the JSE Main Market
Trading activity jumped on the Jamaica Stock Exchange Main Market ended on Wednesday, with the volume of stocks traded surging 1,098 percent and the value 4,089 percent more than on Tuesday, with Caribbean Producers trading 36.6 million shares and GraceKennedy with 9.87 million units after 53 securities were traded down from 61 on Tuesday and resulted in prices of 13 stocks rising, 24 declining and 16 ending unchanged.
A total of 54,394,461 shares were traded for $1,087,515,284, up sharply from just 4,541,590 units at a mere $25,960,870 on Tuesday.
Trading averaged 1,026,311 shares at $20,519,156 well up from 74,452 units at $425,588 on Tuesday and month to date, an average of 308,824 units at $2,797,036, compared with 263,283 units at $1,672,159 on the previous day. October closed with an average of 214,410 units at $1,325,907.
Caribbean Producers led trading with 36.63 million shares for 67.3 percent of total volume followed by GraceKennedy with 9.87 million units for 18.2 percent of the day’s trade, Wigton Windfarm chipped in with 2.59 million units for 4.8 percent market share, Carreras contributed 1.29 million units to trading for 2.4 percent market share and Transjamaican Highway with 1.01 million units for 1.9 percent of the total volume.
The All Jamaican Composite Index declined 1,682.39 points to end at 346,162.58, the JSE Main Index dipped 2,490.91 points to wrap up trading at 310,440.98 and the JSE Financial Index slipped 0.27 points to culminate at 67.71.
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 six stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments gained 99 cents in closing at $71, with 15,764 stock units crossing the market, Caribbean Cement climbed $4.40 to $53.95 with investors dealing in 220,804 units, Eppley Caribbean Property Fund rose $1.99 and ended at $38.50 after 1,088 shares passed through the market. GraceKennedy advanced $3 to end at $77 after a transfer of 9,874,067 stock units, Jamaica Broilers skidded 88 cents to close at $34 while exchanging 235,439 shares, Key Insurance popped 55 cents to $2.50 with a transfer of 500 units. Kingston Wharves fell $1.49 to close at $26.51 with 731 stocks clearing the market, NCB Financial dipped $1 to $68 in an exchange of 38,436 stocks, 
Pan Jamaica lost $1 in closing at $46 with traders dealing in 12,076 shares. Proven Investments gained 73 cents to end at $23.73 in an exchange of 888 stocks, Sagicor Group declined $1 in closing at $40 after 12,007 units changed hands, Salada Foods rallied 38 cents to $2.90 with investors exchanging 343 stock units and Seprod shed $3 to close at $75 in trading 6,477 shares and VM Investments ended with 187,370 shares being traded to close at a 52 weeks’ closing low of $2.56 after a loss of 19 cents.
In the preference segment, Eppley 7.50% preference share dropped 49 cents to end at $5.50, with 19,433 stock units crossing the exchange and Productive Business Solutions 10.5 % preference share fell $100 and ended at $1,100 in switching ownership of 51 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading value of stocks plunges
Trading activity dropped sharply on the Jamaica Stock Exchange Main Market to extremely low levels at the close on Tuesday, with the volume of stocks traded declining 23 percent and the value 36 percent lower than the already puny trading levels on Monday, with 61 securities trading compared with 57 on Monday, and resulted in prices of 22 rising, 27 declining and 12 ending unchanged.
Trading ended with an exchange of 4,541,590 shares for just $25,960,870 compared with 5,872,129 units at $40,649,016 on Monday. The value of stocks traded on Tuesday is the lowest since October 30, when $15.93 million worth of shares were traded.
Trading averaged 74,452 shares at $425,588 versus 103,020 units at $713,141 on Monday and month to date, an average of 263,283 units at $1,672,159, compared with 278,165 units at $1,770,403 previously and more than in October with an average of 214,410 units at $1,325,907.
Wigton Windfarm led trading with 1.59 million shares for 35.1 percent of total volume followed by Transjamaican Highway with 714,833 units for 15.7 percent of the day’s trade and Sagicor Select Financial Fund with 483,100 units for 10.6 percent market share.
The All Jamaican Composite Index rose 1,587.93 points to wrap up trading at 347,844.97, the JSE Main Index climbed 482.71 points to end trading at 312,931.89 and the JSE Financial Index rose 0.36 points to lock up trading at 67.98.
The Main Market ended trading with an average PE Ratio of 12.9. 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 10 stocks ended with bids higher than their last selling prices and eight with lower offers.
At the close, AS Bryden popped 50 cents to $29.50 while exchanging 6,494 stocks, Berger Paints dropped 34 cents to end at $7.10 with dealings in 1,807 units, Caribbean Cement fell 65 cents in closing at $49.55 after 21,990 shares were traded. Caribbean Producers lost 26 cents to close at a 52 weeks’ low of $8.99 in switching ownership of 74,481 stock units, but only after the price hit an intraday 52 weeks’ low of $8.22, Eppley advanced $4.79 and ended at $33.30 as a mere one share passed through the market, Eppley Caribbean Property Fund dipped $1.99 to $36.51 after investors ended trading 450 units. General Accident skidded 59 cents to close at $4.56 with investors transferring 1,669 stocks, Guardian Holdings rose $2 to end at $412, with 20 stock units crossing the exchange, Jamaica Producers declined 26 cents in closing at $22.04 after a transfer of 4,057 shares. 
Jamaica Stock Exchange shed 50 cents and ended at $9 in trading 13,034 stock units, Kingston Wharves climbed $1.50 to $28 after an exchange of 1,271 stocks, Massy Holdings fell $5.90 and ended at $85.10, with 535 units crossing the market. NCB Financial shed 83 cents to close at $69 after an exchange of 41,642 shares, Pan Jamaica declined $2.48 in closing at $47, with 222 units changing hands, Proven Investments increased by 90 cents to end at $23, with an exchange of 7,269 stocks. Radio Jamaica lost 17 cents to close at a 52 weeks’ low of $1.26 cents after 178,798 shares changed hands, Sagicor Group gained $1 to $41, with 37,933 units crossing the market, Scotia Group lost 41 cents and ending at $33.50 in an exchange of 74,094 shares, Sygnus Credit Investments rallied 26 cents to close at $12.05, with 58,001 stock units clearing the market and Sygnus Real Estate Finance increased $1.29 to end at $10.69 as investors exchanged 3,087 stocks.
In the preference segment, Jamaica Public Service 7% climbed $4.99 in closing at $46 with shareholders swapping 11 units and Productive Business Solutions 10.5% preference share rose $50 to $1,200 in an exchange of 3 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market falters on Monday
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.
