The Jamaica Stock Exchange indices declined at the close on Monday, although up to 12:20 Pm the major indices were up but at the close more stocks rose than declined. The JSE Market Index slipped 847.88 points to end at 158,922.21, the all Jamaica Composite Index fell 948.22 points to close at 176,564.93 and the JSE combined index fell 840.82 points, to end at 169,492.16.
The market closed another day of moderate trading, with 4,507,109 units valued at $44,852,228 changing hands, in all market segments. The junior market accounted for 969,188 units traded valued at $4,657,054, of all trades. A total of 34 securities traded, with the prices of 15 stocks rising, 11 declining, including 3 stocks rising and 3 declining from the junior market, as the main market continues to consolidate while waiting for fresh news to move out of the narrow trading range.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 9 stocks with bids higher than their last selling prices and 3 with lower offers.
At the end of market activities, Berger Paints fell 5 cents in trading 14,014 shares at $4.45, Cable & Wireless traded 33,428 shares but rose 4 cents to close at $1.15, Caribbean Cement climbed $1 in trading 18,191 shares to close at $23.50, Carreras recovered 50 cents in trading 3,440 shares at $65. Trading in 1834 Investments resulted in 25,054 shares changing hands after rising 15 cents to close at $1.15, Grace Kennedy jumped $2.01 to close at $122.50 with 5,160 units changing hands. Jamaica Broilers ended with 9,018 units changing hands to close at $15, Jamaica Producers traded 3,543 shares but fell 40 cents to $8, Jamaica Stock Exchange jumped $2.65 with just 200 shares changing hands at $24, JMMB Group traded 499,703 units but fell 50 cents to end at $9.50. Kingston Wharves had 9,315 units changing hands at $14.70, having shed $1.29. Margaritaville Turks traded gained 1 US cents with 1,109,980 shares at 21 US cents, Mayberry Investments lost 20 cents in trading 22,900 units at $3.30, National Commercial Bank ended with 7,895 units changing hands but lost 30 cents to close at $41.50, Pan Jamaican Investment Trust traded 11,771 shares to close at $23. Portland JSX ended with 6,700 shares changing hands at $12.90, Radio Jamaica traded 16,891 shares to close at $1.46 after losing 9 cents, Sagicor Group ended with 2,000 shares changing hands, but gained 5 cents to $23.15, Sagicor Real Estate Fund traded 18,000 shares and lost 2 cents to close at $10.10. Scotia Investments gained $1.79 trading 1,000 shares, to close at $27.79. Supreme Ventures traded 118,100 shares to end at $4.60, Proven Investments ordinary shares traded 35,650 units at 16.95 US cents, up from 16.94 US cents, Sterling Investments traded 15,224 in the US dollar market at 11 US cents and Jamaica Money Market Brokers 7.5% preference share traded 1,522,620 units at $2.10 by gaining 1 cent.
JSE majors fall again – Monday
More declines for JSE majors – Wednesday
Trading in Jamaica Stock Exchange resulted in more decline in the main market indices on Wednesday with the JSE Market Index dropping 771.47 points to end at 157,357.18. The all Jamaica Composite Index dived 862.77 points to close at 174,814.69 and the JSE combined index fell 309.19 points, to end at 167,339.18.
The market closed another day of moderate trading, with just 1,145,903 units valued at $13,391,660 changing hands, in all market segments. The junior market accounted for 209,776 shares trading with a value of $1,025,220, of all trades.
A total of 29 securities traded, with the prices of 8 stocks rising, 11 declining, including 4 stocks rising and 1 declining from the junior market as the main market continues to consolidate while waiting for fresh and important news to move out of the narrow trading range it’s been in for a while.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 17 stocks with bids higher than their last selling prices and 3 with lower offers, suggesting a day of increasing stocks over decliners on Thursday.
At the end of market activities, Cable & Wireless rose by 3 cents while trading 212,938 shares to close at $1.13, Caribbean Cement traded 31,891 shares and fell 10 cents to close at $22, Carreras fell 50 cents in trading 1,512 shares at $65.50 at the close. 1834 Investments traded 51,659 shares after falling 5 cents to close at $1.14, Grace Kennedy rose 5 cents to close at $120 with 14,439 units changing hands. Jamaica Broilers ended with 239,781 units changing hands with a rise of 50 cents to close at $15, Jamaica Producers traded 88,340 units and fell $1.10 to end at $7.50, Jamaica Stock Exchange traded 3,000 shares at $21.35 with a gain of 2 cents, JMMB Group traded 24,479 shares but declined 13 cents to close at $9.72. National Commercial Bank ended with 26,150 units changing hands with the loss of $1 at $41. Pan Jamaican Investment Trust traded 28,025 shares to close at $23.95 after falling 5 cents, Portland JSX ended with 65,502 shares changing hands at a new closing high of $12.75. Radio Jamaica traded at $1.55 after 60,000 shares changed hands, with a loss of 4 cents, Sagicor Group ended with 3,700 shares changing hands, to end at $23.65. Scotia Group fell 4 cents with 51,362 shares trading, to close at $30.02 and Proven Investments ordinary shares traded 30,225 units at 16.95 US cents.
More 1834 Investments delays
Having not published the December 2015 quarterly report as required by the Jamaica Stock Exchange rules, 1834 Investments (formerly The Gleaner Company Limited) who previously advised of a delay in reporting the March 2016 before the end of June, now promises the release of the audited accounts of the company by July 31, 2016.
The companies release comes against the background of an IC Insider report on the further delay in a posting on Tuesday.
According to the release which was issued and posted July 5, 2016 at 3:57 pm, the company stated, “as previously advised, the restructuring activities of the company during 2015, coupled with the change in financial year-end, and close of the merger transaction with Radio Jamaica Limited in March 2016, have necessitated an extensive revision to how the company’s accounts are compiled, reviewed and presented in order to distinguish between the continuing operations of 1834 and the discontinued media operations.”
“1834 Board is aware that shareholders are anxious to see the company’s financial results; however, 1834 is taking time to ensure the total accuracy of the accounts.1834 also advises that the audit review exercise is substantially complete and every effort is being made to finalize the accounts for release in advance of July 31, 2016.”
Radio Jamaica last week also indicated that their 12 months results are further delayed resulting from the merger.
Whether, the companies make the revised deadlines, the Jamaica Stock Exchange is not looking pretty in the messy situation of the failure for the Gleaner to release the 2015 numbers. The question now to be asked, should these companies shares still be trading with an unclear financial picture, occasioned by the long delays and the uncertainty resulting therefrom.
14 up 13 down on JSE – Tuesday
Trading on the Jamaica stock market on Tuesday remains modest, with just 2,299,731 units valued at $26,990,419 in all market segments changing hands. The junior market accounted for 626,581 shares valued at $2,868,043 of all trades. All market indices lost ground as stocks declining were almost equal to the ones rising.
A total of 39 securities traded 3 more than on Monday, with the prices of 14 stocks rising, 13 declining, including 3 stocks rising and 8 declining from the junior market. The market is in a consolidating mode with the indices rising and falling from day to day, with no new information to cause a break out.
The JSE Market Index dropped 400.51 points to end at 160,709.71.The all Jamaica Composite Index declined 447.93 points to close at 178,563.97 and the JSE combined index fell 538.83 points, to end at 171,544.13.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 11 stocks with bids higher than their last selling prices and 9 with lower offers. At the end of market activities, Cable & Wireless lost 10 cents trading 202,701 shares to close at $1.10, Caribbean Cement gained $1 to close at $25 but with just 290 shares trading, Carreras traded a mere 650 shares but gained 60 cents to $65.40, Ciboney traded 35,000 shares at 21 cents, 1834 Investments traded 31,000 shares to close at $1. Grace Kennedy gained 50 cents and closed at $120.50 with 7,280 units changing hands, Jamaica Broilers ended with 92,592 units changing hands and gained 20 cents to close at $15 as the company released audited accounts showing earnings per share of $1.44, up from 86 cents as the Jamaican operations saw a surge in segment profits of nearly $1 billion. Jamaica Producers traded 6,950 units after rising 90 cents to end at $49, Jamaica Stock Exchange traded 28,804 shares but fell $1.10 to close at $24, Kingston Wharves traded 2,907 units and gained 45 cents to close at $15.01, Margaritaville Turks traded 164,600 shares at 20.5 US cents up from 19 US cents on Monday. Mayberry Investments closed with 15,000 shares changing hands at $3.56, for a gain of 1 cent, National Commercial Bank ended with just 2,936 units changing hands with a rise of 10 cents to $42. Pan Jamaican Investment Trust rose 47 cents in trading 7,185 shares to close at $25.48, Radio Jamaica fell 20 cents to close with 38,074 shares changing hands at $1.45, Sagicor Group ended with 212,900 shares changing hands at $23.05, Sagicor Real Estate Fund traded 903,896 shares but lost 3 cents to close at $10.12. Scotia Group fell $1 with 2,792 shares trading to close at $31, Scotia Investments ended with 49,334 shares trading to close at $26, Seprod held firm at $16.60 while trading 5,000 units. Proven Investments traded 17,950 units to close at 16 US cents, down from 16.99 US cents and JMMB Group 7.25% preference share traded 15,000 units to close with a fall of 30 cents at $2.15.
Where are the 1834 Investments results?
Gleaner & RJR execs signing merger agreement earlier in 2015
1834 Investments Limited (formerly The Gleaner Company Limited) did not release the usual December quarter report as such investors have been deprived of important information on the company. The stock exchange has fallen down badly on this one in not requesting it. No good reason has been given why it was not released.
Apparently the exchange regulatory arm expected that the 15 months report to March this would have been released to let the matter go away but it has not. First out of the block towards the end of May, 1834 Investments advised the Jamaica Stock Exchange that the Audited Annual Financial Accounts for March, 2016 will be late and unavailable for publication by May 30, 2016. 1834 anticipates that it should be available for publication on or before June 30, 2016. Bad news for investors and bad news for the capital market. The matter gets worse, the end of June has now gone and with July well advanced but there are no results released and no advisory on the JSE website or in the newspapers as to the new deadline. Nearly seven months have elapsed since the last report was released.
In the past several companies have changed their year end, as recently as late last year Desnoes & Geddes and Access changed their but provided investor with results for all relevant quarters, but the Gleaner Company who changed theirs to March from December did not do so.
It is well past the time for the Jamaica Stock Exchange act to protect the investing public.