Market activity ended on Thursday with the volume of shares declining 25 percent and the value plunging 26 percent lower than on Wednesday on the Jamaica Stock Exchange Main Market as rising stocks failed to match those declining.
The All Jamaican Composite Index dived 2,262.59 points to 431,950.73, the JSE Main Index shed 1,959.04 points to 390,804.57 and the JSE Financial Index lost 0.88 points to end at 94.97.
Overall 52 securities traded up from 51 on Wednesday, with 17 rising, 21 declining and 14 ending unchanged.
The PE Ratio, a formula used for computing appropriate stock values, averages 15.6. The PE ratio for the JSE Main and USD Market closing quotes are based on earnings forecasts by ICInsider.com for companies with financial years ending between the current year and August 2022.
Trading ended with 9,485,143 shares changing hands for $54,811,242 versus 12,587,397 units at $74,535,868 on Wednesday. Wigton Windfarm led trading with 26.2 percent of total volume with a transfer of 2.48 million shares followed by Transjamaican Highway 23.1 percent with 2.2 million units and Sterling Investments with 13.4 percent for an exchange of 1.27 million units.
Trading averages 182,407 units at $1,054,062, compared to 246,812 shares at $1,461,488 on Wednesday and month to date, an average of 245,918 units at $2,811,652, compared to 249,500 units at $2,910,778 on Wednesday. October closed with an average of 251,350 units at $2,773,208.
Investor’s Choice bid-offer indicator shows eight stocks ending with higher bids than their last selling prices and none with a lower offer.
At the close, Barita Investments spiked $2.15 to $92.15 in an exchange of 6,158 shares, Caribbean Cement rallied $2.31 to $88.81 with 124,985 units crossing the exchange, Caribbean Producers lost 30 cents to close at $9.60 in trading 308,440 stocks. Eppley slipped 40 cents to $35.60 with the swapping of 451 stock units, First Rock Capital fell $1.48 in closing at $10.02 after switching ownership of 47,855 shares, Guardian Holdings dropped $20 to close at $520 after 3,419 units cleared the market. Jamaica Broilers gained 30 cents to finish at $29 with 7,450 stocks changing hands, Jamaica Producers shed 55 cents to end at $23.40 in trading 8,389 shares, JMMB Group lost 30 cents in closing at $38.50 in ownership switching for74,664 stocks. Key Insurance rallied 36 cents to $4.39 in transferring 2,600 units, Palace Amusement dropped $45 in closing at $985, with 105 stock units changing hands, 
Proven Investments dipped 30 cents to end at $33.30 with a transfer of 15,877 shares. Sagicor Group rose 50 cents to $52.70 after an exchange of 73,402 stocks, Scotia Group lost 40 cents ending at $34.50, with 15,947 stock units changing hands, Seprod dipped 55 cents to $63.20 in exchanging 6,169 units. Supreme Ventures fell 63 cents in closing at $17.85 with the swapping of 73,324 shares and Sygnus Credit Investments rose 99 cents to $15.99, with 159,129 stocks crossing the market.
In the preference segment, Eppley 7.50% preference share shed 90 cents to settle at $6 in trading 130 units and Productive Business Solutions 9.75% preference shares advanced $28.90 to close at $101 after crossing the exchange with one stock unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Overall, 51 securities traded compared to 50 on Tuesday, with 26 rising, 17 declining and eight unchanged. The All Jamaican Composite Index spiked 2,767.79 points to 434,213.32, the JSE Main Index jumped 2,471.24 points to 392,763.61 and the JSE Financial Index rallied 0.42 points to end at 95.85.
At the close, Barita Investments dropped $2.25 to $90 with 25,365 shares changing hands, Berger Paints slipped 54 cents in closing at $13.56 after trading 3,799 stocks, Caribbean Cement climbed $7.01 to $86.50 with 117,109 stock units clearing the market. Eppley Caribbean Property Fund spiked $4 to close at $42 in switching ownership of 1,334 units, First Rock Capital rose 85 cents to $11.50 after exchanging 54,379 stock units, GraceKennedy advanced 94 cents to close at $98.94 with the swapping of 15,926 shares. Guardian Holdings spiked $20 to $540 in an exchange of 334 stocks, Jamaica Broilers shed $2 to end at $28.70 in trading 14,930 units, Jamaica Producers rallied $2.50 in closing at $23.95 in switching ownership of 20,200 stocks. JMMB Group popped 61 cents to $38.80 after transferring 223,545 shares, Kingston Wharves lost 30 cents in closing at $43.70 with the swapping of 100 units, Mayberry Investments gained 31 cents to $7.81 in trading 41,417 stock units. 
PanJam Investment declined $7.90 to close at $63.10 with 26,012 shares changing hands, Proven Investments gained 35 cents to end at $33.60 with a transfer of 12,467 stocks, Sagicor Group fell $1.79 to $52.20 after crossing the exchange with 57,067 stock units. Salada Foods gained 25 cents to end at $7 in trading 38,973 units, Scotia Group rose 60 cents to close at $34.90 with the swapping of 124,679 stock units, Sygnus Credit Investments dipped 50 cents to $15 in exchanging 182,678 stocks. Sygnus Real Estate Finance rallied $1.51 to $16.01 after trading 2,629 shares.
Market activity ended on Tuesday with the volume of shares trading rising marginally, with the value 62 percent higher than on Monday on the Jamaica Stock Exchange Main Market as declining stocks beat out those rising.
A total of 9,056,607 shares traded for $98,885,368 up from 8,605,350 units at $61,182,683 on Monday. Transjamaican Highway led trading with 32.7 percent of total volume after an exchange of 2.96 million shares followed by Wisynco Group 15.7 percent, with 1.43 million units, Wigton Windfarm contributed 12 percent with 1.09 million units and Pulse Investments 11.3 percent for an exchange of 1.02 million units.
NCB Financial rose $1 to $119 in exchanging 18,541 stock units, PanJam Investment rallied $3.50 to $71 with the swapping of 117,621 units, Sagicor Group spiked 49 cents to $53.99 after 1,940 stocks crossed the market. Scotia Group popped 30 cents to end at $34.30 with 41,558 stock units changing hands, Seprod rose 65 cents to close at $63.75 in switching ownership of 3,824 units, Sygnus Credit Investments dipped 48 cents in closing at $15.50 after trading 264,810 shares and Victoria Mutual Investments lost 40 cents to close at $5.60 in transferring 51,422 stocks.
Trading averaged 165,488 units at $1,176,590, down from 168,071 shares at $3,760,319 on Friday and month to date, an average of 253,830 units at $3,057,633, versus 259,804 units at $3,184,829 on Friday. October averaged 251,350 units at $2,773,208.
PanJam Investment fell $2.50 to $67.50 in exchanging 100 stocks, Sagicor Group advanced $1.29 to $53.50 after trading 6,861 stock units, Scotia Group lost 30 cents in closing at $34 with the swapping of 86,295 units. Seprod shed 60 cents to close at $63.10 in switching ownership of 15,550 shares, Stanley Motta gained 32 cents to end at $5.82 in trading 1,000 stock units, Sygnus Credit Investments popped 32 cents to $15.98 after an exchange of 66,912 shares and Sygnus Real Estate Finance climbed 65 cents to $14.70 with 5,007 stocks changing hands.
General Accident inched from $6.60 last week to $6.70 this week, but earnings were revised downwards to 65 cents for the year, helping it exit the TOP10. New to this week’s ICTOP10 are the Junior Market’s Medical Disposables, with the price falling 23 percent to $5.20 from $6.78 last week and Caribbean Cream. Sygnus Credit Investments dropped out of the TOP10 the previous week and returns with the price dropping 17 percent from $18.90 down to $15.66 this past week, while Proven Investments also returns.
The top three Main Market stocks are Caribbean Producers, Guardian Holdings and JMMB Group, which are projected to gain between 212 to 283 percent expected versus last weeks’ 227 to 261 percent.
The average gains projected for the TOP 10 Junior Market stocks moved from 185 percent last week to 145 percent and Main Market stocks remains unchanged at 163 percent.
The average PE for the JSE Main Market is 15.5, which is 23 percent less than the PE of 19 at the end of March and 29 percent below the target of 20 to March 2022. The Main Market TOP 10 average PE is 8, representing a 52 percent discount to the market and well below the potential of 20. A total of 14 stocks or 30 percent of the market trade at or above a PE of 19, with most over 20, for an average PE of 25.5, suggesting that the accepted multiple maybe around 25 times the current year’s earnings.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
The average trade for the day was 70,196 units at $5,401,049 versus 440,284 shares at $9,078,293 on Wednesday and month to date, an average of 266,594 units at $3,142,230, compared to 273,987 units at $2,968,998 on Wednesday. October closed with an average of 251,350 units at $2,773,208.
Margaritaville popped $2.68 ending at $20.52 in switching ownership of 510 stock units, 138 Student Living lost 45 cents to end at $4 in exchanging 8,290 shares, Palace Amusement rallied $30 to $1,030 with 27 units clearing the market, PanJam Investment gained 50 cents in closing at $70.50 with an exchange of 18,453 shares. Proven Investments lost 49 cents to settle $33 with the swapping of 2,500 stock units, Sagicor Group declined $1.91 to end at $52.85 after 70,956 stocks crossed the market, Scotia Group fell $2 in closing at $34.50 with the swapping of 157,337 units. Seprod shed 70 cents to close at $63.05 in trading 12,286 shares, Stanley Motta lost 26 cents in ending at $5.40 with 1,000 stock units changing hands, Sygnus Credit Investments lost 41 cents to finish at $15.60 in trading 66,085 shares and Wisynco Group shed 45 cents to close at $16.50 in switching ownership of 114,643 stocks.
Trading ended with 21,573,918 shares changing hands for $444,836,346 versus 10,040,879 units at $123,722,251 on Tuesday. Carreras led trading with 39.9 percent of total volume after exchanging 8.60 million shares followed by JMMB Group with 13.4 percent for 2.89 million units, PanJam Investment held 9.3 percent with 2.02 million units, Sagicor Select Financial Fund accounted for 7.8 percent, with 1.68 million units and Wisynco Group with 5 percent with a transfer of 1.09 million units.
JMMB Group fell $1.65 in closing at $38.80 with 2,893,439 shares crossing the exchange, Kingston Wharves rallied 50 cents to $47 in trading 2,100 stocks, Margaritaville advanced $1.41 to $17.84 in an exchange of 11,007 stock units. NCB Financial popped $2 to close at $118 in transferring 60,945 units, Palace Amusement dropped $24 to close at $1,000 after an exchange of 63 stocks, PanJam Investment gained 50 cents in closing at $70 after trading 2,015,921 shares. Proven Investments climbed 49 cents to $33.49 with 9,015 units changing hands, Sagicor Group popped $1.76 to end at $54.76 after 802,872 stock units crossed the market and Sygnus Credit Investments dipped 29 cents to $16.01 with a transfer of 144,549 shares.
The All Jamaican Composite Index jumped 1,731.22 points to 439,283.18, the JSE Main Index climbed 2,587.35 points to 397,380.02 and the JSE Financial Index gained 0.70 points to end at 96.12.
Trading averaged 189,451 units at $2,334,382, compared to 311,171 shares at $2,962,626 on Monday and month to date, an average of 260,759 units at $2,483,031, compared to 267,472 units at $2,497,025 on Monday. October closed with an average of 251,350 units at $2,773,208.
PanJam Investment spiked $1.50 to close at $69.50 with the swapping of 7,698 shares, Proven Investments gained 49 cents to end at $33 with an exchange of 6,359 units. Sagicor Group declined $1.50 to $53 after 668,437 stocks cleared the market, Salada Foods lost 46 cents in ending at $7 in trading 815 units, Scotia Group popped $2 to $36.50 in transferring 33,791 shares. Seprod gained 45 cents in closing at $63.95 after exchanging 8,641 stock units, Supreme Ventures shed 46 cents to end at $17 in switching ownership of 161,242 units and Sygnus Credit Investments fell $1 to $16.30 with 183,314 stock units changing hands.
The All Jamaican Composite Index dipped 92.62 points to 437,551.96, the JSE Main Index fell 378.65 points to 394,792.67 and the JSE Financial Index slipped 0.10 points to end at 95.42.
Trading averaged 311,171 units at $2,962,626, compared to 219,447 shares at $3,368,215 on Friday and month to date, an average of 267,472 units at $2,497,025, compared to 262,931 units at $2,448,639 on Friday. October closed with an average of 251,350 units at $2,773,208.
NCB Financial rose $1.98 to $117 while exchanging 31,547 stock units, Palace Amusement rallied $40 to $1000, trading 157 units, PanJam Investment popped $1.70 to $68 with 24,886 shares changing hands. Proven Investments declined 99 cents to $32.51, with 8,710 stock units clearing the market, Sagicor Group climbed 50 cents in closing at $54.50 in exchanging 218,439 shares, Salada Foods popped 46 cents to $7.46 after 22,641 stocks crossed the exchange. Scotia Group rose 45 cents to $34.50 after trades of 138,131 units and Sygnus Credit Investments lost $1.60 to $17.30, with 335,969 shares changing hands.
During the past week, Caribbean Brokers jumped 30 percent to close at $2.32 after hitting $2.96 on Thursday, following the company’s surprise to the market with outstanding results for the nine months to September. Elite Diagnostic rose 15 percent ahead of the release of the first quarter results that show increased sales over the June quarter and ended with a loss of $500,000 in the quarter versus a $10million loss in 2020, but the company generated cash inflows of $27 million for the quarter, slightly more than the dividend they recently paid. General Accident rose 8 percent ahead of quarterly results, Stationery & Office Supplies gained 7 percent, following improved nine months results. In the Main Market, Caribbean Producers jumped 24 percent following a big spike in September quarterly profit, but the stock has much more to do with earnings upgraded to J$1.65 per share for the year. Proven rose 6 percent, the rest were mostly downhill with a 10 percent fall for Guardian Holdings, VM Investments fell 7 percent and Radio Jamaica slipped 8 percent as investors reacted hurriedly to half year results that show the company is on track to reach ICInsider.com forecast of 45 cents per share.
The top three Main Market stocks are Guardian Holdings, Berger Paints and Caribbean Producers. These stocks are projected to gain between 227 to 261 percent expected versus last weeks’ 220 to 230 percent.
The latest results show that there are many undervalued stocks, but investors should focus on these stocks that could deliver good earnings growth in 2022.
The average PE for the JSE Main Market is 15.5, which is 23 percent less than the PE of 19 at the end of March and 29 percent below the target of 20 to March 2022. The Main Market TOP 10 average PE is 8, representing a 51 percent discount to the market and well below the potential of 20. A total of 12 stocks or 25 percent of the market trade at or above a PE of 19, with most over 20, for an average PE of 25.5, suggesting that the accepted multiple maybe around 25 times the current year’s earnings.