Bulls pushing Jamaican stocks.
Market activity ended on Tuesday with 26 securities changing hands, leading to moderate trading of 3,559,954 shares valued at $75,487,760. At the close only 8 stocks enjoyed a rise in price, 12 declined and 7 traded firm leading to a big jump in the market indices.
While three stocks traded more than 1 million units the market ended with an average of 298,826 units at $5,879,625. At the close of the market the JSE All Jamaican Composite Index surged sharply by 6,707.14 points, to 314,642.78 and the JSE Index jumped 3by 6,110.96 points to 286,675.16.
In main market activity, Berger Paints closed at $18, with 9,302 shares, Cable & Wireless concluded trading 1 cent higher at $1.36, with 525,614 units, Carreras lost 5 cents to close at $11.25, with 179,362 shares, Caribbean Cement settled $1.60 higher at $32.10, with 97,095 shares, Grace Kennedy traded 13,820 stock units with a loss of 45 cents at $43. 
Jamaica Broilers finished trading with a loss of 25 cents at $17.75, with 138,809 units, Jamaica Producers closed with a loss of 50 cents at $15.50, with 28,920 shares, Jamaica Stock Exchange ended at $7, with 3,839 shares, JMMB Group concluded trading $1.50 higher to $26, with 25,215 shares. Kingston Wharves climbed $3 to end at $33.50, with 15,614 units, Mayberry Investments ended trading at $6.05, with 7,600 shares, NCB Financial Group traded 41 cents higher at $100, with 498,494 shares, 138 Student Living concluded trading at $6, with 140 shares trading, PanJam Investment ended with a loss of $1.36 at $39.89, after trading 64,174 units. Pulse Investments finished trading $1.99, with 26,916 shares changing hands, Radio Jamaica finished 3 cents higher at $1.08, with 114,894 shares, Sagicor Group settled with a loss of 25 cents at $35.75, exchanging 81,183 shares, 
Sagicor Real Estate Fund traded with a loss of 14 cents at $13.86, as 17,000 shares changed hands. Scotia Group traded $2.45 higher at $52.95, with 58,008 units, Seprod ended 69 cents higher at $29.50, with 401 shares. Supreme Ventures finished 50 cents higher at $11.50, with 1,560 units, Victoria Mutual Investments settled with a loss of 7 cents at $4.05, after 218,285 shares traded, Wisynco Group ended trading 1 cent higher at $10.71, with 334,820 shares and In the main market preference segment, Jamaica Money Market traded at $2, with 2,401 stock units, JMMB Group closed with a loss of 5 cents at $1.10, with 1,092,488 shares, Productivity Business preference share ended trading with a loss of $5 to $100, with 4,000 shares trading.
Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “Main market indices in big surge – Tuesday.”
Caribbean Cement plunged $4.50 to $30.50, with 100,300 shares trading. Ciboney Group ended trading with a loss of 7 cents at 27 cents, with 5,000 shares, Grace Kennedy traded at $43.45, with 291,775 stock units, Jamaica Broilers finished trading 50 cents higher at $18, with 529,600 units, Jamaica Producers closed with a loss of 50 cents at $16, with 2,009,809 shares. JMMB Group concluded trading with a loss of 1.5 cents at $24.50, with 71,211 shares, Kingston Wharves settled with a loss of $3 at $30.50, with 1,486 units, Mayberry Investments ended trading at $6.05, with 38,000 shares, NCB Financial Group traded with a loss of 21 cents at $99.59, with 259,556 shares. 1834 Investments finished trading at $1.20, with 12,919 shares, PanJam Investment ended at $41.25, with 8,108 units, Portland JSX concluded trading 30 cents higher at $11, with 2,000 shares, Pulse Investments finished 9 cents higher at $1.99, trading 8,084 shares. 
Radio Jamaica settled with a loss of 5 cents at $1.05, with 9,046 shares, Sagicor Group ended trading $1 higher at $36, with 676,952 stock units, Sagicor Real Estate Fund ended trading at $14, with 5,962 shares, Salada Foods traded at $12.50, with 1,735 units, Scotia Group finished trading 50 cents higher at $50.50, with 465,642 shares. Seprod closed with a loss of $1.19 at $28.81, with 874 shares, Supreme Ventures concluded trading with a loss of 25 cents at $11, with 77,665 stock units, VM Investments Limited finished 12 cents higher at $4.12, with 470,256 units and Wisynco Group settled 5 cents higher at $10.70, with 1,127,628 shares. In the main market preference segment, Jamaica Money Market traded at $2, with 10,000 stock units changing hands.
IC bid-offer Indicator| At the end of trading in the main and the US dollar markets, the Investor’s Choice bid-offer indicator reading shows 2 stocks ended with bids higher than their last selling prices and 4 with lower offers.
Salada Foods traded at $11, with 5,000 units, Scotia Group finished trading at $52.99, with 122,416 shares, Seprod concluded trading with a loss of $1.50 at $28.50, with 1,257 stock units, Sterling Investments finished at $13, with 22,451 units. Supreme Ventures settled with a loss of 60 cents at $11, with 311,151 shares, VM Investments Limited ended trading 11 cents higher at $4.10, with 893,653 shares, Wisynco Group traded 50 cents higher at $10.50, with 1,751,629 shares and In the main market preference segment, Jamaica Public Service finished at $1,302, with 93,000 shares, Jamaica Money Market traded 93,150 stock units 20 cents higher at $ and JMMB Group closed with a loss of 1 cent at $1.18, trading 1,100 shares.
Victoria Mutual Investments and Wisynco Group dominated trading with nearly 1 million shares trading for each company on the main market of the Jamaica Stock Exchange as investor cnt seem to get enough of these companies. 
Caribbean Cement settled with a loss of 1 cent at $32.50, with 1,255 shares, Ciboney Group ended trading with a loss of 1 cent at 34 cents, with 1,200 shares. Grace Kennedy traded with a loss of 36 cents at $43, with 36,813 stock units, Jamaica Broilers finished trading 50 cents higher at $18, with 40,566 units, Jamaica Producers closed at $16.50, with 7,650 shares, Jamaica Stock Exchange ended 5 cents higher at $7, with 21,400 shares. JMMB Group concluded trading 38 cents higher at $25.11, with 35,034 shares, Kingston Properties finished at $6, with 5,694 stock units, NCB Financial Group traded 23 cents higher at $99.80, with 69,739 shares, 1834 Investments finished trading at $1.27, with 496 shares. PanJam Investment ended with a loss of 62 cents at $38.52, with 17,275 units, 
Radio Jamaica settled 5 cents higher at $1.10, with 20,500 shares, Sagicor Group ended trading 50 cents higher at $36.50, with 65,692 stock units, Scotia Group finished trading $2.75 higher at $52.99, with 438,944 shares. Seprod closed $1 higher at $30, with 8,476 shares, Supreme Ventures concluded trading 11 cents higher at $11.60, with 74,120 stock units, VM Investments Limited finished with a loss of 6 cents at $3.99, with 864,709 units, Wisynco Group settled with a loss of 10 cents at $10, with 981,918 shares and Sagicor Real Estate Fund ended trading with a loss of 25 cents at $14, with 23,752 shares.
Scotia Group finished trading with a loss of 26 cents at $50.24, with 41,045 shares. Sagicor Real Estate Fund ended trading at $14.25, with 874,293 shares, Seprod closed at $29, with 1,920 shares, Supreme Ventures concluded trading with a loss of 21 cents at $11.49, with 2,060 stock units, VM Investments Limited finished with a loss of 5 cents at $4.05, with 541,728 units and Wisynco Group settled 35 cents higher at $10.10, with 470,131 shares. In the main market preference segment, JMMB Group closed 3 cents higher at $1.19, with 100 shares and in the bond market 4,910 units of ISP Finance corporate bonds traded at $110 each.
Recent listings, Victoria Mutual Investments and Wisynco Group remain two of the leading trades in the main market of the Jamaica Stock Exchange on Monday, with Wisynco being the lead trade with VM Investment holding third. 
Carreras finished with a loss of 1 cent at $11.29, with 179,723 shares, Grace Kennedy traded with a loss of 36 cents at $43, with 550 stock units, Jamaica Broilers finished trading with a loss of 26 cents at $17.24, with 17,752 units. Jamaica Producers closed 20 cents higher at $16.70, with 5,850 shares, JMMB Group concluded trading $1.20 higher at $25, with 32,934 shares, Kingston Properties finished with a loss of $1.70 to end at $6, with 1,834 stock units, Kingston Wharves settled 35 cents higher at $31.50, with 3,070 units. Mayberry Investments ended trading with a loss of 30 cents at $6.70, with 82,093 shares, NCB Financial Group traded 48 cents higher at $99.50, with 55,429 shares, 138 Student Living ended at $6, with 767 shares, PanJam Investment ended $1 higher at $41.50, with 1,000 units, Portland JSX concluded trading with a loss of 5 cents at $10.70, with 2,000 shares. 
Pulse Investments finished 20 cents higher at $2.10, with 27,500 shares, Radio Jamaica settled at $1.10, with 40,084 shares, Sagicor Group ended trading $1 higher at $36, with 5,060 stock units, Scotia Group finished trading at $50.50, with 16,044 shares. Supreme Ventures concluded trading with a loss of 30 cents at $11.70, with 2,000 stock units, VM Investments finished with a loss of 5 cents at $4.10, with 489,507 units, Wisynco Group settled with a loss of 27 cents at $9.75, with 1,107,314 shares and Sagicor Real Estate Fund ended trading 25 cents higher at $14.25, with 916,934 shares.
In main market activity, Berger Paints closed $1 higher at $18, with 2,410 shares, Barita Investments ended with a loss of 16 cents at $8.50, with 18,715 stock units, Cable & Wireless concluded trading at $1.30, with 210,965 units, Carreras finished with a loss of 5 cents at $11.30, with 160,130 shares, Grace Kennedy traded 36 cents higher at $43.36, with 43,901 stock units. Jamaica Broilers finished trading with a loss of 50 cents at $17.50, with 17,659 units, Jamaica Producers closed with a loss of 20 cents at $16.50, with 6,639 shares, Jamaica Stock Exchange ended at $6.95, with 41,887 shares, JMMB Group concluded trading with a loss of 52 cents at $23.80, with 1,142,852 shares changing hands. Kingston Wharves settled with a loss of $1.85 at $31.15, with 1,271 units, Mayberry Investments ended trading with a loss of 35 cents at $7, with 46,000 shares, NCB Financial Group traded with a loss of 48 cents at $99.02, with 44,706 shares, 1834 Investments finished trading at $1.27, with 620 shares. 
PanJam Investment ended with a loss of 52 cents at $40.50, with 20,001 units, Pulse Investments finished with a loss of 10 cents at $1.90, with 24,330 shares, Radio Jamaica settled 2 cents higher at $1.10, with 50,600 shares, Sagicor Group ended trading with a loss of 40 cents at $35, with 108,464 stock units. Sagicor Real Estate Fund ended trading at $14, with 4,418 shares, Scotia Group finished trading with a loss of 91 cents at $50.50, with 60,457 shares, Seprod closed with a loss of 95 cents at $29, with 100,120 shares, Supreme Ventures concluded trading at $12, with 67,497 stock units, VM Investments Limited finished 15 cents higher at $4.15, with 403,301 units, Wisynco Group settled 2 cents higher at $10.02, with 574,139 shares.
Investors not properly protected in Jamaica
C&W should release to shareholders December 2017 results and 5 years forecast that was given to the valuators.
All concerned should be pleased that good sense has prevailed and the Elite IPO has been put off for now the IPO while they correct the errors in the prospectus, in keeping with this publication’s recommendation.
The matter brings to the fore once again, the inadequacy of capital market monitoring leaving investors’ with a false sense of security that they are being lead to believe.
What are some of the facts? The rules for takeover on paper is meant to protect minority shareholders, in fact they hardly do. Minority shareholders in many cases are not in a strong position to assess if they should or should not surrender their shares in a takeover bid. Worse the directors’ recommendations are fraught with problems. Most directors are not serious stock market investors and are not equipped to make a proper assessment of the company’s value, in order to make a proper recommendation to shareholders.
A good example of this, is the takeover attempts for all the shares of Berger Paints last year which was accompanied by directors’ report recommending acceptance of the offer and contained false information which was used to try and convince shareholders that they should surrender their shares. No one in authority seems to have called for proof of the information included in the circular to support their view or asked for correction of the error. Nor were the company required to provide shareholders with up to date financial information, which is not now a requirement but ought to be.
Berger Paints
Cable & Wireless directors are recommending the sale of the shares to the majority owner but have not provided shareholders with results to December, last year or forecast earnings. There is no rationale for this critical information to be provided to valuators but not to the persons who count – shareholders. So Why have the shareholders not be given such information?
The C&W offer is being made at a time when the company’s fortunes have improved considerably and could end with a profit or small loss in 2017. From IC Insider.com assessment, the company is in a very good position to report a good level of profit in 2018 with interest cost set to fall by around $1 billion per year and revenues set to rise. Investor should get more information as to the 2017 results and forecast for two or so years to enable them to make an informed decision.
The market place has dealers who blatantly breach agreements with clients but no regulator in the sector does anything about. So while the Minister of Finance is proud of the success of the Junior Market, he is unaware of the tsunami that lies just below in the system that he is minster over and one day could explode.