Bulls take charge of Exchange Place

Bulls at large in down town Kingston again

The Main Market of the Jamaica Stock Exchange closed at another record on Friday with 21 securities changing hands in the main market and 3 in the US dollar market and 22 in the Junior Market.
At the close, the JSE All Jamaican Composite Index jumped 8,028.94 points to a record close of 313,990.54 and the JSE Index to surged 7,315.27 points to 286,080.89. The Junior Market rose 48.58 points to end the week at 3,034.13. The US dollar Index fell 2.29 points to 183.01.

Friday’s move pushed the market outside of the medium term channel it has been trading in since 2014 and if the price of NCB holds, the break out for the market will be significant as it move on to the 360,000 points level.
NCB Financial traded at a new record of $107 and is ahead of the $102 it traded at in Trinidad on Friday, up until today it trailed the price of J$100 it was trading at in the twin island state. Berger Paints traded at $14, after news broke on Thursday that only 6.6 million shares were sold by minority shareholders to Ansa Coating following the company’s mandatory offer of $10.88 per share. Attempts were made to trade it as high as $17.50 but the price exceeded the 30 percent limit it could trade at for the day and was cancelled at the close of the market. Trading closed with bids to buy Berger ranging from a low of $11.02 to a high of $14 to purchase 259,773 shares, 204,458 units are on sale from a low of $16.75 for 41,583 units to mostly 89,388 at $22.
For the year to date, the All Jamaican Composite Index is up 49.4 percent and the JSE Index 48.8 percent.
In the foreign exchange market at midday dealers bought US$13,372,228 at J$127.31 and sold US$11,367,821 at J$127.74.

Moderate trading hits JSE majors

Trading on the main market of the Jamaica Stock Exchange was moderate on Thursday with 3,438,708 units, valued at just $30,094,508 changing hands but with the market closing at new record high.
Trading in the US dollar market saw 4 securities changing hands, resulting in 21,938 units valued at US$8,171 trading. A total of 26 securities changing hands in the main market with 9 advancing, 8 declining and 9 traded firm, leading the JSE All Jamaican Composite Index to jump 1,630.32 points to a record close of 305,961.60 and the JSE Index to gain 1,485.40 points to end at a record 278,765.62.
In the main activity, Barita Investments closed $1 higher at $9, with 29,895 shares trading, Berger Paints settled 90 cents higher at $12.50, with 3,308 shares, Cable & Wireless ended trading with a rise of 2 cents to $1.20, with 2,136,104 shares changing hands, Caribbean Cement ended 50 cents higher at $28, with 20,303 units, Carreras finished with a loss of 30 cents at $11.20, with 244,222 stock units trading, Grace Kennedy closed at $42.50, with 119,832 shares. Jamaica Broilers traded with a loss of 49 cents at $18.01, with 11,966 shares, Jamaica Producers closed at $16, with 10,229 units, Jamaica Stock Exchange finished trading with a loss of 20 cents at $7, after trading 1,000 shares, JMMB Group concluded trading 60 cents higher at $27.60, with 29,975 units, Kingston Wharves ended at $30, with 31,537 shares changing hands. Mayberry Investments finished at $4.21, trading 168,816 units, NCB Financial climbed by $1.50 to $94.50 while trading 13,287 units, 1834 Investments ended at $1.35, trading 2,500 units, PanJam Investment ended trading $2.40 higher at $41, with a mere 355 stock units, Portland JSX concluded trading at $9, with 4,500 shares. Radio Jamaica finished trading with a loss of 5 cents at $1.10, with 37,922 shares, Sagicor Group concluded trading with a loss of 50 cents at $38, with 18,876 stock units, Sagicor Real Estate Fund concluded trading 1 cent higher at $14.01, with 210,174 units, Salada Foods gained $1.50 t0 $10, with 1,000 stock units, Scotia Group finished trading with a loss of $3 to end at $50, with 203,381 shares. Seprod finished trading at $30, with 1,674 units and Supreme Ventures concluded trading with a loss of 50 cents at $11.50, with 14,502 units. In the main market preference segment, Jamaica Money Market Brokers 7.5% finished trading with a loss of 10 cents at $1.90, with 60,150 stock units, JMMB Group 6% preference share lost 4 cents to close at $1.10, with 63,000 shares. In the US dollar market segment, JMMB Group 6% preference share closed at US$1.11, with 2,230 shares Productivity Business traded 2,910 shares at 60 US cents and Proven Investments closed with 16,424 units trading at 23.5 US cents.
Prices of securities trading for the day are those at which the last trade took place.

Another record close for Jamaican stocks

Rose Hall hotel a  Sagicor Real Estate Fund, property. The stock closed at a new high on Wednesday.

The Main Market of the Jamaica Stock Exchange finished at another new record close of 304,331.28 for the all Jamaica Composite Index on Wednesday. The main and US dollar markets closed with 27 securities changing hands, of which 12 advanced and 5 declined.
In the main activity, Barita Investments closed at $8, with 720 units changing hands, Berger Paints settled 10 cents higher at $11.60, with 72,142 shares, Caribbean Cement finished at $27.50, with 700 units, Carreras settled with a loss of 40 cents at $11.50, with 456,367 stock units, Ciboney Group ended with a loss of 1 cent at $0.18, with 9,835 shares traded. Grace Kennedy ended 50 cents higher at $42.50, with 7,396 units, Jamaica Broilers closed trading 50 cents higher at $18.50, with 18,060 stock units, Jamaica Producers gained 40 cents to end at $16, with 13,000 shares traded, Jamaica Stock Exchange ended trading with a loss of 5 cents at $7.20, with 4,000 units, JMMB Group finished trading at $27, with 180,823 units. Mayberry Investments finished trading 11 cents higher at $4.21, with 200 stock units, 1834 Investments concluded trading 10 cents higher at $1.35, with 3,110 units, PanJam Investment finished 60 cents higher at $38.60, with 485 shares, Portland JSX settled 25 cents higher at $9, with 4,760 units, Radio Jamaica ended trading at $1.15, with 688,353 stock units changing hands. Sagicor Group closed with a loss of $1.50 at $38.50, with 385,734 shares, Sagicor Real Estate Fund closed 75 cents higher at a 52 weeks’ closing high of $14, with 35,500 units, Scotia Group settled $1 higher at $53, trading 35,890 shares, Seprod exchanged 24,500 stock units at $30 nd Supreme Ventures ended trading at $12, with 33,492 stock units. In the main market preference segment, JMMB Group finished trading at $1.15, with 262,000 stock units, Sagicor Bank A preference share traded 1,350 units at $1.05 and the B share saw 9,000 units trading at $1.
In the US dollar market segment, JMMB Group 6% preference share finished at $1.10, with 10,000 shares Productivity Business traded 550 shares at 60 US cents, Proven Investments closed with 483,576 units trading at 23.5 US cents and Sterling Investments traded just 100 shares at a 52 weeks’ high of 12 US cents after rising 1 cent.
Prices of securities trading for the day are those at which the last trade took place.

Major stocks surge to new record

NCB helped push JSE to record close on Tuesday.

The JSE All Jamaican Composite Index made another big move in another attempt in breaking away from resistance around the 300,000 points levels, advancing by 2,135.19 points to close at 302,498.35 The JSE Index advanced by 1,945.40 points to a record close of 275,610.21.
NCB Financial with 611,333 units trading jumped to $93 at the close, along with Scotia Group that traded just 9,271 units to close higher at $52 were two of the main contributors to the day’s rise in the market indices.
The Main Market of the Jamaica Stock Exchange finished trading on Tuesday with 23 securities changing hands, 12 advanced, 4 declined and 7 traded firm with 4,504,312 units valued at 68,391,852 compared to 94,545,441 units valued at 1,119,081,050 on Thursday. In the US dollar market, trading just 1 security accounted for 102,838 units with a value of $24,009 and the JSE US dollar Equities Index closing with a modest loss of 0.70 points to 183.66.
Trading ended with an average of 142,884 units for an average of $3,108,721, in contrast to 204,741 units for an average of $3,108,721 Friday. The average volume and value for the month to date amounts to 2,085,099 units valued at an average of $28,710,794 and 2,279,320 units valued at $31,266,958 previously. In contrast, September closed with average of 536,395 units at $1,905,441 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 10 stocks with bids higher than their last selling prices and 2 with lower offers.
Berger Paints resumed trading but with ne official report on the out turn of the acceptance of the offer by investors, the stock closed at $11.50 after 248,769 units were traded.

JSE eating away at resistance

The JSE All Jamaican Composite Index continues to eat away at resistance around the 300,000 points levels, advancing by 2,135.19 points to close at 302,498.35 with the JSE Index following with a rise of 1,945.40 points to a record close of 275,610.21.
At the close of the market, Barita Investments closed at $8, with 7,550 stock units trading, Berger Paints finished trading 25 cents higher at $11.50, with 248,769 shares, Cable & Wireless ended trading 8 cents higher at $1.18, with 1,105,000 units, Caribbean Cement ended trading 95 cents higher at $27.50, with 8,250 units, Carreras closed with a loss of 10 cents at $11.90, with 151,770 stock units, Grace Kennedy ended with a loss of 75 cents at $42, trading 85,614 shares. Jamaica Broilers finished 5 cents higher at $18, with 66,650 units, Jamaica Producers settled with a loss of 40 cents at $15.60, with 2,000 shares changing hands, Jamaica Stock Exchange closed 5 cents higher at $7.25, with 1,000 shares, JMMB Group ended $1 higher at $27, with 62,554 units, Kingston Properties rose 5 cents to end at $7.20, with 160 shares. Kingston Wharves finished trading at $30, with 25,722 stock units, 1834 Investments traded 33,558 shares at $1.25, PanJam Investment lost 52 cents to end at $38, with 10,000 stock units, Portland JSX traded 25 cents higher at $8.75, with 5,000 units, Radio Jamaica closed at $1.15, with 2,500 shares, Sagicor Group traded 37,406 units with a gain of $1.49 to end at $40. Sagicor Real Estate Fund ended trading at $13.25, with 4,000 units, Scotia Group gained $1.02 higher to $52, with 9,271 shares and Supreme Ventures ended 15 cents higher at $12, with 51,500 stock units. In the main market preference segment, JMMB Group concluded trading at $1.15, with 747,717 stock units, and Sagicor Bank B preference share traded 9,000 units at $1and in the US dollar market segment, Proven Investments closed with 102,838 units trading at 20 US cents after slipping3.5 US cents.
Prices of securities trading for the day are those at which the last trade took place.

Another reord close for JSE

The Jamaica Stock Exchange all Jamaica Composite Index close at yet another record with a rise of 2,135.19 points to 302,498.35 on Monday.
The JSE Index jumped 2,198.62 points to close at 285,647.03 as NCB Financial closed at $91 with 611,333 shares changing hands. Berger Paints resumed trading with 248,769 shares changing hands as the price closed at $11.50 and Scotia Group rose to close at $52.

with todays close and NCB Financial closing with limited supply, the market could be moving away from the recent short term resistance and heading for the next at 360,000 points.

6M Berger shares taken up?

Trading in Berger Paints shares are now trading after trading was suspended two Thursdays ago.

Trading has resumed in Berger Paints after it was suspended ahead of the closing date for the offer by Ansa Coatings to acquire the minority shares at $10.88.
Trading took place between $11 and $11.50 with 213,774 units changing hands. So far the company has not released information on the number of shares that were offered as a result of the offer. IC Insider.com gathers that the take up is around 6 million units, if so it would represent around 3 percent of the issued capital of the company.
this would be in keeping with some of the to minority shareholders coming out publicly against the offer price and with more than 31 percent of the holdings held by entities that were not in support of the offer.

Access & NCB in TOP 10

NCB Financial Group enters TOP 10

The main market of the Jamaica Stock Exchange closed at new record high on Friday, the seond week in a row that it doing so and in the process the all Jamaica Composite Index broke the 300,000 mark for the first time.
While the main market is making new highs, with gains of 43 percent for 2017, the junior market with gains of 30 percent at its peak this year, is now up just 12 percent for the year to date. Access Financial returned to the Junior Market list and NCB Financial to the main market list even as the latter price moved back to $91 at the end of the week and with just 33,603 units being offered for sale.
Suspension of the trading in Berger Paints shares is expected lifted on Tuesday, October 17. At the time of this report, no information was available on the level of take up of the buyout offer for the minority of the company’s shares by Ansa Coatings. The stock that traded at $11.25 when trading was suspended, should climb with the March 2018 full year’s earnings should hit $2.30 per share.
Investors continue to switch attention from Junior Market, to main market stocks, with the latter having pierced resistance around 300,000 points on the all Jamaica Composite Index could now be heading much higher as it moves on to the next major resistance at 360,000 point range on or before the end of the year.
At the close of Friday, the average PE ratio for the Junior Market Top stocks is at 7.9 and a PE at 7.1 for the main market TOP 10. The average PE for the overall main market trades at 13.5 and 13.1 for Junior Market, based on 2017 estimated earnings.
At the close of the week, IC Insider.com’s TOP 10 stocks now trade at an average discount of 40 percent to the average of the market for Junior Market Top stocks and it remains at 47 percent for the main market.

All Jamaica cracks 300,000 for first time

Jamaica Stock Exchange all Jamaica Index closes above 300,000 on Friday.

The JSE All Jamaican Composite Index surged 5,376.82 points to close above the 300,000 points level for the first time, as JMMB Group, NCB Financial and Scotia Group recorded strong gains and pushed the index to a record close at 300,363.16.
The JSE Index jumped 4,898.89 points to close at a record 273,664.81 and in the US dollar market the USD Equities Index closed at 184.36.
Come Tuesday, when trading resumes it will be interesting to see how NCB trades since the stock closed at the equivalent of $100 in Trinidad on Thursday. At the close on Friday, there were only 33,603 units on offer for the stock. A break out of NCB is likely to see the market moving decisively away from the resistance, around the 300,000 points level. On Tuesday, Berger Paints that was suspended pending the closure of the Ansa Coating mandatory buyout offer, at the end of the day there were information on the out-turn of the offer.
Trading on the main market of the Jamaica Stock Exchange finished on Friday with 22 securities changing hands, 7 advanced, 6 declined and 11 traded firm with 4,504,312 units valued at $68,391,852 compared to 94,545,441 units valued at $1,119,081,050 on Thursday. In the US dollar market 425,898 units traded for a value of US$102,239 for two securities.
Trading ended with an average of 204,741 units for an average of $3,108,721 in contrast to 4,110,671 units for an average of $48,655,698 on Thursday. The average volume and value for the month to date amounts to 2,279,320 units valued at $30,989,186 and an average of 2,498,747 units at $34,245,233, previously. In contrast, September closed with average of 283,480 units at $3,630,990 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 7 stocks with bids higher than their last selling prices and 2 with lower offers.

Stinking Berger behaviour

There are some strange and shocking developments regarding the offer by Ansa Coatings International to purchase the minority shares in Berger Paints Jamaica.
First the directors in recommending that shareholders accept the offer made critical claims that are not back up by facts and they offer no information to support same. Secondly, the shares have been suspended in questionable manner and without adequate reasons.
The directors in recommending that shareholders accept the offer said,” in your directors view, it is highly likely that acceptance of the offer will take the aggregate holdings of ACI beyond 80 percent. Under the rules of the Jamaica Stock Exchange, where one shareholder either individually or collectively with concert parties holds more than 80 percent of the listed shares of a company, the stock exchange has the right to de-list such company. In fact the offeror has made it clear its intention to delist the Berger Shares.” The directors’ recommendation goes on to quote ACI statement that they will seek delisting if they acquire an additional 29 percent of the shares. “It is therefore clear that Berger Jamaica shares will in all probability be delisted from the JSE,” the directors’ statement concluded.
According to the directors, Ansa Coatings International controls 51.01 percent of the issued Berger Jamaica’s shares and as a result of this Offer, its holding will most likely exceed 75 percent.
It seems that for the recommendation to shareholders to be substantially based on the “highly likely that acceptance” taking the holdings of ACI beyond 80 percent and most likely exceed 75 percent, is highly flawed. Where did the directors get that information from and why did they not disclose the source in the recommendation. Why they did not think it appropriate to disclose the interim results figures up to August in the report?
At $10.88 per share, Berger is priced at 5 times the current years’ earnings against more than 13 for the main market, on what basis could it be regarded as a fair price?
The situation gets more curious and raises a huge question, is someone is trying to manipulate shareholders in giving away their shares at less than a fair price? That is the only conclusion to be arrived at, when without notice, the shares of Berger were without notice, suspended by the Jamaica Stock Exchange on Thursday, October 5, 2017 and is to remain suspended to Friday, October 13, 2017. According to a release late on Thursday, “this is to facilitate the processing of the transaction in respect to shareholders of the Company who have agreed to sell their shares to Asna Coating, as a part of their Takeover Bid of Berger.” That of course is a load of crap. Trading shares of Desnoes and Geddes a much bigger company was never suspended when Heineken acquired the minority shares in 2016, Hardware and Lumber shares were never suspended either, nor was Scotia Investments’ in Scotia Group’s recent acquisition of the minority shares. Why is there a need to prevent Berger shareholders who want to trade the shares if they so desire? Worse why is there need to suspend it beyond Monday?
The capital market cannot prosper as well as it should if the above abuses continue to take place without corrective action being taken. The Jamaica Stock Exchange and the Financial Services Commission should have intervened when the directors’ recommendation included information that was not backed up by facts and should have intervened and prevented the unwarranted suspension of trading in the company’s shares.