Trading activity on the Jamaica Stock Exchange Main Market ended on Monday, with the volume of stocks traded marginally higher than Friday, but with a 29 percent lower value and ended with trading in 56 securities compared with 54 on Friday, with 24 rising, 22 declining and ten ending unchanged.
A total of 10,267,719 shares were exchanged at $85,148,440 versus 10,233,836 units at $120,089,926 on Friday.
Trading averaged 183,352 shares at $1,520,508 compared to 189,515 units at $2,223,888 on Friday and month to date, an average of 283,368 units at $2,135,482, compared with 288,414 shares at $2,166,508 on the previous day. June closed with an average of 366,795 units at $6,952,581, including trading in bonds.
Transjamaican Highway led trading with 2.11 million shares for 20.5 percent of total volume, Wigton Windfarm followed with 1.75 million units for 17.1 percent of the day’s trade, JMMB Group 7.35% due 2028 with 1.67 million units for 16.3 percent market share and Sagicor Select Financial Fund with 1.50 million units for 14.6 percent of total volume.
The All Jamaican Composite Index popped 5,102.37 points to close at 365,189.04, the JSE Main Index rose 1,135.31 points to end at 326,405.39 and the JSE Financial Index climbed 0.62 points to 72.20.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments declined 56 cents in closing at $73.99 after an exchange of 31,852 shares, Berger Paints rose 34 cents to $7.94, with 1,100 stock units crossing the market, First Rock Real Estate fell $1.04 to $9 in trading 68 units, GraceKennedy lost 50 cents to close at $77.50 in switching ownership of 46,418 stocks, Guardian Holdings shed $42 to end at $396 with shareholders swapping 249 stock units, Jamaica Producers advanced $1.09 to $20.19 with an exchange of 1,950 units, Jamaica Stock Exchang rallied $1.15 in closing at $11.45 after an exchange of 85,356 shares, JMMB Group popped $1.60 to end at $28.80, with 59,905 stocks crossing the exchange, 
Kingston Properties rose 33 cents to close at $7.80 as 158,341 stocks passed through the market, Massy Holdings dipped $3.49 to $97.51 with investors transferring 5,021 units, Mayberry Investments gained 63 cents to end at $8.69 in an exchange of 1,338 shares, NCB Financial climbed 54 cents in closing at $73.99 with 84,828 stock units crossing the market, Proven Investments dropped $1.84 to close at $21.41 after a transfer of 41,611 shares, Sagicor Group advanced $3 to $47 with stakeholders exchanging 756,240 stock units, Scotia Group popped 48 cents to $34.50 after exchanging 36,861 units, Seprod gained $3 to close at $74, with 63,006 stocks clearing the market, Stanley Motta rose 38 cents to end at $4.89 after an exchange of 34,276 shares and Sygnus Credit Investments shed 91 cents to end at $11.21 as investors exchanged 131,154 stock units.
In the preference segment, Productive Business 10.50% preference share dropped $100 to $1,150 in trading 5 stocks, Jamaica Public Service 7% lost $9.18 and ended at $52.02 while exchanging 2,119 units, JMMB Group 7% preference share dipped 34 cents to close at $1.94, with 20,756 units changing hands and 138 Student Living preference share dropped $2 to $98 with a transfer of 50 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Solid gains for ICTOP10 stocks
Junior Market stocks put in an outstanding performance ranging from 13 to 38 percent, with declines being far lower, with the top losers suffering a ten percent fall after five stocks slipped on the ICOP10 and three stocks recorded strong gains. The Main Market TOP10 was far less robust, with gainers hitting 13 percent at the top and losers 6 percent and less.
Margaritaville Turks could land big gains.
With the healthy price movements, three new additions to the TOP10 lists are added this week. Margaritaville is now topping the Main Market Top 10, with potential gains of 820 percent as the company made a major leap forward in fortunes, following the rebound in tourism traffic in the region and Caribbean Producers fell out of the TOP10 with a 4 percent price rise for the week. Image Plus Consultants and Iron Rock Insurance return to the Junior Market ICTOP10 as Dolla Financial and Elite Diagnostics enjoyed considerable price recoveries and dropped out.
For the week, five Junior Market TOP10 stocks rose and five declined, while the Main Market ended with four rising and only two falling.
In the Junior Market, Dolla Financial was the star performer as it recovered from a 9 percent drop last to $2.08 to post a stunning 38 percent jump to $2.88, following news that Supreme Ventures acquired 15 percent of the company, but before a report that the CEO Kadeen Mairs resigned. Elite Diagnostics jumped 29 percent to $2 after falling the previous week to $1.55 and Dolphin Cove rose 13 percent to $16.88, also rising are iCreate and OneonOne, with gains of 5 percent to $1.05, respectively. Falling stocks include Everything Fresh, down 10 percent to $1.37, Caribbean Cream, followed by shedding 8 percent to $4.15, General Accident, fell 6 percent to $4.70 and Caribbean Assurance Brokers, lost 4 percent to end at $2.99.
In the Main Market, Caribbean Cement climbed 13 percent to $57.60, but that was before the company released six months’ results, with profit ending at $2.87 following a blowout second quarter with earnings of $2.53 per share and now seems on target for $8 for the year. Sygnus Credit Investments rose nine percent to $12.12, but JMMB Group fell six percent to $27.20 and Guardian Holdings slipped 4 percent to $438.
Elsewhere in the market, Lasco Distributors and Lasco Manufacturing released first quarter results, with a rise in profits for both. Pretax profit at Lasco Distributors jumped a robust 57 percent to $602 million and post-tax climbed a solid 38 percent to $448 million and resulted in ICInsider.com upgrading earnings for the full year to 65 cents from 55 cents previously. Lasco Manufacturing’s performance was more subdued, with pretax profit rising 28 percent and aftertax 27 percent to $721 million and $526 million, respectively and are in line with ICInsider.com’s full year’s forecast of 70 cents per share. Both companies are just outside the ICTOP10 but are ICBUYRATED with good upside potential.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.3, well below the market average of 13.1. The Main Market TOP10 is projected to have an average of 326 percent, to May 2024, based on 2023 forecasted earnings.
The 14 most highly valued Main Market stocks representing 30 percent of the Main Market are priced at a PE of 15 to 95, with an average of 30 and 21 excluding the highest PE ratios, with a PE of 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 11. There are 11 stocks representing 23 percent of the market, with PEs from 15 to 39, averaging 20, well above the market’s average. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 248 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
Investors continue to nibble away at a number of stocks and gradually reducing the supply of several of them that are attractively priced as the market moves through the summer months, the start of the stock market year when new results will be coming to the market for investors to assess and determine what to do.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but not always. 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 are likely to deliver the best returns up to the end of 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.
JSE Main Market drops thousands of points
The Main Market of the Jamaica Stock Exchange suffered big losses in the market indices on Friday, following trading in 54securities compared with 57 on Thursday, with prices of 15 rising, 17 falling and 22 ending unchanged following a 37 percent decline in the volume of stocks traded with the value dropping 13 percent below trading on Thursday.
Trading ended with 10,233,836 shares being exchanged for $120,089,926 compared with 16,120,424 units at $137,525,796 on Thursday.
Trading averaged 189,515 shares at $2,223,888 versus 282,814 units at $2,412,733 on Thursday. Trading for the month to date averages 288,414 units at $2,166,508, compared with 293,471 units at $2,163,573 on the previous day. Trading in June closed with an average of 366,795 units at $6,952,581, that includes trading in bonds.
Wigton Windfarm led trading with 3.19 million shares for 31.2 percent of total volume, followed by Kingston Wharves with 2.81 million units for 27.5 percent of the day’s trade and Transjamaican Highway with 1.45 million units for 14.2 percent of the day’s trade.
The All Jamaican Composite Index shed 5,604.07 points to end at 360,086.67, the JSE Main Index declined 3,607.52 points to 325,270.08, and the JSE Financial Index lost 0.56 points to finish at 71.58.
The PE Ratio, a formula used to compute appropriate stock values, averages 13 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Producers added 78 cents in closing at $11.18 with investors swapping 28,762 shares, First Rock Real Estate climbed 54 cents to end at $10.04 with 3,205 stock units crossing the market, JMMB Group fell 80 cents to $27.20, with 167,745 units changing hands, Kingston Properties rallied 70 cents to close at $7.47 after 19,770 stocks were traded. Kingston Wharves declined $2.45 and ended at $27.55 with a transfer of 2,809,594 units, Margaritaville shed 90 cents to close at $13.90 with 2,802 stock units clearing the market, Mayberry Investments dipped 74 cents to end at $8.06 with stakeholders exchanging 7,661 shares,
NCB Financial dropped $1.54 to $73.45 in an exchange of 168,783 stocks. Palace Amusement gained 30 cents in closing at $2.35 in trading 28,924 stock units, Pulse Investments lost 50 cents and ended at $2.15 in switching ownership of 366,046 stocks, Supreme Ventures dipped $1.27 in closing at $27.83 after 42,691 shares passed through the market and Sygnus Real Estate Finance lost $1.90 in ending at $10.10 while exchanging 10,825 units.
In the preference segment, Jamaica Public Service 7% jumped $9 to end at $61.20 with an exchange of 20 units, Jamaica Public Service 9.5% popped $200 to $3,100 and closed after an exchange of 13 stocks, JMMB Group 7.25% preference share shed 44 cents to close at $2.49 after investors exchanged 599 stock units, 
138 Student Living preference share rose $22 to $100 as investors traded one share and Transjamaican Highway 8% declined 40 cents in closing at $2 with a transfer of 78,265 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Solid gains for JSE Main Market
The Jamaica Stock Exchange Main Market ended with gains in the major market indices rising on Thursday, following a solid 167 percent rise in the volume of stocks traded with a 65 percent jump in value over trading on Wednesday, with trading in 57 securities compared with 51 on Wednesday, and ended with the prices of 19 rising, 27 declining, and 11 ending unchanged.
A total of 16,120,424 shares were traded for $137,525,796 compared to 6,033,114 units at $83,588,030 on Wednesday.
Trading averaged 282,814 shares at $2,412,733 compared with 118,296 stocks at $1,638,981 on Wednesday and month to date, an average of 293,471 units at $2,163,573 compared with 294,080 units at $2,149,357 on the previous day. Trading in June averaged 366,795 units at $6,952,581, including trading in bonds.
Stanley Motta led trading with 5.44 million shares for 33.8 percent of total volume, followed by Sygnus Real Estate Finance with 3.02 million units for 18.7 percent of the day’s trade, JMMB Group 7.35% – 2028 ended with 1.82 million units for 11.3 percent market share, Transjamaican Highway chipped in with 1.48 million units for 9.2 percent of the market trades and Wigton Windfarm with 1.15 million units for 7.1 percent of total volume.
The All Jamaican Composite Index popped 2,392.06 points to 365,690.74, the JSE Main Index gained 2,674.68 points to close at 328,877.60 and the JSE Financial Index rose 0.19 points to settle at 72.14.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for financial years ending up to August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Berger Paints declined 37 cents in closing at $7.60 with a transfer of 121 shares, Caribbean Producers shed 60 cents to close at $10.40 with shareholders swapping 16,046 stocks, First Rock Real Estate lost 58 cents to end at $9.50 with an exchange of 101 stock units, Guardian Holdings dropped $2 to $438. with investors trading 22 units. Jamaica Broilers gained 45 cents in ending at $34.75 after a transfer of 695 shares, 
Jamaica Producers dipped $1.41 to $19.08 in an exchange of 261,531 stock units, Kingston Properties fell 72 cents to close at $6.77 with stakeholders exchanging 5,150 units, Margaritaville rose 80 cents to $14.80 after an exchange of 3,944 stocks, Massy Holdings popped $2.45 and ended at $101 with 15 units clearing the market, Mayberry Investments climbed 78 cents to $8.80 after exchanging 67 shares, Palace Amusement shed 40 cents ended at $2.05 and closed with an exchange of 15,238 stocks, Proven Investments increased 70 cents to end at $23.25 as investors exchanged 106 stock units. Sagicor Group lost $1 to close at a 52 weeks’ low of $44 with investors transferring 283,656 stocks, Seprod dipped $2.50 to close at $71 with investors trading 974 units and Supreme Ventures advanced 60 cents in closing at $29.10, as 100,722 stock units passed through the market.
In the preference segment, Productive Business 10.50% preference share rallied $150 and ended at $1,250 while exchanging 900 shares, Jamaica Public Service 9.5% increased $97 to $2,900 in an exchange of one unit 
138 Student Living preference share fell $9.24 in closing at $78, with 192 shares crossing the exchange, Productive Business Solutions 9.75% preference share gained $1.50 to end at $101.50 in switching ownership of 26 stock units and Transjamaican Highway 8% dropped 62 cents to close at $2.40, with 44,429 stocks changing hands.Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market trading sinks
At the close of trading, the All Jamaican Composite Index dropped 2,254.10 points to 363,298.68, the JSE Main Index lost 1,843.86 points to conclude trading at 326,202.92 and the JSE Financial Index slipped 0.61 points to close at 71.95 as activity on the Jamaica Stock Exchange Main Market slumped on Wednesday, with the volume of stocks traded declining 58 percent and the value 50 percent lower than on Tuesday.
A total of just 51 securities traded, down from 58 on Tuesday, with the price of 20 rising, 22 falling and nine ending unchanged.
A total of 6,033,114 shares were traded for $83,588,030 compared to 14,463,415 units at $168,226,895 on Tuesday.
Trading averaged 118,296 shares at $1,638,981 compared with 249,369 units at $2,900,464 on Tuesday and month to date, an average of 294,080 units at $2,149,357 compared with 303,536 units at $2,176,814 on the previous day. Trading in June ended with an average of 366,795 units at $6,952,581, including trading in bonds.
Transjamaican Highway led trading with 1.21 million shares for 20 percent of total volume, followed by Sagicor Select Financial Fund with 1.06 million units for 17.6 per cent of the day’s trade and Wigton Windfarm with 765,428 units for 12.7 percent of market share.
The PE Ratio, a formula used to compute appropriate stock values, averages 13 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and 10 with lower offers.
At the close, Berger Paints climbed 37 cents to close at $7.97 with a transfer of a mere 180 shares, Caribbean Producers lost 45 cents and ended at $11 after closing with an exchange of 1,444 stock units, Eppley dipped $1 to end at $35, with 470 units crossing the exchange, First Rock Real Estate gained $1.08 in closing at $10.08 after a transfer of 28,892 stocks, Jamaica Broilers dropped 69 cents to $34.30 in an exchange of 39,168 stock units, 
Jamaica Producers advanced 94 cents to $20.49 in trading 30,521 stocks, JMMB Group fell 78 cents and finished at $28 after trading 11,759 units, Kingston Properties popped 79 cents to $7.49, with 1,926 shares crossing the market, Mayberry Jamaican Equities rose 34 cents to $11.85, with 300 stocks changing hands,Proven Investments increased $1.05 in closing at $22.55 in switching ownership of 1,006 units, Sagicor Group declined by a $1 and ended at at 52 weeks’ closing low of $45 with an exchange of 490,085 stock units, Sagicor Real Estate Fund rallied 50 cents to end at $8.50 as 735 shares passed through the market, 
Supreme Ventures shed 50 cents in closing at $28.50 while exchanging 22,292 stock units and Wisynco Group gained 38 cents to close at $17.99 after trading 19,485 stocks.
In the preference segment, Jamaica Public Service 7% fell $9.18 to close at $52.02, with 14 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up for JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks traded declining 12 percent and the value 29 percent more than trading on Monday, with 58 securities trading compared with 56 on Monday and ended with prices of 27 rising, 18 declining and 13 ending unchanged.
A total of 14,463,415 shares were traded for $168,226,895 compared to 16,376,768 units at $130,799,765 on Monday.
Trading averaged 249,369 shares at $2,900,464 versus 292,442 units at $2,335,710 on Monday and month to date, an average of 303,536 stocks at $2,176,814, compared to 307,066 units at $2,129,655 on the previous day. June ended with an average of 366,795 units at $6,952,581, including bond trading.
Transjamaican Highway led trading with 4.81 million shares for 33.3 percent of total volume, followed by JMMB Group7.35% – 2028 with 1.88 million units for 13 percent of the day’s trade, Sagicor Select Financial Fund chipped in with 1.42 million units for 9.8 percent market share, NCB Financial ended with 1.37 million units for 9.5 percent market share and Wigton Windfarm with 1.27 million units for 8.8 percent of total volume.
The All Jamaican Composite Index climbed 114.21 points to 365,552.78, the JSE Main Index fell 1,300.23 points to 328,046.78 and the JSE Financial Index shed 0.46 points to close at 72.56.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 13 stocks ending with bids higher than their last selling prices and five with lower offers.
At the close, Caribbean Cement shed 64 cents to end at $56.85 in trading 1,526 shares, Carreras rose 39 cents and finished at $8.43 with a transfer of 176,063 stock units, Eppley Caribbean Property Fund rallied 50 cents to $40 after 5,758 units passed through the market, Guardian Holdings climbed $10 to close at $440 in an exchange of 160 stocks. Jamaica Producers declined 95 cents in closing at $19.55 with 500 units clearing the market, Key Insurance popped 43 cents in closing at $2.94 in switching ownership of 13,226 stocks after hitting an intraday 52 weeks’ low of $2.15, Kingston Wharves rallied 75 cents to close at $30 with investors trading 6,400 shares, 
Margaritaville dipped $1.11 to end at $13.89 with an exchange of 400 stock units. Massy Holdings advanced 55 cents to $98.55 in an exchange of 36 stock units, Mayberry Investments fell 47 cents to $8.02 after exchanging 41,126 shares, Mayberry Jamaican Equities dropped 39 cents in closing at $11.51 with 37,576 stock units crossing the market, MPC Caribbean Clean Energy increased $7.12 to end at $78.32 as 126 units crossed over the exchange. NCB Financial climbed $1 to $75 after trading 1,370,510 stock units, Proven Investments lost $1.75 to close at $21.50, with 469 shares changing hands, Sagicor Real Estate Fund declined 35 cents and ended at $8 after closing with an exchange of 50,265 stocks. Seprod popped 50 cents to close at $73.50 with shareholders swapping 10,537 units, Supreme Ventures increased $1.01 in closing at $29 after a transfer of 67,440 stock units, Sygnus Real Estate Finance advanced $1.25 to $12.15 after an exchange of 795 shares.
In the preference segment, Productive Business 10.50% preference share shed $150 and ended at $1,100 with 100 units crossing the market, Eppley 7.50% preference share rose 47 cents to end at $6.59 while exchanging 571 stocks, Jamaica Public Service 9.5% dropped $297 
to close at $2,803, with stakeholders exchanging two units, 138 Student Living preference share fell $15.39 in closing at $87.24 as investors traded 32 shares and Transjamaican Highway 8% rallied 60 cents to $3 in an exchange of 200 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Three day rally for JSE Main Market
The Main Market of the Jamaica Stock Exchange ended on Monday, with the major market indices jumping for a third consecutive day even as the volume of stocks traded declined marginally by 6 percent and the value climbed 16 percent more than on Friday, with trading in 56 securities compared with 58 on Friday, resulting in the prices of 16rising, 21 falling and 19 ending unchanged.
A total of 16,376,768 shares were traded for $130,799,765 compared to 17,423,772 units at $113,062,974 on Friday.
Trading averaged 292,442 shares at $2,335,710 compared to 300,410 shares at $1,949,362 on Friday and month to date, an average of 307,066 units at $2,129,655, compared to 308,048 units at $2,115,819 on the previous trading day. June closed with an average of 366,795 units at $6,952,581, including trading in bonds.
Transjamaican Highway led trading with 6.29 million shares for 38.4 percent of total volume, followed by JMMB Group 7.35% – 2028 with 1.93 million units for 11.8 percent of the day’s trade, Carreras was next with 1.55 million units for 9.5 percent market share, Wigton Windfarm closed with 1.48 million units for 9.1 percent of the day’s trades and QWI Investments with 1.26 million units for 7.7 percent of total volume.
The All Jamaican Composite Index gained 2,921.07 points to finish at 365,438.57, the JSE Main Index popped 1,479.39 points to 329,347.01 and the JSE Financial Index rose 0.25 points to 73.02.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments dipped $1.50 to $74.50 after trading 9,979 shares, Caribbean Cement jumped $7.46 in closing at $57.49, with 169,426 units crossing the market, Caribbean Producers climbed 70 cents to close at $11.47, with 81,091 stocks crossing the exchange, Guardian Holdings shed $25 and ended at $430 after it closed with an exchange of 261 stock units, 
Jamaica Producers increased 50 cents to end at $20.50 after a transfer of 25,601 units, Key Insurance lost 43 cents and ended at $2.51, with stakeholders exchanging 39,760 stock units, Kingston Wharves fell 55 cents to end at $29.25 after an exchange of 531 shares, Massy Holdings dropped 50 cents in closing at $98 after exchanging 12,898 stocks, Mayberry Investments advanced 33 cents to close at $8.49 while exchanging 591 stock units, NCB Financial declined 99 cents to $74 with investors transferring 809,369 units, Seprod dipped $1.10 and ended at $73 after 1,514 shares crossed the market, Supreme Ventures popped 50 cents in closing at $27.99 with a transfer of 5,700 stocks, Sygnus Credit Investments rallied $1.20 to $12.37 in an exchange of 84,056 stocks and Victoria Mutual Investments declined 37 cents to end at $3 in trading 319,190 units.
In the preference segment, Productive Business 10.50% preference share gained $272.50 to close at $1,250 as investors exchanged four shares,
Jamaica Public Service 7% dropped $8.80 to close at $61.20 with 403 stock units clearing the market, Productive Business Solutions 9.75% preference share shed $2 after it ended at $100 in switching ownership of 571 units and Transjamaican Highway 8% fell 65 cents to $2.40 with shareholders swapping 436 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Major price changes for ICTOP10
The past week was one of contrast, with the Main Market rising and the Junior Market declining moderately, as the ICOP10 stocks recorded mixed results ranging from increases of 21 percent and losses of as much as 12 percent, at the same time, Transjamacian Highway that ended last week at $2.78, came under selling pressure on Friday and closed at $2.50 after reaching a record high of $2.88 on Monday and continues to a great buy, especially with the price pulling back.
Guardian Holdings jumped 21 percent during the week
For the week, 5 Junior Market TOP10 stocks declined and just two rose, while the Main Market ended with 5 rising and 4 declining. Image Plus closed at a record high on Friday and dropped out of the TOP10 along with Iron Rock Insurance. Everything Fresh and Elite Diagnostic replaced them, with the latter dropping to a record low of $1.55. There were no changes to the listing for the Main Market TOP10.
In the Junior Market, Image Plus having listed in January this year and never got the usual big IPO bounce, now seems to be just coming into its own, with a 20 percent jump to close the week at $2.50 after the price hit a record high of $2.60 on Friday and was followed by Caribbean Cream, up 10 percent to $4.49 as declining stocks dominated the week with iCreate dropping 12 percent to $1, followed by Dolla Financial shedding 9 percent to $2.08, with Dolphin Cove and OneonOne falling 8 percent to $15 and $1 respectively.
Guardian Holdings jumped 21 percent to $455, following changes in NCB Financial top management team, while Caribbean Producers rose 8 percent to $10.77, Sygnus Credit 
Investments fell 12 percent to $11.17 and Caribbean Cement slipped 9 percent to $50.03.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6, well below the market average of 13.1. The Main Market TOP10 is projected to have an average of 256 percent, to May 2024, based on 2023 forecasted earnings.
The 14 most highly valued Main Market stocks representing 30 percent of the Main Market are priced at a PE of 15 to 98, with an average of 30 and 20 excluding the highest PE ratios, with a PE of 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.6 compared with the market at 11.1. There are 9 stocks representing 19 percent of the market, with PEs from 15 to 41, averaging 21 that are well above the average of the market. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently and projected to rise by 264 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
Investors continue to nibble away at a number of stocks and gradually reducing the supply of several of them that are attractively priced as the market moves through the summer months, the start of the stock market year when new results will be coming to the market for investors to assess and determine what to do.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. 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 are likely to deliver the best returns up to the end of 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.
More gains for JSE Main Market
The Jamaica Stock Exchange Main Market closed higher for a second consecutive day on Friday, with the volume of stocks changing hands climbing 42 percent and the value 41 percent lower than on Thursday, with 58 securities trading compared with 52 on Thursday, with 26 rising, 19 declining and 13 ending unchanged.
A total of 17,423,772 shares were exchanged for $113,062,974 versus 12,158,165 units at $187,080,964 on Thursday.
Trading averaged 300,410 shares at $1,949,362 compared with 233,811 units at $3,597,711 on Thursday and month to date, an average of 308,048 stocks at $2,115,819, compared with 308,619 units at $2,128,260 on the previous day. Trading in June closed with an average of 366,795 units at $6,952,581, including trading in bonds.
Transjamaican Highway led trading with 5.75 million shares for 33.3 percent of total volume, followed by JMMB Group 7.35% – 2028 with 2.57 million units for 14.9 percent of the day’s trade, Sagicor Select Financial Fund ended with 2.53 million units for 14.6 percent market share, QWI Investments controlled 1.46 million units for 8.4 percent of the market and Wigton Windfarm with 1.40 million units for 8.1 percent of total volume.
The All Jamaican Composite Index rallied 91.12 points to 362,517.50, the JSE Main Index rose 906.61 points to 327,867.62 and the JSE Financial Index dipped 0.08 points to 72.77.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments rallied $1.50 and ended at $76 after trading 57,195 shares, First Rock Real Estate fell $1.45 in closing at $9, with 3,400 stock units clearing the market, Guardian Holdings climbed $4 to $455 as investors exchanged 849 units, Jamaica Broilers gained 47 cents to end at $35 with a transfer of 22,072 stocks. Jamaica Stock Exchange dipped $1.21 to close at $10.22 in an exchange of 36,696 stock units, JMMB Group dropped 30 cents in closing at $28.90 in trading 28,280 stocks, Kingston Wharves popped 31 cents and ended at $29.80 after an exchange of 21,223 shares, Margaritaville advanced 40 cents to $15 after an exchange of 54 units. 
Massy Holdings declined 50 cents to end at $98.50, with 5,272 stock units crossing the market, Mayberry Jamaican Equities rose 40 cents to close at $11.90 and closed after 2,505 stocks changed hands, NCB Financial increased $2.49 to end at $74.99 in switching ownership of 709,089 units, 138 Student Living advanced 65 cents to close at $4.65 with an exchange of 111,931 shares. Pan Jamaica shed $1.35 in closing at $49 with stakeholders exchanging 50,625 shares, Proven Investments increased $1.25 to $23.25 in an exchange of 1,228 stocks, Scotia Group rose 70 cents to $33.75, with 204,253 units crossing the market, Seprod climbed $2.10 to $74.10 with investors transferring 3,139 stock units. Supreme Ventures rallied 49 cents to close at $27.49 after a transfer of 208,004 stock units, Sygnus Credit Investments lost 83 cents to end at $11.17 with shareholders swapping 146,619 units, Victoria Mutual Investments gained 37 cents in closing at $3.37, with 56,404 stocks changing hands and Wisynco Group popped 30 cents to end at $18 with 50,440 shares crossing the exchange.
In the preference segment, Eppley 7.50% preference share rallied 91 cents in closing at $6.12, as 3,056 units passed through the market, Jamaica Public Service 7% dipped $1 to $70 while exchanging 1,022 stocks. JMMB Group 7.25% due 2024 preference share fell 30 cents and ended at $1.70 with investors transferring 208,689 shares and 138 Student Living preference share rose $13.39 to close at $102.63 in trading one stock unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
NCB Financial lifts JSE Main Market
Heavy trading activity in shares of NCB Financial pushed the stock up $5.50 to $72.50 was the main driver that helped push the Jamaica Stock Exchange Main Market higher on Thursday, with the volume of stocks traded rising 18 percent and the value 138 percent higher than on Wednesday.
Trading took place in 52 securities up from 54 on Wednesday, with prices of 17 rising, 27 declining and eight ending unchanged after trading of 12,158,165 shares for $187,080,964 compared with 10,337,992 units at $78,663,373 on Wednesday.
Trading averaged 233,811 shares at $3,597,711 versus 191,444 shares at $1,456,729 on Wednesday and month to date, an average of 308,619 units at $2,128,260, compared with 313,992 stocks at $2,022,720 on the previous day. June averaged 366,795 shares at $6,952,581, including bond trades.
Transjamaican Highway led trading with 4.04 million shares for 33.3 percent of total volume, followed by Wigton Windfarm with 2.69 million units for 22.1 percent of the day’s trade, NCB Financial with 1.80 million units for 14.8 percent market share and Sagicor Select Financial Fund with 1.47 million units for 12.1 percent of total volume.
The All Jamaican Composite Index advanced 1,736.10 points to finish at 362,426.38, the JSE Main Index rose 3,614.85 points to finish at 326,961.01, and the JSE Financial Index advanced 1.75 points to end at 72.85.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 16 stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments shed 99 cents to end at $74.50 with an exchange of 604 shares, GraceKennedy advanced 35 cents to end at $77.75 with shareholders swapping 47,582 stock units, Guardian Holdings rose $60 to close at $451 and closed, with just 21 stocks being traded, Jamaica Broilers dipped 47 cents in closing at $34.53, with 40,157 units crossing the market. Jamaica Producers climbed 45 cents to $20 in trading 600 stocks, Jamaica Stock Exchange rallied 55 cents to $11.43 with a transfer of 19,977 shares, JMMB Group popped $1.20 to end at $29.20 as investors exchanged 20,850 units, Kingston Properties declined 41 cents to close at $6.72 with stakeholders trading 4,805 stock units. Kingston Wharves gained 39 cents in closing at $29.49 after an exchange of 362 stock units, 
Massy Holdings jumped $1.90 and ended at $99 in switching ownership of 72,982 shares, Mayberry Jamaican Equities lost 50 cents to end at $11.50 after 108,036 stocks passed through the market, NCB Financialclimbed $5.50 to end at $72.50 after 1,796,678 units changed hands. 138 Student Living dropped 35 cents to close at $4 after a transfer of 2,434 shares, Pan Jamaica rose 85 cents and ended at $50.35 with 31 stock units crossing the exchange, Proven Investments climbed 30 cents in closing at $22 with an exchange of 2,820 units, Sagicor Group fell $1.45 to end at $46 while trading 320,395 stocks. Scotia Group fell $1.15 in closing at $33.05 after exchanging 136,175 shares, Seprod rallied $1.95 and ended at $72, with 2,306 stock units changing hands, Sygnus Credit Investments popped 93 cents to close at $12 after trading 30,536 shares. 
Sygnus Real Estate Finance dipped $1 to $11, with 18,379 units clearing the market, Victoria Mutual Investments dropped 38 cents to $3 after trading 281,720 stocks and Wisynco Group shed 30 cents in closing at $17.70 with investors transferring 48,437 shares.
In the preference segment, Eppley 7.50% preference share declined 79 cents and ended at a 52 weeks’ low of $5.21 in an exchange of 6,637 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.