Trading activity on the Jamaica Stock Exchange Main Market ended on Monday, with the volume of stocks traded declining 69 percent and the value 96 percent lower than on Friday, with 62 securities trading compared with 51 on Friday, with 15 rising, 34 declining and 13 ending unchanged.
A total of 11,158,702 shares were traded for $70,313,195 compared with 35,821,582 units at $1,604,168,706 on Friday.
Trading averaged 179,979 shares at $1,134,084 compared with 702,384 shares at $31,454,288 on Friday and month to date, an average of 250,636 units at $4,571,744 compared to 261,783 units at $5,114,072 on the previous trading day. May closed with an average of 226,361 units at $1,362,447.
Transjamaican Highway led trading with 4.71 million shares for 42.2 percent of total volume with the price rising 9 cents to close at a 52 weeks’ high of $2.20, followed by Wigton Windfarm with 2.24 million units for 20 percent of the day’s trade, with the stock closing at a 52 weeks’ high of 85 cents and Scotia Group with 1.05 million units for 9.4 percent of the day’s trade.
The All Jamaican Composite Index lost 325.98 points to close at 361,277.13, the JSE Main Index popped 1,197.20 points to finish at 328,531.40 and the JSE Financial Index climbed 0.54 points to close at 73.75.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.9 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 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 two with lower offers.
At the close, Berger Paints rose 80 cents to close at $7.67 after an exchange of 11,064 shares, Caribbean Cement advanced $3.15 to $54.15, with 9,685 units clearing the market, Eppley fell $4.89 to end at $32.11 after 1,005 stocks passed through the exchange, Eppley Caribbean Property Fund dropped $1.99 in closing at $41 after investors traded 1,139 stock units. First Rock Real Estate declined 76 cents to $10.01, with 3,238 shares changing hands, GraceKennedy lost 40 cents to end at $78.50 while shareholders exchanged 22,045 stock units, Jamaica Broilers dipped $1.50 in closing at $33.50 as investors traded 8,847 units, Jamaica Stock Exchange shed 50 cents to close at a 52 week’s closing low of $11.50 after an exchange of 88,083 stocks. Kingston Wharves dipped 50 cents and ended at $29.50 in trading 977 units, 
Margaritaville lost $3.02 to close at $14.97, with 10 stocks crossing the market, Mayberry Investments popped 54 cents to close at $8.54 in an exchange of 28 units, MPC Caribbean Clean Energy rallied 50 cents to $71 with 1,503 shares changing hands. NCB Financial dipped 50 cents to $67.50 and closed with 35,790 units being traded, 138 Student Living gained 36 cents in closing at $5.51 after investors ended trading 3,865 shares, Palace Amusement shed 35 cents ended at $2.63 after an exchange of 34,774 stocks, Pan Jamaica Group fell $3.39 to $48.11 in switching ownership of 3,287 stock units. Proven Investments declined 71 cents to close at $25.30 in an exchange of 13,918 stocks, Sagicor Group lost $2 in closing at $48.50 after a transfer of 4,824 units, Stanley Motta declined 32 cents and ended at $5.08 with 693 stock units changing hands, Supreme Ventures dipped $1.25 to end at $24.50 with investors transferring 30,683 shares and Sygnus Real Estate Finance climbed 99 cents to close at $12 with shareholders swapping 401 stock units.
In the preference segment, Productive Business 10.50% preference share dropped $50 to end at $1200 with 50 stocks crossing the market, Eppley 7.50% preference share shed $1.28 to $6.20 with an exchange of 224 units, Jamaica Public Service 7% fell $10.48 in closing at $50 in trading 35 shares. 138 Student Living preference share declined $6.99 and ended at $81 while exchanging 104 stock units and Productive Business Solutions 9.75% preference share slipped 94 cents to $106 as investors exchanged one unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Kremi heads ICTOP10 as Lasd gains 19%
There was much activity in the Junior Market this past week, with the market index bouncing over the 3,800 mark for the first time since the middle of March, resulting in Caribbean Cream moving to $4.45 during the week but closed at $3.20 after traders pushed the stock down sharply on Friday, but Lasco Distributors shot to $3.31 and Lasco Manufacturing to $4.48 at the close with both moving out of the Junior Market ICTOP10.
Lasco Distributors and Lasco Manufacturing are still priced at less than 10 times 2023 fiscal year earnings when many others are priced over 15 times. Additionally, the company’s directors meet this week to consider dividends. Distributors is seemingly set to pay around 12 cents per share and Manufacturing 13 cents. With the dividend likely to be paid in July, the annual yield will equate to 42 percent and 35 percent, respectively, if the shares were acquired now. Replacing the two Lasco Companies are iCreate following a drop in the price to 95 cents and Edufocal closing at $1.78.
The Main Market TOP10 stocks remained the same as the week before, with the market struggling throughout the week, with four days of significant declines in the market index as selling pressure pushed prices down, resulting in just one stock, Transjamaican moving up in ICTOP10 with the largest gain of just 4 percent, with the stock hitting a record closing high of $2.11 on Friday. The chart shows it has the potential to gain another 200 percent. Berger Paints fell 9 percent to a 52 weeks’ low of $6.87, followed by JMMB Group with a loss of 4 percent to close at one year low of $28.75, Jamaica Broilers is down 3 percent to $35 and Scotia Group dipped 3 percent to $33.60 despite reporting increased profit for the first half of the 2023 fiscal year, with the second quarter almost doubling the similar quarter in 2022.
Lasco Distributors climbed 19 percent following an 11 percent rise last week to close at $3.31 and is up 59 percent from the 2023 low of $2.08 in April. Five stocks rose 6 percent: Caribbean Assurance Brokers, Dolphin Cove, General Accident, Consolidated Bakeries and Lasco Manufacturing, while One on One slipped 3 percent at the end of the week to be the biggest loser.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.7, well below the market average of 13.2. The Main Market TOP10 is projected to have an average of 265 percent, to May 2024, based on 2023 forecasted earnings.
The 15 most highly valued Main Market stocks are priced at a PE of 15 to 98, with an average of 30 and 20 excluding the highest PE stocks and 18 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.3 compared with the market at 10.4. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 25, averaging 19 are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 283 percent to May 2024.
The differences between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
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 will likely deliver the best returns up to the end of May 2023 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.
NCB dominates trading on Friday
Share of NCB Financial commanded the largest portion of the volume and value of stocks trading on Friday, with 22.75 million shares valued at $1.55 billion as trading activity on the Jamaica Stock Exchange Main Market ended on Friday, with the volume of stocks traded rising 174 percent and the value surging 1,006 percent over Thursday, after trading in 51 securities compared with 61 on Thursday, with 20 rising, 20 declining and 11 ending unchanged.
A total of 35,821,582 shares were traded for $1,604,168,706 compared to 13,055,782 units at $145,021,241 on Thursday.
Trading averaged 702,384 shares at $31,454,288 versus 214,029 shares at $2,377,397 on Thursday and month to date, an average of 261,783 units at $5,114,072 versus 196,079 units at $1,186,146 on the previous day. May closed with an average of 226,361 units at $1,362,447.
NCB Financial led trading with 22.75 million shares for 63.5 percent of total volume followed by Transjamaican Highway with 4.92 million units for 13.7 percent of the day’s trade and ended with the price ending at a 52 weeks’ closing high of $2.11, Wigton Windfarm ended with 2.54 million units for 7.1 percent market share and Sagicor Select Financial Fund with 2.19 million units for 6.1 percent of total volume.
The All Jamaican Composite Index dived 2,291.49 points to 361,603.11, the JSE Main Index declined by 2,486.07 points to close at 327,334.20 and the JSE Financial Index fell by 1.12 points to end at 73.21.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.2 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 companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Barita Investments lost 90 cents to close at a 52 weeks’ low of $74.10, with 2,201 shares changing hands, Berger Paints declined $1.21 to close at a 52 weeks’ low of $6.87 as investors exchanged 78,000 stocks, Eppley increased $1.08 to end at $37 after trading 3 units, Eppley Caribbean Property Fund climbed 30 cents and ended at $42.99 in an exchange of 271 stock units. First Rock Real Estate gained 62 cents in closing at $10.77 in switching ownership of 24,747 shares, 
GraceKennedy rose 90 cents to end at $78.90 in an exchange of 43,296 stocks. Guardian Holdings rallied $35 and ended at $485 with shareholders swapping 5,377 shares, Jamaica Broilers rose $1.99 to $35 in trading 218,282 units Jamaica Stock Exchange shed $1 to end at a 52 weeks’ closing low of $12 with investors trading 131,493 units, Kingston Properties fell 37 cents to close at $7.10 with an exchange of 5,000 units. Mayberry Investments dipped 50 cents to $8, with 227,543 stocks crossing the exchange, NCB Financial dropped $1 to close at $68, with 22,747,667 shares clearing the market, Palace Amusement popped 30 cents in closing at $2.98 with a transfer of 2,810 stock units. Pan Jamaica Group lost 50 cents and ended at $51.50 with an exchange of 5,684 shares, Proven Investments gained 70 cents to end at $26.01, with 2,012 units crossing the market, Sagicor Group rallied $1.50 to end at $50.50 after exchanging 27,716 stocks. Scotia Group dropped 58 cents and ended at $33.60 after a transfer of 277,369 units following the release of half year results that showed increased profit and 
Seprod rose $3.87 in closing at $72.50 while exchanging 7,135 stock units.
In the preference segment, Eppley 7.50% preference share climbed $1.28 to $7.48 after an exchange of 90 shares, Jamaica Public Service 7% declined $3.35 to close at $60.48 after 16 stocks crossed the market and 138 Student Living preference share advanced $13.99 to end at $87.99 as 10 stock units passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Brutal day for the JSE Main Market
The Main Market of the Jamaica Stock Exchange dropped for a second day and the fourth time in five on Thursday, with the volume of stocks, traded rising 195 percent and the value 206 percent more than on Wednesday, with 61 securities trading compared with 54 on Wednesday, with 13 rising, 35 declining and 13 ending unchanged.
The All Jamaican Composite Index dropped 4,628.88 points to 363,894.60, the JSE Main Index shed 3,811.14 points to end at 329,820.27 and the JSE Financial Index dipped 0.31 points to 74.33.
A total of 13,055,782 shares were traded for $145,021,241, up sharply from 4,421,900 units at $47,368,868 on Wednesday.
Trading averaged 214,029 shares at $2,377,397 versus 81,887 shares at $877,201 on Wednesday and month to date, an average of 196,079 units at $1,186,146 compared to 192,182 units at $927,546 on the previous day. May closed with an average of 226,361 units at $1,362,447.
Supreme Ventures led trading with 3.98 million shares for 30.5 percent of total volume followed by Wigton Windfarm with 3.55 million units for 27.2 percent of the day’s trade and Transjamaican Highway with 2.72 million units for 20.8 percent of the day’s trade with the price hitting a record closing high of $2.09, with the stock rising more than 47 percent for the year to date, and have more room to rise.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.2 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 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 two with lower offers.
At the close, Barita Investments fell 95 cents to $75 with 31,858 shares clearing the market, Eppley dropped 98 cents in closing at $35.92 while 54 stocks were traded , Eppley Caribbean Property Fund increased $4.17 to $42.69 after 122 stock units crossed the market. First Rock Real Estate lost 62 cents to close at $10.15 as investors exchanged 19,090 units, Guardian Holdings shed $21 and ended at 52 weeks’ low of $450 in switching ownership of 6,612 shares, Jamaica Broilers dipped $1.99 to close at $33.01 with investors transferring 144,377 stock units. Jamaica Producers declined 60 cents in closing at $19.30, with 4,826 units changing hands, Jamaica Stock Exchange fell 39 cents and ended at $13 with shareholders exchanging 12,555 stocks, JMMB Group declined 90 cents to $29 after 55,520 shares crossed the market.
Kingston Wharves rose 88 cents to end at $30 as 1,595 units passed through the exchange, Margaritaville shed 32 cents to end at $17.99 and closed with an exchange of 248 stock units, Massy Holdings lost $2 in closing at $100 after an exchange of 5,940 stocks. Mayberry Investments dipped 50 cents in closing at $8.50 after 55,529 stock units were traded, Mayberry Jamaican Equities dipped 36 cents and ended at $10.50, with 12,090 stocks changing hands, MPC Caribbean Clean Energy advanced 50 cents to close at $70.50 with shareholders swapping 60 shares. NCB Financial fell 50 cents to end at $69 with an exchange of 206,811 units, 138 Student Living shed 34 cents in ending at $5.16 after a transfer of 556 units, Pan Jamaica gained $1.94 in closing at $52 in an exchange of 1,070 stocks. Proven Investments dipped 69 cents to $25.31 in trading 1,644 stock units, Sagicor Group popped 49 cents to close at $49 in an exchange of 15,228 shares, Scotia Group declined 32 cents in closing at $34.18 with a transfer of 41,311 stocks. Seprod dropped $1.37 to end at $68.63, with 16,107 stock units crossing the market, Supreme Ventures lost 70 cents to close at $25.99 after it traded at a 52 weeks’ intraday low of $20 and exchanged 3,984,502 units, Sygnus Real Estate Finance shed $2 ended at $11, with 40 shares changing hands.
In the preference segment, Eppley 5% preference share fell $3 to close at a 52 weeks’ low of $17 with a transfer of 58 shares, Eppley 7.50% preference share declined $1.28 to close at $6.20 after a transfer of 315 stocks. Jamaica Public Service 7% dipped $14.77 in closing at $63.83 in an exchange of 1,535 units and 138 Student Living preference share dropped $13.99 and ended at $74 after 41 stock units crossed the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks dominate JSE Main Market
Stocks mostly fell on the Jamaica Stock Exchange Main Market ended on Wednesday, following a decline in the volume of stocks traded by 38 percent but with a 17 percent rise in the value compared to trading on Tuesday. 
Trading occurred in 54 securities down from 57 on Tuesday, with five rising, 23 declining and 26 left unchanged.
A mere 4,421,900 shares were traded for $47,368,868 versus 7,123,490 units at $40,413,642 on Tuesday.
Trading averaged 81,887 shares at $877,201 compared to 124,974 shares at $709,011 on Tuesday and month to date, an average of 192,182 units at $927,546 compared with 218,420 units at $939,523 on the previous day. Trading in May closed with an average of 226,361 units at $1,362,447.
Wigton Windfarm led trading with 1.21 million shares for 27.3 percent of total volume followed by Transjamaican Highway with 737,468 units for 16.7 percent of the day’s trade and Key Insurance with 508,355 units for 11.5 percent market share. 
The All Jamaican Composite Index dipped 2,652.86 points to end trading at 368,523.48, the JSE Main Index shed 2,552.97 points to close at 333,631.41 and the JSE Financial Index dropped 0.41 points to 74.64.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.2 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 companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows seven stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Caribbean Cement dropped $4.64 and ended at $51.14 with a transfer of 91,386 shares, Caribbean Producers lost 30 cents in closing at $9.70, with 34,881 units crossing the exchange, Eppley Caribbean Property Fund fell $1.50 to end at $38.52 with shareholders swapping 270 stock units. 
First Rock Real Estate gained 76 cents to close at $10.77 after 1,100 shares were traded. GraceKennedy shed 90 cents in closing at $78, with 15,828 stocks changing hands, Guardian Holdings fell $4 to $471 in switching ownership of 20 shares. JMMB Group increased 40 cents to close at $29.90, with 11,388 units crossing the market, Kingston Wharves dropped 88 cents and ended at $29.12 in an exchange of 6,121 stock units, Mayberry Jamaican Equities dipped 34 cents to $10.86 with 62 units clearing the market. NCB Financial declined 50 cents in closing at $69.50 after 217,592 stock units were traded, Pan Jamaica Group lost $1.94 to close at $50.06 with an exchange of 2,889 shares, Sagicor Group shed $1.49 and ended at $48.51 while exchanging 58,698 stocks and Seprod fell $3.50 to end at $70 after exchanging 20,755 units.
In the preference segment, Jamaica Public Service 7% preference share rallied $11.88 in closing at $78.60 with investors transferring 238 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market rises on light trading
Trading activity on the Jamaica Stock Exchange Main Market remained light on Tuesday, with the volume of stocks traded declining 25 percent and the value just 5 percent more than on Monday after 57 securities were traded compared to 58 on Monday, with 19 rising, 19 declining and 19 unchanged.
A total of 7,123,490 shares were traded for $40,413,642 compared to 9,529,184 units at $38,472,860 on Monday.
Trading averaged 124,974 shares at $709,011 versus 164,296 stocks at $663,325 on Monday and month to date, an average of 218,420 units at $939,523 compared to 249,752 units at $1,016,812 on the previous day. May closed with an average of 226,361 units at $1,362,447.
Wigton Windfarm led trading with 2.66 million shares for 37.4 percent of the volume Transjamaican Highway followed with 1.64 million units for 23 percent of the day’s trade and Sagicor Select Financial Fund with 1.12 million units for 15.8 percent of the day’s trade.
The All Jamaican Composite Index climbed 1,720.36 points to finish at 371,176.34, the JSE Main Index climbed 866.00 points to 336,184.38 and the JSE Financial Index slipped 0.14 points to 75.05.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.3 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 companies with the financial year ending up to August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments rallied 95 cents and ended to $75.95 after 22,774 shares crossed the market, Caribbean Cement advanced $3.78 to close at $55.78 with 1,666 stock units clearing the market, Eppley Caribbean Property Fund lost 38 cents in closing at $40.02 with investors trading 327 stocks, Guardian Holdings shed $5 to end at $475 in an exchange of 13,932 units, Jamaica Stock Exchange dipped 32 cents to $13.40 after a transfer of 9,000 shares, 
JMMB Group fell 50 cents to end at $29.50, with 114,308 units changing hands, Key Insurance declined 38 cents and ended at $3, with 76,127 stocks crossing the exchange, Kingston Wharves dipped 50 cents to $30 with a transfer of 4,307 stocks, Mayberry Investments gained 50 cents to close at $9 with an exchange of 70,360 shares, MPC Caribbean Clean Energy fell $1 in closing at $70 with investors trading 12 stock units, Pan Jamaica Group rallied $1.95 to close at $52 after an exchange of 334 units, Portland JSX lost $1.25 to end at $9.75 as 27 stocks passed through the market, Sagicor Group rose 50 cents in closing at $50 and closed with an exchange of 6,084 shares, Scotia Group popped 40 cents to $34.50 while 7,196 units were traded, Seprod rose $4.96 and ended at $73.50 in switching ownership of 11,076 stock units and Sygnus Real Estate Finance dipped $1.98 to $13 in trading 20 stocks.
In the preference segment, JMMB Group 7.15% due 2028, popped 31 cents and ended at $2.99 in an exchange of 300 stocks and JMMB Group 7.25% preference share shed 54 cents to end at $3.07 as investors exchanged 8,153 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Sharp drop in JSE Main Market trading
The volume of stocks traded declined 60 percent with 53 percent lower value than on Friday, with trading taking place in 58 securities the same number as on Friday, with 18 rising, 26 declining and 14 ending unchanged in trading activity on the Jamaica Stock Exchange Main Market on Monday.
A total of 9,529,184 shares were traded for $38,472,860 compared with 24,040,809 units at $81,535,879 on Friday.
Trading averaged 164,296 shares at $663,325 versus 414,497 stocks at $1,405,791 on Friday and month to date, an average of 249,752 units at $1,016,812 compared with 294,006 units at $1,199,867 on the previous day. May closed with an average of 226,361 units at $1,362,447.
Wigton Windfarm led trading with 3.84 million shares for 40.3 percent of the total volume, Transjamaican Highway followed with 2.58 million units for 27 percent of the day’s trade and Radio Jamaica with 622,238 units for 6.5 percent market share.
The All Jamaican Composite Index dropped 1,262.06 points to close trading at 369,455.98, the JSE Main Index lost 279.16 points to settle at 335,318.38 and the JSE Financial Index lost 0.06 points and concluded trading at 75.19.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.4 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 companies with the financial year ending up to August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Berger Paints popped 60 cents in closing at $8.11 after an exchange of 1,059 shares, Caribbean Cement fell $3.85 to $52 after investors traded 22,874 stocks, Eppley Caribbean Property Fund dipped $2.60 to end at $40.40 with 184 stock units changing hands. Guardian Holdings dropped $2 to close at $480 in an exchange of 1,450 units, Jamaica Broilers declined 94 cents to $35, with 63,678 stocks crossing the market, Jamaica Stock Exchange increased 72 cents to $13.72 after 11,001 shares crossed the exchange. Key Insurance rallied 58 cents to close at $3.38 with shareholders swapping 100 stock units, Massy Holdings climbed $2 to end at $102, with 557 units clearing the market, 
MPC Caribbean Clean Energy rallied $1 to $71 in an exchange of 84 stocks. NCB Financial rose $1.15 to $69.75 with 40,595 stock units changing hands, 138 Student Living rallied 33 cents to $5.48 as investors traded 1,033 units, Pan Jamaica Group lost $4.04 in closing at $50.05 after 2,252 shares were traded, Sagicor Group shed $1 to end $49.50, with 16,683 stocks changing hands. Scotia Group dropped 65 cents to end at $34.10, with 36,625 stock units crossing the market, Seprod shed $1.46 to close at $68.54 with a transfer of 22,768 units, Supreme Ventures declined 30 cents to $26.50 as 111,196 shares passed through the market and Wisynco Group lost 39 cents and ended at $18.50 in switching ownership of 6,227 shares.
In the preference segment, Jamaica Public Service 7% fell $11.78 to close at $66.72 with investors transferring 191 stock units and JMMB Group 7.15% due 2028, dipped 32 cents in closing at $2.68 after an exchange of 20,041 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Kremi tops ICTOP10 Lasco Manufacturing in
Iron Rock Insurance ended the past week up 14 percent to $2.25 and Lasco Distributors climbed 11 percent to $2.77 after both jumped 34 percent and 21 percent, respectively, earlier in the week, with two new stocks entering the Junior Market ICTOP10. At the same time, the Main Market TOP10 delivered moderate up and down movements.
The Lasco Distributors price movement follows release of full year results with earnings of 38.5 cents per share, with ICInsider.com projecting earnings of 55 cents for the fiscal year ending March 2024, leaving much room for solid upside price movement in the months ahead.
Lasco Manufacturing (LasM) and Caribbean Cream (Kremi) released improved full year results over those for 2022. Importantly, ICInsider.com forecast for the 2024 fiscal year is 70 cents per share for LasM and 90 cents for Kremi, with both entering the TOP10 this week, with one at the top and one at the bottom. Iron Rock Insurance and Edufocal fell from the Junior Market TOP10 to make way for the two stocks.
The stock rising in the ICTOP10 Junior Market, apart from those mentioned in the opening paragraph, is Consolidated Bakeries, with an increase of 4 percent to $2.27. At the same time, Caribbean Assurance Brokers, iCreate and One on One dipped 4 percent to $2.40, $1.26 and $1.10 respectively.
The price of Main Market listed Caribbean Producers, popped 5 percent in closing at $10.06, Key Insurance fell 11 percent to $2.80 and 138 Student Living lost 8 percent in value to close at $5.15.
At the end of the week, the average PE for the JSE Main Market TOP10 is 5.9, well below the market average of 13.5. The Main Market TOP10 is projected to have an average of 259 percent, to May 2024, based on 2023 forecasted earnings.
The 15 most highly valued Main Market stocks are priced at a PE of 15 to 110, with an average of 28 and 19 excluding the highest PE stocks and 18 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.3 compared with the market at 10.5. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 24, averaging 19 are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 295 percent to May 2024.
Lasco’s ICool drinks.
The differences 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.
In the market generally, Investors continue to nibble away at a number of stocks and, in the process, gradually reduce the supply of several stocks that are attractively priced as the market moves toward the summer months, the start of the stock market year.
A look behind the supply chain shows an ever decreasing number of stocks on offer. The list includes Caribbean Assurance Brokers with strong buying interest between $1.88 and $2.40, but limited selling above $2.50, Caribbean Cement, Caribbean Producers (CPJ), Fontana, Dolphin Cove, Honey Bun, Main Event, 
Massey Holdings, Seprod, Transjamaican and Wisynco have started to look positive. Supplies of some stocks are being quietly sucked out of the market, setting the stage for a sustained rally sometime down the road. 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 2023 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.
Declining stocks dominate JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Friday with a 170 percent jump in the volume of stocks traded valued 54 percent more than on Thursday, following trading occurring in 58 securities compared to 54 on Thursday, with 13 rising, 27 declining and 18 ending unchanged.
A total of 24,040,809 shares changed hands amounting to $81,535,879 up from 8,887,886 units at $52,849,273 on Thursday.
Trading averaged 414,497 shares at $1,405,791 up from 164,590 shares at $978,690 on Thursday. Trading month to date, averaged 294,006 units at $1,199,867 compared to May with an average of 226,361 units at $1,362,447.
Transjamaican Highway led trading with 16.84 million shares for 70.1 percent of total volume followed by Wigton Windfarm with 4.06 million units for 16.9 percent of the day’s trade and Sagicor Select Financial Fund with 812,016 units for 3.4 percent market share.
The All Jamaican Composite Index lost 2,090.32 points to end at 370,718.04, the JSE Main Index dropped 2,685.82 points to 335,597.54 and the JSE Financial Index slipped 0.94 points to close at 75.25.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.5 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 companies with the financial year ending up to August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Barita Investments declined $1.20 to close at $75, with an exchange of at 11,174 shares, Caribbean Cement gained $1.85 to close at $55.85, with investors trading 868 stock units, Eppley Caribbean Property Fund increased $2.60 in closing at $43 after a transfer of 267 units, Guardian Holdings dropped $3 and ended at $482, with 2,277 stocks crossing the market, Jamaica Producers shed 49 cents to end at $20 after 17,454 units passed through the market, Jamaica Stock Exchange rallied 95 cents in closing at $13 in trading 228 stock units, 
JMMB Group advanced $1.24 to close at $29.99 in an exchange of 4,998 stocks, Key Insurance dipped 49 cents to $2.80, with 24,924 shares changing hands, Massy Holdings lost $4.50 to end at $100 after an exchange of 105,204 stock units, MPC Caribbean Clean Energy fell $1 to $70 in switching ownership of 6 shares, NCB Financial lost $1.39 in closing at $68.60 with shareholders swapping 124,916 units, 138 Student Living dipped 36 cents to close at $5.15 after an exchange of 4,229 stocks, Pan Jamaica Group declined $2.90 ended at $54.09 while 12,829 units were exchanged, Portland JSX shed 54 cents to close at $11 with a transfer of 1,603 shares, Sagicor Group climbed $2.25 to end at $50.50 with an exchange of 8,854 stock units and Stanley Motta popped 30 cents to $5.40, with 15,163 stocks crossing the market.
In the preference segment, Productive Business 10.50% preference share rose $25 to $1250 as investors exchanged 300 stocks, JMMB Group 7.25% preference share fell 64 cents to close at $3.61 in an exchange of 12,880 stock units and 138 Student Living preference share dropped $1.25 to end at $88 with 83 shares clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market rises into June
Trading activity on the Jamaica Stock Exchange Main Market ended on Thursday, with the volume of stocks traded declining 64 percent and the value 65 percent lower than on Wednesday, with 54 securities trading compared to 57 on Wednesday, with 15 rising, 26 falling and 13 ending unchanged.
A total of 8,887,886 shares were traded for $52,849,273 compared to 4,443,891 units at $149,369,888 on Wednesday.
Trading averaged 164,590 shares at $978,690 compared with 428,840 shares at $2,620,524 on Wednesday. May closed with an average of 226,361 units at $1,362,447.
Transjamaican Highway led trading with 4.60 million shares for 51.8 percent of total volume, followed by Sagicor Select Financial Fund with 2.02 million units for 22.7 percent of the day’s trade and Wigton Windfarm with 777,412 units for 8.7 percent of market share.
The All Jamaican Composite Index jumped 2,332.39 points to 372,808.36, the JSE Main Index rose 1,749.45 points to finish at 338,283.36 and the JSE Financial Index popped 0.76 points to 76.19.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.4 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 companies with the financial year ending up to August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ending with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement fell $1.93 to close at $54, with 50,369 shares changing hands, Caribbean Producers rose 45 cents to end at $10.10, with 13,596 stocks crossing the market, Eppley lost 99 cents to close at $37 after eight stock units were traded. Eppley Caribbean Property Fund increased 40 cents to $40.40 after an exchange of 1,590 units, First Rock Real Estate declined 95 cents and ended at $10.15 after 3,208 shares changed hands, Jamaica Broilers shed 40 cents in ending at $35.99 in an exchange of 146,932 units. Jamaica Stock Exchange dropped $1.75 in closing at $12.05 after investors swapped 70,152 stocks, JMMB Group dipped $1.24 to $28.75 after exchanging 27,614 stock units, 
Massy Holdings climbed $1.50 to $104.50 with investors transferring 732 shares. Mayberry Investments rallied 47 cents to end at $8.50, with 102,411 units crossing the market, NCB Financial popped 49 cents to $69.99 as 148,709 stock units passed through the market, Sagicor Group dipped $3.74 and ended at $48.25 after investors ended trading of 39,116 stocks. Scotia Group advanced 60 cents to close at $34.85 while exchanging 323,426 shares, Seprod declined $6 to $70 with an exchange of 2,214 units, Supreme Ventures fell 99 cents to end at $26.90 with shareholders swapping 18,867 stock units and Sygnus Credit Investments rallied 30 cents to $12.90 with a transfer of 200 stocks.
In the preference segment, Jamaica Public Service 7% advanced $9.20 and ended at $78.50 after a transfer of 1,589 units and 138 Student Living preference share shed $15.75 to close at $89.25 with 106 stock units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.