The volume passing through the market declined sharply and pulled the value drastically down at the close of the Jamaica Stock Exchange Main Market on Thursday with a 66 percent fall in volume and 57 percent drop in value compared to Tuesday, after 52 securities changed hands compared to 56 on Tuesday, with prices of 22 rising, 20 declining and 10 unchanged.
A total of 6,903,600 shares were traded for $128,999,772 versus 20,246,503 units at $297,780,461 on Tuesday.
Trading averaged 132,762 units at $2,480,765 compared with 361,545 shares at $5,317,508 on Tuesday and month to date, an average of 184,309 units at $2,134,268 compared with 187,496 units at $2,112,843 on the previous trading day. January closed with an average of 205,236 units at $1,805,558.
Wigton Windfarm led trading with 1.86 million shares for 27 percent of total volume followed by JMMB Group 7.25% preference share due 2024 with 1.0 million units for 14.5 percent of the day’s trade and Massy Holdings with 509,158 units for 7.4 percent market share.
The All Jamaican Composite Index shed 1,325.39 points to end at 374,080.89, the JSE Main Index declined 1,395.74 points to 331,031.68 and the JSE Financial Index lost 0.93 points to close at 78.40.
The PE Ratio, a formula to compute appropriate stock values, averages 13.3 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 14 stocks ending with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments rallied 49 cents to end at $81.50 with 45,615 shares clearing the market, Caribbean Cement rose $1.99 to $59.99 after investors traded 110,271 stock units, Eppley dipped 41 cents to $37.49 with investors transferring 314 stocks. Eppley Caribbean Property Fund declined $9 to close at $37 with 6,980 units changing hands, First Rock Real Estate lost 50 cents in closing at $11 after 2,107 stock units crossed the market, Guardian Holdings dropped $15 to $500 after an exchange of 2,210 shares.
Jamaica Broilers gained 96 cents to settle at a 52 weeks’ high of $34.96 trading 190,225 units, Jamaica Producers fell 60 cents to $21.25 as investors traded 13,071 stocks, JMMB Group popped $2.27 to $32.87 with the swapping of 463,131 units. Massy Holdings shed 99 cents to close at $79.01 after a transfer of 509,158 shares, Mayberry Investments fell 68 cents to close at $7.85 in switching ownership of 7,095 stocks, Mayberry Jamaican Equities rose $1.04 to $12.25 with an exchange of 45,299 stock units. NCB Financial gained 48 cents in ending at $77.98 as investors traded 12,014 units, Palace Amusement gained $1 to end at $2,700 after exchanging 1,098 shares, PanJam Investment rose 60 cents in closing at $57.10 with the swapping of 3,569 stock units. Proven Investments rose $1 to $29 in an exchange of 3,575 stocks, Sagicor Group shed $1 to $51.50 with a transfer of 15,067 stock units, Scotia Group dipped $1.74 in closing at $32.26 in trading 4,072 stocks. Seprod declined $3.98 to close at $62 with 499,056 shares changing hands and Wisynco Group shed 89 cents to end at $16.61 with 165,256 units crossing the market.
In the preference segment, Productive Business 10.50% preference share dropped $50 ending at $1,150 as investors exchanged 41 units. Jamaica Public Service 7% advanced $3 to a record high of $15 with a transfer of 2,000 stocks and 138 Student Living preference share rose $1 to close at $77 with the swapping of 163 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
More ICTOP10 additions
ICTOP10 has two new additions this week, all are Junior Market stocks, following modest price changes in the listings this past week, but the Main Market had mostly significant losses as that market hit a new low for the year during the week.
In closing out the week, Lasco Distributors rose 6 percent to $2.75, while Tropical Battery gained just 4 percent to $2.40. Iron Rock Insurance fell 15 percent to $2.03, the only declining stock above one percent.
Four stocks rose in the Main Market TOP10, with NCB Financial and Jamaica Broilers increasing 4 percent to $77.99 and $33.90, respectively. Caribbean Producers plunged 10 percent to $9.72 as investors reacted negatively to a near US$2m negative swing in second quarter profit on higher revenues that were up 16 percent in the period, JMMB Group lost 8 percent to close at $30.80, Key Insurance fell 7 percent to $3, but 138 Student Living and Scotia Group dropped 4 percent to $4.80 and $32.95 respectively.
Honey Bun rose modestly for the week and, along with Tropical Battery, climbed out of the Junior Market ICTOP10, allowing Lasco Manufacturing and Paramount Trading to return to the ICTOP10.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.4, well below the market average of 13.6, while the Junior Market Top 10 PE sits at 6.3 compared with the market at 12, important indicators of the level of the undervaluation of the ICTOP10 stocks.
The Junior Market is projected to rise by 220 percent and the Main Market TOP10 by an average of 288 percent to May this year. The primary concern for the Main Market achieving such gains by May is that the list is dominated by financial companies that are out of favour and may need to see the summer months before the full interest of investor start to show.
The Junior Market has 14 stocks representing 29 percent of the market, with PEs from 15 to 28, averaging 20 compared with the above average of the market. The top half of the market has an average PE of 17. The above average shows the extent of potential gains for the TOP 10 stocks.
The situation in the Main Market is similar, with the 17 highest valued stocks priced at a PE of 15 to 90, with an average of 33 and 25 excluding the highest valued stocks and 25 for the top half excluding the highest valued 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.
Four new ICTOP10 stocks
ICTOP10 has four new additions this week. The changes followed release of new company results that saw upward and downward movements in earnings per share, while the price of one stock rose to exit the list.
At the end of the week, Paramount Trading jumped 17 percent to $2.58 after the supply of stocks in the market fell sharply during the week as the stock hit a 52 weeks’ intraday high of $2.95 before pulling back by the end of the week and Honey Bun rose 4 percent to $7.35. Lasco Manufacturing fell 8 percent to close at $4.33, General Accident slipped 6 percent to $4.70, Lasco Distributors lost 5 percent to end at $2.60 and Iron Rock Insurance fell 4 percent to $2.39.
Stocks rising in the Main Market TOP10 were hard to come by as losers outgunned winners. Jamaica Broilers jumped 8 percent to close at 52 weeks’ high of $32.50, but 138 Student Living dropped 10 percent to $5.00, as investors reacted negatively to a board decision to raise added capital by issuing more shares to the public. Radio Jamaica fell 7 percent to $1.90 after reporting poor results to December, while Caribbean Producers and Sygnus Investments fell 6 percent to $10.80 and $12.25, respectively, followed by a 5 percent decline for Guardian Holdings to close at $505.70.
Tropical Battery returns to ICTOP10 after a one week absence, Main Event posted better than expected full year results and moved into the TOP10 with projected earnings of $1.45 for the 2023 fiscal year and One on One Education moved into the TOP10, while Lasco Manufacturing moved out followed by Lasco Financial and Paramount Trading. In the Main Market, Radio Jamaica slipped out of the TOP10 and Scotia Group reentered after a brief respite.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14.7, while the Junior Market Top 10 PE sits at 6.6 compared with the market at 12.3, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 207 percent and the Main Market TOP10, an average of 280 percent, to May this year. The primary concern for the Main Market achieving such gains by May is that the list is dominated by financial companies that are out of favour and may need to see the summer months before the total interest of investor start to show.
The Junior Market has 15 stocks representing 31 percent of the market, with PEs from 15 to 30, averaging 20 compared with the above average of the market. The top half of the market has an average PE of 18. The above average shows the extent of potential gains for the TOP 10 stocks.
The situation in the Main Market is similar, with the 18 highest valued stocks priced at a PE of 15 to 90, with an average of 27 and 22 excluding the highest valued stocks and 27 for the top half excluding the highest valued 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.
Investors traded 20,246,503 shares for $297,780,461 up from 14,762,179 units at $69,659,072 on Monday.
the JSE Main Index dropped 105.61 points to settle at 332,427.42 and the JSE Financial Index lost 0.06 points to close at 79.33.
Jamaica Producers gained $1.65 in ending at $21.85 with the swapping of 14,000 stock units, Kingston Wharves rose $1.49 to close at $31.99 with seven shares changing hands. Mayberry Jamaican Equities fell 79 cents to end at $11.21 in switching ownership of 4,264 stocks, NCB Financial dipped 49 cents to close at $77.50 with the exchange of 15,205 units, Palace Amusement lost $1 in closing at $2,699 with a transfer of 439 stocks. Portland JSX rose 90 cents to $10.90 after an exchange of 17,347 shares, Proven Investments declined $1.22 in closing at $28 as investors traded 14,642 units, Sagicor Group shed 50 cents to $52.50, with 14,971 stock units crossing the market. Scotia Group advanced $1.75 to $34 with an exchange of 307,103 stocks, Sterling Investments popped 44 cents to close at $2.90 after trading 79,998 shares, Supreme Ventures gained 80 cents to finish at $26 after 32,071 units passed through the market and Wisynco Group popped 89 cents to end at $17.50 as investors exchanged 2,495,740 stock units.
In the preference segment, Productive Business 10.50% preference share climbed $50 in ending at $1,200 after a transfer of 240 stock units, Jamaica Public Service 7% advanced $2 to close at a 52 weeks’ high of $12 with 2,000 stocks changing hands and 138 Student Living preference share rallied $6 to $76 in an exchange of 33 units.
A total of 14,762,179 shares were traded for $69,659,072 compared to 6,585,063 units at $45,380,317 on Friday.
The All Jamaican Composite Index climbed 2,961.53 points to 375,485.96, the JSE Main Index rallied 2,287.99 points to 332,533.03 and the JSE Financial Index gained 1.18 points to close at 79.39.
Kingston Wharves shed $1.47 to end at $30.50 after investors transferred 35,439 stock units. Margaritaville dropped $3.70 in closing at $19.20 with 244 stocks changing hands, MPC Caribbean Clean Energy dipped $2 to $62 after swapping 1,611 shares, Portland JSX advanced 89 cents to $10 with a transfer of 10 stock units. Sagicor Group rallied $1.50 to $53 with the swapping of 51,666 shares, Salada Foods fell 38 cents to close at a multiyear low of $3.51 after an exchange of 2,875 shares. Scotia Group lost 70 cents to settle at $32.25 after 336,678 stocks passed through the market, Seprod popped 50 cents to $66 after an exchange of 8,856 units, Sterling Investments lost 44 cents to settle at $2.46 in switching ownership of 90,858 units and Wisynco Group shed 63 cents to close at $16.61 with 605,928 stock units clearing the market.
Jamaica Public Service 7% rose $1.50 to end at a 52 weeks’ high of $10 with 4,442 shares changing hands, 138 Student Living preference share declined $7.99 to close at $70 after trading 303 shares and Productive Business Solutions 9.75% preference share gained $1 to finish at $107 after investors exchanged 86 stocks.
Trading ended with two stocks in the preference segment hitting new 52 weeks’ highs and three ordinary shares hitting 52 weeks’ lows.
The All Jamaican Composite Index plunged 6,402.06 points to end at 372,524.43, some 6 percent lower than at the start of the year, the JSE Main Index dropped 4,529.20 points to 330,245.04, to be down 5.9 percent for the year to date and the JSE Financial Index dipped 1.40 points to close at 78.21 with a loss of 7.3 percent year to date.
Caribbean Cement fell $1.23 to end at $56.77 with the swapping of 7,685 stock units. Eppley popped 41 cents to $37.90 after trading five units, GraceKennedy shed $2.60 in closing at $76.40 with 41,276 stocks changing hands, Guardian Holdings rallied $7 in closing at $513 in switching ownership of 17,101 shares. Jamaica Broilers rose $1.93 to $33.90 with investors transferring 119,956 stock units, JMMB Group lost $1.50 to $30.80 after 48,007 units passed through the market, Mayberry Investments gained 54 cents in ending at $8.54 after an exchange of 35,199 shares. MPC Caribbean Clean Energy declined $6 to close at a 52 weeks’ low of $64 with the swapping of 2,948 stock units, Palace Amusement dropped $179 in closing at $2,700 in an exchange of 671 units, Proven Investments rose $1.65 to end at $29.20 in trading 1,138 stocks. Sagicor Group dipped $1.50 to $51.50 with 26,466 units changing hands, Salada Foods lost 6 cents to end at a 52 weeks’ low of $3.89 after trading 13,991 shares, Scotia Group shed $1.05 to close at $32.95 as investors exchanged 40,352 stock units, Seprod fell $1.50 in ending at $65.50 after trading 35,293 shares. Stanley Motta gained 90 cents to end at $5.40 with 76,722 stocks clearing the market and Supreme Ventures lost 60 cents in ending at $25.50 after an exchange of 44,939 units.
In the preference segment, Eppley 5% preference share popped 94 cents to close at $22.94 after crossing the exchange with 11 shares. Jamaica Public Service 7% gained 50 cents to settle at a 52 weeks’ high of $8.50 in exchanging 546 stocks, JMMBG7.25C – 2025 climbed 39 cents to close at a 52 weeks’ high of $4.33 after an exchange of 694 shares, JMMB Group 7.15% – 2028 popped 49 cents in closing at $3 in switching ownership of one stock unit and 138 Student Living preference share rallied $5.99 to $77.99 with the swapping of 38 stock units.
A total of 6,869,971 shares were traded for $71,142,724 compared to 13,423,503 units at $91,730,395 on Wednesday.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
JMMB Group advanced $1.60 to $32.30 in switching ownership of 8,541 stocks, Kingston Properties rose 40 cents to $7.40 in exchanging 135,083 units. MPC Caribbean Clean Energy fell $1 to end at $70 with an exchange of 200 shares, NCB Financial advanced $3 to $78 in trading 16,948 stocks, Palace Amusement popped $440 to $2,879 with a transfer of 492 stock units. PanJam Investment fell 60 cents to close at $56.50 with an exchange of 1,120 stocks, Proven Investments lost 45 cents to end at $27.55 as investors swapped 6,091 stock units, Scotia Group rallied $1.22 in closing at $34 with 25,491 shares changing hands. Stanley Motta popped 50 cents to end at $4.50 after 61,156 units crossed the exchange, Supreme Ventures lost 40 cents in closing at $26.10 with investors transferring 14,531 units and Wisynco Group dipped 40 cents to $17.50 trading 353,875 shares.
JMMB Group 7.15% – 2028 lost 49 cents in closing at $2.51 in switching ownership of 20,011 units, 138 Student Living preference share dropped $6 to settle at $72 after a transfer of 53 stocks and Productive Business Solutions 9.75% preference share dipped $1 to close at $106 with 18 shares changing hands.
A total of 13,423,503 shares were exchanged for $91,730,395 versus 5,344,520 units at $29,834,911 on Tuesday.
The All Jamaican Composite Index dived 4,989.03 points to 376,426.75, the JSE Main Index fell 3,607.32 points to 333,129.98 and the JSE Financial Index shed 1.42 points to end at 79.20.
Jamaica Producers rose $1.85 to end at $21.85 after exchanging 24,713 units, Jamaica Stock Exchange shed 90 cents in ending at $14 with a transfer of 40,399 stocks, JMMB Group fell $1.80 to close at a 52 weeks’ low of $30.70 in switching ownership of 70,187 units. Mayberry Investments lost 49 cents to end at $7.81 with 15,904 stock units changing hands, NCB Financial declined $3.30 to finish at $75 as investors exchanged 17,727 shares, Palace Amusement advanced $39 in closing at $2,439 with the swapping of 235 stock units. Scotia Group fell $1.72 to $32.78 exchanging 25,898 shares, Seprod gained $1.50 to settle at $67 in trading 4,464 stocks, Sygnus Real Estate Finance rallied 95 cents to close at $10 in an exchange of 200 units and Victoria Mutual Investments lost 40 cents to end at $4 in switching ownership of 162,668 units.
In the preference segment, Eppley 5% preference share popped $4.78 ending at $22 with 33 stock units crossing the market and JMMB Group 7.25% preference share rose 47 cents in closing at $3.58 with an exchange of 30 shares.
A total of 5,344,520 shares were exchanged for a mere $29,834,911 compared with 11,450,226 units at $243,197,157 on Monday.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
JMMB Group rallied 50 cents to $32.50 with 43,177 shares crossing the exchange. Palace Amusement climbed $75 to $2,400 in transferring 61 stock units, Sagicor Group lost 40 cents to settle at $53.10 after 14,875 stocks changed hands, Scotia Group advanced 50 cents to $34.50 with the swapping of 9,074 shares. Seprod gained 50 cents to close at $65.50 after investors traded 12,402 stocks, Stanley Motta dipped 51 cents to end at $4.31 closed with 1,888 stock units changing hands and Wisynco Group gained 53 cents in closing at $17.78 in switching ownership of 115,243 units.
In the preference segment, Eppley 7.75% preference share advanced $2 to close at $20 as investors exchanged 55 shares.
A total of 11,450,226 shares were traded for $243,197,157 versus 11,840,614 units at $92,145,603 on Friday.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
NCB Financial rose $3 to close at $78 after a transfer of 4,277 shares, 138 Student Living lost 49 cents to settle at $4.51 after 3,019 stock units passed through the market, Palace Amusement climbed $22.90 to $2,325 in switching ownership of 64 units. Proven Investments fell $1.30 in closing at $28 after trading 1,130 stock units, Sagicor Group gained 50 cents to end at $53.50 with investors transferring 1,645 stocks, Scotia Group dipped 85 cents in closing at $34 with an exchange of 4,131,234 shares. Seprod rose $1 to end at $65 with the swapping of 7,501 stock units, Stanley Motta rallied 52 cents to close at $4.82 after an exchange of 4,980 units, Supreme Ventures shed 51 cents in ending at $26.49 in transferring 365,798 stocks. Sygnus Credit Investments USD share gained $1.90 to finish at $20.90 after clearing the market with 12 shares, Sygnus Real Estate Finance lost 43 cents in closing at $9.07 as investors traded 1,000 shares,
Wisynco Group fell 73 cents to $17.25 with the swapping of 320,246 units.