The Main and Junior markets declined during the past week but the US dollar denominated market recorded gains and resulted in Lasco Financial and Iron Rock Insurance falling out of the Junior Market TOP10 but there was no change to the Main Market ICTOP10.
Lasco Manufacturing and Jetcon Corporation return to the ICTOP10.
Action in IC TOP10 stocks saw Iron Rock Insurance gaining 10 percent in the past week to $2.76, Caribbean Cream rising 4 percent to $4.30 and Elite Diagnostic climbing 4 percent to $3.65, while Medical Disposables dropped 14 percent to $5.01, with Lasco Distributors falling 8 percent in the past week to $2.86 and Caribbean Assurance slipping 4 percent to $2.48.
In the Main Market, Berger Paints rose 11 percent to $11.10, followed by Caribbean Producers, with a 9 percent gain to $14.35 and Sygnus Credit Investments rose 5 percent to $14.07. There were no major declines in this market.
At the end of the week, the average PE for the JSE Main Market TOP10 is 6.2, well below the market average of 14, while the Junior Market Top10 PE sits at 5.9 versus the market at 12.7, important indicators of the level of undervaluation of the ICTOP10 stocks. 
The Junior Market is projected to rise by 246 percent and the Main Market TOP10 is projected to gain an average of 235 percent, to May 2023.
The Junior Market has 16 stocks representing a third of the market, with PEs from 13 to 37, averaging 20 compared with the above average of the market. The top half of the market has an average PE of 18. This data shows the extent of potential gains that the TOP 10 stocks possess. The situation in the main market is similar, with the 16 highest valued stocks priced at a PE of 15 to 89, averaging 25.5 and 21 excluding the highest valued one.
Currently, the Junior Market reflects a positive positioning and is poised to move higher in the weeks ahead. The recent negative clouds that hang over the main markets seem to be lifting with the market index slowly bouncing off a recent bottom.
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 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.
A total of 11,090,416 shares were exchanged for $78,193,167 compared with 7,234,916 units at $93,435,121 on Thursday.
At the close, Barita Investments fell $1.20 to $108 after trading 47,503 shares, Eppley declined $1.40 to $39.60, with 91 stock units crossing the exchange, Eppley Caribbean Property Fund shed $1 in ending at $44.50, with 4 stocks changing hands. First Rock Real Estate rallied $2.40 to $14.40 as investors exchanged 132,406 shares, GraceKennedy lost $1 to close at $89 after a transfer of 48,470 units, Jamaica Producers popped 94 cents to close at $20.94 in trading 14,591 stocks. JMMB Group dipped 55 cents in closing at $38.40 with investors transferring 180,151 stock units, Kingston Wharves gained 50 cents to close at $38.50 in switching ownership of 1,897 shares, Massy Holdings advanced $2.70 to $85 in exchanging 115 stock units. Mayberry Jamaican Equities dropped 70 cents to end at $12.50, with 24,419 units clearing the market, PanJam Investment climbed $1.99 to $59.99 after 1,118 stocks crossed the market, Proven Investments rose $1.13 to $31.18 in an exchange of 7,230 shares. Sagicor Group increased 50 cents to $50.50 with an exchange of 206,388 shares, 
Scotia Group dropped $1.48 to end at $34.52 with the swapping of 157,082 stock units and Wisynco Group rallied 85 cents in closing at $18.70 after exchanging 1,273,414 stocks.
A total of 7,234,916 shares were exchanged for $93,435,121, down from 10,739,673 units at $143,425,088 on Wednesday.
At the close, Barita Investments advanced $8.70 to end at $109.20 with the swapping of 372,868 shares, Caribbean Cement rallied 78 cents to $59 with investors transferring 9,462 stocks, Caribbean Producers lost 43 cents in closing at $14, with 23,886 stock units clearing the market. GraceKennedy rose $1.10 to $90, after 46,985 units crossed the market, Guardian Holdings dipped $10 to close at $500 in an exchange of 189 stocks, Jamaica Broilers fell 63 cents to end at $29.30 with a transfer of 5,692 shares. Jamaica Producers shed 83 cents ending at $20 in switching ownership of 6,947 stock units, Jamaica Stock Exchange gained 90 cents in closing at $16.20 after trading 22,667 units, JMMB Group climbed 95 cents to $38.95 while exchanging 205,966 stocks. Kingston Properties popped 59 cents to close at $7.39 in exchanging 21,075 stock units, Kingston Wharves dropped 99 cents to $38 after a transfer of 451 units, Massy Holdings declined $3.70 to $82.30 in trading 304 shares. PanJam Investment declined $1.90 to $58 in exchanging 172,694 stocks, Proven Investments lost $1.14 in closing at $30.05 as investors exchanged 15,796 units, Sagicor Group shed $2.11 to end at $50 with an exchange of 7,253 stock units. Scotia Group dipped 47 cents to $36, with 185,312 shares crossing the market, Seprod increased $1 to $69 after trading 7,271 units and Wisynco Group fell 50 cents in closing at $17.85, with 132,034 shares crossing the exchange.
In the preference segment, Eppley 7.50% preference share gained 42 cents to close at $6.42after trading 45 stock units, JMMB Group 7.25% preference share popped 41 cents to end at $3.17 after exchanging 1,000 stocks, 138 Student Living preference share dropped $11.50 to close at $57.50 92 units changing hands and Productive Business Solutions 9.75% preference share climbed $3.63 in trading 7 shares at $140.
A total of 10,739,673 shares were exchanged for $143,425,088, up from 7,679,692 units at $60,706,599 on Tuesday.
At the close, Barita Investments gained $2.02 to close at $100.50 after a transfer of 23,023 shares, Berger Paints rose 54 cents to $11.10 in trading 600 stock units, Eppley climbed $2.50 to $41 as investors exchanged 316 units. First Rock Real Estate dropped $1.05 to $11.95 in trading 2,072 stocks, Guardian Holdings rose $10 to $510, with 10 stock units crossing the exchange, Jamaica Broilers rallied 43 cents to end at $29.93 after 10,555 units passed through the market. Jamaica Producers advanced $1.83 to close at $20.83 finishing at 154,744 stocks, JMMB Group dropped 45 cents in closing at $38 while exchanging 2,251,622 shares, Kingston Properties declined 60 cents to $6.80 in exchanging 23,333 shares. Massy Holdings shed 45 cents to $86 with the swapping of 4,826 units, 138 Student Living popped 40 cents to $5.80 in switching ownership of 4,132 stock units, PanJam Investment popped 90 cents to close at $59.90 with a transfer of 3,781 stocks. Sagicor Group increased 90 cents to $52.11, with 66,449 shares changing hands, Seprod gained $1.99 in closing at $68, with 45,109 stock units crossing the market and Sygnus Real Estate Finance dipped $1 to $9 with an exchange of 8,500 units.
In the preference segment, Eppley 7.50% preference share fell $1.74 to $6 after exchanging 1,353 stocks and 138 Student Living preference share rose $2 to $69 after trading 45 stocks.
A total of 7,679,692 shares were exchanged for $60,706,599 down from 11,569,694 units at $225,929,693 on Monday.
Caribbean Cement dipped $3.28 to end at $58.22 in trading 42,616 units. First Rock Real Estate rallied $1.05 to $13 after trading 7,164 stock units, GraceKennedy rose 50 cents to close at $89 in switching ownership of 118,717 stock units, Guardian Holdings fell $10 to $500 after an exchange of 10 units. Jamaica Broilers dropped 50 cents in closing at $29.50 after trading 7,789 shares, Jamaica Producers declined $1.89 to close at $19 in an exchange of 26,522 stocks, Jamaica Stock Exchange fell $1.25 to $15.23, with 14,049 shares changing hands. JMMB Group lost $2.05 in ending at $38.45 as investors exchanged 241,616 stocks, Kingston Properties gained 59 cents to end at $7.40 while exchanging 15,371 units, Kingston Wharves popped $3.85 to $39, with 8,777 stock units crossing the market. Massy Holdings advanced $6.45 to end at $86.45 with the swapping of 1,237 stocks, 138 Student Living declined 46 cents in closing at $5.40 after exchanging 15,578 stock units, Palace Amusement climbed $50 to close at $800 with an exchange of one unit. PanJam Investment dropped 90 cents to end at $59, with 26,233 shares changing hands, Portland JSX shed $1.45 to close at $9.05 after trading 8 shares, Proven Investments increased $1.17 to $31.19 with a transfer of 968 stock units. Sagicor Group dipped $2.27 in closing at $51.21 after 2,613 units crossed the exchange, Scotia Group increased $1.65 to $36.35 while exchanging 106,603 stocks, Seprod dropped $1.49 to $66.01 with 7,675 stock units clearing the market. Sygnus Real Estate Finance gained 70 cents in closing at $10 while exchanging 1,694 stocks, Wisynco Group advanced 85 cents to $18.35 with the swapping of 222,018 units.
In the preference segment, Eppley 5% preference share lost $3.15 to end at a 52 weeks’ high of $17.85 in switching ownership of 211 stock units, Eppley 7.50% preference share rose 70 cents ending at $7.74 while exchanging 310 units, Jamaica Public Service 9.5% popped $100 in closing at $3000 as investors exchanged one share, Productive Business Solutions 9.75% preference share declined $3.63 to close at $136.37 with an exchange of two stocks and Transjamaican Highway 8% climbed 70 cents to close at $2.40 with investors transferring 74 shares.
A total of 11,569,694 shares were traded for $225,929,693 down from 212,535,654 units at $2,391,952,140 on Friday.
At the close, Barita Investments declined $8.64 to close at $106.40 in switching ownership of 70,616 stock units, Berger Paints advanced $1.05 to close at $11.05 in an exchange of 4,248 stocks. Caribbean Producers increased 85 cents to end at $13.99 after finishing trading 277,773 units, Eppley dipped $2.50 in closing at $38.50 as investors exchanged 238 stock units, Eppley Caribbean Property Fund dropped $4.49 to end at $45.50 after a transfer of 4,003 stocks. First Rock Real Estate fell $1.80 in closing at $11.95 with an exchange of 5,613 units, GraceKennedy shed $1 to end at $88.50 trading 22,068 shares, Jamaica Broilers rose 50 cents to $30 in exchanging 101,621 stocks. Jamaica Stock Exchange shed $1.12 to close at $16.48, with 12,756 shares crossing the exchange, JMMB Group rallied $1 ending to $40.50 after 93,852 stock units passed through the market, Kingston Properties lost $1.19 to close at $6.81 after 13,179 units changed hands. Kingston Wharves dipped $2.85 in closing at $35.15 after exchanging 80,711 stocks, Margaritaville dropped $2.60 to end at $19.40 while investors swapped four shares, Massy Holdings declined $2 to close at $80, with 1,456,860 stock units clearing the market. 138 Student Living popped 61 cents ending at $5.86 with an exchange of 204 units, PanJam Investment climbed 90 cents to $59.90 with investors transferring 1,837 units, Scotia Group fell $1.20 in closing at $34.70 in trading 1,305,258 shares. Seprod gained 50 cents to end at $67.50, with 388 stock units changing hands, Sygnus Credit Investments shed 43 cents to close at $13 after exchanging 16,407 stocks, Sygnus Real Estate Finance fell $1 to $9.30 with the swapping of 250 shares and Transjamaican Highway 8% dipped 50 cents in closing at $1.70 in exchanging 120,876 units.
In the preference segment, Eppley 5% preference share gained $1 to end at $21 while exchanging 1,000 stocks, Eppley 7.50% preference share increased 92 cents to $7.04 in trading 707 stock units. Jamaica Public Service 9.5% rose $100 to close at $2900, with stock crossing the exchange, 138 Student Living preference share fell $2 to close at $67 after a transfer of 90 stock units, Productive Business Solutions 9.75% preference share advanced 50 cents ending at $140 trading one share and Productive Business Solutions 10.5% preference share lost $48 to close at $1152, with 100 shares crossing the market.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 14.2, while the Junior Market Top 10 PE sits at 5.9 versus the market at 12.8, important indicators of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 246 percent and the Main Market TOP10 s projected to gain an average of 243 percent, by May 2023.
Currently, the Junior Market reflects a positive positioning and is poised to move higher in the weeks ahead. The recent negative clouds that hang over the main markets seem to be lifting with the market index slowly bouncing off a recent bottom.
At the close, Barita Investments climbed $11.54 to $115.04, with 6,539,692 stocks crossing the market, Berger Paints dipped $1.30 to end at $10 after a transfer of 4,259 units. Caribbean Producers fell 75 cents to close at $13.14 in exchanging 15,371 stock units, Eppley Caribbean Property Fund advanced $3.04 to end at $49.99 in trading 26,168 shares, First Rock Real Estate rallied 40 cents to close at $1, with 1,163 units changing hands. GraceKennedy declined 47 cents in closing at $89.50 with the swapping of 298,310 units, Guardian Holdings increased $10 to $510 after exchanging 106 stocks, Jamaica Broilers rose 50 cents to $29.50 as investors exchanged 137,737 stock units, Jamaica Producers gained $1.74 to end at $20.74, with 169,921 stock units crossing the market, Jamaica Stock Exchange climbed $2.52 to $17.60 in trading 103,903 units, JMMB Group dipped 50 cents to $39.50 with a transfer of 375,498 shares. Kingston Properties advanced $1 to $8, with 935,835 stock units crossing the exchange, Kingston Wharves gained $1 to end at $38 in exchanging 25,446 units, Margaritaville lost $4.45 in closing at $22 with investors transferring 1,237 shares. Massy Holdings increased 90 cents to end at $82 in switching ownership of 525 stocks, Mayberry Jamaican Equities popped 72 cents to close at $13.35 with an exchange of 2,450 stocks, Proven Investments shed 92 cents in closing at $30.08, with 3,497 stock units changing hands. Sagicor Group rose $2.01 ending at $53.51 in finishing treading of 285,915 shares, Scotia Group rallied $1.90 to $35.90 with 61,627 units clearing the market, Seprod rose $1.95 to $67 while exchanging 6,208 stock units. 
Supreme Ventures shed 50 cents in closing at $27 in trading 75,206 units and Sygnus Real Estate Finance increased $1.24 to $10.30 while exchanging 4,000 stocks.
A total of 186,827,923 shares were traded for $789,529,362 up from 28,254,323 units at $365,934,690 on Wednesday.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.9 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 and August 2023.
Proven Investments climbed 98 cents to end at $31 in trading 1,018 stocks. Scotia Group shed $1 to end at $34 while exchanging 27,206 shares and Seprod rose 52 cents in closing at $65.05 with investors transferring 5,923 units.
The All Jamaican Composite Index dropped 388.89 points to end at 408,412.37, the JSE Main Index shed 2,103.56 points to 356,047.27 and the JSE Financial Index popped 0.26 points to settle at 86.13.
Salada Foods lost 47 cents in ending at $4.21 after exchanging 26,641 stocks, Seprod shed $2.47 to close at $64.53 in switching ownership of 16,339 units and Stanley Motta declined 40 cents to end at $4.50 after trading 33,339 shares and Supreme Ventures rose 40 cents to $27.50 with the swapping of 288,623 stock units.