Trading picked up solidly on the Junior Market of the Jamaica Stock Exchange on Thursday, with the volume of stocks traded climbing 51 percent and the value jumping 61 percent over Wednesday levels after dealings in 40 securities compared with 43 on Wednesday and the Junior Market Index popping 38.47 points to end at 3,931.97, just 1.4 percent down for the year to date, with the prices of 15 stocks rising, 10 declining and 15 closing unchanged.
Investors traded 13,232,540 shares for $32,353,607, solidly up from 8,746,352 units at $20,082,467 on Wednesday.
Trading averaged 330,814 shares at $808,840 compared to 203,404 shares at $467,034 on Wednesday, with the month to date averaging 277,785 units at $626,868 compared with 274,843 stocks at $616,772 on the previous day. Trading in September closed with an average of 220,239 units at $459,425.
Jamaican Teas led trading with 5.99 million shares for 45.2 percent of total volume and was followed by Dolla Financial with 3.81 million units for 28.8 percent of the day’s trade and EduFocal with 875,847 stock units for 6.6 percent market share.
The Junior Market ended trading with an average PE Ratio of 10.9, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Access Financial climbed 50 cents to end at $25 in an exchange of 30,132 shares, Blue Power shed 22 cents to $2.71, with 20,014 units changing hands, Dolla Financial ended trading of 3,811,220 shares and gained 7 cents in closing at $2.56. EduFocal skidded 14 cents to close at $2.39 while exchanging 875,847 stock units, Elite Diagnostic rallied 12 cents and ended at $1.89, with 46,915 stocks crossing the exchange, Express Catering dipped 9 cents in closing at $4.50 as investors exchanged 4,242 stocks. Honey Bun increased 15 cents to $6.46 with stakeholders exchanging 28,974 units, iCreate dropped 11 cents to end at a 52 weeks’ closing low of 67 cents with dealers trading 102,782 stock units, JFP Ltd lost 14 cents to close at $1.47 after an exchange of 14,838 shares. Lasco Manufacturing rose 29 cents and ended at $4.89 and closed after an exchange of 15,887 units, Main Event popped 45 cents in closing at $14 with shareholders swapping a mere 388 shares, Paramount Trading gained 9 cents to close at $1.69, with a mere three stocks crossing the market and Regency Petroleum advanced 13 cents in closing at $2.25 in switching ownership of 156,350 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market pops on increased trading
Trading jumps on Junior Market
Trading picked up on the Junior Market of the Jamaica Stock Exchange on Wednesday, with the volume of stocks traded rising 49 percent and the value 65 percent more than Tuesday, with 43 securities trading compared with 42 on Tuesday and ended with 14 rising, 22 declining and seven closing unchanged.
Investors traded 8,746,352 shares for $20,082,467, up from 5,882,396 units at $12,191,518 on Tuesday.
Trading averaged 203,404 shares at $467,034, compared to 140,057 shares at $290,274 on Tuesday with the month to date, averaging 274,843 units at $616,772 compared with 279,374 stock units at $626,269 on the previous day. September closed with an average of 220,239 units at $459,425.
EduFocal led trading with 3.11 million shares for 35.5 percent of total volume, followed by Dolla Financial with 1.46 million units for 16.7 percent of the day’s trade and JFP Ltd with 910,539 units for 10.4 percent market share.
At the close, the Junior Market Index skidded 27.93 points to close at 3,893.50.
The Junior Market ended trading with an average PE Ratio of 10.9, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Blue Power rose 23 cents and ended at $2.93 in switching ownership of 1,994 shares, CAC 2000 dropped 94 cents in closing at $4, with 2,166 units clearing the market, Cargo Handlers skidded 9 cents to close at $14.40 in an exchange of 500 stocks, Caribbean Cream shed 56 cents to end at $4.10 as investors exchanged a mere 35 stock units. EduFocal rallied 19 cents to $2.53 with shareholders swapping 3,105,393 stocks, Elite Diagnostic advanced 17 cents to $1.77, with 125,048 stock units changing hands, Express Catering gained 29 cents to close at $4.59 with traders dealing in 500 shares, Fontana popped 30 cents and ended at $11.68 with investors transferring 96,758 units. Honey Bun lost 15 cents to end at $6.31 with investors trading 1,573 shares, Indies Pharma dipped 20 cents in closing at $2.80, with just one stock crossing the market, Jetcon Corporation increased 11 cents to end at 99 cents with 2,508 units crossing the exchange, JFP Ltd climbed 13 cents and ended at $1.61 with an exchange of 910,539 stock units. Knutsford Express declined 8 cents in closing at $12.17 in trading 6,676 shares, Lasco Distributors fell 11 cents to close at $4.20 in an exchange of 34,351 units, Lasco Financial fell 10 cents to $1.90 with a transfer of 27,229 stock units, Lasco Manufacturing dropped 32 cents to $4.60 and closed after 53,000 stocks changed hands. Limners and Bards declined 21 cents in closing at $2.01, with 16,492 stock units crossing the market, Lumber Depot rallied 28 cents to close at a 52 weeks’ high of $2.88 after exchanging 70,551 shares and Main Event skidded 45 cents and ended at $13.55 after an exchange of 21,078 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market blast through the 3,900 mark
Investors pushed the Junior Market of the Jamaica Stock Exchange to close above what has become the challenging 3,900 mark on Tuesday, following trading in 42 securities compared with 43 on Monday and ended with 17 rising, 18 declining and seven closing unchanged, with the volume of stocks traded falling 58 percent and the value 55 percent lower than Monday.
Investors traded 5,882,396 shares for $12,191,518, down from 14,063,733 units at $27,307,285 on Monday.
Trading averaged 140,057 shares at $290,274, compared with 327,064 units at $635,053 on Monday, with trading for the month to date averaging 279,374 units at $626,269 compared with 288,574 stock units at $648,457 on the previous day. September closed with an average of 220,239 units at $459,425.
Dolla Financial led trading with 1.59 million shares for 27.1 percent of total volume, followed by EduFocal with 532,433 units for 9.1 percent of the day’s trade and JFP Ltd with 432,993 units for 7.4 percent market share.
At the close, the Junior Market Index rose 38.66 points to close at 3,921.43.
The Junior Market ended trading with an average PE Ratio of 10.9, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial dipped 50 cents in closing at $24.50 as investors exchanged 791 shares, Blue Power skidded 23 cents to end at $2.70 with shareholders swapping 400 units, Cargo Handlers gained $1.54 and ended at $14.49 with investors dealing in 203 stock units. Dolphin Cove gained 15 cents in closing at $16.15, with eight stocks crossing the market, Everything Fresh advanced 24 cents to $1.64, with 213,077 shares changing hands. Express Catering fell 31 cents and ended at $4.30 after a transfer of 1,700 stocks, Fontana rallied 27 cents to $11.38 and closed with an exchange of 8,483 stock units, Future Energy popped 10 cents to close at $3.70 after the passage through the market of 126,635 units. Honey Bun climbed 12 cents in closing at $6.46 with investors trading 11,214 shares, iCreate rose 8 cents to end at 80 cents, with 20,004 stocks crossing the market, ISP Finance rose $4.71 to close at $31.49 in trading 29 units. Knutsford Express rallied $1.14 and ended at $12.25 after an exchange of 1,193 stock units, Lasco Manufacturing shed 8 cents in closing at $4.92 with investors transferring 1,702 stock units, Limners and Bards increased 46 cents to end at $2.22 with traders dealing in 112,596 shares. Lumber Depot popped 9 cents to $2.60, with 19,929 units crossing the exchange, Mailpac Group declined 9 cents to end at $2.28, with 358,514 stocks clearing the market, MFS Capital Partners gained 9 cents to close at $2.10 in an exchange of 227,983 shares. Paramount Trading dropped 14 cents and ended at $1.56 with stakeholders exchanging 12,000 units, Spur Tree Spices lost 8 cents in closing at $2.06 after 48,634 stock units changed hands and Stationery and Office Supplies advanced 17 cents to $1.79 while exchanging 255,208 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Mailpac hits 1 year high, 1 Great Studio hits low
Mailpac closed trading at a 52 weeks’ high of $2.37 on Monday while the recently listed One Great Studio traded at a record low of $0.90 before bouncing to close the day at $1.05 on the Junior Market of the Jamaica Stock Exchange Monday. Trading ended with the volume of stocks changing hands rising to 14,063,733 units for $27,307,285 up moderately from 13,829,730 units at $26,730,250 on Friday, with trading in 43 securities compared with 42 on Friday and ended with 14 rising, 19 declining and 10 closing unchanged.
Trading averaged 327,064 shares at $635,053 compared to 329,279 shares at $636,435 on Friday with the month to date, averaging 288,574 units at $648,457 compared with 285,783 stock units at $649,429 on the previous day. September closed with an average of 220,239 units at $459,425.
One Great Studio led trading with 3.06 million shares for 21.8 percent of total volume after the stock price sank to an all-time low of 90 cents, followed by Jamaican Teas with 2.73 million units for 19.4 percent of the day’s trade, EduFocal chipped in with 2.26 million units for 16 percent market share, Stationery and Office Supplies with 1.47 million units for 10.4 percent of stocks traded and ONE on ONE Educational with 1.07 million units for 7.6 percent of total volume.
At the close, the Junior Market Index slipped 6.75 points to settle at 3,882.77. The Investor’s Choice bid-offer indicator closed with a positive reading, with 11 stocks ending with bids higher than their last selling prices and just three with lower offers.
The Junior Market ended trading with an average PE Ratio of 10.6, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
At the close, Cargo Handlers jumped $1.97 to close at $12.95, with just 149 shares crossing the market, Dolla Financial lost 8 cents and ended at $2.50 after an exchange of 683,742 stocks, EduFocal fell 10 cents to $2.40 after 2,255,519 stock units passed through the market. Elite Diagnostic shed 12 cents to end at $1.65 while exchanging 43,846 units, b>Fontana dipped 28 cents in closing at $11.11 in an exchange of 78,169 stocks, Honey Bun dropped 16 cents to close at $6.34 with shareholders swapping 1,300 stock units. Indies Pharma gained 25 cents and ended at $3 with traders dealing in 2,000 shares, ISP Finance skidded $4.22 to end at $26.78 after a transfer of a mere 170 units, Jamaican Teas declined 9 cents to $2.35 with investors transferring 2,730,495 units. JFP Ltd shed 8 cents in closing at $1.41, with 467,658 shares changing hands, Lasco Distributors increased 17 cents to close at $4.32, with investors dealing in 35,188 stocks, Lasco Manufacturing rose 45 cents to $5 after an exchange of 16,588 stock units. Limners and Bards lost 13 cents in closing at $1.76, with 91,143 units crossing the market, Mailpac Group climbed 22 cents and ended at a 52 weeks’ closing high of $2.37, with stakeholders exchanging 73,614 stock units, Main Event skidded 48 cents to end at $14.01 in an exchange of 72,760 stocks. MFS Capital Partners fell 12 cents to end at $2.01 and closed after 153,971 shares passed through the market, Spur Tree Spices popped 8 cents and ended at $2.14 in switching ownership of 21,212 stocks and Stationery and Office Supplies dropped 13 cents to close at $1.62 after investors ended trading 1,467,826 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
85% gainer jumps ICTOP10
The Junior Market had an 85 percent winner during the past week, with only three stocks recording notable price changes in a market that remained fairly stable in the holiday-shortened week, with a slippage of only a few points. Price movements in the Main Market were moderate, with the highest being 5 percent at the end of the week, in which the JSE Index dropped more than 3,000 points, with the All Jamaica composite Index slipping just 90 points.
Edufocal was the star performer of the week with a big 85 percent surge in price to close at $2.50, following the company reporting that the board of directors is to meet on October 27 to discuss a possible rights issue and a stock split. Elite Diagnostic rose 13 percent to $1.77 and Everything Fresh dropped 11 percent to $1.40. The Main Market closed the week with JMMB Group falling 5 percent to $27.10, being the only stock with a notable change.
Market activity resulted in two new additions to the Junior Market ICTOP10 and one to the Main Market. Returning to the Junior Market TOP 10 are Lasco Financial Services and Lasco Manufacturing, replacing Caribbean Cream and Edufocal. Full year earnings for the former were downgraded to 55 cents per share following the release of second quarter results, which showed flat revenues for the August quarter and half year compared with 2022 and lower profit for the second quarter, with increased profit for the six months compared to 2022. Lasco Financial Services reported disappointing results for the first quarter of the new fiscal year to June. The company did not benefit as much from interest income as would be expected and had adequate funds on hand to expand the loan portfolio, development management indicated they would be pursuing for the rest of the year. Significant expansion of loans could radically transform both revenues and profit for the year. The extent of this improvement is unclear currently, however, the potential suggests that this is a stock to watch going forward as it could surprise to the upside. Lasco Manufacturing is, without question, a stock that is seriously undervalued, but investors pushed the price down during the week. This is clearly one for the future and one that investors should see continuous improvement in stock price over the next 12 months as the company rolls out improved profits in the quarters to come.
In the Main Market, Caribbean Producers returned to the ICTOP10 and replaced Scotia Group that was just squeezed out of the TOP10. CPJ performed well during the fiscal year ending June. The performance was obscured by a onetime charge related to past GCT claims that were booked in the past year, but for this charge, results would have been vastly better than reported, but investors may have been turned off by the results. The expectation is for profitability to improve during the current fiscal year ending in June 2024. The stock is clearly undervalued and has much room for growth over the next 12 months and beyond. Scotia Group, although out of the TOP10, reported a 74 percent in profit for the nine months to July and is terribly undervalued. Investors should be accumulated in the stock with the expectation for gradual appreciation, especially when the full year results are released with earnings expected to top $5.50 for the year to October 2023.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 12. The Main Market ICTOP10 is projected to gain an average of 328 percent by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 105, with an average of 29 and 20 excluding the highest PE ratios, and a PE of 22 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market TOP10 sits at 6, just over half of the market at 10.7. There are 9 stocks or 19 percent of the market, with PEs from 15 to 26, averaging 19 that are well above the market’s average. The top half of the market has an average PE of 14, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 261 percent by May 2024.
The divergence between the average PE of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. 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.
Junior Market slips into weekend
The Junior Market of the Jamaica Stock Exchange slipped moderately by 14.20 points to 3,889.52 on Friday, with the volume of stocks traded declining 4 percent and the value 15 percent lower than Thursday after dealing in 42 securities compared with 43 on Thursday and ended with 18 rising, 16 declining and eight closing unchanged.
Investors traded 13,829,730 shares for $26,730,250 compared to 14,406,305 units at $31,278,834 on Thursday.
Trading averaged 329,279 shares at $636,435 compared to 335,030 units at $727,415 on Thursday with the month to date, averaging 285,783 units at $649,429 in comparison with 282,468 stock at $650,420 on the previous day. September closed with an average of 220,239 units at $459,425.
EduFocal led trading with 4.74 million shares for 34.3 percent of total volume, followed by One Great Studio with 3.46 million units for 25 percent of the day’s trade and ONE on ONE Educational with 1.63 million units for 11.8 percent of the day’s trade.
The Junior Market ended trading with an average PE Ratio of 10.7, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Access Financial advanced 89 cents and ended at $25, with 546 shares crossing the exchange, Blue Power rose 23 cents to $2.93, with 500 stock units crossing the market, CAC 2000 popped 44 cents to close at $4.92 with traders dealing in 30 units, Cargo Handlers shed $3.52 to end at $10.98 in trading 1,271 stocks. Caribbean Flavours climbed 8 cents in closing at $1.48 after 72 units passed through the market, Dolphin Cove skidded 15 cents in closing at $16 in an exchange of 1,000 shares, EduFocal gained 14 cents and ended at $2.50 after an exchange of 4,737,278 stocks, Elite Diagnostic increased 12 cents to close at $1.77 with investors transferring 104,458 stock units. Everything Fresh lost 28 cents to finish at $1.40 with an exchange of 1,792 units, Express Catering declined 9 cents to end at $4.60, with 3,864 stocks clearing the market, Fosrich rallied 7 cents in closing at $2.60 while exchanging 20,590 shares, Honey Bun gained 15 cents to close at $6.50, with 7,698 stock units crossing the market. ISP Finance fell $2.33 to $31 as investors exchanged 145 units, Jamaican Teas advanced 14 cents to end at $2.44 with dealings in 300 stock units, Jetcon Corporation dropped 16 cents and ended at 88 cents with a transfer of 59,054 stocks, Knutsford Express dipped $1.28 to close at $11.11 after 13,819 shares changed hands. Lasco Distributors lost 14 cents and ended at $4.15 after a transfer of 344,799 stock units, Limners and Bards rallied 13 cents to end at $1.89 after an exchange of 174,618 shares, Mailpac Group declined 8 cents in closing at $2.15 after 212,021 units changed hands, Main Event dipped 11 cents to $14.49, with 13,836 stocks changing hands. MFS Capital Partners climbed 36 cents to end at $2.13, with shareholders swapping 312,940 units and ONE on ONE Educational rose 7 cents to $1.07, with stakeholders exchanging 1,625,329 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumped on the Junior Market
Trading activity jumped on the Junior Market of the Jamaica Stock Exchange Thursday, with a 70 percent climb in the volume of stocks traded and the value surging 71 percent over Wednesday following trading in 43 securities compared with 42 on Wednesday and ended with 15 rising, 17 declining and 11 closing unchanged.
Investors traded 14,406,305 shares for $31,278,834 compared with 8,489,623 units at $18,335,956 on Wednesday.
Trading averaged 335,030 shares at $727,415, compared to 202,134 shares at $436,570 on Wednesday with the month to date averaging 282,468 units at $650,420 compared with 278,018 stock units at $643,902 on the previous day and higher than September that closed with an average of 220,239 units at $459,425.
Mailpac Group led trading with 5.30 million shares for 36.8 percent of total volume followed by EduFocal with 3.62 million units for 25.1 percent of the day’s trade and Dolla Financial with 989,456 units for 6.9 percent market share.
At the close, the Junior Market Index rose 4.65 points to once again finish above the 3,900 mark to close at 3,903.72.
The Junior Market ended trading with an average PE Ratio of 10.8, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Blue Power fell 23 cents to close at $2.70 with investors trading 3,314 shares, CAC 2000 rallied 58 cents to $4.48 in an exchange of just one stock, Caribbean Assurance Brokers skidded 26 cents and ended at $2.99 as 8,537 units passed through the market. Caribbean Flavours declined 9 cents to end at $1.40 with investors dealing in 8,847 stocks, Derrimon Trading rallied 25 cents in closing at $2.20, with 518,403 units crossing the market, EduFocal gained 46 cents in closing at $2.36 with investors swapping 3,622,536 shares. Fontana lost 10 cents to end at $11.40 in switching ownership of 40,070 stocks, Indies Pharma popped 12 cents to close at $2.75 after an exchange of 30,000 stock units, Jamaican Teas shed 25 cents to $2.30 with an exchange of 450,000 stocks. Lasco Manufacturing dipped 29 cents and ended at $4.55 with traders dealing in 36,911 stock units, Mailpac Group climbed 23 cents in closing at $2.23 after a transfer of 5,304,942 shares, Main Event dropped 40 cents and ended at $14.60, with 12,341 units crossing the market. MFS Capital Partners dropped 23 cents to $1.77 after 122,791 stock units changed hands, Paramount Trading rose 20 cents to close at $1.70 after 25,205 shares passed through the exchange and tTech advanced 50 cents to end at $2.18 in trading a mere two stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gains for Junior Market stocks
Trading picked up on the Junior Market of the Jamaica Stock Exchange on Wednesday, helping to drive the market higher at the close following the volume of stocks traded rising 89 percent and the value 75 percent more than Tuesday with trading in 42 securities down from 46 on Tuesday and ended with 19 rising, 12 declining and 11 closing unchanged.
Investors traded 8,489,623 shares for $18,335,956 compared with 4,491,437 units at $10,456,683 on Tuesday.
Trading averaged 202,134 shares at $436,570 compared to 97,640 shares at $227,319 on Tuesday with the month to date, averaging 278,018 units at $643,902 compared with 284,858 stock units at $662,589 on the previous day. Trading in September averaged 220,239 units at $459,425.
Dolla Financial led trading with 3.57 million shares for 42 percent of total volume followed by EduFocal with 2.11 million stock units for 24.9 percent of the day’s trade and ONE on ONE Educational with just 368,820 units for 4.3 percent market share.
At the close, the Junior Market Index gained 13.95 points to 3,899.07.
The Junior Market ended trading with an average PE Ratio of 10.6, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial dropped $5.28 to $24.10 after 4,389 shares passed through the market, Blue Power popped 23 cents in closing at $2.93 after trading 1,445 stocks, CAC 2000 climbed 9 cents to end at $3.90 in switching ownership of 372 units, Caribbean Assurance Brokers rose 69 cents to close at $3.25 closing with 59,210 stock units changing hands. Derrimon Trading gained 9 cents in ending at $1.95 in an exchange of 316 shares, EduFocal increased 58 cents in closing at $1.90 following an exchange of 2,110,532 units, Elite Diagnostic advanced 10 cents to $1.65 with traders dealing in 275,727 stocks, Everything Fresh rallied 27 cents to close at $1.67 in trading 147,268 stock units. GWest Corporation rose 8 cents and ended at 98 cents with an exchange of just one unit, Honey Bun shed 39 cents to end at $6.30, with 5,428 shares changing hands, Image Plus skidded 10 cents in closing at $2 as investors exchanged 37,675 stock units, Indies Pharma declined 48 cents to $2.63 with shareholders swapping 58,810 stock units. ISP Finance gained $1.13 to close at $33.33 with investors transferring 3,380 stock units, Knutsford Express lost 10 cents to end at $12.40 with 975 shares clearing the market, Lasco Manufacturing fell 11 cents and ended at $4.84 after a transfer of 17,004 units, Main Event dropped 50 cents in closing at $15, with 3,063 stocks crossing the exchange. Medical Disposables fell 19 cents to end at $3.81 with a transfer of 1,436 stocks and Stationery and Office Supplies lost 14 cents and ended at $1.72 with investors dealing in 209,957 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market drops
Five stocks declined for every two that rose in trading on the Junior Market of the Jamaica Stock Exchange on Tuesday and resulting in a fall in the market index with 46 securities trading, compared with 43 on Friday and ended with 26 declining, 11 rising and nine closing unchanged as the volume of stocks traded declined 92 percent, with a 92 percent lower value than Friday.
Investors traded 4,491,437 shares for $10,456,683 compared to 55,529,342 units at $124,157,944 on Friday.
Trading averaged 97,640 shares at $227,319 compared to 1,291,380 shares at $2,887,394 on Friday with the month to date, averaging 284,858 units at $662,589 compared to 305,363 stock units at $710,261 on the previous trading day. September closed with an average of 220,239 units at $459,425.
Image Plus led trading with 995,005 shares for 22.2 percent of total volume following the release of second quarter results that showed a sharp fall in earnings from $64 million before tax in 2022 to just $39 million for the second quarter as revenues declined, due to machine breakdown. ONE on ONE Educational followed with 440,186 units for 9.8 percent of the day’s trade and One Great Studio with 311,171 units for 6.9 percent market share.
At the close, the Junior Market Index fell 29.80 points to 3,885.12, but the Investor’s Choice bid-offer indicator is flashing positive signals for trading on Wednesday.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and one with a lower offer.
The Junior Market ended trading with an average PE Ratio of 10.5, based on the last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
At the close, Access Financial shed 27 cents to close at $29.38 after an exchange of 996 shares, Blue Power skidded 23 cents to end at $2.70, with 1,700 units crossing the market, Caribbean Assurance Brokers declined 47 cents and ended at $2.56 after just 2,500 stock units changed hands, Everything Fresh slipped 18 cents to $1.40 with a transfer of 8,290 stocks. Fontana dropped 20 cents in closing at $11.50 in an exchange of 150,469 stock units, GWest Corporation dipped 8 cents to end at 90 cents with 1,128 stocks clearing the market, Honey Bun popped 9 cents to close at $6.69 in trading 32,257 shares, Indies Pharma climbed 15 cents to $3.11 with investors transferring 1,700 units. ISP Finance rallied $2.20 and ended at $32.20 as investors exchanged 675 stock units, Jamaican Teas fell 10 cents in closing at $2.50 with stakeholders trading 23,148 stocks, KLE Group declined 17 cents and ended at $1.50 with investors dealing in 237 units, Knutsford Express shed 19 cents to $12.50 as 2,917 shares passed through the market. Lasco Distributors rose 10 cents to close at $4.26, with 56,524 stocks crossing the market, Main Event increased $1.39 to end at $15.50, with 9,768 units crossing the exchange, MFS Capital Partners fell 12 cents in closing at $1.97 with shareholders swapping 278,236 shares. Paramount Trading dipped 26 cents in closing at $1.50 after investors traded 26,454 stock units following the release of first quarter results that show revenues falling and profit declining to $54 million from $84 million in 2022. Stationery and Office Supplies gained 15 cents to close at $1.86 in switching ownership of 303,433 stocks and tTech dropped 51 cents and ended at a 52 weeks’ low of $1.68 in an exchange of 102,487 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Four new ICTOP10 listings
The Junior Market rose modestly during the past week while the Main Market slipped marginally to close out the week, resulting in ICTOP10 stocks delivering mixed results with the Junior Market recording some solid price increases and just three declines while the ICTOP10 Main Market stocks had just one price decline with three stocks recording notable price increases.
Market activity resulted in three new additions to the Junior Market ICTOP10 and one in the Main Market. Returning to the Junior Market TOP10 are Consolidated Bakeries, Dolphin Cove and Lasco Distributors replacing Image Plus, Lasco Financial Services and Paramount Trading with the latter reporting lower profits and revenues in the first quarter ended August and Image Plus reporting sharply lower second quarter and half year results that pushed projected earnings for the year to 27 cents per share. In the Main Market, Caribbean Producers dropped out of the ICTOP10 and is replaced by Caribbean Cement.
The Main Market closed the week with Key Insurance jumping 16 percent to $2.68, Scotia Group rising 5 percent to $33.60 and Caribbean Producers popping 4 percent to close at $10.67.
The Junior Market produced gains of 17 percent for Paramount Trading which closed up $1.76 and 16 percent of four Caribbean Cream at $4.65 followed by Lasco Financial Services up 7 percent to $2.06, declining was Elite Diagnostic down 15 percent to $1.57 and five percent for Caribbean Assurance Brokers to close at $3.03.
The average PE for the JSE Main Market TOP 10 stands at 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 328 percent, by May 2024, based on 2023 forecasted earnings.
A total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 20 excluding the highest PE ratios, and a PE of 22 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market TOP10 sits at 5.7, half of the market at 10.8. There are 11 stocks or 23 percent of the market, with PEs from 15 to 25, averaging 19 that 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, with the market projected to rise by 261 percent by May 2024.
The divergence between the average PE of the Main and Junior Markets and the overall market valuation are important indicators of the level of 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 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.
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