The Junior Market of the Jamaica Stock Exchange moved one step closer to taking out January 2023 high as it continues its quiet rally that started since mid March as it added more gains in the market index on Monday, accompanied by a 39 percent fall in the volume of stocks traded, with the value 28 percent lower than on Friday after trading in 45 securities compared with 42 on Friday and ended with 14 rising, 21 declining and 10 closing unchanged.
Investors traded 3,691,376 shares for $12,494,675 compared with 6,035,265 units at $17,244,300 on Friday.
Trading averaged 82,031 shares at $277,659 compared to 143,697 stocks at $410,579 on Friday with a month to date average of 152,985 stock units at $548,796 in comparison to 167,368 shares at $603,757 on the previous trading day. June closed with an average of 319,230 units at $854,456.
Dolla Financial led trading with 1.07 million shares for 29 percent of total volume followed by ONE on ONE Educational, with 365,478 units for 9.9 percent of the day’s trade and Image Plus Consultants ended with 287,072 units for 7.8 percent market share.
At the close, the Junior Market Index rose 8.76 points to conclude trading at 4,019.99.
The PE Ratio, a measure of computing appropriate stock values, averages 11.4. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and six with lower offers.
At the close, Access Financial advanced $2.28 to $24.99 after a transfer of just 100 shares, Cargo Handlers gained $1 to close at $19, with 1,105 stocks crossing the exchange, Caribbean Cream rallied 13 cents to end at $4.65 after 6,830 stock units passed through the market, Consolidated Bakeries slipped 20 cents to $2.60 with stakeholders exchanging 1,363 units. Dolphin Cove fell 10 cents to $16.70 after just 910 stocks crossed the market and the price hit an intraday 52 weeks’ high of $17.35, Everything Fresh climbed 8 cents to close trading at $1.68 in switching ownership of 50,314 shares, Express Catering dropped 10 cents to $5.30 with a transfer of 276 units, GWest Corporation rose 13 cents to close at $1.18 after trading 12,820 stock units. Honey Bun lost 33 cents to end at $6.34 in 8,350 shares changing hands,
iCreate fell 11 cents in closing at $1.19 with an exchange of 30,972 units, ISP Finance rose $4.38 to $24.39 in an exchange of just one stock, Lasco Distributors declined 18 cents to $3.89 as investors traded 11,343 stocks. Lasco Manufacturing lost 54 cents in ending at $4.25 while 9,050 shares passed through the market, Main Event declined 35 cents to $16.14 while exchanging 27,845 units, Medical Disposables popped 47 cents in closing at $5.21 after 100 stock units changed hands, MFS Capital Partners dipped 9 cents to end at $2.61 with shareholders swapping 136,715 stocks. Paramount Trading fell 54 cents to $1.56, with 14,285 stock units changing hands, Spur Tree Spices shed 8 cents to $2.10 after exchanging 262,762 stocks, 
Tropical Battery dipped 13 cents in closing at $1.92 after an exchange of 118,523 shares and tTech shed 14 cents to close at $2.11 with investors transferring 2,000 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gains continue for ICTOP10
The Junior Market wiped all 2023 losses this past week, with the market index reclaiming the 4,000 mark for the first time since January and wiping out all of the 2023 losses recorded up to Thursday. The Main Market continues to struggle and has remained down 8 percent for the year to date.
Jamaica Broilers is now in at 3 on ICTOP10.
The Junior Market is now up 11.6 percent since the low in March and is on what will be a big bull ride over the coming months that is signalled by two indicators. The Main Market is likely bottoming after a traditional sell off in May before settling off in the early summer ahead of a rebound later. The action is now with the Junior Market with more potential for growth.
The Junior Market had 5 stocks for the week, each rising and falling. The Main Market ended with 3 rising and three declining, with the most significant change being a loss of 9 percent for JMMB Group to $30 and Berger Paints with a five percent fall being the biggest losers as all other changes were just one percent.
In the Junior Market, iCreate rose 18 percent to $1.30, Dolla Financial rallied 8 percent to $2.43, Everything Fresh popped 5 percent to $1.60, and Edufocal and Image Plus rose 3 percent. OneonOne slipped 10 percent to $1.10, while Iron Rock Insurance and Caribbean Cream fell 4 percent.
During the week whole, year results came out for Jamaica Broilers, with earnings of $4.43 including the write off of the Haitian operations, with revenues rising 23 percent but excluding the Haitian operations, earnings were $5.40 per share, with just over $7 projected by ICInsider.com for the current year, making it a compelling buy at current prices. The stock now sits at the number 3 position on the ICTOP10.
Dollar Financial reported second quarter profit after trading ended on Friday, showing a profit of $105 million compared with $59 million in the 2022 June quarter and $227 million for the six months to June versus $119 million in 2022. Earnings per share ended at 4 cents in the latest quarter and 9 cents year to date. The period shows a small amount set aside for expected credit losses, but the cash flow shows that only 75 percent of interest earned was paid during the period, down from 77 percent for the 2022 first half and 80 percent for the 2022 full year.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.1, well below the market average of 13.3. The Main Market TOP10 is projected to have an average of 252 percent, by 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 29 and 20 excluding the highest PE stocks, 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.9 compared with the market at 11.4. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 44, averaging 21, well above the market’s average. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 240 percent by May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the 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 2024 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Junior Market jumps into black
Investors pushed the Junior Market of the Jamaica Stock Exchange index over the 4,000 points mark for the first time since the end of January and moved it back into the black for the first time since, with the market rising 11.6 percent from the low point in February this year at the close, the Junior Market Index rose 27.22 points to close at 4,011.23.
Trading on Friday ended with the volume of stocks traded rising 32 percent valued 27 percent more than Thursday with 42 securities changing hands compared with 44 on Thursday and ended with 18 rising, 11 declining and 13 closing unchanged.
A total of 6,035,265 shares were traded for $17,244,300 compared with 4,560,776 units at $13,565,316 on Thursday.
Trading averaged 143,697 shares at $410,579 up from 103,654 shares at $308,303 on Thursday with the month to date, averaging 167,368 units at $603,757 compared to 172,891 stocks at $648,832 on the previous day. June closed with an average of 319,230 units at $854,456.
Dolla Financial led trading with 1.31 million shares for 21.6 percent of total volume followed by MFS Capital Partners with 1.21 million units for 20.1 percent of the day’s trade and Fosrich with 1.13 million units for 18.7 percent of the day’s trade.
The PE Ratio, a measure of computing appropriate stock values, averages 11.4. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows seven stocks mended with bids higher than their last selling prices and one with a lower offer.
At the close, Blue Power lost 57 cents in closing at $3 after 11,020 shares were traded, Cargo Handlers shed 30 cents and ended at $18 with shareholders swapping 3,000 units, Caribbean Cream advanced 49 cents to close at $4.52 in an exchange of 61,951 stock units, Caribbean Flavours dipped 8 cents to $1.22 with stakeholders exchanging 5,000 stocks. Consolidated Bakeries declined 19 cents to end at $2.80 with a transfer of 20,185 stock units, 
Dolla Financial rose 8 cents to $2.43 with investors trading 1,305,738 stocks, Express Catering popped 15 cents to close at $5.40 with an exchange of 3,024 shares, Fontana dropped 89 cents to end at $11.21 with investors transferring 37,362 units. iCreate gained 13 cents to end at $1.30 after 359,406 stock units crossed the market, Image Plus Consultants climbed 12 cents in closing at $2.19 after 201,444 stocks passed through the market, ISP Finance fell $4.39 in closing at $20.01 with an exchange of 16,187 shares, Lasco Distributors rallied 47 cents to $4.07 with 26,347 units clearing the market. Lasco Manufacturing increased 29 cents and ended at $4.79 with 1,276 units changing hands, Limners and Bards rallied 8 cents to close at $2.20 after an exchange of 77 stock units, Main Event advanced 49 cents to end at $16.49 as investors exchanged 1,000 stocks, 
MFS Capital Partners fell 18 cents after it ended at $2.70 with a transfer of 1,214,901 shares. Paramount Trading popped 10 cents to close at $2.10, with 316 units crossing the market, Stationery and Office Supplies lost $1.40 to end at $27 in trading 86,722 shares and tTech increased 24 cents to $2.25 while exchanging 4 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Highest close for Junior Market in 5 months
Trading declined on the Junior Market of the Jamaica Stock Exchange on Thursday, with the volume of stocks traded falling 17 percent, with the value 26 percent lower than on Wednesday as the market consolidates to move higher after trading in 44 securities down from 46 on Wednesday and ended with 22 rising, 16 declining and six closing unchanged. 
The Junior Market Index traded in the 4,040 points region late in the trading session and ended adding just 3.37 points to conclude trading at 3,984.01, just 2.43 points below the close at the end of 2022 and the highest end of day finish since the start of February this year.
Investors traded 4,560,776 shares for $13,565,316 down from 5,502,698 units at $18,254,039 on Wednesday.
Trading averaged 103,654 shares at $308,303 compared with 119,624 shares at $396,827 on Wednesday, with the month to date, averaging 172,891 units at $648,832 compared to 195,291 stock units at $759,003 on the previous day, well below trading in June with an average of 319,230 units at $854,456.
ONE on ONE Educational led trading with 865,723 shares for 19 percent of total volume followed by Dolla Financial with 758,319 units for 16.6 percent of the day’s trade and Fosrich with 466,664 units for 10.2 percent market share.
The PE Ratio, a measure of computing appropriate stock values, averages 11.4. 
The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, AMG Packaging popped 16 cents to $2.51 with 3,804 shares clearing the market, Blue Power rallied 27 cents in closing at $3.57 after an exchange of 163 stock units, CAC 2000 gained $1.40 and ended at $7, with stakeholders exchanging 200 stocks, Cargo Handlers advanced $3.26 to $18.30 while exchanging 236 units, Caribbean Flavours increased 8 cents to end at $1.30 after 203,100 stocks changed hands. Consolidated Bakeries climbed 48 cents and ended at $2.99, with 17,210 shares crossing the exchange, Dolphin Cove rose 31 cents to end at $16.80, with 5,212 stock units crossing the market, Fontana lost 40 cents in closing at $12.10 in trading 297,841 units, Fosrich climbed 12 cents to close at $2.46 with investors transferring 466,664 shares, 
General Accident gained 15 cents to end at $5, with 17,224 units crossing the market. Iron Rock Insurance declined 31 cents to $2.49 with a transfer of 11,900 stock units, ISP Finance climbed $4.40 to close at $24.40 after an exchange of 5 stock units, JFP Ltd shed 11 cents to end at $1.63 after a transfer of 15,453 units, Knutsford Express fell 30 cents in closing at $11.65 with shareholders swapping 2,428 stock units. Lasco Distributors shed 54 cents to close at $3.60 after investors exchanged 204,660 stocks up to an intraday 52 weeks’ high of $4.19, Main Event dropped $1.40 to close at $16 in switching ownership of 1,158 shares, Medical Disposables rose 44 cents in closing at $4.74 after five shares passed through the market. Paramount Trading dipped 10 cents and ended at $2 with an exchange of 15,000 stock units, 
Stationery and Office Supplies advanced $1.40 to $28.40 and closed with 24,703 units changing hands and Tropical Battery popped 12 cents to end at $2.02 in an exchange of 99,807 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market trading dipped on Wednesday
Trading dipped on the Junior Market of the Jamaica Stock Exchange Wednesday, with the volume of stocks traded falling 24 percent and the value 26 percent lower than on Tuesday with 46 securities trading compared with 45 on Tuesday and ended with 18 rising, 20 declining and eight closing unchanged and the market index slipping after opening over the 4,000 mark in the early morning session.
Investors traded 5,502,698 shares for $18,254,039 compared with 7,265,809 units at $24,794,866 on Tuesday.
Trading averaged 119,624 shares for $396,827 in comparison with 161,462 shares at $550,997 on Tuesday with the month to date, averaging 195,291 units at $759,003 compared with 233,965 stocks at $944,115 on the previous day. June closed with an average of 319,230 units at $854,456.
Fosrich led trading with 904,316 shares for 16.4 percent of total volume followed by Future Energy Source with 782,065 units for 14.2 percent of the day’s trade and JFP Ltd with 614,259 units for 11.2 percent market share.
At the close, the Junior Market Index dipped 3.70 points to 3,980.64.
The PE Ratio, a measure of computing appropriate stock values, averages 11.2. The PE ratios of the Junior Market uses the last traded price in conjunction with ICInsider.com’s projected earnings 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 five with lower offers.
At the close, AMG Packaging rose 8 cents to $2.35 after 1,029 shares passed through the market, CAC 2000 declined $1.45 to end at $5.60 after hitting an intraday low of $5.01, in switching ownership of 71 units, Cargo Handlers dropped $6.36 to $15.04 after an exchange of 6,583 stocks, Caribbean Cream dipped 40 cents and ended at $4 with shareholders swapping 50,302 stock units. Caribbean Flavours fell 17 cents to $1.22, with 2,228 shares crossing the exchange, Consolidated Bakeries dropped 48 cents in closing at $2.51 after 20,862 stock units were traded, Dolla Financial climbed 16 cents to $2.31 in an exchange of 591,004 stocks, Dolphin Cove shed 41 cents to end at $16.49, with stakeholders exchanging 47,879 units. Elite Diagnostic popped 19 cents to close at $2.20, with 2,203 stock units crossing the market, Express Catering gained 22 cents and ended at $5.25 after a transfer of 2,700 units, 
Fontana lost 20 cents to close at $12.50 in an exchange of 161,935 stocks, Fosrich increased 19 cents to $2.34, with 904,316 shares clearing the market. Future Energy Source rallied 9 cents in closing at $3.98 while exchanging 782,065 shares, GWest Corporation advanced 10 cents to close at $1.03 with investors trading 186 units, Indies Pharma declined 10 cents to end at $3.20 after an exchange of 15,050 stock units, ISP Finance fell $5 to $20, with 3,182 stocks crossing the market. KLE Group rallied 14 cents in closing at $1.79 with an exchange of just six stocks, Lasco Distributors climbed 45 cents and ended at 52 weeks’ high of $4.14 with 87,634 units changing hands, Medical Disposables shed 71 cents to end at $4.30 as investors exchanged 500 shares, 
Stationery and Office Supplies dropped 95 cents to close at $27 and closed after trading in 72,455 stock units and tTech dipped 9 cents to $2.01 in trading 105,500 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The Junior Market climbs higher
The Junior Market of the Jamaica Stock Exchange closed moderately higher on Tuesday after trading volume and value dropped compared with Monday resulting from a 47 percent drop in the volume of stocks traded, with a 59 percent lower value with trading in 45 securities similar to trading on Monday and ended with 18 rising, 22 declining and five closing unchanged.
Investors traded 7,265,809 shares for $24,794,866 versus 13,791,073 units at $60,175,455 on Monday.
Trading averaged 161,462 shares at $550,997 in contrast with 306,468 shares at $1,337,232 on Monday with the month to date, averaging 233,965 units at $944,115. June closed with an average of 319,230 units at $854,456.
ONE on ONE Educational led trading with 1.08 million shares for 14.8 percent of total volume followed by Dolla Financial with 1.07 million units for 14.7 percent of the day’s trade and Future Energy Source with 935,090 units for 12.9 percent market share.
The Junior Market Index rose 15.38 points to 3,984.34.
The PE Ratio, a measure of computing appropriate stock values, averages 11.5. PE ratios of Junior Market stocks are based on the last traded price in conjunction with ICInsider.com’s projected earnings 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 five with lower offers.
At the close, Access Financial increased 12 cents in closing at $22.67, with 49 shares crossing the market, AMG Packaging shed 28 cents to close at $2.27 after a transfer of 247,985 stocks, CAC 2000 rose $1.45 and ended at $7.05 with investors transferring 100 units, Caribbean Assurance Brokers climbed 16 cents to $3.25 with an exchange of 57,256 stock units. Caribbean Cream dipped 10 cents to end at $4.40 after 38,758 stock units changed hands, Consolidated Bakeries popped 47 cents to close at $2.99 in the trading of 15,341 units, Dolphin Cove gained 25 cents to end at $16.90 and closed with an exchange of 33,998 stock units, EduFocal advanced 17 cents to $1.82 in switching ownership of 303,478 shares. Elite Diagnostic fell 19 cents in closing at a 52weeks’ low of $2.01, with 100,301 stocks crossing the exchange, Everything Fresh rallied 8 cents and ended at $1.60 as 201 stock units passed through the market, Express Catering declined 47 cents to end at $5.03 with a transfer of 5,987 shares, 
Fontana climbed 70 cents to close at a 52 weeks’ high of $12.70 in an exchange of 214,601 units. Future Energy Source rose 9 cents in closing at $3.89 with shareholders swapping 935,090 stocks, Honey Bun rallied 50 cents and ended at $6.65 in trading 43 units, Jamaican Teas lost 15 cents in ending at $2.35 after an exchange of 49,353 shares, JFP Ltd gained 11 cents to close at $1.74, with 649,908 stock units crossing the market. KLE Group dropped 15 cents to $1.65, with just 2 stocks changing hands, Lasco Distributors popped 14 cents to end at 52 weeks’ high of $3.69, with stakeholders exchanging 44,566 shares and ended with a sparse number of stocks on offer for sale at the close, Lasco Financial lost 22 cents in closing at $2.49 after an exchange of 1,131 units, Lasco Manufacturing dropped 20 cents to close at $4.50 as investors exchanged 134,423 stock units. 
Main Event dipped 10 cents in closing at $17.40, with 15,535 units clearing the market, Medical Disposables fell 88 cents to $5.01 while exchanging 300 stock units and Spur Tree Spices shed 13 cents to end at $2.10 after a transfer of 512,417 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market slips in greeting July
Trading closed on the Junior Market of the Jamaica Stock Exchange Monday, with the volume of stocks traded declining 41 percent with a flat value compared with Friday after trading in 45 securities compared with 46 on Friday and ended with prices of 16 rising, 22 declining and seven closing unchanged.
Investors traded 13,791,073 shares at $60,175,455 versus 23,247,331 units at $60,143,836 on Friday.
Trading averaged 306,468 shares at $1,337,232 compared to 505,377 units at $1,307,475 on Friday. Trading in June closed with an average of 319,230 units at $854,456.
Future Energy Source led trading with 6.24 million shares for 45.3 percent of total volume followed by Dolla Financial with 2.25 million units for 16.3 percent of the day’s trade and JFP Ltd with 758,578 units for 5.5 percent market share.
At the close, the Junior Market Index lost 15.27 points to start off July at 3,968.96.
The PE Ratio, a measure of computing appropriate stock values, averages 11.5. The PE ratios of Junior Market stocks are computed using the last traded price along with projected earnings 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 one with a lower offer.
At the close, Access Financial declined $3.43 to close at $22.55 with investors transferring 317 shares, Blue Power rose 13 cents to $3.25 in an exchange of 13,162 units, Cargo Handlers climbed $2.40 and ended at $21.40 with 6,096 stocks changing hands. Caribbean Assurance Brokers fell 21 cents in closing at $3.09 with a transfer of 132,532 stocks, Caribbean Cream dipped 20 cents to end at $4.50, with 554 stock units passing through the exchange, Dolphin Cove dropped 25 cents to $16.65 with investors trading 2,927 stocks. EduFocal shed 14 cents to close at $1.65 after an exchange of 131,055 units, Fontana rallied $1.06 to end at a 52 week’s closing high of $12, after hitting an intraday high of $13 in switching ownership of 333,863 shares, Fosrich lost 10 cents in closing at $2.20 and closed with an exchange of 274,872 units. Future Energy Source shed 25 cents to end at $3.80, with 6,243,053 stocks clearing the market, General Accident lost 14 cents to end at $4.86 while exchanging 31,712 shares, 
Honey Bun dropped 45 cents to close at $6.15, with 12,277 stock units crossing the exchange. Indies Pharma fell 23 cents to $3.30 after 636,554 stocks passed through the market, Iron Rock Insurance increased 25 cents to $2.75 with stakeholders exchanging 53 units, ISP Finance climbed $2.96 in closing at $25 after a transfer of 24,112 stocks. JFP Ltd dipped 17 cents to $1.63 in trading 758,578 shares, Lasco Manufacturing popped 18 cents to close at $4.70 with shareholders swapping 18,490 stocks, Main Event gained 50 cents to close at a record high of $17.50 after 3,637 units were exchanged. Medical Disposables dipped 11 cents to $5.89 with an exchange of 63 shares, ONE on ONE Educational slipped 11 cents to end at $1.11 as investors exchanged 271,010 stock units, Regency Petroleum fell 22 cents in closing at $2.70, with 390,048 units crossing the market. 
Spur Tree Spices lost 32 cents to close at $2.23 after hitting an intraday 52 weeks’ low of $2.07 with 657,597 stock units crossing the market, Stationery and Office Supplies gained $4.52 to end at $28, with stakeholders exchanging 665,932 shares and tTech declined 15 cents to $2.10 in trading 249 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big gains for ICTOP10 stocks
Movement in the Junior Market this past week just about wiped out all of 2023 losses and resulted in most ICITOP10 stocks rising, with four recording double digit gains as the Junior Market consolidates around the 3,900 points level before breaking into the 4,000 points level. The Main Market enjoyed five out of 6 days of gains since the previous Friday and delivered four stocks with double digit gains.
Gains for the Junior Market this week occurred even as the price of Stationery and Office Supplies dropped $4.52 from $28 to $23.48 on Friday and former Caribbean Assurance Brokers ICTOP10 stock that fell out of the top tier the prior week pulled back in price to close at $3.30 from $4 as sellers offered stocks for sale below $4, with still more selling at the close of the week. History points to many investors buying into stocks after the split takes effect, usually at far higher prices than if they bought before, as such, it would not be surprising that investors will push the stock to a record valuation post-split. Accordingly, the stock now selling at a PE of 12.4 times current year’s earnings is a compelling buy at Friday’s price of $23.48.
The Junior Market ended the week with eight stocks rising and one declining, with Iron Rock Insurance the top stock, with a gain of 30 percent, followed by iCreate, up 21 percent to $1.10, and Caribbean Cream, up 18% to $4.70, but the company will be benefitting from lower input cost of some raw material, especially the price of milk solids that have fallen sharply by about 33 percent from peak prices last year March, Consolidated Bakeries popped 15% to end the week at $2.51, with very few stock offered for sale in the market at the close. The gains in Consolidated Bakeries propelled it out of the TOP10 and replaced by Edufocal, while OneonOne seems to be coming into its own with a rise of 9 percent to $1.22. In comparison, Dolphin Cove rose 6 percent to $16.90 but seems to have a seller with an undisclosed amount at that price. Dolla Financial is the only loser, with a decline of 4 percent to $2.25.
The Main Market had Caribbean Producers (CPJ) rising 15 percent to $10.95, JMMB Group climbing 14 percent to $33, with Berger Paints and Transjamaican gaining 11 percent each to close at $8.11 and a record close of $2.48, respectively. Guardian Holdings was the only declining stock, falling 7 percent to $420.
It is worth noting that Transjamaican US dollar denominated stock traded at 1.93 cents or almost $3 per share on Friday, putting well ahead of the local based issue at $2.48. The gap will close sooner or later, the question will the Jamaican dollar based stock move up to the $3 level or the US based one fall back to match the Jamaican dollar one. There is minimal selling in the US dollar market and much more in the Jamaican market.
CPJ sits at the number 10 position in the Main Market TOP 10, but it has a June year end, with the changeover to earnings per share for the 2023/4 fiscal year of $2.50 by August that will change the outlook for the price markedly above the current level, with the PE ratio at just 4.4.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.3, well below the market average of 13.7. The Main Market TOP10 is projected to have an average of 242 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 29 and 20 excluding the highest PE stocks, 24 for the top half and 19 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 11.7. There are 11 stocks representing 23 percent of the market, with PEs from 15 to 44, averaging 21, well above the market’s average. The top half of the market has an average PE of 17, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 245 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the 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.
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 2024 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
2023 loss erased on Junior Market
Trading closed on the Junior Market of the Jamaica Stock Exchange Friday, with the Market Index rising 24.04 points to end at 3,984.23, just about wiping all of the current year’s loss, leaving 0.10 percent to be recovered, with the market closing June at the highest level since the start of February this year.
Trading ended with the volume of stocks traded declining 80 percent and the value 71 percent lower than on Thursday, after trading in 46 securities compared with 47 on Thursday and ended with 23 rising, 14 declining and nine closing unchanged.
Investors traded 23,247,331 shares at $60,143,836 versus 118,542,020 units at $209,049,547 on Thursday.
Trading averaged 505,377 shares at $1,307,475, compared with 2,522,171 stocks at $4,447,863 on Thursday, with the month to date, averaging 319,230 units at $854,456 compared to 309,922 stock units at $831,805 on the previous day. May closed with an average of 239,954 units at $648,811.
ONE on ONE Educational led trading with 5.91 million shares for 25.4 percent of total volume followed by Spur Tree Spices with 4.46 million units for 19.2 percent of the day’s trade, Regency Petroleum closed with 2.44 million units for 10.5 percent market share, Future Energy Source ended with 1.99 million units for 8.5 percent market share, Fosrich closed with 1.98 million units for 8.5 percent market share and Indies Pharma with 1.71 million units ended with 7.3 percent of the total volume.
At the close of trading, the Junior Market has virtually wiped all losses for the year to date.
The PE Ratio, a measure of computing appropriate stock values, averages 11.6. The PE ratios of Junior Market stocks are computed based on the last traded price and ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial advanced 48 cents in closing at $25.98 with shareholders swapping 91,628 shares, CAC 2000 fell $1.47 to end at $5.60, with 270 stock units clearing the market, Cargo Handlers lost $2 to close at $19, with 18,871 stocks crossing the market, Dolphin Cove popped 79 cents and ended at $16.90, as 12,168 units passed through the market. Fontana gained 44 cents to close at a 52 weeks’ high of $10.94 with an exchange of 127,982 stock units, Fosrich increased 10 cents to $2.30 as investors exchanged 1,975,029 units, 
GWest Corporation declined 10 cents in closing at 93 cents 4,088 shares changing hands, Indies Pharma rose 28 cents to $3.53 with an exchange of 1,708,274 stocks. Iron Rock Insurance rallied 20 cents to end at $2.50 with investors transferring 32,831 units, Jamaican Teas climbed 12 cents to close at $2.47 in an exchange of 688,299 stocks, JFP Ltd rose 10 cents to close at $1.80 in trading 803,665 shares, Knutsford Express climbed $1.09 to $11.90, with 32,063 stock units crossing the market. Lasco Distributors shed 13 cents in closing at $3.50 in an exchange of 103,906 stocks, Lasco Manufacturing dipped 37 cents to end at $4.52 after 16,800 stock units were traded, Limners and Bards gained 9 cents to end at $2.20 with a transfer of 53,521 shares, Main Event rallied 80 cents in closing at a 52 weeks’ high of $17 while exchanging 70,020 units. 
Medical Disposables increased $1.80 and ended at $6 with 20,000 units changing hands, ONE on ONE Educational advanced 12 cents to $1.22 with trading of 5,909,534 stock units, Regency Petroleum popped 32 cents to close at $2.92 with stakeholders exchanging 2,438,959 stocks and Spur Tree Spices climbed 15 cents to end at $2.55 in switching ownership of 4,461,610 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main market climbs 4 in 5 days
Trading activity continued to deliver gains with the Jamaica Stock Exchange Main Market ending higher on Thursday, for the fourth day in five, with the volume of stocks traded rising moderately but with a 9 percent higher value than on Wednesday, after investors traded 53 securities, down from 59 on Wednesday, with 18 rising, 16 declining and 19 ending unchanged.
A total of 22,306,090 shares were traded for $206,410,617 compared to 22,105,112 units at $190,093,496 on Wednesday.
Trading averaged 398,323 shares at $3,685,904 compared with 374,663 shares at $3,221,924 on Wednesday and for the month to date, an average of 361,395 units at $5,431,838 compared with 359,563 units at $5,518,439 on the previous day. May ended with an average of 226,361 units at $1,362,447.
Transjamaican Highway led trading with 12.75 million shares for 57.3 percent of total volume followed by Wigton Windfarm with 2.41 million units for 10.8 percent of the day’s trade, Supreme Ventures chipped in with 2.31 million units for 10.4 percent market share and Jamaica Broilers with 1.57 million units for 7.1 percent of total volume.
The All Jamaican Composite Index rose 710.07 points to close at 368,014.24, the JSE Main Index rallied 630.80 points to close at 330,388.98 and the JSE Financial Index gained 0.14 points to 72.92.
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 2024.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Caribbean Cement climbed $7.18 in closing at $60.18 in switching ownership of 47,005 shares, Caribbean Producers lost $1.05 to close at $10.75 in trading 71,181 units, GraceKennedy rallied $1 to end at $78 with a transfer of 110,880 stocks, Guardian Holdings dipped $1 to $420, with 6,426 stock units crossing the market.
Kingston Wharvesadvanced $1 and ended at $30 after a transfer of 1,215 stock units, Massy Holdings fell $1 to end at $99 with investors exchanging 8,362 units, Mayberry Investments popped 80 cents in closing at $9 after 100,627 shares passed through the market, MPC Caribbean Clean Energy shed $10 in ending at $61 as investors exchanged 605 stocks. NCB Financial declined 88 cents to close at $66.10 with 85,211 stocks clearing the market, Pan Jamaica dropped $4.83 to $49.12 with shareholders swapping 45,432 stock units, Proven Investments declined 78 cents in closing at $25 while exchanging 47 units, Sagicor Group rose 49 cents to $50.50, with 26,001 shares crossing the market. Scotia Group gained 73 cents to $34.74 after an exchange of 122,644 stock units, Seprod dipped 40 cents to end at $75.10, with stakeholders exchanging 7,450 units, Supreme Ventures dropped 97 cents to close at $27.50 with investors transferring 2,313,937 stocks, Sygnus Credit Investments lost 42 cents to end at $12.65, with 353,391 shares changing hands.
In the preference segment, Eppley 7.50% preference share increased 61 cents and ended at $6.70 with an exchange of 83 shares, Jamaica Public Service 7% advanced $7.50 to $57.50 after just 2 units crossing the exchange and JMMB Group 7% preference share gained 39 cents in closing at $2.39 in an exchange of 5 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
