The Junior Market of the Jamaica Stock Exchange Tuesday just managed to end above Monday’s close following a 12 percent decline in the volume of stocks traded with a moderately lower value than on Monday with trading in 45 securities compared with 46 on Monday and ended with 21 rising, 20 declining and four closing unchanged as one stock closed at a one year high and two at 52 weeks’ low.
Investors traded 9,615,167 shares for $25,289,603 versus 10,918,480 units at $26,373,173 on Monday.
Trading averaged 213,670 shares at $561,991 compared to 237,358 shares at $573,330 on Monday, with the month to date averaging 232,896 units at $615,218 compared to 233,887 stock units at $617,962 on the previous day. April closed with an average of 266,661 units at $2,583,503.
Fosrich led trading with 2.26 million shares for 23.5 percent of total volume followed by Dolla Financial with 1.40 million units for 14.5 percent of the day’s trade and Lasco Distributors with 885,161 units for 9.2 percent market share.
At the close, the Junior Market Index popped 4.97 points to close at 3,762.62.
The PE Ratio, a measure of computing appropriate stock values, averages 10.8. 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 ended with bids higher than their last selling prices and two with lower offers.
At the close, AMG Packaging dipped 26 cents to end at $2.64 as investors exchanged 6,005 shares, CAC 2000 rallied $1.10 to close at $7.10 in switching ownership of 6,451 units, Cargo Handlers rose 75 cents to a 52 weeks’ high of $17.50 after an exchange of 11,300 stock units, Caribbean Assurance Brokers shed 12 cents in closing at $2.57 after 323,317 stocks changed hands. Caribbean Cream rallied 20 cents and ended at $3.20 with an exchange of 50 stock units, Caribbean Flavours increased 8 cents to $1.48 in an exchange of 9 units, Consolidated Bakeries rose 10 cents to close at $2.30 after a transfer of 125,334 stocks, Dolphin Cove popped 49 cents in closing at $15.45 with shareholders swapping 28,133 shares, Elite Diagnostic dropped 18 cents to a 52 weeks’ low of $2.20, with 48,123 stocks clearing the market. Everything Fresh gained 8 cents to end at $1.80 while exchanging 154,617 units, 
Fontana lost 8 cents in ending at $9.40 with investors transferring 109,966 shares, Fosrich declined 29 cents to $2.40 after 2,255,770 stock units changed hands. Future Energy Source fell 19 cents to $3.92 in an exchange of 325,599 stock units, Indies Pharma popped 15 cents in closing at $3.30 after trading 131,851 units, Iron Rock Insurance advanced 28 cents to $2.16 after 5 shares passed through the market, ISP Finance climbed $3.83 to $23.98 after 2,092 stocks passed through the market. Knutsford Express rose 23 cents and ended at $11.52 after investors traded 20,220 stocks, Lasco Distributors rallied 34 cents to end at $3.09 with 885,161 stock units crossing the market, following full year’s results showing earnings of 38.5 cents per share, up from 29 cents in 2022. Lasco Financial declined 10 cents in closing at $2.35 in trading 454,503 units, following the release of full year results showing a fall from 24 cents per share to 16.7 cents. Main Event increased 40 cents to close at $14.65 with a transfer of 6,950 shares,
Medical Disposables dipped 66 cents to a 52 weeks’ low of $4.14 after 750 stock units crossed the market, Paramount Trading shed 10 cents to close at $2.09 in trading 25 shares and Stationery and Office Supplies dropped 42 cents in closing at $15.16 in switching ownership of 417 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market stocks close higher
Rising stocks beat out losers at the close of trading on the Junior Market of the Jamaica Stock Exchange on Monday, aided by a 14 percent rise in the volume of stocks traded at a 7 percent increase in value over Friday and resulting in the trading of 46 securities compared with 42 on Friday as market activity ended with prices 21 stocks rising, 16 declining and nine closing unchanged.
Investors traded 10,918,480 shares at $26,373,173, up from 9,582,877 units at $24,717,734 on Friday.
Trading averaged 237,358 shares at $573,330 compared to 228,164 shares at $588,517 on Friday. Trading month to date averaged 233,887 units at $617,962 compared to 233,694 stocks at $620,445 on the previous trading day. April closed with an average of 266,661 units at $2,583,503.
Spur Tree Spices led trading with 5.01 million shares for 45.9 percent of total volume Caribbean Flavours followed with 998,112 units for 9.1 percent of the day’s trade and Dolla Financial with 646,165 units for 5.9 percent market share.
At the close, the Junior Market Index climbed 7.48 points to settle at 3,757.65.
The PE Ratio, a measure of computing appropriate stock values, averages 10.8. 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 six stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, AMG Packaging climbed 25 cents to $2.90 after exchanging 1,723 shares, Cargo Handlers increased 25 cents to $16.75, with 583 stocks changing hands, Caribbean Assurance Brokers gained 19 cents and ended at $2.69 after a transfer of 66,182 units, Caribbean Cream dipped 19 cents to end at $3, with 385 stock units crossing the market. Caribbean Flavours rallied 18 cents in closing at $1.40 after 998,112 stocks passed through the market, Derrimon Trading advanced 8 cents to close at $2.07 with an exchange of 525,248 stock units, Dolphin Cove declined 54 cents in closing at $14.96 as investors exchanged 787 units, EduFocal fell 27 cents to end at a 52 weeks’ low of $1.66 with 109,767 shares clearing the market. 
Express Catering popped 17 cents and ended at $5.11 after an exchange of 2,556 stock units, GWest Corporation rose 12 cents to $1.01 in an exchange of 8,564 units, Honey Bun increased 8 cents to close at $6.67 after investors traded 12,478 shares, Indies Pharma rose 12 cents to $3.15 with an exchange of 6,162 stocks. ISP Finance dropped $5.85 to $20.15 with investors trading 600 stock units, Jamaican Teas shed 8 cents to end at $2.10 with shareholders swapping 75,747 units, Lasco Distributors gained 25 cents and ended at $2.75, with 77,002 stocks changing hands, Lasco Manufacturing popped 10 cents in closing at $4.10 in switching ownership of 163,401 shares, Main Event lost 25 cents to end at $14.25 in an exchange of 2,411 units. Paramount Trading climbed 11 cents to $2.19 in trading 429 stocks, 
Regency Petroleum shed 8 cents and ended at $2.85 with a transfer of 198,751 shares, Spur Tree Spices advanced 11 cents to close at $2.64, with 5,012,865 stock units crossing the exchange and Stationery and Office Supplies rallied 60 cents to close at $15.58 after exchanging 5,327 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Insurance companies head ICTOP10
The JSE Main Market gained more than 7,000 points in the past week, but the Junior Market just closed a few points north of the prior week’s close, resulting in sizable changes in both markets’ ICTOP10 as insurance companies head TOP10.
Elsewhere the only other news of note was the passing of the Chairman and majority owner of the Lasco companies, the addition of two new directors at ISP Finance and the Bank of Jamaica issue of $35 billion in 28 days CDS with investors offering to buy just $35.24 billion, BOJ took up less than the amount offered with $34.45 billion being sterilized the amount offered and moved the total amount of CDs outstanding to a record $111.45 billion up from $109 billion the week before. The average interest rate climbed back above 8 to 8.24 percent.
Investors are nibbling at stocks that seem to be the market signal being sent, with gains in some of the ICTOP10 listings. Notable amongst them are Caribbean Assurance Brokers with solid buying interest between $1.88 and $2.09 but limited selling above $2.50, Caribbean Producers (CPJ), Dolphin Cove Massey Holdings, Transjamaican, and Wisynco have started to look positive. Supplies of some stocks are being quietly sucked out of the market and setting the stage for a sustained rally sometime down the road. Investors should look to July as an important month that could trigger a change in mood as investors anticipate second quarter results.
Action in the markets this past week resulted in four ICTOP10 Junior Market stocks recording significant losses of 6 to 26 percent, with only 2 with 4 percent gains. Everything Fresh dropped out of the TOP10 and iCreate returns after a brief absence. Main Market stocks were mixed, with one noted loss and two gains of note.
Stocks rising in the ICTOP10 Junior Market are Everything Fresh and One on One, which increased 4 percent to $$1.72 and $1.15, respectively. Iron Rock Insurance dropped 26 percent to $1.85, Consolidated Bakeries shed 10 percent to $2.19, while Dolphin Cove and Lasco Distributors lost 6 percent to end at $15.50 and $2.50, respectively.
The price of Main Market listed Transjamaican rose 6 percent to close at $2.02, Caribbean Producers popped 5 percent in closing at $9.54 and Key Insurance fell 14 percent to $3.15.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.9, well below the market average of 13.5. The Main Market TOP10 is projected to have an average of 252 per cent, by May 2024, based on 2023 forecasted earnings.
The 15 most highly valued Main Market stocks are priced at a PE of 15 to 93, with an average of 29 and 19 excluding the highest PE stocks and 19 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 10.9. There are 11 stocks representing 23 percent of the market, with PEs from 15 to 25, averaging 19, which is well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior 
Market is projected to rise by 265 percent to May 2024.
The differences between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Winners beat JSE Junior Market losers
The Junior Market Index of the Jamaica Stock Exchange just held above Thursday at the close on Friday even as trading ended with 21 rising, 14 declining and seven closing unchanged following trading taking place in 42 securities similar to trading on Thursday, with the volume of stocks traded declining 14 percent and the value 48 percent lower than on Thursday.
Investors traded 9,582,877 shares for $24,717,734 compared to 11,121,210 units at $47,797,567 on Thursday.
Trading averaged 228,164 shares at $588,517, compared to 264,791 shares at $1,138,037 on Thursday with the month to date, averaging 233,694 units at $620,445 compared to 233,989 stock units at $622,153 on the previous day. April closed with an average of 266,661 units at $2,583,503.
Derrimon Trading led trading with 2.42 million shares for 25.3 percent of total volume followed by Fosrich with 1.75 million units for 18.2 percent of the day’s trade and Spur Tree Spices with 613,603 units for 6.4 percent market share.
At the close, the Junior Market Index inched 1.42 points higher to end at 3,750.17.
The PE Ratio, a measure of computing appropriate stock values, averages 10.9. 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 eight stocks ending with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial popped 89 cents to $23 in an exchange of 2,804 shares, Caribbean Assurance Brokers rose 12 cents in closing at $2.50 after 137,053 stock units were traded, Caribbean Cream increased 9 cents and ended at $3.19 while exchanging 85,098 units. Consolidated Bakeries fell 23 cents to close at $2.19 as 25,908 stocks passed through the market, Dolphin Cove climbed 50 cents to $15.50 with an exchange of 19,853 stock units, 
Fontana rallied 42 cents to $9.50 in switching ownership of 126,205 stocks. Fosrich shed 25 cents and ended at $2.71 after investors traded 1,747,851 shares, Indies Pharma advanced 12 cents to $3.03 with investors transferring 71,226 units, Jamaican Teas gained 10 cents to end at $2.18 after a transfer of 414,952 stocks. JFP Ltd climbed 9 cents to $1.72 with shareholders swapping 529,202 stock units, KLE Group gained 12 cents to end at $1.62, with 100 shares crossing the market, Knutsford Express popped 94 cents in closing at $11.29 after an exchange of 11,760 units. Lasco Distributors declined 10 cents and ended at $2.50, with 226,297 stocks changing hands, Main Event rose 27 cents to close at $14.50 in an exchange of 10,372 shares, MFS Capital Partners rallied 13 cents to $3.23 with a transfer of 235,207 units.
Paramount Trading dipped 11 cents in closing at $2.08 after 29,490 stock units crossed the exchange, Stationery and Office Supplies advanced 48 cents to end at $14.98 and closed with an exchange of 677 units and Tropical Battery increased 11 cents to $1.97 with 40,994 stock units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market drops on Thursday
A few Junior Market stocks hit the Jamaica Stock Exchange circuit breaker in trading on Thursday and helped in pushing the market index lower with a 56 percent decline in the volume of stocks traded with 33 percent lower value than on Wednesday following trading in 42 securities compared with 43 on Wednesday and ended with 12 rising, 27 declining and three closing unchanged.
Investors traded 11,121,210 shares for $47,797,567 compared to 25,198,464 units at $71,304,324 on Wednesday.
Trading averaged 264,791 shares at $1,138,037, compared with 586,011 shares at $1,658,240 on Wednesday with the month to date, averaging 233,989 units at $622,153 compared with 232,248 stock units at $592,991 on the previous day. April ended with an average of 266,661 units at $2,583,503.
Fosrich led trading with 1.86 million shares for 16.7 percent of total volume followed by JFP Ltd with 1.49 million units for 13.4 percent of the day’s trade, Dolphin Cove ended with 1.44 million units for 13 percent market share and Derrimon Trading traded 1.17 million units for 10.5 percent of total volume as the stock hit a 52 weeks’ intraday low of $1.56.
At the close, the Junior Market Index declined 21.56 points to settle at 3,748.75.
The PE Ratio, a measure of computing appropriate stock values, averages 10.8. 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 ended with bids higher than their last selling prices and two with lower offers.
At the close, Access Financial fell $2.39 to $22.11 after investors exchanged 8,182 shares, Caribbean Assurance Brokers rose 28 cents to $2.38 after an exchange of 615,122 stocks, Caribbean Cream dropped 10 cents to $3.10, with 10,000 units clearing the market. Dolphin Cove dipped 50 cents to $15 and closed with 1,443,084 stock units changing hands, EduFocal popped 9 cents to $1.94 after a transfer of 31,716 units, Elite Diagnostic lost 10 cents to close at $2.40 with an exchange of 290,872 stocks. 
Everything Fresh climbed 21 cents to end at $1.71, with 5,303 stock units crossing the exchange, Express Catering declined 20 cents to $4.90 after 5,551 shares were traded, Fontana shed 45 cents and ended at $9.08 in switching ownership of 167,960 units. Future Energy Source gained 13 cents in closing at $4.15 with a transfer of 403,467 shares, Honey Bun rallied 53 cents to close at $6.63 after 823 stock units passed through the market, Indies Pharma fell 24 cents to $2.91 with shareholders swapping 135,969 stocks. ISP Finance jumped $6.35 to $26 in trading 11,850 shares, JFP Ltd lost 11 cents in closing at $1.63 after 1,487,550 stock units passed through the market, Knutsford Express dipped 65 cents to end at $10.35 with investors transferring 35,412 stocks. Lasco Distributors rose 10 cents to end at $2.60, with 2,770 units changing hands, Lasco Manufacturing dropped 13 cents to $4 after an exchange of 50,963 shares,
Main Event increased $1.24 and ended at $14.23 in trading 146,404 units. Medical Disposables rallied 25 cents in closing at $4.85 as investors exchanged 4,364 stocks, MFS Capital Partners shed 8 cents to close at $3.10 with 153,350 stock units changing hands and Tropical Battery declined 10 cents and ended at $1.86 after 264,489 shares crossed the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market closes higher
Trading remained elevated on the Junior Market of the Jamaica Stock Exchange on Wednesday, but the volume of stocks traded declined 33 percent, with a 16 percent lower value than on Monday after trading took place in 43 securities down from 48 on Monday and ended with the prices of 14 rising, 21 declining and eight closing unchanged.
A total of 25,198,464 shares were traded for $71,304,324, compared to 37,338,614 units at $85,131,000 on Monday.
Trading averaged 586,011 shares at $1,658,240, compared with 777,888 units at $1,773,562 on Monday with the month to date, averaging 232,248 units at $592,991 compared with 210,517 stock units at $527,554 on the previous trading day. April closed with an average of 266,661 units at $2,583,503.
Fosrich led trading with 13.62 million shares for 54 percent of total volume followed by Derrimon Trading with 4.17 million units for 16.5 percent of the day’s trade and Dolla Financial with 1.06 million units for 4.2 percent of the day’s trade.
At the close, the Junior Market Index rose 11.17 points and ended trading at 3,770.31.
The PE Ratio, a measure of computing appropriate stock values, averages 10.8. 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 ended with bids higher than their last selling prices and four with lower offers.
At the close, Access Financial climbed $1.20 to $24.50 after an exchange of 16 shares, Blue Power popped 39 cents and ended at $2.44 in trading 20 stock units, CAC 2000 lost $1.10 to close at $6 after 200 units passed through the market. Cargo Handlers rose 50 cents to $16.50 with an exchange of 25 stocks, Caribbean Assurance Brokers dropped 25 cents to end at $2.10 after 2,056 units were traded, Consolidated Bakeries increased 24 cents in closing at $2.43 after exchanging 10,322 shares. Derrimon Trading declined 9 cents to close at $2.01 in an exchange of 4,167,867 stocks, 
Dolphin Cove dipped $1.40 and ended at $15.50, with 3,070 stock units changing hands, Everything Fresh shed 16 cents to end at $1.50, with 495,000 stock units crossing the market. Fosrich gained 59 cents to end at $3 while shareholders exchanged 13,616,560 shares, Future Energy Source fell 9 cents to close at $4.02 with the swapping of 310,781 units, Honey Bun fell 90 cents to $6.10 in an exchange of 17,410 stocks, Indies Pharma advanced 9 cents in closing at $3.15, with 311 units crossing the market, Knutsford Express rallied 96 cents to $11 with a transfer of 15,755 stock units, Lasco Distributor shed 25 cents to end at $2.50 after a transfer of 20,195 stocks. Main Event advanced 44 cents to $12.99 and closed after 6,705 shares were traded, Medical Disposables dipped 90 cents to end at $4.60 with 300 stock units clearing the market, 
Stationery and Office Supplies lost $1.09 in closing at $14.50 with investors transferring 5,100 units and tTech climbed 36 cents to close at $2.51 in switching ownership of 119 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Paramount, the dominant Junior Market trade
Paramount Trading dominated market activity on the Junior Market of the Jamaica Stock Exchange Monday, on Monday in cornering 75 percent of the market and sending the volume of stocks traded surging 453 percent and the value 524 percent higher than on Friday after trading took place in all 48 securities compared with 43 on Friday and ended with 23 rising, 19 declining and six closing unchanged.
Investors traded 37,338,614 shares at $85,131,000 compared with 6,750,745 units at $13,652,638 on Friday.
Trading averaged 777,888 shares at $1,773,562, up from 156,994 units at $317,503 on Friday, with a month-to-date average of 210,517 stock units at $527,554 versus 168,748 shares at $435,824 on the previous day. Trading in April closed with an average of 266,661 units at $2,583,503.
Paramount Trading led trading with 27.82 million shares for 74.5 percent of total volume, followed by Jamaican Teas with 2.72 million units for 7.3 percent of the day’s trade, Spur Tree Spices with 2.10 million units for 5.6 percent market share and Fosrich with 1.59 million units for 4.3 percent of total volume.
At the close, the Junior Market Index climbed 12.74 points to 3,759.14.
The PE Ratio, a measure of computing appropriate stock values, averages 10.7. 
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 four stocks ending with bids higher than their last selling prices and none with a lower offer.
At the close, Blue Power fell 39 cents to $2.05 with an exchange of 21 shares, Caribbean Assurance Brokers dipped 9 cents in closing at $2.35 with shareholders swapping 71,020 units, Dolphin Cove climbed 45 cents to end at $16.90 after an exchange of 17,847 stocks, Express Catering popped 21 cents to $5.15, after 263,085 stock units changed hands, 
Fosrich slipped 9 cents to $2.41 after 1,593,293 shares passed through the market, GWest Corporation fell 12 cents to end at 90 cents in trading 654 stock units, Honey Bun advanced 70 cents in closing at $7 after a transfer of 165,127 stocks, Indies Pharma declined 9 cents and ended at $3.06, with 42,605 units crossing the market, Iron Rock Insurance dropped 65 cents to close at $1.85 with 66,268 units clearing the market, KLE Group dipped 16 cents to $1.50 with a transfer of 35,269 shares, Knutsford Express fell 96 cents to end at $10.04 with investors transferring 1,397 stock units, Lasco Distributors rose 8 cents in closing at $2.75 with an exchange of 44,444 stocks, Lasco Manufacturing rallied 13 cents and ended at $4.13 after 25,603 shares changed hands, Lumber Depot increased 8 cents to close at $2.28 with investors swapping 87,229 units, Main Event shed 45 cents to end at $12.55 8,189 stock units changing hands, Medical Disposables gained 70 cents to close at $5.50, with a mere 11 stocks crossing the market, 
Paramount Trading climbed 11 cents in closing at $2.19 with an exchange of 27,820,000 shares, Stationery and Office Supplies advanced $1.59 in ending at $15.59 following the switching ownership of one unit and tTech lost 36 cents to end at $2.15 in trading 179 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
CAB back atop ICTOP10
The ICTOP10 top performing stock for the previous week – Caribbean Assurance Brokers (CAB), was the biggest loser last week with a 15 percent decline and returns to the top of the listing as some selling came into the market, with most buyers remaining at the $2 or lower level with a pullback in prices of more Junior Market TOP10 stocks than those that rose.
Earning season delivered solid profit gains for several companies, but that did little to move prices substantially upwards, even as interest rates are softening. A few exceptions are CAB, Dolphin Cove, Consolidated Bakeries, Everything Fresh and earlier Image Plus and Tansjamaican Highway, which enjoyed increased buying interest that sent higher prices. Things have since cooled, as is the norm after most results were released in May, as investors await the critical second quarter number in late July into August before pulling the trigger.
Action in the markets this past week resulted in the ICTOP10 Junior Market stocks recording mostly losses with only a few winners. Main Market stocks recorded mostly wins, with few losses. Dolla Financial dropped out of the TOP10 with Everything Fresh moving back in.
Consolidated Bakeries jumped 20 percent to $2.44, followed by Iron Rock Insurance, which increased 9 percent to $2.50. Dolphin Cove climbed 8 percent to $16.44, helped by robust first quarter results, following an 88 percent increase in revenue to US$4.9 million over the first quarter in 2022, with profit after tax rising 97 percent to US$1.57 million from US$796,000 in 2022. Following CAB, the leading decliner, Image Plus, fell 7 percent to $2.04, while Edufocal and Dolla Financial lost 4 percent to end at $1.87 and $2.71, respectively.
The price of Main Market listed Sygnus Credit Investments gained 13 percent to finish at $13.04 and was followed by Key Insurance, up 7 percent to $3.65 and 138 Student Living with an increase of 5 percent to $5.67, while Caribbean Producers dropped 7 percent in closing at $9.05.
Interest rates on BOJ CDs and Treasury bills have declined in recent weeks below 8 percent, but the Bank of Jamaica held the overnight rate at 7 percent as they cite concerns about the implication of increased minimum wages and the usual agricultural price hikes in the summer months amongst other issues that could derail the reduced inflation rates in recent months. Although many stocks are severely undervalued, a real market bounce may be some time off and may not happen until BOJ starts reducing rates later in the year.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.9, well below the market average of 13.8. The Main Market TOP10 is projected to have an average of 250 percent, to May 2024, based on 2023 forecasted earnings.
The 15 highest valued Main Market stocks are priced at a PE of 15 to 115, with an average of 28 and 18 excluding the highest PE stocks and 18 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 10.8 there are ten stocks or 21 percent of the market, with PEs from 15 to 24, averaging 19, well above the average of the market. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 250 percent to May 2024.
The differences between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Junior Market pushed to close week
Traders pushed the Junior Market of the Jamaica Stock Exchange higher on Friday, following an 11 percent reduction in the volume of stocks traded, with 49 percent less value than Thursday, with trading in 43 securities compared with 46 on Thursday, with prices of stocks 15 rising, 15 declining and 13 closing unchanged.
Investors traded 6,750,745 shares for $13,652,638 compared with 7,587,150 units at $26,948,198 on Thursday.
Trading averaged 156,994 shares at $317,503 compared to 164,938 shares at $585,830 on Thursday with the month to date, averaging 168,748 units at $435,824 compared with 169,577 stock units at $444,178 on the previous day. April closed with an average of 266,661 units at $2,583,503.
Jetcon Corporation led trading with 1.68 million shares for 24.9 percent of total volume followed by JFP Ltd with 1.16 million units for 17.2 percent of the day’s trade and 
Regency Petroleum with 1.10 million units for 16.3 percent market share.
At the close, the Junior Market Index jumped 44.28 points to close at 3,746.40.
The PE Ratio, a measure of computing appropriate stock values, averages 10.8. The PE ratios of Junior Market stocks are computed 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 six stocks ending with bids higher than their last selling prices and three with lower offers.
At the close of trading on Friday, Cargo Handlers declined 50 cents to $16, with 216 shares crossing the exchange, 
Caribbean Cream popped 10 cents and ended at $3.20 after an exchange of 863 stock units, Consolidated Bakeries dipped 27 cents to end at $2.13 in trading 50,000 stock units, EduFocal gained 8 cents to close at $1.87 with investors transferring 103,300 stocks, Fontana rallied 32 cents in closing at $9.55 in trading 85,227 stocks, Fosrich advanced 19 cents and ended at $2.50 after a transfer of 176,955 stock units, ISP Finance dropped $1.85 to end at $19.65 as just 9 units passed through the market, Knutsford Express increased 87 cents to close at $11 after 1,804 shares crossed the market, Lasco Distributors climbed 17 cents in closing at $2.67, with just 374 units changing hands, Lumber Depot slipped 11 cents to $2.20 as investors exchanged 27,505 stock units, Mailpac Group rose 9 cents to end at $2.05 in switching ownership of 57,030 shares, MFS Capital Partners rallied 10 cents to $3.27 in an exchange of 2,010 stocks, 
Regency Petroleum gained 11 cents in closing at $2.91, with 1,101,081 units clearing the market and Stationery and Office Supplies fell 10 cents in ending at $14 with a transfer of 10,000 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Jump in Junior Market trades
Trading jumped at the close of the Junior Market of the Jamaica Stock Exchange Thursday, resulting in a 157 percent rise in the volume of stocks traded valued 276 percent more than on Wednesday following trading of 46 securities compared with 41 on Wednesday and ending with 18 rising, 14 declining and 14 closing unchanged and the Junior Market Index slipping 17.03 points to 3,702.12.
Investors traded 7,587,150 shares for $26,948,198 versus 2,955,503 units at $7,163,196 on Wednesday.
Trading averaged 164,938 shares at $585,830 compared to 72,085 shares at $174,712 on Wednesday with the month to date, averaging 169,577 units at $444,178 compared with 169,956 stock units at $432,604 on the previous day. April closed with an average of 266,661 units at $2,583,503.
Fosrich led trading with 2.11 million shares for 27.8 percent of total volume followed by MFS Capital Partners with 1.13 million units for 14.9 percent of the day’s trade and Regency Petroleum with 859,616 units for 11.3 percent market share.
The PE Ratio, a measure of computing appropriate stock values, averages 10.7. 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 six stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Blue Power climbed 8 cents and ended at $2.44 with a transfer of 21 shares, Cargo Handlers advanced 45 cents in closing at $16.50 as 1,020 stock units passed through the market, Caribbean Assurance Brokers rose 29 cents to $2.44 after 95,012 units were traded, Caribbean Cream fell 8 cents to end at $3.10 in switching ownership of 8,095 stocks. Dolphin Cove rallied $1.11 to close at $16.44 after a transfer of 404,774 units, EduFocal dipped 11 cents in ending at $1.79, with 154,855 stocks crossing the market, Fontana gained 13 cents to close at $9.23 with investors transferring 142,421 stock units, Future Energy Source declined 12 cents to end at $4.06 after 439,451 shares crossed the market. iCreate increased 14 cents to $1.34 with an exchange of 146,402 stocks, 
Jamaican Teas popped 8 cents to close at $2.15 while exchanging 11,400 shares, JFP Ltd gained 8 cents to end at $1.75, with 158,383 units clearing the market, KLE Group shed 38 cents to close at $1.62 after exchanging 96,262 stock units. Knutsford Express increased 11 cents to close at $10.13 in an exchange of 2,963 stocks, Lasco Distributors dropped 17 cents in closing at $2.50 after investors traded 100 shares, Limners and Bards lost 15 cents and ended at $2.25, with 23,108 stock units crossing the exchange, Main Event advanced 50 cents in closing at $13, with 38,409 units changing hands. Medical Disposables dipped 20 cents to $4.80 after an exchange of 158,236 stock units, MFS Capital Partners climbed 8 cents to end at $3.17 as investors exchanged 1,131,230 shares, 
Regency Petroleum popped 20 cents ended at a record close of $2.80 with shareholders swapping 859,616 stocks and Stationery and Office Supplies dropped $1.70 to close at $14.10 after shareholders exchanged 9,554 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.