CAC & Broilers back in TOP 10

Jamaica Broilers returns to the main market TOP 10 list with a fall in the price to $22.10 by the end of the week from $26.30 last week and CAC 2000 returns after a last been in December.
CAC replaced Medical Disposables while JMMB Group moved up to $29.45 to be replaced by Jamaica Broilers.
During the week the main market traded at a record close on two days but closed the week below the record high. The main market saw new buying interest coming in for a number of stocks, at the same time that supply for them have dried up. Interest rates on Treasury bills fell in the June auction and inflation remains negative for the year to May. With those developments the main market seems poised to move to more records in the weeks ahead. Strong upward movement is also being signaled by the fact that, the market is breaking out of a wedge formation.
The junior market broke through a declining resistance line during the early part of the week but retreated by week end. Technical indicators are pointing to a strong upward movement, with a golden cross approaching, with the long term moving average line set to cross over the medium and short term lines not too far away.
The past week was very eventful for the Jamaica Stock market as the main market surged to new all-time highs and the Junior Market surged more than 100 points in the early part of the week and broke through resistance before pulling back.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 6.2 compared to an average PE for the overall main market of 11, based on 2018 estimated earnings. The main market PE is 7.7 for the top stocks, compared to a market average of 12.7.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 44 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings and main market stocks traded at a discount of 41 percent to the market.
Stocks to Watch CAC 2000 reported strong half year results during the past week, with the second quarter more than doubling even after accounting for cost associated with issuing new preference shares. NCB Financial sits just below the TOP 10 list and has good growth prospects for patient investors, during the week the price moved to $100 where there is some selling but that level could be taken out during the coming week and pave the way for more gains. PanJam Investment could move higher this week has there is very limited supply. Investors should also keep an eye out for Sygnus Credit shares list on Monday and should see a slight bounce in the price. Others worth watching include Caribbean Cement, Berger Paints and Grace Kennedy for which there was increased demand by the end of the week. In the Junior Market, Stationery and Office Supplies could decline further during the week but could find support in the mid $6 to low $7 region before rebounding. Jamaican Teas came in for buying in the week but supply has been limited and could result in more gains for the stock that traded at a record close of $5.50 during the week.

Junior Market down 109 points in 3 days

The Junior Market of the Jamaica Stock Exchange suffered further losses on Thursday in declining 46 points, bringing the loses to 108.55 in three days and the market closed at 2,961.50.
At the close of market activities, 20 securities changed hands versus 18 trading on Wednesday, resulting in as the prices of 5 securities rising, 8 declining and 7 remaining unchanged.
The volume and value traded jumped over Wednesday’s levels, with a 96 percent rise in the volume traded to 6,809,242 units and 48 percent rise in the value traded to $27,253,969 compared to 3,476,318 units valued at $18,368,654 on Wednesday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 6 stocks ending with bids higher than their last selling prices and 7 with lower offers.
Trading ended with an average of 340,462 units for an average of $1,362,698 in contrast to 193,129 units for an average of $1,020,481 on Wednesday. The average volume and value for the month to date, amounts to 155,908 units valued at $821,793 and previously 138,077 units valued at $769,532. May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of the market, AMG Packaging ended at $2.10, with 1,200 stock units traded, CAC 2000 finished at $9, exchanging 1,300 shares, Caribbean Cream ended trading with a loss of 10 cents to close at $5, with 15,000 shares, Caribbean Producers lost 23 cents to close at $5, with 300 units, Consolidated Bakeries closed at $2.10, with 63,000 shares exchanged. Derrimon Trading jumped $2.44 to end at a 52 weeks’ high of $11.60, with 5,750 shares changing hands, Elite Diagnostic settled at $3.12, with 15,351 units, Eppley ended trading 82 cents higher at $10, with 3,900 shares traded, Express Catering closed with a loss of $1.10 to $6.85, with 350,210 shares. FosRich Group finished trading at $2.60, with 1,144,462 shares trading, Honey Bun concluded trading with a loss of 25 cents at $4.75, after exchanging 104,000 shares, Iron Rock finished at $3.05, with 500 shares, Key Insurance finished trading at $4, trading 9,015 shares. Knutsford Express ended 25 cents higher at $11.75, with 5,000 shares changing hands, Lasco Distributors concluded trading with a loss of 24 cents at $4.20, in exchanging 48,971 stock units, Lasco Financial finished with a loss of 30 cents at $4.85, with 47,634 units, Lasco Manufacturing fell 25 cents to close at $4.20, with 4,973,719 shares. Main Event ended trading with a loss of 50 cents at $7.50, with 5,722 shares, Paramount Trading finished trading 30 cents higher at $3, with 964 stock units and Stationery and Office gained 15 cents in closing at $7.75, with 13,244 units changing hands.
Prices of securities trading for the day are those at which the last trade took place. 

Junior Market down 31 points – Wednesday

 

Access Financial climbs $1.50 to $53 on Wednesday.

The Junior Market Index of the Jamaica Stock Exchange suffered another loss on Wednesday, in dropping 31.05 points to end at 3,007.50  as the prices of 7 securities advanced, 7 declined and 4 remained unchanged.
At the close of market activities, 18 securities changed hands versus 23 trading on Tuesday, resulting in a 235 percent rise in the volume traded to 3,476,318 units and 220 percent rise in the value traded to $18,368,653, compared to 1,037,386 units with a value of $5,738,091 changing hands on Tuesday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 8 stocks ending with bids higher than their last selling prices and 3 with lower offers.
Trading ended with an average of 193,129 units for an average of $1,020,481 in contrast to 45,104 units for an average of $249,482 on Tuesday. The average volume and value for the month to date, amounts to 138,077 units valued at $769,532 and previously 132,834 units valued at $745,632. In contrast, May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of the market, Access Financial traded 29,618 shares and closed $1.50 higher at 53, CAC 2000 finished with a loss of 5 cents at $9, trading 7,400 stock units, Caribbean Producers finished trading 1,754 shares with a loss of 1 cent to $5.23, Elite Diagnostic settled at $3.12, with 18,000 units, Express Catering rose 1 cent to $7.95, with 124,568 shares. FosRich Group finished trading with a loss of 15 cents at $2.60, in the exchange of 31,996 shares, General Accident closed with a loss of 12 cents at $3, trading 1,500 stock units, Honey Bun concluded trading 31,090 shares and rose 36 cents to $5, Iron Rock finished 5 cents higher at $3.05, with 3,000 shares traded. Jamaican Teas ended trading at $5.50, with 649 stock units, Jetcon Corporation traded at $4, with 185,045 units, KLE Group closed at $2.95, with 100 shares changing hands, Knutsford Express fell $1.30 to $11.50, with 219,933 shares. Lasco Distributors gained 14 cents to close at $4.44, with 3,700 stock units, Lasco Financial finished with a loss of 6 cents at $5.15, exchanging 25,975 units, Lasco Manufacturing settled 30 cents higher at $4.45, with 2,647,259 shares, Main Event ended trading $1 higher at $8, with 5,264 shares and Stationery and Office shed 40 cents to close at $7.60, with 139,467 units changing hands.

Prices of securities trading for the day are those at which the last trade took place. 

Junior Market dropped 32 points – Tuesday

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CAC closed $1.05 higher on Tuesday in response to good profit results.


The Junior Market Index of the Jamaica Stock Exchange dropped 31.50 points to 3,038.55 on Tuesday as the prices of 3 securities advanced, 10 declined and 10 remained unchanged.
At the close of market activities, 23 securities changed hands versus 24 trading on Monday, resulting in a 50 percent rise in the volume traded to 1,037,386 units changing hands and a 47 percent rise in the valued to $5,738,090, compared to 691,974 units valued $3,495,411 trading on Monday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ending with bids higher than their last selling prices and just 1 with a lower offer.
Trading ended with an average of 45,104 units for an average of $249,482 in contrast to 28,832 units for an average of $145,642 on Monday. The average volume and value for the month to date, amounts to 132,834 units valued at $745,632 and previously 144,989 units valued at $814,376. In contrast, May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of the market, CAC 2000 climbed $1.05 to $9.05, with 203,679 shares, as investors reacted positively to the more than doubling in profits for the April quarter. Cargo Handlers settled at $9.75, with 2,360 shares, Caribbean Flavours traded with a loss of $1.93 to end at $9.07, with 700 stock units, Derrimon Trading declined 1 cent to $9.16, with 3,803 shares, Dolphin Cove dropped $1.70 to close at $15.10, with 235 stock units. Elite Diagnostic settled with a loss of 4 cents at $3.12, trading 70,419 units, Eppley ended trading at $9.18, with 4,120 shares, Express Catering traded with a loss of 6 cents at $7.94, while exchanging 97,230 shares, FosRich Group finished trading at $2.75, with 15,760 shares. GWest Corporation ended at $2.45, with 22,215 units trading, Jamaican Teas ended trading 186,011 stock units and rose 50 cents to $5.50, Jetcon Corporation traded at $4, with 9,200 units, Key Insurance finished trading at $4, with 1,600 shares. KLE Group closed 30 cents higher at $2.95, with 2,867 shares, Knutsford Express ended at $12.80, with 750 shares, Lasco Distributors concluded trading with a loss of 12 cents at $4.30, with 169,329 stock units changing hands, Lasco Financial finished at $5.21, trading 23,287 units. Lasco Manufacturing settled with a loss of 10 cents at $4.15, with 48,380 shares, Medical Disposables lost 20 cents to end at $5.10, with 2,561 shares, Paramount Trading finished trading with a loss of 30 cents at $2.70, with 137,180 stock units trading, Stationery and Office closed at $8, with 30,300 units and tTech concluded trading with a loss of 70 cents at $5.30, with 2,000 shares. In the junior market preference segment, Eppley 8.25% concluded trading at $6, with 3,400 units changing hands.
Prices of securities trading for the day are those at which the last trade took place. 

Junior Market up 65 more points – Monday

Access Financial jumps $4.50 to $51.50 on Monday.

The Junior Market of the Jamaica Stock Exchange jumped 65.50 points to close at 3,070.05 on top of the 80.20 points rise on Friday as the prices of 11 securities advanced, 5 declined and 8 remained unchanged.
At the close of market activities, 24 securities changed hands, the same number trading on Friday, resulting in only 691,974 units valued at just $3,495,411 trading compared to 3,742,224 units valued at $15,902,706 trading on Friday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ending with bids higher than their last selling prices and 6 with lower offers.
Trading ended with an average of 28,832 units for an average of $145,642 in contrast to 155,926 units for an average of $662,613 on Friday. The average volume and value for the month to date, amounts to 144,989 units valued at $814,376 and previously 164,621 units valued at $924,448. In contrast, May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of the market, Access Financial jumped $4.50 to $51.50, with 2,782 shares trading, Cargo Handlers settled at $9.75, with 2,095 shares, Caribbean Cream traded 46 cents higher at $5.10, with 7,000 shares, Caribbean Flavours added $1 higher at $11, while only 100 stock units, Caribbean Producers finished trading with a loss of 1 cent at $5.24, with 8,500 units changing hands. Dolphin Cove finished at $16.80, with just 300 stock units trading, Elite Diagnostic settled at $3.16, with 2,700 units, changing hands, Express Catering traded 30 cents higher at $8, with 96,374 shares, FosRich Group finished trading at $2.75, with 198,171 shares. General Accident closed with a loss of 27 cents at $3.12, and 5,977 stock units traded, GWest Corporation ended 25 cents higher at $2.45, with 4,000 units, Honey Bun lost 1 cent and ended trading at $4.64, with 70,700 shares changing hands, Iron Rock concluded trading at $3, with 512 shares, Jamaican Teas settled at $5, with 12,370 shares. Jetcon Corporation traded 51,900 stock units at $4, Knutsford Express closed 80 cents higher at $12.80, after exchanging just 300 shares, Lasco Distributors ended 27 cents higher at $4.42, with 5,500 shares, Lasco Financial concluded trading 6 cents higher at $5.21, with 76,982 stock units. Lasco Manufacturing finished 7 cents higher at $4.25, with 3,000 units, Main Event settled with a loss of 57 cents at $7, in swapping 3,827 shares, Medical Disposables ended trading 3,259 shares and rose 30 cents to $5.30, Paramount Trading closd at $3, with 50,000 shares traded, Stationery and Office finished trading 20 cents higher at $8, with 85,425 stock units and tTech ended with a loss of 10 cents at $6, exchanging 200 shares trading.
Prices of securities trading for the day are those at which the last trade took place.

Grace & Carib Producers back in TOP 10

the past week was very eventful for the Jamaica Stock market as the main market surged to a new all-time high and the Junior market surges more than 100 points in the early part of the week and broke through resistance before pulling back.
Importantly, although the results for the first quarter of 2018 for many companies did not show strong gains while some showed declines compare with 2017, both the junior and main markets are at points to break out of a wedge formation. The moves are bias to the upside.
Medical Disposables jumped to $5 from $4.30 last week and was eased out of the top stocks and replaced by Caribbean Producers. Stationery and Office Supplies fell by the end of the week to $7.80, moving up on the list in the process, the order book of the stock suggest further decline before it bottoms out. Jamaican Teas price moved to $5.25 during the latter part of the week as demands picks up and supplies appear to have been declining, but by the end of the week it closed at $5.
In the main market, Jamaica broilers jumped to a record close of $26.30 on Friday, up from $21 at the end of the prior week and moved well outside the top 10 list, replaced by Grace Kennedy that slipped 50 cents in price by week end.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 6,2 compared to an average PE for the overall main market of 11, based on 2018 estimated earnings. The main market PE is 7.6 for the top stocks, compared to a market average of 13.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 44 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings and main market stocks traded at a discount of 41 percent to the market.
Stocks to watch. Scotia Group reported half year results during the past week, but there was nothing about them for investors to be excited about, as they showed lower profits in the April quarter than a year ago period. The stock price pulled back sharply on release of the results. The stock yields a dividend of 4 percent which is higher than treasuries and this could be an attraction for some investors while they await return to profit growth. NCB sits just below the TOP 10 list and has good growth prospects for patient investors. PanJam Investment that IC Insider.com reported on in a separate article last week caught the eyes of some investors who moved the price up to $51.98 and it could go higher this week has there is very limited supply for this one. Investors should also keep an eye out for Sygnus Credit that could have its shares listed by next week.

Big 87 points drop for Junior stocks – Thursday

Blue Power in big drop of $9 to close at $28.

The Junior Market of the Jamaica Stock Exchange after enjoying five consecutive days of strong gains up to Tuesday and falling 57.67 points on Wednesday dropped another 86.91 points to close at 2,924.35 on Thursday.
At the close of market activities, the prices of 7 securities advanced, 11 declined and 7 remained unchanged with 25 securities changing hands from 25 securities changing hands on Wednesday. Market activity resulted in a fall in the quantity of shares trading to 5,590,001 units valued at $32,219,897, compared to 7,465,041 units valued at $55,063,474
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 6 stocks ending with bids higher than their last selling prices and 3 with lower offers.
Market activity ended with an average of 223,600 units for an average of $1,288,796 in contrast to 298,602 units for an average of $2,202,539 on Wednesday. The average volume and value for the month to date, amounts to 166,390 units valued at $977and previously 151,011 units valued at $894,076. In contrast, May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of the market, AMG Packaging ended at $2.10, with 3,874 stock units, Blue Power dived a sharp $9 to close at a 52 weeks’ low of $28, with 538,182 units changing hands, Cargo Handlers rose 25 cents to $9.75, with 735 shares, Caribbean Cream ended trading at $4.64 after falling of 46 cents, with 3,000 shares, Caribbean Producers declined 35 cents to $4.70, with 3,400 units. Consolidated Bakeries closed with a loss of 38 cents at $2.10, with 7,307 shares trading, Dolphin Cove dropped $1.10 to end at $16.80, with just 200 stock unit trading, Elite Diagnostic settled at $3.13, with 99,568 units, Eppley ended trading with a loss of 11 cents at $9.07, exchanging 1,000 shares. Express Catering traded with a loss of 37 cents at $7.43, with 16,619 shares traded, FosRich Group finished trading at $2.75, with 29,899 shares, General Accident closed 24 cents higher at $3.39, with 480 stock units, GWest Corporation ended at $2.30, with 580 units. Honey Bun ended trading 20 cents higher at $5.20, with 24,500 shares, Iron Rock finished with a loss of 5 cents at $3, while 4,243,672 shares changed hands, Jetcon Corporation traded with a loss of 6 cents at $4 and an exchange of 13,500 units, Key Insurance finished trading 50 cents higher at $4, with 3,000 shares. KLE Group closed after rising 9 cents to $2.95, with 7,833 shares, Knutsford Express ended at $11.50, with 108,454 shares trading, Lasco Distributors concluded trading 5 cents higher at $4.15, with 124,100 stock units, Lasco Financial finished with 335,286 units trading and rose 5 cents to $5.15. Lasco Manufacturing settled with a loss of 20 cents at $4, with 6,070 shares, Main Event fell 44 cents to end at $7.56, with 14,867 shares, Paramount Trading finished trading at $3, with 2,000 stock units and Stationery and Office closed at $8, with 1,875 units. changing hands.
Prices of securities trading for the day are those at which the last trade took place. 

Juniors drop 58 points – Wednesday

Access Financial drops $6 on Wednesday, more than reversing Tuesday’s gain.

The Junior Market of the Jamaica Stock Exchange after enjoying five consecutive days of strong gains, declined on Wednesday by a whopping 57.67 points to close at 3,011.26.
At the close of market activities, the prices of 11 securities advanced, 9 declined and 5 remained unchanged with 25 securities changing hands, resulting in a big hike in the quantity of shares trading to 7,465,041 units valued at $55,063,474 compared to 1,630,055 units valued at $7,932,006 from 23 securities changing hands on Tuesday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 4 stocks ending with bids higher than their last selling prices and 4 with lower offers.
Market activity ended with an average of 298,602 units for an average of $2,202,539 in contrast to 70,872 units for an average of $344,870 on Tuesday. The average volume and value for the month to date, amounts to 151,011 units valued at $894,076 and previously 96,749 units valued at $413,023. In contrast, May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of the market, Access Financial dived $6 to end at $47, with 120 shares, AMG Packaging ended with a loss of 10 cents at $2.10, with 67,094 stock units, CAC 2000 finished with a loss of 50 cents at $8, with 100 shares, Caribbean Cream rose 4 cents to close at $5.10, with 13,840 shares, Caribbean Producers finished trading with a loss of 20 cents at $5.05, in exchanging 25,000 units. C2W Music ended at 45 cents, with 25,000 shares traded, Elite Diagnostic settled at $3.13, with 48,467 units, Eppley ended trading $1.04 higher at $9.18, with 1,700 shares, Express Catering traded at $7.80, with 2,453,192 shares. FosRich Group gained 5 cents to $2.75, with 41,869 shares, General Accident closed with a loss of 15 cents at $3.15, after 32,000 stock units changed hands, Honey Bun concluded trading 40 cents higher at $5, with 42,404 shares, Jamaican Teas rose 10 cents to $5, with 124,213 stock units. Jetcon Corporation traded 6 cents higher at $4.06, with 140,299 units, Key Insurance traded 7,947 shares and rose 21 cents to $3.50, KLE Group closed with a loss of 14 cents at $2.86, in exchanging 2,000 shares, Knutsford Express dropped $2.25 to $11.50, with 1,790,027 shares changing hands. Lasco Distributors added 10 cents in trading 1,978 stock units at $4.10, Lasco Financial finished with a loss of 2 cents at $5.10, trading 1,263,476 units, Lasco Manufacturing settled 30 cents higher at $4.20, with 700,000 shares, Main Event climbed 65 cents higher to $8, with 93,893 shares. Paramount Trading finished trading at $3, with 1,498 stock units, Stationery and Office closed with a loss of 6 cents at $8, after 26,634 units changed hands and tTech concluded trading 35 cents higher at $6.10, with 715 shares. In the junior market preference segment, Eppley 8.75% settled at $6, with 561,575 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place. 

Juniors brake year old downtrend

The Junior Market of the Jamaica Stock Exchange enjoyed two days of major index moves as express catering moved to two record closing on Monday and Tuesday and broke a one year downtrend.
The Market Index advanced by 41.64 points to close at 3,068.93 on Tuesday and with Monday’s gains pushed the 2018 gains to 12.3 percent, but the market still trails the peak of May 24 last year of 3,375.24 points. Importantly, the move upward brakes the downtrend it started just over one year ago, suggesting that the market trajectory may be up, from now.
On Tuesday with 23 securities changing hands, resulting in an exchange of 1,630,055 units valued at $7,932,006 compared to 1,017,701 units valued at $4,780,851 on Monday from 22 securities trading.
At the close of market activities, the prices of 9 securities rising, 6 falling and 8 remaining unchanged.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ending with bids higher than their last selling prices and 6 with lower offers.
Market activity ended with an average of 70,872 units for an average of $344,870 in contrast to 46,259 units for an average of $217,311 on Monday. The average volume and value for the month to date amounts to 96,749 units valued at $413,023 and previously 109,975 units valued at $447,857. In contrast, May closed with an average of 217,589 units, valued at $1,322,452 for each security traded.
At the close of the market, Access Financial closed $1 higher at $53, with 100 shares, AMG Packaging gained 10 cents to end at $2.20, with 16,500 stock units, Caribbean Cream ended trading with a loss of 64 cents at $5.06, exchnaging 6,600 shares, Caribbean Flavours traded at $10, with 6,701 stock unit tradings, Caribbean Producers finished trading at $5.25, with 77,700 units. Consolidated Bakeries closed at $2.48, with 87,415 shares, Elite Diagnostic settled at $3.13, with 52,293 units, Express Catering traded 40 cents higher to end at a 52 weeks’ closing high of $7.80, with 258,423 shares, FosRich Group finished trading with a rise of 10 cents at $2.70, exchanging 242,838 shares. General Accident closed with a loss of 9 cents at $3.30, with 10,413 stock units, GWest Corporation ended 19 cents higher at $2.30, with 1,945 units, Honey Bun concluded trading with 174,441 shares and lost 20 cents to end at $4.60, ISP Finance dropped $2 to $15, with 17,300 shares. Jamaican Teas ended trading at $4.90, with 9,033 stock units, Jetcon Corporation traded at $4, with 48,100 units, Key Insurance climbed 54 cents and finished trading at $3.29, with 4,500 shares, Knutsford Express ended 75 cents higher at $13.75, with 7,444 shares changing hands. Lasco Distributors concluded trading at $4, with 277,173 stock units, Lasco Financial finished with a loss of 13 cents at $5.12, after 168,368 units traded, Lasco Manufacturing settled with a loss of 29 cents at $3.90, with 98,495 shares, Main Event ended trading at $7.35, with 7,870 units followed by Stationery and Office closing 6 cents higher at $8.06, with 31,803 units and tTech concluded trading 45 cents higher at $5.75, with 24,600 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place. 

SOS back in, Lasco Financial out of TOP 10

Stationery & Office Supplies is back in the TOP 10 but could fall in prive this week before moving higher.

A number of companies reported results in the past week, with some in the TOP 10 not getting much help from the new information and some of the top stocks earnings being downgraded, based on new information conveyed by the latest results.
Lasco Financial posted a strong 37 percent rise in profit, from $162 million to $222 million, but with slightly lower March quarter profit of $55 million, from $62 million, based on sharply increased finance cost that rose from $2 million to $14 million, as revenues grew more than 41 percent in the quarter, from $288 million to $405 million. Based on the new numbers, IC Insider.com places earnings for the current fiscal year at 50 cents per share or just around $650 million. The forecast is not enough to keep it in the Top 10 but it remains a solid buy, just below. Replacing Lasco Financial is Stationery and Office Supplies with the price pulling back during the week to close at $8.06. The price looks as if it could fall to the $6.50 region which would make it an even better buy.
All main market stocks remained in the top spots, but earnings for JMMB Group was downgraded following the March results and so too was Berger Paints. Radio Jamaica reported a loss in the March quarter and a loss for the full year, with a portion of the losses coming from one off items. The charge for depreciation and amortization is $255 million for the March 2018 fiscal year, well in excess of the loss reported for the year, resulting in a positive cash flow operation.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 6 compared to an average PE for the overall main market of 11, based on 2018 estimated earnings. The main market PE is 7.6 for the top stocks, compared to a market average of 13.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 44 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings and main market stocks traded at a discount of 41 percent to the market. Investors should keep an eye out for Scotia Group that should release half year results on Wednesday.