Another big Lasco trade – Monday

Lasco Distributors dominated trading on Monday with 9m shares.

The junior market volume and value of stocks trading climbed on Monday, from Friday’s level with Lasco Distributors trading nearly 9 million shares. Volumes elsewhere was moderate as the market index rose 8.46 points, to end at 3,047.40
The market closed with 9,177,959 units valued at $63,684,987 passing through the market, compared to 5,586,153 units valued at $33,901,745 that were traded on Friday. At the close, with 21 securities changing hands, up from 19 on Friday with 6 advancing and 7 declining.
The junior market ended trading with an average of 437,046 units for an average value of $3,032,618 traded, compared to 294,008 units for an average value of $1,784,302 on the previous trading day. The average volume and value for the month to date is 328,309 units and $2,363,612. The average volume and value for the month to the previous trading day ended at 306,561 units and $2,229,811. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 4 stocks having bids higher than their last sale prices and 1 ending with a lower offer, than the last traded price.
At the close of the market on Monday, AMG Packaging gained 30 cents to close at $5.80 with 800 units changing hands, Blue Power traded 1,000 units to close at $35, Cargo Handlers traded 2,630 shares to end at $21, Caribbean Cream traded 20,100 units to end at $7.30, Consolidated Bakeries lost 1 cent with 4,500 shares changing hands, to close at $2.91, Derrimon Trading had 24,868 units changing hands to close at $8.70, Dolphin Cove ended at $20 with 1,000 shares trading, General Accident fell 10 cents and closed trading with 3,000 shares at $3.05, Honey Bun had 14,265 shares changing hands to close with a gain of 19 cents at $7.49, Jamaican Teas traded 28,071 shares to close at $7.40, Jetcon Corporation lost 35 cents to end at $11.50 with 1,000 shares traded, KLE Group traded 17,182 shares and fell 50 cents in closing at $3, Knutsford Express traded just 2,537 shares and gained $1 in closing at $41, Lasco Distributors gained 5 cents and ended with 8,934,455 units trading to close at $6.85, Lasco Financial shed 5 cents and ended with 83,990 shares changing hands at $3.80, Lasco Manufacturing closed with 10,755 units changing hands at $4.99, Main Event rose 3 cents trading 200 shares at $5.23, Medical Disposables closed trading with 10,500 shares at $6, Paramount Trading closed with a loss of 10 cents to end a $3.60 with 600 units trading, tTech trade 1,500 shares and gained 50 cents to end at $7.50 and Derrimon Trading preference share fell 6 cents and ended with 15,000 units changing hands to close at $2.05.

TOP 10 selling at steep discount

I$P hits a new high on Friday.

The IC Insider.com’s TOP 10 Junior Market stocks, continue to trade at an average discount of 40 percent to the market average, while those in the main market are trading at a 50 percent discount presently.
The PE ratio of both markets are currently at an average of 12 based on this year’s estimated earnings.
During the past week ISP Finance hit a new high of $15.50 up from $12.50 at the close of the previous week to gain 24 percent for the week and 675 percent since it was listed just over a year ago, and is now out of the TOP 10. The company reported earnings of 46 cents per share for the year to December 2016 with management suggesting growth in business in the order of 30 to 40 percent for the current year, that should lift earnings sharply. Blue Power was eased out of the Top list for Juniors with Lasco Financial moving in to occupy the tenth spot, this past week. Access Finance that ended the previous week with the bid at $39, traded to end the past week at $34.25 to be back in the list.
Overall bid volumes for junior and main market stocks remain low with the only one of the Top 10 stocks with a sizeable volume on the bid for junior stocks being Key Insurance, with 172,600 units on the bid at $2.50 which is well below the last traded price of $3. Lasco Distributors is next with 37,012 units on the bid at $6.61 and a last sale of $7.30. Blue Power has 17,856 units on the bid at $35 without any stocks on offer.
In the Main market, Barita Investments has limited buying interest at the current price with just 100 units on the bid at $6.86 and just 9,200 units on the offer at $7.70, this represents quite some change form the week past when the offers were at $7, which were taken out by buyers.
Berger Paints ended with 2,500 units on the bid at $12.20 with 4,243 on offer at $12.30. Caribbean Cement’s weak demand continues in the mid-thirty dollar range, with the stock closing with only 2,340 units on the bid to buy at $31.50 while offers are at $32 to sell 53,579 units. JMMB Group’s buying is at $18.55 for 3,200 units on the bid and only 300 units offered at $18.98, Pulse Investments has offers for 245,639 units at $8 and buying at $7 for 1,000 shares while Radio Jamaica bid is at $1.60 to buy 280,761 units with 36,513 units on offer at $1.80 and Scotia Investments closed the week with 38,000 units on the bid to buy at $39.20 and 4,180 units offered at $39.40.

Juniors rise moderately – Friday

Honey Bun traded 2.5M shares on the Junior Market on Friday.

The junior market volume and value of stocks trading fell sharply on Friday, from Thursday high but Honey Bun with 2.5 million units and Lasco Manufacturing with 2.6 million shares accounted for the bulk of trading.
At the close, the market index gained 17.40 points, to end at 3,038.94 with 19 securities changing hands, down from 21 on Thursday with 7 advancing and 5 declining. The market closed with 5,586,153 units valued at $33,901,745 passing through the market, compared to 16,784,123 units valued at $127,813,133 that were traded on Thursday.
The junior market ended trading with an average of 294,008 units for an average value of $1,784,302 traded, compared to 839,206 units for an average value of $6,390,657 on the previous trading day. The average volume and value for the month to date is 306,561 units and $2,229,811. The average volume and value for the month to the previous trading day ended at 309,700 units and $2,341,189. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 6 stocks having bids higher than their last sale prices and 2 ending with lower offers, than the last traded price.
At the close of the market on Friday, AMG Packaging lost 11 cents to close at $5.50 with 37,000 units changing hands, Blue Power traded 6,053 units to close at $35, CAC 2000 gained 18 cents and closed at $7.45 with 10,000 shares trading, Cargo Handlers traded 500 shares to end with a gain of 5 cents at $21, Caribbean Cream traded 58,505 units to end at $7.30, Caribbean Producers traded 130,026 units to end at $3.75, Consolidated Bakeries lost 9 cents with 12,398 shares changing hands, to close at $2.91, C2W Music had 6,000 units changing hands to close at 25 cents, Honey Bun had 2,511,007 shares changing hands to close at $7.30, I$P Finance traded 20,100 shares to end with a rise of $1.50 at an all-time high of $15.50, Jamaican Teas lost 10 cents with 24,456 shares being exchanged, to close at $7.40, Jetcon Corporation lost 4 cents to end at $11.85 with 4,332 shares traded, Key Insurance traded 120,000 shares and fell 1 cent in closing at $3, Lasco Distributors ended with just 9,656 units trading at $6.80, Lasco Financial gained 5 cents and ended with 12,427 shares changing hands at $3.85, Lasco Manufacturing closed with 2,600,300 units changing hands at $4.99 after rising 19 cents, Main Event lost 54 cents trading 10,693 shares at $5.20, Medical Disposables closed trading with 9,500 shares at $6 and Paramount Trading closed with a gain of 10 cents to end a $3.70 with 3,200 units trading.

AMG leads Juniors on Thursday

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AMG Packaging lead the Junior Market with 10 m shares on Thursday.

The Junior Market volume and value of stocks trading jumped sharply on Thursday, with AMG Packaging accounting for 10 million units and Lasco Financial 4 million shares. The market index dropped 23.44 points, to end at 3,021.54 with 21 securities changing hands, down from 22 on Wednesday with 5 advancing and 7 declining.
Trading fell back on Thursday from Wednesday’s levels, with a volume of 16,784,123 units valued at $127,813,133 passing through the market, compared to 1,676,664 units valued at $10,468,019 that were traded on Wednesday.
The junior market ended trading with an average of 839,206 units for an average value of $6,390,657 traded, compared to 79,841 units for an average value of $498,477 on the previous trading day. The average volume and value for the month to date is 309,700 units and $2,341,189. The average volume and value for the month to the previous trading day ended at 133,197 units and $961,366. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 4 stocks having bids higher than their last sale prices and none ending with a lower offer, than the last traded price.
At the close of the market on Thursday, Access Financial Services gained 25 cents to close at $34.25 in trading traded 1,831 units, AMG Packaging rose by 12 cents to close at $5.61 with 10,000,000 units changing hands, Blue Power traded 500 units to close at $35, CAC 2000 shed 73 cents and closed at $7.27 with 29,360 shares trading, Cargo Handlers traded 2,492 shares to end with a gain of 85 cents at $20.95, Caribbean Cream traded 13,645 units to end at $7.30, Caribbean Producers traded 10,000 units to end at $3.75, Consolidated Bakeries lost 10 cents with 9,127 shares changing hands, to close at $3, C2W Music had 75,230 units changing hands to close at 25 cents, Derrimon Trading gained 20 cents and ended at a new high of $8.70 with 1,063 shares changing hands, Dolphin Cove ended at $20 with 6,611 shares trading. Honey Bun had 5,245 shares changing hands to close at $7.30, I$P Finance traded 2,990 shares to end with a rise of 50 cents at an all-time high of $14, Jamaican Teas had 26,558 shares being exchanged to close at $7.50, Jetcon Corporation lost 1 cent to end at $11.89 with 10,660 shares being exchanged, Knutsford Express traded just 1,209,000 shares and fell $2 in closing at $40, Lasco Distributors ended with 151,076 units trading at $6.80 after losing by 9 cents, Lasco Financial ended with 4,019,937 shares changing hands at $3.80, Lasco Manufacturing closed with 1,180,858 units changing hands at $4.80 after losing 28 cents and Medical Disposables lost 50 cents in trading 27,940 shares to close at $6.

Juniors fall moderately – Wednesday

The junior market index dropped 10.57 points on Wednesday, to end at 3,044.98 with 21 securities changing hands, down from 22 on Tuesday with 6 advancing and 10 declining.
Trading fell back on Wednesday from Tuesday’s levels, with a volume of 1,676,664 units valued at $10,468,019 passing through the market, compared to 2,082,552 units valued at $21,125,705 that were traded on Tuesday.
The junior market ended trading with an average of 79,841 units for an average value of $498,477 traded, compared to 94,661 units for an average value of $960,259 on the previous trading day. The average volume and value for the month to date is 133,197 units and $961,366. The average volume and value for the month to the previous trading day ended at 159,875 units and $1,237,810. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 5 stocks having bids higher than their last sale prices and just 1 ending with a lower offer, than the last traded price.
At the close of the market on Wednesday, AMG Packaging shed 62 cents to close at $5.48 with 153,832 units changing hands, Blue Power traded 6,503 units to close at $35, CAC 2000 gained 15 cents and closed at $8 with 16,745 shares trading, Cargo Handlers traded 347 shares to end at $20.10, Caribbean Cream traded 3,000 units to end with a rise of 4 cents at $7.30, Caribbean Producers fell 25 cents in trading 158,064 units to end at $3.75, Derrimon Trading fell by 10 cents and ended at a new high of $8.50 with 1,800 shares changing hands, Dolphin Cove ended at $20 with 114,585 shares trading. General Accident traded 900 shares and gained 10 cents to end at $3.15, Honey Bun had 5,491 shares changing hands and lost 20 cents to close at $7.30, I$P Finance traded 10,000 shares to end with a rise of 75 cents at an all-time high of $13.50, Jamaican Teas lost 25 cents in trading 1,095 shares to close at $7.50, Jetcon Corporation fell 20 cents to end at $11.90 with 10,977 shares being exchanged, KLE Group traded 2,413 units at $3.50, Lasco Distributors ended with 3,290 units trading at $6.89 after losing by 1 cent, Lasco Manufacturing closed with 1,111,790 units changing hands with a rise of 8 cents to end at $5.08, Main Event jumped 74 cents and closed at an all-time high of $5.74 with 10,113 shares changing hands, Medical Disposables traded 25,015 shares to close at $6.50, Paramount Trading shed 15 cents with 25,075 shares changing hands, to close at $3.60 and tTech traded 10,629 units to fall 49 cents and closed at $7.

Juniors rise moderately – Tuesday

The junior market index rose 13.19 points on Tuesday, to end at 3,055.55 with 22 securities changing hands, up from 19 on Monday with 12 advancing and 5 declining.
Trading fell back on Tuesday from Monday’s levels, with a volume of 2,082,552 units valued at $21,125,705 passing through the market, compared to 4,276,697 units valued at $28,791,862 that were traded on Monday.
The junior market ended trading with an average of 94,661 units for an average value of $960,259 traded, compared to 225,089 units for an average value of $1,515,361 on the previous trading day. The average volume and value for the month to date ended at 159,875 units and $1,237,810. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 5 stocks having bids higher than their last sale prices and 3 ending with lower offers, than the last traded price.
At the close of the market on Tuesday, AMG Packaging gained 10 cents to close at $6.10 with 113,640 units changing hands, CAC 2000 closed at $7.85 with 6,890 shares trading, Cargo Handlers traded 8,000 shares but fell 90 cents to end at $20.10, Caribbean Cream traded 5,276 units to end with a rise of 1 cent at $7.26, Caribbean Producers climbed 25 cents in trading 2,029 units to end at $4, C2W lost 5 cents to end at 25 cents with 40,000 shares changing hands, Derrimon Trading rose by 10 cents and ended at a new high of $8.60 with 15,423 shares changing hands, Dolphin Cove ended at $20 with 2,370 shares trading to gain $2. General Accident traded 2,500 shares and fell 10 cents to end at $3.05, Honey Bun had 39,797 shares changing hands and gained 20 cents to close at $7.50, Jamaican Teas traded 11,971 shares to close at $7.75, Jetcon Corporation rose 10 cents to end at $12.10 with 1,408,900 shares being exchanged, KLE Group traded 20,545 units and rose 20 cents to $3.50, Lasco Distributors ended with 22,400 units trading at $6.90 after losing by 10 cents, Lasco Financial rose 20 cents, with 115,225 shares changing hands, to end at $3.80, Lasco Manufacturing closed with 70,000 units changing hands at $5, Main Event slipped 10 cents and closed at $5 with 14,141 shares changing hands, Medical Disposables traded 29,766 shares to close at $6.50 after rising 50 cents, Paramount Trading gained 15 cents with 11,835 shares changing hands, to close at $3.75. tTech traded 22,487 units to gain 9 cents and closed at $7.49, Derrimon Trading preference share traded 117,687 units at $2.11 with a rise of 1 cents and Eppley 10% preference share traded a mere 1,670 units at $6.80.

Juniors make big gains – Monday

Lasco Distributors dominated trading on Monday.

The junior market index surged 45.33 points on Monday, to end at 3,042.36 as 19 securities changed hands, up from 15 on Friday with 7 advancing and 4 declining.
Trading picked up on Monday over Friday, with Lasco Distributor dominating with 78 percent of the volume of 4,276,697 units valued at $28,791,862 passing through the market, compared to 1,607.606 units valued at $11,124,439 that were traded on Friday.
The junior market ended trading with an average of 225,089 units for an average value of $1,515,361 traded, compared to 107,174 units for an average value of $741,629 on the previous trading day. The average volume and value for March was 137,459 units and $1,313,411.
Trading ended with 10 stocks having bids higher than their last sale prices and 2 ending with lower offers, than the last sale price.
At the close of the market on Monday, AMG Packaging closed at $6 with 12,960 units changing hands, Blue Power closed at $35 with 288 shares trading, Caribbean Cream traded 16,799 units to end at $7.25, Caribbean Producers climbed 8 cents in trading 25,870 units to end at $3.75, Consolidated Bakeries gained 20 cents to end at $3.20 with 5,100 shares changing hands, Honey Bun had 11,854 shares changing hands and lost 20 cents to close at $7.30. I$P Finance traded 6,950 shares to end at an all-time high of $12.75, Jamaican Teas traded 2,738 shares to close with a fall of 24 cents at $7.75, Jetcon Corporation rose $1 to end at $12 with 15,000 shares being exchanged, KLE Group traded 3,300 units and rose 25 cents to $3.30, Knutsford Express traded 530 shares to close at a 52 weeks’ high of $42, Lasco Distributors ended with 3,330,287 units trading at $7 after rising by 30 cents, Lasco Manufacturing closed with 692,870 units changing hands at $5, Main Event closed with a rise of 20 cents at $5.10 with 5,798 shares changing hands, Medical Disposables traded 103,417, shares to close at $6, Paramount Trading lost 20 cents with 21,000 shares changing hands, to close at $3.60. tTech traded just 2,660 units but fell 10 cents to close at $7.40, Eppley 9.5% preference share traded 17,881 units at $6.02 with a fall of 2 cents and Eppley 10% preference share traded a mere 1,395 units at $6.80.

Berger returns Access out of Top 10

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Investors pushed down the price of Berger Paints to $12.01 by the end of the past week, pulling it back from $15 and pushing it back in the main market top list as Scotia Group slipped out.
The top main market stocks now sells at a 50 percent discount to the average main market stocks and is lower than the 40 percent discount of stocks in the junior market. During the past week ISP Finance hit a new high of $12.50 up from $12.25 at the close of the previous week, the stock still sits high on the list at number 4.
Top 10 junior stocks are trading at a 40 percent discount to the average of the junior market, at the close of the week. After dropping out of the TOP 10 for the last week Lasco Distributors returned during the end of past week while Lasco Financial Services that entered the list for the start of the past week has been squeezed out with prices declining elsewhere and Access Finance ending the week with the bid of 1,500 shares at $39, to be out of the top listing and Blue Power closing the week at $35 is back in the list. Overall bid volumes for junior and main market stocks remain low with the only ones of the Top 10 with decent volumes on the bid for junior stocks being Caribbean Producers with 60,712 units on the bid at $3.75, General Accident with 53,426 units at $3 and Medical Disposables with 103,417 units with the bid price ending at $6. Offers that are well about the bid volumes include AMG Packaging with an offer to sell 99,723 units at $5.95, Jetcon Corporation with 435,207 units at $12.99 and Lasco Distributors with 973,036 units at $6.70.
In the Main market, Barita Investments has limited buying interest at the current price with just 447 units on the bid at $6.85 and 28,224 units on the offer at $7. Berger Paints ended with 237 units on the bid at $12 with 49,894 on offer at $12.01. Carreras currently, has 38,619 shares on offer at $74 and buying of 3,000 shares at $73.95. Caribbean Cement’s weak demand continues in the mid-thirty dollar range, with the stock closing with only 2,340 units on the bid to buy at $31.50 while offers are at $32 to sell 53,579 units. JMMB Group’s buying is at $16.30 for 50,000 units on the bid and only 100 units offered at $18.24, Pulse Investments has offers for 150,000 units at $8 and buying at $7 for 1,005 shares.
Price movements continued be a bit volatile as buy and sell orders remain thin for several stocks. With little new news to come until a flood of first quarter results start to flow volatility in May, is likely to continue for a few weeks and this could provide patient investors with some good entry points.

Junior market index jumps – Tuesday

I$P Finance hits a new high on Tuesday.

Volumes on the junior market more than doubled that of Monday, as the market index regained 48.35 points of the sharp fall on Monday to end at 3,044.46 points.
Market activity ended with 25 securities trading, up from 23 on Monday as 9 stocks rose and 11 declined. A total of 4,031,077 units valued at $23,768,156 passed through the market, compared to 1,062,024 units valued at $5,541,349 on Monday.
The junior market ended trading with an average of 161,243 units for an average value of $950,726 traded, compared to 46,175 units for an average value of $240,928 on the previous trading day. The average volume and value for the month to date, ended at 149,577 units and $1,439,528. On the immediate preceding trading day, the average volume and value for the month to date, were 148,963 units and $1,463,968. The average volume and value for February, ended at 223,938 units and $1,379,459.
Trading ended with 5 stocks had bids higher than their last sale prices and 2 ended with lower offers, than the last sale.
At the close of the market on Tuesday, AMG Packaging rose by 40 cents and closed at $5.80 with 56,426 units changing hands, Blue Power traded 1,885 units to close at $36.50, CAC 2000 rose 25 cents and closed at $7.85 with 3,000 shares trading, Cargo Handlers ended trading with 1,600 shares at $21, Caribbean Flavours traded 30,000 units to end at $14, Caribbean Producers lost 28 cents in trading 10,000 units at $3.67, Consolidated Bakeries ended with 385,100 shares changing hands, to close at $3. Derrimon Trading lost 38 cents and ended at $8.22 with 138,796 shares changing hands, Dolphin Cove gained $1 and closed trading with 61,739 shares, at $19, General Accident price closed trading with 96,697 shares at $2.80, Honey Bun gained closed with 19,383 shares changing hands at $6.60, after rising by 10 cents, Iron Rock had 31,714 units changing hands to close at $3.84 with a rise of 54 cents, ISP Finance traded 8,000 shares and rose 25 cents to a new high at $12.50, Jamaican Teas fell 75 cents in trading 135,911 shares to close at $7.25, Jetcon Corporation lost 15 cents and closed trading with 62,090 shares being exchanged, to end at $11.85, Key Insurance lost 51 cents to end at $2.99 with 1,000 shares changing hands, KLE Group ended at $3.05 with 145,856 shares changing hands after rising by 25 cents, Lasco Distributors lost 40 cents and ended with 1,014,970 units trading at $6.60, Lasco Financial lost 50 cents with 209,152 shares changing hands, to end at $3.50, Lasco Manufacturing closed with 1,403,493 units changing hands at $4.79, after losing 21 cents, Main Event gained 1 cents and closed at $5 with 31,565 shares changing hands, Medical Disposables lost 75 cents in trading 27,800 shares to close at $5.25, Paramount Trading had 17,000 shares changing hands, to close with a loss of 15 cents at $3.65 and tTech fell 48 cents and ended with 118,000 units changing hands at $6.27.

Junior market index chopped – Monday

Main Event climbed 48 cents to $4.99.

Volumes on the junior market nearly doubled that of Friday’s, but the market index dropped sharply by 65.43 points to fall below the 3,000 points mark to end at 2,996.11 points.
In other matters, the Jamaica Stock Exchange corrected the report for Friday that originally showed gains of just 7.21 points, to reflect the correct change of 29.39 points, after this publication reported the error.
Market activity ended with 23 securities trading, up from 19 on Friday as 7 stocks rose and 8 declined. A total of 1,062,024 units valued at $5,541,349 passed through the market, compared to 554,250 units valued at $3,004,928 on Friday.
The junior market ended trading with an average of 46,175 units for an average value of $240,928 traded, compared to 29,171 units for an average value of $158,154 on the previous trading day. The average volume and value for the month to date ended at 148,963 units and $1,463,968.
On the immediate preceding trading day, the average volume and value for the month to date, were 163,591 units and $1,582,454. The average volume and value for February, ended at 223,938 units and $1,379,459.
Trading ended with 5 stocks had bids higher than their last sale prices and 2 ended with lower offers, than the last sale.
At the close of the market on Monday, AMG Packaging closed at $5.40 with 72,300 units changing hands, CAC 2000 lost 20 cents and closed at $7.60 with 23,000 shares trading, Cargo Handlers ended trading with 1,150 shares at $21, Caribbean Flavours lost 31 cents in trading 900 units to end at $14, Caribbean Producers rose 15 cents in trading 5,243 units at $3.95, Consolidated Bakeries ended trading with 105,000 shares changing hands, to close at $3. Derrimon Trading ended at $8.60 with 5,599 shares changing hands, General Accident price declined by 20 cents to close trading with 91,700 shares at $3, Honey Bun closed with 105,677 shares changing hands at $6.50, Iron Rock had 14,000 units changing hands to close at $3.30 with a rise of 20 cents, Jamaican Teas rose 15 cents in trading 14,460 shares to close at $8, Jetcon Corporation rose $1 and closed trading with 19,797 shares being exchanged, to end at $12, Key Insurance lost 20 cents to end at $2.80 with 71,750 shares changing hands, Lasco Distributors lost 30 cents and ended with 216,050 units trading at $7, Lasco Financial rose 30 cents with 16,016 shares changing hands, to end at $4, Lasco Manufacturing closed with 227,140 units changing hands at $5, after losing 8 cents, Main Event gained 48 cents and closed at $4.99 with 27,861 shares changing hands, Medical Disposables traded 4,229, shares to close at $6, Paramount Trading had 13,132 shares changing hands, to close with a rise of 10 cents at $3.80, tTech fell 26 cents and ended with 15,000 units changing hands at $6.75. Derrimon Trading preference share ended with 3,970 units changing hands at $2, Eppley 10% preference share closed trading with 150 units at $6 and Eppley 8.25% preference share closed trading with 7,900 units at $6.