The Jamaica Stock Exchange Junior Market’s seven consecutive days of record run, ended Monday, with the Market index falling 28.42 points to settle at 3,957.45, with the volume of stocks traded declining moderately after the value increased 19 percent over Friday.
All 43 securities traded similar to Friday and ended with 22 rising, 14 declining and seven, closing unchanged.
The PE Ratio, a measure used to compute appropriate stock values, averages 17.1. The PE ratio of each stock shown in the chart below is based on ICInsider.com earnings forecast for companies with financial years up to August 2022.
A total of 12,660,852 shares traded for $58,366,066 compared to 13,918,050 units at $49,116,813 on Friday. Future Energy Source led trading with 2.17 million shares for 17.1 percent of total volume followed by Fontana, 946,766 units, with 7.5 percent of the day’s trade and Jamaican Teas with 938,981 units for 7.4 percent market share.
Trading averaged 294,438 shares at $1,357,350 in contrast to 323,676 shares at $1,142,251 on Friday and month to date, averaging 462,135 units at $1,850,007, compared to 504,304 units at $1,973,892 previously. January closed with an average of 319,395 units at $1,181,136.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with a lower offer.
At the close, Access Financial lost $2.30 after ending at $21.50 and trading 27,382 shares, Blue Power advanced 10 cents to close at $3.25 in exchanging 6,456 units, CAC 2000 rallied 25 cents to end at $8.25 in switching ownership of 57 stock units. Dolphin Cove popped $4.50 in closing at $29 after 282,838 stocks changed hands, Elite Diagnostic declined 19 cents to $3.30 with the swapping of 18,810 stocks, Express Catering shed 40 cents to end at $5.60 in trading 363,827 shares. Fontana fell 34 cents to close at $11.58 after 946,766 units passed through the market, Fosrich climbed $2.20 in closing at $14.20, with 84,371 stock units crossing the exchange, Future Energy Source gained 27 cents ending at $4.29 after exchanging 2,169,661 units. General Accident dropped 30 cents to $6.20, with 28,152 stocks clearing the market, Iron Rock Insurance increased 31 cents to close at $3.46 trading 156 stock units, ISP Finance rose 49 cents in ending at $30 after 812 shares crossed the market. Jamaican Teas lost 20 cents to end at $4.15 in an exchange of 938,981 units, KLE Group gained 10 cents in closing at $2.80 while exchanging 79,225 shares, Lasco Distributors advanced 17 cents to $3.90 with an exchange of 411,377 stock units. 
Limners and Bards increased 11 cents to $3.45, with 429,479 stocks crossing the market, Mailpac Group rallied 10 cents to end at $3.34 after an exchange of 925,810 stock units, Main Event rose 50 cents in ending at $4.50 trading 194,288 stocks. Paramount Trading dropped 53 cents to close at $1.65, with 9,231 units crossing the market, SSL Venture climbed 25 cents in closing at $1.90 in trading 131,168 shares and Stationery and Office Supplies popped 46 cents to $6.36 in an exchange of 24,137 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
On the surface, the Junior Market has had a full recovery from the 2020 Covid-19 induced collapse that saw the index collapsing from 2,900 points at the end of February to 2,534 points on March 6 and bottoming out at 2,031.79 points on March 18 for a plunge of 39 percent from the start of 2020, and much more after peaking at 3,662 points in mid-August 2019.
While the Junior Market has made great strides since hitting the 2020 low, the same is not the case for the heavily financially weighted Main Market that continues to be mired in depression following the initial sharp fall in March 2020 when the market fell precipitously to 375,091.09 points on the All Jamaican Composite Index from 529,722.22 at the end of February, for a 29.2 percent decline. As o Friday last the market is only up 20 percent from the March 2020 market bottom and 15 percent below the end of February 2020 level, and still well below the all-time high of 584,697.71 it closed on August 8, 2019. The major reason for the prolonged decline is primarily due to falling in stocks such as a Jamaica Stock Exchange, Kingston Wharves, NCB Financial, PanJam Investment, Proven Investments, Palace Amusement, Sagicor Group, Sagicor Select Funds, Scotia Group, Supreme Ventures, Sygnus Credit Investments, Wighton Windfarm. Strong gains in Barita Investments, Grace Kennedy, Caribbean Cement, Caribbean Producers, Salada Foods, Seprod and Radio Jamaica could not negate the effect of the big decliners.
The Main Market showed some bullishness this past week with the JSE All Jamaican Composite Index climbing 6,525.97 points to the highest level since late October last year. More than two thirds of the gains came on Friday helped by gains by heavyweights, Sagicor Group putting on $1, Scotia Group popping $1.60 and Wisynco jumping $2.25 after reporting strong increased profit for the December quarter.
Spur Tree Spices seems to have reached a peak for now but the previously last listed Junior Market stock, Future Energy, gained new life and sprinted to an all-time high of $4.50, no doubt driven by investors’ views that the increased price of gasoline will drive up sales and margins. While sales will rise in dollar terms margin may not. The party was not only for the gasoline supplier, Fontana in the TOP10 for the week ending the 21st of January at $7.40 hit new record highs this week up to $12.49 for an increase of 69 percent in a matter of weeks.
Medical Disposables gained 12 percent this past week to end at $7.55 and exited the Junior Market TOP10 listing, with Elite Diagnostic having traded at a 52 weeks’ high of $4.40 two weeks ago and ended the previous week at $3.73, suffered more losses this past week and is back to the TOP10. In the Main Market, Scotia Group rose nine percent to $37.50 and was replaced in the TOP10 by Jamaica Broilers.
The sharp price movements in the Junior Market over the recent past weeks reduced the potential gains markedly, with the average increase projected for the TOP 10 Junior Market stocks now at 104 percent versus 114 percent last week and is now lower than the Main Market at 128 percent.
The average PE for the JSE Main Market is 16.4 just 16 percent less than the PE of 19 at the end of March and 22 percent below the target of 20 to March this year. The Main Market TOP 10 average PE is 8.9 representing a 46 percent discount to the market and well below the potential of 20. A total of 14 stocks or 30 percent of the market trade at or above a PE of 19, with most over 20, for an average roundabout 25, suggesting that the accepted multiple is between 20 and 25 times current year’s earnings.
At the close, Access Financial fell 70 cents to $23.80 in trading 59,981 shares, Blue Power lost 10 cents to end at $3.15 in switching ownership of 50,202 stocks, CAC 2000 shed 25 cents in closing at $8 in an exchange of 3,709 units. Cargo Handlers advanced 59 cents to $7.50 with the swapping of 50,204 stock units, Caribbean Cream lost 22 cents to close at $5.03 with 30,165 stocks crossing the market, Dolphin Cove declined $2.50 to finish at $24.50 after trading 86,532 stock units. Everything Fresh lost 18 cents to end at $1.49 with an exchange of 397,962 units, Express Catering shed $1.05 to $6 with a transfer of 204,470 shares, Fosrich declined $2.94 to $12 after an exchange of 56,086 stocks. Future Energy Source popped 16 cents to close at a 52 weeks’ high of $4.02 after the price hit $4.50 in early trading and ended with 2,786,003 stock units changing hands, Honey Bun climbed 30 cents to end at $10.10 with 34,307 shares clearing the market, Indies Pharma gained 10 cents to $2.97 in transferring 108,349 units. ISP Finance dipped 49 cents to close at $29.51 after exchanging 2,942 stock units, Jamaican Teas fell 15 cents to $4.35 in switching ownership of 962,859 stocks, KLE Group declined 15 cents in closing at $2.70 with the swapping of 46,937 units. 
Lasco Distributors rallied 12 cents to $3.73 in exchanging 95,588 shares, Lasco Manufacturing gained 34 cents in ending at $4.84 with 39,988 stocks crossing the exchange, Lumber Depot lost 10 cents to end at $3.69 in switching ownership of 1,431,448 stock units. Mailpac Group shed 10 cents to $3.24 in trading 265,779 shares, Medical Disposables fell 20 cents to close at $7.55 with an exchange of 4,300 units, SSL Venture gained 19 cents to end at $1.65 with a transfer of 22,023 stock units. Stationery and Office Supplies popped 20 cents to $5.90 with 146,469 shares changing hands and tTech rallied 27 cents to $4.38 in trading 105 units.
As was the case on Wednesday, 43 securities traded, with 16 rising, 19 declining and eight, closing unchanged. At the close, Express Catering, Fontana and Future Energy Source traded at 52 weeks’ closing highs, while Everything Fresh traded at an intraday high of $1.84 before falling back at the close.
At the close, AMG Packaging popped 10 cents to close at $3.75 after 84,583 shares crossed the exchange, Blue Power gained 15 cents to end at $3.25 as 23,421 stock units were exchanged, Cargo Handlers shed 48 cents to end at $6.91 with an exchange of 7,224 stocks. Caribbean Assurance Brokers advanced 10 cents to $3.03 after exchanging 220,670 units, Dolphin Cove dropped $1.50 in closing at $27 while 432,645 units switched owners, Elite Diagnostic climbed 20 cents in closing at $3.50 with the swapping of 56,329 shares. Everything Fresh fell 14 cents to end at $1.67, with 853,549 stocks clearing the market, Express Catering rose 81 cents to close at $7.05 in an exchange of 577,925 stock units, Fontana increased 35 cents ending at a closing record high of $11.85 in trading 504,534 shares. Future Energy Source rallied 23 cents to a record high of $3.86, with 1,737,228 stocks changing hands, General Accident rose 39 cents to $6.49 trading 67,987 units, Honey Bun climbed 24 cents to $9.80 after 128,499 stock units changed hands. Indies Pharma declined 18 cents to close at $2.87, with 219,393 shares crossing the market, Iron Rock Insurance lost 15 cents to end at $3.15 in switching ownership of 46,452 stock units, ISP Finance increased 49 cents in closing at $30, with 995 stocks crossing the market.
Jamaican Teas popped 12 cents in closing at $4.50 after exchanging 684,209 units, Lasco Financial dropped 10 cents to $3.10 in an exchange of 27,100 stocks, Lasco Manufacturing shed 40 cents to close at $4.50 in switching ownership of 132,834 shares. Lumber Depot fell 11 cents after ending at $3.79 after 2,245,901 stock units changed hands, Main Event declined 48 cents to end at $4.02 with an exchange of 2,900 units, Medical Disposables lost 16 cents to close at $7.75 in trading 37,243 stock units. Paramount Trading shed 20 cents to $2.20 in an exchange of 192,268 shares, Spur Tree Spices gained 10 cents in closing at $3, with14,453,147 units crossing the market, SSL Venture rallied 35 cents to $1.46 while exchanging 56,574 stocks and Stationery and Office Supplies advanced 20 cents to end at $5.70 after 8,714 shares passed through the exchange.
The PE Ratio, a measure used to compute appropriate stock values, averages 17.1. The PE ratio of each stock shown in the chart below is based on ICInsider.com earnings forecast for companies with financial years up to August 2022.
Iron Rock Insurance climbed 22 cents to $3.30 in switching ownership of 16,394 stocks, KLE Group lost 11 cents to close at $2.84 with 110 units trading, Lasco Distributors rose 23 cents in closing at $3.69 trading 296,826 shares. Lasco Manufacturing climbed 10 cents to $4.90 after exchanging 36,016 stock units, Lumber Depot increased 40 cents to end at a 52 weeks’ closing high of $3.90 with the swapping of 3,197,271 units, Main Event rose 50 cents in ending at $4.50, with 20,000 stocks changing hands. Paramount Trading rallied 35 cents ending at a 52 weeks’ high of $2.40 after exchanging 351,859 shares, Spur Tree Spices shed 19 cents to close at $2.90 in exchanging 11,197,840 shares, SSL Venture lost 36 cents to end at $1.11 after an exchange of 111,548 stocks. Stationery and Office Supplies fell 50 cents to $5.50 while swapping 396,633 units and tTech gained 29 cents in closing at $4.20 after exchanging 10,693 stock units.
Overall, 42 securities traded compared to 43 on Monday and ended with 17 rising, 19 declining and six, closing unchanged. In real bull market fashion trading ended with four stocks ending at 52 weeks’ high on Tuesday as follows: 
At the close, Access Financial popped $2.58 to close at $25.09 with 4,441 shares traded, AMG Packaging lost 24 cents to end at $3.66 in switching ownership of 166,482 stocks, Cargo Handlers gained 30 cents in closing at $7.30 after 70,650 stock units crossed the exchange. Dolphin Cove rallied $2 ending at a record close of $29 with 404,095 shares changing hands, Elite Diagnostic lost 31 cents to end $3.30 in transferring 214,309 stocks, Everything Fresh gained 23 cents to close at a 52 weeks’ high of $1.43 with the swapping of 833,368 shares. Express Catering rose 60 cents to $5.40 after exchanging 7,922,744 units, Fontana rallied $2.11 to a record of $10.90 with 326,648 stock units crossing the market, General Accident lost 20 cents to close at $5.90 with an exchange of 3,448 units. Honey Bun gained 38 cents to end at $9.97 after 42,974 stocks cleared the market, ISP Finance declined $8.49 in ending at $29.51 after an exchanging of 335 stock units, Knutsford Express lost 10 cents to settle at $7.90 with the swapping of 17,855 shares.
Lasco Financial gained 20 cents to end at $3.20 in trading 1,890 units, Lumber Depot picked up 10 cents in closing at $3.50 with 1,649,004 shares crossing the market, Medical Disposables rallied 91 cents to $7.91 in an ownership switch of 59,283 stocks. Spur Tree Spices gained 20 cents to end at a record $3.09 in an exchange of 2,511,283 stock units and tTech fell 19 cents to $3.91 with 35,100 stock units changing hands.
The JSE Junior Market is trading at yet another record high in Tuesday market activity with the market index putting on 82.83 points to 3,833.09 after 90 minutes of trading. The market has broken out from the area of resistance that pinned it in the 3,400 level from May last year and finally broke loose in the middle of January. 
The PE Ratio, a measure used to compute appropriate stock values, averages 16.7. The PE ratios stock in the chart below are based on ICInsider.com earnings forecast for companies with financial years up to August 2022.
Lasco Distributors popped 16 cents to $3.39 after exchanging 190,493 units, Lasco Financial declined 7 cents to end at $3, with 318,392 stock units changing hands, Lasco Manufacturing increased 15 cents to close at $4.80 in exchanging 279,887 stocks. Limners and Bards rose 7 cents in ending at $3.40 while exchanging 785,560 shares, Lumber Depot advanced 20 cents in closing at $3.40 after trading 1,401,602 units, Mailpac Group rallied 12 cents to end at $3.40 in exchanging 737,880 stocks. Medical Disposables increased 28 cents to $7 after 500 stock units crossed the market, Spur Tree Spices advanced 13 cents to end at a record close of $2.89 with the swapping of 3,892,221 shares, after the stock price hit $3 during the trading session, SSL Venture fell 23 cents to end at $1.50 in an exchange of 115,858 stock units. Stationery and Office Supplies gained 10 cents to close at $6 with an exchange of 100,667 stocks and tTech rallied 10 cents to $4.10 after trading 12,100 units.
The markets were active this past week with the Junior Market closing at record highs on Thursday and Friday while the main market rose 2,750 points for the week, with former ICTOP10 listed 
Lumber Depot rose 10 percent to $3.20 and dropped out of the top listing. 
The top three stocks are Lasco Distributors followed by Caribbean Assurance Brokers and Lasco Financial to gain between 128 and 148 percent, compared to 131 and 150 percent, previously.
The TOP 10 stocks trade at a PE of a mere 9.4, with a 43 percent discount to that market’s average.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
