TTSE: Republic Bank drops

October 22, 2013 by

Tuesday, 22nd October 2013 | Republic Bank, an IC Insider Buy Rated pick, which enjoyed a big $6.06 jump in price in Monday’s trading to end at $117.17, a new 52 weeks high, fell back $5.16 in Tuesday’s trading to close at $112.01 while trading 3,632 units.

There was trading in 12 securities of which 3 advanced, 3 declined and 6 traded firm with 305,245 shares changing hands valued at $10,625,226.

Ansa Mcal traded 88,687 shares for a value of $5,879,932 as the price closed at $66.30; Angostura Holdings closed firm at $13.50 with 1,000 units trading; First Citizens Bank contributed 8,011 shares with a value of $ 280,375 as the price closed down a cent at $34.99; Jamaica Money Market Brokers with a volume of 40,249 shares, traded for $29,392 as the price held firm at 73 cents. At the close, demand had eased to only 11,000 units at 65 cents while the offer was for 195,077 units at 73 cents.

TTSEOct22Point Lisas Industrial Port Development Corporation added 850 shares and closed firm at $3.77; Scotia Bank gained 75 cents to end at $71.01, a new 52 weeks high, while trading 2,907 units. Scotia Investments contributed 16,000 shares with a value of $31,200 and closed unchanged at $1.95. West Indices Tobacco traded 5,924 units to close firm at $118.20.

Clico Investment Fund posted a volume of 133,795 shares valued at $2,907,220 and declined by 21 cents to end at $21.73.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 3 stocks being higher and 5 stocks with offers lower than their last selling price.

Related posts | Buy Rated: TTSE stocks climbing, JSE falters 

Filed Under: Stock Market, TTSE Market Tagged With: , ,

TTSE: Big jump in Republic Bank, up $6.06

October 21, 2013 by

Monday, 21st october 2013 | Republic Bank, an IC Insider Buy Rated pick, enjoyed a big $6.06 jump in price in Monday’s trading to end at $117.17, a new 52 weeks high as 1,807 units changed hands during trading. The stock is now priced at 16 times 2013 earnings, well below the 23 times that First Citizens and Scotia Bank are currently valued. For Republic to get a similar valuation, it would require a price of around $170. As such the stock still remains on the Buy Rated list. Also, with limited supply currently available, we expect the continuation of  upward price movements.

Republic’s gain helped to push the all TTSE Index up 19.74 to 1,965.81. Market activity resulted from trading in 12 securities of which 3 advanced, 3 declined and 6 traded firm and 1,087,382 shares changing hands valued at $2,104,212.

Angostura Holdings closed firm at $13.50 with 1,771 units trading; First Citizens Bank contributed 16,329 shares with a value of $571,515 as the price closed firm at $35; Guardian Holdings traded 5,000 units and the price was down a cent to close at $15.24; Jamaica Money Market Brokers with a volume of 378,295 shares, traded for $276,155 as the price held firm at the end at 73 cents. At the end, there was demand for over 39,000 units at 73 cents.

TTSEOct21National Commercial Bank exchanged 670,000 shares for a value of $763,500 as the priced closed down 4 cents to $1.14 but the bid was at $1.16 for only 2,000 units and offer of nearly 295,000 units at $1.18. Point Lisas Industrial Port Development Corporation added 10,650 shares valued at $40,151 as the price remained unchanged at $3.77.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 3 stocks being higher and 3 stocks with offers lower than their last selling price. This coupled with the lack of supply in the market to meet demand suggest that the market continues to look somewhat bullish for some stocks.

Filed Under: Company News, Stock Market, TTSE Market Tagged With: , ,

FX: BOJ intervention cools wayward J$

October 18, 2013 by

Friday, 18th October 2013 | Friday was a big day on the Forex market coming against the background of a continuous slide in the value of the Jamaican dollar, particularly against the US dollar, as well as the central bankers meeting with the major players in the market.

Overall, there was buying by dealers of the equivalent of US$49,535,095 and selling of US$45,891,196;  large amounts for a Friday suggesting that the BOJ intervention would be in the order of US25-30 million. IC Insider have been reliably advised by someone close to a commercial bank that the central bank intervened in the market by selling US dollars at $104.65. The source said that the central bank indicated that they were not uncomfortable with the rate around these levels but asked for an orderliness in their behaviour. Friday’s intervention is in keeping with our report on the NCB big sell off of US dollars, which would have placed the central bank in a position to intervene since a major slide in the value of the local currency would spike inflation above the norm and put in jeopardy the government workers’ wage agreement.

FX_TRADE+Currency+Oct18There was buying of US Dollars by authorised dealers of US$46,831,456 as the buying rate moved up by 30 cents to $104.70 and selling of US$44,527,662 with the selling rate declining by 15 cents to $105.01. Trading in the Canadian dollar resulted in C$914,382 bought as the rate went down 51 cents to $100.53 and CS577,137 was sold with the selling rate moving up 18 cents at $102.3869. Trading in the British Pound accounted for £1,036,286 as the buying rate was up $1.30 to end at $167.984 and £374,396 was sold at a selling rate up 68 cents to $170.52.

The highest buying rate for the US dollar fell $1.05 to 106.75, while the lowest buying remained unchanged at $85.00 and highest selling rate and lowest remained the same at $109.14 and $102.00 respectively.

FX_TRADE+HighLow+Oct18The highest buying rate for the Canadian fell $2.50 to 103.00 but the lowest climbed 29 cents to $80.76; the highest selling rate dropped 50 cents to $104.50 while the lowest was up 30 cents to $97.30. The highest buying rate for the British Pound climbed 20 cents $172.00 and the lowest jumped $33.67 to  $133.67; the highest selling rate dropped 34 cents to $173.00 and the lowest was up 80 cents to $162.80.

Related post | FX: NCB dumped US$54m

Filed Under: FX Market, Stock Market Tagged With: , ,

JSE: The end of two negative weeks

October 18, 2013 by

Friday, 18th October 2013 | The second week of big declines ended on Friday with another day of slippage for the two main market indices. Reports from the brokerage community have confirmed to IC Insider that Lascelles Superannuation Fund is liquidating the equities they hold for some noted companies that has caused prices to decline. It was tough week as the Jamaica stock market declined just about every day, a continuation from the sharp decline of the week before,

In a very slow day on the Jamaica Stock Market, trading took place for 14,927,180 shares valued at $131.3 million as the market indices saw another day of decline in the Main Market index of 268.90 to close at 81,806.11, while the all Jamaica index which closed at 79,631.26 fell by 473.13. The junior market has held up well in the past weeks but saw the index inching down by 0.92 to 753.84. There was trading in stocks of 26 companies, with 6 rising and 9 falling and 14 remained unchanged.

Trading resulted in Carreras exchanging 12,025 at $40, up 50 cents; Desnoes & Geddes 86,166 to close up 50 cents at $5; Grace Kennedy 106,549 units but fell to $55.65, off by $1.36; Jamaica Broilers had strong volume of 8,017,062 but at a depressed prices to close at $4.17, up 7 cents; Jamaica Producers 106,100 units resulted in a 25 cents price cut to close at $18.25; Mayberry Investments 22,804 units resulted in the price closing firm at $2.50; National Commercial Bank had a good volume of 3,994,816 units but ended  firm at $18; Pan Jamaican Investment Trust had only 16,350 units to close at $48.01, down 10 cents; Scotia Group 505,270 units closing firm at $20; Scotia Investment traded 2,502, lost 49 cents to close at $26.01; Seprod 323,036 units to close firm at $13 and Proven Investments 8% preference 1,083,600 units firm at $5.09.

JSEIndicesOct18Junior Market | Access Financial Services had a small volume of 2,258 but closed at $8.40 up 12 cents; Caribbean Cream still struggling to move above the listing price of the IPO earlier in the year had 38,140 units closing at $1.02, up 2 cents; newly listed Caribbean Flavours exchanged 258,997 closed firm at $2.70; Lasco Distributors had 25,320 units to close firm at $1.50; Lasco Financial Services 157,900 units resulted in a closing price of $1.13, a decline of 5 cents; and Lasco Manufacturing lost ground with 90,700 units in closing at $1.45 down 5 cents.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed slight improvement in market sentiment over Thursday with the bids for 3 stocks being higher and 5 stocks with offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: , ,

TTSE: Prices continue up

October 18, 2013 by

Friday, 18th October 2013 | Prices continue to rise for most stocks trading on the Trinidad stock market with trading in 13 securities of which 8 advanced, 1 declined and 4 traded firm. Trading resulted in a volume of 477,227 shares valued at $2,259,541.

Fours stocks reached new 52 weeks high on the last trading day of the week. These are Angostura Holdings which gained 96 cents to end the day at $13.50 while trading 13,260 units; Jamaica Money Market Brokers with 279,868 shares changing hands for a value of $204,734 as the price closed up 3 cents to 73 cents; Scotia Bank up 5 cents to close at $70.26 with 635 shares changing hands and Republic Bank which closed at $111.12, up 12 cents while trading 430 shares.

First Citizens traded 9,930 to close firm at $35.00; Neal & Massy gained 25 cents to close at $57.26 in trading 2,393 units; Point Lisas Industrial Port Development had 12,500 shares changing hands with the price closing firm at $3.77. Sagicor Financial Corporation with a volume of 100,000 shares being traded for $725,000. Guardian Holdings Limited contributed 24,055 shares with a value of $366,786 as the price gained 10 cents to end at $15.25, while National Commercial Bank Jamaica added 22,100 shares valued at $26,078 firm at $1.18.

TTSEOct18Grace Kennedy declined by 3 cents to end the day at $4.12 as 6,048 units were traded.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 5 stocks being higher and 3 stocks with offers lower than their last selling price. This coupled with the lack of supply in the market t0 meet demand is suggesting that the market is looking somewhat more bullish than a few weeks ago.

Filed Under: Stock Market, TTSE Market Tagged With: , ,

FX: J$105.16 to buy US$1

October 17, 2013 by

Thursday, 17th October 2013 | Today the local dollar climbed past the 105 mark for the US dollar as there was more selling of the American dollar than the amount purchased by dealers by US$1.9 million. Overall the equivalent of US$21.6 million was purchased and US$22 was sold.

Dealers pulled in US$17 million at $104.39 an increase of 26 cents and sold US$18.9 million at $105.16 up by 27 cents on the day. On a day when it took more Jamaican dollars to acquire each of the three main currencies, the Canadian was bought for $1.64 more at $101.04 to acquire C$1.37 million and selling took place at $102.21 up 89 cents for C$1.1 million. The Pound sterling fetched $166.69 up 29 cents on the day as buying by dealers accounted for £1.62 million and selling was carried out at $169.84, up 80 cents for £800,075.

FX_TRADE+Currency+Oct17The highest buying rate for the US dollar increased by $1 to hit $107.80 while the lowest buying rate was unchanged at $85.00.  The highest selling rate increased by 21 cents to $109.14 while the lowest selling rate increased by 20 cents to $102.00.

The highest buying rate increased by $3 to $105.50 for the Canadian Dollar while the lowest remain unchanged at $80.47 but the highest selling rate increased by $1.26 cents to $105.00 and the lowest increased by 5 cents to $97.00.

FX_TRADE+HighLow+Oct17The highest buying rate increased by $1.40 for the British Pound to $171.80, lowest the lowest buying rate declined $33.67 to $100.00. The highest selling rate increased by $1.02 to $173.34 and the lowest selling rate increased by 95 cents to $162.00.

Filed Under: FX Market, Stock Market Tagged With: , ,

JSE: Slow trading on another down day

October 17, 2013 by

Thursday, 17th October 2013 | In a very slow day on the Jamaica Stock Market. Trading took place for 5,330,792 shares valued at $73,871,824 as the market indices saw another day of decline in the Main Market index of 393.47 to close at 82,075.01 while the all Jamaica index which closed at 80,104.39, fell by 692.31. The junior market index bucked the general of trend of a weak market and moved up by 5.96 to 754.76. Only stocks of 22 companies traded, with 6 rising and 7 falling.

Main Market | Carreras, which has been under relentless selling pressure from July, saw trading in 37,087 units with a value of $1,477,645 and closed at $39.50 gaining $1.50 in the process; Jamaica Money Market Brokers had 500,000 units changing hands at $8.50 with value of $4,248,000. The stock traded on the Trinidad Stock Exchange earlier in the day as high as J$11.20 and seems poised to move higher in coming days. National Commercial Bank traded 611,451 units with a value of $10,428,958 to close at $18 up $1.25; Sagicor Life had 307,190 units valued at $2,527,187 to close at $8.20; Scotia Group 2,548,259 shares to traded was valued at $50,968,068 and closed down 50 cents at $20. Reports from the market is that a pension fund is liquidating their assets and could be the cause of the decline in some of the prices over the past two weeks rather than a general weakness in the market.

Proven Investments 8% preference shares traded 439,900 units with a value of $2,239,091 to close at $5.09.

JSEIndicesOct17Junior Market | Blue Power traded 8,966 units to close firm at $9.28; Caribbean Cream traded 52,436 units at $1; Caribbean Flavours traded 420,746 units to close at $2.70, up by 12 cents; Lasco Distributors exchanged 24,500 units to end at $1.50; Lasco Financial Services traded 18,897 units and closed at $1.19 while Lasco Manufacturing exchanged 330,233 units to close at $1.50.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed continued weak sentiment with the bid for only 1 stock being higher and 6 stocks with offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: , ,

TTSE: JMMB at 52 weeks high

October 17, 2013 by

Thursday, 17th October 2013 | Jamaica Money Market Brokers traded at a new 52 weeks high on the Trinidad Stock Market as 313,881 shares changed hands for a value of $220,617 as the price closed at 70 cents (J$11.20). The stock traded in Jamaica on Thursday at $8.50. JMMB was not the only stock to trade a 52 weeks high as Republic Bank closed at a new 52 weeks high of $111.02 up 2 cents with 3,651 shares changing hands and Unilever hit a new 52 weeks high but just failed to hold on at that level by a cent as it closed at $55.57 as only 411 units traded.

Trading occurred in 15 securities of which 6 advanced, 5 declined and 4 traded firm while 471,165 shares changed hands valued at $2,272,881.

TTSEOct17Trinidad Cement with a volume of 78,195 shares traded to close at $2.35 for $183,758; National Enterprises contributed 23,376 shares with a value of $420,300 to close at $17.98 while Sagicor Financial Corporation added 11,000 shares valued at $79,243 at $7.20, down 5 cents. National Flour traded 9,700 units to close at 97 cents; Point Lisas Industrial Port Development saw 6,000 shares changing hands but the price fell 2 cents to end the day at $3.75. Scotia Bank traded 2530 shares firm at $70.21 and West Indian Tobacco gained 8 cents to end the day at $118.20 with 1,640 units.

Clico Investment posted 1,449 shares valued at $251,228 and the price advanced by 2 cents to end at $21.90.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed short term bullishness with bids for 6 stocks being higher and 2 stocks with offers lower than their last selling price.

Filed Under: Stock Market, TTSE Market Tagged With: , ,

TTSE: Trading picking up

October 16, 2013 by

Wednesday, 16th October 2013 | Buying interest in the Trinidad market is on the rise with 3 stocks hitting new 52 weeks high and sharp price gains in some stocks after a long period of consolidation of the market.

In Wednesday’s trading there were good price movements in Angostura Holdings, which climbed 60 cents to end at a new 52 weeks high of $12.60 with no stock on offer at the close. With the PE of close to 21 times ongoing earnings, the stock is close to being fully priced and is subject to being removed from the IC Insider Buy List. National Enterprises traded less than 500 shares and gained 90 cents to end at a new 52 weeks high at $17.99 and National Flour Mills added 46,848 shares, closing up 3 cents at 97 cents a new 52 weeks high. Based on recent activity and the closeness of the 2013 year end for companies, IC Insider has upgraded the market sentiment to bullish selective buying.

There was trading in 14 securities of which 8 advanced, 1 declined and 5 traded firm, resulting in 1,620,478 shares changing hands valued at $10,385,707.

First Citizens traded 30,079 and gained 5 cents to close at $35.05; Guardian Holdings gained 14 cents to end at $15.15 while trading 1,000 units; Jamaica Money Market Brokers had 142,994 shares traded for $90,686. Point Lisas Industrial Port Development saw 1,109,112 shares changing hands for a value of $4,181,352 and the price fell a cent to end the day at $3.77; Scotia Investment traded 24,256 units firm at $1.95; Trinidad Cement contributed 47,430 shares valued at $110,976, while National Flour Mills added 46,848 shares valued at $45,443.

TTSEOct16Clico Investment had a volume of 206,616 shares valued at $4,520,072 trading as the price advanced by 38 cents to end at $21.88.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 3 stocks being higher and 2 stocks with offers lower than their last selling price. This coupled with the lack of supply in the market t0 meet demand is suggesting that the market is looking somewhat more bullish than a few weeks ago.

The stocks with bids above last selling prices includes a stock that has hardly traded recently, Praetorian Property Fund with a bid at $3.60 for 6,000 shares versus the last sale of $3.41. Republic Bank a Buy Rated stock has a bid for 34,188 shares at $111 and no sock being offered and should be going higher in the days and weeks ahead.

JMMB which traded as high as 65 cents today has dried up in Jamaica at the low price and seems to have dried up in the Trinidad market as well and should move higher in both markets, having closed higher in Jamaica.

The potential gains are not confined to the above as there are others that are showing signs of gains.

Image courtesy of Photokanok/FreeDigitalPhotos.net

Filed Under: Stock Market, TTSE Market Tagged With: , ,

FX: More purchases than sales but . . .

October 16, 2013 by

Wednesday, 16th October 2013 | Today was more of the same, like the last few days when the amount of foreign exchange bought by dealers exceeded the amount sold. On only one of those days, the amount of US dollar currency bought was marginally less than the amounts sold. Withstanding this trend, the rate for selling the US dollar has risen on every occasion.

In Wednesday’s trading with $23.2 million of purchases and $20.2 million of sales, the selling rate for the US dollar climbed by 4 cents to $104.90 and the buying rate rose by 11 cents to $104.14. The rates for both the Canadian and the Pound have been fluctuating and in today’s trading buying accounted for C$926,032 at a buying rate that was lower by 12 cents to end at $99.40 while selling was for C$426,759 at a rate that was 39 cent up at $101.32. For the Pound, buying accounted for £1.90 million at a rate that was $1.08 more costly at $166.40 and selling was 84 cents more than on Tuesday at $169.03 for £1.11 million.

FX_TRADE+Currency+Oct16The total amount of foreign currency bought was US$27,251,224 with selling accounting for US$22,683,877.

Rates for exchanging Jamaican dollars for foreign currencies differ quite markedly from the official rates, as dealers bought the US dollar as high as $106.80, at 50 cents higher than on Tuesday, and as low as $85 but they sold unchanged as high as $108.93 and as low as $101.80, up by $16.84 on the day.

FX_TRADE+HighLow+Oct16The Canadian dollar and the Pound sterling saw a mix of rates with most falling, the highest rate the Canadian was bought at, rose 15 cents to $102.50 and that of the Pound was up 80 cents at $170.40. Meanwhile, the lows for buying fell 75 cents for the Canadian at $80.47 and the pound at $133.67 down 21 cents. Selling took place as high at 70 cents lower for the Canadian, at $103.74 and as low as $96.95, just 5 cents down. Selling of the British Pound was as 27 cents down at $172.32 at the high and the low was 25 down at $161.05.

Filed Under: FX Market, Stock Market Tagged With: , ,