JSE: September ends positively

Monday, 30th September 2013 | Trading accounted for 12,298,941 units valued at $76,393,065 as the stocks of 24 companies traded on the last day of the month. The main market index was up 215.13 to 84,500.20, the all Jamaica index gained 378.51 to 84,371.49 and the junior index was up 7.02 to 768.83 as 9 stocks advanced to 7 declining.

The market measured by the all Jamaica and junior market indices was little changed during the month of September with the all Jamaica being up by a few points and the junior market down a few.

Trading patterns | During the last two trading days in August, the main market indices made noticeable advances as the prices of a few stocks moved up. However, on first day of trading in September, the indices dropped back wiping out the two-day gains. The all Jamaica index fell by more than 1,000 points and added more losses on the second day. By day three, the all Jamaica Index recovered all its losses but lost some more the following day. The last day of September is showing some of the same patterns as the last day of August.

JSEIndicesSept30Main Market | In Monday’s trading there were some big volumes, which included National Commercial Bank with 1,559,057 units valued at $29,309,186 with the price closing at $19 down 50 cents from Fridays close of $19.50. On Thursday, the stock closed at $18.60. Sagicor Life exchanged 1,029,279 units at $8.60 for a value of $8,851,610, the price gained 10 cents for the day. Jamaica Money Market Brokers was the other big volume mover with 1,491,600 units worth $11,929,695 as the price closed at $8, up 5 cents. Carreras traded 128,675 units valued at $6,045,561 as the price closed at $46.70 dipping by 50 cents; Caribbean Cement exchanged 42,236 shares but the price dropped 33 cents to close at $1.87; Gleaner Company traded 193,910 units at $1.21 up 3 cents; Scotia Group contributed just 12,265 units at $21.20, up 20 cents and Proven Investments 8% had 704,700 units trading firm at $5.09 for a value of $3,586,923.

Junior market | There was some pick up in trading in the junior market after prices for a number of the stocks declined to what could well be support levels. Access Financial Services put in a volume of 11,780 units as the price $8.40, down 10 cents; Caribbean Producers, which is again in the limelight with negative publicity about directors being charged for improper importation of meats into the island, traded only 16,188 units at $2.08, losing 2 cents on the day; Consolidated Bakeries chipped in with 73,386 units at $1.21, down 14 cents while Dolphin Cove gained 44 cents as it exchanged a good volume of 1,442,316 and closed at $8.45 as $12,185,925 was involved in the trade. Lasco Distributors contributed to the level of trading with 1,006,800 units at a closing price of $1.50 up 6 cents with a value of $1,509,838 and Lasco Financial Services had one of its best days’ volume wise with 4,373,000 units as it gained 3 cents to close at $1.23 worth $5,259,807.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 9 stocks being higher and 5 stocks with offers lower than their last selling price. Eight of the stocks with higher bids are in the main market and could well result in a better start for October when compared to September.

TTSE: First Citizen breathes fresh life

Monday, 30th September 2013 | The recently listed First Citizens Bank is doing wonders for the Trinidad & Tobago Stock Exchange. On the final day of September, the stock accounted for the vast majority of trading with 800,904 shares changing hands for a value of $28,038,569 as the price closed at $35.01 out of a total of 858,551 shares traded valued at $31.8 million. The total funds invested in the market climbed to one of the biggest days in recent months with trading in 11 securities of which 2 advanced, 4 declined and 5 traded firm.

The IC Insider buy rated Republic Bank that has seen increased buying interest over the last few days had a volume of 33,442 shares trading for $3,679,958 as the price held firm at $110.04. Another buy rated stock, Trinidad Cement contributed 19,500 shares with a value of $43,095, while Sagicor Financial added 3,000 shares valued at $21,900 as the price rose 30 cents to $7.30. Infrequently traded Guardian Media suffered a drop of $0.25 to close at $19.50 with only 510 units traded. Scotia Bank traded at a new 52 weeks high of $70.05, up a cent, with a small volume of just 20 shares.

Active trader, Clico Investment Fund was the only able to contribute 400 shares valued at $8,628 to the market activity and declined by a cent to end at $21.57.

TTSESept30IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed the market consolidating with bids for 4 stocks being higher and 2 stocks with offers lower than their last selling price.

The bid on Grace Kennedy closed at $3.50 or JS$56 with 185,800 shares. The stock last traded at $3.32 on September 23. The increase comes partially out of the recent announcement of the resumption of the stock buyback program.

Image courtesy of Photokanok/FreeDigitalPhotos.net.

FX: More in, more out

Friday, 27th September 2013 | More flows came into the forex market on Friday than the day before, as dealers bought the equivalent of US$23.94 million and sold US$21.8 million.

All spot rates increased with the US dollar selling for 14 cents more than on Thursday at $103.50 and purchases were made at 26 cents higher at $102.74. Dealers bought US$21 million of the US dollar currency and sold US$19.78 million.

The highest and lowest rates for the US dollar were $104.30, an increase of 5 cents for the highest buying rate, while the lowest selling rate slipped by 50 cents to $100. The rates for the lowest buying and highest selling remained unchanged at $84.50 and $108.61 respectively.

FX_TRADE+Currency+Sep27The Canadian dollar buying rate climbed 30 cents to $98.24 as dealers bought C$794,469 and sold C$553,957 at 29 cents more than on Thursday and closing at a rate of $100.29. The highest buying rate for the Canadian was 10 cents up at $100.70 and the lowest was 17 cents down at $80.34. The highest selling rate was $104.11, the same rate as on Thursday and the lowest was at $96.80 or 20 cents lower than the previous closing rate.

FX_TRADE+HighLow+Sep27The British Pound gained 28 cents to close trading at $163.96 with £1,197,656 purchased by dealers and selling was for £725,296 at $167.37, $1.32 higher than on Thursday.

There was no change in the lowest buying rate for the Pound at $134.54, but the highest buying rate increased by $1.80 to close at $168.30. The highest selling rate declined by $3.98 to $169.47 and the lowest selling rate increased by $1.95 to $161.95.

JSE: Standoff continues

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Friday, 27th September 2013 | The standoff between buyers and sellers continued at the Jamaica Stock Exchange with only 17 stocks trading on a day when there were 5 stocks advancing to 2 that declined. The all Jamaica Index closed down 229.56 at 83,992.98 while the JSE composite market index closed at 84,285.07m off by 130.47 and the junior market fell by less than a point at 761.81.

On another trading day that was not very active, a total of 3,304,133 shares traded valued at only $12,213,637 as trading was dominated by Lasco Distributors with 1,446,912 units and Proven Investments 8% 930,915 units.

For the week, the market recorded a decline for the two market indices and the junior market had a slight increase. However, investors should not be fooled by the declines as the supply of stocks is low in many cases and the moving average technical indicator is flashing positive signals for the period ahead.

Main Market | The number of stocks with meaningful volume in the market were not many. However, Gleaner Company put in a volume of 60,000 as it traded firm at $1.18; Jamaica Broilers Group had only 16,254 units with the price closing at $4.90 gaining 10 cents in the process; Jamaica Producers Group traded firm at $18.25 with 20,086 shares; Kingston Wharves dropped 89 cents to $6.01 as 7,000 shares changed hands; National Commercial Bank had one of the more buoyant trading session in recent weeks with 170,697 as the price gained 60 cents to close at $19.50; Scotia Group exchanged just 1,190 units at $21 for an increase an of 21 cents. Jamaica Money Market Brokers 8.75% traded 205,000 firm at $3 with a value of $615,000 and Proven Investments 8%, 930,915 units traded firm at $5.09 for a total value of $4,738,357.

JSEIndicesSept27Junior market | Only stocks of 3 companies traded with Caribbean Producers trading 33,812 units firm at $2.10; General Accident Insurance, fresh from announcing a second interim dividend for the year, put in one of its better days with 385,896 units and closed at $1.80, up 10 cents and Lasco Distributors had a good day with 1,446,912 but closed down 6 cents to $1.44.

Market intelligence | There are limited supplies for a number of stocks. For example, National Commercial Bank has buying around the $18.50 level as buyers try to get the stocks as cheaply as possible, but there is not much selling below $24. With less than 400,000 units on offer at the end of trading on Friday, the market is thin for the stock. For Scotia Bank, some buying is around the $20-21 mark and selling mostly around $22.50 to $24. Sagicor Life has only 6 offers for less than 130,000 units between $9 and $11 while buying is between $8 to 8.50. There is good support for Pan Jamaican Investment at $48 as the stock retreated in price in recent days. Jamaica Broilers seems to have come in for some selling during the week with the price falling to the $4.60 level, while supply has increased just above $5 and demand has pulled back below $4.80.

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

TTSE: Waiting to exhale

Friday, 27th September 2013 |  Overall Market activity resulted from trading in 14 securities of which 4 advanced, 5 declined and 5 traded firm as 825,495 units traded priced at $12,833,131. This is in stark contrast to 8 advancing to 2 declining on the day before.

National Enterprises traded at a new 52 weeks high of $16.11 on Thursday and closed the week at $16.12, another 52 weeks high with miniscule volume.

First Citizens, which climbed $1 to close at $36 on Thursday, fell $1 to close at $35 with 183,959 shares trading for $6,464,811. Guardian Holdings fell 50 cents to close at $15 as 11,788 units traded. Jamaica Money Market Brokers had 362,000 shares changing hands, valued at $181,000 and closed firm at 50 cents; First Caribbean International Bank contributed 114,413 shares valued at $772,188 as the stock traded firm at $6.75; while ANSA McAL added 74,423 shares valued at $4,934,206 while losing 20 cents to close at $66.50. Trinidad Cement traded 17,751 units firm at $2.21.

National Flour Mills’ price increased by 7 cents to end the day at 86 cents with 54,158 units. Sagicor Financial, which had a big day on Thursday with 1,116,665 shares trading, only managed to move 1,490 units on Friday as the price closed at $7, off 30 cents. Clico Investment Fund, posted a volume of 2,411 shares valued at $52,025 as the price declined by $0.22 to end at $21.58.

TTSESept27With nearly half of the stocks listed having no stocks on offer, it is a pretty good indication that prices for many of these will be rising in the days or weeks ahead.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 4 stocks being higher and 2 stocks with offers lower than their last selling price.

FX: Spot rates mostly lower

Thursday, 26th September 2013 | The forex market was charaterised by falling rates on the spot market but rising rates for the highest and lowest rates for trading. The level of trading fell as buying accounted for US$21 million and selling was lower at just US$18 million.

The buying rate for the US$17.88 million purchased came out at $102.48 or 16 cents more than on Wednesday. The selling rate inched up 2 cents and closed at $103.36 for US$15.79 sold. The highest buy rate climbed by 25 cents to $104.25 and the lowest rate remained unchanged at $84.50, while the highest selling rate was unperturbed at $108.60 but 40 cents was added to the low which ended up at $100.50.

FX_TRADE+Currency+Sep26An amount of C$532,751 was purchased by dealers at a reduced rate of 48 cents to end at $97.94 and they sold C$440,109 at 78 cents less than on Wednesday at $100.20.

There was no change to the highest and lowest buying rate for the Canadian dollar of $100.60 and $80.51 respectively, but the selling rate rose $2 for the high and $1.60 for the lowest which ended at $104.11 and $96.60 respectively.

FX_TRADE+HighLow+Sep26£1,219,948 was purchased at $163.68 or $1.20 less than on Wednesday and selling was for £896,814 at $166.06, $1.04 less.

The highest buy rate for the Pound moved down by $1.60 to $166.50 and rose by $1.32 to $134.54 for the low. The highest sell rate moved up by $1.72 to $173.45 and at the low, it ended at $160.00 after rising by $1.45.

JSE: Stand off

Thursday, 26th September 2013 | Jamaica’s stock market may have improved measured by gains in today’s trading but there seems a standoff between buyers and sellers as sellers are asking prices that are generally higher than the current selling prices that buyers have been pulling in the past week or two.

Trading was slow with stocks of only 18 companies trading and just 2,444,915 units valued at $11,342,355 changing hands. The advanced decline ratio was positive at 7 to 3 as the main indices rose. The main index climbed by 292.73 to close at 84,415.54; the all Jamaica index, the best indication of the local market activity, rose 515.05 to 84,222.54 and the junior market index rose 3.56 to close at 762.70. Daily trading suggests a weak market but there are undercurrents that suggest otherwise. Watch the technical indicators, therein lies the true story and critical one is flashing bull signal.

Main Market | In today’s trading Carreras exchanged 10,870 units at $47.20 up 20 cents; Caribbean Cement 16,829 units cost $2.10 each a reduction of 10 cents; Gleaner Company’s 100,000 units resulted in a closing price of $1.18, down by a cents; Kingston Properties changed 30,000 units as the stock closed firm at $4.50; while Scotia Group chipped in with 140,959 units as the price closed firm at $21 and its subsidiary Scotia Investments added 62,192 units to the total at $26.50 each for an increase of 24 cents. National Commercial Bank lost 40 cents as the price closed at 18.60 after trading earlier at $9 but only 3,279 units changed hands.

JSEIndicesSept26Junior market | Access Financial Services 26,000 $8.50, up 22; Caribbean Producers traded 30,000 units firm at $2.10; Lasco Distributors 76,365 changed hands to close at $1.50 up by 2 cents and Lasco Financial Services participated with 1,137,554 and closed firm at $1.20.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 7 stocks being higher and 3 stocks with offers lower than their last selling price.

TTSE: Is Trini Market ready to party?

Thursday, 26th September 2013 | A number of stocks moved up quite a bit in today’s trading on the Trinidad stock market as the market enjoyed one of the more buoyant days, both in terms of the value of trading and the number of participating companies.

A look at the closing prices suggest that the market could be picking up with demand for a number of stocks and no supply being there to match the bids. It could be that with funds tied up for a nearly two months in the First Citizens Bank IPO, investors are coming back into the market to buy stocks.

Trading took place in 19 securities of which 7 advanced, 3 declined and 9 traded firm as 2,218,098 units valued at $25,102,105 crossed the floor of the Exchange.

Foremost amongst today’s trades is newly listed First Citizens Bank that climbed $1 to close at $36 with 55,270 units trading valued at $1,982,927; Clico Investment Fund jumped to $22, a gain of 45 cents as 594,899 shares valued at $12,967,359 traded; National Flour traded up on a volume of 8,856 to close at 79 cents, an increase of 2 cents; Agostini’s exchanged 10,000 shares to close at a 52 weeks high of $17.60 for a gain of 35 cents; First Caribbean International Bank put in a volume of 12,274 units to close firm at $6.75; National Enterprises put in a small volume of 1,000, enough to lift the price to a new 52 weeks high of $16.11.

TTSESept26Sagicor Financial had 1,116,665 shares changing hands for a value of $7,738,155 as the price closed at $7.30 up 30 cents for the day; Jamaica Money Market Brokers traded firm at 50 cents with 377,781 shares being traded for $188,891; while Unilever Caribbean traded 31,208 shares valued at $1,732,356 to close at $55.51, a new 52 weeks high as the price gained 9 cents in trading.

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

FX: J$ slips all round

Wednesday, 25 September 2013 | The Jamaican dollar lost value against the three main traded currencies on Wednesday as authorized dealers bought the equivalent of US$36.3 million and sold US$40.7 million.

But it was the disparity in the buying and selling of United States currency that made the greatest difference in the market, with a US$4.4 million shortfall between buying and selling, as dealers pulled in US$30.7 million at an increased rate of $102.64, up by 44 cents while they sold US$35.1 million, 31 cents more than on Tuesday at $103.34. Dealers paid as much as $104 in buying the US dollar at 25 cents more than the day before, but bought as low as $84.50, the same as the prior day. There was no change to the highest selling rate of $108.28 and it was 10 cents more on the lowest sell rate of $100.10.

FX_TRADE+Currency+Sep25The highest rate paid by dealers for the Canadian dollar was 40 cents less than the day before to end at $100.60 and 25 cents less for the low rate of $80.51, but dealers cut $2.05 off the highest rate sold at $102.11 and $1.60 off the lowest at $95. C$723,000 was sold to dealers at $98.42 up 44 cents for the day, and dealers sold C$2.25 million for a $1.13 increase to $100.98.

It cost dealers $2.20 more to purchase the British Pound at the new rate of $168 at the high end and bought the currency as low as 58 cents lower than on Tuesday at $133.22.  The Pound sold as high as $171.73, an increase of $4.03 and as low as $158.55, a reduction of $1.45.

FX_TRADE+HighLow+Sep25Dealers bought £2.57 million at a new rate of $164.88 that was $2.93 higher than the previous rate and sold £1.5 million at 167.10 up by $1.65

JSE: Trading picked up but …

Wednesday, 25 September 2013 | Trading picked up on Wednesday, but not if market activity is measured by the amount of money passing through the market. There were however, trading in stocks of 31 companies compared to just 27 on Tuesday as 3,193,450 shares valued at only $13,415,065 traded. 7 of the stocks trading increased in price to 8 that fell and the indices also reflected the narrowness by just moving very moderately by less than 40 points for each.

Main Market | On a slow day of trading Berger Paints put through 78,470 at a $2.26, unchanged for the day; Caribbean Cement had 26,125 units trading firm at $2.20; Gleaner Company had 35,416 units trading at 3 cents more at the end of the day at $1.20; Grace Kennedy had only 2,270 and closed at $54, off $2.50; Jamaica Broilers contributed just 35,000 and closed firm at $4.80. Jamaica Stock Exchange ordinary traded 7,000 units to give back the 15 cents which it gained on Tuesday to close at $2.85, the IPO price. National Commercial Bank chipped in with 99,456  shares to close up 47 cents to end at $19. Pan Jamaican Investment posted 6,354 and lost 52 cents to close at $50; Sagicor Life Jamaica contributed 17,687 units and closed firm at $8.50; Scotia Group Jamaica 37,918 shares moved the price by 44 cents to close at $21 and Seprod lost 50 cents when it traded 1,237 units at $13.50. Proven Investments 8% put in a volume of 1,478,040 at a firm $5.07 for a value of $7,523,097.

JSEIndicesSept25Junior market | Jamaican Teas traded 27,897 units firm at $4; Lasco Distributors chipped in with 13,770 units at $1.48 and Lasco Financial Services had a good day with 1,268,569 units as it closed firm at $1.20.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator was not strong as it showed bids for 4 stocks being higher and 3 stocks with offers lower than their last selling price.