JSE: Friday, 10th May 2013

Scotia companies stock skid

In a lackluster day’s trading, 3.08 million stocks at a value of $33,240,248.40 traded as 11 stocks recorded price gains against only 2 that fell in the ordinary share segment.

Both Scotia Group and Scotia Investments were the day’s big losers, the former down $1.98 to $20.02 with 512,354 units trading and the latter losing $3.08 to close at $23.03 with 324,350 shares trading. NCB gained 30 cents to close at $18.30 with 524,095 shares trading. JP traded 13,001 units and put on 32 cents to close at $15.50, Jamaica Broilers traded 309,318 units up to $4.60, 6 cents more than on Thursday. Kingston Wharves gained 30 cents in trading 12,781 units to close at $6.40 and the highest price for more than a year, Lasco Financial Services traded at an all-time high of $8.10 while Blue Power gained 17 cents to $5.85 on just 4,389 units. Grace continues to pick gains, closing at $55.75, 16 cents more than yesterday, on small volume.

JSEINdicesMay10All the indices of the market fell except the junior market the US dollar market that had no trades and the cross listed index, whereas there were no trades for overseas based companies.

TTSE: Friday, 10th May 2013

TCL dominates, Grace gains

Trinidad Cement (TCL) traded 1,297,434 shares and the price was down 2 cents to 95 cents at the end of trade. Grace Kennedy traded 35,400 units and gained 27 cents to close at $3.60 in the process. There was still unfilled demand at the end of trade at $3.61 but there were no stocks on offer. Angostura Holdings traded 44,800 units at the same price as prior to today. Grace released their first quarter result yesterday and this may have contributed to the price changes.

Trading accounted for 1.4 million units, valued at $2.33 million as two stocks registered price gains and one fell. Ten securities traded for the day.

TTSEMay10

FX: Friday, 10th May 2013

Buying exceeds selling by US$10m

USD | Trading activity in the currency market was relatively uneventful with the most watched currency against the Jamaican dollar, the US, hardly had any rates change. Authorised dealers bought US$37.5 million and sold only $27.6 million, that is almost a $10 million difference. The average buying rate for US dollars was $98.579 and the currency was sold at $99.0575. Yesterday, the rates were, buying $98.448 and selling $99.051 resulting in a minor devaluation of the Jamaican dollar against the US.

CAD | More Canadian dollars were purchased today than on Thursday. The amounts purchased was CAD$ 1.63 million and selling $885,795. Purchases of Canadian dollars cost more but sellers charged less to offload the currency today.

GBP | Today £960,233 pounds were bought compared to Thursday’s buying of £3,661 million. There was selling of £734,700, far less than the £3.04 million sold on Thursday. The rate of the pound fell in today’s trading with the buying rate off J$2.30 taking it to J$150.45, the selling rate was 46 cents lower.

Yen falls | Elsewhere the Japanese yen crossed aggressively over the 100 barrier and reached just under 102 yen to the US dollar before retreating to 101.61 at the close as the US dollar gathers strength based on what many in the market are seeing as an ever improving economic developments in the United States. The yen has climbed back from a low of 77 to one US dollar last year. The move which many expect to continue will benefit Jamaicans, making imports form that country vastly cheaper than in 2012.

FX_TRADE+HighLow+May10

FX_TRADE+Currency+May10

FX: Thursday, May 9th 2013

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Mixed FX market

GBP | The main action was in the trading of pounds sterling on Thursday as buying was up on Wednesday with £3,661 million bought compared to £779, 323 on Wednesday. The rate climbed for buying as it moved up by $1.90 over Wednesday’s price of J$150.832 to the pound. On the sell side, more than £1.56 million were sold than on Wednesday but the price slipped by 14.55 cents. The pound’s lowest buying rate moved down sharply from 130.07 to J$124.09 and was the most pronounced change in rates for the day.

CAD | The Canadian dollar was less expensive on both the buying and selling side as it took, on average, 47 cents to sell to the system but buyers were paying under a cent less for that currency.

USD | Authorized dealers bought US$24 million for 10 Jamaican cents less per US dollar and sold US$23 million for about 2 cents more than on Wednesday. Overall, the market once more traded more currency on the buy side than on the sell side. Sale of foreign currency was also less than the amount bought on Wednesday. Purchases on Thursday were less than on Wednesday and less selling also took place. There were US$9.6 million less purchases in the system and US$10.3 million less were sold than on Wednesday.

FX_TRADE+HighLow+May9

FX_TRADE+Currency+May9

Who is running the stock exchange?

The last posting on the stock exchange website for D&G is the release of the December quarter’s results posted on February 8, 2013. The exchange’s web site, on which information should be posted, did not have the release that the company would consider the payment of a dividend at a meeting to be held on May 16. How come a brokerage house had the said information posted on their website on Thursday but the exchange did not until after 9 am on Friday? What is really going on at the JSE? And where is the Financial Service Commission (FSC) in seeing to the orderly running of the capital market?

More questions | Why does the JSE put information about the trading of Proven ordinary shares in the combined trading report but at the same time, leave out the value of trade and the quantity? It makes absolutely no sense. Why should investors have to add the trading data to determine the full extent of a day’s trade? Importantly, why is the combined trading sheet that has the US$ listing as well as the US dollar index, carry the total trade but when checked, the value of trading is not included and nowhere on the report is there a notation that it is not included?

The reality is the stock exchange needs all the positive publicity it can get to interest more persons in the market. But do they see the value in fully informing the public about the total level of trading on the market? Is anyone then surprised that many persons think our market is a joke and prefer to try their luck in shark infested waters?

For example, the trade sheet section with market indices carries a column that is headed “value” and next to it “volume”. One would naturally think the value relates to the dollar value of trades, but not so. It is in fact the the closing indices for the day. The Trinidad Stock Exchange shows the section as closing indices and that seems far more logical.

The problem with our exchange | The executives think they know it best and constantly refer to international best practice for some of what they do. That however, is selective as there are other occasions that they do things when it suits them that are not done elsewhere. What about the users of the information? Should they not get trading reports that meet international best practices?

It’s time they wake up to reality. The question is who will do it.

TTSE: Thursday, 9th May 2013

Witco grabs $2.94 more

Trinidad Cement with a volume of 1,433,143 units valued at $1,395,545.50 while gaining 1 cent in price was the dominant traded stock but West Indian Tobacco stole the show with another record price up $2.94 to close the day at $110.01 on a mere 80 shares that traded for the stock. The stock closed without any on offer, the indication is that the price could go much higher in the days ahead. JMMB traded 157100 units at 50 cents around J$7.80. The stock is trading at $7 in the Jamaican Market. Guardian Holdings traded 47,204 units at $17.50 with a value of $826,070, without any price change, Neal & Massey traded 38,959 units at $59 valued at $2,298,581. Clico Investment fund traded 28.090 units at $21.08 the same price as yesterday with a value of $592,137.20.

TTSEMay9At the close, there were 6 stocks closed with bids that are higher than the closing price. These are Ansa Merchant Bank, Berger, Grace Kennedy, Prestige Holdings, Republic Bank and Scotia Investments. Praetorian Property Mutual Fund did not trade but had a bid of 102,650 shares at $3.40 each. The fund just released results to March 2013 showing a small profit of $164,533 versus $2.8 million in 2012 and a loss of $6.4 million for the year to September 2012. The book value of the fund is put at $5.43 but the entity looks illiquid with less than a $1 million in cash down from $2 million at the end of September last year.

A volume of 1,711,122 shares crossed the floor of the Exchange today valued at $5,054,669.42, as 11 securities traded with 4 advancing, 1 declining and 6 traded firm.

Clico Investment Fund was the only active security on the Mutual Fund Market, posting a volume of 28,090 shares. Clico Investment Fund remained at $21.08. Fortess Caribbean Property Fund remained at $5.00.

JSE: Thursday, 9th May 2013

Scotia Investments jumps $2.60

Scotia Investments jumped $2.80 to close at $26.15 and was the biggest mover on the day trading 8,805 units, all at $26 or above. Grace Kennedy had a bid of $56 closed which was higher than the last sale price and ended up with a gain of $0.55 to close at $55.55 having traded at a high of $56. Scotia Group closed at $22 up 79 cents on the day, Sagicor Life made amends for the fall yesterday by putting on 40 cents to close at $8. Lasco Financial Services gained 19 cents to close at $7.99, the stock traded at an all-time high today of $8. Carreras gained 50 cents to close at $57.

Advancing stocks continue to out-pace declining ones by more than 2 to 1 with 9 ordinary shares advancing to 4 falling.

JSEINdicesMay9J$34.1 million invested in 4,282,236 units of stocks traded on the Jamaican dollar segment of the market. US$947,000 was expended in the US dollar market in trading on Thursday.

Proven Investments accounted for 8,578,641 shares valued at US$947,939.83 in the US market. Just one trade took place in the stock, with Pan Caribbean Financial Services handling both sides of the trade. Data indicates that they did it on behalf of clients. The main market index and the All Jamaica Composite index recovered all the points lost yesterday, and more, in today’s trading.

Grace Kennedy traded 205,745 shares valued at $11.44 million between $55.55 and $56. Access Financial Services lost 10 cents in trading 1,363,200 shares valued at $9.54 million. Mayberry Investments crossed 1.316 million units which they bought for in-house purposes. Gleaner Company traded 2,073,109 units with a value of $2.49 million. The entire Gleaner trade was handled by NCB Capital markets on behalf of clients. NCB closed down 20 cents to $17.80 on 139,292 units valued $2.5 million. Sagicor Investment saw 104,521 units changing hands for $1.62 million, Proven’s 8% preference shares traded 470,377 worth $2.39 million, all traded at $5.09 up 6 cents on the day.

Bullish signs persists | There are still bullish signs being reflected in prices on the market with quite a few stocks still having bids that are higher than the last selling price.

ForEx: Wednesday, 8th May 2013

Rates up in trades

The average buying and selling rates inched up on Wednesday for the US and Canadian dollar. It took less for the public to buy  the Pound, while authorized dealers also paid less for the British currency than yesterday on average on a day when there were more purchases of foreign exchange by authorized dealers than by the general public for all the major currencies. Purchases in the foreign exchange market amounted to $40.278 million and $37 million were sold, with the average selling rate for the US dollar inching up to $99.0324 from $99.0056 on Tuesday. Purchases took place at an average of $98.5543 compared to yesterdays $98.5034.

ForExSummaryMay8The Canadian dollar changed hands at $97.2189 and was sold at $98.585 compared with yesterday’s $96.446 buying and $97.9598 selling. The Pound sold today for $153.6649 compared to Tuesdays $153.7841 and was bought at $150.8328 with yesterday’s trade working out at $151.1563. On both days the level of buying of pounds and Canadian dollars were well in excess of sales.

This is the first day since the start of last week that the rate of the US has actually moved against the Jamaican dollar.

The highest rates today were $104 selling for the US dollar, the same as Tuesday, and buying $99.95 versus $99.20 on Tuesday. On the low, the US dollars were bought for $81.16, the same as yesterday, and sold at a low of $97.20. Yesterday the lowest sale was at $83.26 and the purchase at $81.16.

ForExDEtailsMay8

JSE: Wednesday, 8th May 2013

Low levels of trade

The total volume of shares trading today amounted to 1,445,101 units valued at over $9,519,690. Cable & Wireless was the volume leader with 711,901 units (53.12%) followed by Mayberry Investments with 119,220 units (8.90%) closing at a price of $2.05 and Barita Investments with 100,000 units (7.46%) as the stock closed at $3 having fallen 20 cents.

There were 12 advancing stocks compared to 7 which declined but the market indices shows otherwise as all indices that were affected by trading declined except for the junior market index which rose marginally. Unlike yesterday when no stocks in the junior market traded, the 5 that traded included General Accident with 91,580 units being the highest volume and Lasco Financial traded a higher amount in dollars that General Accident with the former trading $187,583 versus $153,791 for the latter.

The JSE Market Index declined by 440.13 points (0.52%) to close at 83,824.52. The JSE Select Index declined by 28.23 points (1.23%) to close at 2,263.66.  The JSE All Jamaican Composite declined by 774.85 points (0.93%) to close at 82,508.01. The JSE Junior Market Index advanced by 2.01 points (0.32%) to close at 622.76. The JSE Combined Index declined by 418.47 points (0.49%) to close at 85,288.11.

JSEINdicesMay8Grace lost 50 cents to close at $55 although the bid was at $56 at the close, having traded 24,645 shares. Pan Jam with 300 shares trading gained $2.70 to close at $53. Scotia group shed 77 cents to close at $21.21 with 21,564 units having traded. NCB lost 80 cents to close at $18 in trading 94,952 shares

5 stocks in the junior market and 5 in the main market closed with bids above the last sale price, which means higher prices ahead. In the junior market. Caribbean Producers bid is 2 cent higher than the last selling price of $2, Access is 15 Cents higher than the last price of $7, Honey bun is just a cent over the $4 the stock last traded at and Lasco Distributors is 5 cents more than the last sale price of $9.60.

In the main market, Ciboney, D&G, Grace and Jamaica Producers and Kingston Properties are all higher than the last sale price of their stocks.

Other Stocks to Watch |  Lasco manufacturing, General Accident, Carreras, Scotia Investments, Sagicor Life, Scotia Group, and Seprod.

TTSE: Wednesday, May 8th 2013

Total trade up but . . .

Wednesday’s trading on the T&T stock exchange resulted in some 786,889 units trading as Guardian Holdings fell 50 cents as 585,855 units valued at $10.5million changed hands after the company released first quarter results that was less than the previous year’s quarter. This was mainly caused by one-off charges but with the core business doing well with profit up 29 percent without the charges.

One Caribbean Media with very good first quarter results, saw a jump in the stock price of 40 cents on the trading of 10,000 units, to end the day at $17. There were no stocks on offer at the end of trade but there was a bid for 7,587 units at $16.76. Trinidad Cement traded 146,781 units and gained just one cent in the process, to close at 96 cents. Republic Bank traded 11,110 units at $110, up 1 cent on the day.

15 securities of which 7 advanced, 3 declined and 5 traded firm as 786,889 units traded with a value of $12.17 million.

The following stocks closed with bids higher than the last selling price; Ansa Merchant Bank bid $38.51 last sale $38.50, Berger last sale $3.55 closing bid $3.58, Grace Kennedy, bid $3.32 last price $3.23, National enterprises bid $16 last sale $15.58, Point Lisa with a bid of $3.65 versus a last sale of $3.60, Scotia Investments last sale price $1.55 with the closing bid of $1.58, Republic bid is a cent above the last selling price of $110 and West Indian Tobacco bid $110 last sale $107.07.

Clico Investment Fund traded 28,941 units with a value of $610,000.