In Friday’s trading on the Stock Exchange, the prices of 4 stocks rose and 8 declined as 24 securities traded resulting in 6,969,870 shares changing hands, valued at $58,489,956. Main Market| Only 4 companies in the main market advanced in price and 3 declined as the indices closed up with the JSE Market Index rising by 319 points to 73,381.97 and the JSE All Jamaican Composite index gaining 356.70 points to close at 80,762.55.
Gains| Stocks recording gains at the end of trading in the main market are Cable & Wireless with 17,115 units changing hands to close at 31 cents with a one cent gain, Caribbean Cement with 16,500 stock units to close at $3.55, up by 4 cents, Kingston Wharves 8,396 shares to close at$5.50 for a 50 cents gain and Scotia Investments with 2,200 shares to close up by $1 at $25.50.
Firm| The stocks in the main market to close without a change in price are Berger Paints with 50,444 shares to close at $1.67, Carreras with 3,650 stock units to close at $34.75, Grace Kennedy 2,000 stock units to close at $55, Hardware & Lumber 4,000 shares to close at $10.20, Jamaica Money Market Brokers 8.75% preference share, 145,400 units to end at $3.03, Mayberry Investments 2,761 units to close at $1.80, Pan Jamaican Investment 1,000 shares to close at $48.60, Proven Investments 900 ordinary shares to close at 18 US cents and Proven Investments 8% preference share with 5,000 units to end at $5.09.
Declines| The number of stocks that declined in the main market are Barita Investments with 52,500 shares while closing at $2 with a 30 cents fall, Jamaica Broilers 3,000,000 units and closed at $4.70 with a one cent loss and Jamaica Money Market Brokers with 231,503 ordinary shares to close at $7.30 down by 11 cents.
Junior Market| The JSE Junior Market Index declined by 5.06 points to close at 728.25 with only 6 stocks traded, none advanced and 3 declined.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are Access Financial with 4,900 shares to end at $11.50, Dolphin Cove with 5,529 units and closed at $8.10, Paramount Trading 32,722 units to close at $2.68.
Declines| Stocks declining in the junior market at the end of trading are Caribbean Producers that traded 220,900 units to close at $2.73 down 2 cents, General Accident with 19,798 shares to close at $1.49 with a loss of a cent and Lasco Manufacturing with 16,800 stock units to close at $1.15 with a 1 cent fall.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 5 stocks with offers that were lower.
Little price movements on Wednesday
In Wednesday’s trading on the Jamaica Stock Exchange the prices of 4 stocks rose and 3 declined as only 20 securities traded resulting in 7,422,171 shares changing hands valued at $29,572,563.
Main Market| On a day when few stocks recorded price changes, only 3 companies in the main market advanced and 3 declined as the indices moved down marginally with the JSE Market Index slipping by 40.55 points to 72,978.93 and the JSE All Jamaican Composite index easing 45.34 points to close at 80,311.88.
Gains| Stocks recording gains at the end of trading in the main market are National Commercial Bank with 6,320 shares to close with a gain of 25 cents at $18, Pan Jamaican Investment had 35,274 changing hands to close up by 14 cents to end at $48.20 and Sagicor Real Estate Fund with 20,100 units, closed with a 10 cents gain at $6.60.
Firm| 11 stocks in the main market closed without a change in price as Berger Paints traded 55,000 shares in closing at $1.67, Cable & Wireless traded 640,000 units and closed at 30 cents, Caribbean Cement 42,175 units to close at $3.50, Carreras 79,670 shares to end at $34.75, Desnoes & Geddes 400 shares to close at $4.40. Jamaica Money Market Brokers 7.50% preference share, 700,000 units at $2 and the 8.75% preference share traded 1,839,490 units at $3.03, Sagicor Group 798,136 units to close at $9.35, Scotia Group with 45,660 shares to close at $19.70, Scotia Investments 5,010 shares at $24.50 and Supreme Ventures 2,789,233 units to close at $2.10.
Declines| The stocks that declined in the main market are Jamaica Money Market Brokers with 7,382 units while losing 5 cents to end at $7.35, Kingston Properties with 13,500 shares to close with a 10 cents loss at $4 and Kingston Wharves with 80,504 shares as the price closed at $5 with a fall of 75 cents.
Junior Market| The JSE Junior Market Index declined by 0.34 points to close at 732.85 as only 3 stocks traded with 1 advancing and none declining.
Gains| Caribbean Producers was the only stock gaining at the end of trading in the junior market as 54,733 units traded to close at $3, up a cent.
Firm Trades| The stocks in the junior market that traded to close at the same price as the trading day before are Access Financial with 207,002 units at $11.50 and Dolphin Cove that closed at $8.10 with 2,582 units changing hands.
Declines| There were no stocks declining in the junior market at the end of trading on Wednesday.
IC bid-offer Indicator| At the close of the market the Investor’s Choice bid-offer indicator had 8 stocks with the bid higher than the last selling price and 6 stocks with offers that were lower.
Main indices up but junior eases
In Tuesday’s trading on the Jamaica Stock Exchange the prices of 8 stocks rose, 11 declined as 31 securities traded resulting in 7,099,320 shares changing hands valued at $45,025,458.
Main Market| Seven (7) companies in the main market rose, 5 declined as the indices moved up with the JSE Market Index gaining 526.88 points to 73,019.48 and the JSE All Jamaican Composite index moving up 589.14 points to close at 80,357.22.
Gains| Stocks recording gains at the end of trading in the main market are Carreras trading 60,623 shares to close with a gain of 75 cents at $34.75, Jamaica Money Market Brokers 5,000 units to close at $7.40 with a 10 cents gain, Radio Jamaica with 4,462 shares to close with a gain of a cent at $1.29, Sagicor Group with 534,732 units to close with a gain of 20 cents at $9.35, Sagicor Real Estate Fund 119,402 shares to close 20 cents higher at $6.50, Scotia Group 357,781 units to close at $19.70 as the price rose by 19 cents and Scotia Investments 9,780 shares to close with a gain of $1.40 at $24.50.
Firm| 7 main market stocks closed without a change in price as Berger Paints with 7,899 shares closed at $1.67, Cable & Wireless with 1,076,240 units closed at 30 cents, Jamaica Broilers 482,878 shares to close at $4.71, Jamaica Money Market Brokers 7.50% preference share 75,000 units and closed at $2, Jamaica Producers 5,201 shares to close at $18.26, Kingston Wharves 8,106 units as the price closed at $5.75 and Mayberry Investments 2,040 shares to close at $1.75.
Declines| The stocks that declined in the main market are Caribbean Cement with 3,036 shares trading while losing 10 cents to end at $3.50, Desnoes & Geddes with 3,002,000 shares in closing at $4.40 for a 9 cents loss, Grace Kennedy 14,320 units to close at $55 with a loss of $1.50, National Commercial Bank 512,600 shares to close at $17.75, down by 35 cents, and Seprod with 40,667 units in closing at $10.75 for a 50 cents decline.
Junior Market| The JSE Junior Market Index declined by 2.45 points to close at 733.19 as 12 stocks traded with 1 advancing and 6 declining.
Gains| Blue Power traded 200,000 shares to close 9 cents higher at $9.10 as was the only junior market stock to rise.
Firm Trades| Stocks in the junior market stocks that traded to close at the same price as the day before are Access Financial with 24,575 units changing hands to close at $11.50, AMG Packaging with 5,558 units at $3.49, Derrimon Trading with 286,000 shares to close at $2.28, Knutsford Express traded 3,020 units to close at $5.17 and Lasco Distributors 41,000 units in closing at $1.35.
Declines| Stocks declining in the junior market at the end of trading are Cargo Handlers with 220 units at $14.31 with a fall of 4 cents, Caribbean Cream with 12,530 units to close with a fall of 7 cents at 72 cents, Caribbean Producers with 32,900 shares to close at $2.99 with an fall of 11 cents, Dolphin Cove 19,700 units at $8.10 for a 10 cents decline, Lasco Manufacturing 128,850 shares to end with a fall of 14 cents at $1 and Medical Disposables with 23,200 units in closing at $2 for a 4 cents fall.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 8 stocks with the bid higher than the last selling price and 8 stocks with offers that were lower.
JSE Market gives up much ground
In Wednesday’s trading on the Jamaica Stock Exchange the market slipped more than it gained on Tuesday as big capitalisation stocks, Desnoes & Geddes, Sagicor Group and Cable & Wireless slipped in value with the prices of 5 stocks rising and 9 declining as 24 securities traded resulting in 8,461,785 shares changing hands valued at $29,734,524. At the close market sentiment was reflecting continued negative movements for a while.
Main Market| Only 4 companies in the main market advanced and 8 declined as the indices plummeted with the JSE Market Index dropping by 2,428.50 points to 73,614.29 and the JSE All Jamaican Composite index shedding 2,715.48 points to close at 81,022.33.
Gains| Stocks recording gains at the end of trading in the main market are Hardware & Lumber trading 64,500 shares to close with a gain of $1.30 cents at $11.80, National Commercial Bank with 7,976 units changing hands to close at $18.50and gained 40 cents, Caribbean Cement with 84,939 shares to close at $4, with an increase of 10 cents and Scotia Group only 500 shares to close at $20.55 for a 5 cents gain.
Firm| There were only 6 stocks in the main market to close without a price change as Jamaica Broilers with 22,080 shares closed at $4.85, Jamaica Money Market Brokers 8.50% preference share traded 10,000 units and closed at $3.50, Jamaica Money Market Brokers 8.75% preference share closed at $3.03 while exchanging 221,600 shares, Proven Investments 8% preference share traded 612,900 units at $5.09 followed by Seprod with 171,083 units at $10.80 and Supreme Ventures with 17,000 units to close at $2.10.
Declines| On a day when declining stocks overwhelmed advancing ones, the number of stocks that declined in the main market are Cable & Wireless with 1,903,766 shares as investors tried to get out of the stock as it the closed at 40 cents having slipped by 4 cents, Desnoes & Geddes with 697,860 shares while losing 40 cents to end at $4.10, Gleaner with 8,000 shares to close 5 cents lower at $1.10, Grace Kennedy 40,258 units in closing at $56.50 as the price slipped a cent, Pan Jamaican Investment with 97,716 shares in closing at $48.51 down by 54 cents, Radio Jamaica 24,000 units traded to close 4 cents lower at $1.28 and Sagicor Group with 576,077 shares closed at $8.90 with the fall of 13 cents.
Junior Market| The JSE Junior Market Index declined by 2.99 points to close at 750.39 as 7 stocks traded with only one advancing and 2 declining.
Gains| Lasco Financial traded 41,000 units to close at $1.30, up 10 cents, was the only stock with a gain at the end of trading in the junior market.
Firm Trades| 4 stocks in the junior market traded to close at the same price as the day before with Caribbean Flavours trading 11,121 units at $2.70, Caribbean Producers 121,513 shares to end at $3, Consolidated Bakeries 40,000 units in ending at $1.10 and Lasco Manufacturing with 1,066,000 shares to end at $1.20.
Declines| Stocks declining in the junior market at the end of trading are Dolphin Cove trading 222,681 units at $8.20 for a 3 cents fall and Lasco Distributors 2,399,215 shares at $1.30 down 5 cents.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator flashed negative sentiment showing 5 stocks with the bid higher than the last selling price and 9 stocks with offers that were lower.
Dolphin Cove considers dividend
The Board of Directors of Dolphin Cove will consider a dividend payment at a meeting to be held on October 28, 2013.
Dolphin Cove paid an interim dividend of 10 cents per share on September 16, 2013. The company previously paid a dividend of 10 cents per share on June 6, 2013, as well as one in March this year.
Related posts | Dolphin continues to grow | Growth slows for Dolphin
Image courtesy of Bill Longshaw/FreeDigitalPhotos.net
Dolphin continues to grow
Dolphin Cove reported improved profit for the six months to June of $221 million compared to $195 million in 2012, an increase of 13 percent and for the three months to June, $103 million versus $84 million, a 22.6 percent gain. Total revenue for the six months to June was $787 million versus $706 million in June 2012, an 11 percent increase and $393 million for the June quarter compared to the previous year’s $344 million for a 14 percent change.
Gross profit rose 11 percent year to date to $696 million and was up 13 percent in the recent quarter. Administrative cost rose faster than revenues 20.6 percent for the six months but 25 percent in the June quarter. Interest cost declined from $11 million in the six months last year to just $1 million for 2013.
Both revenues and profits would have been negatively affected by the slowdown in visitor arrivals this year and would have slowed growth somewhat.
The consolidated financial position of the Group is strong, showing a healthy net current assets over current liabilities of $252 million position with cash funds and investments of $205 million, but the position is boosted by increased borrowing for capital spend for fixed assets and new dolphins with $174 million spent on animals in the last twelve months in preparation for expansion. This is in keeping with the company’s plan to open and operate additional parks in other Caribbean countries where they acquired real estate and additional dolphins for the attractions.
Notwithstanding the investment in fixed assets, the company paid dividends (20 cents per share) during the six month period.
The stock is priced at $9 each and carries a PE of more than 10 times this year’s estimated earnings, which should be around 80 cents per share. Based on the value, the stock would be Hold Rated.
Related posts | Growth slows for Dolphin | Dividends to come
Image courtesy of Bill Longshaw/FreeDigitalPhotos.net
Growth slows for Dolphin
Dolphin Cove seems to have reached a stage of relative maturity in the Jamaican Market as evidenced by a moderate revenues increase of 9 percent in the March quarter this year compared to the prior year. Management indicates that the level of increase experienced is due largely to their marketing and selling efforts.
This increase in revenue primarily contributed to a 7 percent increase in net profits when compared to Q1 of 2012. In the quarter, profits of $117.5 million was made while the 2012 figure was $110 million. The company delivered total revenues of $395 million in the quarter and in 2012 $363 million.
Expenses increased at a higher rate than the increase in revenues, particularly at the Hanover Park due to the allocation of more of the central administrative and marketing costs to that operation than in the prior period. Overall, team member costs increased by 10 percent as of May 2012 which affected Q1 2013 and not Q1 in 2012. The other parks recorded an increase in profits of 67 percent as the Half Moon Hotel’s new management has delivered better attendance, the company stated in a release with the results.
Management expects that the reopening of several hotels which have been closed for renovation or expansion and the change of hotel brands such as Breezes Runaway Bay and Hedonism 3 to Jewel and also Ritz Carlton to Playa, (operators of the Secrets and Barcelo brands) should have a very positive effect on park attendance . The planned reopening of the Starfish Hotel in Trelawny and the expansion of RIU in Montego Bay to open later this year should give a further boost.
Financial Finances are in a very healthy state even after funding expansion from internal sources. Cash funds held at $150 million, current assets exceed current liabilities 2 to 1, which means they are in a great position to fund short commitments. Equity is $1.2 billion and debt capital is around $120 million.
Expansion overseas | The company has acquired land overseas for another park, which is where most of the future growth will come from.
The stock is currently priced in the $8 region, a bit pricey based on other stocks in the market but time will allow the valuation of others to catch up with Dolphin.
Dividends to come
The Board of Directors of Desnoes & Geddes (D&G) has advised that they will meet on Thursday, May 16, 2013 to consider the payment of a second interim dividend for the year 2013. On the same date the Board of Directors of Pan-Jamaican Investment Trust will meet to consider the payment of a second interim dividend for the year.
If the dividend is approved, Desnoes & Geddes would be returning to the regular practice of paying two dividends per year, which was suspended when the operations was faced with challenges after the global economic crisis took full effect in Jamaica. The company paid 20 cents per share in December.
Pan Jamaican already made a payment of $1.10 cents in March and if the Board approves, it would be the second of four for the year and likely to be $0.50.
The Board of Directors of Dolphin Cove has declared a dividend of $0.10 per share payable on June 6, 2013 to shareholders on record as at May 20, 2013. The ex-dividend date is May 16, 2013. This payment is likely to be the second of three for the year having paid one in March already.
