Consolidated Bakeries moves into ICTOP10 this week at a time when the local stock market was starved of funds tied up in the One on One IPO that came to the market on August 12 and helped the JSE markets to pull back in the past week, with several stocks suffering declines, but increased interest rates erroneously pushed by Bank of Jamaica seems to be a contributory factor as well.
The disclosure that Dolla Financial corresponded with Access Financial to explore merger talks, put new life into the former TOP10 stock, with increased buying in the stock this past week. Trading picked up with 115,359 units being exchanged during the week, up from 38,162 units the previous week, with the stock moving from $25 at the end of last week to $27.50 this past week.
ICTOP10 movers this past week are General Accident jumping 16 percent to $5.80. In comparison, CAC 2000 dropped 21 percent to $6.05, Medical Disposables slipped 18 percent lower at $5.71, Dolphin Cove with a decline of 8 percent to $13.65 and Caribbean Cream down 5 percent to $3.88.
The Main Market ended the week with Productive Business Solutions jumping 15 percent to US$1.15 while VM Investments popped 6 percent to $5.50, but Berger Paints lost 14 percent to $10.23 after posting six months results without second quarter numbers that would show reduced second quarter profits compared to the first quarter.
The Junior Market ICTOP10 welcomed Consolidated Bakeries, with projected earnings per share of 22 cents, with the company appearing to be breaking the old practice of limited revenue growth and small profits. See the latest profile of the company with full reporting and its prospects for the current year. General Accident says goodbye to the ICTOP10 following the recovery in the price. There were no changes in the Main market.
The average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.8, while the Junior Market Top 10 PE sits at 5.8 versus the market at 12.7. The Junior Market is projected to rise by 260 percent and the Main Market TOP10 is projected to gain an average of 246 percent each to May 2023.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. 
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 emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
A total of 9,619,389 shares were traded for $29,679,783 down from 11,732,727 units at $36,312,222 on Thursday. Trading averaged 218,622 shares at $674,541 compared to 272,854 shares at $844,470 on Thursday with month to date, averaging 410,654 units at $1,369,723 compared to 425,878 units at $1,424,836 on the preceding trading day. July closed with an average of 512,709 units at $2,574,304.
At the close, Access Financial declined 50 cents to end at $27.50, with 22,096 shares clearing the market, Blue Power dipped 55 cents to $3.20 in transferring 3,290 stocks, CAC 2000 dropped 94 cents to $6.05 after trading 4,483 units. Caribbean Assurance Brokers lost 10 cents to close at $2.72, with 91,217 stock units crossing the market, Caribbean Cream fell 41 cents to $3.88 in trading 82,455 units, Dolphin Cove shed 36 cents in closing at $13.65 after exchanging 16,813 stock units. Elite Diagnostic dropped 12 cents to close at $3.32 after trading 1,200 shares, Everything Fresh advanced 18 cents to end at $1.68, with 313,440 stock units traded, Fontana declined 65 cents to $9.20 with investors transferring 15,869 units. General Accident gained 60 cents to $5.80 in an exchange of 1,960 stocks, Indies Pharma lost 13 cents to end at $2.95 in exchanging 51,559 stock units, Iron Rock Insurance dipped 29 cents to close at $2.71, with 1,000 shares crossing the exchange. Jamaican Teas shed 25 cents to end at $2.50 after the transfer of 2,128,486 shares, KLE Group rallied 19 cents in closing at $2.04 while exchanging ten units, Lasco Distributors climbed 12 cents to $3 with the swapping of 867,211 stocks. 
Lasco Financial popped 14 cents in closing at $2.85 as investors exchanged 194,769 stock units, Main Event fell 89 cents in ending at $7.01, with 6,993 stocks changing hands, Medical Disposables fell 98 cents to end at $5.71 after 6,119 units crossed the market and Stationery and Office Supplies rose 50 cents to close at $18 in switching ownership of 2,501 shares.
A total of 11,732,727 shares traded for $36,312,222 compared to 8,962,203 units at $34,135,300 on Wednesday. Trading on Wednesday averaged 272,854 shares at $844,470 compred to 224,055 shares at $853,383 on Wednesday with month to date, averaging 425,878 units at $1,424,836 compared to 438,729 units at $1,473,578 on Wednesday the previous trading day. July closed with an average of 512,709 units at $2,574,304.
At the close, Access Financial rose $2 in closing at $28 with 21,926 stock units changing hands, Blue Power gained 10 cents to end at $3.75 after a transfer of 2,282 units, EduFocal increased 10 cents to $2.85 after 99,395 stocks crossed the market, Elite Diagnostic climbed 12 cents to close at $3.44 as investors exchanged 107,162 units, Express Catering lost 10 cents in ending at $5.50 after trading 2,042 stock units. Future Energy Source popped 11 cents in closing at $5.69 after exchanging 391,965 stocks, Honey Bun advanced $1.12 to end at $8.10 in exchanging 9,740 shares, Iron Rock Insurance rose 28 cents to close at $3 with investors transferring 1,038 units. Lasco Financial fell 22 cents to $2.71 after exchanging 65,403 shares, Lumber Depot added 16 cents to close at $3.15, with 6,382,627 stocks crossing the market, Main Event increased 40 cents to $7.90 and finished trading six stock units. 
Medical Disposables dipped 31 cents in closing at $6.69 with 1,000 stocks changing hands, Stationery and Office Supplies declined 50 cents to end at $17.50 with an exchange of 1,271 shares and tTech climbed 30 cents ending at $3.30 in trading 80,431 units.
A total of 8,962,203 shares were traded for $34,135,300 down from 11,789,430 units at $42,079,092 on Tuesday. Trading averaged 224,055 shares at $853,383 against 287,547 shares at $1,026,319 on Tuesday, with the month to date, averaging 438,729 units at$1,473,578 compared to 456,922 units at $1,526,137 on the previous trading day. July closed with an average of 512,709 units at $2,574,304. Dolla Financial led trading with 1.85 million shares for 20.6 percent of total volume followed by Future Energy Source with 1.50 million units for 16.7 percent of the day’s trade and Derrimon Trading with 962,107 units for 10.7 percent market share.
The PE Ratio, a measure used to compute appropriate stock values, averages 13. The PE ratios of Junior Market stocks are computed using ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
Indies Pharma advanced 14 cents to $3.13 while exchanging 32,212 units, Main Event rallied $1 to $7.50 in switching ownership of 153,853 stocks, Spur Tree Spices increased 18 cents to $3.88 in trading 211,237 stock units. MFS- SSL Venture fell 11 cents to close at $4, with 14,208 stock units crossing the market and Stationery and Office Supplies lost 48 cents in closing at $18 with a transfer of 22,031 units.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and three with lower offers.
Jamaican Teas increased 25 cents to $2.83, with 2,787,553 shares changing hands, Lasco Distributors declined 17 cents to $2.93, with 45,192 units clearing the market, Limners and Bards shed 10 cents to $2.77 with an exchange of 11,920 stock units. Main Event lost 50 cents to close at $6.50 after trading 5,330 stocks, Spur Tree Spices dropped 18 cents to end at $3.70 while exchanging 81,516 shares and SSL Venture rallied 46 cents in ending at $4.11 with an exchange of 17,629 units.
A total of 27,482,829 shares were traded for $83,901,578, up from 15,869,218 units at $64,508,991 on Friday. Trading averaged 624,610 shares at $1,906,854 compared to 377,839 shares at $1,535,928 on Friday with month to date, averaging 473,034 units at $1,573,683 compared to 455,801 units at $1,535,803 on the previous trading day. July closed with an average of 512,709 units at $2,574,304.
At the close, Access Financial climbed $2.34 to $27.34 after the price hit a 52 weeks’ intraday high of $30.74, with investors grabbing 59,276 shares, Blue Power declined 24 cents to close at $3.41, with 32,531 stocks crossing the exchange, Cargo Handlers lost 10 cents in closing at $14.90 with an exchange of 16 units. Caribbean Cream rose 20 cents to $4.29 in an exchange of 258 stock units, Dolphin Cove advanced 19 cents to $14.99 after trading at 184,984 stock units, EduFocal increased 24 cents to $2.98, with an exchange of 1,860,911 units. Elite Diagnostic popped 28 cents to close at $3.68 while exchanging 143,493 stocks, Everything Fresh gained 20 cents in closing at $1.37 with an exchange of 64,834 shares, Express Catering shed 10 cents to end at $5.40 in exchanging 6,025 units. Fontana fell 44 cents to $9.74, with 55,150 shares changing hands, Fosrich rallied 20 cents to $3.49 after 990,791 stocks passed through the market, Future Energy Source advanced 56 cents to end at $5.85 in switching ownership of 3,854,348 stock units as investors responded to the sharp jump in the June quarter profit. 
Indies Pharma dropped 21 cents to $2.94 after trading 9,631 shares, Jamaican Teas dropped 12 cents to close at $2.58, with 60,336 stock units changing hands, Lasco Distributors increased 10 cents to $3.10 after exchanging 12,385 units. SSL Venture fell 45 cents to $3.65 after exchanging 120,654 stocks, Stationery and Office Supplies shed 50 cents in ending at $18.50 with 2,871 stock units clearing the market, Tropical Battery gained 15 cents to $2.80 after exchanging 331,727 shares and tTech declined 48 cents to end at $3.02 with 78,529 units clearing the market.
Investors reacted the first chance they had and drove the prices of both stocks higher on Friday.
The Main Market ended the week with 138 Student Living jumping 23 percent to $5 and is likely to rise further, with the company posting solid results after the market closed, with earnings of 21 cents for the June quarter and 58 cents per share for the nine months to June. Berger Paints rose 8 percent to $11.93, VM Investments popped 4 percent to $5.20 and Guardian Holdings reversed most of the previous week’s gain by dropping a sharp 22 percent from $650 to $506.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. 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 emotions in selecting stocks for investments that often result in costly mistakes.
The above stocks recorded sizable gains at the close, but undervalued Access put on $5.79 as some sellers of the stock withdrew offers.
The PE Ratio, a measure of computing appropriate stock values, averages 12.8. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial years that fall between November this year and August next year.
Lasco Financial climbed 23 cents to $2.94 with an exchange of 47,418 stocks, Lasco Manufacturing lost 10 cents in ending at $4.20 after exchanging 25,540 units. Mailpac Group popped 20 cents to end at $2.35 in an exchange of 97,329 shares, Main Event fell $1 in closing at $7 after trading 17,053 stocks, SSL Venture advanced 48 cents to close at $4.10, trading 1,241 stock units. Stationery and Office Supplies rose $2 to $19 with 551,490 clearing the market units after the company posted profits that jumped nearly 200 percent to $174 million and declared a dividend of 18 cents per share and Tropical Battery dropped 10 cents to $2.65 in switching ownership of 133,290 shares ahead of the company reporting profits that more than doubled to $54 million in the June quarter from $25 million in 2021 and half nine months of $144 million compared to $59 million last year.
The PE Ratio, a measure used in computing stock values, averages 12.6. The PE ratios of Junior Market incorporate ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
In closing, Cargo Handlers popped $1 to $15 after trading 4,163 shares, Consolidated Bakeries gained 17 cents in closing at $1.56 after switching ownership of 62,312 stocks, Dolphin Cove lost 17 cents to end at $14.83 in an exchange of 591 stock units. EduFocal rose 33 cents to $2.75 in exchanging 1,045,050 units, Express Catering shed 38 cents to close at $5.15, with 10,120 shares crossing the exchange, Fontana increased 22 cents in closing at $9.79 after trading 34,156 stocks. Fosrich rallied 15 cents to $3.37 in trading 647,712 stock units, GWest Corporation advanced 10 cents to end at $1, with 597 units changing hands, iCreate climbed 45 cents to close at $4 after exchanging 50,634 shares. Jamaican Teas declined 10 cents to $2.85 with an exchange of 772,230 units, Knutsford Express rose 10 cents to $7 after 10,000 stocks crossed the market, Lasco Distributors dropped 25 cents to a 52 weeks’ low of $2.85 after trading 58,030 stock units. Lasco Financial fell 23 cents in closing at $2.71 with 500 shares changing hands, Lasco Manufacturing increased 10 cents to end at $4.30 with 22,482 stock units clearing the market, Mailpac Group declined 12 cents to close at $2.15 while exchanging 204,030 stocks. 
Main Event climbed $1 in closing at $8 with the swapping of 13 units, Medical Disposables rallied 95 cents to end at $7, with one share crossing the market, Stationery and Office Supplies fell 94 cents to $17 in trading 54,856 units and Tropical Battery popped 11 cents to $2.75 with 233,615 stock units passing through the exchange.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and two with lower offers.
Jamaican Teas rallied 30 cents in closing at $2.95 in an exchange of 1,851,771 stock units, Lasco Manufacturing lost 35 cents in ending at $4.20 with an exchange of 57,063 stocks, Lumber Depot declined 10 cents to end at $2.90, with 133,266 units changing hands. Main Event advanced 90 cents to close at $7 after exchanging 25,517 units and Stationery and Office Supplies increased 44 cents to $17.94 in trading 12,919 stocks.
