VM Investments in TOP 10

VM Investments press conference for launch its IPO. from left is Michael McMorris – Chairman of VMBS, Courtney Campbell Group CEO, Devon Barrett CEO of VMIL and Janice McKenley – Group Chief Financial Offer.

Initial Public offerings were all the rage in Jamaica Stock Market this past week, with three IPOS opening and closing during the week all being oversubscribed and one new one coming to market to open on Monday and expected to close on the same day.
The focus on IPOs negatively affected trading in the secondary market with the Junior Market giving up almost all of the gains make in the first half of the year. The week ended with no movement in and out of the TOP 10 Junior Market stocks but VM Investments is a new one in the Main Market list along Pulse Investments that returned with a fall in the stock price during the week, and out goes Wisynco and Sagicor Group.
As indicated last week, the bulk of Wisynco’s gain should come in the latter part of 2018, based on current operations that should deliver earnings of 70 cents for the current year and $1 for the next fiscal as the company continues to recover from the ravages of the fire back in 2016. Much is expected from VM Investments that is priced to bounce well. Investors ought to bear in mind that that has the year closely, they will be changes to the TOP list for 2018, quite a number on the current list are expected to repeat in 2018.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended the week at 7.9 and a PE of 8 for the main market TOP 10. The average PE for the overall main market is 14.1 and 12.6 for the Junior Market, based on 2017 estimated earnings.
At the close of the week, discount for both the main and Junior markets have virtually merged, with the IC Insider.com’s TOP 10 stocks now trading at an average discount of 44 percent to the average of the market for Junior Market Top stocks and 46 percent for the main market.
Market Watch| The two markets retreated sharply over the past two weeks and broken through support levels with some individual stocks pulling back and pushing the market index down markedly, but the main market seems to have found a bottom and may be on the way up now that the major IPOs are closed. The junior market could be going through a consolidation phase for a while, at least that is what the market seems to be suggesting.
Investors should still keep a keen eye on Caribbean Cement for which supply seems to be declining fast, Cable & Wireless that appears scarce under $1, NCB Financial, Berger Paints, JMMB Group, Main Event, Lasco Financial, Paramount Trading and Stationery and Office.

Stability for Jamaican$ on Friday

In a week when the Jamaican dollar continues to gain in value against the US dollar, the local currency slipped modestly in foreign currency trading on Friday, with inflows rising over Thursday’s intake and ending higher than outflows.
The local currency fell against the euro and British Pound but fell gained against the Euro.
On Friday, the rate the public bought the US dollar at, rose to $125.82 as dealers sold US$50.39 million in US currency, compared US$38.83 million at an average rate of $125.81 on Thursday. US currency purchases by dealers amounted to US$40.20 million on Friday, at an average rate of $124.83, compared to Thursday, with US$44.92 million at $125.
On Friday at midday dealers purchased US$13.5 million at an average rate of J$125.27 and sold US$16.47 million at an average of J$125.83.
At mid-day on Thursday dealers purchased US$10.71 million at an average rate of J$125.15 while they sold US$12.19 million at an average of J$125.79.
Dealers’ purchased US$51.76 million, versus US$50.94 million on Thursday in all currencies in Jamaica’s Forex market and sold US$63.86 million compared with US$43.20 million sold, previously.
The selling rate for the Canadian dollar rose to J$98.31 from J$98.05 at the close on Thursday. The selling rate for the British Pound rose to J$168.91 versus J$168.51 previously and the euro lost value against the Jamaican dollar at J$146.96 to buy the European common currency, versus the prior selling rate of J$150.17.

More gains in value for Jamaican$

The Jamaican dollar made further gains against the US dollar trading in trading in the Jamaica’s foreign currency market on Thursday with inflows rising over Wednesday’s intake and ending higher than outflows.
The local currency made gains against the Canadian dollar but fell against the British Pound and the Euro.
On Thursday, the rate the public bought the US dollar at, slipped to $125.81 as dealers sold US$38.83 million in US currency, compared US$43.18 million at an average rate of $125.91 on Wednesday. US currency purchases by dealers amounted to US$44.92 million on Thursday, at an average rate of $125, compared to Wednesday, with US$38.53 million at $124.73.
On Thursday at midday dealers purchased US$10.71 million at an average rate of J$125.15 and sold US$12.19 million at an average of J$125.79.
At mid-day on Wednesday dealers purchased US$15.85 million at an average rate of J$125.30 while they sold US$11.25 while they sold US$11.25 million at an average of J$125.91.
Dealers’ purchased US$50.94 million, versus US$44.15 million on Wednesday in all currencies in Jamaica’s Forex market and sold just US$43.20 million compared with US$47.42 million sold, previously.
The selling rate for the Canadian dollar fell to J$98.05 from J$98.72 at the close on Wednesday. The selling rate for the British Pound rose to J$168.51 versus J$168.42 previously and the euro gained value against the Jamaican dollar at J$150.17 to buy the European common currency, versus prior selling rate of J$149.65.

Jamaican$ gains against all 4 currencies

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US dollar trading in Jamaica’s foreign currency market declined on Wednesday with inflows falling below outflows with the rate to buy the US dollar by the public, slipping modestly the local dollar also gained against the other three major currencies.
On Wednesday, the Jamaican dollar rate the public bought the US dollar at, slipped to $125.91 as dealers sold US$43.18 million in US currency, down from US$61.50 million at an average rate of $125.94 on Tuesday. US currency purchases by dealers amounted to US$38.53 million on Wednesday, at an average rate of $124.73, compared to Tuesday, with US$66.68 million at $125.09.
On Wednesday at midday dealers purchased US$15.85 million at an average rate of J$125.30 while they sold US$11.25 million at an average of J$125.91.
At mid-day on Tuesday dealers purchased US$28.15 million at an average rate of J$125.39 while they sold US$13.70 million at an average of J$125.76.
Dealers’ purchased US$44.15 million, versus US$70.48 million on Tuesday in all currencies in Jamaica’s Forex market and sold just US$47.42 million compared with US$63.75 million sold, previously.
The selling rate for the Canadian dollar fell to J$98.72 from J$99.02 at the close on Tuesday. The selling rate for the British Pound slipped to J$168.42 versus J$168.81 previously and the euro fell in value against the Jamaican dollar at J$149.65 to buy the European common currency, versus prior selling rate of J$149.90.

US dollar trading jumps

US dollar trading in Jamaica’s foreign currency market climbed on Tuesday with inflows exceeding outflows with the rate to buy the US dollar by the public, rising by 18 Jamaican cents, the first time in a week.
On Tuesday, the rate of exchange to buy the US dollar by the public, rose to $125.94 as dealers sold US$61.50 million in US currency, up strongly from US$48.69 million at an average rate of $125.76 on Monday. US currency purchases amounted to US$66.68 million on Monday, at an average rate of $125.09, compared to Monday, with US$56.75 million at $124.94.
On Tuesday at midday dealers purchased US$28.15 million at an average rate of J$125.39 while they sold US$13.70 million at an average of J$125.76.
At mid-day on Monday dealers purchased US$19.60 million at an average rate of J$125.20 while they sold US$15.74 million at an average of J$125.73.
Dealers’ purchased US$70.48 million, versus US$61.32 million on Monday in all currencies in Jamaica’s Forex market and sold just US$63.75 million compared with US$50.73 million sold, previously.
The selling rate for the Canadian dollar jumped to J$99.02 from J$96.77 at the close on Monday. The selling rate for the British Pound climbed to J$168.81 versus J$168.62 previously and the euro held value against the Jamaican dollar at J$149.90.

It cost J$125.76 for one US dollar

The rate for to buy the US dollar by the public in Jamaica’s foreign currency market, dropped by 22 Jamaican cents on Monday, as inflows into the market exceeding outflows by US$8 million.
On Monday at midday dealers purchased US$19.60 million at an average rate of J$125.20 while they only sold US$15.74 million at an average of J$125.73.
At mid-day on Friday dealers purchased US$7.7 million at an average rate of J$125.24 while they sold US$6.96 million at an average of J$125.98.
On Monday, the rate of exchange to buy the US dollar by the public, declined for the fifth consecutive day to end at  $125.76, as dealers sold US$48.69 million in US dollars, compared to US$30.35 million at an average rate of $125.98 on Friday. US currency purchases amounted to US$56.75 million on Monday, at an average rate of $124.94, compared to Friday, with US$30.77 million at $124.73.
Dealers’ purchased US$61.32 million, versus US$34.27 million on Friday in all currencies in Jamaica’s Forex market and sold just US$50.73 million compared with US$32.6 million sold, previously.
The selling rate for the Canadian dollar dropped to J$96.77 from J$98.60 at the close on Friday. The selling rate for the British Pound slipped to J$168.62 versus J$169.10 previously and the euro gained value against the Jamaican dollar, moving to J$149.90 to buy the European common currency, versus prior selling rate of J$150.96.

Jam Teas, Blue Power & Wisynco in TOP 10

In a week of big price movements in the market three new stocks moved into the TOP 10 at the close of the last week. Wisynco that IPO debut this week just makes it into the main market TOP 10, suggesting there should be some gains ahead.
The bulk of Wisynco’s gain should come in the latter part of 2018 based on current operations that should deliver earnings of 70 cents for the current year and $1 for the next fiscal. Blue Power slipped in price to re-enter the top Junior Market list while Jamaican Teas rose based on fall in price and estimated earnings for 2018 fiscal year. Out of the TOP 10 Junior Market, are Derrimon Trading and Main Event that rose to $6. Wisynco pushed Pulse Investments out of the main market TOP 10.
At the close of Friday, the average PE ratio for Junior Market Top stocks dropped sharply from 9.2 last week to at 8.1 and a PE at 8.5 for the main market TOP 10. The average PE for the overall main market is 14.3 and 12.9 for Junior Market, based on 2017 estimated earnings.
At the close of the week, discount for both the main and Junior markets have virtually merged, with the IC Insider.com’s TOP 10 stocks now trading at an average discount of 42 percent to the average of the market for Junior Market Top stocks and 43 percent for the main market.
Market Watch| The two markets retreated sharply and broken through support levels with some individual stocks pulling back and pushing the market index down markedly. This week the focus could be on the three IPOs that opening in days.
Investors should still keep a keen eye on Caribbean Cement for which supply seems to be declining fast, Cable & Wireless that appears scarce under $1, NCB Financial, Berger Paints, JMMB Group, Main Event, Lasco Financial, Paramount Trading and Stationery and Office.

More gains for Jamaican$

Jamaica’s foreign currency market activity returned to normal on Friday with trading at midday showing buying and selling almost even, unlike the previous two days when selling was well below buying. On Friday at midday, dealers purchased US$7.7 million at an average rate of J$125.24 and sold US$6.96 million at an average of J$125.98.
At mid-day on Thursday dealers purchased US$15.39 million at an average rate of J$125.49 while selling US$7.72 million at an average of J$126.05.
On Friday, the rate of exchange to buy the US dollar by the public, declined for the fourth time for the week to $125.98 as dealers sold US$30.35 million in US dollars, compared to US$38.51 million at an average rate of $126.08 on Thursday.
US currency purchases amounted to US$30.77 million on Friday, at an average rate of $124.73, compared to Thursday, with US$32.67 million at $125.
Dealers’ purchased US$34.27 million, versus US$42.48 million on Thursday in all currencies in Jamaica’s Forex market and sold just US$32.6 million compared with US$46.15 million sold, previously.
The selling rate for the Canadian dollar jumped to J$98.60 from J$95.16 at the close on Thursday. The selling rate for the British Pound slipped to J$169.10 versus J$169.72 previously and the euro gained value against the Jamaican dollar, moving to J$150.96 to buy the European common currency, versus prior selling rate of J$148.55.

Jamaican cashing US$ for Wisynco stock?

At midday on Thursday, foreign currency was pouring into dealers coffers faster than they could dispose of it, with total US$15.39 million purchased by dealers at an average rate of J$125.49, while they could only sell US$7.72 million, at an average of J$126.05.
By the close of trading on Thursday, dealers average rate was down to just $125 to buy the US dollar, a clear indication that they were staving off the selling pressure.
Interestingly, last week, purchases by dealers for the first 4 days for the US dollar, was $145 million and jumped to $161 million to Thursday this week, while the dealers sold just US$167 million in US currency this week, up from $150 from the prior week. The fall in the exchange rate with more selling of US dollars by dealers, suggest that the general public are offloading US dollars into the system. The selloff comes at an interesting time with the very popular Initial Public Offering of shares in Wisynco Group.
Thursdays’ mid-day trading pattern was similar to Wednesday’s with the purchase of US$13.57 million at J$125.72 and selling of US$7.37 million at J$126.16 by mid-day.
On Thursday, the rate of exchange to buy the US dollar by the public, declined for the third time for the week to $126.08, as dealers sold US$38.51 million in US dollars, compared to US$41.03 million at an average rate of $126.20 on Wednesday.

Wata produced by Wisynco

US currency purchases amounted to US$32.67 million on Thursday, at an average rate of $125, compared to Wednesday, with US$43.27 million at $125.29.
Dealers’ purchased US$42.48 million, versus US$53.74 million on Wednesday in all currencies, in Jamaica’s Forex market and sold US$46.15 million compared with US$44.63 million sold, previously.
The selling rate for the Canadian dollar dropped to J$95.16 from J$98.39 at the close on Wednesday. The selling rate for the British Pound climbed to J$169.72 versus J$169.34 previously and the euro lost value against the Jamaican dollar, recovering to J$148.55 to buy the European common currency, versus prior selling rate of J$146.91.

Jamaican$ value improves again – Wednesday

On Wednesday, the rate of exchange to buy the US dollar by the public, fell to $126.20 as dealers sold US$41.03 million in US dollars, compared to US$43.18 million at an average rate of $126.30 on Tuesday.
US currency purchases amounted to US$43.27 million on Wednesday, at an average rate of $125.29, compared to Tuesday, with US$36.45 million at $125.20.
Dealers’ purchased US$53.74 million, versus US$41.92 million on Tuesday in all currencies in Jamaica’s Forex market and sold US$44.63 million compared with US$48.22 million sold, previously.
At Midday, dealers bought just US$13.57 million at J$125.72 and sold US$7.37 million at J$126.16 compared to the purchase of US$12.76 million at J$125.57 and selling of US$10.07 million at J$126.25 on Tuesday
The selling rate for the Canadian dollar fell to J$98.39 from J$99.30 at the close on Tuesday. The selling rate for the British Pound jumped to J$169.34 versus J$168.12 previously and the euro lost value against the Jamaican dollar, declined to J$146.91 to buy the European common currency, versus prior selling rate of J$151.75.