Big fall for JSE Main Market, Juniors slip


The Main Market of the Jamaica Stock Exchange dropped sharply in trading on Monday, the Junior Market suffered more slippage, following last week’s decline, while the JSE USD Market rose moderately to close out the day, resulting from prices of 28 shares rising, 50 declining and 32 remaining firm. Trading ended with a fall in the volume and value of stocks exchanged compared to Friday.

At the close of the market, the JSE Combined Market Index dived 5,057.09 points to 327,655.73, the All Jamaican Composite Index declined 4,113.02 points to close at 365,793.24, while the JSE Main Index sank sharply by 5,216.14 points to 317,090.76, the Junior Market Index dipped 10.43 points to close at 3,413.75 and the JSE USD Market Index rallied 1.73 points to wrap up trading at 211.15.
At the close of trading, 7,997,488 shares were exchanged in all three markets, down from 12,067,164 units on Friday. The value of stocks traded on the Junior and Main markets amounted to $47.94 million, just below the $52.72 million on the previous day and the JSE USD market closed with an exchange of 313,665 shares for US$18,561 compared to 73,658 units at US$42,410 on Friday.
In Main Market activity, JMMB Group 7.35% – 2028 led with 1.79 million shares, followed by Transjamaican Highway with 1.07 million stocks and Sygnus Credit Investments with 466,229 units.
In Junior Market trading, on a day of low trading, Dolla Financial led with 256,573 shares, followed by RA Williams with 210,000 stocks and MFS Capital Partners with 190,762 units.
In the preference segment, Eppley 7.75% preference share declined $1.87 to $18 and Jamaica Public Service 7% rallied $5.66 to close at $43.
The market’s PE ratio, the most popular measure used to value stocks, ended at 13.8 based on earnings for 2024-25 and 16.2 based on 2024 earnings.
The ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated data to help decision-making. The PE ratio chart covers all ordinary shares that are listed on the Jamaica Stock Exchange and grouped by industry, allowing for easy comparisons within a sector and the overall market. The earnings per share (EPS) and PE ratios are based on 2024 and 2025 actual or projected earnings, excluding any major one time income or expense.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The chart should be used in making rational decisions when investing in stocks close to the sector average, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock. The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends that are paid or are due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.

Trading back down on JSE US Dollar Market  


On Friday, investors cooled buying interest in trading on the Jamaica Stock Exchange US Dollar Market, with the volume of stocks traded falling just under 100 percent with a 98 percent lower value than on Thursday, resulting from eight securities changing hands, down from 11 on Thursday with prices of one rising, three declining and four ending unchanged.

The market closed with an exchange of a mere 73,658 shares for US$42,410, as trading tumbled from the heady 76,914,195 stocks at US$1,740,363 on Thursday.
Trading averaged 9,207 shares at US$5,301, down from 6,992,200 stocks at US$158,215 on Thursday, with a month to date average of 1,721,134 units at US$44,326, decreasing from 2,081,540 stocks at US$52,542 on the previous day, but greater than May with an average of 71,616 units for US$3,425.
The US Denominated Equities Index gained 0.81 points to settle at 209.89. The Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and one with a lower offer.
The PE Ratio, one of the most frequently used measures to determine appropriate stock values, averages 10.3. The PE ratio is calculated based on last traded prices divided by projected earnings, computed by ICInsider.com for companies with financial year ending around August 2025.
At the close of the market, First Rock Real Estate USD share advanced 0.21 of a cent in closing at 1.64 US cents with a mere one share passing through the market, Proven Investments ended at 10.99 US cents, with 17,718 units changing hands, Sterling Investments skidded 0.12 of a cent to finish at 1.86 US cents with investors trading 484 stocks. Sygnus Credit Investments fell 0.2 of one cent and ended at 7 US cents, with investors clearing 3,100 shares and Transjamaican Highway, after the big 76.8 million shares traded on Thursday, remained at 2.39 US cents with investors trading 16,943 stock units.

In the preference segment, JMMB Group US8.5% remained at US$1, with traders exchanging 34,912 shares in the market. Productive Business Solutions 9.25% slipped 7.7 cents to US$10.72 with investors swapping 100 stocks and Sygnus Credit Investments US8% ended at US$9.84 after 400 units crossed the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading plunges on Jamaica Stock Exchange 


Trading closed Friday on the Jamaica Stock Exchange with a sharp fall in the volume of stocks exchanged, with a lower value than on Thursday, resulting in gains for the Main Market major indices and the JSE USD Market Index, while the Junior Market index declined, with trading ending with prices of 43 shares rose, 38 declined and 26 remained firm.

At the close of the market, the JSE Combined Market Index climbed 993.92 points to 332,712.82, the All Jamaican Composite Index rallied 621.58 points to conclude trading at 369,906.26, the JSE Main Index advanced 1,347.17 points to close at 322,306.90, the Junior Market Index slipped 40.19 points to end at 3,424.18 and the JSE USD Market Index advanced 1.00 points to 209.42.
At the close of trading, 12,067,164 shares were exchanged in all three markets, down from 94,410,862 units on Thursday, with the value of stocks traded on the Junior and Main markets amounted to $52.72 million, down from $107.96 million on the previous day and the JSE USD market closed with an exchange of 73,658 shares for US$42,410, down from 76,914,195 units at US$1,740,363 on Thursday.
In Main Market activity, Transjamaican Highway led with 1.29 million shares, followed by Wigton Energy with 794,694 stocks and JMMB Group 7.35% – 2028 with 746,779 units.
In Junior Market trading, Jamaican Teas led with 3.04 million shares, followed by Fosrich with 1.20 million stocks and Future Energy with 452,383 units.
In the preference segment, Jamaica Public Service 7% dropped $6.66 to $38, Jamaica Public Service 9.5% lost $40 to end trading at $2,649 and 138 Student Living preference share slipped $24.37 in closing at $200.
The market’s PE ratio, the most popular measure used to value stocks, ended at 13.9 based on 2024-25 earnings and 16.3 based on 2024 earnings. The ICInsider.com PE ratio chart and the other, more detailed daily charts provide investors with regularly updated information to help decision-making. The PE ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons within a sector and the overall market. The earnings per share (EPS) and PE ratios are based on 2024 and 2025 actual or projected earnings, excluding any major one time income or expense.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The chart should be used in making rational decisions when investing in stocks close to the sector average, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals, while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock. The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends that are paid or are due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.

Transjamaican Highway trades 77M shares on the JSE USD Market


A surge of trading in Transjamaican Highway, resulted in 77 million shares stocks passing through the Jamaica Stock Exchange US dollar market, pushing the overall trading 76,914,195 shares valued at US$1,740,363 on Thursday, soaring from a mere 371,175 stock units at US$159,855 on Wednesday, following an exchange of 11 securities, up from with eight previously, with prices of three rising, five declining and three ending unchanged.

Trading climbed to an average of 6,992,200 shares at US$158,215 compared to 46,397 stocks at US$19,982 on Wednesday, with a month to date average of 2,081,540 units at US$52,542, rising from just 80,901 stocks at US$9,490 on the previous day and May that ended with an average of 71,616 units for US$3,425.
The US Denominated Equities Index skidded 5.29 points to close trading at 209.08. The Investor’s Choice bid-offer indicator shows no stock ending with a bid higher than the last selling price and one with a lower offer.
The PE Ratio, one of the most frequently used measures to determine appropriate stock values, averages 10.4. The PE ratio is calculated based on last traded prices divided by projected earnings, computed by ICInsider.com for companies with financial year ending around August 2025.
At the close of trading, First Rock Real Estate USD share lost 0.25 of one cent to end at 1.43 US cents with 40,241 shares changing hands, Margaritaville advanced 0.7 of a cent to 8.2 US cents after an exchange of 364 units, Proven Investments dropped 0.51 of one cent in closing at 10.99 US cents with investors trading 16,735 stocks. Sterling Investments popped 0.15 of one cent to finish at 1.98 US cents with 1,920 shares clearing the market, Sygnus Credit Investments shed 0.13 of a cent and ended at 7.2 US cents with investors trading 3,201 stock units, Sygnus Real Estate Finance USD share ended at 6.6 US cents as 90 shares passed through the market and Transjamaican Highway increased 0.04 of one cent to 2.39 US cents with investors trading 76,844,900 stocks.
In the preference segment, JMMB Group 7.5% remained at US$2.01 after an exchange of 42 units, JMMB Group US8.5% ended at US$1 with a transfer of 6,582 stock units. Sygnus Credit Investments US 8% fell 16 cents to finish at US$9.84 as investors exchanged 100 shares and Sygnus Credit Investments E8.5% slipped 60 cents and ended at US$9.40 in trading 20 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Transjamaican heads JSE trading – Thursday


Winning stocks beat losers at the close of trading on the Jamaica Stock Exchange on Thursday, with prices of 42 shares climbing, 36 declining and 33 remaining firm, resulting in the Main Market and the Junior Market indices rising and the JSE USD Market falling. Trading ended with a huge rise in the volume of stocks exchanged, at more than twice the value passing through the market on Wednesday, as nearly 77 million US dollar shares of Transjamaican Highway crossed the market.

At the end of trading, the JSE Combined Market Index rallied 2,156.24 points to 331,718.90, the All Jamaican Composite Index rose by 1,881.59 points to close at 369,284.68, the JSE Main Index rallied 2,174.51 points to settle at 320,959.73, as the Junior Market Index increased by 10.94 points to 3,464.37 and the JSE USD Market Index dropped 5.29 points to finish at 208.42.
At the close of trading, 94,410,862 shares were exchanged in all three markets, up from just 9,136,240 units on Wednesday, with the value of stocks traded on the Junior and Main markets amounted to $107.96 million, up from $42.64 million on the previous day and the JSE USD market closed with an exchange of 76,914,195 shares for US$1,740,363 compared to 371,175 units at US$159,855 on Wednesday.
In Main Market activity, Wigton Energy led with 4.67 million shares, followed by Jamaica Producers with 2.91 million stock units and Transjamaican Highway with 1.92 million units.
In Junior Market trading, Jamaican Teas led with 818,154 shares, followed by RA Williams with 510,000 stocks and MFS Capital Partners with 455,069 units.
In the preference segment, 138 Student Living preference share rose $20.37 to $224 and Sygnus Credit Investments 10% gained $2.10 to close at $103.
The market’s PE ratio, a popular measure used to value stocks, ended at 13.8 based on 2024-25 earnings and 16.2 based on 2024 earnings. The ICInsider.com PE ratio chart and the other, more detailed daily charts provide investors with regularly updated information to help decision-making. The PE ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange, which are grouped by industry for easy comparisons within a sector and the overall market. The earnings per share (EPS) and PE ratios are based on 2024 and 2025 actual or projected earnings, excluding any major one time income or expense.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The chart should be used in making rational decisions when investing in stocks close to the sector average, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock. The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends that are paid or are due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.

JSE Markets pull back


Trading closed Wednesday on the Jamaica Stock Exchange with a fall in the volume and value of stocks exchanged, compared to Tuesday, resulting in the Main and Junior Market indices declining as the JSE USD Market climbed. At the end of trading, prices of 36 shares rose, 47 declined and 22 remained firm.

At the close of the market, the JSE Combined Market Index sank 1,678.91 points to conclude trading at 329,562.66, the All Jamaican Composite Index slipped 2,981.22 points to settle at 367,403.09, the JSE Main Index dropped 1,594.90 points to 318,785.22, the Junior Market Index skidded 21.41 points to end at 3,453.43 and the JSE USD Market Index popped 4.12 points to finish at 213.71.
At the close of trading, 9,136,240 shares were exchanged in all three markets, down from 30,530,666 units on Tuesday, with the value of stocks traded on the Junior and Main markets falling to $42.64 million, from $66.64 million on the previous day and the JSE USD market closed with an exchange of 371,175 shares for US$159,855 compared to 552,534 units at US$66,374 on Tuesday.
In Main Market activity, Transjamaican Highway led trading with 2.40 million shares, followed by Sagicor Select Financial Fund with 987,752 stocks and Wigton Energy with 499,603 units.
In Junior Market trading, Lasco Financial led with 1.11 million shares, with the price hitting a 52 week low, followed by Spur Tree Spices with 419,289 stocks and Kintyre Holdings with 373,159 units.
In the preference segment, 138 Student Living preference share fell $35.98 to finish at $204 and Sygnus Credit Investments 10% fell $2.10 to $101.
The market’s PE ratio, the most popular measure used to value stocks, ended at 13.7 based on 2024-25 earnings and 16.1 based on 2024 earnings.
The ICInsider.com PE ratio chart and the other, more detailed daily charts that provide investors with regularly updated information to help decision-making. The PE ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons within a sector and the overall market. The earnings per share (EPS) and PE ratios are based on 2024 and 2025 actual or projected earnings, excluding any major one time income or expense.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The chart should be used in making rational decisions when investing in stocks close to the sector average, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals, while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock. The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends that are paid or are due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.

JSE USD index closes higher


The Jamaica Stock Exchange US dollar market climbed just under two percent on Wednesday, with Transjamaican Highway leading the market in volume traded following a 33 percent drop in quantity of shares being traded, valued 141 percent more than on Tuesday resulting from an exchange of eight securities, down from 10 on Tuesday with prices of five rising, one declining and two ending unchanged.

The market closed with an exchange of 371,175 shares for US$159,855, dropping from 552,534 stocks at US$66,374 on Tuesday.
Trading ended with an average of 46,397 shares at US$19,982, falling from 55,253 stocks at US$6,637 on Tuesday, with a month to date average of 80,901 units at US$9,490 compared with 95,429 stocks at US$5,073 on the previous day and May that ended with an average of 71,616 units for US$3,425.
The US Denominated Equities Index popped 4.13 points to settle at 214.37. The Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling price and one with a lower offer.
The PE Ratio, one of the most frequently used measures to determine appropriate stock values, averages 10.3. The PE ratio is calculated based on last traded prices divided by projected earnings, computed by ICInsider.com for companies with financial year ending around August 2025.
At the close of trading, First Rock Real Estate USD share advanced 0.28 of a cent to end at 1.68 US cents in trading 21,832 shares, Proven Investments popped 0.5 of one cent to 11.5 US cents as traders exchanged 2,015 stock units, Sterling Investments remained at 1.83 US cents with investors trading 12,637 shares. Sygnus Credit Investments gained 0.33 of a cent and ended at 7.33 US cents with brokers executing transfer of 2,323 units, Sygnus Real Estate Finance USD share ended at 6.6 US cents in trading 900 stocks and Transjamaican Highway rose 0.05 of one cent in closing at 2.35 US cents with a transfer of 178,283 shares.

In the preference segment, JMMB Group US8.5% declined 10 cents to US$1.00 with 153,183 units changing hands and Sygnus Credit Investments US 8% rallied 1 cent to end at US$9.01 with a transfer of 2 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Mixed JSE USD Market trading on Tuesday


Trading ended with mixed results on the Jamaica Stock Exchange US dollar market on Tuesday, resulting in exchange of 10 securities, compared to nine on Monday with prices of only one rising, seven declining and two ending unchanged, following a 56 percent decline in the volume of stocks traded, having a 121 percent greater value than on Monday.
The market closed with an exchange of 552,534 shares for US$66,374 compared to 1,260,621 stocks at US$30,005 on Monday. Trading averaged 55,253 shares at US$6,637 compared to 140,069 stocks at US$3,334 on Monday, with a month to date average of 95,429 units at US$5,073 compared with May, with an average of 71,616 units for US$3,425. The US Denominated Equities Index declined 3.62 points to conclude trading at 210.24. The Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and one with a lower offer. The PE Ratio, one of the most frequently used measures to determine appropriate stock values, averages 10.1. The PE ratio is calculated based on last traded prices divided by projected earnings, computed by ICInsider.com for companies with financial year ending around August 2025. At the close of the moderate trading, First Rock Real Estate USD share sank 0.49 of one cent to close at a 52 week low of 1.4 US cents with 3,266 shares passing through the market, Margaritaville dropped 0.7 of a cent to 7.5 US cents with investors trading 3,000 units, Productive Business Solutions shed 5 cents in closing at US$1.20 with 50 stocks clearing the market. Proven Investments lost 0.91 of a cent to finish at 11 US cents with investors swapping 208,990 shares, Sterling Investments dipped 0.14 of a cent and ended at 1.83 US cents with a transfer of 5,291 stock units, Sygnus Credit Investments remained at 7 US cents after traders exchanged 5,637 shares. Sygnus Real Estate Finance USD share sank 0.4 of a cent in closing at 6.6 US cents with 500 stocks changing hands and Transjamaican Highway ended at 2.3 US cents after investors swapped 308,237 units. In the preference segment, JMMB Group 7.5% skidded 5 cents and ended at US$2.01 with 17,544 stock units crossing the market and Sygnus Credit Investments US 8% rallied 15.99 cents to finish at US$10 after the trading of 19 shares. Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading rises, prices drop on JSE Markets


All three Jamaica Stock Exchange markets fell in trading on Tuesday, following a rise in the volume and the value of stocks exchanged, compared to trading on Monday, resulting from trading of MFS Partners’ 20 million share, with the market closing with prices of 56 stocks declining, 27 shares rising and 30 remaining firm.

At the close of the market, the JSE Combined Market Index dropped 4,128.67 points to end at 331,241.57, the All Jamaican Composite Index dived 4,253.80 points to finish at 370,384.31, the JSE Main Index sank 4,099.91 points to 320,380.12, the Junior Market Index shed 29.32 points to 3,474.84 and the JSE USD Market Index slipped 3.61 points to wrap up trading at 209.59.
At the close, 30,530,666 shares were traded in all three markets, up from 15,465,386 stock units on Monday, with the value of stocks traded on the Junior and Main markets amounted to $66.64 million, up from $64.92 million on the previous day and the JSE USD market closed with an exchange of 552,534 shares for US$66,374 compared to 1,260,621 units at US$30,005 on Monday.
In Main Market activity, Transjamaican Highway led with 2.79 million shares, followed by JMMB Group 7.35% – 2028 with 1.15 million stock units and Wigton Energy with 532,578 units.
In Junior Market trading, MFS Capital Partners led with 20.03 million shares, followed by Fosrich with 500,447 stocks and Everything Fresh with 438,095 units.
In the preference segment, Jamaica Public Service 7% climbed $2.96 to close at $44, 138 Student Living preference share popped $69.97 to $240 and Sygnus Credit Investments C10.5% gained $2 in closing at $101.
The market’s PE ratio, the most popular measure used to value stocks, ended at 13.9 based on 2024-25 earnings and at 16.3 based on 2024 earnings.
The ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated data to help decision-making. The PE ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons within a sector and the overall market. The earnings per share (EPS) and PE ratios are based on 2024 and 2025 actual or projected earnings, excluding any major one time income or expense.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The chart should be used in making rational decisions when investing in stocks close to the sector average, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals, while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock. The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends that are paid or are due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.

Transjamaican heads JSE USD market trades on Monday


The Jamaica Stock Exchange US dollar market lost ground on Monday, following a 46 percent slide in the volume of stocks traded, with Transjamaican accounting for 1.2 million shares, following a 72 percent drop in the value of stocks traded compared with Friday. Trading ended with an exchange of nine securities, down from 11 on Friday, with prices of one rising, three declining and five ending unchanged.

Transjamaican Highway led trading on Monday

The market closed with an exchange of 1,260,621 shares for US$30,005, down from 2,331,792 stocks at US$107,303 on Friday.
Trading averaged 140,069 shares at US$3,334 compared to 211,981 stocks at US$9,755 on Friday and May that ended with an average of 71,616 units for US$3,425.
The US Denominated Equities Index fell 5.38 points to 213.86. The Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and one with a lower offer.
The PE Ratio, one of the most frequently used measures to determine appropriate stock values, averages 10.6. The PE ratio is calculated based on last traded prices divided by projected earnings, computed by ICInsider.com for companies with financial year ending around August 2025.
At the close of trading, First Rock Real Estate USD share sank 0.09 of a cent to close at 1.89 US cents, with traders exchanging 30,015 shares, Margaritaville ended at 8.2 US cents after a transfer of 10 stock units, MPC Caribbean Clean Energy rallied 1.71 cents in closing at 55 US cents with investors trading 350 shares. Proven Investments remained at 11.91 US cents in an exchange of 70 units, Sterling Investments ended at 1.97 US cents with 5,380 stock units crossing the market, Sygnus Credit Investments closed with an exchange of 16,151 shares, with the price remaining at 7 US cents. Sygnus Real Estate Finance USD share ended at 7 US cents with investors exchanging 1,000 stock units and Transjamaican Highway dropped 0.19 of a cent to 2.3 US cents with trading of 1,207,611 units.

In the preference segment, Sygnus Credit Investments US 8% lost 2 cents to finish at US$9, with 34 stocks crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.