Big Junior Market fall – Monday

The Junior Market Index dropped 41.96 points on Monday to close at 3,362.83 as 32 securities changed hands versus 26 trading on Friday and ending with 14 securities rising, 11 declining and 7 remaining unchanged.
Investors exchanged 2,585,531 units valued at $13,192,368 compared to 3,253,708 units valued at $20,983,345 on Friday. Trading ended with an average of 80,798 units for an average of $412,262 in contrast to 125,143 units for an average of $807,052 on Friday. The average volume and value for the month to date amounts to 91837 units at $481,109 compared to 93,190 units at $489,550 previously, in contrast, September closed with an average of 954,574 units valued at $2,612,695 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 8 stocks ended with bids higher than their last selling prices and 3 with lower offers.
At the close of the market, Access Financial closed 10 cents higher at $35.10, with 12,203 stock units changing hands, Blue Power climbed 20 cents and exchanged 9,000 shares at $7.50, Caribbean Cream lost 3 cents in trading 45,000 units to close at $4.52, Caribbean Flavours closed 49 cents higher at $13.50, with 11,158 stock units crossing the exchange. Caribbean Producers fell 20 cents in trading 44,515 units at $4.50. Express Catering lost 20 cents in exchanging 1,145 units at $5.80, Everything Fresh ended with 45,877 shares crossing the exchange, after rising 8 cents to end at $1.25, Elite Diagnostic closed 15 cents higher at $6.15, with 3,839 stock units trading, Fosrich gained 1 cent to end at $4.91 in trading 13,860 shares. Fontana declined by 5 cents to settle at $7.95 trading 270,568 shares. General Accident ended with 153,275 shares changing hands, after rising 15 cents to end at $7, Honey Bun closed trading of 22,640 units and gained 34 cents to end at $6.84, Iron Rock Insurance climbed 1 cent and exchanged 150,095 shares at $4, Jamaican Teas ended trading with 61,625 shares, after rising 10 cents to end at $6.30. Jetcon Corporation lost 9 cents trading 12,455 units at $1.90, Knutsford Express shed 50 cents in swapping 3,640 units to end at $10, Lasco Distributors closed trading of 249,546 units and gained 10 cents to end at $4, Lasco Financial closed with a loss of 10 cents at $4.70, after swapping 646,062 shares. Lasco Manufacturing fell 16 cents in trading of 165,919 units at $4.94, Limners and Bards lost 3 cents in exchanging 59,039 units at $2.69, Medical Disposables shed 81 cents in trading 4,959 units at $6.19. Main Event fell 25 cents in trading 174,015 units at $5.50, Stationery and Office Supplies gained $1 to end at $12, trading 5,544 shares, SSL Venture added 1 cent and exchanged 179,949 shares at $1.10 and tTech closed trading of 21,266 units after climbing 79 cents to end at $6.79.

Prices of securities trading for the day are those at which the last trade took place.

TTSE in big bounce – Monday

Trinidad & Tobago Stock Exchange ended trading on Monday with 15 securities changing hands compared to 13 on Friday leading to bounce in the market indices.
The market ended on, with 7 securities advancing, 4 declining and 4 remaining unchanged resulting in the Composite Index jumping 7.88 points to 1,414.15. The All T&T Index rose 4.03 points to 1,754.58, while the Cross Listed Index gained 1.62 points to close at 145.59.
Trading ended with, as 59,746 shares changing hands for $938,876, compared to 87,082 shares changing hands at $2,472,299 on Thursday.
IC bid-offer Indicator|The Investor’s Choice bid-offer indicator ended with 5 stocks closing with the bid higher than the last selling price and 3 with lower offers.
Gains| Clico Investment Fund gained 3 cents and closed at $24.04, with 15,150 units crossing the exchange, Guardian Holdings closed with an increase of 5 cents and ended at $18.35, with 319 units  trading, NCB Financial ended trading 12,566 units with a rise of 25 cents to settle at a 52 weeks high of $10.75, with crossing the exchange. Sagicor Financial increased 1 cent and closed at $10.52 with 5,159 stock units changing hands, Scotiabank Trinidad rose 13 cents and settled at $59.13 trading 56 units, Trinidad & Tobago NGL exchanged 7,082 units and rose 12 cents to close at $25.70 and West Indian Tobacco concluded trading with a gain of $1.50 at $106, with investors exchanging 30 shares.
Losses| National Enterprises fell 10 cents and ended at 52 weeks’ low of $5.60, with 2,400 stock units changing hands, Point Lisas closed with a loss of 15 cents and completed trading at $3.45, with 5,000 units crossing the exchange. Republic Financial closed 25 cents lower at $122.75, with 500 units changing hands and Unilever Caribbean shed 5 cents and settled at $24.50, with an exchange of 900 units.
Firm Trades| CinemaOne concluded at $8, trading 20 units, First Citizens Bank settled at $40.20, with 1,431 stock units trading, JMMB Group ended at $2.15 with investors exchanging 9,000 shares and One Caribbean Media ended at $10, after swapping 153 shares.

Prices of securities trading are those at which the last trade took place.

nd, CinemaOne

Indies Pharma Q3 sales jump 45%

The financial news out of Indies Pharma for its third quarter to July were mixed at best as sale revenues jumped a strong 45 percent to $215 million from $148 million in the 2018 period but profit inched just 9 percent higher to $34 million from $31 million in 2018.
Sale revenues for the nine months to July increased 28 percent to $576 million from $449 million in 2018 but profit soared 41 percent to $113 million from $80 million after-tax liability of $24 million in the similar 2018 period but profit before tax, rose just 8 percent. While many investors are guided by the bottom-line growth, others see great virtue in the growth of the business hence the strong sales increase is viewed as a positive indicator for future hikes in profit.
The less than spectacular growth in profits started in the second quarter ending April when the company posted $33 million before tax after tax compared to $38 million in the same quarter of 2018.
Gross profit margin in the third quarter declined to 63 percent from 68 percent in the 2018 period, but for the year to date, gross profit margin improved to 67 percent from 64 percent in the nine-month period in 2018. Cost of sales rose 68 percent to $79 million from $47 million for the quarter and increased by 18 percent to $189 million from $161 million in 2018 for the year to date. The effect, operating profit fell just 3 percent in the quarter from $35 million from $34 million but increased 4 percent year to date to $113 million from $109 million in 2018.
Administrative expenses rose stunning 51 percent to $104 million in the quarter from $69 million in 2018 and increased 52 percent in the nine months period to $276 million compared to $181 million in 2018.

Vishnu Muppuri – Executive director of Indies.

The spike in administrative expenses resulted from “significant increases incurred for rent, lease and set-up costs for the new facility in Montego Bay Freeport”, Vishnu Muppuri the company’s Executive director, reported. Finance cost declined in the quarter to $85,000 from $3 million in 2018 and from $4 million in 2018 to $281,000 for the nine-month period.
Gross cash flow from operating activities brought in $126 million but changes in working capital including increases to directors and related companies reduced the net inflows to $98 million, after paying dividends of $107 million in February, cash funds ended up at $71 million, down from $101 million at the start of the financial year. Net current assets ended the period at $660 million inclusive of receivables of $197 million, related parties and directors’ receivables of $201 million. Current liabilities stood at just $62 million. The company has no debt as all loans were retired in the 2018 fiscal year. At the end of July, shareholders’ equity stood at $680 million.
The stock traded at $3.25 on the Junior Market of the Jamaica Stock Exchange. Earnings per share came out at 3 cents for the quarter and 9 cents for the nine months and should end around 12 cents for the full year for PE of 27 times earnings. While the stock appears over-priced, the strong growth in revenues for 2019, if it continues, should see 2020 earnings hitting 25 cents per share that would reduce the PE to 13 times in the new fiscal year that starts in November.

Financials & entertainers join IC TOP 10

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Scotia Group joins IC TOP 10

The past week saw declines in the markets with the main market falling on each trading day while the Junior Market was up and down. Against that background, three new listings made it to the TOP 10 lists.
Buy Rated Junior Market stocks have two new entrants this week with Dolphin Cove price dropping to $9 and Access Financial trading at $35 joining the list while Honey Bun with the price rising to $6.50 and CAC2000 that rose to $13.50 exiting the top listing. Scotia Group dropped back to $57.10 from $61.50 at the end of the previous week and returns to the main market TOP 10 list at the expense of Stanley Motta.
Market activity resulted in no change to the top three Junior Market stocks, leaving Caribbean Producers with projected gains of 240 percent as the leader, followed by Iron Rock Insurance with potential gains of 201 percent and Medical Disposables with 186 percent.
Radio Jamaica (RJR) share price that slipped during the previous week to a low of $1.35 and closed that week at $1.60, climbed further this past week with increased investors’ interest that pushed the price to $1.80 with projected gains to 213 percent, to remain the leading main market stock. Carreras sits at the number two spot with likely gains of 125 percent and Jamaica Broilers with projected gains of 100 percent is next.  Berger Paints slipped to the fourth spot with a downward revision of earnings to $1.80 for the year.
The main market, closed the week with the overall PE of 17.2, inching up from 17.1 for the previous week and the Junior Market remaining unchanged at 11.1 based on current year’s earnings. The PE ratio for Junior Market Top 10 stocks average remains at 7.7 and the main market PE at 11.1, up from 10.4 at the close of the previous week.
The TOP 10 stocks now trade at a discount of 31 percent to the average for the Junior Market stocks and main market stocks trade at a discount of 36 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns to March next year. Projected earnings, along with the PE ratio for each company’s current fiscal year are used in determining potential gains with the likely gains ranked in descending order with highest-ranked being the most attractive. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis as new information is received that can result in changes in and out of the list.

This report is compiled by persons who may have an interest in the securities commented on.

One week of declines for JSE Majors

The Jamaica Stock Exchange main market suffered another declined for a fifth consecutive day on Friday, with reduced volume but with a much higher value than on Thursday as the main market goes through a mild correction of 5 percent.  
Trading ended with 40 securities changing hands in the main and US dollar markets with 10 stocks advancing, 22 declining and 8 stocks trading firm. The market closed with the JSE All Jamaican Composite Index falling 3,525.47 points to close at 552,794.42. The JSE Index dropped 3,108.66 points to 506,336.57 and the JSE Financial Index lost 0.95 points to close at 137.34.
Main market activity ended with 37 securities trading resulting in 11,554,366 units valued at $237,158,383, in contrast to 15,417,353 units valued at $67,593,610 from 36 securities trading on Thursday.
Wigton Windfarm led trading with 5.2 million units for 45 percent of total volume, followed by Barita Investments with 2 million shares for 17 percent of the market’s trade and QWI Investments with 1.6 million units accounting for 14 percent of the day’s trade. The only other stock trading more than a million units was Sagicor Select Funds with 1.1 million shares.
The Market closed with an average of 312,280 units valued at $6,409,686 for each security traded, in contrast to 453,452 units for an average of $1,988,047 on Thursday. The average volume and value for the month to date amounts to 964,884 shares for $9,843,232 for each security traded and previously 1,041,055 shares at $10,293,733 for each stock traded. The market closed out September with an average of 1,585,081 units valued at $14,071,562 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 8 securities ended with bids higher than their last selling prices and 2 with lower offers. The PE ratio of the market ended at 16.4 with the main market ending at 17 times 2019 current year’s earnings.
In main market activity, Berger lost 50 cents to close at $18.10, in the swapping of 1,600 shares, Caribbean Cement closed 69 cents lower after 7,462 shares changed hands to end at $76.81, Eppley Caribbean Fund jumped $4, after exchanging 2,448 shares, to close at $39. Jamaica Stock Exchange slid 99 cents in closing at $28.99 as 23,121 shares changed hands, JMMB Group traded 74,042 shares gaining 90 cents to end at $43, Kingston Wharves closed $2.59 higher to settle at $60, after exchanging a mere 500 shares. Mayberry Equities lost 35 cents to close at $11.15 with 6,700 shares traded, NCB Financial plummeted $5.50 to close at $202 while exchanging 142,640 units, PanJam Investment lost 90 cents and ended at $102.10 after 67,595 shares crossed the exchange. Sagicor Group traded 37,028 shares in losing $1.10 to close at $67.90, Scotia Group closed $2.98 lower in exchanging 231,475 shares to end at $57.01, Seprod gained $1.50 to end at $52 with an exchange of 23,087 shares and Supreme Ventures lost 50 cents to settle at $27 with 74,136 shares trading.
Trading in the US dollar market ended with 157,383 units valued at $40,043 and the market index fell by 3.04 points to close at 196.47. Margaritaville lost 3 cents and closed at 25 US cents with 3,856 shares changing hands, Proven Investments fell half a cent and exchanged 139,727 shares, to close at 26.51 US cents and Sygnus Credit Investments traded 13,800 units to inched higher from 13.9 US cents to end at 13.91 US cents.

Slight Junior Market slippage on Friday

The Jamaica Stock Exchange Junior Market index slipped just 1.72 points to close at 3,404.79 in trading on Thursday as volumes rose 66 percent and value up 95 percent over Thursday’s levels
At the close of market activities, 26 securities changed hands versus 27 companies trading on Thursday with the prices of 9 securities rising, 7 declining and 10 remaining unchanged.
Market activities, resulted in an exchange of 3,253,708 units valued at $20,983,345 up from 1,961,441 units valued at $10,776,646 changing hands on Thursday.
Trading ended with an average of 125,143 units for an average of $807,052 in contrast to 72,646 units for an average of $399,135 on Thursday. The average volume and value for the month to date amounts to 93,190 units at $489,550 compared to 89,655 units at $454,422 previously, in contrast, September closed with an average of 954,574 units valued at $2,612,695 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 8 stocks ended with bids higher than their last selling prices and 3 with lower offers.
At the close of the market, Blue Power lost 45 cents in trading 29,379 shares to close at $7.30, CAC 2000 climbed 40 cents and exchanged 620 shares at $13.50, Caribbean Producers shed 10 cents in trading 46,000 units at $4.70, Elite Diagnostic closed trading of 23,426 units and gained 45 cents to end at $6. General Accident fell 10 cents swapping 1,267,447 units at $6.85, GWest Corporation climbed 2 cents and exchanged 30,513 shares at $1.04, iCreate declined 2 cents in trading of 5,500 units at 71 cents, Jamaican Teas closed with 10,865 units changing hands and gained 10 cents to end at $6.20, Knutsford Express climbed 25 cents in exchanging 6,000 shares at $10.50. Lasco Financial fell 20 cents in trading of 14,363 units at $4.80, Lasco Manufacturing lost 10 cents with 67,212 units changing hands at $5.10, Limners and Bards climbed 14 cents and exchanged 9,719 shares at $2.72, Main Event closed 5 cents higher at $5.75, with 19,900 stock units trading. Iron Rock Insurance closed trading of 78,000 units and gained 4 cents to end at $3.99, Stationery and Office Supplies exchanged 526,755 shares to close at $11 after falling 50 cents and tTech ended trading with 2,660 shares, after rising 50 cents to end at $6.

Prices of securities trading for the day are those at which the last trade took place.

4 TTSE stocks rise 3 fall – Friday

Trinidad & Tobago Stock Exchange Head Quarters

Trinidad & Tobago Stock Exchange ended trading on Friday with 13 securities changing hands compared to 13 on Thursday but volume and value traded fell well below Thursday’s levels.
At close of the market, 4 stocks rose, 3 declined and 6 remained unchanged resulting in the Composite Index dropped 2.63 points to end at 1,406.27. The All T&T Index declined 3.93 points to 1,750.55, while the Cross Listed Index slipped 0.18 points to close at 143.97.
Trading ended with, as 87,082 shares changing hands at $2,472,299, compared to 134,220 shares changing hands at $6,588,966 on Thursday.
IC bid-offer Indicator|The Investor’s Choice bid-offer indicator ended with 5 stocks closing with the bid higher than the last selling price and 2 with lower offers.
Gains| Clico Investment Fund rose 1 cent and closed at $24.01, with investors exchanging 35,394 shares, Sagicor Financial added 1 cent and completed trading at $10.51, with 975 units crossing the exchange. Trinidad & Tobago NGL exchanged 21,136 units and rose 8 cents to close at $25.58 and Unilever Caribbean increased 5 cents and settled at $24.55, with 185 units trading.
Losses| JMMB Group fell 5 cents and ended at $2.15, after exchanging 490 shares, Scotiabank lost 25 cents and settled at $59 after swapping 1,500 shares and West Indian Tobacco shed 50 cents and concluded trading of 7,342 units at $104.50.
Firm Trades|
Angostura Holdings ended at $16.05, with 100 stock units changing hands, Ansa McAl completed trading with 1,620 units at $55, CinemaOne ended at $8, with investors exchanging 76 shares. First Citizens Bank settled at $40.20, with 2,050 units crossing the exchange, Massy Holdings completed trading of 45 units at $54.55 and Trinidad Cement ended at $2.04, with 16,245 units crossing the exchange.

Prices of securities trading are those at which the last trade took place.

4th day of decline for JSE majors

The Jamaica Stock Exchange main market declined for a fourth consecutive day on Thursday with less volume and value traded dropping sharply from Wednesday’s levels.  
Trading ended with 36 securities changing hands in the main and US dollar markets with 19 advancing, 9 declining and 8 trading firm. The market closed with the JSE All Jamaican Composite Index declining 1,369.89 points to close at 556,319.89. The JSE Index dropped 1,210.28 points to 506,336.57 and the JSE Financial Index lost 0.23 points to close at 138.29.
Main market activity ended with 34 securities trading resulting in 15,417,353 units valued at $67,593,610, in contrast to 31,141,186 units valued at $368,051,491 from 36 securities trading on Wednesday.
QWI Investments led trading with 4.8 million units for 31 percent of total volume, followed by Sagicor Select Funds with 4.5 million shares for 29 percent of the market’s trade and Wigton Windfarm with 4 million units accounting for 26 percent of the day’s trade. No other stock traded more than a million units.
The Market closed with an average of 453,452 units valued at  $1,988,047 for each security traded. In contrast to 865,033 units for an average of $10,223,653 on Wednesday. The average volume and value for the month to date amounts to 1,041,055 shares for $10,293,733 for each security traded and previously 1,111,651 shares at $11,432,416 for each stock traded. The market closed out September with an average of 1,585,081 units valued at $14,071,562 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 10 securities ended with bids higher than their last selling prices and one with a lower offer.
In main market activity, Barita Investments rose 39 cents at $80, 4,491 in the swapping of shares, Caribbean Cement rose 68 cents after 8,547 shares changed hands to end at $77.50, Eppley gained $1.85, after exchanging 7,430 shares, to close at $16.85. Grace Kennedy rose 75 cents to $69.75 with 12,284 shares traded, Jamaica Broilers rose $1 in closing at $35 as 29,564 shares changed hands. Jamaica Producers traded 4,000 shares and gained 58 cents to end at $22.59, JMMB Group lost 90 cents to close at $42.10 after trading 20,062 shares, Kingston Wharves dropped $4.59 to settle at $57.41, after exchanging 18,100 shares. Mayberry Equities recovered the 47 cents it lost on Wednesday to close at $11.50 with 508 shares traded, NCB Financial surged $5.50 to close at $207.50 while exchanging 33,212 units, Scotia Group closed $1.19 higher in swapping 153,105 shares to end at $59.99 and Seprod dropped $3.50 to end at $50.50 with an exchange of 12,792 shares.
Trading in the US dollar market ended with 13,100 units valued at $2,828 and the market index advanced by 1.05 points to close at 199.51. Proven Investments exchanged 7,700 shares, to close at 26.98 US cents and Sygnus Credit Investments slipped a fraction of a cent to trading 5,400 units to end at 13.9 US cents.

Junior Market breaks fall

Junior Market trades

The Jamaica Stock Exchange Junior Market index advanced 8.80 points to close at 3,406.51 in trading on Thursday and breaking the 87 points fall over the previous two trading days.
At the close of market activities, 27 securities changed hands versus 29 trading on Wednesday with the prices of 8 securities rising, 13 declining and 6 remaining unchanged.
Market activities, resulted in an exchange of 1,961,441 units valued at $10,776,646 down from 3,632,177 units valued at $18,080,990 changing hands on Wednesday.
Trading ended with an average of 72,646 units for an average of $399,135 in contrast to 125,247 units for an average of $623,482 on Wednesday. The average volume and value for the month to date amounts to 89,655 units at $454,422 compared to 91,863 units at $461,599 previously, in contrast, September closed with an average of 954,574 units valued at $2,612,695 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 9 stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close of the market, Access Financial gained $1 to end at $35, trading just 100 shares, Blue Power fell 75 cents trading of 37,629 units to end at $7.75, Caribbean Cream closed 3 cents higher at $4.55, with 4,400 stock units trading, Caribbean Flavours exchanged 996 units and gained 1 cent to end at $13.01. Caribbean Producers traded 25,710 shares, after rising 9 cents to end at $4.80, Consolidated Bakeries closed with a loss of 11 cents at $1.65, in swapping of 256,598 shares, Derrimon Trading dipped 2 cents trading 11,166 units at $2.55. Express Catering declined 15 cents with 2,685 units changing hands at $6, Everything Fresh shed 13 cents with an exchange of 32,000 units at $1.17, Elite Diagnostic fell 15 cents in trading 18,274 units at $5.55, Fontana closed with 208,472 shares crossing the exchange, after rising 15 cents to end at $8. General Accident closed trading of 16,286 units in gaining 10 cents to end at $6.95, Honey Bun dipped 4 cents in swapping 2,902 units at $6.50, iCreate ended trading with 3,570 shares, after rising 3 cents to end at 73 cents, Indies Pharma lost 10 cents trading 33,638 shares to close at $3.20. Jamaican Teas fell 15 cents exchanging 20,250 units at $6.10, Jetcon Corporation ended with a loss of 1 cent at $1.99 with 42,100 stock units changing hands. Lasco Financial closed 24 cents higher at $5, with 1,366 stock units trading, Lasco Manufacturing lost 15 cents to end at $5.20 in swapping 60,998 shares, Limners and Bards lost 12 cents trading 275,900 shares to close at $2.58 and Paramount Trading declined by 4 cents to settle at $2.20 after exchanging 7,132 shares.

Prices of securities trading for the day are those at which the last trade took place.

4 TTSE stocks rise 4 fall – Thursday

Trinidad & Tobago Stock Exchange ended trading on Thursday with 10 securities changing hands compared to 18 on Wednesday but volume and value traded rose strongly over Wednesday’s levels.
At the close of the market, 4 stocks rose, 4 declined and 2 remained unchanged resulting in the Composite Index added 0.14 points to end at 1,408.90. The All T&T Index rose 2.79 points to 1,754.48, while the Cross Listed Index shed 0.35 points to close at 144.15.
Trading ended with, as 134,220 shares changing hands at $6,588,966, compared to 79,629 shares changing hands at $1,539,070 on Wednesday.
IC bid-offer Indicator|The Investor’s Choice bid-offer indicator ended with 6 stocks closing with the bid higher than the last selling price and 2 with lower offers.
Gains| Guardian Holdings added 15 cents and ended at $18.30, with 4,052 stock units changing hands, Massy Holdings gained 3 cents and ended at $54.55, trading 104,474 units, Republic Financial rose $1.11 and settled at $123, with 3,774 stock units changing hands and West Indian Tobacco settled at $105, with 500 units crossing the exchange.
Losses| First Citizens Bank fell 5 cents and completed trading of 554 units at $40.20, Guardian Media closed with a loss of 10 cents and completed trading of 825 shares at a 52 weeks’ low of $8.50. NCB Financial shed 5 cents and settled at $10.50, in swapping of 15,206 shares and Trinidad & Tobago NGL exchanged 4,000 units and shed 10 cents to close at $25.50.
Firm Trades| Calypso Micro Index Fund traded 320 shares and closed unchanged at $15.75 and Sagicor Financial ended at $10.50, with 515 units.
Prices of securities trading are those at which the last trade took place.