Declining stocks dominated trading on The Jamaica Stock Exchange Main Market on Tuesday with 53 securities trading compared to 55 on Monday and leading to 17 rising, 20 declining and 16 ending unchanged after a 43 percent decline in the volume of stocks traded, value 9 percent higher than on Monday.
A total of 6,830,613 shares were exchanged for $73,463,083 versus 12,066,242 units at $67,419,300 on Monday.
Trading averaged 128,879 units at $1,386,096 versus 219,386 shares at $1,225,805 on Monday and month to date, an average of 204,819 units at $1,513,886 down from 209,746 units at $1,522,176 on the previous trading day. The average trade for October ended at 231,243 units at $1,464,224.
Wigton Windfarm led trading with 1.10 million shares for 16.2 percent of total volume followed by Mayberry Investments with 922,741 units for 13.5 percent of the day’s trade and Sagicor Select Financial Fund with 711,341 units for 10.4 percent market share.
The All Jamaican Composite Index rose 771.52 points to close at 380,113.13, the JSE Main Index rallied 573.98 points to 338,498.41 and the JSE Financial Index inched 0.27 points higher to 81.43.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.4 for the Main Market. The JSE Main and USD Market PE ratio incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ending with bids higher than their last selling prices and eight with lower offers.
At the close, Barita Investments dropped $2.10 to close at $85 after trading 8,149 shares, First Rock Real Estate climbed 65 cents to $13 with an exchange of 5,343 stocks, 
GraceKennedy declined $4.39 to $81.11 with the swapping of 69,076 stock units. Jamaica Broilers advanced $1.35 to $27.48 after 11,106 units crossed the market, JMMB Group dipped $1.30 to close at a 52 weeks’ low of $32.70 in switching ownership of 25,563 units, Kingston Wharves rallied $1.50 to $31.50 with investors transferring 235,701 stocks. Mayberry Investments lost 43 cents to end at $6.56 trading 922,741 shares, MPC Caribbean Clean Energy fell $6 to $78 with a transfer of 700 stock units, Proven Investments advanced 50 cents in closing at $26 with an exchange of 10,862 shares. Supreme Ventures shed 52 cents to finish at $25.41 with 51,545 units changing hands, Sygnus Credit Investments fell 48 cents to $11.52 while transferring 21,865 stock units.
In the preference segment, Eppley 7.75% preference share lost 60 cents to settle at $20.50 after an exchange of 189 stocks and Jamaica Public Service 9.5% dipped $40 to end at $2,960 with the swapping of one unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks outgun rising ones
Trading dropped on the Junior Market of the Jamaica Stock Exchange on Tuesday with a 33 percent fall in the volume of stocks exchanged with a 5 percent fall in value compared to Monday after 41 securities were traded versus 43 on Monday and ended with 14 rising, 21 declining and six closing unchanged.
A total of 6,978,401 shares were traded for 22,507,207 compared to 10,381,562 units at $23,676,379 on Monday.
Trading averaged 170,205 shares at $548,956 compared to 241,432 units at $550,613 on Monday, with the month to date, averaging 280,295 shares at $768,458 compared to 287,326 stock units at $782,476 on the previous day. October closed with an average of 264,407 units at $832,036.
Fosrich led trading with 2.29 million shares for 32.8 percent of total volume followed by Dolla Financial with 1.13 million units for 16.2 percent of the day’s trade and 
Lasco Financial with 668,804 units for 9.6 percent market share.
At the close, the Junior Market Index lost 11.12 points to settle at 3,819.27.
The PE Ratio, a measure used in computing appropriate stock values, averages 12. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
The Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Access Financial fell 10 cents to end at $20.65 with an exchange of 142 shares, AMG Packaging rose 29 cents to $3 in an exchange of 800 stock units,
Blue Power fell 42 cents to $2.68 after trading resulted in 29,743 stocks passing through the market. Consolidated Bakeries popped 40 cents to close at $2.30 after 100 units were exchanged, EduFocal climbed 11 cents in closing at $2.40, with 310,958 shares changing hands, Elite Diagnostic dropped 20 cents in ending at $3.30 after 6,147 stocks crossed the market. Fosrich declined 17 cents in closing at $3.90 while exchanging 2,287,140 stock units, Future Energy Source dipped 15 cents to $4.96 with an exchange of 184,786 units, Iron Rock Insurance rallied 27 cents to end at $2.57 as 150 stocks crossed the exchange. Knutsford Express shed $1.19 to close at $7.80 as investors exchanged 256 stock units, Lasco Financial gained 15 cents to close at $3.08 trading 668,804 units, Lasco Manufacturing shed 18 cents in closing at $3.80 after a transfer of 109,388 shares. Medical Disposables fell 20 cents to a 52 weeks’ low of $4.90 with investors transferring 7,000 stocks, 
Spur Tree Spices lost 10 cents to close at $2.84, with 398,706 units clearing the market and Stationery and Office Supplies dropped $1.25 to end at $14.75 with the swapping of 6,923 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks gained in Trinidad
Rising stocks overpowered those declining at the close of market activity on the Trinidad and Tobago Stock Exchange on Tuesday, as 49 percent fewer shares were exchanged after 58 percent less funds passed through the market compared to Monday and resulting in 18 securities trading down from 21 on Monday and resulted in six stocks rising, two declining and ten remaining unchanged.
Investors exchanged 478,325 shares for $5,985,979, down from 932,857 stocks at $14,247,158 on Monday.
An average of 26,574 shares were traded at $332,554 compared to 44,422 units at $678,436 on Monday. Trading month to date averaged 59,889 shares at $543,325 versus 62,127 units at $557,481 on the previous day. Trading in October ended with an average of 29,755 shares at $358,068.
The Composite Index rose 1.98 points to close at 1,301.71, the All T&T Index increased 4.01 points to 1,956.18 and the Cross-Listed Index dipped 0.03 points to settle at 84.17.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, Ansa McAl ended at $50 with an exchange of 210 shares, Calypso Macro Investment Fund dropped 65 cents to end at $21.50 with investors transferring 571 stock units, Clico Investment Fund declined 50 cents in closing at $29.50 after the trading of 67,151 units. Endeavour Holdings increased 90 cents to $8 after a transfer of 100 stocks, First Citizens Group remained at $50.01, with 5,373 stock units changing hands, FirstCaribbean International Bank popped 5 cents to $5.11 in switching ownership of 1,700 units. 
GraceKennedy ended at $4.75 after an exchange of 3,587 shares, Guardian Holdings advanced 16 cents to close at $25.86 with the swapping of 4,500 stocks, Massy Holdings remained at $4.45 and closed after 267,249 stocks changed hands. National Flour Mills remained at $1.51, with 8,800 units crossing the market, NCB Financial ended at $4.56 as investors exchanged 49,490 stock units, Point Lisas ended at $3.19 with a transfer of 3,000 shares. Republic Financial remained at $136 in an exchange of 163 shares, Scotiabank rose 10 cents to close at $77.90 as 12,733 stocks were swapped by investors, Trinidad & Tobago NGL gained 40 cents to close at $22.40 with 49,318 units clearing the market. Trinidad Cement ended at $3.60 after exchanging 1,900 stock units, Unilever Caribbean climbed 77 cents in ending at $13.79 and trading 2,150 stocks and West Indian Tobacco remained at $22, with 330 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
More stocks fell than rose on the JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Monday with an 83 percent increase in the volume of stocks exchanged, valued 174 percent more than on Friday, resulting in 11 securities traded, compared to 10 on Friday with one rising, three declining and seven ending unchanged.
Overall, 334,981 shares were traded for US$60,270 compared to 182,935 units at US$22,001 on Friday.
Trading averaged 30,453 units at US$5,479, up from 18,294 shares at US$2,200 on Friday, with month to date average of 28,503 shares at US$3,622 versus 28,308 units at US$3,437 on the previous trading day. October ended with an average of 40,972 units for US$2,277.
The JSE US Denominated Equities Index gained 1.62 points to end at 228.89.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.4. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending between November and August 2023.
Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling prices and none with a lower offer.
At the close, First Rock Real Estate USD share remained at 7.1 US cents after 36,000 shares were exchanged, Productive Business Solutions ended at US$1.70 after a transfer of two units, Proven Investments rose 2.79 cents to 20 US cents while trading 284,461 stocks. 
Sterling Investments lost 0.05 of a cent to end at 1.95 US cents, with 2,590 stock units crossing the market, Sygnus Credit Investments J$ share ended at 14.62 US cents in an exchange of one stock, Sygnus Credit Investments USD share declined 0.88 of a cent in closing at 9.1 US cents with the swapping of 10,678 units. Sygnus Real Estate Finance USD share fell 0.5 of a cent after ending at 10.5 US cents with 1,036 shares changing hands and Transjamaican Highway remained at 0.92 of one US cent after trading 210 stock units,
In the preference segment, Eppley 6% preference share ended at US$1.13 finishing at one share. Equityline Mortgage Investment preference share remained at US$1.67 in exchanging one stock unit and JMMB Group 5.75% remained at US$1.50 with an exchange of 1 unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market rally
The Jamaica Stock Exchange Main Market ended on Monday after a merger announcement by Pan Jam Investment and Jamaica Producers gained 18 percent and 24 percent respectively and helped push the market higher at the close after the volume of stocks traded jumped 40 percent higher than on Friday but with 5 percent fall in values from the trading in 55 securities compared to 49 on Friday, with 20 rising, 20 declining and 15 ending unchanged.
JMMB Group traded at an intraday 52 weeks’ low of $32.50, Key Insurance closed at a 52 weeks’ low of$3.15 and Kingston Wharves closed at a 52 weeks’ low of $30.
A total of 12,066,242 shares were tradeded for $67,419,300 compared with 8,629,483 units at $70,734,289 on Friday.
Trading averaged 219,386 units at $1,225,805 versus 176,112 shares at $1,443,557 on Friday and month to date, an average of 209,746 units at $1,522,176 versus 209,050 units at $1,543,568 on the previous trading day. October closed with an average of 231,243 units at $1,464,224.
Wigton Windfarm led trading with 6.55 million shares in accounting for 54.3 percent of total volume followed by Transjamaican Highway with 960,085 units for 8 percent of the day’s trade and Jamaica Producers with 883,329 units for 7.3 percent market share.
The All Jamaican Composite Index dropped 1,041.36 points to close at 379,341.61, the JSE Main Index rose 2,547.40 points to 337,924.43 and the JSE Financial Index climbed 1.28 points to 81.16.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.4 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows ten stocks ending with bids higher than their last selling prices and nine with lower offers.
At the close, Caribbean Cement lost 99 cents to close at $57 with an exchange of 4,428 stock units, Eppley rose $1 to $35 with investors transferring 715 units, Eppley Caribbean Property Fund declined $8.87 in closing at $36.02 with a transfer of 39 stocks. 
Guardian Holdings popped $24.98 to $574.98 as investors exchanged 670 shares, Jamaica Producers rose $4.50 to $22.81 in trading 883,329 stocks, Kingston Properties gained $1.38 after ending at $6.91 with a transfer of 35,000 stock units. Kingston Wharves shed $4 to end at a 52 weeks’ low of $30 in exchange of 156,604 units, NCB Financial fell 97 cents in closing at $84 trading 114,161 stock units, Palace Amusement advanced $2.13 to close at $719.01 with the swapping of one unit. PanJam Investment climbed $9 to finish at $58 in switching ownership of 63,430 shares, Proven Investments dropped 50 cents to $25.50 with 10,785 stocks changing hands, Sagicor Group declined 60 cents to $48.60 after exchanging 21,029 stock units. Scotia Group lost 80 cents to end at $35 in transferring 8,573 shares, Seprod fell $1.45 to close at $68.55 with the swapping of 12,621 units, Stanley Motta dipped 54 cents to $4.46 with 3,787 stocks crossing the market. Supreme Ventures rallied $2.87 to $25.93 as investors switched ownership of 90,833 stock units, Sygnus Credit Investments USD share popped $1.72 to close at $18.96 with ten stocks changing hands. 
Sygnus Credit Investments dropped $1.39 to $12 with 59,342 units clearing the market and Wisynco Group advanced 45 cents to end at $18 in exchanging 44,656 shares.
In the preference segment, Jamaica Public Service 9.5% rallied $169.23 to $3,000 in an exchange of 4 stock units, JMMB Group 7.25% preference share rose 40 cents in closing at $3.08 after 6,467 stocks cleared the market and Productive Business Solutions 10.5% preference share dropped $100 to $1,050 with a transfer of 260 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market drops again
Trading picked up a bit on the Junior Market of the Jamaica Stock Exchange on Monday, with a 16 percent rise in the volume of stocks traded after 12 percent more funds passed through the market than on Friday following trading in 43 securities up from 42 on Friday and ended with 19 rising, 17 declining and seven closing unchanged.
A total of 10,381,562 shares were exchanged for $23,676,379 up from 8,983,578 units at $21,220,946 on Friday.
Trading averaged 241,432 shares at $550,613 compared with 213,895 units at $505,261 on Friday with a month to date average of 287,326 units at $782,476 compared to 290,620 stock units at $799,120 on the previous trading day. October averaged 264,407 units at $832,036.
ONE on ONE Educational led trading with 4.75 million shares for 45.7 percent of total volume followed by Dolla Financial with 1.66 million units for 16 percent of the day’s trade and Spur Tree Spices with 981,468 units for 9.5 percent market share.
At the close, the Junior Market Index dipped 41.57 points to settle at 3,830.39.
The PE Ratio, a measure of computing appropriate stock values, averages 12.1. The PE ratios of 
Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
The Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, AMG Packaging dipped 44 cents to $2.71 after closing with 11,625 shares changing hands, Blue Power rose 43 cents in closing at $3.10 in trading 3,104 units, CAC 2000 declined $1.24 to close at $7.06 with investors transferring 325 stocks. Consolidated Bakeries lost 45 cents to end at $1.90 after trading 7,000 stock units, Dolla Financial fell 17 cents to $3.12, with 1,664,774 stock units crossing the market, 
Dolphin Cove dropped 40 cents in closing at $13.20, with 10,018 stocks changing hands. EduFocal shed 16 cents to close at $2.29 after 64,416 units crossed the exchange, Elite Diagnostic gained 15 cents in ending at $3.50 after an exchange of 10,292 shares, Express Catering popped 20 cents to $5 after investors traded 12,565 stock units. Fosrich lost 13 cents to end at $4.07 while exchanging 589,096 stocks, Future Energy Source rallied 11 cents to end at $5.11 with the swapping of 220,888 units, General Accident declined 90 cents to $4 with a transfer of 5,513 shares. ISP Finance dropped $3.49 to close at $15.01 with an exchange of 972 stocks, Jetcon Corporation shed 11 cents in closing at $1.08 as investors exchanged 11,041 units, JFP Ltd climbed 10 cents to $1.50, with 614,991 shares clearing the market. Knutsford Express advanced 99 cents to $8.99, with 1,100 stock units crossing the market, Lasco Financial increased 22 cents to $2.93 in exchanging 82,406 stock units, Lasco Manufacturing increased 18 cents to $3.98 after a transfer of 15,194 units. Limners and Bards climbed 11 cents to end at $2.78 in switching ownership of 238,825 shares, Lumber Depot rallied 27 cents to close at $2.50 while 113,008 stocks passed through the market, Main Event jumped $1.45 to $10 after exchanging 63,235 stock units. 
Medical Disposables dipped 25 cents to $5.10 after trading 3,000 shares, MFS Capital Partners popped 18 cents to end at $2.79 as 62,636 units passed through the market and Paramount Trading advanced 28 cents in closing at $1.80, with 1,019 stocks crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on Trinidad Exchange
Trading picked up sharply Market on the Trinidad and Tobago Stock Exchange on Monday, with a 126 percent rise in the volume of stocks traded that was valued 134 percent more than on Friday and resulted in 21 securities trading compared with 22 on Friday, with prices of seven rising, three declining and 11 remaining unchanged.
Investors traded 932,857 shares for $14,247,158 versus 413,093 stock units at $6,086,851 on Friday. An average of 44,422 units were traded at $678,436 compared with 18,777 shares at $276,675 on Friday, with trading month to date averaging 62,127 shares at $557,481 and tracking closely, the 63,632 units trading at $547,197 on the previous day. The average trade for October amounts to 29,755 at $358,068.
The Composite Index shed 5.14 points to end at 1,299.73, the All T&T Index dropped 10.76 points to 1,952.17 and the Cross-Listed Index rallied 0.12 points to settle at 84.20.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, Agostini’s dropped $1.01 in closing at $42 after 11,632 shares were exchanged, Angostura Holdings increased 25 cents to $23.50, with 200,045 stocks crossing the market, Ansa McAl shed $3.19 to end at $50 after an exchange of 1,084 stock units. Ansa Merchant Bank ended at $42.20 after trading 107 units, Clico Investment Fund remained at $30 with a transfer of 81,348 stock units, First Citizens Group remained at $50.01, with 6,948 shares changing hands. FirstCaribbean International Bank popped 1 cent in ending at $5.06 after investors swapped 600 units, 
Guardian Holdings advanced 9 cents to $25.70 with investors transferring 12,796 stocks, Guardian Media declined 1 cent in closing at $2.99 after exchanging 1,102 units. JMMB Group ended at $1.90 in an exchange of 2,630 shares, Massy Holdings climbed 3 cents to $4.45, with 252,582 stocks clearing the market, National Enterprises gained 5 cents in closing at $3.26, with 49,984 stock units crossing the exchange. National Flour Mills remained at $1.51, with 1,400 stocks passed through the market, NCB Financial ended at $4.56 while trading 171,110 stock units, One Caribbean Media ended at $3.69 as investors exchanged 990 units. Prestige Holdings rallied 36 cents to end at $6.26 trading 723 shares, Republic Financial remained at $136 with an exchange of 30 shares,Scotiabank ended at $77.80 with the swapping of 15,533 stocks. Trinidad & Tobago NGL rose 99 cents in ending at $22 and closed with 76,820 units changing hands, Unilever Caribbean remained at $13.02 while 346 stock units passed through the market and West Indian Tobacco ended at $22 in switching ownership of 45,047 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
PanJam and Jamaica Producers merger
Jamaica Producers and PanJam Investment announced an agreement to amalgamate their businesses to create a new group of companies, with the transaction expected to be completed within the first quarter of 2023 and is expected to take advantage of opportunities both locally and globally.
This arrangement, subject to the approval of the shareholders and the relevant regulators, will result in PanJam acquiring JP’s operating assets in exchange for JP taking a 34.5% interest in PanJam. Following the transaction, PanJam will ultimately hold the combined businesses and will be renamed Pan Jamaica Group Limited. JP will emerge as the largest shareholder of the Group, with its shares in the Group being its principal operating asset. Both companies will remain listed on the Main Market of the Jamaica Stock Exchange.
The combined entity “ is expected to deliver significant value for all shareholders through a strong and diverse portfolio of businesses not only in Jamaica but also internationally,” a release from the companies stated.
Stephen Facey Chairman & Paul Hanworth Chief Operating Officer
The new Group will have substantial holdings in real estate and infrastructure, speciality food and drink manufacturing, agri-business, financial services and a global services network of interests in hotels and attractions, business process outsourcing, shipping, logistics and port operations.
According to JP’s Chief Executive Officer, Jeffrey Hall: “This transaction is not our first opportunity to partner with PanJam. We achieved great commercial success for shareholders in our joint investment in Mavis Bank Coffee Company. We also experienced, first-hand, our compatibility around our shared commitment to integrity, seriousness of purpose, nation building and shareholder returns. JP and PanJam operate businesses that have been tested over time and always come out stronger. With a joint balance sheet of over $100 billion in assets, we will have the scale to be more formidable, more global and more resilient.” PanJam’s Chief Executive Officer, Joanna Banks stated: “PanJam has done exceptionally well by building great partnerships with like-minded entities. The proposed business combination represents the creation of the quintessential Jamaican conglomerate, a geographically and operationally diversified company focused on value creation for all stakeholders through investment in key sectors of the global economy. Our internal analysis points to a future that we are all excited about – one in which our combined enterprises become the regional investment vehicle and investor of choice.”
Jamaica Producers former HQ
The expanded Pan Jamaica Group will be led by JP’s current CEO, Jeffrey Hall, who will hold the position of CEO and Executive Vice Chairman of the Board of Directors. PanJam’s current CEO, Joanna Banks will hold the position of President of Pan Jamaica Group. Stephen Facey will serve as Chairman of the Group’s Board, which will include directors from both JP and PanJam. Charles Johnston, JP’s Chairman, Jeffrey Hall and Alan Buckland, JP’s current Chief Financial Officer, are expected to join the Group’s Board.
Both JP and PanJam have long legacies of investing in and contributing to the growth of Jamaica. JP, founded as a co-operative of banana growers over 90 years ago, has re-positioned itself as a multinational group of companies, with a strong footprint not only in Jamaica through its port operations at Kingston Wharves Limited and its agricultural holdings and food businesses, but also globally, through its European juice holdings, shipping line and global logistics businesses. Charles Johnston, the longstanding Chairman of JP will continue in that role. PanJam has invested in Jamaica for close to 60 years. It has an expansive real estate portfolio comprised of high-end commercial and hospitality properties, and is a well-known leader in real estate management and development. It is also a successful private equity investor with actively-managed and strategic holdings in an array of speciality food manufacturing and distribution, hospitality and business process outsourcing providers. Additionally, PanJam has a significant footprint in the financial services industry through its 30.2% stake in Sagicor Group Jamaica Limited.
The stock prices of both companies rose in the morning session on the Jamaica Stock Exchange, with Jamaica Producers rising 8.3 percent to $22 from a close on Friday of $18.31 and Pan Jam Investment jumping just over 18 percent to $58 form the last traded price of $49.
Major shake up of ICTOP10
The Jamaica stock market got hit in the past week as a new Initial Public offer of Regency Petroleum shares open to the public on Thursday. The market decline is now a very pronounced feature of the market as investors seek funds to invest in the new issue and pressure prices of existing stocks and provides opportunities for savvy investors to pick up stocks at depressed prices for the eventual rally after the IPO closes.
NCB Financial Group is now back in the ICTOP10
The pricing of the IPO issue does not provide enough likely gains for it to make the ICTOP10, but it is included in the Stocks to Watch as the price is expected to jump and deliver a decent profit.
In the past two weeks, several company results were released to the public, with varying outturns, some of which led to adjustments to earnings per share for the current fiscal year. Sterling Investments and VM Investments earnings were adjusted downward and fell out of the TOP 10 and were replaced by NCB Financial Group and Key Insurance. Earnings for Berger Paints and JMMB Group were also revised downward, but they remain in the Main Market TOP10. Access Financial and Iron Rock Insurance return to the Junior Market TOP10 as General Accident and Medical Disposables dropped out.
Seven stocks in the Junior Market TOP10 declined between 3 percent and 20 percent, with only one rising. The Main Market list had two stocks gaining for a second week and six declining between four and nine percent.
Notable price changes during the week include Paramount Trading that dropped 20 percent to an attractive $1.52, Elite Diagnostic and Lasco Financial dipping 10 percent to close at $3.35 and $2.71, respectively, Lasco Distributors lost 10 percent to $3.10 and Caribbean Cream fell 4 percent to $3.86.
In the Main Market, Guardian Holdings rose 10 percent to $550. VVM Investments dropped 7 percent to $4.07 while JMMB Group and 138 Student Living fell 9 percent to $34 and $4.50, respectively, Jamaica Broilers and VM Investments fell 7 percent to $26.35 and $4.07, respectively and Radio Jamaica lost 5 percent in closing at $1.91.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 13.4. At the same time, the Junior Market Top 10 PE sits at 5.8 versus the market at 12, important indicator of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 247 percent and the Main Market TOP10, an average now of 275 percent, to May 2023.
The Junior Market has 13 stocks representing a third of the market, with PEs from 15 to 30, averaging 20 compared with the above average of the market. The top half of the market has an average PE of 17. This data shows the extent of potential gains that the TOP 10 stocks possess. The situation in the Main Market is similar, with the 16 highest valued stocks priced at a PE of 15 to 90, with an average of 27 and 22.6 excluding the highest valued one and 19.4 for the top half excluding the highest valued stock.
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, allowing investors to focus on the most undervalued 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.
JSE USD Market plunges
The JSE US Denominated Equities market suffered a major reversal in trading on Friday, with the market index plunging 29.58 points to 227.27 after the major rise earlier in the week resulting from a big move by Productive Business Solutions was reversed and Proven Investments falling to a 52 weeks’ low as trading ended, with the volume of stocks exchanged rising 174 percent, valued 222 percent more than Thursday’s trades and resulting in an exchange of 10 securities, the same as on Thursday and ended with two rising, two declining and six unchanged.
A total of 182,935 shares were traded for US$22,001 compared to 66,713 units at US$6,828 on Thursday.
Trading averaged 18,294 units at US$2,200, versus 6,671 shares at US$683 on Thursday, with month to date average of 28,308 shares at US$3,437 versus 29,309 units at US$3,560 on the previous day. October ended with an average of 40,972 units for US$2,277.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.5. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending between November and August 2023.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling prices and none with lower offers.
At the close, First Rock Real Estate USD share dipped 0.5 of a cent in closing at 7.1 US cents with an exchange of 20,000 shares, Productive Business Solutions remained at US$1.70 while exchanging ten stocks, Proven Investments lost 1.41 cents to end at a 52 weeks’ low of 17.21 US cents and closed with an exchange of 23,176 units. Sterling Investments rallied 0.1 of a cent to 2 US cents, with 105,000 stock units changing hands, 
Sygnus Credit Investments J$ share ended at 14.62 US cents, with investors exchanging three units, Sygnus Real Estate Finance USD share ended at 11 US cents with a transfer of 8,321 shares and Transjamaican Highway remained at 0.92 of one US cent after an exchange of 17,902 stock units.
In the preference segment, Productive Business 9.25% preference share advanced 90 cents to end at US$11.90 after 20 stocks passed through the market, Eppley 6% preference share remained at US$1.13 after a transfer of 3 shares and JMMB Group 5.75% ended at US$1.50 in switching ownership of 8,500 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
