Trading remained elevated on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks exchanged rising 52 percent and the value dipping 41 percent lower than on Friday, resulting in 20 securities being traded compared to 21 previously, with prices of four stocks rising, nine declining and seven remaining unchanged with Scotiabank giving back the $10.60 it gained on Friday.
A total of 2,857,109 shares were exchanged for $19,829,091 versus 1,876,059 units at $33,392,953 on Friday.
An average of 142,855 units were traded at $991,455 compared to 89,336 shares at $1,590,141 on Friday. Trading month to date averaged 49,375 units at $530,328 versus 40,991 units at $489,001 on the previous trading day. The average trade for August amounted to 40,829 units at $378,385.
The Composite Index shed 11.46 points to end at 1,352.78, the All T&T Index dropped 19.07 points to 2,010.59 and the Cross-Listed Index declined 0.46 points to close at 90.83.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and one with a lower offer.
At the close, Agostini’s dipped $1.65 to $44, with a mere one share being traded, Angostura Holdings declined 50 cents in closing at $24.50, with 4,404 units crossing the exchange, Ansa McAl ended at $57 after an exchange of 487 stocks. Ansa Merchant Bank remained at $42.15 with investors transferring 1,000 stock units, Clico Investment Fund lost 3 cents to end at $29.90 in exchanging 128 stocks, First Citizens Group gained 11 cents to end at $50.61 with 1,747 shares changing hands. FirstCaribbean International Bank fell 5 cents to $5.05 with a transfer of 252,071 units, investors traded 82 stock units of GraceKennedy at $5.30, Guardian Holdings rose 1 cent to $25.51, with 53,169 shares crossing the market. Guardian Media shed 1 cent to $3.09 in an exchange of 500 stocks, JMMB Group ended at $2.30 after trading 119,603 units, Massy Holdings remained at $4.79 in trading 2,262,583 stock units. National Enterprises dipped 9 cents to $3.26 after finishing trading 22,589 stock units, NCB Financial Group dipped 14 cents to $4.85, with 32,603 units changing hands, Prestige Holdings ended at $6.40, with 842 shares crossing the market. Republic Financial Holdings advanced 1 cent to $140.01 in trading 32,021 stocks, Scotiabank declined $10.60 to end at $78.40 after a transfer of 8,529 units, Trinidad & Tobago NGL popped 10 cents to $22.10 after trading 14,448 stocks. Trinidad Cement ended at $3.55 with the swapping of 37,190 stock units and West Indian Tobacco dipped 10 cents to $22.90 while exchanging 13,112 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Scotiabank gives back Friday’s gains
Insurance companies join ICTOP10
Junior Market IC TOP10 stocks experienced a great deal of volatility in the past week but Main Market stocks were very stable, with minor price changes and resulted in two charges to listings with Iron Rock Insurance replacing Lasco Financial in the Junior Market, while Key Insurance in the main market replaced Radio Jamaica.
During the week in the Junior Market, Caribbean Cream jumped 18 percent to $4.70, Elite Diagnostic climbed 8 percent to $5.84, Lasco Financial rose 7 percent to $2.95 and Lasco Distributors gained 5 percent to $3.10. Caribbean Assurance Brokers declined 15 percent to $2.30, CAC 2000 dropped 14 percent to $6.90, Access Financial dipped 9 percent to $20 while General Accident fell 7 percent to $5.05.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.4, while the Junior Market Top 10 PE is at 5.8 versus the market at 12.9, important indicators of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 251 percent and the Main Market TOP10 is projected to gain an average of 238 percent, by May 2023.
The Junior Market currently sells at an average PE around 13 but already there are 15 stocks or a third of the market, with PEs from 16 to 33 averaging 21. The top half of the market has an average PE of 18. This data shows how much potential gains reside in the top 10. The situation in the main market is very similar, with the 15 highest valued stocks priced at a PE of 15 to 84, averaging 25 and 21 excluding the highest valued one.
Currently, the Junior Market is slightly negative but is poised to move higher in the weeks ahead but the main market is under negative clouds that could send the market index lower as NCB Financial and other financial companies continue to trade with inadequate support.
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 and result 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.
The JSE USD market jumps Friday
The Jamaica Stock Exchange US dollar market closed on Friday, with the market Index gaining 7.79 points to end at 212.91 after the volume of stocks traded rose 597 percent and the value climbed 139 percent more than on Thursday, resulting in nine securities traded, compared to eight on Thursday, with prices of four rising, two declining and three ending unchanged.
Overall, 1,269,887 shares were traded for US$37,144 compared to 182,299 units at US$15,525 on Thursday.
Trading averaged 141,099 units at US$4,127, up from 22,787 shares at US$1,941 Thursday, with a month to date average of 59,673 units at US$5,153 versus 51,620 at US$5,255 on the previous day. August ended with an average of 53,206 units for US$7,288.
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 one 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 increased 0.9 of a cent to close at 4.9 US cents, with 5,995 shares changing hands, Productive Business Solutions remained at US$1.3225, with 5,000 stock units crossing the market, Proven Investments ended at 22 US cents, with 49,000 units changing. Sterling Investments ended at 2.09 US cents, with 536 stocks crossing the exchange, Sygnus Credit Investments J$ share climbed 1.79 cents to end at 14.99 US cents after exchanging 150 stocks, Sygnus Credit Investments USD share declined 0.2 of a cent to 11 US cents while exchanging 76,230 units and Transjamaican Highway advanced 0.04 of a cent to 0.9 of none US cent after a transfer of 1,132,310 stock units.
In the preference segment, JMMB Group 5.75% rose 5 cents to close at US$1.80 with investors transferring 446 shares and JMMB Group 6% shed 2 cents to end at US$1.05 in switching ownership of 220 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Scotiabank jumped TT$10.60 on Friday
Scotiabank jumped $10.60 to an all-time high of $89 after exchanging 301,858 units valued at $23.66 million after the bank reported a 13 percent rise in profit to TT$521 million for the nine months to July this year over 2021 at the same time, GraceKennedy traded 1.3 million shares, pushing market activity on the Trinidad and Tobago Stock Exchange on Friday, with the volume of stocks traded rising 633 percent more and the value 469 percent more than on Thursday.
Trading ended with an exchange of 21 securities compared to 17 on Thursday, with prices of eight rising, six declining and seven left unchanged after 1,876,059 shares were traded for $33,392,953, up from 255,936 units at $5,863,958 on Thursday.
An average of 89,336 units were traded at $1,590,141 compared to 15,055 shares at $344,939 on Thursday, with trading for the month to date averaging 40,991 units at $489,001 compared with 35,965 units at $374,526 on the previous day. Trading in August averaged 40,829 units at $378,385.
The Composite Index lost 0.54 points to close at 1,364.24, the All T&T Index declined 1.85 points to 2,029.66 and the Cross-Listed Index added 0.12 points to settle at 91.29.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Angostura Holdings ended at $25 in trading 20,000 shares, Ansa McAl lost $2 to end at $57 with 1,520 units changing hands, Clico Investment Fund rose 43 cents to $29.93, with 13,651 stocks crossing the exchange. Endeavour Holdings fell 50 cents to $7, with an exchange of 2,335 stock units, First Citizens Group shed 1 cent to end at $50.50 after swapping 369 units, GraceKennedy rallied 5 cents to $5.30 in switching ownership of 1,300,000 stocks. Guardian Holdings dipped 2 cents to $25.50 with investors transferring 735 shares, JMMB Group remained at $2.30 with an exchange of 117,400 stock units, L.J. Williams B share ended at $2.20 while exchanging 100 stocks. Massy Holdings popped 2 cents to $4.79 in trading 2,603 shares, National Enterprises dropped 10 cents to close at $3.35, with 3,491 units clearing the market, National Flour Mills declined 18 cents in closing at $1.40 after exchanging 24,313 stock units. NCB Financial Group increased 4 cents to $4.99 in trading 30,691 units, Point Lisas popped 2 cents to $3.11 after a transfer of 2,861 shares, Prestige Holdings gained 40 cents to close at $6.40 with a transfer of 418 stock units. Republic Financial Holdings ended at $140 after trading 4,100 stocks, Trinidad & Tobago NGL rose 10 cents to close at $22 after 20,120 stocks crossed the market. Trinidad Cement ended at $3.55 after trading 20,000 shares, Unilever Caribbean remained at $13.35, with 1,066 stock units changing hands and West Indian Tobacco remained at $23 as investors exchanged 8,428 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gain for JSE USD market
Trading on the Jamaica Stock Exchange US dollar market ended on Thursday, with the volume of stocks exchanged declining 72 percent and valued 17 percent less than on Wednesday, resulting in eight securities trading, compared to 10 on Wednesday with prices of three rising, one declining and four ending unchanged.
Overall, 182,299 shares were traded for US$15,525, down from 653,653 units at US$18,774 on Wednesday.
Trading averaged 22,787 units at US$1,941 compared with 65,365 shares at US$1,877 on Wednesday, with a month to date average of 51,620 shares at US$5,255 versus 54,399 units at US$5,574 on the previous day. August ended with an average of 53,206 units for US$7,288.
The JSE US Denominated Equities Index added 1.18 points to end at 205.12.
The PE Ratio, a measure used in computing appropriate stock values, averages 8. 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 higher bid than the last selling price and none with a lower offer.
At the close, First Rock Real Estate USD share remained at 4 US cents with the swapping of 149,648 shares, MPC Caribbean Clean Energy ended at US$1 in switching ownership of 13 units, Productive Business Solutions ended at US$1.3225 in an exchange of two stock units. Proven Investments climbed 1.5 cents to close at 22 US cents after exchanging 15,521 stocks, Sterling Investments remained at 2.09 US cents after just three shares crossed the market, Sygnus Credit Investments J$ share increased 1.2 cents to end at 13.2 US cents with an exchange of 800 stocks and Sygnus Credit Investments USD share declined 1.79 cents to close at 11.2 US cents in exchanging 11,808 stock units.
In the preference segment, JMMB Group 6% rose 2 cents to end at US$1.07 as investors exchanged 4,504 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.