Trading closed on the Jamaica Stock Exchange Junior Market Monday, with the volume ofJ stocks traded rising 18 percent and the value jumping 27 percent more than on Friday, resulting in slightly more stocks declining than those that gained.
A total of 44 securities were traded versus 40 on Friday, with 15 rising, 17 declining and 12 unchanged, resulting in the Junior Market Index losing 20.65 points to settle at 4,073.21.
The PE Ratio, a measure of computing appropriate stock values, averages 12.6. The PE ratios of the Junior Market incorporate ICInsider.com projected earnings for companies with year end that falls between November this year and August 2023.
A total of 8,135,173 shares traded for $31,415,140 up from 6,905,892 units at $24,772,346 on Friday. Trading averaged 184,890 shares at $713,980 in contrast to 172,647 shares at $619,309 on Friday, with the month to date, averaging 239,285 units at $995,375 compared to 246,694 units at $1,033,707 on the previous trading day. May closed with an average of 376,907 units at $1,638,631.
SSL Venture led trading with 1.91 million shares for 23.5 percent of total volume, followed by Tropical Battery with 695,314 units for 8.5 percent of the day’s trade and Spur Tree Spices with 648,106 units for 8 percent market share.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, AMG Packaging advanced 12 cents to $3.70, with 172,080 shares crossing the exchange, CAC 2000 rose 40 cents to close at $7.40 after trading 5,186 units, following the release of solid half year results. Cargo Handlers rallied $1.10 in closing at $12.10 with an exchange of 8,498 stocks. Caribbean Cream gained 10 cents in ending at $4.85 while exchanging 7,000 stock units, Caribbean Flavours increased 8 cents to end at $1.98 in switching ownership of 65,293 units, Elite Diagnostic shed 10 cents in closing at $3.30 after exchanging 4,783 shares. Express Catering lost 20 cents to close at $5.60, trading 183,500 stock units, Fontana popped 13 cents to end at $9.75, with 123,110 stocks crossing the market, Future Energy Source fell 9 cents to $5.80 in an exchange of 413,185 shares. Honey Bun climbed 30 cents in ending at $8.80 after 416,278 stock units crossed the market, Iron Rock Insurance declined 8 cents to $3 with the swapping of 298 stocks, Jamaican Teas increased 10 cents in closing at $2.97 after trading 317,167 units. Knutsford Express rose 50 cents to $8.50, with 40 stocks changing hands, Lasco Manufacturing rallied 24 cents to end at $5 after exchanging 89,244 stock units, Main Event dropped 9 cents to close at $8.80, with an exchange of 16,539 shares. 
Medical Disposables lost 45 cents in closing at $7, with 13,300 units clearing the market, Paramount Trading fell 10 cents to $1.90 after exchanging 365 stocks, Spur Tree Spices dipped 15 cents to close at $3.55 while trading 648,106 units and SSL Venture climbed 35 cents to $2.19 while exchanging 1,913,234 stock units.
In the preference segment, CAC 2000 9.5% preference share advanced 15 cents to end at $1.16 after exchanging 12,425 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading levels fall back on TTSE
Market activity ended on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks traded declining 69 percent and the value 78 percent lower following Friday’s heavy trading.
Trinidad & Tobago Stock Exchange Head Quarters
A total of 25 securities traded up from 18 on Friday, with seven rising, six declining and 12 remained unchanged. The Composite Index popped 1.35 points to 1,399.81, the All T&T Index rose 0.65 points to 2,051.53 and the Cross-Listed Index climbed 0.29 points to settle at 98.33.
Trading ended with an exchange of 2,158,002 shares for $12,679,084 down from 6,934,173 units at $57,608,926 on Friday. An average of 86,320 units traded at $507,163 compared to 385,232 shares at $3,200,496 on Friday, with trading month to date averaging 67,741 units at $562,111 versus 64,706 units at $571,089. The average trade for May amounts to 45,890 units at $370,328.
Investor’s Choice bid-offer indicator shows two stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s finished at $47.20, with 20 shares clearing the market, Angostura Holdings ended at $23 while exchanging 288 stocks, Ansa McAl remained at $56.95 with an exchange of 770 stock units. Ansa Merchant Bank rose 75 cents in closing at $43, with one unit changing hands, CinemaOne ended at $3.95 trading one unit, Clico Investment Fund dropped 1 cent to close at $28.99, crossing the market 760 stocks. Endeavour Holdings finished at $7.50, with just one share crossing the exchange, First Citizens Group remained at $50 in trading 3,406 stock units, FirstCaribbean International Bank shed 7 cents to 52 weeks’ low of $5.18 after exchanging 29,076 stocks. GraceKennedy ended unchanged at $5.50 after trading 400 units, Guardian Holdings advanced 1 cent to $27.31 with the swapping of 2,500 stock units, Guardian Media gained 6 cents in closing at $3.10, with a mere two shares crossing the market.
JMMB Group popped 10 cents to close at $2.40 while exchanging 827 stock units, L.J. Williams B share climbed 15 cents to $2.10 in trading 50 stocks, Massy Holdings remained at $5.20 in switching ownership of 2,022,895 shares. National Enterprises lost 1 cent in ending at $3.24 in an exchange of 66,896 units, National Flour Mills rallied 4 cents to $1.79 after 1,001 units were traded, One Caribbean Media fell 2 cents to $4.15 trading mere one stock unit. Point Lisas ended at $3.40, with 50 stock units changing hands, Republic Financial Holdings had an exchange of 760 shares at $141.02, Scotiabank increased 7 cents in closing at $78, with 12,557 stocks crossing the exchange. Trinidad & Tobago NGL declined 1 cent to $20.82 after 6,113 stock units passed through the market, Trinidad Cement ended at $3.88 trading 15 shares, Unilever Caribbean fell $1 to a 52 weeks’ low of $13.80 in exchanging 2,661 units and West Indian Tobacco finished at $23.35 with 6,951 stocks clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
3 new ICTOP10 listings
The old stock market adage of sell in May and go away continued to influence the market this past week, helped by funds tied up in the Dolla Financial IPO, but most investors should get full refunds early this coming week, as well as the likelihood of the trading commencing in the stock in the latter part of the week.
The week ended with three new listings in the TOP10, as declining stocks dominated the Junior and Main Market.
In the Junior Market, the only worthwhile gain was a 14 percent rise by Paramount Trading to $2. Access Financial shed 6 percent to close at $20.45, stocks that declined by 5 percent each are Lasco Financial to $3.43, Jetcon Corporation to $1.26 and Medical Disposables to $7.45.
For the TOP10 Main Market stocks, Caribbean Cement gained 7 percent to $70 after the company reported a proposed $1.50 dividend payment in August. VM Investments lost 10 percent to $5.30, Berger Paints slipped 3 percent to $11, JMMB Group down 5 percent to $42 and Sygnus Credit Investments dipped 5 percent to $14.11.
Lasco Distributors and Paramount Trading dropped out of the Junior Market TOP10. They were replaced by Dolphin Cove, with the price dropping to $15.40 and Stationery and Office Supplies (SOS).
SOS got an earnings upgrade to $1.70, with first quarter revenues 24 percent ahead of 2019, the previous best quarter before the negative impact of Covid-19, with the full reopening of the economy after, suggesting revenues should be running even further ahead of 2019 for the second quarter onwards. 
Dolphin Cove is benefitting from a resurgence in the tourism industry that is delivering increased revenues compared to 2021. The increased income and cost reduction contribute to a substantial profit increase that will carry over into the first half of 2023. It will enjoy increased revenues since the tourism recovery was not at full force in the first half of this year.
In the Main Market, Caribbean Producers is back, with upgraded earnings for the fiscal year to June 2023 of $2.30 per share that will flow from increased earnings for the year starting in July as it benefits from the recovery in the tourism sectors from which the bulk of its revenues is earned. QWI Investments has dropped out of the ten.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 14.6, while the Junior Market PE for the Top 10, is 6 versus the market at 12.9. The Junior Market TOP10 is projected to gain an average of 235 percent to May 2023 and the Main Market 228 percent.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023. They are ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios 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.
Rule changes likely at JSE
Investors have been agitating about the circuit breaker that seems to have stimulated the Jamaica Stock Exchange into action. Feedback received by this publication, suggests that investors could see changes in the length of time the freeze in trading last, with the possibility that it could drop from the current one hour to a lesser period.
The stock exchange is definitely not going to remove the circuit breaker Marlene Street-Forrest advises. That seems to be supported by the findings of the World Federation of Exchanges research that found, “on average, stock returns stabilize, selling pressure resolves, and prices become more informative after trading resumes from the market-wide trading halts.”
The report also states that a recent survey by the World Federation of Exchanges indicates that a large majority – 86 percent of exchanges in the world have circuit breakers, although their design and calibration vary to answer the needs of different individual market structures.
But the JSE is undertaking studies to garner pertinent information on the triggering of the circuit breaker in the past that can be used to guide decision making in any change to the rules.
It could be that the exchange may do away with the two tiered rule of 15 percent and 30 percent and instead have just a 30 percent limit that could sharply reduce the high number of interruptions that occurred over the past three months, primarily in the Junior Market that has been much more bullish than the main market.
The Exchange is also looking at the possibility of extending trading hours, which could well add an hour to the current trading session, feedback from the exchange suggest, bringing the local exchanges more in line with many exchanges worldwide. This may well be merited with the increasing number of listings on the market with the possibility that there could be another six added listings during the rest of the year, in addition to the imminent listing of Dolla Financial.
No timeline seems to be set for the above changes, but it could well take place before the year ends if approved by the JSE board.
8 Junior Market stocks that should split
Stock splits and bonuses are two tools companies have in their tool kit to deliver value to their shareholders if used appropriately. Interestingly while the Scotia Group has used these tools repeatedly for the past several decades, Directors at NCB Group have frowned on the practice seeing no value to the group.
The critical point is that directors run a company for the benefit of shareholders not solely for the benefit of the company. Shareholders are kings and queens of the companies they own shares in and directors should not lose sight of that factor.
Some companies have split their stocks and investors love the results of these splits as they see where the values have mostly gone up, before and after the split. Some companies like the Lasco group have handled the split badly by overdoing it and creating too much liquidity that kills the value of the stock for years. The split is also an indication that a company’s profit is likely to grow short term which would cause the stock to struggle as the price gets more expensive without the split.
A look at the Junior Market shows 27 of the 45 companies listed trading below four dollars, with seven priced at more than twice $4. The price differential between the two groups suggests that a stock split is warranted if management is serious about the minority shareholders as well as creating the liquidity in the stock to maximize publicity from listing.
The seven companies are Access Financial, with only 270 million issued shares, with a stock split well overdue that will result in improved liquidity and build interest in it. Cargo Handlers at $11.50 has limited liquidity and needs a split to build back excitement into trading it. Dolphin Cove is the third one with the price at $15.25 and recently much higher, but the majority owner may not be so inclined to go the route of a split, but one never knows as local shareholders could well prevail on them to do so. Fosrich now trading around $27, is proposing a 10 to 1 stock split at the Annual General Meeting (AGM) this month. Honey Bun trading at $8.50 has the potential to move up to the $20 region later this year or early in 2023 and warrants a second split, having done one a few years ago.
Fosrich to vote on a 10 to 1 stock split at the coming AGM this month.
Back in 2020, management of ISP Finance had indicated that a split was on the cards, but even with the stock at more than $22 and highly illiquid with less than 3 percent of shares freely available for regular trading action to split the stock is nowhere in sight. Main Event is just at the borderline at $8.20 so a split may be in the future when it has fully recovered from the loss in business, with the advent of the covid-19 pandemic. There are 300 million shares issued with the top 10 holdings accounting for 93.5 percent. Stationery and Offer Supplies hinted at a past AGM that they had looked at it but felt the time was not right. The time may well be very close with the price trading recently around the $12 region with record profits expected this year a split could well happen with the AGM coming up later this year. The company has only 250 million shares issued of which 90 percent are held by the Top10 shareholders. Medical Disposables trades at $7-8 region, with the price not yelling for a split just yet but if management is smart they would split the stock with only 263 million shares issued, a two for one basis as rising profit this fiscal year will probably put the price to around $5 after such a split when all is said and done.
Volume jumps on JSE Main Market
Trading on the Jamaica Stock Exchange Main Market ended on Friday, with the volume of stocks traded jumping 221 percent and 21 percent higher than on Thursday as declining stocks continue to exceed those rising.
The All Jamaican Composite Index shed 510.21 points to settle at 440,209.56, the JSE Main Index gained 102.53 points to close at 386,530.90 and the JSE Financial Index declined 0.06 points to settle at 91.75. Trading ended with 56 securities compared to 54 on Thursday, with 17 rising, 21 falling and 18 ending unchanged.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.6 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
Overall, 34,028,346 shares were exchanged for $164,480,692 versus 10,590,832 units at $135,566,664 on Thursday. Trading averages 607,649 units at $2,937,155, compared to 196,127 shares at $2,510,494 on Thursday and month to date, an average of 286,629 units at $2,896,811, compared to 239,071 units at $2,890,834 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
JMMB Group 7.35% preference share due 2028 led trading with 27.48 million shares for 80.7 percent of total volume, followed by Jamaica Broilers with 1.1 million units for 3.2 percent of Friday’s trade and Transjamaican Highway with 970,028 units for 2.9 percent market share.
The Investor’s Choice bid-offer indicator shows ten stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Caribbean Cement rose $9 to close at $70 with the swapping of 1,296 shares, Caribbean Producers rallied 33 cents to $14.50 with an exchange of 40,540 stocks, Eppley fell $8.90 to $38.10, with 10,859 stock units crossing the exchange. Eppley Caribbean Property Fund declined $1.50 to $43.50 with 1,045 units changing hands, First Rock Capital shed $1.10 in ending at $12 while exchanging 51,837 shares,GraceKennedy climbed $1 to close at $106 in switching ownership of 32,735 units. Guardian Holdings advanced $26 to $537 with 2,783 stock units clearing the market, Jamaica Broilers lost 49 cents in ending at $27.49 after exchanging 1,098,934 stocks, Jamaica Stock Exchange gained $1.95 to end at $19.95, with 400 stock units crossing the market. JMMB Group dropped $1 in closing at $42 with 273,211 units changing hands, Key Insurance increased 25 cents to $4.20 while exchanging one share, Kingston Wharves popped $2.49 to end at $38.99 in trading 1,474 stocks. 
Massy Holdings dropped $1.50 to $92.50 with 266 units changing hands, Mayberry Investments shed $1.06 to close at $9 in exchanging 254,204 shares, NCB Financial lost $2 in closing at $101 in an exchange of 106,486 stock units. PanJam Investment rose $1 to $65.50 after trading 8,419 stocks, Proven Investments declined 77 cents to end at $37.05 after 13,981 stocks passed through the market, Sagicor Group fell 90 cents in closing at $56 with the swapping of 81,399 units. Stanley Motta fell 40 cents to close at $5.10 in trading 8,000 shares and Supreme Ventures dropped 25 cents to $30 after exchanging 75,133 stock units.
In the preference segment, Eppley 7.25% preference share lost $1.95 to end at $20.05 in switching ownership of 801 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Volume climbs on JSE USD market Friday
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks traded rising 995 percent and the value jumping 1,406 percent more than on Thursday, resulting in a decline in the market index.
A total of six securities traded, compared to eight on Thursday, with one rising, two declining and three ending unchanged. The JSE US Denominated Equities Index slipped 0.06 points to end at 220.39.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.4. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending up to August 2023.
Overall, 247,506 shares traded, for US$57,518, up from 22,611 units at US$3,819 on Thursday.
Trading averaged 41,251 units at US$9,586, up from 2,826 shares at US$477 on Thursday, with a month to date average of 112,119 shares at US$4,929 versus 119,712 units at US$4,430 on the previous day. May ended with an average of 47,916 units for US$3,528.
Investor’s Choice bid-offer indicator shows two ended with higher bids than the last selling prices and none with a lower offer.
At the close, First Rock Capital USD share rose 0.1 of a cent to 7.5 US cents with 5,313 shares clearing the market, 
Margaritaville ended unchanged at 15 US cents in trading 10,006 stocks, Proven Investments lost 0.1 of one cent to end at 26 US cents in switching ownership of 210,953 units. Sterling Investments fell 0.2 of a cent to 2 US cents after exchanging 7,000 stock units, Sygnus Credit Investments USD share finished at 12.39 US cents while exchanging 1,990 stocks and Transjamaican Highway remained at 0.98 of one US cent after trading 12,244 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading drops on stable Junior Market
Trading closed on the Jamaica Stock Exchange Junior Market Friday, with the volume of stocks traded declining 57 percent and the value 72 percent lower than on Thursday, leading to 40 securities trading versus 41 on Thursday, with 16 rising, 15 declining and nine closing unchanged.
At the close, the Junior Market Index slipped 1.52 points to 4,093.86.
The PE Ratio, a measure of computing appropriate stock values, averages 12.9. The Junior Market PE ratios incorporate ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
A total of 6,905,892 shares traded for $24,772,346 compared to 16,085,002 units at $88,518,673 on the Thursday. Trading averaged 172,647 shares at $619,309 in contrast to 392,317 shares at $2,158,992 on Thursday, with a month to date average of 246,694 units at $1,033,707 compared to 257,160 units at $1,092,280 on the previous trading day. May closed with an average of 376,907 units at $1,638,631.
JFP Limited led trading with 1.03 million shares for 15 percent of total volume, followed by Jamaican Teas with 909,489 units for 13.2 percent of the day’s trade and Lumber Depot with 846,346 units for 12.3 percent market share.
The Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Access Financial gained 90 cents to end at $20.45 after trading 645 shares, Cargo Handlers dropped $1.52 to end at $11 in switching ownership of 77,669 units, Elite Diagnostic fell 37 cents in closing at $3.40 with 198,827 stocks changing hands. Everything Fresh increased 8 cents to $1.25 with an exchange of 58,263 stock units, Fontana fell 22 cents to close at $9.62 in exchanging 193,395 shares, Fosrich advanced 30 cents to close at $27.30 after trading 20,105 units. Honey Bun declined 47 cents and ended at $8.50, with 36,486 stocks crossing the exchange, iCreate popped 38 cents to $2.89 with 430,232 stock units changing hands, Indies Pharma rallied 10 cents to end at $3.10, with 6,294 shares clearing the market. Jamaican Teas shed 10 cents to $2.87 with the swapping of 909,489 stocks, Jetcon Corporation climbed 16 cents in closing at $1.26 after exchanging 343,454 stock units, Knutsford Express declined 40 cents to $8 after 15,047 units crossed the market.
Lasco Distributors shed 14 cents to $3.30 in trading 37,117 stock units, Lasco Manufacturing dropped 24 cents to end at $4.76 with an exchange of 2,656 shares, Main Event rose 69 cents to close at $8.89 with 1,000 stocks changing hands and Stationery and Office Supplies lost 98 cents to end at $11 after an exchange of 10,159 units.
In the preference segment, CAC 2000 9.5% preference share fell 15 cents to close at $1.01, trading 2,510 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
3 stocks send trading surging on TTSE
Trading surged sharply on the Trinidad and Tobago Stock Exchange on Friday, as two Jamaican stocks traded in high volume, resulting in the overall volume of stocks traded rising a massive 3,255 percent with the value jumping 2861 percent more than on Thursday.
First Citizens Group accounted for 64 percent of the value traded on Friday.
First Citizens Group had an exchange of 735,498 stock units for $36,791,387, amounting to 64 percent of the total market value for the day, GraceKennedy traded 1,715,846 shares for $9,474,540 and JMMB Group’s 4,132,379 shares that were traded cost $9,504,503.
Eighteen securities traded, up from 15 on Thursday, with prices of only three rising, 10 declining and five ending unchanged. The Composite Index dropped 11.69 points to settle at 1,398.46, the All T&T Index dropped 12.58 points to settle at 2,050.88 and the Cross-Listed Index shed 1.50 points to settle at 98.04.
A total of 6,934,173 shares traded for $57,608,926 compared to 206,690 units at $1,950,983 on Thursday. An average of 385,232 units traded at $3,200,496 compared to 13,779 shares at $130,066 on Thursday, with trading month to date averaging 64,706 units at $571,089 versus 21,969 units at $220,502. The average trade for May amounts to 45,890 units at $370,328.
Grace Kennedy traded 1.7 million shares
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Ansa Merchant Bank dropped $2.75 to close at $42.25, with 200 shares clearing the market, CinemaOne finished at $3.95 in an exchange of 270 units, Clico Investment Fund ended at $29 with 444 stock units crossing the market. Endeavour Holdings ended unchanged at $7.50 as 4,030 stocks changed hands, First Citizens Group dipped 60 cents to $50 while exchanging 735,498 units, FirstCaribbean International Bank ended unchanged at $5.25 in exchanging 13,500 stocks. GraceKennedy fell 45 cents ending at $5.50 with the swapping of 1,715,846 shares, JMMB Group shed 5 cents to end at $2.30 in trading 4,132,379 stock units, Massy Holdings gained 1 cent to end at $5.20 with an exchange of 75,350 stock units.
National Enterprises rallied 1 cent to close at $3.25 after trading 46,490 shares, National Flour Mills declinedm5 cents to $1.75, with 1,000 stocks changing hands, NCB Financial Group remained at $5.67 after exchanging 100,462 units. Prestige Holdings declined 38 cents in ending at $6.70 after an exchange of 300 units, Republic Financial Holdings dropped 98 cents to $141.02 with an exchange of 769 shares, Scotiabank lost 7 cents in closing at $77.93 in switching ownership of 51 stocks. Trinidad & Tobago NGL popped 1 cent to $20.83 trading 6,108 stock units, Unilever Caribbean shed 16 cents in closing at a 52 weeks’ low of $14.80, with 319 stocks crossing the exchange and West Indian Tobacco fell 5 cents to close at $23.35 in exchanging 1,157 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Barita to pay $666M in dividend
Barita Investments will be paying an interim dividend of 54.6 cents per stock unit on June 30, 2022, the company advised.
The company’s Board of Directors approved a Resolution on June 9, 2022, for the payment to shareholders on record at the close of business on June 23, 2022, and will cost $666.3 million. The stock will trade ex-dividend on June 22, 2022. The company last paid a dividend of $3.029 per stock unit on October 7, last year, to shareholders on record at the close of business on September 23, 2021.
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Elsewhere, Scotia Group reported financial results with a net income of $4.4 billion for the six months ending April 2022, down from $4.48 billion in 2021 for the same period.
The Directors of Scotia Group approved a dividend of 35 cents per stock unit in respect of the second quarter, payable on July 20, to stockholders on record on June 28. The dividend amounts to $1.09 billion amounting to 42 percent of the profit on 83 cents per share in the April quarter.
