Market activity ended on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks traded declining 14 percent with 205 percent higher value than on Friday and leading to modest changes in the market indices.
A total of 16 securities traded compared to 18 on Friday, with five stocks rising, two declining and nine remaining unchanged. The Composite Index slipped 0.91 points to 1,414.08, the All T&T Index fell 3.38 points to 2,071.55 and the Cross-Listed Index rallied 0.24 points to settle at 99.47.
Overall, 170,637 shares traded for $7,974,540 compared to 198,937 units at $2,615,349 on Friday. An average of 10,665 units traded at $498,409 compared to 11,052 shares at $145,297 on Friday, with trading month to date averaging 13,601 units at $227,272 versus 14,384 units at $154,969. The average trade for May amounts to 45,890 units at $370,328.
Investor’s Choice bid-offer indicator shows four stocks that ended with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s gained 5 cents to close at $47.25, trading 100 shares, Angostura Holdings finished at $23 with an exchange of 2,454 stock units, Clico Investment Fund popped 50 cents to $29 in exchanging 35,073 units. First Citizens Group shed $1.98 in closing at $53, with 580 stocks changing hands, FirstCaribbean International Bank ended unchanged at $5.25 in switching ownership of 1,400 stocks, GraceKennedy rallied 10 cents to close at $5.80 after trading 10,478 shares. 
Guardian Holdings remained at $27.30 after 30 stock units were exchanged, JMMB Group declined 1 cent in ending at $2.44, with 1,919 units clearing the market, Massy Holdings ended at $5.24 after 19,494 stock units changed hands. National Flour Mills remained at $1.80 while exchanging ten units, One Caribbean Media finished at $4.17 in trading 1,000 shares, Republic Financial Holdings climbed 75 cents to $141 with an exchange of 37,574 stocks. Scotiabank increased 1 cent to $78 after exchanging 554 shares, Trinidad & Tobago NGL finished at $21 in an exchange of 4,696 stocks, Unilever Caribbean ended unchanged at $19.85 after the trading of 13,788 stock units and West Indian Tobacco remained at $23.50 with the swapping of 41,487 units.Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Slippage for Trinidad stocks
Dolla shares could list on Friday
Trading in the shares of Dolla Financial that offered shares to the public in an initial stock offering that closed on the same day it was opened could be listed on Friday on the Junior Market of the Jamaica Stock Exchange, a source informed ICInsider.com.
Details of the allocation are expected to be released by the close of the Jamaica Stock Exchange on Monday, the source advised.
Some $10 billion is said to have chased after the 500 million shares at $1 each, as such investors will end up, on average, with approximately 5 percent of the amount applied for.
The issue that was very popular closed at 4.30 on Friday, May 27, having been heavily oversubscribed. The shares are expected to more than double, based on the earnings for the first quarter to March this year, with a profit before tax of $66 million, up from $17 million in 2021.
The company reported an audited profit of $129 million after taxation of $38 million for 2021, from revenues of $379 million and ended with shareholders’ equity of $315 billion.
$250 million of the funds raised in the offer, net of the cost of the IPO, will be used in the business to fund loan growth.
Institutions losing out big time in stocks
The Jamaica Stock Exchange Junior Market is growing at more than twice the pace of the Main Market but institutional investors are missing out on the significant superior performance the newer market is delivering, all because institutional investors have not been reading the Junior Market properly, the end results are, pension funds and other investors who utilize institutions to manage their funds have lost out big time on the returns the newer market has provided.
But a host of newer investors are having a whale of a time making good money in the more investor friendly market. These newer investors are mainly interested in Junior Market stocks, two observers disclosed to ICInsider.com. The burst of new investors were attracted to the market by initial public offers of mainly Junior Market stocks, fed on a dose of wildly successful issues that they made great profits from. They are familiar with the market for new issues as they have done extremely well out of them and plan to do so until the situation changes.
In the summer of 2011, just 1,339 applications pumped in $2.4 billion for Caribbean Producers public share issue. Recent issues have attracted over 5,000 applicants, with Spur Tree pulling in excess of 5,000 investors. In 2018 the Fontana IPO attracted 3,406 applications for a total of 982 shares at $2 each. In 2018, Indies Pharma pulled in 2,800 applicants, covering over $1 billion and Wisynco hauled in 7,382 applications totaling $18.8 billion. These are in contrast to the first Junior Market listing Access Financial which struggled to get acceptance at the IPO stage.
A close look at the markets and individual stocks in recent months tends to confirm this view. It is not very surprising then that the Junior Market that has seen a number of new listings in the past three years has attracted sufficient buying interest to send that market up nearly 30 percent last year and up to 33 percent up to recently in 2022, far surpassing Main Market stocks. That performance is not unique to the past two years as the Junior Market outpaced the Main Market in 7 of the last 12 years and delivered more than twice the gains as the Main Market. The Junior Market gained 984 percent from the end of 2010 up to last week with an increase of 119 percent more than the Main Market’s 449 percent.
One new entry to ICTOP10
Prices of several stocks rebounded this past week as the selloff to fund the Dolla Financial IPO receded, but the changes had little impact on changing stocks in the TOP10, with just one new entrant to the listing.
Following last week’s 330 points fall, the Junior Market index recovered 143 points by the end of the week, while the Main Market All Jamaica Index lost 211 points on top of the 5,954.55 points given up in the previous week.
This week’s market performance resulted in mostly gains for TOP10 stocks. In the Junior Market, Medical Disposables rose 12 percent to $7.85, while Access Financial gained 9 percent to close at $21.80 and Lasco Financial rallied 6 percent to $3.50, following the release of full year results to March, with profit doubling to $306 million for earnings per share of 24 cents. Elite slipped 6 percent in closing at $3.40 and Caribbean Cream fell 5 percent to $4.69.
For the TOP10 Main Market stocks, Productive Business Solutions gained 15 percent to US$1.15, VM Investments rose 13 percent to $5.87, Berger Paints rallied 6 percent to $11.30, followed by QWI Investments up 5 percent to 89 cents. Sygnus Credit Investments declined 5 percent to $14.80 and JMMB Group slipped 4 percent to $44 following the release of full year results.
Jetcon Corporation price dipped to $1.32 and squeezed out General Accident from the Junior Market TOP10.
Medical Disposables reported full year results to March, on Thursday, with profit before tax surging 938 percent to $143 million and profit due to the parent company shareholders before extraordinary gains in 2021 of $62 million, rising to $105 million, from $7.5 million, with revenues up 42 percent over the previous year.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 15.1, while the Junior Market PE for the Top 10 is six versus the market at 13.4. The Junior Market TOP10 is projected to gain an average of 235 percent to May 2023 and the Main Market 228 percent.
Watch these stocks that are sitting just outside the TOP10, the list includes Key Insurance, followed by Caribbean Producers, Scotia Group and Sagicor Group from the Main Market and in the Junior Market, Dolphin Cove, General Accident and Iron Rock Insurance.
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 are likely to deliver the best returns up to the end of May 2023 and 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 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.
Main market stocks slipped on Friday
Market activity ended on the Jamaica Stock Exchange Main Market on Friday, with the volume of stocks traded declining 58 percent with an 87 percent higher value than on Thursday as rising stocks just exceeded those falling.
The All Jamaican Composite Index shed 2,760.54 points to 443,604.86, the JSE Main Index lost 1,705.22 points to close at 389,557.86 and the JSE Financial Index dipped 0.55 points to settle at 91.98.
On Friday, 54 securities were traded, down from 57 on Thursday, with 22 rising, 21 declining and 11 unchanged.
The PE Ratio, a formula to compute appropriate stock values, averages 15.1. 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, 7,435,594 shares traded for $128,125,542 versus 17,737,465 units at $68,560,146 on Thursday. Trading averages 137,696 units at $2,372,695, compared to 311,184 shares at $1,202,810 on Thursday and month to date, an average of 267,179 units at $1,856,762, compared to 332,525 units at $1,596,385 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
Transjamaican Highway led trading with 1.63 million shares for 21.9 percent of total volume, followed by Supreme Ventures with 1.41 million units for 18.9 percent of the day’s trade and JMMB Group with 1.12 million units for 15 percent market share.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments popped 49 cents in closing at $88.50 in trading 9,074 shares, Berger Paints advanced 30 cents to end at $11.30, with 423 stocks crossing the exchange, Caribbean Cement dropped $1.50 to close at $65.50 as 7,350 stock units changed hands. GraceKennedy rallied 50 cents to $109.50 in switching ownership of 93,121 units, Guardian Holdings shed $1 in ending at $534 with an exchange of 2,608 shares, Jamaica Producers gained 30 cents to $22.80 after 7,565 units crossed the market. JMMB Group declined 99 cents to close at $44 with 1,116,258 stock units clearing the market, Kingston Wharves lost 62 cents in ending at $38.98 after trading 301 stocks, NCB Financial fell $3.88 in closing at $101.02 in exchanging 51,678 stocks. PanJam Investment climbed $1.50 to end at $67.50 while exchanging 801 stock units, Proven Investments increased 51 cents to end at $38.50 after exchanging 44,633 shares, Sagicor Group dropped 75 cents to $54.25, with 47,796 units changing hands. Scotia Group rose $1.40 to close at $37, with 91,201 units crossing the market, Seprod declined 87 cents to $71 in an exchange of 2,846 shares and Supreme Ventures rallied 50 cents in closing at $30.50 with the swapping of 1,406,282 stocks.
In the preference segment, Eppley 7.25% preference share gained $1.99 in ending at $22 after exchanging 200 stock units, Eppley 7.50% preference share climbed 72 cents in closing at $7.23 in trading just two shares, JMMB Group 7.25% preference share lost 42 cents to close at $2.79 in trading 1,078 units and 138 Student Living s preference share advanced $1.66 to end at $18.16, with 53 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Sharp jump in JSE USD trading
Trading jumped sharply on the Jamaica Stock Exchange US dollar market on Friday, with the volume of stocks traded jumping 675 percent and the value 175 percent more than on Thursday which resulted in more stocks falling than rising.
A total of eight securities traded, down from 10 on Thursday with one rising, three declining and four ending unchanged. The JSE US Denominated Equities Index slipped 0.04 points to end at 215.10.
The PE Ratio, a measure used to compute appropriate stock values, averages 8.9. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending, up to August 2023.
Overall, 3,358,668 shares traded for US$92,093, up from 433,478 units at US$33,431 on Thursday.
Trading averaged 419,834 units at US$11,512, up from 43,348 shares at US$3,343 on Thursday, with month to date average of 161,249 shares at US$5,556 versus 39,563 units at US$2,754 on the previous day. May ended with an average of 47,916 units for US$3,528.
Investor’s Choice bid-offer indicator shows three ended with a bid higher than the last selling prices and one with a lower offer.
At the close, First Rock Capital USD share dropped 0.35 of a cent to close at 7.5 US cents after exchanging 2,011 shares, Margaritaville ended at 15 US cents, with 5 stocks crossing the market, Productive Business Solutions finished at US$1.15 after exchanging one stock unit. Proven Investments advanced 0.5 of a cent to 26.5 US cents in trading 221,280 units, Sygnus Credit Investments USD share fell 0.02 of a cent in closing at 11.08 US cents while exchanging 52,041 shares and Transjamaican Highway ended unchanged at 0.90 of one US cents after 3,082,665 stock units changed hands.
In the preference segment, JMMB Group 5.75% remained at US$2.32 trading one and JMMB Group 6% declined 9 cents in closing at US$1.01 with the swapping of 664 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Twice as many Junior stocks fell but index rise
Trading activity rose sharply on the Jamaica Stock Exchange Junior Market on Friday, with the volume of stocks traded increasing 168 percent and the value climbing 93 percent higher than Thursday, but declining stocks beat out rising stocks by more than two to one.
A total of 42 securities traded similar to Thursday and ended with ten rising, 23 declining and nine closing unchanged.
At the close, the Junior Market Index rose 36.48 points to settle at 4,263.14.
The PE Ratio, a measure of computing appropriate stock values, averages 13.4. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial year end that falls between September this year and August 2023.
Overall, 18,614,187 shares traded for $60,183,004 versus 6,943,963 units at $31,114,240 on Thursday. Trading averaged 443,195 shares at $1,432,929 in contrast to 165,332 shares at $740,815 on Thursday with month to date, averaging 285,898 units at $1,010,645 compared to 204,336 units at $791,683 on the previous trading day. May closed with an average of 376,907 units at $1,638,631.
Jamaican Teas led trading with 15.47 million shares for 83.1 percent of total volume, followed by JFP Limited with 368,755 units for 2 percent of the day’s trade and Elite Diagnostic, 342,875 units for 1.8 percent market share.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and three with lower offers.
At the close, Access Financial shed 5 cents in closing at $21.80 after 21 shares were exchanged, AMG Packaging dropped 16 cents in ending at $3.51, with 6,643 units crossing the market, Blue Power gained 10 cents to close at $3.80 with the swapping of 667 stocks. CAC 2000 declined 39 cents to $7, with 5,000 stock units crossing the market, Caribbean Assurance Brokers fell 5 cents to end at $2.39 in an exchange of 61,885 shares, Caribbean Flavours lost 7 cents to close at $1.88, with an exchange of 109,959 stock units. Dolphin Cove shed 50 cents in closing at $16.50 after exchanging 121,049 stocks, Express Catering advanced 38 cents in ending at $5.99 with 1,500 units changing hands, Fontana fell 5 cents to end at $9.80 after exchanging 144,487 stocks. Fosrich lost 95 cents to close at $30, with 47,684 stock units clearing the market, Future Energy Source declined 18 cents to $6.05 in exchanging 241,603 shares, Honey Bun increased 70 cents in closing at $8.96 after trading 6,129 units. Indies Pharma dropped 15 cents to $3, with 36,801 stocks changing hands, Jamaican Teas shed 6 cents to close at $3.19, trading 15,472,600 units, Jetcon Corporation dropped 13 cents to end at $1.32, trading 24,007 stock units. 
Lasco Distributors popped 5 cents to $3.49 while exchanging 55,788 shares, Lasco Financial declined 8 cents in closing at $3.50 in switching ownership of 6,443 shares, Medical Disposables rallied 40 cents in ending at $7.85 after 24,822 stock units crossed the exchange. Paramount Trading lost 14 cents to end at $1.76, with 2,750 stocks clearing the market, Spur Tree Spices fell 5 cents to close at $3.90 after an exchange of 52,606 units, Stationery and Office Supplies climbed 22 cents to close at $12.30 in trading 3,047 shares and tTech fell 20 cents to $3.60 after exchanging 2,206 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Rising stocks dominate in Trinidad
Activity on the Trinidad and Tobago Stock Exchange ended on Friday, with the volume of stock trades inching moderately higher after a 35 percent increase over Thursday, leading to nearly three stocks rising for every four that declined.
Trinidad & Tobago Stock Exchange Head Quarters
A total of 18 securities traded, down from 21 on Thursday, with 11 stocks rising, four declining and three remaining unchanged. The Composite Index rallied 0.72 points to 1,414.99, the All T&T Index advanced 2.16 points to 2,074.93 and the Cross-Listed Index shed 0.12 points to settle at 99.23.
A total of 198,937 shares traded for $2,615,349 compared to 193,284 units at $1,943,770 on Thursday. An average of 11,052 units traded at $145,297 compared to 9,204 shares at $92,560 on Thursday, with trading month to date averaging 14,384 units at $154,969 versus 15,812 units at $159,115. The average trade for May amounts to 45,890 units at $370,328.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Angostura Holdings increased 5 cents to $23 after 2,510 shares were traded, Ansa McAl gained 50 cents to close at $56.50 with 200 units changing hands, Calypso Macro Investment Fund declined $2.64 to end at $18.86, with 82 stocks crossing the market. Clico Investment Fund fell 25 cents to $28.50 with 40,179 stock units changing hands, FirstCaribbean International Bank ended unchanged at $5.25 in an exchange of 9,451 units, GraceKennedy rallied 6 cents to close at $5.70 in exchanging 400 stocks. Guardian Holdings shed 70 cents to $27.30, trading 3,600 shares, JMMB Group lost 5 cents in closing at $2.45 in swapping 4,488 stock units, L.J. Williams B share popped 25 cents after ending at $1.95 in switching ownership of 3,412 shares.
Massy Holdings rose 4 cents to end at $5.24 with 89,272 stocks traded, National Enterprises remained at $3.24 while exchanging 436 stock units, One Caribbean Media climbed 17 cents to $4.17 after 18,175 units changed hands. Republic Financial Holdings advanced 25 cents to $140.25 with the swapping of 93 stock units, Scotiabank climbed 4 cents to close at $77.99 with an exchange of 2,959 stocks, Trinidad & Tobago NGL increased 1 cent to end at $21 after trading 10,168 shares. Trinidad Cement popped 5 cents in closing at $3.60 after exchanging 3,992 units, Unilever Caribbean rose $1.10, after ending at $19.85, with 990 stock units clearing the market and West Indian Tobacco finished at $23.50 while exchanging 8,530 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Index gains for TTSE
Market activity on the Trinidad and Tobago Stock Exchange ended on Thursday, with the volume and the value of stocks traded, declining 59 percent compared to Wednesday and leading to gains in the leading market indices.
A total of 21 securities traded similar to Wednesday, with four stocks rising, six declining and 11 remaining unchanged. The Composite Index gained 2.96 points to settle at 1,414.27, the All T&T Index rallied 11.42 points to 2,072.77 and the Cross-Listed Index declined 0.85 points to settle at 99.35.
Overall, 193,284 shares traded for $1,940,770 from 470,813 units at $4,736,049 on Wednesday.
An average of 9,204 units traded at $92,560 compared to 22,420 shares at $225,669 on Wednesday, with trading month to date averaging 15,812 units at $159,115. The average trade for May amounts to $45.890 units at $370,328.
Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Agostini’s dropped 5 cents to $47.20, with 33 shares crossing the market, Angostura Holdings ended unchanged at $22.95 in trading 13 stocks, Ansa McAl finished at $56 in switching ownership of 20 units. CinemaOne rallied 45 cents to close at $3.45 after trading ten stock units, Clico Investment Fund fell 25 cents to end at $28.75 after exchanging 173 shares, Endeavour Holdings remained at $7.49, with 403 stock units changing hands. First Citizens Group rose $1.98 to end at $54.98 in an exchange of 299 units, FirstCaribbean International Bank popped 1 cent to $5.25 in exchanging 1,229 stocks, Guardian Holdings finished at $28, with 526 shares clearing the market. 
JMMB Group ended at $2.50, trading 1,302 stocks, Massy Holdings remained at $5.20 with the swapping of 131,920 units, National Enterprises increased 22 cents to end at $3.24 after exchanging 500 stock units. NCB Financial Group lost 15 cents to close at a 52 weeks’ low of $5.60 with an exchange of 24,176 stocks, One Caribbean Media remained at $4, with 94 stock units crossing the exchange, Prestige Holdings finished at $7 while exchanging 14 shares. Republic Financial Holdings declined 12 cents to end at $140 in trading 3,527 units, Scotiabank shed 4 cents to close at $77.95 after 1,395 stock units crossed the market, Trinidad & Tobago NGL ended unchanged at $20.99 with an exchange of 146 stocks. Trinidad Cement finished at $3.55 in trading 4,902 shares, Unilever Caribbean fell 15 cents in closing at $18.75 while exchanging 18,388 units and West Indian Tobacco remained at $23.50 in switching ownership of 4,214 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gains for JSE USD market
Trading closed on the Jamaica Stock Exchange US dollar market on Thursday, with the volume of stocks traded climbing 81 percent and the value 150 percent more than on Wednesday, resulting in more stocks rising than falling.
A total of 10 securities traded, compared to seven on Wednesday, with three rising, one declining and six ending unchanged. The JSE US Denominated Equities Index rose 1.88 points to end at 215.14.
Overall, 433,478 shares were traded for US$33,431, up from 239,089 units at US$13,384 on Wednesday. Trading averaged 43,348 units at US$3,343, compared to 34,156 shares at US$1,912 on Wednesday, with a month to date average of 39,563 shares at US$2,754. May ended with an average of 47,916 units for US$3,528.
The PE Ratio, a measure used in computing appropriate stock values, averages 9. The PE ratio uses ICInsider.com earnings forecast for companies with financial year ending up to August 2023.
Investor’s Choice bid-offer indicator shows three ended with bids higher than the last selling prices and none with a lower offer.
At the close, First Rock Capital USD share finished at 7.85 US cents, with 36 shares clearing the market, Margaritaville ended unchanged at 15 US cents after trading 90 stocks, Productive Business Solutions climbed 15 cents to end at US$1.15 after exchanging one unit. 
Proven Investments remained at 26 US cents with 32,878 stock units changing hands, Sygnus Credit Investments USD share shed 0.9 of a cent to close at 11.1 US cents after exchanging 163,354 units, Sygnus Real Estate Finance USD share finished at 12 US cents, with 880 stock units crossing the market and Transjamaican Highway ended unchanged at 0.9 of one US cent in trading 232,023 shares.
In the preference segment, Equityline Mortgage Investment preference share remained at US$1.70 trading one stock unit, JMMB Group 5.75% advanced 29 cents to end at US$2.32 with an exchange of 213 shares and JMMB Group 6% gained 8.77 cents after ending at US$1.10, with 4,002 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
