Trading closed on the Jamaica Stock Exchange Junior Market Tuesday, with the volume of stocks changing hands declining by 38 percent and the value falling 35 percent from Monday’s trades as investors’ interest in buying stocks waned, sending the market into further decline for the week to date.
Market activity led to 43 securities trading, down from 45 on Monday and ended with 15 rising, 19 declining and nine closing unchanged.
At the close, the Junior Market Index dropped 36.97 points to settle at 4,374.73 and is down 7 percent from the market’s peak last week.
The PE Ratio, a measure of computing appropriate stock values, averages 13.8. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial years closing up to the end of August 2023.
Overall, 13,653,490 shares traded for $48,511,390 compared to 21,953,604 units at $74,776,818 on the Monday. Trading averaged 317,523 shares at $1,128,172 down from 487,858 shares at $1,661,707 on Monday with month to date, averaging 470,540 units at $2,063,823 compared to 484,277 units at $2,147,816 on Monday the previous trading day. April ended with an average of 449,923 units at $1,781,786.
JFP Limited led trading with 3.69 million shares for 27 percent of total volume, followed by Future Energy Source with 1.97 million units for 14.5 percent of the day’s trade, Mailpac Group traded 1.90 million units for 13.9 percent of market share. Spur Tree Spices ended with 1.78 million units for a 13 percent market share and Tropical Battery with 1.24 million units for a 9.1 percent market share.
Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling price and one with a lower offer.
At the close, Access Financial advanced $1.85 to $23.33 after exchanging 1,015 shares, AMG Packaging declined 20 cents to $3.50 while trading 90,887 stocks, Blue Power fell 25 cents in closing at $3.70 with the swapping of 162 units. Cargo Handlers dropped 82 cents to end at $10.93 after trading 845 stock units, Caribbean Cream lost 30 cents to close at $4.90 after 30,250 units crossed the exchange, Dolphin Cove climbed 89 cents in closing at $20.70 in switching ownership of 12,082 shares. Elite Diagnostic rose 40 cents to $4.15 with an exchange of 238,300 stocks, Fontana shed 48 cents ending at $10.50 in trading 80,397 stock units, Fosrich shed 79 cents to close at $29.99, with 91,153 stock units changing hands. Future Energy Source declined 42 cents to $5.89 after 1,973,947 units crossed the market, ISP Finance gained $1.43 to close at $29.50 trading 31 stocks, Jamaican Teas rallied 11 cents in closing at $3.48 while trading 455,898 shares. Jetcon Corporation popped 13 cents to $1.55, with 68,666 units crossing the market, JFP Limited lost 15 cents to end at $1.54 in exchanging 3,691,107 shares, Knutsford Express dropped 20 cents in ending at $7.60, with 3,000 stock units clearing the market. Lasco Distributors fell 17 cents in closing at $3.33 after exchanging 119,173 stocks, Main Event fell 74 cents to close at $8.26 after an exchange of 95,412 stocks, Medical Disposables increased 85 cents to end at 52 weeks’ high of $8.40, with 98,567 stock units changing hands. Spur Tree Spices dropped 22 cents in ending at $3.78 after 1,780,721 units crossed the market, Stationery and Office Supplies increased 50 cents to end at 52 weeks’ high of $13.50 in switching ownership of 52,406 shares and tTech rallied 15 cents to $3.65, with 12,050 stock units crossing the market.
In the preference segment, CAC 2000 9.5% preference share climbed 15 cents to close at $1.15, with an exchange of 493 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
An avalanche of falling stocks in Trinidad
Market activity ended on the Trinidad and Tobago Stock Exchange on Tuesday, with the volume of stocks traded declining 33 percent, with the value down sharply by 81 percent compared to Monday.
As the case on Monday, 22 securities traded on Tuesday, with six rising, 12 declining and four remaining unchanged as two stocks traded at 52 weeks’ lows. The Composite Index fell 7.46 points to 1,419.74, the All T&T Index dipped 10.03 points to 2,050.76 and the Cross-Listed Index lost 0.66 points to settle at 104.24.
A total of 421,104 shares traded for $5,235,115 compared to 623,867 units at $28,183,997 on Monday.
An average of 19,141 units traded at $238,869, down from 28,358 shares at $1,281,091 on Monday, with trading month to date averaging 40,316 units at $471,712 versus 51,687 units at $378,356 on the previous trading day. Trading in April averaged 43,127 units at $458,871.
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, Angostura Holdings rallied 88 cents to end at $22.89 in trading 358 shares, Ansa McAl declined $1.45 to close at $55.55 after exchanging 500 units, Ansa Merchant Bank ended at $45, with 21 stock units crossing the market. Calypso Macro Investment Fund advanced 2 cents in closing at $18.52 while exchanging ten stocks, Clico Investment Fund dropped 28 cents to $30.48, with an exchange of 3,784 stocks, Endeavour Holdings shed 49 cents to end at a 52 weeks’ low of $7.01 trading 800 stock units. First Citizens Group climbed 6 cents to close at $52.06 after 2,210 shares changed hands, FirstCaribbean International Bank fell 5 cents to $5.40, with 642 units crossing the exchange, GraceKennedy lost 1 cent in closing at $5.98 after trading 284 units. Guardian Holdings declined 50 cents to $27.50 and ended with 210 stock units trading, JMMB Group lost 7 cents to $2.53, with 16,221 stocks clearing the market, Massy Holdings rose 3 cents to $5.19 after 36,344 shares crossed the market. National Enterprises popped 5 cents to close at $3 in an exchange of 195,680 stock units, National Flour Mills fell 20 cents in closing at $1.60 with the swapping of 28,834 units, and NCB Financial Group shed 4 cents to end at a 52 weeks’ low of $6 in exchanging 65,038 shares. Point Lisas dropped 10 cents to $3.05, with 1,984 stocks changing hands, Republic Financial Holdings dipped 1 cent to $140 in switching ownership of 10,277 units, Scotiabank remained at $78 in exchanging 20,761 shares. Trinidad & Tobago NGL gained 54 cents to end at $20.74 with the swapping of 13,400 stocks, Trinidad Cement finished at $3.60, after 3,000 stock units changed hands, Unilever Caribbean shed 5 cents in closing at $16.50, with 15,733 stocks clearing the market and West Indian Tobacco remained at $23.50 after exchanging 5,013 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
No gains for JSE USD market on Monday
There were no stock recording gains at the close of the Jamaica Stock Exchange US dollar market on Monday after the volume of stocks traded fell 19 percent, with a marginally lower value than on Friday.
A total of nine securities were traded, down from 11 on Friday. No stock recorded gains, five declined and four ended unchanged.
The JSE US Denominated Equities Index fell 3.29 points to end at 224.30. 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 between August this year to August 2023.
Overall, 246,032 shares traded, for US$54,963 compared to 302,622 units at US$59,279 on Friday.
Trading averaged 27,337 units at US$6,107, compared to 27,511 shares at US$5,389 on Friday, with month to date average of 46,342 shares at US$2,813 versus 48,162 units at US$2,498 on the previous day. April ended with an average of 95,379 units for US$3,929.
Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling price and none with a lower offer.
At the close, First Rock Capital USD share finished at 7.9 US cents after trading 1,763 shares, Margaritaville ended at 15 US cents, with ten stock units clearing the market and Productive Business Solutions remained at US$1.18 with an exchange of 57 stocks. Proven Investments fell 0.35 of a cent to close at 26.45 US cents after 159,603 units crossed the market, Sterling Investments shed 0.24 of one cent to end at 2 US cents in exchanging 37,600 units, Sygnus Credit Investments USD share declined 0.3 of a cent to 12.65 US cents with 33,609 stock units changing hands and Transjamaican Highway lost 0.04 of one cent in closing at 1.02 US cents after trading 5,400 shares.
In the preference segment, Equityline Mortgage Investment preference share dropped 27 cents after ending at US$1.70 after trading 116 stock units and JMMB Group 6% remained at US$1.02 after exchanging 7,874 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Prices mostly fall on TTSE on Monday
Stocks mostly tumbled on Monday on the Trinidad and Tobago Stock Exchange as investors pumped 344 percent more funds into the market than on Friday, leading to an 18 percent decline in the volume of stocks >trading and a drop in the majority of stocks prices, with a mere hand full rising.
At the close, 22 securities traded, similar to trading on Friday, with five stocks rising, 13 declining and four remaining unchanged. The Composite Index dropped 4.49 points to 1,427.20, the All T&T Index fell 7.17 points to 2,060.79 and the Cross-Listed Index lost 0.23 points to settle at 104.90.
A total of 623,867 shares traded for $28,183,997 versus 759,312 units at $6,354,523 on Friday. An average of 28,358 units traded at $1,281,091 compared to 34,514 shares at $288,842 on the prior trading day. Trading month to date averages 51,687 units at $378,356 versus 44,350 units at $398,396. The average trade for April amounts to 43,127 units at $458,871.
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, Agostini’s rallied 75 cents to $48 after trading 8,980 shares, Angostura Holdings lost 89 cents in ending at $22.01, with 769 units crossing the market, Ansa McAl fell 60 cents to $57 in an exchange of 391,564 stock units. Calypso Macro Investment Fund shed $1.10 in closing at $18.50, trading 40 stocks, CinemaOne rose 21 cents to close at $2 with 101 units changing hands, Clico Investment Fund advanced 26 cents to end at $30.76 with the swapping of 95,853 stock units. First Citizens Group finished at $52, with 2,251 stocks clearing the market, GraceKennedy slipped 1 cent in closing at $5.99 after exchanging 775 shares, Guardian Holdings climbed $1 to close at $28 in exchanging 125 stock units. Guardian Media declined 5 cents to $3.10 after 3,886 stocks crossed the exchange, Massy Holdings fell 2 cents to $5.16 in an exchange of 16,426 units, National Enterprises dipped 5 cents in ending at $2.95 with an exchange of 50,520 shares. National Flour Mills remained at $1.80, with 46 stock units changing hands, NCB Financial Group dipped 1 cent in closing at $6.04 while exchanging 200 stocks and One Caribbean Media declined 18 cents to end at $4 after 832 units crossed the market. Point Lisas ended unchanged at $3.15 in switching ownership of 50 shares, Republic Financial Holdings popped 1 cent to close at $140.01 after exchanging 8,498 shares, Scotiabank lost $3 in ending at $78 after exchanging 4,289 stock units. Trinidad & Tobago NGL shed 80 cents in closing at $20.20, with 13,487 units changing hands, Trinidad Cement finished at $3.60, with 8,477 stocks crossing the market, Unilever Caribbean lost $1.84 in closing at $16.55 after exchanging 16,672 stocks and West Indian Tobacco declined 50 cents to end at $23.50, with 26 units crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
72% gains for ICTOP10 winner
Stationery and Office Supplies (SOS) is up 72 percent in 2022 and is heading to more than $20 with projected earnings of $1.25 for the year. SOS made the ICTOP15 list in January at 12 spot to produce a 200 percent gain for the year. It came into TOP10 in the week ending January 21, in the 6th spot and exited the TOP10 on the week ending April 22.
Over the past two weeks, company results have been coming out fast and furious, with many posting solid increased profits over the first quarter of 2021, as the economy continues to recover and cost savings also takes hold to help lift profits to record levels in many cases.
One company to benefit from improved results for the first quarter results to March is SOS, with revenues rising 37 percent to $427 million and profits surging 344 percent to $81 million before gains from the sale of a property, investors belated warmed to the stock pushing it to a 52 week’s high of $11.02 and out of ICTOP10. Based on the results, ICInsider.com upgraded earnings from $1.10 to $1.25. Investors in the stock can look for a possible stock split this year if the price rises.
It is well worth noting that the Junior Market peaked at 4,669.78 points at the market opening on May 10 and pulled back to 4,444.25 on Friday as new quarterly results tempered investors in some overvalued stocks that have started to adjust downwards as reality sets in. Among them is Fesco, which was selling at a PE of 50 times the current year’s earnings. There seem to be more painful adjustments to come for investors in this stock. MailPac also suffered a reversal in price after the first quarter results disappointed investors, with lower revenues and earnings.
It is not unusual for investors to take a break after mid-May each year, with most results released and return in late June or early July just ahead of the new earnings season for the half year. Against this background, trading could move sideways for a month or two, but the Lasco companies, Access and Medical Disposables could light up the market when they release results in a few weeks.
In the Main Market, Jamaica Stock Exchange was added to the ICTOP10 recently but slipped out last week and reported solid results for the March quarter, with profit jumping 84 percent after revenues rose 37 percent. The projected earnings were downgraded to $1.30 from $3, leaving the stock just about appropriately valued. Berger Paints came out with solid earnings, resulting in our projection being upgraded from $1.70 to $2.35, helped by a sharp cut in other operating expenses from $160 million in 2021 to $117 million and now heads the Main Market TOP10 list.
Elite Diagnostic gained 3 percent for the week at $4, but the promise that the company showed when it was listed has started to show again, with revenues in the third quarter rising 24 percent to $161 million and profit surging to $28 million from $4.4 million in 2021. Based on the results, earnings for the current year ending in June are projected at 24 cents and 55 cents for the 2022/23 fiscal year.
Former ICTOP10 listing, Tropical Battery earnings were downgraded to 18 cents per share for this year, following the release of March half year results.
Access Financial jumped 22 percent last week, and is down 16 percent this past week at $21.50, and attracted more buying interest as the release of year results approaches. tTech tumbled 8 percent during the week and AMG Packaging 7 percent. Caribbean Assurance Brokers was the only stock with any meaningful gain, with a rise of 6 percent.
This week, there was no change to ICInsider.com TOP10 Main Market listings, but the Junior Market has two, with Lasco Distributors just slipping out. Jetcon Corporation suffered a big price decline during the week to close at $1.35 to reenter the list. tTech earnings were revised down to 25 cents after the company posted flat sales in the first quarter and a small loss and fell out of the top listing to be replaced by Dolphin Cove is poised to grow much more this year as improving tourism traffic that April numbers show is virtually back to normal provide a big boost to future earnings.
Investors should be on the lookout for companies with March year end that have not yet reported earnings. Amongst the grouping are the three Lasco companies that could get price moving punch from the results. Watch also Access and Medical Disposables sitting on the TOP of the list, with the company said to be generating profit from the acquisition of Cornwall Enterprises, well ahead of the two year target. ICInsider.com earnings projections of 70 cents per share for the 2022 fiscal year assume that earnings would include profit from the subsidiary and should result in a big jump in the stock toward $14.
The primary mover in the main market was Caribbean Cement that fell 12 percent to $61 as buying interest in the stock remains low, even as the first quarter results suggest the stock is highly undervalued, no other stock had any serious change.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 15.3, while the Junior Market PE for the Top 10 sits at 6.3 versus the market at 13.9. The Junior Market TOP10 is projected to gain an average of 226 percent by May 2023 and the Main Market 215 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 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.
Mixed trading results for TTSE
Market activity ended on the Trinidad and Tobago Stock Exchange on Friday, with the volume of stocks traded rising 80 percent and the value slipping 23 percent lower than on Thursday.
Twenty two securities were traded against 23 on Thursday, with stocks rising and declining, equally matched with six each and ten closed unchanged. The Composite Index fell 4.63 points to 1,431.69, the All T&T Index rallied 2.26 points to close at 2,067.96 and the Cross-Listed Index shed 1.68 points to end at 105.13.
A total of 759,312 shares traded for $6,354,525 versus 422,610 units at $8,223,639 on Thursday. An average of 34,514 units traded at $288,842 compared to 18,374 shares at $360,159 on the prior day, with trading month to date averaging 44,530 units at $398,396 versus 45,989 units at $414,357. The average trade for April amounts to 43,127 units at $458,871.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Angostura Holdings finished at $22.90 with an exchange of 128 shares, Ansa McAl remained at $57.60 after trading 2,781 stock units, Ansa Merchant Bank rallied $2.95 to close at $45 in an exchange of one unit. Calypso Macro Investment Fund rose $1.58 to $19.60, trading 1,800 units, CinemaOne shed 31 cents in closing at a 52 weeks’ low of $1.79 with the swapping of one stock unit, Clico Investment Fund ended unchanged at $30.50 while exchanging 4,247 stock units. First Citizens Group fell 20 cents to $52, after trading 8,209 shares, FirstCaribbean International Bank ended at $5.45, with 10,949 stocks changing hands, GraceKennedy popped 1 cent to close at $6 after exchanging 1,156 shares. Guardian Holdings declined $1 to $27 after 51 stock units crossed the market, Guardian Media dropped 5 cents in closing at $3.15, with five stocks changing hands, JMMB Group popped 5 cents to $2.60 in switching ownership of 120,950 units. Massy Holdings lost 3 cents to close at $5.18, with 34,731 shares crossing the exchange, National Enterprises remained at $3 trading 369,845 units, National Flour Mills finished at $1.80 in exchanging 27,800 stock units. NCB Financial Group lost 28 cents in closing at $6.05 after trading 25,384 stocks, Point Lisas ended at $3.15 in trading one share, Republic Financial Holdings remained at $140 with the swapping of 5,082 units. Scotiabank finished at $81, with 45 stocks crossing the market, Trinidad & Tobago NGL finished at $21 after exchanging 34,847 stock units, Unilever Caribbean jumped $2.19 to close at $18.39, with 48,605 shares changing hands and West Indian Tobacco advanced 5 cents to $24 while exchanging 62,694 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.