Massy lost ground in market activity on Monday with the price diving $23.47 and taking a big bite out of JSE Main Index as the volume of shares trading surged 100 percent and with the value falling 30 percent compared to Friday as rising stocks were outgunned by those declining at the close of the Jamaica Stock Exchange Main Market.
The All Jamaican Composite Index declined 1,713.39 points to settle at 438,421.97, JSE Main Index plunged 10,931.95 points to end at 389,939.30 and the JSE Financial Index shed 0.02 points to close at 95.33.
Trading ended with 59 securities similar to Friday, with 19 rising, 28 declining and 12 ending unchanged.
The PE Ratio, the most used formula to compute appropriate stock values, averages 16.2 and those for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years, ending up to August 2022.
Overall, 30,346,423 shares were exchanged for $309,070,966 versus 15,195,980 units at $440,781,941 on Friday. JMMB Group 7.35% – 2028 led trading with 25.1 percent of total volume for 7.62 million shares followed by Wigton Windfarm, 24.4 percent for 7.39 million units, Sagicor Select Financial Fund contributed 11.3 percent with 3.43 million units, QWI Investments held 11 percent after an exchange of 3.33 million units, Wisynco Group followed with 5.1 percent after transferring 1.55 million units and Transjamaican Highway controlled 4.4 percent with an exchange of 1.34 million units.
Trading for the day averages 514,346 units at $5,238,491, compared to 257,559 shares at $7,470,880 on Friday and month to date, an average of 467,221 units at $7,747,214, compared to 460,902 units at $8,083,611 on the previous trading day. February closed with an average of 392,520 units at $3,199,976.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and none with lower offers.
At the close of the market, Berger Paints gained 45 cents to finish at $12.45 in trading just 466 shares, Caribbean Cement fell $1 in closing at $70 with an exchange of 11,120 units, Caribbean Producers rose 35 cents to $14.60 after transferring 135,746 stocks. Eppley fell $1.15 to $40.30 with the swapping of 2,646 stock units, Eppley Caribbean Property Fund declined $2 to $38, with 250 units clearing the market, First Rock Capital lost 55 cents after ending at $11.99 in an exchange of 4,103 shares. GraceKennedy shed $2.01 to end at $101 with the swapping of 972,053 stock units, Guardian Holdings declined $5 to $550 with 6,364 stocks changing hands, Kingston Properties advanced $1 in closing at $9.50 in switching ownership of 5,882 shares. Kingston Wharves lost 50 cents to close at $39.50 with 10,629 stocks crossing the market, Massy Holdings dropped $23.47 in closing at $99 in exchanging 531,384 stock units, NCB Financial shed $1.51 to end at $116.75 with a transfer of 48,764 units. PanJam Investment popped 94 cents to close at $68.50 in exchanging 35,324 shares, Proven Investments rallied 35 cents to end at $36.10 in trading 48,364 stocks, Sagicor Group advanced $2.58 to $61 with the swapping of 953,349 stock units. Scotia Group rose $1.28 after ending at $35.94 in switching ownership of 22,894 shares, Seprod rallied 38 cents to $55.40 with 9,861 units crossing the market and Sygnus Real Estate Finance lost 82 cents in closing at $16.68 with 1,538 stock units changing hands.
In the preference segment, Eppley 7.75% preference share shed 64 cents to close at $19.96 with an exchange of 2,500 stocks and Productive Business Solutions 9.75% preference share advanced $7 to end at $107 after 200 shares crossed the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps in the JSE USD market
Trading surged on Monday on the Jamaica Stock Exchange US dollar market with the volume of shares changing hands rising jumping761 percent with a 678 percent higher value than Friday and ending with the JSE US Denominated Equities Index slipping just 0.01 points to end at 206.48 at the close.
A total of eight securities traded, compared to eight on Friday with two rising, two declining and four ending unchanged.
The PE Ratio, a measure used in computing appropriate stock values averages 14.5. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 695,062 shares traded, for US$76,850 compared to 80,700 units at US$9,877 on Friday. Trading averaged 86,883 units at US$9,606, compared to 10,088 shares at US$1,235 on Friday with the month to date averaging 63,060 shares at US$5,592 versus 59,884 units at US$5,057 on the previous trading for US$9,318.
Investor’s Choice bid-offer indicator shows no stock ended with the bid higher than the last selling price and three stocks with lower offers.
At the close, First Rock Capital USD share gained 0.19 of one cent to close at 8.49 US cents, with122 shares crossing the market, Margaritaville ended unchanged at 17 US cents while exchanging 6,451 stock units, MPC Caribbean Clean Energy finished at US$1.26 with an exchange of just two units. Proven Investments popped 0.18 of a cent to end at 24 US cents in trading 172,777 stocks, Sterling Investments remained at 2 US cents after an exchange of 44,579 stock units, Sygnus Credit Investments USD share declined 0.02 of one cent to close at 12.95 US cents, with 241,970 units clearing the market. Transjamaican Highway shed 0.03 of a cent to end at 0.85 of a US cent after trading 229,159 stock units.
In the preference segment, JMMB Group 6% finished at US$1.10 in an exchange of a mere two shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Fall for Trinidad Stock Exchange
Market activity ended on Monday and resulted in more stocks rising than falling at the close of trading, after trading 181 percent more shares, with a 72 percent higher value than Friday, but ended with the market indices dropping at the close of the Trinidad and Tobago Stock Exchange.
A total of 19 securities traded compared to 16 on Friday, with four rising, three declining and 12 remaining unchanged. The Composite Index declined 15.38 points to 1,471.65, the All T&T Index fell 10.30 points to finish at 2,138.28 and the Cross-Listed Index dropped 2.91 points to settle at 106.19.
Overall, 1,173,748 shares traded for $7,642,164 compared to 417,451 units at $4,444,008 on Friday. An average of 61,776 units traded at $402,219 compared to 26,091 shares at $277,751 on Friday, with trading month to date averaging 36,753 units at $470,927 versus 33,583 units at $479,630 previously. The average trade for February amounts to 47,858 units at $516,870.
Investor’s Choice bid-offer indicator shows four stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s remained at $50 in switching ownership of 270 shares, CinemaOne finished at $3.95 in trading 100 stocks, Clico Investment Fund ended unchanged at $29 after exchanging 7,991 stock units. FirstCaribbean International Bank increased 3 cents to close at $6.08 with an exchange of 2,000 units, GraceKennedy ended at $6, with 62,423 units clearing the market, Guardian Holdings finished at $29.54 after trading 10,882 stocks. JMMB Group popped 5 cents to close at $2.30, with 155,425 shares changing hands, Massy Holdings dropped 94 cents after ending at $6.01 while exchanging 853,063 stock units, National Enterprises remained at $2.95, with 2,994 shares crossing the exchange. National Flour Mills remained at $1.84 trading 7,791 units, NCB Financial Group fell 44 cents to a 52 weeks’ low of $6.01 in exchanging 39,765 stock units, One Caribbean Media ended unchanged at $4.15, with 2,648 stocks crossing the market. Point Lisas closed at $3.50 in an exchange of 2,000 stock units, Prestige Holdings lost 10 cents after ending at $7 after 4,465 shares crossed the market, Republic Financial Holdings gained $1 to end at $141 exchanging 282 stocks. Scotiabank ended at $74.99 trading 60 units, Trinidad & Tobago NGL finished at $20.52 with the swapping of 3,836 stocks, Unilever Caribbean ended unchanged at $15.25 trading 8,500 shares and West Indian Tobacco advanced 65 cents after ending at $24, with 9,253 units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Cargo Handlers exits ICTOP10 with 33% gain
Cargo Handlers returned to ICTOP10 listing last week and was another winner with gains of 33 percent, sufficient to move it out of the top flight Junior Market stocks. The stock joins a long list of high performance ICTOP10 stocks, including the 32 percent gain in Tropical Battery stock in the previous week.
Caribbean Assurance Brokers come back in the Junior Market list, while Sterling Investments makes it back to the Main Market listing at the expense of TransJamacian Highway after just one week, but investors should keep an eye for this one.
In a week when the Junior Market dropped 297 points in three days that pushed the index down to 3,871 points, it bounced on the last two days to close over 4,031, still 137 points from the record of 4,168.16, at the end of the previous week. Meanwhile, the Main Market continues to consolidate around support at 440,000 points measured by the All Jamaica Composite Index.
Recent IPOs JFP limited and EducFocal are set to list on Monday and Tuesday coming following the oversubscribed initial public offers.
During the past week, the Junior Market TOP10 listed Access Financial, Lasco Financial and Iron Rock Insurance gained 6 percent each while Medical Disposables fell 9 percent and Tropical Battery slipped 5 percent. In the Main Market, the primary movers are Guardian Holdings with a 4 percent gain, while JMMB Group fell 7 percent and Proven Investments declined by 5 percent.
The potential gains for the TOP 10 Junior Market stocks remained for a second week at 105 percent, much lower than the Main Market at 127 percent, an indication that the Main Market is undervalued. The top three stocks in the Junior Market are Medical Disposables followed by Elite Diagnostic and Lasco Distributors to gain between 122 and 133 percent, compared to 121 and 126 percent, previously.
The potential gains for Main Market stocks moved from 124 percent last week to this weeks’ 127 percent, with the top three being JMMB Group followed by Guardian Holdings and Sygnus Credit Investments all projected to gain between 168 and 193 percent versus 161 and 193 percent last week.
The average PE for Junior Market has surpassed the average of 17 times 2020 earnings achieved at the end of March last year in moving to 19 based on ICInsider.com’s 2021-22 earnings and is ahead of the JSE Main and USD Markets at 15.7 well off from 19 in 2021. The TOP 10 stocks trade at a PE of a mere 9, with a 48 percent discount to that market’s average.
All the stocks in the Junior Market can gain just 5 percent to the end of March this year, based on an average PE of 20. About a third of Junior Market stocks with positive earnings are trading at or above this level, averaging around 23.
The average PE for the JSE Main Market is 21 percent less than the PE of 19 at the end of March and 24 percent below the target of 20 to the end of March this year. The Main Market TOP 10 average PE is 9 representing a 43 percent discount to the market, well below the potential of 20. Around 15 stocks or a thirty percent of the market trade at or above a PE of 19, with most over 20, for an average roundabout 25, suggesting that the accepted multiple is between 20 and 25 times current year’s earnings. The depressed PE of the main market may be indicating that bigger investors are reluctant to be aggressive in buying into the market currently with inflation, rising interest rates and war populating the headlines.
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 March 2022 and 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 per share are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Edufocal lists on Tuesday
Trading of shares in EduFocal that offered 129,689,219 ordinary shares to the public on March 3, will commence on Tuesday as the company shares will be listed on the Jamaica Stock Exchange Junior Market on that day and will bring the total listings on the market to 45.
The offer was oversubscribed, with Key Strategic Partners in this reserved pool will receive all their predetermined amount.
Applicants who applied for more than their predetermined amount will receive a pro-rata allocation of approximately 59.67 percent of the excess shares for which they applied, with any excess transferred to the General Public Pool.
All applicants from the General Public received 10,000 shares and approximately 16.57 percent of the excess shares.
Although the offer was handily oversubscribed, ICInsider.com gathers there were applications that came in after the close just after the issue opened and closed minutes after opening so there is added demand that should provide a bounce for the stock.
Gains into the weekend for JSE USD stocks
More stocks gained than declined in trading on Friday, at the close of Jamaica Stock Exchange US dollar market, with the volume and value of shares changing hands declined by 85 percent from Thursday levels.
A total of eight securities traded, compared to seven on Thursday with four rising, two declining and two ending unchanged.
The JSE US Denominated Equities Index gained 1.02 points to end at 206.49.
The PE Ratio, a measure used in computing appropriate stock values, averages 14.5. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 80,700 shares traded, for US$9,877 in contrast to 530,161 units at US$65,425 on Thursday. Trading averaged 10,088 units at US$1,235, compared to 75,737 shares at US$9,346 on Thursday with month to date average of 59,884 shares at US$5,057 versus 67,545 units at US$5,645 on the preceding day. February ended with an average of 87,719 units for US$9,318.
Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling price and two with a lower offer.
At the close, First Rock Capital USD share increased 0.35 of a cent in ending at 8.3 US cents 44,143 shares changing hands, Margaritaville advanced 1.1 cents to end at 17 US cents while exchanging 818 stock units, Productive Business Solutions popped 1 cent in closing at US$1.02, with 748 stocks crossing the market. Proven Investments dropped 0.18 of a cent to 23.82 US cents in trading 27 units, Sygnus Credit Investments USD share lost 0.02 of a cent to close at 12.97 US cents, with 31,193 shares clearing the market, Sygnus Real Estate Finance USD share finished at 16 US cents with an exchange of 58 units and Transjamaican Highway remained at 0.88 of a US cent and closed with 2,273 stock units changing hands.
In the preference segment, JMMB Group 6% climbed 10 cents to end at US$1.10 trading 1,440 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
More stocks fall on TTSE than gained
Market activity ended on Friday and resulted in a sharp 41 percent decline in the volume of shares, with 78 percent lower value than on Thursday leading to more stocks declining than rising at the close of trading on the Trinidad and Tobago Stock Exchange.
A total of 16 securities traded compared to 17 on Thursday, with three rising, six declining and seven remaining unchanged. Massy Holdings closed at a 52 weeks’ high while NCB Financial and West Indian Tobacco closed at 52 weeks’ lows. The Composite Index declined 4.37 points to settle at 1,487.03, the All T&T Index climbed 7.76 points to 2,148.58 and the Cross-Listed Index lost 2.43 points to settle at 109.10.
A total of 417,451 shares traded for $4,444,008 compared to 706,385 units at $20,004,147 on Thursday. An average of 26,091 units traded at $277,751 compared to 41,552 shares at $1,176,715 on Thursday, and trading month to date averaged 33,583 units at $479,632 versus 34,478 units at $503,735. The average trade for February amounts to 47,858 units at $516,870.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than the last selling price and one stock with a lower offer.
At the close, Agostini’s ended unchanged at $50 trading 499 shares, Ansa McAl finished at $57, with 82 stock units crossing the market 82, Clico Investment Fund remained at $29 in switching ownership of 1,335 units. First Citizens Group closed at $59.90 while exchanging 238 stock units, FirstCaribbean International Bank fell 3 cents to close at $6.05 after 29,300 stocks changed hands, GraceKennedy ended at $6 with the swapping of 615 stock units. JMMB Group finished at $2.25 after trading 10,397 shares, L.J. Williams B share finished at $1.95 in exchanging 20,363 units, Massy Holdings rose 20 cents to close at a 52 weeks’ high of $6.95, as 223,689 units changed hands. National Flour Mills lost 3 cents to end at $1.84, with 73,192 shares crossing the exchange, NCB Financial Group shed 5 cents to end at a 52 weeks’ low of $6.45 with an exchange of 20,000 stock units, Republic Financial Holdings dropped $2 in ending at $140 after exchanging 12,803 stocks. Scotiabank slipped 1 cent in closing at $74.99 in an exchange of 440 stock units, Trinidad & Tobago NGL climbed 24 cents to end at $20.52, with 17,133 units clearing the market, Unilever Caribbean popped 5 cents to close at $15.25 in trading 4,000 shares and West Indian Tobacco shed 65 cents to close at a 52 weeks’ low of $23.35 crossing the market 3,365 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.