Market activity ended on Friday, with an equal number of stocks rising and declining after an exchange of 45 percent more shares with a 144 percent increased value than on Thursday, at the close of trading on the Trinidad and Tobago Stock Exchange.
In all, 16 securities traded, up from 11 on Thursday, with prices of six each rising and declining and four remaining unchanged. The Composite Index climbed 6.93 points to 1,344.18, the All T&T Index dipped 0.51 points to 1,787.01 and The Cross-Listed Index gained 2.08 points to settle at 121.96.
At the close, 112,369 shares traded, for $2,756,173, up from 77,333 units at $1,127,783 on Thursday.
An average of 7,023 units traded at $172,261 compared to 7,030 at $102,526 on Thursday. An average of 9,890 units traded at $190,983 for the month to date versus 10,093 units at $192,302. The average trade for March amounts to 12,610 units at $342,338.
The Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and one with a lower offer.
At the close, Angostura Holdings traded 64 shares at $15.49, Clico Investment Fund shed 5 cents to end at $25, with 22,030 units changing hands, First Citizens Bank advanced 5 cents to $46.45 while exchanging 10,124 stocks, Grace Kennedy settled at $5, with 1,122 stocks crossing the exchange. Guardian Holdings dropped 15 cents in ending at $25.60 after 5,000 stock units changed hands, JMMB Group gained 1 cent to close at $1.82 while exchanging 50 stocks, 
Massy Holdings ended at $64 after 10,006 stock units crossed the exchange. National Enterprises shed 1 cent in closing $2.99 while exchanging 29 stocks, National Flour rose 2 cents to $2.34 after trading 40,275 stocks, NCB Financial Group increased 27 cents to close at $8.49 trading 640 stocks. One Caribbean Media closed at $4.88 while swapping 5,778 units, Prestige Holdings advanced 49 cents in closing at $7.50 after crossing the market with 12 units, Republic Financial Holdings dipped 14 cents to $132.36 with an exchange of 5,072 shares. Scotiabank increased 15 cents to close at $54.65 after trading 100 stock units, Trinidad & Tobago NGL lost 14 cents in closing at a 52 weeks’ low of $13.86 in exchanging 11,067 stocks and Trinidad Cement dropped 9 cents to end at $2.90 with an exchange of 1,000 units.
Closing prices are those of the last trade for each stock unless otherwise stated.
Stalemate in Port of Spain on Friday
Trading climbs market gains
Trading ended with 143 percent more shares carrying a 70 percent higher value on Friday than Thursday levels on the Jamaica Stock Exchange US dollar market, resulting in the market rising at the close of market activity.
Six securities traded, similar to that on Thursday, with the price of one rising, two declining and three remaining unchanged.
The JSE USD Equity Index gained 1.76 points to end at 211.60. The average PE Ratio ends at 12.7 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 1,081,879 shares traded at US$80,306 versus 445,605 units at US$47,147 on Thursday.
Trading averaged 180,313 units at US$13,384, up from 74,268 shares at US$7,858 on Thursday. Trading averaged 84,309 units for the month to date at US$6,741 in contrast to 77,369 units at US$6,260 on Thursday. March ended with an average of 68,746 units for US$13,137.
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, First Rock Capital shed half a cent to close at 8.5 US cents in an exchange of 7,800 units, Margaritaville ended at 9 US cents after exchanging 16,795 stocks, Proven Investments ended at 26 US cents trading 15,991 stock units. Sterling Investments increased 0.43 of a cent to end at 2.44 US cents while exchanging 89 shares, Sygnus Credit Investments ended at 14 US cents after 491,204 shares changed hands and Transjamaican Highway fell 0.05 of a cent in closing at 0.9 US cents trading 550,000 shares.
Prices of traded securities are for the last transaction of the day unless otherwise stated.
Fesco trades at $1.04
Fesco opened trading on the Junior Market of the Jamaica Stock exchange on Friday, trading 2.38 million shares at $1.04 up from 80 cents the share were sold to the market at.
The stock has 151,000 units on the bid at $1.04 with just 55 000 on offer at $1.06, but trading is frozen for an hour. The rise helped to push the Junior Market Index up to 3,155.07. The Main Market has climbed to 446,096.49 at 9.43 after rising to a high for the session of 446,591 points.
Junior Market gains 18.7% YTD
After taking a battering in March last year with the market index dropping 39 percent from the end of 2019 to the bottom in March last year, junior Market stocks have put in a spirited recovery with the marketing adding 23.63 points to 3,136.56 on Thursday with a rise of 18.7 percent for 2021 to date and 54 percent from the March 2020 low point for the year for the Junior Market of the Jamaica Stock Exchange.
Overall, 35 securities traded compared to 36 on Wednesday, with prices of 11 rising, 20 declining and four remaining unchanged. The PE Ratio, based on ICInsider.com’s forecast of 2021-22 earnings, averages 12.9
The market closed with an exchange of 4,442,267 shares for $18,272,766, up from 4,400,394 units at $13,254,158 on Wednesday. Lasco Manufacturing led trading with 51.8 percent of total volume trading 2.3 million shares followed by Mailpac Group with 10.8 percent for 478,805 units and Derrimon Trading with 9.2 percent market share for 406,825 units for 9.2 percent.
Trading averaged 126,922 units at $522,079, in contrast to 122,233 at $368,171 on Wednesday. Trading month to date averages 190,819 units at $630,894, compared to 195,649 units at $639,120 on Wednesday. March closed with a higher average of 252,633 units at $733,196.
Investor’s Choice bid-offer indicator reading shows four stocks ending with bids higher than their last selling prices and one with lower offers.
At the close, Access Financial rose 40 cents to close at $21.50 with the trading of 10 shares, Caribbean Assurance Brokers picked up 14 cents to end at $2.14 after an exchange of 4,000 shares, Caribbean Cream fell 40 cents to $5.50 in a transfer of 4,116 stock units, Caribbean Flavours lost 5 cents in closing at $2.30 in trading 99,017 stock units. Caribbean Producers ended 20 cents higher at $4 with investors switching ownership of 111,856 units. Consolidated Bakeries shed 4 cents to end at $1.51 in an exchange of 10 shares, Elite Diagnostic gained 14 cents in ending at $3.14 after a transfer of 20,782 stocks. Express Catering shed 39 cents to end at $4.11 with the swapping of 88,449 stock units, Fontana lost 5 cents to settle at $5.80 with 69,879 stocks changing hands. Fosrich slipped 7 cents in closing at $6.98 in switching ownership of 28,721 shares, General Accident rose 30 cents to finish at $5.80 with an exchange of 26,529 stocks,
Indies Pharma shed 13 cents to end at $4.12 after trading 84,271 units, Jetcon Corporation picked up 6 cents in closing at 84 cents with 5,120 stock units crossing the exchange, Knutsford Express fell 10 cents to close at $8.90 finishing with 1,210 stocks changing hands. Lasco Distributors shed 15 cents to end at $3.84 in switching ownership of 28,431 units, Lasco Manufacturing gained 5 cents to end at $4.70 with the swapping of 2,302,500 shares after it traded at a 52 weeks’ intraday high of $5. Mailpac Group lost 6 cents in closing at $3.50 in the trading of 478,805 stocks, Main Event shed 35 cents to end at $4.45 after clearing the market with 4,910 stock units, Medical Disposables closed 40 cents lower at $4.10 with 35,096 shares crossing the exchange, at the same time Stationery and Office Supplies lost 7 cents to end at $5.50 in the trading of 11,676 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Barita’s profit doubles
Fast out of the block, Barita Investments opens the earning season for the March quarter with a doubling of profits for the quarter and half year. Profit after tax rose from $509 million to $1.04 billion and from $1 billion in the half year ended March 2020 to $2.06 billion in 2021.
Revenues nearly doubled for the quarter to $2.05 billion from $1.13 billion in 2020 and from $2.26 billion last year to $4.05 billion in 2021. Fees and commission income surged from $182 million in the 2020 quarter to $898 million and foreign exchange gains jumped from just $19 million in 2020 March quarter to $650 million this year, while the half year’s figures saw a steep increase from just $106 million to $1.1 billion. Investment gains in the latest quarter fell to just $121 million compared to $599 million in 2020, while the half year saw a slight drop in 2021 to $791 million from $851 million.
Operating expenses rose 70 percent at a much slower pace than revenues to $794 million in the quarter from $468 million in 2020, for the half year cost increased 54 percent to $1.47 billion from $958 million to March 2020.
Earnings per share rose to 96 cents in the quarter from 62 cents in 2020 and from $1.24 last year to March to $1.90 in 2021.
Total assets are now $78.7 billion, up from $48.7 billion at the end of the year ago and from $70.7 billion at the end of September, last year and shareholders’ equity climbed from $14 4 billion in March 2020 to $28.7 billion in 2021. Pledged assets jumped from $21.5 billion in March 2020 to $47 billion in the latest quarter, while loans receivables increased from $1.1 billion to $7.3 billion.
The company’s shares trade on the Jamaica Stock Exchange and last traded at $86.01 at earnings for the full year of $4 the PE is 21.5.
Modest gains for Main Market on Thursday
After two days of strong gains in the market indices, the market rose moderately on Thursday, with declining stocks just edging out those rising as 85 percent more funds changed hands than on Wednesday in moderate trading on the Jamaica Stock Exchange Main Market.
The All Jamaican Composite Index advanced 187.57 points to 442,013.12, after hitting 443,387.95 just after midday. The Main Index rose 170.79 points to 402,637.35 and the JSE Financial Index added 0.06 points in settling at 100.22.
Trading ended with 49 securities, up from 46 on Wednesday and closed with 17 stocks rising, 19 declining and 13 remaining unchanged and three stock closed at 52 weeks’ high. The PE Ratio, based on ICInsider.com forecast of 2021-22 earnings, averages 16.
The market closed with 7,901,235 shares trading for $80,463,111 compared to 7,818,411 units at $43,587,684 on Wednesday. Wigton Windfarm led trading with 31.1 percent of total volume for 2.46 million shares followed by JMMB Group with 15.8 percent for 1.25 million units and Transjamaican Highway with 12.9 percent for 1.02 million units.
Trading averaged 161,250 units at $1,642,104, compared to an average of 169,965 shares at $947,558 on Wednesday. Month to date trading averages 232,142 units at $1,509,917, in contrast to 238,879 units at $1,499,367 on Wednesday. March averaged 354,304 units at $2,543,232.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Berger Paints rose $1.50 to $13.20 with 4,288 shares changing hands, Caribbean Cement gained 25 cents to close at a 52 weeks’ high of $75.25 in the trading of 25,261 stocks, Grace Kennedy shed 50 cents to end at $87 with 93,905 stock units clearing the market. Jamaica Broilers slipped 35 cents to $29.15 in the transfer of 25,790 shares, Jamaica Producers gained 25 cents to end at a 52 weeks’ high of $28.25 with an exchange of 17,108 units, NCB Financial Group declined $1.45 to $138.55 in switching ownership of 35,039 stocks, Palace Amusement advanced $20 in closing at $870 in an exchange of 401 shares, PanJam Investment ended 60 cents higher at $63.60 in transferring 34,829 stocks. 
Sagicor Group gained 50 cents to close at $50.50 in trading 8,039 shares, Salada Foods picked up 25 cents to settle at a 52 weeks’ high of $6.20 with the swapping of 96,977 stock units and Seprod declined $1.19 to $82.80 in switching ownership of 22,436 shares.
In the preference segment, JMMB Group 7.25% lost 13 cents to close at $1.70, with an exchange of 40,064 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Steady trading on JSE USD market
Trading ended on Thursday with six securities changing hands, compared to five on Wednesday, with 49 percent fewer shares changing hands than on Wednesday, on the US dollar market of the Jamaica Stock Exchange.
Trading closed, with two stocks rising, one declining and three remaining unchanged and the JSE USD Equity Index slipped 0.01 point to 209.84. The average PE Ratio ends at 13.7 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 445,605 shares traded for US$47,147 compared to 867,888 units at US$29,201 on Wednesday.
Trading averaged 74,268 units at US$7,858, in contrast to 173,578 shares at US$5,840 on Wednesday. Trading averaged 77,369 units for the month to date at US$6,260 in contrast to 77,611 units at US$6,136 on Wednesday. March ended with an average of 68,746 units for US$13,137.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, First Rock Capital traded 2,182 shares at 9 US cents, Margaritaville ended at 9 US cents with 6,993 shares clearing the market, Proven Investments rose 1.4 cents to close at 26 US cents in exchanging 36,634 shares. Sygnus Credit Investments fell 1 cent to close at 14 US cents trading 171,046 stock units and Transjamaican Highway rose 0.05 of a cent to end at 0.95 US cents with an exchange of 223,750 stocks.
In the preference segment, JMMB Group 5.75% closed at US$2.05 with an exchange of 5,000 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Knutsford Express on the mend
Good turnaround candidates are companies that investors can make oversized gains from, Knutsford Express falls into this category and investors would be wise to take a serious look at the company’s third quarter results to February this year.
Knutsford Express
While they did not return to profit in the quarter, they made huge strides in almost closing the gap, with the February quarter showing a moderate loss of a mere $1.7 million from revenues that fell 42 percent from $318 million to $185 million. The results show a marked improvement over November when revenues fell from $283 million to $149 million with a loss of $34 million. At the same time, the Jamaican operation enjoyed a breakeven position in the third quarter. The performance is in keeping with the Directors, comments stated in their report accompanying the quarterly for November, “we expect an improved performance in the next quarter.”
Information coming in about the tourist sector indicates that the industry is on the mend with the expectation for high demand for the summer months. This will augur well for Knutsford that transports visitors to places like Negril and Ocho Rios. In addition, a more buoyant tourism sector and greater vaccination of Jamaicans will encourage more Jamaicans to travel using their buses.
The latest development is good news for the company that suffered an 11 percent decline in revenue and a 78 percent drop in profit for the 2020 financial year and a loss of $26 million for the August 2020 quarter, which worsened to $34 million in the November quarter. This followed the $70 million loss incurred in the April quarter last year, as dislocations caused by the impact of the COVID virus the company’s severely affected operations.
For the February quarter, administrative and operating expenses fell at a much slower pace and amounts than the fall in revenues, with expenses dropping 31 percent from $271 million in the 2020 January quarter to $187 million in 2021.
Knutsford Express closed at an all time high of $16 on Friday
Finance income in the 2021 quarter pulled in $4 million compared to $757,190 collected in 2020, while finance costs declined from $7 million in 2020 to $4 million in 2021.
Revenue dropped 51 percent from $925 million for the nine months to February 2020 to $456 million in 2021.
For the nine months to February this year, administrative and operating expenses fell at a much slower pace and amounts than the fall in revenues, with expenses dropping 35 percent from $797 million in the 2020 quarter to $514 million in 2021. Depreciation charges accounted for $87 million, up from $74 million in 2020.
The US operation generated a mere $638,000 in revenue and a loss of $11 million that is down from the prior year with a loss of $26 million from revenues of $21 million.
Cash flows from operating activities brought in $31 million, down from $190 million at the end of January 2020. After spending $137 million on the acquisition of fixed assets and borrowing $65 million, the balance of cash funds fell to $38 million at the end of the period, down from $96 million at the end of January 2020. The company also has investments amounting to $101 million compared to $140 million at the end of February 2020. The build out of their Drax Hall Business centre has used up some of the funds.
Current assets ended at $183 million at the end of the quarter, down from $357 million at the end of February in the previous year. Current liabilities stood at just $96 million and is well covered by current assets. At the close of January, shareholders’ equity stood at $710 million, down from $845 million as of January 2020. The company has borrowings of $300 million in borrowed funds on the books.
Earnings per share came out at a loss of just one cent for the quarter and 13 cents for the nine months. The company stands a good chance of returning to full or nearly full operations in the new fiscal year commencing in June. ICInsider.com’s estimate is for earnings per share of 45 cents for a PE of 20 times 2022 projected earnings. Knutsford Express currently trades on the Junior Market of the Jamaica Stock Exchange at $9.
The results for the latest quarter support ICInsider.com‘s forecast for the company to return to profit for the 2022 fiscal year.
Trading down on T&T stock market
Just 11 securities traded on the Trinidad and Tobago Stock Exchange at the close of trading on Thursday, down from 17 on Wednesday, with the volume falling 53 percent, resulting in one stock rising, seven declining and three remaining unchanged after 77,333 shares traded for $1,127,783 compared to 162,840 units at $2,224,361 on Wednesday.
Trading ended with 11 securities changing hands compared to 17 on Wednesday. The Composite Index shed 1.20 points to settle at 1,337.25, the All T&T Index declined 1.92 points to settle at 1,787.52, and the Cross-Listed Index slipped 0.06 points to 119.88.
An average of 7,030 units traded at $102,526 compared to 9,579 at $130,845 on Wednesday. An average of 10,093 units traded at $192,302 for the month to date versus 10,249 units at $196,874. The average trade for March amounted to 12,610 units at $342,338.
The Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Clico Investment Fund lost 5 cents to end at $25.05 with an exchange of 14,560 units, First Citizens Bank dropped 1 cent to end at $46.40 in exchanging 600 shares, Guardian Holdings climbed 15 cents to close at $25.75 with the swapping of 3,652 stock units, JMMB Group lost 1 cent to close at $1.81 in trading 34,500 stocks. Massy Holdings ended at $64 after 1,537 shares crossed the exchange, National Flour Mills stayed at $2.32 in an exchange of 11,941 stocks, NCB Financial Group settled at $8.22 in trading at 100 units. Prestige Holdings declined 49 cents to end at $7.01 in an exchange of 1,679 shares, Republic Financial Holdings dropped 50 cents to close at $132.50 in exchanging 916 shares, Scotiabank fell 15 cents to $54.50 in exchanging 5,169 stocks and Trinidad & Tobago NGL declined 1 cent to close at a 52 weeks’ low of $14 in trading 2,679 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market hits 3,113
Traders took another stab of breaking through the 3,100 barrier and succeeded in staying above at the close on Wednesday, with the market index jumping 48.60 points to 3,112.93 after the market opened with a rise of just over 35 points at 3,099.73 and then broke to 3,103.34 with just 9 minutes of the opening and then gradually moved up at the close of the Junior Market.
Trading ended with 36 securities changing hands compared to 37 on Tuesday and closed with the prices of 16 stocks rising, 15 declining and five remaining unchanged. The PE Ratio, based on ICInsider.com forecast of 2021-22 earnings averages 13.
The market closed with an exchange of 55 percent fewer shares with 64 percent less than on Tuesday, as 4,400,394 shares traded for $13,254,157 compared to 9,724,544 units at $37,278,300 on Tuesday. Caribbean Assurance Brokers led trading with 22.9 percent of total volume for 1 million shares, followed by Lasco Manufacturing with 22.7 percent for 997,854 units and Tropical Battery 15.6 percent for 65,135 units changing hands.
Trading averaged 122,233 units at $368,171 in contrast to 262,826 at $1,007,522 on Tuesday. Month to date averaged 195,649 units at $639,120, compared to 201,838 units at $661,964 on Tuesday. March closed with an average of 252,633 units at $733,196.
Investor’s Choice bid-offer indicator reading shows three stocks ending with bids higher than their last selling prices and one with lower offers.
At the close, Access Financial rose 99 cents to end at $21.10 with the swapping of 3,274 shares, AMG Packaging climbed 9 cents ending at $1.82 with 1,756 stocks crossing the exchange, Blue Power gained 30 cents to close at $3.80 in the transfer of 347 shares. Caribbean Cream fell 50 cents to $5.90 after 5,055 units crossed the exchange, Caribbean Flavours picked up 15 cents to close at $2.35, with 121,821 shares crossing the market. Caribbean Producers finished 9 cents higher at $3.80 in trading 197,945 stock units, Consolidated Bakeries shed 24 cents to close at $1.55 in an exchange of 575 units, Elite Diagnostic lost 15 cents to end at $3 with a transfer of 27,319 shares. Fontana shed 15 cents to settle at $5.85, with 28,318 shares crossing the market. Fosrich gained 5 cents in closing at $7.05 with 41,501 stocks changing hands, Indies Pharma rose 24 cents ending at $4.25 in switching ownership of 151,041 stocks. Jamaican Teas gained 12 cents to close at $3.50 with the swapping of 406,045 shares, Knutsford Express advanced 70 cents to a 52 weeks’ high of $9 in the trading of 545 units. Lasco Distributors gained 24 cents to end at $3.99 after a transfer of 10,950 stocks.
Lasco Manufacturing picked up 6 cents to finish at $4.65 with 997,854 shares clearing the market, Main Event lost 12 cents to end at $4.80 in switching ownership of 2,128 units, Medical Disposables closed 15 cents lower at $4.50 with an exchange of 265 shares, Paramount Trading shed 8 cents ending at $1.33 after an exchange of 500 stocks. At the same time, Stationery and Office Supplies rose $1.03 in closing at $5.57, with investors switching ownership of 38,970 stock units.
In the preference segment, CAC 2000 9.5% preference shares rose 29 cents to close at $1.40 after clearing the market with 570 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
