General Accident Insurance advises that it has successfully applied for graduation of its listed ordinary shares from the Junior Market to the Main Market of the Jamaica Stock Exchange, which will take place effective September 27,
General Accident spreading wings
According to the company, since being listed on the Junior Market over ten years ago, the Company has grown its gross written premium almost seven-fold. In addition to its market leadership in Jamaica, the Company has established a regional presence in Barbados and Trinidad. The Directors of General Accident believe the successful application reflects its growth, increasing scope and ability to comply with the applicable governance standards for companies listed on the Main Market.
The company with more than $15 billion in annual premium income reported a profit of $577 million last year and $246 million for the six months to June this year up from just $41 million for the same period in 2022. ICInsider.com projected profit of more than $1 billion for 2023.
The move follows Eppley another member of the Musson Group that migrated from the Junior Market in December 2018.
Investors exchanged 189,857 shares for $2,257,685, up sharply from 65,236 stock units at $876,597 on Friday.
At the close, Agostini’s remained at $67 in switching ownership of 59 shares, Angostura Holdings advanced 5 cents in closing at $20.05 after 170 stocks passed through the market, Ansa McAl ended at $53 with 576 units being traded, Ansa Merchant Bank ended at $42.20 with investors transferring 120 stock units. First Citizens Group fell 6 cents to $49, with an exchange of 1,413 stocks, FirstCaribbean International Bank remained at $7 with 11,360 shares crossing the market, GraceKennedy ended at $3.30 after 102,782 stock units were traded, Guardian Holdings ended at $19 with investors dealing in 3,627 units. Guardian Media remained at $2 after an exchange of 591 shares, JMMB Group rallied 2 cents to end at $1.28 in an exchange of 15,250 stock units, L.J. Williams B share ended at $2.56 with 10 stocks being traded, Massy Holdings rose 2 cents to close at $4.65 with traders dealing in 8,591 units. 
National Enterprises remained at $3.73 in an exchange of 10,015 stocks, National Flour Mills ended at $1.53 with investors trading 7,135 units, One Caribbean Media closed at $3.82 with 400 shares changing hands, Point Lisas ended the trading of 1,050 units at $3.40, Republic Financial popped 25 cents to $125.25 after a transfer of 3,036 shares. Scotiabank skidded 69 cents in closing at $72.50, with 14,379 stocks clearing the market, Trinidad & Tobago NGL remained at $13 with a transfer of 6,414 units, Unilever Caribbean ended at $11.90 after exchanging 2,750 stock units and West Indian Tobacco fell 40 cents and ended at a 52 weeks’ low of $10.10 with an exchange of 129 shares.
Elite Diagnostics had a bad fiscal year to June, with a loss of $1.7 million in the June quarter and a profit of only $2.8 million for the year, down from $49 million in 2022. With finance cost jumping to $47 million from $27 million the previous year while depreciation climbed by $41 million to $148 million. ICInsider.com expect revenues to keep on climbing at a above average rate and for cost to increase at a slower pace and deliver an attractive profit which is projected at 40 cents for the year. Recent history suggests that forecasts can be derailed by unforeseen developments, but the stock is worth while looking at as a medium term investment that is undervalued relative to potential.
The Junior Market ICTOP10 closed the week with General Accident rising 10 percent to $4.94, followed by Caribbean Assurance Brokers, up 6 percent to $2.83 as Iron Rock Insurance dropped 9 percent to $2.10 and Everything Fresh dipped 5 percent to $1.30.
The markets are not in a bullish state but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
closing unchanged.
PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Indies Pharma rose 15 cents to $3.15 in switching ownership of 10,387 shares, JFP Ltd rallied 15 cents to close at $1.65 after 684,020 units passed through the market, Lasco Financial fell 8 cents to $1.82 with investors trading 12,245 stocks. Lasco Manufacturing popped 11 cents $5.32 after an exchange of 1,843 shares, Limners and Bards advanced 20 cents in closing at $1.95 with just 100 units changing hands, Lumber Depot dropped 15 cents to $2.05 with shareholders swapping 58,865 stock units, Main Event climbed $1.04 to end at $16.10 in an exchange of 115,807 stocks. Stationery and Office Supplies skidded 13 cents in closing at $1.84 after exchanging 482,073 stocks, 
Tropical Battery shed 7 cents and ended at $1.92 in an exchange of 132,500 units and tTech gained 28 cents to close at $2.48 while 1,035 stock units were traded.
A total of 198,322 shares were traded on Friday for US$20,612, up from 110,725 units at US$10,600 on Thursday.
Sygnus Credit Investments slipped 0.1 of a cent to close at 9 US cents after an exchange of 52,491 stock units and Transjamaican Highway popped 0.02 of a cent to end at 1.68 US cents in an exchange of 3,000 stocks.
On Friday 5,259,080 shares were traded for $54,075,283 compared to 10,619,694 units at $79,408,765 on Thursday.
The PE Ratio, a formula to compute appropriate stock values, averages 12.2 for the Main Market. The JSE Main and USD Market PE ratios are computed using the last traded prices and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2024.
JMMB Group climbed $2.21 in closing at $29.70 with 175,016 stocks being traded, following an announcement by the company that it will be buying back 10 million shares in the open market. Kingston Wharves dropped $2.44 to close at $26.57 with a transfer of 22,863 shares, Margaritaville advanced 30 cents to end at $16.30 after a transfer of a mere unit. NCB Financial gained $1.90 to close at $70 after 27,066 shares changed hands, Pan Jamaica skidded $1 to $43 with investors swapping 1,645 stock units, Sagicor Group shed 59 cents to close at $44.51 in trading 112,999 units. Scotia Group advanced 39 cents in closing at $33.44 as investors exchanged 309,106 stocks, Stanley Motta climbed 61 cents to end at $5.21, with 1,001 shares crossing the market and Supreme Ventures fell 76 cents and ended at $26.74 with an exchange of 138,995 units.
In the preference segment, Eppley 7.25% preference share rose $1.39 to $20 in an exchange of 69 stocks, Jamaica Public Service 9.5% gained $109.99 in closing at $3099.99 after investors traded just one stock and Productive Business Solutions 10.5% preference share dropped $135 to $1.200, with 150 stocks clearing the market.
The market closed with seven stocks rising, four declining and eight ending unchanged.
At the close, Agostini’s ended at $67 in trading 50 shares, Angostura Holdings ended trading of 8,000 units at $20, Ansa Merchant Bank declined $2.30 in closing at $42.20 after exchanging 1,028 stock units, First Citizens Group popped 6 cents and ended at $49.06 with traders dealing in 180 stocks. FirstCaribbean International Bank popped 1 cent to close at $7 with 3,202 units being traded, Guardian Holdings ended trading at $19, with 7,180 stocks crossing the market, Guardian Media ended at $2 in an exchange of 500 stock units, JMMB Group rose 1 cent to $1.26 with investors dealing in 1,500 shares. L.J. Williams B share ended at $2.56, with 1,760 shares crossing the market, Massy Holdings advanced 1 cent to end at $4.63 after an exchange of 5,709 units, National Enterprises gained 20 cents to close at $3.73 with shareholders swapping 4,952 stock units, 
National Flour Mills fell 11 cents to $1.53, with 1,168 stocks crossing the exchange. Point Lisas rallied 15 cents and ended at $3.40 with a transfer of 7 shares, Prestige Holdings remained at $7.93 in an exchange of 192 units, Republic Financial ended with a transfer of 443 stocks at $125, Scotiabank dipped 6 cents in closing at $73.19 while exchanging 261 stock units. Trinidad & Tobago NGL ended at $13, with 26,159 stocks changing hands, Unilever Caribbean rose 30 cents to $11.90 with investors trading 1,063 stock units and West Indian Tobacco lost 5 cents to end at a 52 weeks’ low of $10.50 as investors exchanged 1,882 units.
Declining stocks outgunned rising stocks nearly 2 to 1 at the close of trading activity on the Jamaica Stock Exchange Main Market on Thursday, as the volume of stocks traded declined 10 percent as the value climbed 27 percent over Wednesday, leading to trading in 51 securities down from 56 on Wednesday, with prices of 15 rising, 28 declining and eight ending unchanged.
JMMB Group 7.5% preference share led trading with 4.82 million shares for 45.4 percent of total volume followed by Wisynco Group with 1.66 million units for 15.6 percent of the day’s trade and Sagicor Select Financial Fund with 957,709 units for 9 percent market share.
At the close, Caribbean Cement declined 60 cents and ended at $50.30 after a transfer of 1,130 shares, Caribbean Producers gained 30 cents to close at $9.95 while exchanging 100 units, Carreras shed 50 cents to end at $8.20 with an exchange of 324,379 stock units. GraceKennedy dipped 68 cents in closing at $71.50 after exchanging 76,459 stocks, Jamaica Stock Exchange dropped 69 cents to close at $9.50 with stakeholders exchanging 5,073 stock units, Kingston Properties rallied 57 cents to close at $7.32 after trading 3,430 stocks. NCB Financial skidded $1.90 to end at $68.10 with investors trading 35,818 shares, Sagicor Group fell 90 cents to $45.10 with traders dealing in 4,827 units, Scotia Group lost 70 cents in closing at $33.05, with 211,602 stocks crossing the market. Seprod skidded 90 cents and ended at $70.10 after 977 units passed through the market and Stanley Motta dropped 61 cents in closing at $4.60 as investors exchanged 44,895 stock units.
In the preference segment, Jamaica Public Service 7% increased $14 to $55 and closed trading with 62 shares changing hands.
Investors traded 4,860,312 shares for $11,208,181 down marginally from 5,058,766 units at $11,709,970 on Wednesday.
Investor’s Choice bid-offer indicator shows four stocks ending with bids higher than their last selling prices and two with lower offers.
Future Energy Source climbed 8 cents and ended at $3.44 with trading in 1,407,267 stock units, General Accident gained 10 cents in closing at $5 with 40,200 shares clearing the market, Knutsford Express popped 50 cents to close at $11.50 as investors exchanged 1,249 stocks. Limners and Bards fell 15 cents to $1.75 in an exchange of 208,234 shares, Lumber Depot declined 8 cents to end at $2.20 with traders dealing in 9,921 units, Main Event shed 94 cents and ended at $15.06 after a transfer of 2,076 stocks, Medical Disposables dropped 15 cents and ended at $4.10 after investors exchanged 1,000 stock units. MFS Capital Partners fell 13 cents to end at $2.36 with a transfer of 66,700 stocks, Spur Tree Spices skidded 9 cents in closing at $2.04 while exchanging 571,162 stock units, 
Stationery and Office Supplies advanced 10 cents to close at $1.97, with 254,738 shares crossing the market and tTech dipped 15 cents to $2.20 after 100 units were traded.
