The Jamaica Stock Exchange climbed to the fifth straight record high, reached seconds after opening on Friday, when the All Jamaican Composite Index rose 1,082.40 points to 340,315.50 with the JSE Index rising 986.19 points to 310,065.85 but lost the gains by the close.
At the end of trading, the All Jamaican Composite Index dropped 2,570.85 points to 336,662.25 and the JSE Index dived 2,342.34 points to 306,737.32.
Activities in the main market and US dollar market resulted in 30 securities trading including 4 from the US dollar market, compared to 28 securities trading on Thursday. At the end of trading, the prices of 10 stocks advanced, 14 declined and 6 closed unchanged from an exchange of 6,932,808 units valued $147,102,076 compared to 889,746 units valued at $37,006,553 on Thursday.
The day’s volume was led by, Jamaica Broilers with 2,084,581 units amounting to 30 percent of the volume traded, followed by Sagicor Group with 1,331,080 units accounting for 19 percent of the day’s volume of and Jamaica Stock Exchange with 1,083,267 units for 15.6 percent of the day’s volume.
Stocks with major price changes are, Caribbean Cement lost $2 and finished at $41, with 20,107 shares, JMMB Group declined 49 cents and ended at $29.50, with 56,845 shares. Kingston Wharves dropped $2 finished at $50 with 124,720 stock units, NCB Financial Groupshed $1.50 to $94.50, with 65,326 shares, PanJam Investment dropped $3.99 and closed at $55, with 24,570 stock units trading. Scotia Group traded at $50.90, and lost 40 cents with 153,731 units, Sterling Investments rose $1.01 and closed at $11.01, with 66,652 shares and Supreme Ventures ended at $15, with 31,100 shares but fell 50 cents.
Trading resulted in an average of 266,646 units valued at an average of $5,657,772 for each security traded. In contrast to 34,221 units for an average of $1,423,329 on Thursday. The average volume and value for the month to date amounts 168,594 units valued at $3,230,262 compared to 158,477 units valued at $2,952,222 on Thursday. June closed with an average of 250,168 shares with a value of $5,895,281, for each security traded.
Trading in the US dollar market continue to be modest and closed with just 21,634 units valued at US$2,833, as Margaritaville lost 2.7 cents and finished at a 52 weeks’ low of 15.3 US cents with 10,000 shares, changing hands, Proven Investments closed at 18 US cents with 2,241 units changing hands, Sygnus Credit trading 7,500 units and rose 1 cents at 12 US cents and JMMB Group 5.75 % preference share fell 19 cents to US$2.06 after trading 1,893 units. The JSE USD Equities Index slipped 0.10 points up to 152.05.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ended with bids higher than their last selling prices and 3 closing with lower offers.
TTSE inched higher Friday

Trinidad & Tobago Stock Exchange Head Quarters
The Trinidad & Tobago Stock Exchange closed Friday with trading of 14 securities against 11 on Thursday, with 3 advancing, 2 declining and 9 remaining unchanged.
At the close, the Composite Index rose 1.70 points to 1,221.82, the All T&T Index gained 0.11 points to end at 1,719.37, while the Cross Listed Index put on 0.46 points to close at 97.25.
Trading ended with 255,565 shares valued at $8,523843, compared to 214,584 shares valued at $3,002,335 changing hands on the previous trading day.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows market sentiment with 3 stocks ending with higher bids than the last selling prices and 3 with lower offers.
Gains| Guardian Holdings concluded trading, rising 1 cent to end at $16.51, with 1,088 units, JMMB Group added 10 cents and ended at $1.85, after exchanging just 12 shares and National Flour increased 5 cents and completed trading at $1.80, with an exchange of 2,162 units.
Losses| Clico Investments shed 3 cents and ended at $20.50, with 30,750 stock units changing hands, Sagicor Financial lost 1 cent and ended at $7.79, with 103,458 stock units changing hands.
Firm Trades| Angostura Holdings
closed at $15.75, with 1,500 stock units changing hands, Ansa Mcal completed trading at $58, with 457 units, Grace Kennedy traded at $2.90, with 1,152 stock units changing hands, Massy Holdings concluded market activity at $47, after exchanging 3,000 shares, One Caribbean Media closed at $12, after exchanging 1,000 shares, Republic Financial Holdings ended at $102.77, after exchanging 534 shares, Scotiabank completed trading at $65.10, with 100,682 units, Trinidad & Tobago NGL ended at $29.75, with 8,240 stock units changing hands and Trinidad Cement closed trading at $2.95, with an exchange of 1,530 units.
Prices of securities trading for the day are those at which the last trade took place. Daily
Just 2 price changes on TTSE – Thursday
The Trinidad & Tobago Stock Exchange closed Thursday with trading of 11 securities against 17 on Wednesday, with just 1 advancing, 1 declining and 9 remaining unchanged.
At the close, the Composite Index lost 0.17 points to 1,220.12, the All T&T Index declined 0.34 points up to 1,719.26, while the Cross Listed Index closed unchanged at 96.79.
Trading ended with 214,584 shares valued at $3,002,335 changing hands, compared to 796,321 shares valued at $16,954,112 changing hands on the previous trading day.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows market sentiment with 2 stocks ending with higher bids than the last selling prices and 3 with lower offers.
Gains| Republic Financial Holdings closed with a rise of 1 cent and concluded trading at $102.77, after exchanging 500 shares.
Losses| Guardian Holdings shares fell 10 cents and completed trading at $16.50, with 16,650 units changing hands.
Firm Trades| Clico Investments ended at $20.53, with 1,237 stock units changing hands,
Massy Holdings concluded market activity at $47, after exchanging 24,475 shares, National Enterprises ended at $9.55, with 20,000 stock units changing hands, National Flour completed trading at $1.75, with 6,361 units, NCB Financial Group settled at $5.35, after exchanging 110,000 shares, Sagicor Financial ended at $7.80, with 12,882 stock units changing hands, Scotiabank completed trading at $65.10, with 18 units, Trinidad & Tobago NGL ended at $29.75, trading 2,461 stock units and Unilever Caribbean settled at $26.75, after exchanging 20,000 shares.
Prices of securities trading for the day are those at which the last trade took place.
Profit jumps 59% at Carib Cream

Caribbean Cream outlook.
Profit jumped 59 percent in the quarter to May, to $55 million from $35 million in 2017 from sales revenue that rose 29 percent to $412 million from $319 billion in 2017 for Caribbean Cream that trades as Kremi.
The improvement brings to an end falling profit for the past fiscal year when profit fell to $90 million from $176 million in 2017, from increased revenues and from profit of $164 million in 2016.
For the quarter, gross profit margin rose to 36 percent from 34 percent in the 2017, as input cost climbed 25 percent, compared over for the 2017 first quarter. The net effect, operating profit rose 37 percent to $147 million from $107 million.
Administrative expenses increased 25 percent to $76 million and marketing and sales expenses climbed 24 percent to $13 million. Finance cost was up to $3.4 million from $3.15 million.
Earnings per share came out at 15 cents for the quarter and should end the year around 70 cents, just slightly lower than the 80 cents forecasted at the end of the fiscal year.
According to Chairman Carol Clarke Webster and Managing Director, Christopher Clarke in their joint statement to shareholders, “these results are attributable to improved products supply as a result of greater production efficiencies, along with the introduction of a new range of novelties which are performing well in the market. In addition, we continued our sales and marketing thrusts to expand our market penetration and ‘Top of the mind” awareness of our product range.”
Gross cash flow brought in $65 million but growth in receivables, inventories, offset by payables reduced it to $44 million, in addition, fixed assets purchased for $101 million offset by net loan inflows of $65 million resulted in a cash increase of $8 million, pushing the cash and bank balances to $183 million. Shareholders’ equity stands at $693 million with borrowings at just $147 million. Net current assets ended the period at $221 million well over Payables of $134 million.
The stock traded at $4.90 on the Junior Market of the Jamaica Stock Exchange with a PE ratio of just 7 times 2019 earnings leaving quite some room for a good bounce from the current price. The stock is one of the TOP 10 Junior Market listings.
The company declared a dividend of 4.8 cents payable on September 21 to shareholders on record at the end of September 7. The stock will traded ex dividend on September 6.
Indies Pharma could make you money
Indies Pharma goes to market on Thursday to raise $248.4 million from 174 million shares for its own use while the current shareholders are offering 92.5 million units to raise nearly $139 million.
Only 60 million shares are set aside for the general public. The shares are mostly priced at $1.50 each with lower prices for shares reserved for selected groups. The proceed is expected to be used to pay off loans to its parent company and bank loans, working capital and funds the cost of the issue. The total issued shares currently amount to 1,158,553,500 units and the issue of 173,983,149 shares, if successful will raise the total issued shares to 1,332,536,649 units.
Indies Pharma is a pharmaceutical distribution company out of Montego Bay, which sold its first pharmaceutical 2005, and today distributes over 150 prescription and over the counter pharmaceutical formulations for Bioprist Holdings under the ‘Bioprist’ brand and operates the Trident Pharmacy located nearby in Sam Sharpe Square, Montego Bay.
The Company currently services customers across all 14 parishes of the island, including over 400 pharmacies, private and public hospitals and government agencies including the National Health Fund as well as medical practitioners, and directly to individual end users.
Based on how investors have gone about pricing IPOs at their peak, it seems likely that Indies Pharma will peak around $2.45 based on IC Insider.com’ projected earnings in 2018, of 17 cents per share. It could even go higher if the number of applicants for shares exceed those Junior Market IPOs from those going back to 2017.
The stock sits in the mid-range of IC Insider.com’s ranking of Junior Market stocks with a PE of 9, just a bit less than the average of 11 for the market but most IPOs have traded around 15 times the current year’s earnings at the peak reached within 2 weeks or so.
Indies is not the cleanest entity to come public in recent years. The prospectus shows that there are clear areas of management weakness that need sorting out, but they are not alone, Elite Diagnostics exhibited some similar traits in spite of having men with business experience as board members. The promoters and directors should never have allowed the prospectus to be put out with scanned copy of the audited accounts from the book issued by the auditors. It does not telegraph a good message about management.
The financials are strong but here again it reflects concerns. The statement of Financial position show amount dues from directors standing at $166 million per the half year report. Under the tax laws of Jamaica such amounts may be taxable if not repaid within a certain time frame as the amount would be treated as a distribution. Its is unclear if this issue is addressed in the prospectus.
The company has some strong positives. At the end of October 2017 borrowed funds exceeded shareholders’ equity this has changed by April this year with equity of $374 million well ahead of debt of $194 million.
For one Gross profit which has been running between 75 percent to 62 percent between over the past five years with the half year to March coming out at very strong 62 percent, revenues grew an average of 15 percent for the past 4 years but only 6 percent in 2017 but is up by 10 percent for the half year to April. The company has been able to keep cost well under control and this has enable a richness in profitability with pretax profit rising 56 percent in 2017 89 percent in 2016 and 154 percent in 2015 after a 25 percent increase in 2014. The profit for 2016 would have been even better if there was not a loss on sale of fixed asset in the 2017 period amounting to $32 million but the rise in 2017 would likewise be less.
For the half to April this year revenues rose 10 percent to $301 million over the similar period in 2017 but profit is only up 6 percent to $73 million from $69 million before tax. IC Insider.com forecast is for a 16 percent increase in pretax profit to $200 million for the current year. The company could pick up additional sales as a result of the publicity that emanates from the listing.
going forward the slow seen in revenues in 2017 to date has to be watched as that could suggest maturing of the company but they have a long pipe line of applications in to add products to the existing lines.
Trading on the Junior Market of the Jamaica Stock Exchange on Friday closed with 806,470 units valued at $3,015,197 changing hands, compared to 9,971,398 units valued at $49,004,441 on Thursday. 
KLE Group closed at $2.90, trading 86,300 shares, Knutsford Express ended at $11.50, with 660 shares changing hands. Lasco Distributors concluded trading with a loss of 20 cents at $3.91, exchanging 13,718 stock units, Lasco Financial finished 1 cent higher at $5.21, with 15,560 units, Lasco Manufacturing gained 20 cents and ended at $4.20, with 185,000 shares, Main Event ended trading and rose 18 cents to $7, with 9,938 shares, Stationery and Office closed 5 cents higher at $8.05, with 6,170 units and tTech concluded trading 40 cents higher at $5.90, with 2,072 shares changing hands.
Trading rose sharply on the Junior Market of the Jamaica Stock Exchange on Thursday as trading Honey Bun and Medical Disposables shares accounted for 9 million units of the nearly 10 million units to trade.
The average volume and value for the month to date amounts to 291,975 units valued at $1,155,537 and previously 270,856 units valued at $1,015,164. June closed with an average of 139,543 units, valued at $671,002 for each security traded.
Everything Fresh traded at a new low since listing at $1.95 in the exchange of 169,459 units, but closed unchanged for the day at $2.10, Express Catering traded 12 cents higher at $7.26, with 22,882 shares changing hands, FosRich Group fell 5 cents to end at $2.85, with 31,244 shares, GWest Corporation ended 5 cents higher at $2.35, with 29,782 units trading, Honey Bun rose 10 cents higher to $5, with 6,006,556 shares. Jamaican Teas traded 3,000 stock units at $5.15, Jetcon Corporation closed 10 cents higher at $4.20, with 104,265 units, Key Insurance traded 13,837 shares at $3.01, Lasco Distributors concluded trading at $4.11, with 9,782 stock units. Lasco Manufacturing settled with a loss of 20 cents at $4, exchanging 8,190 shares, Main Event g 2ained cents to close at $6.82, with 8,559 shares, Medical Disposables traded 3,353,631 shares at $5 and Paramount Trading finished trading with a loss of 2 cents at $2.98, with 41,020 stock units changing hands.
The Jamaica Stock Exchange ended trading for the fourth straight at an all-time closing high, the All Jamaican Composite Index climbed 975.72 points to a record 339,847.87 with the JSE Index rising 888.99 points to a record 309,639.79.
Stocks with major price changes are, Berger Paints lost 94 cents and ended at $21.06, with 4,815 stock units, Caribbean Cement gained 57 cents and settled at $43.00, with 21,144 shares, Grace Kennedy shed 50 cents to end at $52, with 33,051 stock units, Jamaica Broilers lost 99 cents trading 2,000 units at $24.01 after trading at a record high of $33. JMMB Group rose 49 cents to end at $29.99, with 23,543 shares, Kingston Wharves gained $2.20 and settled at a 52 weeks’ high of $52, in trading just 498 units, NCB Financial Group traded at $96 after rising $1.50 with 222,567 shares, PanJam Investment jumped $5.49 to a record high of $58.99, with 20,100 units, Sagicor Group gained 99 cents and ended trading at $39, with 203,409 stock units changing hands, Sagicor Real Estate Fund finished trading after falling $1.15 to end at $13.95, with 8,953 stock units. Supreme Ventures climbed $1 and settled at $15.50, with 7,114 shares and Sygnus Credit Investments closed with a fall of 55 cents at $13.
In contrast to 145,471 units for an average of $3,750,316 on Wednesday. The average volume and value for the month to date amounts 158,477 units valued at $2,952,222 compared to 172,772 units valued at $3,149,989 on Wednesday. June closed with an average of 250,168 shares with a value of $5,895,281, for each security traded.
June closed with an average of 139,543 units, valued at $671,002 for each security traded.
Honey Bun concluded trading with a loss of 10 cents at $4.90, after exchanging 12,822 shares, Iron Rock finished 10 cents higher at $3.10, with 5,000 shares. Jamaican Teas ended trading at $5.15, with 11,000 stock units changing hands, Jetcon Corporation traded 11 cents higher at $4.10, with 213,711 units, Knutsford Express ended at $11.50, with 1,100 shares, Lasco Distributors concluded trading with a loss of 4 cents at $4.11, after 20,810 stock units changed hands. Lasco Financial fell 1 cent to $5.20, with 86,184 units, Lasco Manufacturing settled with a loss of 5 cents at $4.20, with 105,000 shares, Stationery and Office closed at $8, with 7,548 units traded and tTech concluded trading with a loss of 40 cents to $5.50, with 99,638 shares changing hands.
Trading activity on the Jamaica Stock Exchange closed with an exchange of 3,345,840 units valued $86,257,264 compared to 7,061,151 shares valued at $104,913,847 on Tuesday.