Juniors still waiting to move

December 11, 2014 by

Trading in the Junior Market closed with very little activity with only 5 securities traded. Trading ended with 628,116 units valued at $3,063,328. The JSE Junior Market Index fell 5.89 points to close at 667.73, with the price advancing.

Eppley 9.5% preference share was the leading trade on the junior market

Eppley 9.5% preference share was the leading trade on the junior market

At the close of the market, there were only 1 stock with the bid higher than the last selling price and none with lower offers. The junior market is showing signs of improvement, but continues to exhibit areas of weakness with 6 securities closing with no bids to buy. There were 6 securities that had no stocks being offered for sale.
Blue Power only traded 320 shares at $6.16 followed by Caribbean Producers in trading 26,500 units at $2.15 after falling 5 cents, General Accident with 33,296 units traded to close at $1.75 each Lasco Distributors chipped in with 100,000 units at $1.40 and lost 5 cents.
Eppley Limited 9.5% preference share traded 468,000 shares as the price slipped 9 cents to end at $6 a bit strange since the company is going back to the market with preference shares priced at $6 to start yielding 10 percent for two years.

Filed Under: JSE Junior Market, Stock Market Tagged With: , , , , ,

Eppley goes to Market again

December 11, 2014 by

eppleytype150x150Eppley goes to Market again, this time to raise between $150 million and up $250 million by way of an additional amount of the 2019 preference shares. The yield will initially be 10 percent for the first two years, with step of rates thereafter.
According to the company, “as a result of excessive demand for the cumulative redeemable preference shares of the Company due 2019 (the “2019 Preference Shares”) for which subscriptions were invited subject to a prospectus dated 4 November 2014, the Company now invites further Applications for subscription for 25,000,000 additional new 2019 Preference Shares in the capital of the Company”. JMMB Securities Limited is acting as lead broker and listing agent to the Company in the Invitation. The Company reserves the right to make available further 2019 Preference Shares prior to the Closing Date.
The Company reserves the right to issue up to 41,666,667- 2019 Preference Shares in the event that the Invitation is oversubscribed by applicants and on that basis the total consideration for the subscription of such shares would be greater than $150,000,000 but will not exceed $250,000,002. The issue opens on Tuesday 16 December and closes Tuesday 23 December 2014 with the shares being issued at $6 each.
The Company already has accepted applications for the issue of 58,333,334 – 2019 Preference Shares by way of prospectus dated 4 November 2014 however these shares have not yet been allotted and as such, at the date of this Prospectus there are no holders of the 2019 Preference Shares as yet. It is the intention of the Board that any 2019 Preference Shares for which Applications are made pursuant to this prospectus, or for which applications were successfully made pursuant to the earlier prospectus dated 4 November, will be allotted simultaneously by the Company. The shares are expected to be listed on the junior market of the Jamaica Stock Exchange.

Filed Under: Company News, Initial Public Offers, Stock Market Tagged With: , ,

Eppley preference share closes over

November 13, 2014 by

eppleytype150x150 The Eppley preference share issue, successfully raised the minimum capital sought by the company, the Jamaica Stock Exchange was informed. The preference share issue, maturing in 2019 in respect of 41,666,667 cumulative redeemable preference shares priced at J$6, closed as scheduled on Tuesday, 11 November 2013.
The issue was oversubscribed and the Company intends to exercise the right, to issue further preference shares, up to a total of 58,333,334 units. The basis of allotment will be announced today.
Trading in the Junior Market closed with activity in just 99,198 units, valued at $231,017. The JSE Junior Market Index declined 3.07 points to close at 662.69. Only 4 securities traded, with no stock advancing and 3 declining.
At the close of the market, there were 2 stocks with bids higher than their last selling prices and 1 stock with the offer that is lower. The junior market continues to exhibit weakness with 9 securities closing with no bids to buy. There were 5 securities that had no stocks being offered for sale.
Access Financial Services traded 900 shares at $10.01, Caribbean Producers finished trading with 93,000 shares while losing 20 cents to $2, Knutsford Express traded down 4 cents to $5.45 with 4,450 units and Lasco Financial traded only 848 units, losing 3 cents to 95 cents.

Filed Under: Initial Public Offers, JSE Junior Market, Stock Market Tagged With: , , , , ,

Eppley & Lasco Distributors dominate juniors

November 7, 2014 by
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Lasco_Building280x150 Trading picked up on the Junior Market on Friday, making it the best day for several weeks for volume and number of securities traded. Eppley preference share was the dominant trade, in monetary terms, Lasco Distributors with volume and Dolphin Cove with price change.
Trading ended with 2,058,386 units, valued at $6,226,015. The JSE Junior Market Index fell 1.25 points to close at 660.02, as 8 securities traded, with the price 3 advancing and 3 declining. At the close of the market, there were 2 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower. The junior market continues to exhibit weakness with 10 securities closing with no bids to buy. There were 5 securities that had no stocks being offered for sale.
Gains|Dolphin Cove had 33,690 shares changing hands and gained 80 cents to $8.80, Eppley 9.5% preference share contributed 661,120 units to trading and rose 2 cents to a 52 weeks’ high of $6.10, Lasco Distributors finished trading with 1,181,969 units to close with a gain of 2 cents at $1.32.
Firm|General Accident exchanged 5,000 shares at $1.53 and Lasco Manufacturing finished trading with 50,000 shares changing hands 95 cents.
Declines| Blue Power ended trading with 7,350 shares to close with a 66 cents fall to $7.10, a new 52 weeks’ low, Caribbean Producers finished trading with 110,000 units with a fall of 50 cents to $2 and Lasco Financial ended with 9,257 shares traded with a loss of 8 cents to close at 90 cents.
Caribbean Producers reported a loss in its latest quarterly result to September before minority interest of US$23,000 by acme out with small profit of US$2,500, this contrast with a profit of $447,000 in 2013.

Filed Under: JSE Junior Market, Stock Market Tagged With: , , , , , , , ,

Eppley seeking up $350m

November 5, 2014 by

Nigel Clarke - Chairman of Eppley

Nigel Clarke – Chairman of Eppley

Eppley plans to issue between 41,666,667 and 58,333,334 –Preference Shares to the public at $6 each, and maturing on 30 November 2019. The company reserves the right to take up additional amounts not exceeding $350 million, in the event that the subscriptions exceeds $250 million.
Dividends will be paid monthly at the rate of 10% per annum for the first two years, 11% per annum for years 3 to 4 and 11.5% per annum for the final year. This issue will be the second preference share to be offered to the market, since last year by the company.
The Invitation will open at 9 am on the Opening Date, Tuesday 11 November 2014 and will close at 4 pm on the Closing Date, Tuesday 18 November 2014 subject to the right of the Company to: (a) close the Invitation at any time after it opens once applications for all Preference Shares in the Invitation are received; and (b) extend the Closing Date for any reason, provided that it does not extend beyond the expiration of 40 days after the publication of this Prospectus
The Company reserves the right to redeem the Preference Shares (in full or part) on any dividend payment date that is not less than three years from the issue date at the higher of: (a) the Invitation Price plus 1 percent; or (b) the average of the last 10 days’ closing market prices on the JSE, prior to the notification date, plus any accrued and unpaid dividends subject to 30 days notice.
Eppley’s directors stated in the prospectus that “since the company’s initial public offering, of ordinary shares in July 2013, the company invested over $600,000,000 in the expansion of its credit business. The Company has deployed most of the capital it raised in its 2018 Preference Share issue in November 2013.”
Eppley provides credit to clients, allowing policyholders to finance insurance premium payments for property and motor vehicles. It also provide lease and commercial loan financing to medium and large businesses.
The ordinary shares are held mainly by Musson Investments – 37.68 percent, General Accident – 9.17 percent, ATL Pension – 25.65 percent and Stony Hill Capital – 15.28 percent.
Jamaica money Market Brokers are the brokers to the issue.
For the six months to June profit of $30 million was achieved from revenues of $74 million. At the end of June the company’s equity is $336 million with debt capital of $428 million. The proposed offer will raise debt to at least $678 million putting the leveraging at a high level. It seems as if the company needs a dose of ordinary equity as well as debt funding.

Filed Under: Company News, General Business News, Initial Public Offers, Stock Market Tagged With: , , , , , ,

D&G to up December’s dividend?

October 28, 2014 by

D&GRedStrip_Banner600x250The payment of a dividend based on the financial year ended June, 2014, will be considered by Desnoes and Geddes at a meeting scheduled for Wednesday, October 29.
The company paid an interim dividend of 20 cents per share and a special dividend of 5 cents per share on December 20, last year.
They also paid interim dividend of 10 cents per share and a special dividend of 15 cents per share on May 16, this year. Profit after tax, for the 2014 fiscal year was $3.15 billion, but excluding the gain from the shares the company had in two breweries in the eastern Caribbean, it would have been $2.2 billion or an increase of 80 percent, instead of the 160 percent increase the net result shows. This means that shareholders can look forward to a healthy increase in the dividend to be declared.

Filed Under: Company News, Dividends Tagged With: , , , ,

4 securities trade but bidding improves

October 15, 2014 by

BluePower150x150 The Junior Market closed trading with 767,730 units valued at $1,243,917 and Blue Power hitting a 52 weeks’ low. Tthe JSE Junior Market Index fell 2.86 points to close at 663.54 as only 4 securities traded with 1 advancing and 1 declining.
At the close of the market there was 6 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower. The junior market continues to exhibit weakness with 9 stocks closing no bids to buy against 5 that had no stocks being offered for sale.
Medical Disposables with 51,500 units gained 2 cents to end at $1.90, Blue Power dropped $1.05 while there was dealing in 4,070 shares to end at $8, new 52 weeks’ low. Eppley 9.5% preference share closed with 75,130 units changing hands at $6.10 and Lasco Manufacturing ended at $1.04 while 637,030 units were active.

Filed Under: JSE Main Market, Stock Market Tagged With: , , , ,

Low trading in junior market

October 13, 2014 by

CaribbeanProducers(CPJ)280X150 The Junior Market had trading in only 404,855 units valued at $754,027. The JSE Junior Market Index fell 3.57 points to close at 664.33 as 6 stocks traded including one from the Preference section, with 2 advancing and 2 declining.
At the close of the market there were 4 stocks with the bids higher than the last selling price and 5 stocks with offers that were lower. The junior market continues to exhibit weakness with 10 stocks closing no bids to buy against 6 that had no stocks being offered for sale.
Lasco Financial traded 50,000 shares at $1 by gaining 5 cents followed by Lasco Manufacturing with 60,000 units to gain 2 cents to end at $1.02, Dolphin Cove traded 20,000 units at $8, Caribbean Producers traded 71,805 shares with the loss of 15 cents to end at $2.45 and General Accident traded 202,600 shares at $1.50, in losing 12 cents. Eppley 9.5% preference share traded 450 units at $6.10.

Filed Under: JSE Junior Market, Stock Market Tagged With: , , , , ,

Stocks continue upward move on JSE

September 18, 2014 by

Thursday’s activity on the Jamaica Stock Exchange, resulted in the prices of 9 stocks rising and 3 declining as 24 securities changed hands, resulting in 6,462,363 units trading, valued at $54,606,207.
Main Market| At the close of the market the JSE Market Index gained 321.86 points to 72,682.82 and the JSE All Jamaican Composite index rose 359.90 points to close at 79,980.79.
JSE -18-9-14 Gains| Stocks gaining, with the last traded prices, at the close in the main market are, Jamaica Broilers with 10,500 shares, rising 5 cents to $4.70, Kingston Wharves with 5,250 shares changing hands, lost a cent at $5.01, Sagicor Real Estate Fund had 17,000 shares changing hands, 3 cents higher at $7.14 and Scotia Investments 22,050 shares at 20 cents more at $21.70.
Firm| The stocks in the main market to close without a change in last traded price are, Cable & Wireless with 3,317 units at 30 cents, Carreras 275,340 shares at $34.65, Jamaica Money Market Brokers with 4,525,000 ordinary shares, closed at $6.95, Jamaica Producers with 788 units ended at $15.08, Proven Investments 5,350 ordinary shares closed at 17.99 US cents, Sagicor Group 570,000 shares closed at $9.75 and Supreme Ventures with 31,000 units at $1.95.
Declines| The last traded prices of stocks with losses, at the at the end of trading in the main market are, Grace Kennedy with 1,623 shares, lost $1 to end at $60, National Commercial Bank traded 256,643 units at $17.86, a loss of 4 cents and Scotia Group with 65,819 shares, closed 6 cents lower at $19.20.
Preference| Eppley 9.5% preference share traded units 12,167 at $6.10, Jamaica Money Market Brokers 8.75% preference share put through 30,000 units at $3.01 and Proven Investments 8% preference share, traded 43,500 units at $5.
Junior Market| The JSE Junior Market Index increased 4.01 points to close at 668.07 as 8 stocks traded with 5 advancing and none declining.
Gains| Stocks recording gains at the end of trading in the junior market are, Blue Power traded 121 units 5 cents higher at $9.05, Dolphin Cove 348 shares closed 30 higher at $8.80, General Accident closed with 239,024 shares and gained 5 cents to $1.50, Lasco Financial 172,400 units, increased 1 cent to 98 cents and Lasco Manufacturing had 16,000 units trading 1 cent higher at $1.02.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are, KLE with 127,123 shares at $1 and Lasco Distributors with 32,000 shares changing hands at $1.12.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with bids higher than their last selling prices and 7 stocks with offers that were lower.

Filed Under: JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , ,

JSE trading extends to 33 securities on low volume

August 19, 2014 by

In Tuesday’s trading on the Jamaica Stock Exchange, the prices of 9 stocks rose and 9 declined as 33 securities changed hands, resulting in 2,457,366 stock units trading, valued at $5,927,351.
JSE 19-8-14Main Market| The JSE Market Index dropped 323.78 points to 71,151.07 and the JSE All Jamaican Composite index moved lower by 362.04 points, to close at 78,268.02.
Gains| The volume and last traded prices of stocks with gains, at the end of trading in the main market, are Jamaica Broilers with 6,000 shares gaining 15 cents to close at $4.80, Mayberry Investments put through 102,760 shares at 2 cents higher to end at $1.57 and Pan Jamaican Investment with 4,035 shares closed a cent up at $48.51.
Firm| Stocks with volume and last traded prices in the main market to close without a price change, are, Berger Paints with 2,400 shares closing at $1.65, Cable & Wireless 952,637 units at 37 cents, Gleaner had 34,853 shares changing hands at $1.05, Grace Kennedy 4,000 units at $59.50, Jamaica Money Market Brokers exchanged 53,005 at $6.95, National Commercial Bank 30,044 shares changed hands at $18.15 each, Proven Investments US$ ordinary stock, put through 24,750 units at 17US cents, Sagicor Group with 7,553 units at $9 and the Sagicor Real Estate Fund with a mere 300 units, closed at $6.85.
Declines| The volume and last traded prices of stocks with losses at the at the end of trading in the main market, are Carreras with 5,124 shares as the price slipped by 95 cents to end at$34.05, Ciboney 33,000 stocks units was at a cent lower to end at 7 cents, Jamaica Producers with 12,467 shares saw $3.40 lashed off the price to end at $15.60, Radio Jamaica had 3,150 shares changing hands to close 2 cents lower at $1.20, Scotia Group with 33,203 stocks units, lost a cent to end at $18.71, Scotia Investments with only 2,414 shares, lost 62 cents to end at $21.38 and Seprod had 70,427 shares going through the market, 50 cents lower to end at $10.50.
Preference| Eppley 9.5% preference share traded 58,000 units at $6.10, Jamaica Money Market Brokers 8.75% preference share traded 24,428 units with 2 cents off, to end at $2.98, Proven Investments 8% preference share, saw only 957 units trading at $5.
Junior Market| The JSE Junior Market Index gained 10.43 points to close at 643.38 as 12 securities traded with 7 advancing and only 1 declining.
Gains| Stocks recording gains at the end of trading in the junior market, are Caribbean Producers with 17,000 shares while gaining a cent to $2.31, Derrimon Trading with 7,900 units to close 10 cents higher at $2.15, Dolphin Cove gained 15 cents with 1,028 shares to end at $7.75, General Accident 200,000 shares traded resulted in a 5 cents rise to $1.40, followed by Lasco Financial with 116,015 units at a gain of 10 cents to $1, Lasco Manufacturing with 300,500 units gained 8 cents to $1 and Paramount Trading put on 2 cents, while trading 18,000 units to land at $2.52.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are, Consolidated Bakeries with only 500 shares at 80 cents, Honey Bun with 28,216 shares at $2.34 and Lasco Distributors with 300,000 units, ended at $1.11.
Declines| Only one stock declined in the junior market at the end of trading, with AMG Packaging exchanging 2,700 shares while losing 10 cents to end at $2.40.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower.

Filed Under: JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , ,