The Jamaica Stock Exchange closed at a new record high on Wednesday for the third day in a row. During the morning session the All Jamaica Composite Index broke into the 340,000 points level for the first time in the market history rising 2,110.74 points to trade at 340,190.28 after 45 minutes of trading.
At the same time the JSE main index rose by 1,923.12 points to a record high of 309,951.76 after 45 minutes of trading in the morning session. The main market ended at a new closing high, with the All Jamaican Composite Index climbing 792.61 points to a record 338,872.15 and the JSE Index rising 722.16 points to a record 308,750.80.
Activities in the main markets resulted in 23 securities trading, compared to 30 securities trading on Tuesday. At the close, the prices of 9 stocks advanced, 16 declined and 6 closed unchanged. There was no trading in the US dollar market on Wednesday.
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.
The day’s volume was led by, Carreras with 1,131,433 units 33.82 percent of the day’s volume, followed by Wisynco Group with 767,268 units accounting for 22.93 percent of the day’s volume of and NCB Financial Group with 476,698 units amounting to 14.25 percent of the volume traded.
Stocks with major price changes are, Grace Kennedy gained 98 cents to end trading at $52.50, with 7,498 shares, Jamaica Broilers shed $1 in closing at $25.00, after trading at an intraday high of $27, with 11,553 stock units, Kingston Wharves finished at $49.80, with a loss of 21 cents but traded at a 52 weeks’ high of $52 with 125,689 stock units, Mayberry Investments climbed 50 cents and settled at $7, with 51,070 units. NCB Financial Group dived $3.50 and ended trading at $94.50, with 476,698 shares, Sagicor Group fell 74 cents and settled at $38.01, with 205,457 shares traded, Salada Foods gained $1.10 to end trading at $12.01, with 23,850 stock units, Scotia Group declined by 90 cents and closed trading at $50.60, with 29,636 units and Supreme Ventures fell 50 cents to $14.50, with 200,562 shares trading.
Trading resulted in an average of 145,471 units valued at an average of $3,750,316 for each security traded. In contrast to 252,184 units for an average of $3,746,923 on Tuesday. The average volume and value for the month to date amounts 172,772 units valued at $3,149,989 compared to 175,865 units valued at $3,072,419 on Tuesday. June closed with an average of 250,168 shares with a value of $5,895,281, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 7 stocks ended with bids higher than their last selling prices and 3 closing with lower offers.
Modest changes for TTSE stocks – Tuesday
The Trinidad & Tobago Stock Exchange closed Tuesday with trading in 14 securities against 13 on Monday, with 6 advancing, 4 declining and 4 remaining unchanged.
At close of the market, the market indices barely moved from the close on Monday. At the end the Composite Index lost 0.06 points to 1,227.92, the All T&T Index inched 0.08 points up to 1,721.53, while the Cross Listed Index erased 0.03 points to close at 98.64.
Trading ended with trading much greater than on Monday as 974,038 shares valued at $8,355,811 changed hands, compared to 95,555 shares at a value of $1,642,849 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 5 with lower offers.
Gains| the market closed trading with First Citizens rising 1 cent to settle at $35.01, after exchanging 111 shares, JMMB Group added 1 cent and concluded trading at $1.76, after exchanging 1,096 shares, LJ Williams B Share increased 1 cent and settled at 69 cents, after exchanging 7,246 units, Prestige Holdings rose 1 cent in trading 719,770 units to close at $10.01, Scotiabank closed with a gain of 9 cents at $65.10, with 450 units changing hands and Unilever Caribbean gained 1 cent and settled at $26.76, after exchanging 417 shares.
Losses| Grace Kennedy shares fell 2 cents and ended at $2.90, with 229,463 stock units changing hands, Massy Holdings closed with a loss of 19 cents and concluded market activity at $47, after exchanging 732 shares, Sagicor Financial shed 1 cent and ended at $7.80, with 1,000 stock units changing hands and Trinidad & Tobago NGL lost 10 cents to close at $29.60, with 8,079 stock units changing hands.
Firm Trades| Agostini’s ended trading at $21.10, after exchanging 3,330 shares, Ansa Merchant settled at $40, trading 1,812 shares, One Caribbean Media concluded trading at $12, after exchanging 500 shares and Republic Financial Holdings ended trading at $102.76, after exchanging 32 shares.
Prices of securities trading for the day are those at which the last trade took place.
Unilever slide continues on TTSE – Monday
Unilever Caribbean continues its near yearlong decent as profit fall and pushing the stock price sharply down since September last year, ending trading with a loss of 75 cents on Monday after falling $1.73 on Friday to settle at a 52 weeks’ low of $26.75, after exchanging 50,921 shares.
The Trinidad & Tobago Stock Exchange closed Monday with trading in 13 securities against 17 on Friday, with 1 advancing, 5 declining and 7 remaining unchanged.
At close of the market the Composite Index lost 4.17 points on to 1,227.98. The All T&T Index shed 0.65 points to 1,721.45, while the Cross Listed Index eased 1.07 points to close at 98.67.
Trading ended with 95,555 shares at a value of $1,642,849, compared to 237,585 shares on Friday valued at $1,584,143 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| Calypso Macro Index Fund rose 30 cents to close at $17.49 while 200 shares changed hands.
Losses| JMMB Group closed with a loss of 1 cent and concluded at $1.75, after exchanging 28,000 shares, NCB Financial Group closed with a loss of 15 cents and settled at $5.35, after exchanging 1,000 shares, Sagicor Financial shed 13 cents and ended at $7.81, with 1,565 stock units changing hands, Trinidad & Tobago NGL lost 3 cents and ended at $29.70, with 783 stock units changing hands.
Firm Trades| Ansa Mcal completed trading at $58.00, with 185 units, Clico Investments ended at $20.52, with 2,700 stock units changing hands, First Citizens settled at $35.00, after exchanging 1,649 shares, Grace Kennedy ended at $2.92, with 8,053 stock units changing hands, Republic Financial Holdings concluded at $102.76, after exchanging 150 shares, changed hands, Scotiabank completed trading at $65.01, with 296 units and West Indian Tobacco concluded at $87.00, after exchanging 53 shares.
Prices of securities trading for the day are those at which the last trade took place.
Mayberry Jamaican Equities hits market
Mayberry Investments (MIL) offer of 120,114,929 ordinary shares at $7.56 in the capital of Mayberry Jamaican Equities opens today at 9 and is scheduled to close on July 30.
The offer is slated to raise $908 million after cost of relating to the issue. The shares are expected to be listed on the main market of the Jamaica Stock Exchange, if the issue is successfully taken up and will result in 80 percent of the shares owned by MIL. MIL states in the prospectus that they will reduce their holding if they receive institutional buying interest in them.
There is an inter-company margin loan of J$545,386,403 due to MIL but after the offer, the loan is expected to be fully repaid. The offer is fully underwritten by companies owned by Mark and Christopher Berry.
Mayberry Jamaican Equities is a closed end mutual fund that will be paying a cash dividend. The Board intends to adopt a liberal dividend policy. Assuming there are sufficient distributable reserves then for each financial year the Company intends to target a dividend payout of up to 75 percent of net profits after tax.
The Company does not have any employees of its own and that is consistent with its business model. It has an investment management agreement with Mayberry Asset Management (“MAM”). MAM in turn relies on the investment expertise of its principals, Christopher Berry, Konrad Mark Berry and Gary Peart, to provide the requisite investment management services to the Company. A performance fee of 8% of any increase in the Company’s Total Comprehensive Income must be paid to MAM.
The Company will buy and sell securities from, and to, brokers and dealers in the Jamaican market and the US securities market. It may also invest in bonds or notes issued by borrowing companies.
At the end of 2017, shareholders equity stood at US$71 million up from US$51.6 million in 2016 as the underlying investment grew in value. Revenues from interest dividends and trading gains amounted to $3.7 million from $1.7 million in 2016 and profit of US$3.1 million compared to $1.26 million. The company reported profit of $1.25 million for the March 2018 quarter from total revenues of $1.87 million and shareholders’ equity rose to US$76.2 million.
There are positives and negatives to take from the offer. Unlike unit trust, the issue may not provide the same level of liquidity, but the use of leverage from time to time can boost returns for the portfolio, if executed properly. The flip side it can negatively affect returns if the portfolio value stagnates of falls.
The vehicle is new to the stock exchange and it is not known how investors will price the stock once listed.
9 stocks fall 2 rise on TTSE – Friday
The Trinidad & Tobago Stock Exchange closed Friday with trading in 17 securities against 17 on Thursday, with 2 advancing, 9 declining and 6 remaining unchanged.
At close of the market the Composite Index rose 0.16 points on Thursday to 1,232.15 The All T&T Index shed 1.84 points to 1,722.10, while the Cross Listed Index added 0.30 points to close at 99.74.
Trading ended with 237,585 shares at a value of $1,584,143, compared to 180,386 shares at a value of $2,780,395 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| Clico Investments gained 2 cents and concluded trading at $20.52, with 9,100 stock units changing hands and NCB Financial Group finished 13 cents higher and completed trading at $5.50, after 113,800 shares changed hands.
Losses| Calypso Macro Index Fund dropped 99 cents to close at $16.50 while 1,325 shares changed hands, First Caribbean International Bank closed with a loss of 10 cents and ended at $8.40, with 10,000 units, Grace Kennedy shed 1 cent and ended at $2.92, with 86,606 stock units changing hands, Massy Holdings lost 1 cent and settled at $47.19, after exchanging 41 shares, National Enterprises ended trading 2 cents lower at $9.53, with 2,690 stock units changing hands, One Caribbean Media concluded trading with a loss of 34 cents and settled at a 52 weeks’ low of $12, after exchanging 4,141 shares, Trinidad & Tobago NGL traded with a loss of 1 cent at $29.73, with 636 stock units changing hands, Trinidad Cement fell 5 cents and ended at $2.95, trading 2,000 units and Unilever Caribbean closed with a loss of $1.73 and completed trading at $27.50, after exchanging 555 shares.
Firm Trades| Angostura Holdings concluded market activity at $15.75, with 1,618 stock units changing hands, Ansa Merchant Bank completed trading at $40, after exchanging 333 shares, First Citizens exchanging 1,096 shares at $35, Republic Financial Holdings settled at $102.76, after exchanging 1,922 shares, Sagicor Financial concluded trading at $7.94, with 1,621 stock units changing hands a West Indian Tobacco settled at $87, after 101 shares changed hands.
Prices of securities trading for the day are those at which the last trade took place.