Grace Kennedy profit for Q1 jumped 153%
Grace Kennedy reported a 153 percent jump in it results for the first quarter ending March with profit after tax of $1.5 billion versus $589 million in 2015. Grace reports that $606 million of the increase came from disposal of investment, with the bulk of it coming from the liquidation of a subsidiary.
Earnings per share ended at $4.51 compared to $1.78 in 2015 and the full year’s earnings looking to exceed $13 per share.
Grace reported sales revenues of $22 billion up from $19.36 billion in 2015, with profit from operations doubling to $1 billion, while other income amounted to $991 million up from $316 million in 2015.
Group Chief Executive Officer, Don Wehby steering the Grace ship to safer waters.
The food and trading division enjoyed the most growth, moving from $398 million to $855 million, the banking and investing segment recorded lower profits of $29 million than the $89 million in the 2015 period, while the money transfer segment, continues to deliver attractive increases of 26.5 percent, with profit of $587 versus $464 million and the Insurance division went up 48 percent from $67 million to $99 million.
The company attributed the strong increase in the food and trading division to “improved performance of our food distribution and manufacturing business in Jamaica and internationally.”
Grace’s stock has come in for increased demand on the Jamaica Stock exchange over the last few trading days, with the price closing at $84 on Thursday with 1,021,582 units traded.
Volumes traded were moderate in trading on the Jamaica Stock Exchange in the main market on Wednesday, but the indices that slipped close to 1,000 points in the first hour of trading recovered to suffer a mild declined at the end. 
The all Jamaica Composite Index slipped 171.01 points to close at 168,094.29 and the JSE combined index declined 61.78 points, to close at 162,711.68.
Sagicor Group ended with 22,092 shares changing hands and lost 10 cents to end at $22.90, Sagicor Real Estate Fund traded 1,500 shares to close at $10 after declining by 10 cents, Salada Foods traded 6,000 shares to end at $8.80 after trading at an intraday low of $7.50. Scotia Group closed at $31 while 6,144 units changed hands, Scotia Investments jumped $1.44 and ended trading 37,876 shares to close at $27.44, Seprod fell $1 to close at $17 with 1,500 units changing hands and Supreme Ventures closed at $5.49 with 27,617 shares changing hands. 
At the end of market activities, Berger Paints traded 99,158 shares to rise 14 cents and closed at $4.14, Cable & Wireless closed at $1.39 after trading 154,987 units, Caribbean Cement traded 154,987 shares as the price jumped $1.99 to close at $27.99, Ciboney traded 418,270 shares at 13 cents after gaining 1 cent. Grace Kennedy closed at $84 with 945,030 shares changing hands, Jamaica Broilers lost 5 cents to end at $14.50 while trading 428,112 shares, JMMB Group rose 50 cents in trading 20,044 shares to close at $10, Kingston Wharves traded 95,600 shares, to close at $11.65. Margaritaville Turks fell 0.50 US cent in trading 402,850 shares at 16.50 US cents, National Commercial Bank gained 3 cents while trading 990,580 shares to close at $39.80, Pan Jamaican Investment jumped $1 with 12,640 shares trading at $98,
Radio Jamaica traded 15,327 shares to end at $1.10. Sagicor Group ended with 41,056 shares changing hands with a gain of 31 cents to end at $22.30, Sagicor Real Estate Fund traded 131,542 shares to close at $10.10 after rising 10 cents, Scotia Group rose 50 cents to close at $31 while 8,841 units changed hands. Scotia Investments ended trading 19,695 shares to close at $26, Seprod Fell $1 to close at $16 with 13,284 units changing hands, Supreme Ventures gained 22 cents and closed at $5.49 with 6,693 shares changing hands, Proven Investments ordinary share traded 431,660 units at 17.05 US cents, down from 19 US cents.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 13 stocks with bids higher than their last selling prices and 7 with lower offers.
Pan Jamaican Investment jumped $3 with 36,922 shares trading at $97, 
The all Jamaica Composite Index rose 86.90 points to close at 170,426.79 and the JSE combined index climbed 9.38 points, to close at 164,347.30.
Kingston Wharves traded 500,000 shares and fell $1.50, to close at $11.50, Mayberry Investments traded 31,380 shares and gained of 5 cents, to close at $4.10. National Commercial Bank fell 25 cents while trading 81,123 shares to close at $40 Pan Jamaican Investment jumped $5.50 with 117,925 shares trading at $94, Radio Jamaica traded 16,000 shares and gained 4 cents to end at $1.19, Sagicor Group ended with 28,010 shares changing hands at $23, Sagicor Real Estate Fund traded 139,565 shares to close at $10 after falling 15 cents. Scotia Group climbed by 99 cents to close at $32.99 while 756,529 units changed hands, Scotia Investments ended trading 11,920 shares but fell 80 cents to $25.20, Supreme Ventures closed at $5.35 with 13,812 shares changing hands and JMMB Group 7.5% preference share traded 529,237 units at $1.05 for a rise of 1 cent.
Losses| Massy Holdings closed at 52 weeks’ low of $49.97 after losing 1 cent, to close with 2,760 shares changing hands and Sagicor Financial Corporation closed with 11,280 shares changing hands, to end with a fall of 1 cent at $7.05.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 9 stocks with bids higher than their last selling prices and 4 with lower offers.
Kingston Wharves traded just 200 shares and gained 70 cents to close at a 52 weeks’ high of $13, National Commercial Bank fell 65 cents while trading 22,416 shares to close at $40.25. Radio Jamaica traded 39,500 shares but fell 4 cents to $1.15, Sagicor Group climbed by $1 to end with 323,077 shares changing hands at $23, Sagicor Real Estate Fund traded 18,156 shares to close at $10.15 after falling 10 cents, Scotia Group declined by $1 to close at $32 while 43,830 units changed hands. Supreme Ventures fell 30 cents and closed at $5.35 with 80,300 shares changing hands, Proven Investments traded 24,067 share at 20 US cents and JMMB 7.5% preference shares traded 1,476,960 units at $2.14 for the loss of 1 cent.
Trading ended with 4 stocks closing at 52 weeks’ lows and 1 at a 52 weeks’ high as demand for stocks remain low on the Trinidad & Tobago Stock Exchange. The market close with 15 active securities changing hands on Tuesday with only 2 stocks gaining, 7 declining while 6 remained unchanged as trading as selling pressure continues in the market.
Republic Financial fell to a 52 weeks’ low of $108.95 with a loss of 4 cents as 800 units changed hands and Scotiabank had 2,000 shares trading at $55 after falling $1.43 for a 52 weeks’ low.
Massy Holdings lost 71 cents to close at 52 weeks’ low of $51.50 with 5,083 shares changing hands and Republic Financial Holdings declined by 1 cent to close at $108.99, with 25 shares changing hands, at a 52 weeks’ low.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 13 stocks with bids higher than their last selling prices and 4 with lower offers.
Jamaica Broilers had 46,616 units changing hands, to close with a loss of 20 cents at $14.25. National Commercial Bank rose $1 in trading 101,619 shares to close at $40, Radio Jamaica traded 74,000 shares and gained 2 cents to close at $1.20, Sagicor Group fell 35 cents to end with 193,396 shares changing hands at $22.15, Sagicor Real Estate Fund traded 16,110 shares to close at $10.25, for a rise of 25 cents. Scotia Group closed with a gain of 5 cents at $30.55 with 211,936 units changing hands, Supreme Ventures closed at $5.50 with 63,960 shares changing hands, Proven Investments ordinary share traded 4,133 units to close at 18 US cents and JMMB Group 7.5% preference shares traded 1,672,980 units at $1.04, with a fall of 2 cents.