Hurricane Beryl while not flattening the Jamaica stock market sucked much life out during the week, with volumes and values falling sharply as the markets held up well following the end of month activity in the prior week, with the Main Market being flat and sight slippage for the Junior Market.
The Junior Market ICTOP10 closed with two stocks rising and two declining with notable losses. The Main Market has three stocks with notable gains and two losses of size.
The Junior Market ICTOP10, Caribbean Assurance mark and closed the week up 16 percent to close at $3.85, tTech climbed 14 percent to $2.39. Caribbean Cream continues to suffer from a lack of good corporate governance by not providing investors with up-to-date information on its performance in the absence of full year and interim results, accordingly, the stocks keep on meandering between a low of $3 and $4 range, dropping 13 percent to $3.31 followed by One great Studio, down 7 percent to 83 cents.
Margaritaville the best performer in the Main Market TOP10 climbed 14 percent to $15.45, Berger Paints was up 5 percent in closing at $8.98 and Guardian Holdings popped 4 percent to close at $359.99. Declining stocks are General Accident dipping 9 percent to $6.30 and JMMB Group falling 4 percent to $24.
Iron Rock Insurance drops out of the TOP10 with trading in the stock suspended and is replaced by Dolla Financial that fell back in price during the week following the big month end run up last week.
The average PE for the JSE Main Market ICTOP 10 stands at 5.1, well below the market average of 13.9 and the Junior Market TOP10 sits at 6.7, just over half of the market, with an average of 12.9.
The Main Market ICTOP10 is projected to gain an average of 299 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 212 percent over the same period.
In the Main Market ICTOP 10, a total of 17 of the most highly valued stocks representing 33 percent of the Main Market are priced at a PE of 15 to 102, with an average of 29 and 19 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 16 stocks, or 34 percent of the market, with PEs ranging from 15 to 51, averaging 20, well above the market’s average. The average PE for the top half of the market is 18, possibly the lowest fair value measure for stocks currently.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns on or around May 2025 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Other than the b moves in the TOP10, the market got some good news this past week. For one Jamaica Broilers reported positive full year results that were helped by a $2.3 billion one off gain, excluding those gains normal profits would have been in the order of $4.80 when taxes relating to the capital gains are excluded. The other positive news is that the Bank of Jamaica will officially start to ease the tight monetary policy pursued over the past three years. In reality, they commenced easing in early May, with CD rates falling from 11.59 percent in early April to mostly under 10 percent during June.
JMMB Group was the star performer in the Main Market TOP10, climbing 13 percent to $25.10 and Berger Paints was up 6 percent in closing at $8.52. Declining stocks are 138 Student Living and Pulse Investments dipping 6 percent to $3.86 and $1.50 respectively and Guardian Holdings dropped 4 percent to close at $345.
In the Junior Market IC TOP10 are 14 stocks, or 30 percent of the market, with PEs ranging from 15 to 53, averaging 21, well above the market’s average. The average PE for the top half of the market is 18, possibly the lowest fair value measure for stocks currently.
Trading ended with an exchange of 257,576 shares at $2,612,858 versus 207,388 stock units at $4,103,821 on Thursday.
Calypso Macro Investment Fund slipped 1 cent in closing at $23.99 with just 3 stock units clearing the market, First Citizens Group closed at $42.50 following trading of 2,069 shares, FirstCaribbean International Bank fell 4 cents to end at $6.90, with 53,350 stock units passing through the exchange. GraceKennedy ended at $3.55 with a transfer of 1,391 units, Guardian Holdings skidded 88 cents to $16 after an exchange of 2,161 stocks, JMMB Group lost 3 cents and ended at $1.21 with investors trading 3,000 shares. Massy Holdings slipped 3 cents to end at $4.02 with 121,434 stocks passing through the market, National Enterprises remained at $3.34 with investors dealing in 4,577 units, NCB Financial advanced 8 cents to finish at $2.75 after an exchange of 40,000 stock units.
One Caribbean Media ended at $3.68 with investors trading 6,948 shares, Prestige Holdings shed 3 cents to close at $12.82, with 470 units crossing the market, Republic Financial dropped $1.95 in to $115.55 with an exchange of 8,399 stocks. Scotiabank popped 5 cents to finish at $65.25, with investors trading 232 stock units, Trinidad & Tobago NGL slipped 3 cents to end at $7 as investors exchanged 1,236 shares, Trinidad Cement gained 7 cents to close at $2.97 with 4,136 stocks passing through the market. Unilever Caribbean remained at $11.25 with investors swapping 6 stocks and West Indian Tobacco ended at $8.50, with 1,049 units changing hands.
The market closed, with investors trading 207,388 shares for $4,103,821 compared to 106,679 stock units at $1,198,303 on Wednesday.
First Citizens Group ended at $42.50 with 2,541 stocks being traded, FirstCaribbean International Bank fell 6 cents to end at $6.94 with an exchange of 58,166 shares, Guardian Holdings gained $1.19 to close at $16.88, with 24,540 stock units crossing the exchange. JMMB Group dipped 1 cent to close at a 52 weeks’ low of $1.24 after 332 stocks were traded, Massy Holdings fell 1 cent in closing at $4.05 after 34,963 stock units passed through the market, National Enterprises rose 4 cents to $3.34 in an exchange of 5,304 shares. National Flour Mills dipped 1 cent to finish at $2.13 with a mere 1 unit being traded, NCB Financial shed 33 cents and ended at $2.67 in switching ownership of 1,000 stocks, One Caribbean Media remained at $3.68, with 33,052 stock units crossing the market.
Point Lisas ended at $3.40 with investors dealing in 110 shares, Prestige Holdings dipped 5 cents in closing at $12.85, with 51 stock units crossing the market, Republic Financial rallied $1.50 to finish at $117.50 with investors swapping 22,375 stock units. Scotiabank fell 5 cents and ended at $65.20 in an exchange of 850 stock units, Trinidad & Tobago NGL increased 3 cents to end at $7.03 with traders dealing in 4,179 shares, Unilever Caribbean remained at $11.25 as investors exchanged 742 stock units and West Indian Tobacco dropped $1.49 to close at a 52 weeks’ low of $8.50 after a transfer of 18,500 units.
Trading ended after an exchange of 105,213 shares being for $1,681,407 compared to 488,364 stock units at $7,094,993 on Monday.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and five with lower offers.
One Caribbean Media dipped 1 cent to $3.67 with investors trading 2,000 stocks, Prestige Holdings closed at $12.90 with 805 units changing hands, Republic Financial climbed $4.49 to $116.99, with investors exchanging 8,192 stocks. Scotiabank ended at $65.25 in trading 1,005 shares, Trinidad & Tobago NGL ended at $7 after 6,333 units passed through the market, Unilever Caribbean advanced 5 cents in closing at $11.25 and trading 16,297 stocks and West Indian Tobacco shed 1 cent and ended at $9.99, with 100 stock units changing hands.
In a week when the Junior Market fell 1.72 percent and the Main Market was down 0.97 percent the ICTOP10 stocks ended with declining stocks outnumbering those rising. JSE Main Market had two winners and three losers of note and just two winners and four losers of note in the Junior Market.
The average PE for the JSE Main Market ICTOP 10 stands at 5.1, well below the market average of 13.9 and the Junior Market TOP10 sits at 6.4, just over half of the market, with an average of 12.4.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
The market closed with 488,364 shares changing hands for $7,094,993 up from 82,212 stock units at $1,241,568 on Friday.
First Citizens Group closed with 2,494 stock units changing hands at $42.50, FirstCaribbean International Bank ended at $6.94 after an exchange of 5,267 shares, GraceKennedy rallied 15 cents to $3.70 with investors trading 153,000 stocks. Guardian Holdings fell 44 cents to close at a 52 weeks’ low of $15.25 after traders exchanged 184,990 units, Guardian Media ended at $1.79 with 153 stock units clearing the market, JMMB Group ended at $1.28 as investors traded just 5 shares. Massy Holdings slipped 5 cents in closing at $4.05 after 75,420 stock units were traded, National Enterprises rose 4 cents and ended at $3.34, with 12,075 stocks crossing the exchange, National Flour Mills ended at $2.15 after a transfer of 140 units.
Point Lisas remained at $3.40 after 100 stock units crossed the market, Republic Financial sank $2.49 to finish at $112.50 in an exchange of 5,357 units, Scotiabank dipped 75 cents and ended at $65.25 with investors dealing in 32,951 shares. Trinidad & Tobago NGL closed at $7, with 4,026 stocks changing hands, Trinidad Cement ended at $2.90 with a transfer of 14 shares and Unilever Caribbean climbed 5 cents to close at $11.20 with an exchange of 12,000 stocks.
The market closed with the trading of 82,212 shares for $1,241,568 compared to 173,435 stock units at $1,122,853 on Thursday.
First Citizens Group dipped 20 cents to $42.50 as investors traded 4,632 stock units, FirstCaribbean International Bank closed at $6.94 and closed with an exchange of 8,445 shares, GraceKennedy ended at $3.55 with an exchange of 481 stock units. Guardian Holdings fell 6 cents to $15.69 after an exchange of 3,871 stock units, Guardian Media ended at $1.79 with the swapping of 750 stocks, JMMB Group popped 3 cents to $1.28 after an exchange of 8,100 shares. Massy Holdings rallied 5 cents to close at $4.10 after 35,182 stocks crossed the market, National Enterprises skidded 2 cents to end at $3.30 in switching ownership of 10,469 units, 
NCB Financial lost 1 cent to close at $3.14 after a transfer of 510 stock units. One Caribbean Media remained at $3.68 with investors exchanging 554 shares, Point Lisas ended at $3.40 after an exchange of 291 stocks, Prestige Holdings closed trading at $12.90 with 445 units clearing the market. Republic Financial shed 51 cents to finish at $114.99 with traders dealing in 5,429 stocks, Scotiabank finished market activity in an exchange of 1,036 shares at $66 each and Trinidad & Tobago NGL remained at $7 after investors concluded trading of 1,053 stocks.
The market closed following trading of 173,435 shares for $1,122,853 compared to 261,840 stock units at $3,160,806 on Tuesday.
At the end of trading, Agostini’s rose 53 cents to close at $68.78 in trading 55 stock units, Angostura Holdings ended at $18 after just 4 shares crossed the market, Ansa McAl slipped 29 cents to finish at $62 after an exchange of 45 units. Ansa Merchant Bank ended at $41.50 and closed after an exchange of 2,072 stocks, Calypso Macro Investment Fund ended at $23.05 with 1,467 units clearing the market, First Citizens Group rallied 45 cents to end at $42.70 after investors exchanged 3,291 shares. FirstCaribbean International Bank ended at $6.94 after 2,002 stock units passed through the market, GraceKennedy slipped 1 cent in closing at $3.55 with 73,770 stocks crossing the exchange, Guardian Holdings popped 6 cents to end at $15.75 with investors swapping 19,355 units. JMMB Group gained 2 cents and ended at $1.25 in switching ownership of 44,924 stocks, L.J. Williams B share ended at $1.86 with investors trading 15 shares, Massy Holdings dipped 1 cent to close at $4.05, with 20,350 stock units crossing the market. National Enterprises lost 3 cents to end at $3.32 with a transfer of 1,405 shares, 
National Flour Mills advanced 10 cents to $2.15, with 500 stock units changing hands, One Caribbean Media remained at $3.68 with traders dealing in 267 stocks. Point Lisas ended at $3.40 after a transfer of 428 units, Prestige Holdings declined 5 cents to end at $12.90 with investors dealing in 1,100 shares, Republic Financial increased $5.50 to close at $115.50 in an exchange of 741 stocks. Scotiabank popped 1 cent to $66 with investors transferring 284 units, Trinidad & Tobago NGL increased 7 cents in closing at $7 in an exchange of 160 stock units, Unilever Caribbean shed 1 cent and ended at $11.15 after an exchange of 1,180 shares and West Indian Tobacco remained at $10 in trading 20 units.
Trading resulted in 261,840 shares valued at $3,160,806 changing hands compared to 44,545 stock units at $741,392 on Monday.
Ansa Merchant Bank ended at $41.50 with investors swapping 144 stocks, First Citizens Group rose 5 cents to close at $42.25 after investors traded 2,105 shares, FirstCaribbean International Bank rallied 13 cents to $6.94 as investors traded 4,645 stocks. GraceKennedy ended at $3.56 with a transfer of 15,471 units, Guardian Holdings ended at $15.69 and closed after an exchange of 24,815 stock units, JMMB Group shed 2 cents to close at $1.23 with 101,700 shares crossing the market. Massy Holdings ended at $4.06 with an exchange of 22,530 stocks, National Enterprises popped 4 cents to finish at $3.35, with 30,027 units crossing the market, National Flour Mills declined 10 cents to end at $2.05 in an exchange of 12,500 stock units. NCB Financial climbed 5 cents to $3.15 with traders dealing in 6,000 shares, One Caribbean Media increased 1 cent to close at $3.68 in switching ownership of 7,105 stock units, Point Lisas rallied 14 cents to finish at $3.40 with investors transferring 2 stocks. 
Prestige Holdings fell 5 cents and ended at $12.95 with investors exchanging 788 units, Republic Financial popped $1.01 in closing at $110 in trading 12,006 shares, Scotiabank slipped 1 cent to end at $65.99 after 11,061 units passed through the market. Trinidad & Tobago NGL lost 7 cents in closing at a 52 weeks’ low of $6.93 after an exchange of 3,884 stocks, Trinidad Cement advanced 31 cents to $2.90 with 1,000 stock units clearing the market, Unilever Caribbean rose 1 cent to end at $11.16 in an exchange of 4,128 shares and West Indian Tobacco ended at $10 with investors trading 200 stocks.