Scotia Group with the supply of the stock increasingly falling, with only 14 offers posted at the close on Friday the stock price jumped 14 percent this past week to a multi-year high of $46, for a gain of 20 percent since the start of the year and 25 percent since the publication on December 17 of “Why
Scotia Group Broke through the channel top on Friday following limited selling in the stock.
Scotia Group should be on your buy list”.
Despite the move, the stock remains in the ICTOP10 with much upside potential, but the price broke through the top of a channel, formed in late November. This coming week may determine whether the price will move decidedly higher to confirm if the break is sustainable.
Elsewhere, TransJamaican, a former 2024 TOP10 stock has gone on to record several record highs during the past week and traded at a record $3.30 and is up 86 percent plus a dividend that represented an 11 percent return since ICInsider.com placed it on the Watch list in April last year, when the price was S1.77.
During the past week, the Main and the Junior markets gained over one percent, led by Scotia Group as the leading market mover, with AMG Packaging following with a 13 percent rise. General Accident was the leading declining stock, down by 11 percent in a week when only four stocks declined in both markets.
The markets closed with no addition to the ICInsider.com TOP 10 stocks.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts that now carry a column of the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.4, just over half of the market, with an average of 13.5
The Main Market ICTOP10 is projected to gain an average of 288 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 175 percent over the same time frame.
In the Main Market ICTOP 10, a total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 110, with an average of 31 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, or 27 percent of the market, with PEs ranging from 15 to 47, averaging 22, well above the market’s average. The top half of the market has an average PE of 19, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 2024 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 and result 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.
The market closed with an exchange of 191,752 shares for $6,015,616 versus 433,286 stock units at $3,060,037 on Thursday.
At the close, Agostini’s sank 50 cents to end at $68 with investors swapping 50,959 stock units, Ansa McAl ended at $56.80 in an exchange of 148 shares, Ansa Merchant Bank ended at $43.25 with traders dealing in 173 units. First Citizens Group ended at $50.50 in switching ownership of 15,179 stocks, FirstCaribbean International Bank increased 5 cents to close at $7.05 after 559 units passed through the market, GraceKennedy climbed 2 cents to $4.12 with a transfer of 19,158 shares. Guardian Holdings dipped 25 cents in closing at $18 as investors exchanged 27,348 stock units, Massy Holdings remained at $4.40 after a transfer of 28,525 stocks, National Enterprises ended at $3.75 with investors exchanging 9,288 stock units. 
NCB Financial remained at $3.35 with investors transferring 30,000 stocks, One Caribbean Media ended at $3.45 in an exchange of 370 shares, Prestige Holdings popped 19 cents and ended at a 52 weeks’ high of $10.69, with 50 stock units crossing the market. Republic Financial rallied $1.18 to $120.68 after an exchange of 7,201 shares, Scotiabank ended at $67, with 850 units changing hands, Trinidad & Tobago NGL remained at $10 with an exchange of 457 stocks. Unilever Caribbean fell 1 cent in closing at $11.90, with 510 stock units clearing the market and West Indian Tobacco skidded 25 cents to $8.75 in trading 977 shares.
The market closed trading with 433,286 shares for $3,060,037 up from 97,007 stock units at $628,109 on Wednesday.
At the close, Agostini’s ended at $68.50 in switching owners of 11,687 shares, Angostura Holdings fell $2.74 to $18.75 with investor trading 435 shares, Ansa McAl closed at $56.80, after 30 stocks changed hands. Calypso Macro Investment Fund gained 82 cents in closing at $23.50 with investors trading 3 units, First Citizens Group popped 50 cents to $50.50, with 354 shares being traded, FirstCaribbean International Bank slipped 5 cents to $7 after 59,950 units were traded. GraceKennedy ended at $4.10, with 109,114 stocks passing through the market, Guardian Holdings ended at $18.25 with an exchange of 3,237 stock units, Massy Holdings closed at $4.40 after 69,977 shares passed through the market. National Enterprises remained at $3.75 as investors exchanged 131,594 units, National Flour Mills ended at $2 and closed with an exchange of 9,273 stocks, One Caribbean Media remained at $3.45 with investors transferring 24,500 stock units.
Point Lisas climbed 30 cents to end at a 52 weeks’ high of $4 after an exchange of 49 shares, Republic Financial declined 18 cents to close at $119.50 with 2,204 stocks clearing the market, Scotiabank lost $1.50 and ended at $67 after transferring of of 517 units. Trinidad & Tobago NGL remained at $10, with traders dealing in 10,130 stock units, Trinidad Cement dipped 10 cents to end at $3, with 200 shares crossing the exchange and Unilever Caribbean sank 2 cents in closing at $11.91 with investors dealing in 32 units.
Two stocks with a notable gain in the Junior Market TOP 10 are Caribbean Cream rising 11 percent to close at $3.79 and Express Catering rose 10 percent to $3.96. AMG Packaging skidded 18 percent to close at $2.60. In the Main Market, there were three stocks with outsize movements. 138 Student Living jumped 19 percent to $4.15 followed by a 13 percent rise respectively for General Accident to $5.35 and Margaritaville to $17.50.
The Main Market ICTOP10 is projected to gain an average of 294 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 181 percent over the same time frame.
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 ended with an exchange of 41,595 shares for $545,819 compared to 689,194 stock units at $3,349,599 on Thursday.
At the close, Agostini’s ended at $68.50 in trading 25 units, Angostura Holdings climbed 9 cents and ended at $21.49 after 897 stocks crossed the market, Calypso Macro Investment Fund popped 64 cents to close at $23.15 in an exchange of 60 shares. First Citizens Group shed 50 cents to close at $51 with investors trading 885 stocks, FirstCaribbean International Bank ended at $7.05 after 100 shares were traded, GraceKennedy rallied 2 cents to $4.15 after a transfer of 200 units. Guardian Holdings rose 10 cents to close at $18.25 with investors swapping 243 stocks, Guardian Media advanced 5 cents and ended at $2.30 with a transfer of 100 stock units, JMMB Group remained at $1.40 with investors dealing in 333 shares. Massy Holdings ended at $4.40 after investors ended trading 5,391 units, National Enterprises dipped 1 cent to $3.89 after an exchange of 12,793 stocks, National Flour Mills popped 1 cent to end at $2, with 1,248 stock units crossing the market.
NCB Financial sank 34 cents to end at $3.01 with investors trading 1,460 shares, Republic Financial increased 99 cents and ended at $120, with 1,690 stock units clearing the market, Scotiabank skidded 85 cents to close at $69 as investors exchanged 491 units. Trinidad & Tobago NGL ended at $10.30 with an exchange of 2,176 stocks, Trinidad Cement popped 13 cents and ended at $3.28 while exchanging 110 shares, Unilever Caribbean ended at $11.95 with traders dealing in 6,010 stock units and West Indian Tobacco fell 5 cents in closing at $8.70, with 7,383 units changing hands.
The market closed with trading of 689,194 shares in an exchange of $3,349,599 versus 467,540 units at $11,703,681 on Wednesday.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and two with lower offers.
JMMB Group declined 20 cents to close at $1.40 after 110,903 stock units passed through the market, Massy Holdings popped 5 cents to end at $4.40 in an exchange of 467,866 shares. National Enterprises ended at $3.90 with traders dealing in 1,500 stock units, NCB Financial rose 29 cents to $3.35 with an exchange of 56,900 units, Prestige Holdings ended at $9.30 with investors swapping 2,070 stocks. Republic Financial lost 99 cents and ended at $119.01 in an exchange of 2,275 shares, Scotiabank dipped 15 cents in closing at $69.85 with 2,392 stocks changing hands and Trinidad & Tobago NGL rallied 17 cents to end at $10.30 after a transfer of 3,612 units.
The market closed after an exchange of 384,863 shares for $2,986,127 compared with 183,039 stock units at $4,394,938 on Friday.
At the close of trading on Monday, Agostini’s shed 25 cents to end at $68.25 in exchanging 15,725 stocks, Angostura Holdings sank 14 cents in closing at $21.50 with traders dealing in 150 units, Ansa McAl dropped $2.98 to $57, with 150 shares crossing the market. Ansa Merchant Bank remained at $43.25 after exchanging 500 stock units, First Citizens closed at $51 with an exchange of 4,225 shares, FirstCaribbean International Bank ended at $7.05 after a transfer of 1,500 stocks. GraceKennedy popped 1 cent to close at $4.16 in trading 24,150 units, Guardian Holdings remained at $18.15, with 200 stock units crossing the market, JMMB Group advanced 8 cents in closing at $1.45 with an exchange of 1,450 shares. Massy Holdings rose 1 cent to $4.45 and closed after an exchange of 146,700 stocks, National Enterprises gained 15 cents to end trading at $3.90 after investors exchanged 26,674 units, National Flour Mills rallied 5 cents to end at $2 in switching ownership of 38,275 stock units. 
NCB Financial increased 5 cents in closing at $3.06 with an exchange of 101,000 shares, Point Lisas lost 34 cents in closing at $3.56 with investors transferring 280 stocks, Prestige Holdings ended at $9.30 after 1,550 units were traded. Republic Financial dipped $2 to $120 with a transfer of 1,408 stock units, Scotiabank popped 1 cent to close at $70.01 in trading 150 shares, Unilever Caribbean fell 15 cents in closing at $11.80, with 651 units clearing the market and the West Indian Tobacco remained at $8.75 in an exchange of 20,125 stocks.
The Main Market ICTOP10 is projected to gain an average of 311 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 185 percent over the same time frame.
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 an exchange of 183,039 shares for $4,394,938, up from just 27,758 units at $381,991 on Thursday.
At the close, Agostini’s popped 1 cent and ended at $68.50 with investors trading 1,109 stock units, Angostura Holdings climbed $1.54 to $21.64 following the passage through the market of 5,936 shares, Ansa McAl rose $2.98 in closing at $59.98 after investors traded 20 units. Ansa Merchant Bank advanced 25 cents to close at $43.25, with 42,137 stocks crossing the market, First Citizens Group rallied 99 cents to $51 with investors dealing in 6,491 shares, FirstCaribbean International Bank ended at $7.05 in switching ownership of 2,985 stocks. Guardian Holdings gained 15 cents and ended at $18.15 with traders dealing in 31,760 units, JMMB Group rallied 6 cents in closing at $1.37 while exchanging 3,185 stock units, Massy Holdings remained at $4.44, with 68,185 shares crossing the market. 
National Enterprises dipped 5 cents to $3.75 with investors swapping 7,000 stocks, Republic Financial rose 50 cents to $122 with a transfer of 3,631 stocks, Scotiabank advanced 50 cents to $70 after 9,016 units passed through the exchange. Trinidad & Tobago NGL ended at $10.11 with investors trading 1,463 stocks, Trinidad Cement shed 15 cents and ended at $3 in an exchange of 100 shares and Unilever Caribbean popped 20 cents to close at $11.95 after 21 stock units hanged hands.
At the close of trading, the JSE Combined Market Index climbed 377.37 points to end at 335,755.48, the All Jamaican Composite Index shed 446.67 points to close at 358,938.90, the JSE Main Index advanced 237.24 points to end at 323,070.15. The Junior Market Index rose 17.68 points to 3,741.40 and the JSE USD Market Index slipped 1.17 points to end the day at 242.33.
In the Junior Market, Express Catering led trading with 2.12 million shares followed by EduFocal with 2.04 million units and iCreate with 971,348 units.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
