The Main Market of the Jamaica Stock Exchange closed the past week with gains in the indices. Still, the Junior Market suffered a significant loss on Friday to close the week with a loss following a sizable fall in the price of Fosrich. This most heavily weighted Junior Market stock fell from an average price of $3.20 at the previous week’s close down to $2.63.
ICTOP10 has only one new addition this week, in the Junior Market TOP10 and none in the Main Market, following major volatility in price movements in the listings.
In closing out the week, Iron Rock Insurance led stocks rising, with a gain of 13 percent to $2.30, followed by General Accident, that rose 6 percent to $4.99, while Main Event put on 4 percent to land at $10.80. Elite Diagnostic fell 21 percent to $2.45 as demand vanished for the stock following release of poor second quarter results. Paramount Trading fell 9 per cent to $2, Image Plus and Lasco Distributors dipped 5 percent to $1.90 and $2.60, respectively.
Five stocks rose in the Main MarketTOP10, with the price of Key Insurance rising 7 percent to $3.20, Sygnus Credit Investments rose 5 percent to $12.57, while 138 Student Living and Scotia Group popped 4 percent higher to $5.01 and $34.20, respectively. Berger Paints dropped 8 percent to $9.25, Caribbean Producers, Guardian Holdings and Jamaica Broilers lost 3 percent.
Earnings per share for Elite Diagnostic was revised down to 28 cents per share for the current year, following a small loss of $7 million in the December quarter, even as revenues rose a solid 20 percent or $30 million over the same quarter in 2021, resulting in the stock dropping out of the ICTOP10, to be replaced by Tropical Battery that is returning after a short absence.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.4, well below the market average of 13.7, while the Junior Market Top 10 PE sits at 6.5 compared with the market at 11.6. The differences are important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 213 percent and the Main Market TOP10 by an average of 288 percent to May this year, assuming the market gets back to last year’s valuation. The primary concern for the Main Market achieving such gains by May is that the list is dominated by financial companies that are out of favour and may need to get to the summer months before the full interest of investors is visible.
The Junior Market has 13 stocks representing 27 percent of the market, with PEs from 15 to 27 averaging 19 compared with the above average of the market. The top half of the market has an average PE of 17. The above average shows the extent of potential gains for the TOP 10 stocks.
The situation in the Main Market is similar, with the 17 highest valued stocks priced at a PE of 15 to 109, with an average of 32 and 23 excluding the highest valued stocks and 21 for the top half excluding the highest valued stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. 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 up to the end of May 2023 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.
Investors exchanged 73,286 shares for $718,570, down from a depressed 120,475 stock units at $2,896,613 on Wednesday.
At the close, Agostini’s remained at $58.01 with just three shares clearing the market, Angostura Holdings climbed 22 cents to $23.74 with an exchange of 2,236 units, Ansa Merchant Bank ended at $45, with 250 stocks changing hands. Calypso Macro Investment Fund shed $1 to close at $20.50 after trading 440 stock units, First Citizens Group fell 55 cents to $50.10 with a transfer of 205 stocks, FirstCaribbean International Bank ended at $6.55 in an exchange of 2,692 units. GraceKennedy ended at $4.45 after 1,210 shares passed through the market, Guardian Holdings remained at $26 after finishing trading of 2,027 stocks, JMMB Group dipped 1 cent to close at $1.89, with an exchange of 59 shares. L.J. Williams B share rallied 2 cents to $2.72 in exchanging 1,005 stocks, Massy Holdings ended at $4.65 after a transfer of 50,054 units, 
National Enterprises ended at $3.89 after 500 stock units crossed the market. National Flour Mills slipped 3 cents to $1.50 as 1,841 stock units passed through the market, NCB Financial lost 8 cents in closing at $4.11 as investors exchanged 5,300 units, Prestige Holdings dipped 2 cents to close at $6.98 while exchanging 2,796 shares. Republic Financial gained 50 cents to close at $138.50 after 1,645 stocks changed hands, Scotiabank shed 20 cents in ending at $78 with the swapping of 570 stock units, Trinidad & Tobago NGL dipped 5 cents to end at $21 with investors transferring 250 units. Unilever Caribbean remained at $13.90 in switching ownership of 3 shares and West Indian Tobacco ended at $19.90 after exchanging 200 stocks.
Investors traded 120,475 shares for $2,896,613 versus 1,959,830 stock units at $10,047,105 on Friday. An average of 6,693 units were traded at $160,923 against 97,992 shares at $502,355 on Friday. Trading month to date averages 57,462 shares at $518,933, down from 61,133 units at $544,813 on the previous day. The average trade for January amounts to 28,440 at $235,404.
At the close, Agostini’s ended at $58.01 after 2,981 shares were traded, Angostura Holdings ended at $23.52 while exchanging 39,479 units, Ansa McAl rose 98 cents to $50 after trading 24 stocks. Ansa Merchant Bank ended at $45 in an exchange of 35 stock units, Calypso Macro Investment Fund rallied $1 in closing at $21.50 with the swapping of 54 units, First Citizens Group popped 55 cents to $50.65 in trading 5,917 stock units. FirstCaribbean International Bank gained 1 cent to close at $6.55 after an exchange of 9,304 stocks, GraceKennedy remained at $4.45 with 2,719 shares clearing the market, Guardian Holdings climbed 94 cents to $26 after an exchange of 249 stock units. L.J. Williams B share dipped 5 cents to $2.70, with 23,535 stocks crossing the market, Massy Holdings shed 5 cents in closing at $4.65 after 1,760 shares passed through the market, National Enterprises declined 1 cent to end at $3.89 with investors transferring 5,000 units. 
Republic Financial rallied $1 to $138, with 6,067 units crossing the exchange, Scotiabank increased 20 cents to $78.2 in switching ownership of 814 stocks, Trinidad & Tobago NGL popped 5 cents to $21.05 as investors exchanged 16,412 shares. Trinidad Cement increased 9 cents to $3.59 after a transfer of 920 stock units, Unilever Caribbean remained at $13.90 after investors exchanged 4,400 shares and West Indian Tobacco rose 35 cents to $19.90 in trading 805 stocks.
In closing out the week, Lasco Distributors rose 6 percent to $2.75, while Tropical Battery gained just 4 percent to $2.40. Iron Rock Insurance fell 15 percent to $2.03, the only declining stock above one percent.
The Junior Market is projected to rise by 220 percent and the Main Market TOP10 by an average of 288 percent to May this year. The primary concern for the Main Market achieving such gains by May is that the list is dominated by financial companies that are out of favour and may need to see the summer months before the full interest of investor start to show.
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.
Investors traded 1,959,830 shares for $10,047,105 versus 245,470 stock units at $11,710,946 on Thursday. An average of 97,992 units were traded at $502,355 compared with 13,637 shares at $650,608 on Thursday, with trading month to date averaging 61,133 shares at $544,813 compared to 57,913 units at $548,521 on the previous day. The average trade for January was 28,440 at $235,404.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and three with lower offers.
National Flour Mills popped 3 cents to $1.53 and closed with an exchange of 645 stock units, Prestige Holdings rose 15 cents to $7 in switching ownership of 48,983 shares, Republic Financial ended at $137 in trading 1,090 units Scotiabank ended at $78 after a transfer of 1,049 stocks, Trinidad & Tobago NGL advanced 5 cents in ending at $21 as 3,216 stocks passed through the market, Trinidad Cement remained at $3.50 after 5,200 stock units were traded. Unilever Caribbean ended at $13.90 after exchanging 16,036 units and West Indian Tobacco remained at $19.55, with 690 shares changing hands.
Investors traded 245,470 shares for $11,710,946 versus 7,131,762 stock units at $34,964,988 on Wednesday.
At the close, Ansa McAl remained at $50 after 118 shares passed through the market, Calypso Macro Investment Fund ended at $21.50 as investors exchanged 41 stock units, First Citizens Group dipped 1 cent to $50.10 while exchanging 6,823 stocks. FirstCaribbean International Bank climbed 4 cents to $6.54 with investors transferring 1,158 units, GraceKennedy popped 5 cents to end at $4.55 with 1,000 stock units clearing the market, Guardian Holdings ended at $25.05, with investors exchanging 18,031 stocks.JMMB Group declined 11 cents to end at $1.75 34,983 units crossing the market, L.J. Williams B share remained at $2.70, with 555 shares changing hands, Massy Holdings advanced 2 cents to close at $4.50, with 75,836 shares crossing the market. 
National Enterprises dipped 27 cents in closing at $3.70 with the swapping of 7,769 stock units, National Flour Mills ended at $1.50 in an exchange of 802 units, NCB Financial remained at $4.19 in an exchange of 2,778 stocks. Prestige Holdings slipped 4 cents to $6.85 and closed with trading of 800 shares, Republic Financial remained at $137 in switching ownership of 73,205 units, Scotiabank shed 20 cents in closing at $78 after a transfer of 87 stock units. Trinidad & Tobago NGL rose 9 cents to $20.95 after 3,370 stocks were exchanged, Unilever Caribbean fell 5 cents to close at $13.90 in trading 15,114 stocks and West Indian Tobacco fell 20 cents in closing at $19.55 with an exchange of 3,000 units.
Investors exchanged 7,131,762 shares for $34,964,988 versus 493,613 stock units at $4,690,597 on Tuesday. An average of 419,515 units were traded at $2,056,764 compared to 24,681 shares at $234,530 on Tuesday, with trading month to date averaging 61,690 shares at $539,811 versus 30,335 units at $406,882 on the previous day. The average trade for January amounts to 28,440 at $235,404.
At the close, Calypso Macro Investment Fund gained 35 cents to end at $21.50 after trading 2,023 shares, First Citizens Group dropped $2.90 to $50.11 after trading 2,854 stock units, FirstCaribbean International Bank ended at $6.50 after an exchange of 753 units. GraceKennedy remained at $4.50 with a transfer of 4,448 stocks, Guardian Holdings declined 5 cents to $25.05 with an exchange of 21,100 stock units, JMMB Group lost 4 cents to close at $1.86 after 44,166 units changed hands. L.J. Williams B share ended at $2.70, with 10 shares clearing the market, Massy Holdings rose 1 cent to $4.48 after an exchange of 6,207,555 stocks, National Enterprises advanced 37 cents to end at $3.97 with the swapping of 804,434 shares. National Flour Mills remained at $1.50 1,400 stock units crossing the market, 
Prestige Holdings ended at $6.89 as investors exchanged 4,976 stocks, Republic Financial increased $2 after ending at $137 after a transfer of 21,630 units. Scotiabank fell 19 cents in closing at $78.20, with 103 shares changing hands, Trinidad & Tobago NGL dipped 14 cents to close at $20.86 in exchanging 9,000 stocks, Trinidad Cement dropped 9 cents to end at $3.50, with 1,510 units crossing the exchange. Unilever Caribbean slipped 5 cents in ending at $13.95 in an exchange of 1,325 stock units and West Indian Tobacco declined 15 cents to $19.75 in trading 4,475 units.
Investors traded 493,613 shares for $4,690,597 versus 230,773 units at $2,283,316 on Monday. An average of 24,681 units were traded at $234,530 compared with 10,989 shares at $108,729 on Monday, with trading month to date averaging 30,335 shares at $406,882 versus units at $426,693 on the previous day. The average trade for January ended at 28,440 at $235,404.
At the close, Angostura Holdings remained at $23.52 in trading 2,550 shares, Calypso Macro Investment Fund ended at $21.15 after trading 3,102 units, CinemaOne dipped 10 cents to end at $7.90 in switching ownership of 60 stocks. First Citizens Group gained 51 cents to close at $53.01 while 2,054 stock units passed through the market, FirstCaribbean International Bank ended at $6.50 with a transfer of 1,625 shares, GraceKennedy shed 10 cents to close at $4.50 with the swapping of 800 stocks. Guardian Holdings increased 5 cents to $25.10 with an exchange of 12 units, JMMB Group declined 7 cents in closing at $1.90, with 154,090 stock units crossing the exchange, L.J. Williams B share rallied 10 cents to end at $2.70 with a transfer of 6,470 units. Massy Holdings slipped 1 cent to $4.47 in trading 49,529 stock units, National Enterprises fell 31 cents to $3.60 in an exchange of 241,370 stocks, 
National Flour Mills ended at $1.50, with 600 shares clearing the market. NCB Financial dipped 1 cent in closing at $4.19, with 2,601 units changing hands, Point Lisas remained at $3.60 after 985 stocks passed through the market, Prestige Holdings fell 1 cent to $6.89 after a transfer of 124 stock units. Republic Financial ended at $135 after an exchange of 20,278 shares, Scotiabank climbed 39 cents to $78.39 after trading 1,494 units, Trinidad & Tobago NGL advanced 15 cents to end at $21 with 1,028 stocks changing hands. Unilever Caribbean rose 12 cents in closing at $14 after trading 3,841 shares and West Indian Tobacco lost 9 cents to close at a 52 weeks’ low of $19.90 after an exchange of 1,000 stock units.
Investors traded 230,773 shares for $2,283,316 versus 2,678,820 stock units at $16,631,803 on Friday. An average of 10,989 units were traded at $108,729 down from 121,765 shares at $755,991 on Friday, with trading month to date averaging 30,985 shares at $426,693 compared to 33,729 units at $470,335 on the previous day. The average trade for January amounts to 28,440 at $235,404.
At the close, Angostura Holdings lost 3 cents in closing at $23.52 in finishing trading of 11,356 shares, Ansa McAl advanced $1 to close at $50, with 150 stocks crossing the market, Ansa Merchant Bank dipped $2.50 to end at $43.50 in switching ownership of 1,259 units. Calypso Macro Investment Fund ended at $21.15 after swapping of 45 stock units, Endeavour Holdings rose 95 cents to $11 while exchanging 250 stock units, First Citizens Group popped 50 cents to $52.50, with 5,648 stocks crossing the exchange. FirstCaribbean International Bank shed 9 cents to end at $6.50 with investors transferring 200 shares, GraceKennedy increased 10 cents in closing at $4.60 with a transfer of 200 units, Guardian Holdings dropped 10 cents to close at $25.05 in an exchange of 610 shares. L.J. Williams B share gained 5 cents to end at $2.60 with an exchange of 200 units, Massy Holdings remained at $4.48 as investors exchanged 138,031 stocks, 
National Enterprises rallied 31 cents to $3.91, 253 stock units changing hands. National Flour Mills ended at $1.50 after trading 1,500 shares, One Caribbean Media fell 34 cents to $3.16 after 18,127 units passed through the market, Prestige Holdings declined 10 cents in closing at $6.90 after a transfer of 47 stock units. Republic Financial declined $3.50 in ending at $135, with 864 stocks clearing the market, Scotiabank climbed $3.50 to $78 in an exchange of 741 shares, Trinidad & Tobago NGL shed 15 cents to close at $20.85 after trading 12,200 stock units. Trinidad Cement advanced 9 cents in closing at $3.59 after exchanging 1,500 units, Unilever Caribbean dipped 12 cents to end at $13.88 in trading 37,205 stocks and West Indian Tobacco lost 1 cent after ending at a 52 weeks’ low of $19.99 with an exchange of 387 stocks.
At the end of the week, 
Tropical Battery returns to ICTOP10 after a one week absence, 
The situation in the Main Market is similar, with the 18 highest valued stocks priced at a PE of 15 to 90, with an average of 27 and 22 excluding the highest valued stocks and 27 for the top half excluding the highest valued stocks.