TheJSE Market Index fell 547.63 points to 99,126.83, theJSE All Jamaican Composite index lost 612.11 points to close at 109,736.10 and the JSE combined index lost 485.94 points to end at 101,383.99 and the junior market index rose 3.35 to 874.63.Thirty three securities traded up to 11 am, including 12 junior market stocks, with Cargo Handlers trading 205,972 units at a new high of $22.29 as Mayberry Investments crossed the shares from their in house inventory to a client. Four new 52 weeks’ highs have been recorded, Hardware & Limber at $19, Jamaica Stock Exchange at $4.80, Cargo Handlers at $22.29 and Derrimon preference shares trading at $2.50.
The preference shares section was active with 4 securities trading as investors seek higher yielding investments.
Main market slips junior up
Buy Rated blooming
Trinidadian stocks have hardly gone anywhere the Jamaican ones are soaring after a long period of drought. There are three triple winners in the main Jamaican market including Hardware and lumber that is up 291 percent since we selected it as Buy Rated. Interestingly, they are no losing stocks in this market. The junior stocks have erased most of the losses suffered earlier and now only two stocks record any losses. Technical indicators are pointing to the Jamaican rally continuing for the rest of the year with lower inflation and interest rates coupled with continued strong profit gains. Trinidad stocks will continue to be under pressure but there are a few severely undervalued ones in that market that could post decent gains in the months ahead.
Access still has further to go as the future looks good for growth in profits but the price of the stock could be trading around current levels for some time but there is limited volumes available, this one becomes a longer term buy with the price where is currently lies. Caribbean Cream and Paramount seems to have quite some gains to deliver in the months ahead as improving results encourage investors to buy into the growth prospects. Lasco Financial could be going anywhere with Mayberry buying 20 percent and buying more in the market of a stock with limited float and Medical Disposables has good potential to deliver a decent gain.
The main market may have had lots of gains so far but there is much more to come from even some of the top performers such as Jamaica Stock Exchange, National Commercial Bank, Caribbean Cement and Carreras to name a few. Over in Trinidad, Guardian Holdings is undervalued but National Flour is severely undervalued, Trinidad Cement is a huge buy with much upside potential especially with debt restructuring leading to lower interest cost and lower energy cost in Jamaica and Barbados.
JSE Market post gains
The Jamaica Stock Exchange had 30 securities trading at 11:35 on Wednesday accounting for 1.99 million units. The All Jamaican composite Index is up 929.28 points 108,844.98, the JSE index is at 98,329.41 gained 831.17points and the junior market rose 12.93 to 869.36. so far 12 stocks recorded gains versus 8 that are down.In trading, Hardware & Lumber traded 30,000 units at $12, up $1.75, Supreme Ventures lost 45 cents to $3.50 with 47,700 units changing hands, K.L.E. Group traded at a new low of 75 cents while dropping 24 cents with 100,000 units trading Lasco Distributors traded 300,000 units at $1.60 to gain 5 cents, Lasco Financial Services have so far traded 794,279 shares at a new 52 weeks’ high of $1.50 to gain 20 cents and Lasco Manufacturing traded 31,463 units with a gain of 3 cents to $1.28.
H&L ups dividend slightly
The stock will trade Ex-dividend on January 5, 2015. An interim dividend 30 cents per stock unit was paid on January 17, 2014 in connection with the 2013 profit. The increased dividend comes in the wake of Hardware and Lumber reporting profit after tax for the nine months to September of $113 million, or 26 percent more than the $90 million, for the same period in 2013. Earnings per stock unit for the nine months, is $1.40, up from $1.11 for the comparative period in 2013.