Trading picked up on the Junior Market with 15 securities trading, and ended with 1,497,036 units changing hands valued at $. The JSE Junior Market Index declined 25.44 points to close at 907.33, with the price of 3 stocks advancing and 9 declining and 2 closing at 52 weeks’ high.
At the close of the market, there is just 1 stock with the bid that is higher than their last selling price and only 2 with lower offers. The junior market ended with 4 securities closing with no bids to buy and 7 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, AMG Packaging, ending with 5,500 shares changing hands, to close 1 cent lower at $3.19, Caribbean Cream trading 20,000 shares, 10 cents higher to new all-time high of $1.85, Caribbean Flavours finishing with 1,667 shares trading to close 1 cents higher at $2.09. Consolidated Bakeries ended with 65,234 units changing hands but lost 2 cents to close at $1.15, Derrimon Trading finished with 3,599 shares trading to close 10 cents higher at $2.20. Dolphin Cove concluding trading with 3,333 shares changing hands to close 25 cents lower at $11. General Accident Insurance ended trading with a loss of 20 cents to close at $1.75 with 34,252 shares trading, Honey Bun lost 33 cents in trading just 2,053 units. KLE Group traded 3,500 shares at 70 cents, Lasco Distributors traded 348,516 shares to close lower by 20 cents at $1.40, Lasco Financial Services finished trading with 671,000 units with the price slipping 6 cents to $2. Lasco Manufacturing had 124,982 shares changing hands as the stock traded lower by 5 cents to $1.45, Paramount Trading ended trading with 200,000 shares to end unchanged at $5.50 and Eppley 10% preference share closed trading with 8,400 units and lost just 1 cent to $6 and the company’s 9.5% preference share saw 5,000 units treading at $6.01
9 down 3 up on junior market
16 junior stocks traded 9 up 2 down
At the close, there were 5 stocks with bids higher than their last selling prices and none with lower offers. The junior market ended with 3 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, Access Financial trading 500 shares to close at $17, AMG Packaging ending with 800 shares changing hands to close higher by 1 cent at $3.20, Blue Power closed with 6,350 shares trading at $9.50, Cargo Handlers finishing with 205,972 units, closed at a new high of $22.29, after gaining a cent. Caribbean Cream traded 703,034 units to end at $1.25 to gain 10 cents, Caribbean Flavours closed trading with 8,581 shares but lost 5 cents to end at $2, Caribbean Producers with 59,329 shares traded unchanged at $2.80, General Accident Insurance concluded trading with 30,000 shares changing hands to close 10 cents Higher at $2. Honey Bun traded 11,973 units at $2.69 after adding 7 cents. Jamaican Teas had 10,000 shares changing hands at $3.50, Lasco Distributors traded 62,000 to close 6 cents higher at $1.66, Lasco Financial Services finished trading with 622,000 units, between $1.60 and $1.71 but the price lost 2 cents to $1.65. There was dealing in 201,993 shares of Lasco Manufacturing, the stock closed with an 11 cents rise to $1.40, Paramount Trading ended with just 2,543 units changing hands to gain 15 cents to $3.95, Derrimon Trading 11.75% preference share saw trading in just 900 units with a 25 cents gain to $2.50 and Eppley 9.5% preference share had 12,800 units trading at $6.01.
Honey Bun sweetens profits
Honey Bun continues to recover from poor results for 2014 with a 20 percent sales growth in the second quarter of the current financial year and an increase in gross profits of 24 percent compared with the corresponding period last year.
Profits also benefited from improvement in gross profit margins, which increased to 43.6 percent in the quarter from 42.3 percent in 2014 and came in at 44.4 percent for the six months, up from 44.07 percent. Earnings per share ended at 50 cents for the six months and the company should go on to increase this in the remaining quarters.
The improved revenue picture translated into profit before taxes, rising 145 percent over the prior year for the quarter of $30.5 million. The increase was partially due to the normalizing of distribution costs compared to 2014, when there were disruptions to this aspect of the business. For the year to date, sales revenues increased 16 percent, and profits climbed 41.6 percent to $47 million. Sales and profit would have benefited from the Easter falling to the end of the quarter. The company usually have a poor September quarter with lower revenues than the others.
Administrative costs rose marginally in the quarter to $44.79 million. In 2014, Honey Bun incurred $43.98 million in this category and for the six months, $89.85 million versus $85.24 million. Selling & distribution costs rose to $32 in the quarter from $30 min 2014 and for the six months, $62.3 million compared with $52.9 million. “Exports increased by 43 percent for the quarter and by 66 percent year to date over the corresponding periods’, management indicated.
The company’s equity stood at $356 million while cash and investments grew to $61 million, receivables of $72 million were slightly up on 2014 levels while inventories kept steady at $45 million and payables declined to $56 million from $64 million in 2014.
The company’s stock last traded on the junior market at $1.90 but now has a bid at $2.35 to buy 12,000 units.
Juniors gain with 5 stocks rising
An indicator of the state of the market at the close, can be seen by the number of stocks with bids versus offers, as well as the numbers that close with bids being higher or lower than the last sale price. AT the close there were 4 stocks with bids higher than their last selling prices and only 1 with a lower. The junior market ended with 5 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, Blue Power trading 6,000 units and gained $1.30 to end at $8.81. Caribbean Cream had 11,000 units changing hands and ending 16 cents higher at 81 cents, Caribbean Producers had 80,935 shares trading at $2.99 with a loss of 11 cents. Cargo Handlers closing at an all-time high of $21, while trading 10,000 units, to gain 89 cents. Honey Bun gained 2 cents, in trading 1,500 shares to end at $1.90, up 8 cents, Jamaican Teas had 12,422 units changing hands at $2.55, Knutsford Express closed with 7,016 units changing hands at $6, Lasco Distributors had 523,076 shares trading to close at $1.45 with no stock on offer at the close. Lasco Financial Services had 3,500 units changing hands traded at the close at $1.30, Lasco Manufacturing traded 821,444 shares and closed at $1.35 and Medical Disposables ended with 300,000 trading at $1.70.