In a belated show of strength bulls displayed their horns in a shortened Christmas trading week, pushing the Jamaica Stock Exchange Main and Junior markets sharply higher over the previous week’s close, with a 2.4 percent rise in the Junior Market, with the Main Market the All Jamaica Composite Index jumping 12,928 points or 3.5 percent with an increase of 4.1 percent for the year so far and 10.4 percent since bottoming out on September 5 at 346,017.57 points.

The JSE Composite Index rose 10,029 points for a 3.11 percent gain for the week and 1.8 percent for the year to date, as the market takes on a more bullish tone, ahead of the close for the year.
The week’s movement resulted in six stocks rising and just one falling in the Junior Market ICTOP10. In the Main Market TOP10, four stocks rose and only two declined. The All JSE TOP10, compiled from all listed ordinary stocks on the JSE, had one change with AMG Packaging replacing Key Insurance, following a 13 percent rise in the latter price. Guardian Holdings with the potential to gain 433 percent continues to hold the number one spot with Pulse Investments at number 2.
For a sixth week, Elite Diagnostics holds the number one spot in the Junior Market TOP10 followed by AMG Packaging and Caribbean Cream.
In the Junior Market ICTOP10, Caribbean Flavours jumped 17 percent to $1.40, Knutsford Express gained 13 percent to close at a 52 weeks’ high of $14.19, Lumber Depot rose 8 percent to $2.65, Express Catering rallied 7 percent to $3.38 and Elite Diagnostics gained 4 percent to close at $1.90. Iron Rock Insurance was the only losing stock with an 8 percent fall to $3.59.
After dropping out of the Junior Market ICTOP10 last week, Image Plus returns, replacing Knutsford Express.
In Main Market ICTOP10 activity, Key Insurance gained 13 percent after ending at $2.44, Berger Paints gained 11 percent to close at $7.75, and QWI Investments rose 3 percent to 80 cents. Pulse Investments dropped 14 percent to $1.18 and Scotia Group declined 3 percent to $52.50 after trading at a 52 weeks’ high of $57.94 on Friday.
The average PE for the JSE Main Market ICTOP 10 stands at just 4.8, well below the market average of 14.8 and the Junior Market TOP10 sits at 8.1, more than half of the market, with an average of 12.9.
The Main Market ICTOP10 is projected to gain an average of 325 percent by May 2025, based on 2024 forecasted earnings and provide better values than the Junior Market with the potential to achieve a 170 percent gain 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 have PEs between 15 to 108, with an average of 29 and 23 excluding the highest PE ratios and a PE of 25 for the top half of the market with the highest values and 19 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 12 stocks, 25 percent of the market, with PEs ranging from 15 to 33 with an average of 22 and a PE of 18 for half of the market with the highest PEs.
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.