The volume of stocks trading on Monday fell 21 percent below Friday’s level with a 12 percent lower value as 13,828,390 shares were exchanged for $222,616,334 versus 17,485,254 units at $253,862,892 on Friday on the Jamaica Stock Exchange Main Market leading to an equal number of rising and declining stocks.
Trading ended with 54 securities compared to 55 on Friday, with 22 rising, 22 declining and ten ending unchanged. The All Jamaican Composite Index dipped 860.46 points to 435,411.11, the JSE Main Index fell 521.64 points to 381,006.57 and the JSE Financial Index dropped 0.07 points to settle at 91.17.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.2 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
Trading averages 256,081 units at $4,122,525, compared to 317,914 shares at $4,615,689 on Friday and month to date, an average of 257,923 units at $3,722,324, versus 258,064 units at $3,691,843 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
Transjamaican Highway led trading with 2.87 million shares for 20.8 percent of total volume, followed by Sagicor Group with 1.96 million units for 14.2 percent of the day’s trade, Wigton Windfarm with 1.94 million units for 14 percent market share and Jamaica Broilers with 1.06 million units for 7.6 percent of stocks trading.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and three stocks with lower offers.
At the close, Berger Paints rallied 98 cents to close at $12, with 1,802 shares crossing the market, Caribbean Cement shed $1.50 to end at $63, with 44,250 units changing hands, Carreras lost 48 cents in ending at $9.50 after exchanging 830,839 stocks. Eppley declined $2.50 in closing at $42.50 with an exchange of 1,130 stock units, Caribbean Property Fund dropped 50 cents to $42 in switching ownership of 2,957 stock units, First Rock Capital fell $1.49 to $12.01, with 988,026 units crossing the market. GraceKennedy shed 50 cents to close at $104.50 after exchanging 75,084 shares, Guardian Holdings declined $3 after ending at $507 and trading 222 stocks, Jamaica Stock Exchange advanced 50 cents in closing at $18.50 after trading 4,188 units. JMMB Group popped 50 cents to end at $43 with an exchange of 123,034 stock units, Kingston Properties increased 29 cents in closing at $7.89 with the swapping of 4,207 shares, MPC Caribbean Clean Energy lost $11.75 to end at $96 with 45 stocks clearing the market. NCB Financial fell $4.01 to close at $97, trading 34,111 stock units, 138 Student Living rose 30 cents to $5.06 after closing with 5,247 stocks changing hands, Palace Amusement gained $1 after ending at $901 in exchanging ten units. PanJam Investment dropped $1 to $65 in an exchange of 539 shares, Proven Investments declined 50 cents to end at $37 while exchanging 54,755 units, Sagicor Group climbed 50 cents to close at $56.50 in exchanging 1,964,393 shares. 
Scotia Group increased 82 cents in closing at $37.85 after trading 3,033 stocks, Seprod gained $1.10 in ending at $71.60 with the swapping of 27,965 stock units and Stanley Motta rose 38 cents to end at $5.50 after trading 347 units.
In the preference segment, Eppley 7.50% preference share popped 60 cents after ending at $6.60 after exchanging 306 shares and Productive Business Solutions 9.75% preference share lost $7 in closing at $100, with 2,001 stocks crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
New ICTOP10 entrants
Dolla Financial a former ICInsidertop10 stock fresh from the recent IPO, was listed on Wednesday and was the highlight of the Jamaica Stock Exchange, with the stock jumping 132 percent pushed by extremely high demand, with just modest selling, with indications the price may need to be in the $3 to $4 range to evoke greater balance between buyers and sellers.
Investors with a longer term investment target of over two years or more may find the potential growth prospects exciting and pay off well at the above prices.
The week ended with two new listings in the TOP10, but half of the Junior Market stocks recorded gained and 4 in the Main Market.
Junior Market stocks with worthwhile gains this past week are Dolphin Cove, with the price rising 14 percent to $17.61, Stationery and Office Supplies up 13 percent to $12.45, AMG Packaging up 10 percent to $3.94 and Caribbean Cream 5 percent to $4.98. Medical Disposables dropped 16 percent to $6.26.
In the TOP10 Main Market, Caribbean Cement lost 8 percent to $64.50 and Guardian Holdings fell 5 percent to $510.
Dolphin Cove and Stationery and Office Supplies dropped out of the Junior Market TOP10 and were replaced by CAC 2000, got an earnings upgrade to $1.32 after the company reported a profit of $47 million or 36 cents per share for the April quarter with the company reporting solid second quarter profit of $14 million for the six months to April from $8.7 in 2021 and Lasco Distributors.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 14.1, while the Junior Market PE for the Top 10 is 5.8 versus the market at 13.2. The Junior Market TOP10 is projected to gain an average of 249 percent to May 2023 and the Main Market 243 percent.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. 
ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023. They are ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios 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.
Volume rise values fall on JSE Main Market
The Jamaica Stock Exchange Main Market ended on Friday, with the volume of stocks traded rising 40 percent over trading on Thursday but with a 48 percent lower value as the market closed with an equal number of stocks rising and falling.
Trading ended with slightly more securities trading than on Thursday, with 55 changing hands up from 54 before and ended with 19 rising, 19 declining and 17 ending unchanged. The All Jamaican Composite Index shed 101.02 points to close at 436,271.57, the JSE Main Index slipped 324.63 points to 381,528.21 and the JSE Financial Index rose 0.03 points to settle at 91.24.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.2 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
Overall, 17,485,254 shares were exchanged for $253,862,892 versus 12,502,865 units at $487,965,172 on Thursday. Trading averages 317,914 units at $4,615,689, compared to 231,535 shares at $9,036,392 on Thursday and month to date, an average of 258,064 units at $3,691,843 compared to 253,031 units at $3,614,150 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
JMMB Group 7.25% preference share due 2024 led trading with 3.33 million shares for 19 percent of total volume, followed by Sagicor Select Financial Fund with 2.82 million units for 16.1 percent of the day’s trade, Transjamaican Highway ended with 2.02 million units for 11.6 percent market share, Seprod 1.69 million units for 9.7 percent of trading and Wigton Windfarm with 1.43 million units for 8.2 percent share of the volume of stocks traded.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and four stocks with lower offers.
At the close, Caribbean Cement shed $3 to end at $64.50 in exchanging 16,764 shares, Eppley increased $5 to $45 in switching ownership of 1,097 stock units, Eppley Caribbean Property Fund popped $3.38 to $42.50 after trading 2,180 stocks. First Rock Capital climbed 47 cents to close at $13.50 with an exchange of 206,073 units, Jamaica Broilers fell 50 cents in closing at $26 in trading 170,838 stock units, Kingston Properties dropped 29 cents to end at $7.60 with 4,573 units clearing the market. Kingston Wharves lost $2.69 in ending at $36.31 while exchanging 7,001 stocks, Massy Holdings declined 60 cents to $92 after exchanging 18,432 shares, Mayberry Investments declined 45 cents in closing at $10.90 after 66,520 units crossed the exchange. NCB Financial lost $1.49 to $101.01 in trading 57,805 shares, Palace Amusement gained $45 to end at $900 in an exchange of two stock units, PanJam Investment rose $1.50 in closing at $66, with 9,404 stocks crossing the market. Proven Investments dropped $1.50 to $37.50 after exchanging 9,224 units, Pulse Investments advanced 29 cents to close at $3.59, with 550,211 shares crossing the market, Sagicor Group rallied 50 cents to $56, with 174,119 stocks changing hands. Salada Foods popped 25 cents in ending at $5.50 with the swapping of 2,363 stock units, Seprod shed 50 cents to end at $70.50 after trading 1,694,903 shares, Stanley Motta gained 32 cents in closing at $5.12 with the swapping of 14,345 stock units. 
Supreme Ventures climbed 36 cents to close at $30.35 in switching ownership of 535,642 units and Sygnus Credit Investments fell 31 cents to $14.20 in an exchange of 29,102 stocks.
In the preference segment, JMMB Group 7.25% preference share declined 52 cents in closing at $2.68 after trading 11,222 stocks, JMMB Group 7.25% due 2024 preference share lost 32 cents to $1.95 with 3,329,855 units crossing the market and 138 Student Living preference share fell $3.63 to end at $17 with 50 shares clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on JSE Main Market
Trading surged on Thursday, with the volume traded rising 51 percent compared to trading on Wednesday, with a 926 percent jump in value on the Jamaica Stock Exchange Main Market as rising stocks exceeded those declining.
The All Jamaican Composite Index dropped 1,238.52 points to 436,372.59, the JSE Main Index lost 1,477.94 points to 381,852.85 and the JSE Financial Index fell 0.18 points to 91.21. Trading ended with 54 securities up from 52 on Wednesday, with 24 rising, 20 declining and ten ending unchanged.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.1 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
A total of 12,502,865 shares were traded for $487,965,172 compared to 8,303,766 units at $47,547,654 on Wednesday. Trading averages 231,535 units at $9,036,392, compared to 159,688 shares at $914,378 on Wednesday and month to date, an average of 253,031 units at $3,614,150, compared to 254,965 units at $3,126,148 on the previous trading day. May averaged 238,645 units at $3,561,016.
Wigton Windfarm led trading with 3.82 million shares for 30.5 percent of total volume, followed by Productive Business Solutions with 9.75% Preference share with 3.62 million units for 29 percent of the day’s trade and Pulse Investments with 697,969 units for 5.6 percent market share.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Caribbean Cement gained $6.49 in ending at $67.50 while exchanging 45,734 shares, Caribbean Producers dropped 50 cents to $14 after trading 362,316 units, Eppley Caribbean Property Fund shed $3.63 to end at $39.12, with 3,800 stocks changing hands. GraceKennedy declined $2 in closing at $105 with the swapping of 24,989 stock units, Guardian Holdings climbed $3.88 to close at $510 in switching ownership of 1,708 stocks, JMMB Group increased 50 cents in closing at $42.50, with 35,661 shares crossing the market. Margaritaville popped $2.10 to end at $22.60, closing with 1,267 units changing hands, NCB Financial rose $1.49 to $102.50 with 147,580 stock units clearing the market, Palace Amusement rallied $35 to $855, with nine stocks crossing the market. PanJam Investment lost 79 cents in ending at $64.50 in an exchange of 8,900 stock units, Proven Investments advanced $1.90 to $39 in trading 23,609 shares, Sagicor Group fell $1.40 to close at $55.50 in exchanging 638,627 units. Seprod lost 40 cents to $71 in trading 108,333 stocks, Stanley Motta fell 35 cents in closing at $4.80 after 136,395 shares crossed the exchange, Supreme Ventures rose 99 cents in ending at $29.99 after exchanging 139,762 units. 
Sygnus Credit Investments declined 29 cents to $14.51 after trading 30,243 stock units and Sygnus Real Estate Finance advanced $1.43 in ending at $15.43 with an exchange of 459 stock units.
In the preference segment, JMMB Group 7.25% preference share due 2024 increased 30 cents to close at $2.27, with 1,000 stocks crossing the market and Productive Business Solutions 9.75% preference share shed $1.25 to end at $107, with 3,622,977 units changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading levels fall on JSE Main Market
Market activity ended on Wednesday on the Jamaica Stock Exchange Main Market with the volume of stocks traded declining 13 percent with a 54 percent lower value than on Tuesday and ended with 4 stocks declining for every 3 rising after 8,303,766 shares were exchanged for $47,547,654 versus 9,560,292 units at $102,831,242 on Tuesday.
The All Jamaican Composite Index fell 332.58 points to 437,611.11, the JSE Main Index slipped 219.82 to 383,330.79 and the JSE Financial Index popped 0.15 points to 91.39.
Trading ended with 52 securities compared to 55 on Tuesday, with 18 rising, 24 declining and 10 ending unchanged.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.2 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years, ending up to the close of August 2023.
Trading on Wednesday averages 159,688 units at $914,378 compared to 173,823 shares at $1,869,659 on Tuesday and month to date, an average of 254,965 units at $3,126,148, compared to 264,006 units at $3,336,024 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
Wigton Windfarm led trading with 2.38 million shares for 28.7 percent of total volume followed by Sagicor Select Financial Fund with 1.95 million units for 23.4 percent of the day’s trade and Transjamaican Highway with 1.06 million units for 12.8 percent market share.
Investor’s Choice bid-offer indicator shows 13 stocks ended with bids higher than their last selling prices and five stocks with lower offers.
At the close, Berger Paints shed $1 to end at $11 after trading 25,240 shares, Caribbean Cement declined $3.79 to $61.01 in trading 19,460 units, Caribbean Producers rallied 80 cents to $14.50, with 85,170 stocks changing hands. Eppley dropped $5.95 to $40 after exchanging 203 stock units, GraceKennedy climbed $1.25 to close at $107 after 79,803 units crossed the market, Guardian Holdings lost $3.98 to end at $506.12 in an exchange of 845 shares. Jamaica Broilers increased 44 cents to $26.49 with an exchange of 6,807 stock units, Kingston Wharves rose $2.05 to close at $39 while trading 1,477 stocks, Mayberry Jamaican Equities fell $2.10 in closing at $13 with 259,339 units changing hands. MPC Caribbean Clean Energy advanced $12.94 in ending at $107.95 after trading 10 shares, 138 Student Living declined 30 cents in closing at $4.76 in exchanging 794 stock units, Palace Amusement lost $90 in ending at $820 with the swapping of 5 stocks. PanJam Investment popped 29 cents to $65.29 after exchanging 607 units, Portland JSX rallied $1.41 to close at $10.84 with 1,728 stocks clearing the market, Salada Foods fell 45 cents to end at $5.15 trading 7,136 shares. 
Scotia Group dropped 33 cents ending at $37.03 after 30,234 stock units crossed the market, Seprod advanced 37 cents to end at $71.40 in switching ownership of 3,155 stocks, Sygnus Credit Investments popped 70 cents to $14.80 after trading 144,255 units. Sygnus Real Estate Finance shed $1.52 in closing at $14 with the swapping of 2,200 shares and Victoria Mutual Investments increased 25 cents to close at $5.57 with 36,803 stock units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market pulls back on Tuesday
Stocks mostly fell on the Jamaica Stock Exchange Main Market on Tuesday, after an exchange of 55 securities down from 59 on Monday, with 30 declining and only 16 rising and nine ended unchanged as the volume of stocks traded slipped 11 percent and the value of funds chasing stocks fell 78 percent from Monday.
Trading ended with the All Jamaican Composite Index falling 2,221.13 points to 437,943.69, the JSE Main Index slipping 1,733.32 points to 383,550.61 and the JSE Financial Index declined 0.29 points to 91.24.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.4 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
Investors exchanged 9,560,292 shares for $102,831,242, down from 10,717,973 units at $468,094,270 on Monday. Trading averaged 173,823 units at $1,869,659, compared to 181,661 shares at $7,933,801 on Monday and month to date, an average of 264,006 units at $3,336,024, compared to 274,067 units at $3,499,615 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
Wigton Windfarm led trading with 2.68 million shares for 28 percent of total volume, followed by Carreras with 1.19 million units for 12.5 percent of the day’s trade and Mayberry Jamaican Equities with 1.11 million units for 11.6 percent market share.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and four stocks with lower offers.
At the close, Caribbean Cement dropped $3.90 to $64.80 after trading 4,579 shares, Caribbean Producers shed 60 cents to end at $13.70 after an exchange of 135,144 units, Eppley Caribbean Property Fund lost 74 cents to end at $42.76, with 3,637 stocks crossing the exchange. Guardian Holdings fell $1.90 to $510.10 after trading 290 stock units, Jamaica Stock Exchange dropped 25 cents to close at $18.10 after exchanging 5,734 stock units, JMMB Group lost 99 cents in closing at $42.01 while trading 605,310 stocks. Key Insurance fell 35 cents to $3.83 in an exchange of 25,371 shares, Kingston Properties advanced 44 cents to $7.95, with 1,339 units crossing the market, Kingston Wharves dropped $2.05 in ending at $36.95 after exchanging 1,441 stock units. Margaritaville shed $2.10 to close at $20.50, with 4,000 units changing hands, Massy Holdings declined $1.49 in closing at $92.51 with 4,696 stocks clearing the market, Mayberry Investments rallied 90 cents to close at $11.40 with an exchange of 153,246 shares. Mayberry Jamaican Equities rose 40 cents to $15.10, with 1,105,805 units changing hands, 138 Student Living climbed 30 cents to $5.06 in trading 801 stock units, PanJam Investment dropped $1 to $65 in switching ownership of 9,327 stocks. 
Portland JSX fell $1.37 to $9.43 with the swapping of 478 shares, Pulse Investments popped 39 cents in closing at $3.40 after trading 667,922 stock units, Salada Foods declined 40 cents to $5.60 after exchanging 8,385 shares on its long way back into the $4 range before too long. Seprod shed 96 cents to end at $71.03, with 27,430 stocks crossing the market, Stanley Motta lost 35 cents to $5.15 in trading 19,928 units, Sygnus Real Estate Finance gained $1.42 to close at $15.52, with 283 units clearing the market and Wisynco Group dropped 78 cents to end at $19 in an exchange of 489,872 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Sharp jump in funds in JSE Main Market
Market activity ended on Monday, with the volume of stocks traded declining 69 percent and the valuing surging 185 percent over trading Friday at the close of the Jamaica Stock Exchange Main Market and ended with rising stocks just edged out by those declining.
The All Jamaican Composite Index dipped 44.74 points to 440,164.82, the JSE Main Index fell 1,246.97 points to 385,283.93 and the JSE Financial Index lost 0.22 points to settle at 91.53.
Trading ended with 59 securities up from 56 on Friday, with 24 rising, 25 declining and 10 ending unchanged.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.5 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years, ending up to the close of August 2023.
Overall, 10,717,973 shares were exchanged for $468,094,270 versus 34,028,346 units at $164,480,692 on Friday. Trading averages 181,661 units at $7,933,801, compared to 607,649 shares at $2,937,155 on Friday and month to date, an average of 274,067 units at $3,499,615, compared to 286,629 units at $2,896,811 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
Productive Business Solutions 9.75% preference share led trading with 3.63 million shares for 33.9 percent of total volume followed by Transjamaican Highway ended with 1.80 million units for 16.8 percent of the day’s trade and QWI Investments with 1.07 million units for 9.9 percent market share.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments declined $1.41 to end at $86.99, with 213,628 shares crossing the exchange, Berger Paints rallied $1 to close at $12 with an exchange of 11,736 stock units, Caribbean Cement shed $1.30 to $68.70 with the swapping of 25,573 stocks. Eppley jumped $7.90 in closing at $46 after trading two units, First Rock Capital gained $1.07 in ending at $13.07 and finishing trading with 6,954 units, Guardian Holdings fell $25 to close at $512 in switching ownership of 34 stocks. Jamaica Broilers dropped $1.49 in closing at $26 trading 73,934 stock units, Jamaica Producers lost 95 cents to end at $21.27 in an exchange of 1,736 shares, Jamaica Stock Exchange fell $1.60 to $18.35, with 4,545 stocks crossing the market. JMMB Group popped $1 in ending at $43 after an exchange of 149,358 stock units, Kingston Properties shed 40 cents to close at $7.51 while trading 15,395 shares, Massy Holdings advanced $1.50 to $94 after 47,901 units changed hands. Mayberry Investments climbed $1.50 to $10.50 with 532,238 stock units clearing the market, Mayberry Jamaican Equities declined 29 cents to $14.70, with 35,083 units crossing the market, MPC Caribbean Clean Energy lost $12.94 in closing at $95.01 after exchanging 10,624 shares. 138 Student Living dropped 43 cents in closing at $4.76, with 3,271 stocks changing hands, Palace Amusement dropped $78 to $910 in an exchange of 19 units, PanJam Investment rose 50 cents to $66 in exchanging 22 shares. 
Pulse Investments declined 59 cents to close at a 52 weeks’ low of $3.01 with 621,901 stocks changing hands, Sagicor Group rallied 90 cents to end at $56.90 in an exchange of 5,878 stock units, Scotia Group advanced $1.46 to close at $37.50 after exchanging 18,617 units. Stanley Motta climbed 40 cents in closing at $5.50 with the swapping of 3,590 shares and Supreme Ventures shed $1 to end at $29, with 113,240 stock units changing hands.
In the preference segment, Eppley 7.50% preference share lost $1.23 to end at $6, with 10,000 stocks crossing the market, 138 Student Living preference share fell 25 cents to $20.63 with 5 stock units changing hands and Productive Business Solutions 9.75% preference share gained $1.25 to $108.25 with 3,628,039 shares clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
3 new ICTOP10 listings
The old stock market adage of sell in May and go away continued to influence the market this past week, helped by funds tied up in the Dolla Financial IPO, but most investors should get full refunds early this coming week, as well as the likelihood of the trading commencing in the stock in the latter part of the week.
The week ended with three new listings in the TOP10, as declining stocks dominated the Junior and Main Market.
In the Junior Market, the only worthwhile gain was a 14 percent rise by Paramount Trading to $2. Access Financial shed 6 percent to close at $20.45, stocks that declined by 5 percent each are Lasco Financial to $3.43, Jetcon Corporation to $1.26 and Medical Disposables to $7.45.
For the TOP10 Main Market stocks, Caribbean Cement gained 7 percent to $70 after the company reported a proposed $1.50 dividend payment in August. VM Investments lost 10 percent to $5.30, Berger Paints slipped 3 percent to $11, JMMB Group down 5 percent to $42 and Sygnus Credit Investments dipped 5 percent to $14.11.
Lasco Distributors and Paramount Trading dropped out of the Junior Market TOP10. They were replaced by Dolphin Cove, with the price dropping to $15.40 and Stationery and Office Supplies (SOS).
SOS got an earnings upgrade to $1.70, with first quarter revenues 24 percent ahead of 2019, the previous best quarter before the negative impact of Covid-19, with the full reopening of the economy after, suggesting revenues should be running even further ahead of 2019 for the second quarter onwards. 
Dolphin Cove is benefitting from a resurgence in the tourism industry that is delivering increased revenues compared to 2021. The increased income and cost reduction contribute to a substantial profit increase that will carry over into the first half of 2023. It will enjoy increased revenues since the tourism recovery was not at full force in the first half of this year.
In the Main Market, Caribbean Producers is back, with upgraded earnings for the fiscal year to June 2023 of $2.30 per share that will flow from increased earnings for the year starting in July as it benefits from the recovery in the tourism sectors from which the bulk of its revenues is earned. QWI Investments has dropped out of the ten.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 14.6, while the Junior Market PE for the Top 10, is 6 versus the market at 12.9. The Junior Market TOP10 is projected to gain an average of 235 percent to May 2023 and the Main Market 228 percent.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023. They are ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios 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.
Volume jumps on JSE Main Market
Trading on the Jamaica Stock Exchange Main Market ended on Friday, with the volume of stocks traded jumping 221 percent and 21 percent higher than on Thursday as declining stocks continue to exceed those rising.
The All Jamaican Composite Index shed 510.21 points to settle at 440,209.56, the JSE Main Index gained 102.53 points to close at 386,530.90 and the JSE Financial Index declined 0.06 points to settle at 91.75. Trading ended with 56 securities compared to 54 on Thursday, with 17 rising, 21 falling and 18 ending unchanged.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.6 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
Overall, 34,028,346 shares were exchanged for $164,480,692 versus 10,590,832 units at $135,566,664 on Thursday. Trading averages 607,649 units at $2,937,155, compared to 196,127 shares at $2,510,494 on Thursday and month to date, an average of 286,629 units at $2,896,811, compared to 239,071 units at $2,890,834 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
JMMB Group 7.35% preference share due 2028 led trading with 27.48 million shares for 80.7 percent of total volume, followed by Jamaica Broilers with 1.1 million units for 3.2 percent of Friday’s trade and Transjamaican Highway with 970,028 units for 2.9 percent market share.
The Investor’s Choice bid-offer indicator shows ten stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Caribbean Cement rose $9 to close at $70 with the swapping of 1,296 shares, Caribbean Producers rallied 33 cents to $14.50 with an exchange of 40,540 stocks, Eppley fell $8.90 to $38.10, with 10,859 stock units crossing the exchange. Eppley Caribbean Property Fund declined $1.50 to $43.50 with 1,045 units changing hands, First Rock Capital shed $1.10 in ending at $12 while exchanging 51,837 shares,GraceKennedy climbed $1 to close at $106 in switching ownership of 32,735 units. Guardian Holdings advanced $26 to $537 with 2,783 stock units clearing the market, Jamaica Broilers lost 49 cents in ending at $27.49 after exchanging 1,098,934 stocks, Jamaica Stock Exchange gained $1.95 to end at $19.95, with 400 stock units crossing the market. JMMB Group dropped $1 in closing at $42 with 273,211 units changing hands, Key Insurance increased 25 cents to $4.20 while exchanging one share, Kingston Wharves popped $2.49 to end at $38.99 in trading 1,474 stocks. 
Massy Holdings dropped $1.50 to $92.50 with 266 units changing hands, Mayberry Investments shed $1.06 to close at $9 in exchanging 254,204 shares, NCB Financial lost $2 in closing at $101 in an exchange of 106,486 stock units. PanJam Investment rose $1 to $65.50 after trading 8,419 stocks, Proven Investments declined 77 cents to end at $37.05 after 13,981 stocks passed through the market, Sagicor Group fell 90 cents in closing at $56 with the swapping of 81,399 units. Stanley Motta fell 40 cents to close at $5.10 in trading 8,000 shares and Supreme Ventures dropped 25 cents to $30 after exchanging 75,133 stock units.
In the preference segment, Eppley 7.25% preference share lost $1.95 to end at $20.05 in switching ownership of 801 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Moderate Man Market decline
Market activity ended on the Jamaica Stock Exchange Main Market on Thursday, with the volume of stocks traded declining 20 percent with 72 percent lower value than on Wednesday, leading to more stocks declining than rising.
Trading ended with 54 securities down from 56 on Wednesday, with 20 rising, 22 declining, and 12 remaining unchanged. The All Jamaican Composite Index dropped 2,384.19 points to 440,719.77, the JSE Main Index lost 543.36 points to close at 387,606.85 and the JSE Financial Index climbed 0.06 points to settle at 91.81.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.7 for the Main Market. The JSE Main and USD Market PE ratios are computed based on ICInsider.com’s forecasted earnings for companies with financial years ending up to the close of August 2023.
Overall, 10,590,832 shares were traded for $135,566,664 versus 13,218,682 units at $481,286,926 on Wednesday. Trading averages 196,127 units at $2,510,494, compared to 236,048 shares at $8,594,409 on Wednesday and month to date, an average of 239,071 units at $2,890,834, compared to 246,228 units at $2,954,224 on the previous trading day. May closed with an average of 238,645 units at $3,561,016.
Caribbean Producers led trading with 1.87 million shares for 17.6 percent of total volume, followed by Wigton Windfarm with 1.56 million units for 14.7 percent of the day’s trade, Sagicor Select Financial Fund chipped in with 1.46 million units for 13.8 percent of market share. JMMB Group 7.25% preference share due 2024 ended with 1.20 million units for 11.4 percent market share, Portland JSX traded 1.14 million units for 10.8 percent market share and Transjamaican Highway closed with 1.05 million units for 9.9 percent market share.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and three stocks with lower offers.
At the close, Barita Investments gained 40 cents to close at $88.40, with 13,879 shares crossing the market, Caribbean Cement dropped $11.60 in ending at $61 after trading 53,771 stocks, Eppley Caribbean Property Fund popped $1 to end at $45, with 5,633 units changing hands. GraceKennedy fell $2.50 in closing at $105 in trading 497,646 stock units, Guardian Holdings lost $1 to close at $511 in exchanging 39 stock units, Jamaica Broilers climbed 91 cents to end at $27.98, with 10,735 stocks crossing the market. Jamaica Producers dropped 40 cents to close at $22.30 with the swapping of 2,245 units, Jamaica Stock Exchange shed 60 cents to $18 and closed with 10,640 shares changing hands, Kingston Properties rallied 42 cents to $7.91 after exchanging 343 stocks. Kingston Wharves shed $2.49 in closing at $36.50 while trading 5,394 units, Massy Holdings advanced $1.25 to $94 with 76,770 shares clearing the market, Mayberry Investments declined 34 cents to close at $10.06 with an exchange of 4,460 stock units. Mayberry Jamaican Equities rose $1.22 to $15.22 in exchanging 6,283 shares, NCB Financial increased $2.01 in closing at $103 in switching ownership of 47,734 units, Portland JSX gained $1.37 to end at $10.80 in an exchange of 1,142,163 stocks. 
Proven Investments popped 77 cents in, ending at $37.82, with 9,842 stock units crossing the exchange, Sagicor Group rallied 90 cents to close at $56.90 after trading 46,587 shares, Scotia Group fell $1.12 in closing at $36.03 with an exchange of 23,712 stock units. Supreme Ventures slipped 25 cents to $30.25, trading 40,907 units and Sygnus Real Estate Finance dropped $1.52 to end at $14 after exchanging 173 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.