The Junior Market had an 85 percent winner during the past week, with only three stocks recording notable price changes in a market that remained fairly stable in the holiday-shortened week, with a slippage of only a few points. Price movements in the Main Market were moderate, with the highest being 5 percent at the end of the week, in which the JSE Index dropped more than 3,000 points, with the All Jamaica composite Index slipping just 90 points.
Edufocal was the star performer of the week with a big 85 percent surge in price to close at $2.50, following the company reporting that the board of directors is to meet on October 27 to discuss a possible rights issue and a stock split. Elite Diagnostic rose 13 percent to $1.77 and Everything Fresh dropped 11 percent to $1.40. The Main Market closed the week with JMMB Group falling 5 percent to $27.10, being the only stock with a notable change.
Market activity resulted in two new additions to the Junior Market ICTOP10 and one to the Main Market. Returning to the Junior Market TOP 10 are Lasco Financial Services and Lasco Manufacturing, replacing Caribbean Cream and Edufocal. Full year earnings for the former were downgraded to 55 cents per share following the release of second quarter results, which showed flat revenues for the August quarter and half year compared with 2022 and lower profit for the second quarter, with increased profit for the six months compared to 2022. Lasco Financial Services reported disappointing results for the first quarter of the new fiscal year to June. 
The company did not benefit as much from interest income as would be expected and had adequate funds on hand to expand the loan portfolio, development management indicated they would be pursuing for the rest of the year. Significant expansion of loans could radically transform both revenues and profit for the year. The extent of this improvement is unclear currently, however, the potential suggests that this is a stock to watch going forward as it could surprise to the upside. Lasco Manufacturing is, without question, a stock that is seriously undervalued, but investors pushed the price down during the week. This is clearly one for the future and one that investors should see continuous improvement in stock price over the next 12 months as the company rolls out improved profits in the quarters to come.
In the Main Market, Caribbean Producers returned to the ICTOP10 and replaced Scotia Group that was just squeezed out of the TOP10. CPJ performed well during the fiscal year ending June. The performance was obscured by a onetime charge related to past GCT claims that were booked in the past year, but for this charge, results would have been vastly better than reported, but investors may have been turned off by the results. 
The expectation is for profitability to improve during the current fiscal year ending in June 2024. The stock is clearly undervalued and has much room for growth over the next 12 months and beyond. Scotia Group, although out of the TOP10, reported a 74 percent in profit for the nine months to July and is terribly undervalued. Investors should be accumulated in the stock with the expectation for gradual appreciation, especially when the full year results are released with earnings expected to top $5.50 for the year to October 2023.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 12. The Main Market ICTOP10 is projected to gain an average of 328 percent by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 105, with an average of 29 and 20 excluding the highest PE ratios, and a PE of 22 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market TOP10 sits at 6, just over half of the market at 10.7. There are 9 stocks or 19 percent of the market, with PEs from 15 to 26, averaging 19 that are well above the market’s average. The top half of the market has an average PE of 14, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 261 percent by May 2024.
The divergence between the average PE of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
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 are likely to deliver the best returns up to the end of May 2024 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 and result 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.
The market rally benefitted from some significant price increases after Guardian Holdings jumped $29, Massy Holdings rose $8.80, Pan Jamaica climbed $3.46, followed by Sagicor Group, adding $1.29 and Caribbean Cement gaining $1.27.
The Main Market ended trading with an average PE Ratio of 12.1. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Jamaica Producers lost 95 cents to end at $19 with 4,000 shares, clearing the market. JMMB Group popped 50 cents to $27.50 after trading 36,025 units, Massy Holdings gained $8.80 and ended at $98.80, with just three stocks crossing the market, MPC Caribbean Clean Energy skidded $13.50 in closing at $76.50 as investors exchanged 100 stock units. Pan Jamaica increased $3.46 to close at $50.46 after a transfer of 50 shares, Proven Investments fell $2.24 to end at $21.50 with stakeholders trading 6,000 units, Sagicor Group advanced $1.29 to $43.50 in switching ownership of 3,697 stocks. Seprod popped 50 cents to close at $71.50 after 2,054 stock units crossed the market and Wisynco Group advanced 71 cents in closing at $19.95 in an exchange of 107,030 shares.
In the preference segment, Jamaica Public Service 9.5% dropped $9 to end at $2,890, with one stock changing hands and Productive Business Solutions 9.75% preference share rose $4.25 and ended at $125 with traders dealing in 10 stocks.
remained dismally low even with the volume of stocks traded rising 57 percent and the value jumping 55 percent more than on Wednesday, following trading in 58 securities, up from 53 on Wednesday, with 22 rising, 18 declining and 18 ending unchanged. 
The All Jamaican Composite Index popped 3,669.02 points to settle at 347,821.93, the JSE Main Index increased 2,954.52 points to conclude trading at 315,397.91 and the JSE Financial Index popped 0.59 points to 69.50.
Massy Holdings dipped 60 cents to $96.50 with 1,251 shares clearing the market, Mayberry Investments rose 45 cents and ended at $7.45 after 75 stock units passed through the market, but before the company released nine months result with a $985 million loss for the third quarter and $693 million loss for the nine months, after reporting big investment losses in both periods. MPC Caribbean Clean Energy climbed $9 in closing at $90 while exchanging 56 stocks, NCB Financial fell $1.01 to $63.99 as investors exchanged 97,603 units, Pan Jamaica popped $2.10 to close at $50.10 in switching ownership of 90 shares, Sagicor Group dipped 98 cents and ended at $43.50 and closed with an exchange of 4,169 stock units. Scotia Group gained 95 cents to end at $34.70 with traders dealing in just 2,800 stocks, Seprod rallied $4.74 to $70 with shareholders swapping 55,404 units, Supreme Ventures popped 50 cents in closing at $26.75 after 3,600 shares crossed the exchange and Wisynco Group gained $1.40 to end at $19.50 with a transfer of 293,089 stocks.
In the preference segment, Productive Business Solutions 10.5 % preference share jumped $54 to close at $1100 after trading 19 units.
Trading ended with prices of rising and declining stocks totalling 19 each with 15 ending unchanged.
The Main Market ended trading with an average PE Ratio of 12.1. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Sagicor Group rose $1.46 in closing at $44.48 after investors traded 26,043 stock units, Salada Foods advanced 42 cents to close at $3.04 104,742 stocks crossing the market, Seprod shed $6.24 and ended at $65.26, with 8,024 shares changing hands. Stanley Motta increased 80 cents to close at $6 with investors dealing in 1,845 units, Supreme Ventures dipped 75 cents to end at $26.25 in trading 30,032 stock units and Wisynco Group dropped 36 cents in closing at $18.10 after 44,718 stocks passed through the market.
Jamaica Public Service 9.5% climbed $10 to end at $2,900 with an exchange of 2 shares and Productive Business Solutions 9.75% preference share jumped $21.75 to $120.75 after a transfer of 1,655 stocks.
At close, the JSE Combined Market Index dropped 2,479.44 points to 327,190.17, while the All Jamaican Composite Index declined 3,302.43 points to close at 344,152.91, the JSE Main Index fell 2,782.98 points to 312,443.39 as solid gains in Sagicor Group, Jamaica Broilers and NCB Financial could not overcome the effects of the big fall in the prices of Seprod, Kingston Wharves and GraceKennedy weighted down on the Main Market. The Junior Market Index gained 13.95 points to end trading at 3,899.07 and the JSE USD Market Index dipped 1.50 points to conclude trading at 231.48.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.5 on 2022-23 earnings and 10.9 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
The All Jamaican Composite Index gained 1,148.31 points to end at 347,455.34, the JSE Main Index advanced 341.60 points to conclude trading at 315,226.37 and the JSE Financial Index popped 0.04 points to end at 69.31.
Jamaica Broilers skidded $1.25 to $32.75 after a transfer of 36,766 stock units, JMMB Group dropped 97 cents to close at $27.50 as investors traded 31,660 units, Kingston Wharves rallied $3.24 to close at $30.75 with an exchange of 53,840 stocks, Pan Jamaica lost $2.22 to $47.98 with traders dealing in 15,171 stock units, Proven Investments increased $2 to end at $24, with 5,956 shares changing hands, Seprod climbed $2.50 and ended at $71.50 in an exchange of 3,891 stocks, Stanley Motta fell 85 cents in closing at $5.20 with investors dealing in 1,049 stock units and Wisynco Group gained 35 cents and ended at $18.46 with a transfer of 5,160,425 shares.
Productive Business Solutions 9.75% preference share dropped $1 to end at $99 after 729 stock units passed through the market.
Market activity resulted in three new additions to the Junior Market ICTOP10 and one in the Main Market. Returning to the Junior Market TOP10 are 
The average PE for the JSE Main Market TOP 10 stands at 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 328 percent, by May 2024, based on 2023 forecasted earnings.
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.
A total of 10,576,110 shares were traded for $124,236,160 compared with 29,125,035 units at $83,569,212 on Thursday.
The All Jamaican Composite Index rose 192.48 points to finish at 346,307.03, the JSE Main Index rallied 212.42 points to conclude trading at 314,884.77 and the JSE Financial Index popped 0.92 points to close at 69.27.
Massy Holdings skidded $2.89 to $97.10 with investors transferring 33,175 units. NCB Financial dipped 39 cents to close at $64 in switching ownership of 51,418 stocks, Proven Investments increased 70 cents in closing at $22 after exchanging 1,000 stock units, Sagicor Group rose $1 to $43 in trading 12,457 shares. Salada Foods fell 42 cents to end at $2.62, with 128,964 units crossing the market, Sygnus Real Estate Finance advanced 58 cents to end at $10.14 while exchanging 38 stocks and Wisynco Group shed 89 cents to close at $18.11 after 85,017 stock units changed hands.
In the preference segment, Jamaica Public Service 7% declined $6 and ended at $42, with 620 units passing through the market and Jamaica Public Service 9.5% dropped $10 to close at $2890 with stakeholders exchanging 2,100 stock units.
A total of 29,125,035 shares were traded for $83,569,212 compared with 55,453,072 units at $170,749,021 on Wednesday.
The Main Market ended trading with an average PE Ratio of 12.1. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
JMMB Group climbed $1.18 to $28.48 with traders dealing in 15,836 stocks, Kingston Wharves rose $3.78 in closing at $30.89 with stakeholders exchanging 3,149 units. Massy Holdings popped $2.89 to close at $99.99 in an exchange of 601 stocks, MPC Caribbean Clean Energy increased $11 and ended at $81 while exchanging 1,264 units, NCB Financial dipped 59 cents to close at $64.39 with 83,779 shares clearing the market. Sagicor Group dropped 99 cents to end at a 52 weeks’ low of $42 with shareholders swapping 220,189 stock units, Seprod skidded 50 cents to end at $69 with investors dealing in 98,134 units, Supreme Ventures rallied 54 cents to $26.94 in switching ownership of 98,573 stocks and Wisynco Group rose 95 cents in closing at $19 in trading 10,399 stock units.
In the preference segment, Jamaica Public Service 9.5% shed $95 to close at $2,900, with 15 shares crossing the market and 138 Student Living preference share advanced $8.70 and ended at $95.71 with an exchange of 3 shares.
A total of 55,453,072 shares were traded for $170,749,021 compared with 8,304,936 units at $112,080,292 on Tuesday.
The Main Market ended trading with an average PE Ratio of 12.1. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Mayberry Investments popped 34 cents to end at $7.34 as investors exchanged 21,264 stock units, Proven Investments skidded 54 cents in closing at $21.26 with a transfer of 11,253 stocks, Sagicor Group rose 89 cents in closing at $42.99 in an exchange of 8,554 shares, Scotia Group advanced 80 cents to end at $33.75 after 19,851 units changed hands and Wisynco Group lost $2.65 and ended at $18.05 after 84,786 stocks passed through the market.
Jamaica Public Service 9.5% skidded $105 to $2995 with stakeholders exchanging 31 stocks and JMMB Group 7% preference share popped 41 cents and ended at $2.28 with the swapping of 27 stock units.