Falling prices dominated trading on the Jamaica Stock Exchange Main Market on Monday, after trading in 55 securities up from 51 on Friday, and ended with 29 declining, just 14 rising, and 12 ending unchanged, with moderate trading levels that led to a 54 percent fall in the volume of stocks 
traded following a modest increase in value over Friday and closed with two stocks ending at 52 weeks’ lows.
A total of 4,844,640 shares were traded for $59,990,583 compared to 10,571,793 units at $57,562,911 on Friday.
Trading averaged 88,084 shares at $1,090,738 compared to 207,290 units at $1,128,685 on Friday and month to date, an average of 324,372 shares at $1,591,873 versus 338,081 units at $1,620,947 on the previous trading day. July closed with an average of 283,368 units at $2,135,482.
Wigton Windfarm led trading with 1.20 million shares for 24.7 percent of total volume, followed by the Sagicor Select Manufacturing & Distribution Fund with 647,176 units for 13.4 percent of the day’s trade and Supreme Ventures with 634,654 units for 13.1 percent market share.
The All Jamaican Composite Index skidded 3,967.05 points to 349,449.87, the JSE Main Index dropped 3,340.09 points to finish at 316,989.72 and the JSE Financial Index
slipped 0.67 points to 69.93.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.5 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 10 stocks ended with bids higher than their last selling prices and one with a lower offer, a strong indication that the market will open positively on Tuesday.
At the close, Caribbean Cement gained $2 to close at $52 with a transfer of 1,972 shares, Caribbean Producers fell 40 cents to close at $9.60 with shareholders swapping 55,803 stock units, Eppley Caribbean Property Fund lost $4.74 to close at $36.36 after trading in 5,460 units. First Rock Real Estate dropped 79 cents to end at $7.71 after investors ended trading 50 stocks, Guardian Holdings declined $19.75 and ended at $420 with investors dealing in 12 shares, 
Jamaica Stock Exchange shed $1.24 to close at a 52 weeks’ low of $8.53, with 14,677 stock units crossing the market, after trading at a 52 weeks’ intraday low of $8.25. JMMB Group dipped 95 cents to end at $27.84 with 284,271 units clearing the market, Kingston Properties climbed 35 cents to $7.35 after 7 stocks passed through the market, Massy Holdings skidded 90 cents to $100.10 with an exchange of 5,230 stock units. NCB Financial dropped $2.56 in closing at $71.44 after an exchange of 18,829 stocks, Sagicor Group fell $2.40 to close at $44.09 in switching ownership of 16,798 units, Scotia Group popped 85 cents and ended at $33.85 while exchanging 10,411 shares. Sygnus Credit Investments declined 47 cents in closing at $11.50 after trading in 4,927 stocks and Wisynco Group dipped $1.04 to end at $16.91, with 62,100 shares crossing the market.
In the preference segment, Eppley 7.50% preference share increased 49 cents to $6 with investors transferring 66 stock units, JMMBGL 7.25% preference share traded 612 units at a 52 weeks’ low of $1.25, after declining 20 cents and Productive Business Solutions 10.5 % preference share rallied $98 to close at $1,100 as investors exchanged 40 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
CPJ returns to ICTOP10
Caribbean Producers
Caribbean Producers (CPJ) returns to the TOP10 after a long period of absence, following the fall out of Berger Paints from the Main market Top10, even as CPJ earnings are based on June 2023 full year earnings with the company is yet to release these results.
Preliminary projection indicates earnings of $2.50 per share for the 2024 fiscal year that would put the stock into the third position on the TOP10 list. Until the full year results are in, the estimate for the 2023 year is used.
The Main and Junior markets closed the week with moderate changes in market indices, with a slight fall in the Junior Market and a modest increase in the other.
The Main and Junior markets closed the week with moderate changes in market indices, with a slight fall in the Junior Market and a modest increase in the other.
The Junior Market had one stock rising 10 percent and two falling 12 and 10 percent, with more modest changes in most of the rest. The Main Market had one stock climbing 10 percent and one falling 6 percent as the largest movers.
Caribbean Cream the leading mover in the Junior Market ICTOP10, climbed 10 percent to $4.15, followed by Edufocal rising 4 percent to $1.45. Iron Rock Insurance was the worst performer, falling 12 percent to $2.10 and was followed by general Accident, down 10 percent to $4.43, while Caribbean Assurance Brokers slipped just 4 percent to $2.87.
Berger Paints rose 10 percent to $7.76 in the Main Market, followed by Guardian Holdings with a 4 percent rise to $439.80, JMMB Group also gained 4 percent to close the week at $28.79, but 138 Student Living fell 6 percent to $4.35 and Caribbean Cement fell 4 percent to $50.
Investors should note that Margaritaville is listed on both the Main and USD markets, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.2, well below the market average of 12.6. The Main Market TOP10 is projected to have an average of 322 percent, to May 2024, based on 2023 forecasted earnings.
The 2most highly valued Main Market stocks, representing 26 percent of the Main Market, are priced at a PE of 15 to 100, with an average of 31 and 20 excluding the highest PE ratios, with a PE of 23for the top half and 17excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.4 compared with the market at 10.7. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 38, averaging 20, well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and is projected to rise by 271 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
The markets are not bullish, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes, Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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.
IC TOP10 stocks will likely 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.
Trading picks up on JSE Main Market
Trading activity picked up on the Jamaica Stock Exchange Main Market to close of the week on Friday, with the volume of stocks traded rising 16 percent and the value 63 percent more than on Thursday, with 51 securities trading compared with 53 on Thursday, with 19 rising, 19 declining and 13 ending unchanged.
A total of 10,571,793 shares were traded for $57,562,911 up from 9,151,844 units at $35,266,609 on Thursday.
Trading averaged 207,290 shares at $1,128,685 compared to 172,676 shares at $665,408 on Thursday and month to date, an average of 338,081 units at $1,620,947, compared with 345,517 units at $1,648,935 on the previous day. Trading in July closed with an average of 283,368 units at $2,135,482.
Stanley Motta led trading with 6.01 million shares for 56.9 percent of total volume, Wigton Windfarm followed with 1.82 million units for 17.2 percent of market share and Transjamaican Highway with 1.14 million units for 10.8 percent of the day’s trade.
The All Jamaican Composite Index skidded 1,591.81 points to finish at 353,416.92, the JSE Main Index popped 23.12 points to end at 320,329.81 and the JSE Financial Index inched 0.19 points higher to close at 70.60.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.9 for the Main Market. The JSE Main and USD Markets’ PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows seven stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Berger Paints rose 71 cents to end at $7.76 with stakeholders exchanging 127 shares, Caribbean Cement fell $2 to end at $50 and in exchanging 6,100 stocks, Eppley Caribbean Property Fund advanced $1.10 to close at $41.10 with investors transferring 220 stock units. First Rock Real Estate gained 79 cents in closing at $8.50, with 2,400 units changing hands, Guardian Holdings jumped $37.84 to $439.75 after an exchange of 1,029 units,
Jamaica Stock Exchange lost 23 cents and closed at a 52 weeks’ low of $9.77 after hitting an intraday 52 weeks’ low of $9.10 in trading 86,890 shares. Jamaica Producers shed 31 cents to end at $19.18 after an exchange of 1,100 shares, JMMB Group rallied $1.76 to $28.79 with traders dealing in 82,869 stock units, Kingston Properties skidded 39 cents to $7 with a transfer of 1,302 stocks. Kingston Wharves dipped $1.90 and ended at $27 with shareholders swapping 16,096 shares, Massy Holdings climbed 90 cents in closing at $101 in an exchange of 960 stocks, Mayberry Jamaican Equities popped 40 cents to end at $11.80, with 38,877 stock units crossing the exchange. NCB Financial rallied $1 to $74, with 26,455 units crossing the market, Sagicor Group lost 41 cents to end at $46.49 as investors exchanged 1,711 shares, 
Scotia Group dropped $1 in closing at $33 in trading 4,346 units, Seprod increased 50 cents to close at $68 with 18,577 stocks clearing the market and Wisynco Group rose 94 cents and ended at $17.95 trading 7,870 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks skidded on JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Thursday, with the volume of stocks traded rising 21 percent but with a 56 percent lower value than Wednesday, with trading in 53 securities compared with 50 on Wednesday, and ended with 14 rising, 23 declining and 16 ending unchanged.
A total of 9,151,844 shares were traded for $35,266,609 versus 7,549,896 units at $79,965,770 on Wednesday.
Trading averaged 172,676 shares at $665,408 compared with 150,998 units at $1,599,315 on Wednesday and month to date, an average of 345,517 units at $1,648,935 compared to 356,373 units at $1,710,697 on the previous day. July closed with an average of 283,368 units at $2,135,482.
QWI Investments led trading with 2.91 million shares for 31.7 percent of total volume, followed by Wigton Windfarm with 1.94 million units for 21.2 percent market share and Transjamaican Highway ended with 1.31 million units for 14.3 percent of the day’s trade.
The All Jamaican Composite Index skidded 1,860.37 points to close at 355,008.73, the JSE Main Index dived 3,329.09 points to settle at 320,306.69 and the JSE Financial Index fell 1.14 points to close at 70.41.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.8 for the Main Market. 
The JSE Main and USD Market PE ratios are calculated using the last traded prices in conjunction with ICInsider.com forecasted earnings for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ending with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Cement climbed 50 cents to end at $52 in switching ownership of 247 shares, Eppley Caribbean Property Fund fell $1.94 to $40 in trading 4,648 stocks, First Rock Real Estate declined $1.04 and ended at $7.71 with investors exchanging 4,414 units, Guardian Holdings dropped $37.84 to close at $401.91 after an exchange of a mere 2 shares. Jamaica Producers gained $1.49 to close at $19.49 with an exchange of 1,048 units, Massy Holdings dipped 90 cents and ended at $100.10 after 32,732 stocks passed through the market, 
Mayberry Jamaican Equities rose 40 cents to $11.40 with 78,223 stocks changing hands, MPC Caribbean Clean Energy skidded $12.30 to $69.70 with 2,285 shares clearing the market. NCB Financial shed $2 to close at $73 with investors dealing in 12,895 units, Sagicor Group increased $2.82 to $46.90 with traders exchanging 2,625 shares, Seprod dipped 50 cents in closing at $67.50 with 6,941 stocks crossing the market. Supreme Ventures shed 46 cents and ended at $27.99 with an exchange of 176,814 stocks, Sygnus Credit Investments popped 55 cents to end at $11.99 after trading 25,143 units and Wisynco Group skidded 84 cents to close at $17.01 with a transfer of 123,716 shares.
In the preference segment, Eppley 7.50% preference share dipped 49 cents to $5.51, with 17,000 stocks changing hands, Eppley 7.75% preference share fell $1.85 to close at $18.20 as investors exchanged 10,000 stock units. 
Jamaica Public Service 7% lost $5 and ended at $50 in an exchange of 1,000 units and Jamaica Public Service 9.5% dived $249.99 to end at $2800.01 after just one stock was traded.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Rebound for JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Wednesday, with the volume of stocks traded declining 12 percent after the value jumping 65 percent compared to trading on Tuesday, following trading in 50 securities down from 56 on Tuesday and leading to prices of 13 rising, 21 falling and 16 ending unchanged.
At the close, the All Jamaican Composite Index climbed 1,340.21 points to 356,869.10, the JSE Main Index rose 1,279.01 points to close at 323,635.78 and the JSE Financial Index popped 0.32 points to end trading at 71.55.
A total of 7,549,896 shares were traded for $79,965,770 in contrast with 8,602,396 units at $48,412,908 on Tuesday.
Trading averaged 150,998 shares at $1,599,315 versus 153,614 shares at $864,516 on Tuesday and month to date, an average of 356,371 units at $1,710,697 compared with 369,304 units at $1,717,711 on the previous day. July closed with an average of 283,368 units at $2,135,482.
Transjamaican Highway led trading with 2.59 million shares for 34.4 percent of the total volume, followed by Wigton Windfarm with 1.70 million units for 22.5 percent of the day’s trade and Caribbean Cement with 812,000 units for 10.8 percent market share.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.9 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2024.
The Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Berger Paints dipped 74 cents to $7.05 after an exchange of 6,538 shares, Caribbean Producers fell 39 cents and ended at $9.60 while investors traded 15,883 stock units, Jamaica Producers dropped $1.08 to close at $18 with an exchange of 15,539 units. Massy Holdings rose 75 cents in closing at $101 after investors ended trading 152 stocks, Mayberry Investments increased 64 cents to end at $8.64 while a mere 202 stocks passed through the market, 
Mayberry Jamaican Equities fell 40 cents to close at $11 with 37,481 units being traded. Pan Jamaica advanced 86 cents in closing at $48.05 after a transfer of 23,977 stock units, Sagicor Group shed $2.82 to end at $44.08 with investors exchanging 28,063 shares, Scotia Group climbed 99 cents to close at $34 in trading 1,066 stocks. Seprod fell $1.99 to $68 with a transfer of 5,919 stocks, Sygnus Credit Investments dropped 55 cents in closing at $11.44, with 9,330 shares crossing the market and Victoria Mutual Investments gained 33 cents to close at $3.03 after a transfer of 4,947 units.
In the preference segment, Jamaica Public Service 7% declined $1 and ended at $55 after three units cleared the market and Jamaica Public Service 9.5% lost $50 to end at $3050 in an exchange of 9 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Pull back for JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks traded declining 12 percent and the value 36 percent lower than Monday, with 56 securities trading compared with 58 on Monday, with 25 rising, 20 falling and 11 ending unchanged.
A total of 8,602,396 shares were traded for $48,412,908 compared with 9,803,797 units at $75,092,515 on Monday.
Trading averaged 153,614 shares at $864,516 compared with 169,031 units at $1,294,699 on Monday and month to date, an average of 369,304 stocks at $1,717,711, compared to 385,670 shares at $1,782,452 on the previous day. Trading in July closed with an average of 283,368 units at $2,135,482.
Wigton Windfarm led trading with 3.17 million shares for 36.9 percent of total volume, Transjamaican Highway followed with 1.55 million units for 18 percent of the day’s trade and Sagicor Select Financial Fund with 888,086 units for 10.3 percent market share.
The All Jamaican Composite Index shed 2,282.01 points to close at 355,528.89, the JSE Main Index declined 1,867.4 points to 322,356.77 and the JSE Financial Index dipped 0.64 points to end at 71.23.
The PE Ratio, a formula used to compute appropriate stock values, averages 13 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 10 stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Caribbean Cement dropped 49 cents to close at $51.50, with investors transferring 29,125 shares, First Rock Real Estate climbed $1.05 to end at $8.75, with 2,095 units crossing the market, Jamaica Stock Exchange dipped 65 cents in closing at $10.05 as investors exchanged 849 stocks. Kingston Properties rallied 44 cents and ended at $7.44 after an exchange of 3,998 stock units, Kingston Wharves popped $1.10 to $28.90 as 5,630 stocks passed through the market, Mayberry Investments shed 57 cents to end at $8 in an exchange of 15,942 shares. Mayberry Jamaican Equities increased 40 cents in closing at $11.40 in an exchange of 251 stock units, 
NCB Financial gained $2.98 to close at $75, after 64,578 units crossed the exchange, 138 Student Living rallied 40 cents to close at $4.65 in switching ownership of 1,400 shares. Pan Jamaica rose $4.19 to $47.19 with 500 units clearing the market, Sagicor Group rallied $1.81 to $46.90, with 29,098 stocks changing hands, Scotia Group lost 99 cents to end at $33.01 after a transfer of 109,584 stock units. Seprod popped 99 cents to close at $69.99 after an exchange of 53,646 stocks, Supreme Ventures climbed $1.39 and ended at $28.50 with investors swapping 5,620 units, Sygnus Credit Investments rose 67 cents in closing at $11.99 and closed with 28,630 stocks being traded and Victoria Mutual Investments declined 30 cents to close at a 52 weeks’ low of $2.70, with 104,183 shares crossing the market.
In the preference segment, Productive Business Solutions 9.75% preference share rallied $8 to end at $100 while exchanging 2,195 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Surge in JSE Main Market index
Stocks closed much higher on Monday on the Jamaica Stock Exchange Main Market, with the market index surging more than 4,000 points following a mild decline in the volume of stocks traded as the value surged 91 percent above the outcome on Friday, after trading in 58 securities compared with 55 on Friday, resulting in 20 rising, 23 declining and 15 ending unchanged.
A total of 9,803,797 shares were traded for $75,092,515 against 10,256,198 units at $39,416,576 on Friday.
Trading averaged 169,031 shares at $1,294,699 compared with 186,476 units at $716,665 on Friday and month to date, an average of 385,670 stock units at $1,782,452 versus 404,148 units at $1,824,055 on the previous trading day. Trading in July closed with an average of 283,368 units at $2,135,482.
JMMB Group 7.35% was the leading trade, with 2.42 million shares for 24.7 percent of total trades followed by Transjamaican Highway with 1.82 million units for 18.6 percent of the day’s trade, Sagicor Select Financial Fund ended with 1.18 million units for 12 percent market share and Wigton Windfarm with 1.10 million units for 11.2 percent of the day’s volume.
The All Jamaican Composite Index surged 4,373.19 points to close at 357,810.90, the JSE Main Index jumped 4,153.40 points to 324,224.20 and the JSE Financial Index popped 1.39 points to 71.87.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.9 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 10 stocks ending with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments increased 94 cents and ended at $74.95 with a transfer of 48,849 shares, Berger Paints rose 74 cents to end at $7.79 and closed with 1,964 units changing hands, Eppley Caribbean Property Fund climbed $5.95 in closing at $41.95 as 710 stock units passed through the market. First Rock Real Estate lost $1.10 to close at $7.70, with 7,000 stocks crossing the market, Guardian Holdings advanced $18.25 to $439.75 with investors transferring 45 stock units, Kingston Wharves rallied $1.79 and ended at $27.80, with 520 shares crossing the exchange. 
Massy Holdings fell 75 cents to close at $100.25 in trading 691 units, Mayberry Jamaican Equities dropped 40 cents in closing at $11 with investors exchanging 36,852 stocks, NCB Financial declined 98 cents to $72.02 with an exchange of 562,220 shares. 138 Student Living shed 40 cents to end at $4.25 with stakeholders trading 2,445 stock units, Pan Jamaica dipped $4.18 to $43 after a transfer of 630 units, Portland JSX popped 50 cents to $10 in switching ownership of 144 shares. Proven Investments dipped 36 cents in closing at $22.35 with shareholders swapping 4,445 stock units, Radio Jamaica fell 16 cents to a 52 weeks’ low of $1.38 after an exchange of 45,658 shares, Sagicor Group gained $1.01 and ended at $45.09, with 58,600 stocks crossing the market. Scotia Group rose $1 to end at $34 after an exchange of 7,749 shares, Seprod popped $1.99 to end at $69 in an exchange of 1,343 units, Supreme Ventures lost 39 cents to close at $27.11 in an exchange of 36,633 stocks and Sygnus Credit Investments dropped 68 cents and ended at $11.32, with 30,018 shares changing hands.
In the preference segment, Jamaica Public Service 7% climbed 75 cents in closing at $56, with 6,058 units clearing the market, Productive Business Solutions 10.5% preference share increased by $2 to $1002 after trading 200 stock units and Productive Business Solutions 9.75% preference share shed $8 to close at $92 while exchanging three stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market stocks dominate ICTOP10
Everything Fresh jumped 19 percent to $1.60 to be the leading mover in ICTOP10 stocks, followed by Iron Rock Insurance, that rose 14 percent to $2.39, while Dolphin Cove and Margaritaville rose 4 percent to $17.05 and 11.34 US cents, respectively, on a week when the Junior Market slipped and the Main Market was pretty stable.
Investors may want to note the latest report on the court judgement on the Mystic Mountain sale as there were indications that Dolphin Cove was an interested buyer and they may well be amongst the preferred bidders. If they succeed, expect the stock that currently has limited offers posted on the JSE platform to jump.
Declining ICTOP10 stocks include Key Insurance, with an 11 percent fall to $2.56, followed by a fall of 7 percent for Caribbean Cream to $3.76. Berger Paints fell 7 percent to $7.05 and Edufocal lost 6 percent to $1.40.
Investors should note that Margaritaville is listed on both the Main and USD markets, with similar values.
The week closed with no new additions to the lists.
ICTop10 stocks that released results in the past week include the following:
General Accident Insurance was one of the TOP10 stocks to release results in the week, with the results validating why the stock is high on the TOP10 List. The half year results ended with revenues jumping sharply by 39 percent to $5.75 billion, with profit after tax of $165 million, up 193 percent over $56 million earned in the 2022 half year. Revenues for the June 2023 quarter surged 41 percent to $2.7 billion over the $1.9 billion in 2022, with profit of $225 million, up by 201 percent from $75 million in 2022.
Dolphin Cove reported a 5 percent increase in revenues to US$4.4 million in the June 2023 quarter over the June 2022 quarter and a 37 percent jump for the half year to US$9.2 million from US$6.76 million, with profit of US$1.153 million for the second quarter, up 10.5 percent over the $1.04 million in the June 2022 quarter and US$2.72 million for the half year, up 48 percent to US$1.84 million in the half year to June 2022.
JMMB Group reported a 25 percent jump in revenues to $14.34 billion in the June quarter from $11.48 billion in 2022 and generated a profit of $2.5 billion, thus reversing a loss of $2.2 billion in 2022.
138 Student Living reported a 12 percent increase in revenues to $347 million over the $309 million in the June 2022 quarter and a 17 percent jump for the nine months to $1.05 billion from $894 million and profit of $270 million, up 10.5 percent compared with $239 million in the nine months to June 2022 and for the June 2023 quarter and $89 million, up 48 percent to $54 million.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.6. The Main Market TOP10 is projected to have an average of 317 percent, to May 2024, based on 2023 forecasted earnings.
The 13 most highly valued Main Market stocks representing 28 percent of the Main Market, are priced at a PE of 15 to 95, with an average of 30 and 21 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.5 compared with the market at 10.9. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 40, averaging 20, which is well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 278 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
The markets are not bullish, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at many stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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.
IC TOP10 stocks will likely 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, 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.
Trading picks up on JSE Main Market
Trading activity climbed on the Jamaica Stock Exchange Main Market ended on Friday, with an 86 percent rise in the volume of stocks traded as the value rose moderately compared to trading on Thursday, which resulted in 55 securities trading similar to Thursday and ended with 11 rising, 21 declining and 23 ending unchanged.
The All Jamaican Composite Index rose 129.65 points to end at 353,437.71, the JSE Main Index dropped 684.90 points to close at 320,070.80 and the JSE Financial Index popped 0.16 points to end trading at 70.48.
Investor’s Choice bid-offer indicator closed positively with 14 stocks ending with bids higher than their last selling prices and only two with lower offers, an indication that the market seems set to open higher on Monday.
A total of 10,256,198 shares were traded for $39,416,576 up from just 5,505,100 units at $37,890,404 on Thursday.
Trading averaged 186,476 shares at $716,665 compared with 100,093 shares at $688,916 on Thursday with a month to date average of 404,148 units at $1,824,055, compared to 423,304 stock units at $1,921,505 on the previous day. July closed with an average of 283,368 units at $2,135,482.
Wigton Windfarm led trading with 3.51 million shares for 34.2 percent of total volume, followed by Stanley Motta with 2.80 million units for 27.3 percent of trading and Transjamaican Highway with 1.45 million units for 14.1 percent of market share.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.6 for the Main Market. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2024.
At the close, Barita Investments fell 97 cents and ended at $74.01 with a transfer of 20,256 shares, Caribbean Producers lost 30 cents in closing at $10 with investors transferring 71,971 units, Carreras advanced 33 cents to close at $8.48 in an exchange of 672,556 stock units. Eppley Caribbean Property Fund dipped $5.94 to $36 after exchanging 500 stocks, First Rock Real Estate rose 70 cents to $8.80 as investors traded 22,920 stocks, 
GraceKennedy fell $1 to close at $76 while exchanging 9,262 units. Guardian Holdings shed $18.25 to $421.50 after 51 stock units were traded, Kingston Wharves dropped $2.89 in closing at a 52 weeks’ low of $26.01 with an exchange of 6,154 shares, Massy Holdings popped 75 cents to end at $101 with stakeholders exchanging 5,500 stock units. Mayberry Investments climbed 64 cents to $8.64 in switching ownership of 14,745 shares, NCB Financial rose 60 cents to close at $73 after an exchange of 28,933 stocks, Stanley Motta fell 48 cents to end at $4.52 in an exchange of 2,800,110 units and Supreme Ventures declined 50 cents to $27.50 with 34,040 units clearing the market.
In the preference segment, Eppley 7.25% preference share increased 50 cents in closing at $18.50, following trading in 300 stocks, 
JMMB Group 7.25% preference share traded 9,271 units and slipped 5 cents to close at a 52 weeks’ low of $1.45 and Productive Business Solutions 10.5 % preference share dived $100 and ended at $1000, with 150 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market trading plunges
Trading activity on the Jamaica Stock Exchange Main Market plunged on Thursday, with the volume of stocks traded dropping 80 percent and the value 68 percent lower than on Wednesday, with trading in 55 securities compared with 52 on Wednesday, with 21 rising, 21 falling and 13 ending unchanged.
A total of 5,505,100 shares were exchanged for $37,890,404 versus 27,243,669 units at $116,951,925 on Wednesday.
Trading averaged 100,093 shares at $688,916 compared to 523,917 units at $2,249,075 on Wednesday, while trading month to date averages 423,304 shares at $1,921,505 versus 454,491 units at $2,040,439 on the previous day. Trading in July ended with an average of 283,368 units at $2,135,482.
Transjamaican Highway led trading with 2.63 million shares for 47.9 percent of the volume, followed by Wigton Windfarm with 549,264 units for 10 percent of the day’s trade and JMMB Group 7.35% – 2028 with 511,801 units for 9.3 percent market share.
The All Jamaican Composite Index lost 757.11 points to close at 353,308.06, the JSE Main Index fell 457.71 points to 320,755.70 and the JSE Financial Index lost 0.20 points to undefined 70.32.
The PE Ratio, a formula used to compute appropriate stock values, averages 13 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows ten stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments popped 98 cents in closing at $74.98 with 86,364 shares being traded, Berger Paints fell 50 cents to close at $7.05 with shareholders swapping 200 stock units, Caribbean Cement increased 50 cents to $52 after trading 8,861 units. First Rock Real Estate lost 70 cents to end at $8.10, with 2,010 stocks crossing the market, Guardian Holdings climbed $1.75 and ended at $439.75, with 102 stocks passed through the market, Jamaica Producers declined 90 cents to $19.20 with a transfer of 5,492 shares. JMMB Group gained 76 cents and ended at $27.91, changing hands 27,686 units, Key Insurance dipped 40 cents to end at $2.56 after exchanging 330 stock units, 
Kingston Properties shed 44 cents in closing at $6.95 as investors traded 14,986 stocks. Kingston Wharves rallied 40 cents to close at $28.90, with 3,673 stock units crossing the market, Massy Holdings dropped 75 cents and ended at $100.25, with 4,035 units clearing the market, Mayberry Investments declined 65 cents to close at $8 after a transfer of 19,470 shares. MPC Caribbean Clean Energy advanced $12.33 in closing at $81.99 with investors trading 1,000 stocks, NCB Financial rose 65 cents to end at $72.40 after 104,630 stocks crossed the exchange, 138 Student Living increased 40 cents to $4.65 in trading 50,330 units, Proven Investments gained 50 cents in closing at $23 in an exchange of 2,211 shares, Pulse Investments advanced 55 cents and ended at $2.66 after traders swapped 132,000 stock units, Scotia Group lost $1 to end at $33 in switching ownership of 53,613 stocks. 
Seprod shed $1.99 to close at $67.01 with an exchange of 10,929 units and Supreme Ventures dropped $1 to $28 with investors transferring 33,173 shares.
In the preference segment, Jamaica Public Service 7% fell $9.75 to $55.25 while exchanging five stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.