Trading surged on the Jamaica Stock Exchange Main Market on Tuesday, with a 118 percent jump in the volume of stocks traded and a 722 percent jump in value compared to Monday, with 56 securities trading compared with 58 on Monday, with 17 rising, 25 declining and 14 ending unchanged as NCB Financial dominated trading with nearly half of the day’s volume.
A total of 33,792,800 shares were traded for $1,151,873,370 compared to 15,466,316 units at $140,081,944 on Monday.
Trading averaged 603,443 shares at $20,569,167 compared with 266,661 units at $2,415,206 on Monday and month to date, an average of 358,731 units at $5,645,075 compared with 345,216 units at $4,820,865 on the previous day. The average for May closed at 226,361 units for $1,362,447.
NCB Financial led trading with 16.05 million shares for 47.5 percent of total volume followed by Wigton Windfarm with 5.60 million units for 16.6 percent of the day’s trade, Transjamaican Highway with 4.29 million units for 12.7 percent market share and Stanley Motta with 1.0 million units for 3 percent of total volume.
The All Jamaican Composite Index rose 772.25 points to 365,190.94, the JSE Main Index fell 518.40 points to 328,855.37 and the JSE Financial Index slipped 0.22 points to 72.89.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.4 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 11 stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Caribbean Cement shed $1 to $53, with 956 shares crossing the exchange, Eppley popped $6.20 in closing at $36.20 as 50 stock units passed through the market, Eppley Caribbean Property Fund rallied $1 to close at $42 in switching ownership of 265 stocks. 
First Rock Real Estate dropped $1.05 to $9.25 with a transfer of 6,241 units, Guardian Holdings dived $32 to a 52 weeks’ closing low of $421 as investors traded 42 shares, Jamaica Stock Exchange lost 59 cents in closing at $11.50 with investors trading 56,596 stock units. JMMB Group dropped $1.56 and ended at $29.90 after an exchange of 2,817 stocks, Mayberry Investments fell 49 cents to close at $8.50 after a transfer of 1,123 units, Proven Investments lost 50 cents in closing at $25.30 while exchanging 1,112 stock units. Pulse Investments dropped 80 cents to end at $2.05 with shareholders swapping 361,533 shares, Supreme Ventures climbed $1.87 to end at $27.87 after exchanging 696,327 units and Sygnus Credit Investments fell $1.38 and ended at $13.02 with an exchange of 266,897 stocks.
In the preference segment, Eppley 7.75% preference share advanced $1.02 to $20.02 with stakeholders exchanging one stock, Jamaica Public Service 7% declined $6.96 to close at $39.43 in trading 1,151 stock units, JMMB Group 7.25% preference share dipped 53 cents in closing at $3.53 and closed at 284 shares and 138 Student Living preference share shed $6.20 in closing at $74.80 in an exchange of 9 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market jumps for a second day
Trading on the Jamaica Stock Exchange Main Market bounced for a second consecutive day on Monday, with the volume of stocks traded rising 10 percent, valued 32 percent less than on Friday, with trading in 58 securities compared with 53 on Friday, with 24 rising, 20 declining and 14 ending unchanged.
The All Jamaican Composite Index advanced 2,765.06 points to end at 364,418.69, the JSE Main Index rose 1,421.14 points to 329,373.77 and the JSE Financial Index inched 0.18 points higher to 73.11.
A total of 15,466,316 shares were traded for $140,081,944 compared to 14,036,554 units at $205,125,008 on Friday.
Trading averaged 266,661 shares at $2,415,206 compared with 264,841 shares at $3,870,283 on Friday and month to date, an average of 345,216 units at $4,820,865, down from 349,982 units at $4,966,815 on the previous day. May closed with an average of 226,361 units at $1,362,447.
Wigton Windfarm led trading with 4.20 million shares for 27.2 percent of total volume, followed by Transjamaican Highway with 2.71 million units for 17.5 percent of the day’s trade, Supreme Ventures ended with 2.07 million units for 13.4 percent market share and QWI Investments with 1.03 million units for 6.7 percent of the overall volume.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.4 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 was slightly negative, with six stocks ending with bids higher than their last selling prices and eight with lower offers.
In trading, Caribbean Cement climbed $3.10 in closing at $54 after exchanging 65,065 shares, Caribbean Producers popped $2.51 to close at $12 with a transfer of 357,494 stocks, but buyers are mostly under $10 at the close and sellers at $12 and above. What that suggests is that selling pressure has dissipated. Eppley shed $6.50 to $30 and closed with an exchange of 9,577 units, Eppley Caribbean Property Fund increased $2.45 to end at $41 with 56 stock units crossing the exchange, First Rock Real Estate rallied 99 cents to $10.30 with 65 units clearing the market. GraceKennedy fell 50 cents to close at $76.50 in switching ownership of 43,356 stock units, Jamaica Broilers gained $2.30 in closing at $37.30 with an exchange of 358,896 stocks, Jamaica Producers declined 50 cents to $20 after investors ended up trading 24,031 shares. 
Jamaica Stock Exchange advanced 64 cents to $12.09 after a transfer of 13,139 stock units, JMMB Group rose $2.46 to end at $31.46 in an exchange of 553,620 stocks, Kingston Properties climbed 57 cents to close at $7.70 while exchanging 109,567 units. Kingston Wharves rose $1.15 in closing at $29.95 as 7,155 shares passed through the market, Margaritaville dropped $3.71 and ended at $14.60 with investors trading 24 stocks, Massy Holdings dipped $1 to $101, with 395 stock units crossing the market. Pan Jamaica popped $2.28 to end at $50.28 as investors exchanged 10,292 units, Portland JSX rose $1.25 in closing at $11 in an exchange of 30,000 shares. Proven Investments gained 50 cents to $25.80 with stakeholders exchanging 51,318 shares, Scotia Group rallied $1.35 to end at $34 after an exchange of 160,437 stocks, Supreme Ventures lost 50 cents in ending at $26, with 2,067,664 units crossing the market and Sygnus Credit Investments increased $1.80 to close at $14.40 changing hands 772,349 stock units.
In the preference segment, Jamaica Public Service 7% dropped $2.28 in closing at $46.39 while trading 1,283 stocks, JMMB Group 7% preference share fell 30 cents to $1.70 with shareholders swapping 21,434 shares and 138 Student Living preference share lost $7 to end at $81 after 41 stock units passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Carib Brokers gains 54% & drops ICTOP10
The Junior Market was buoyed by strong movement in shares of Stationery and Office Supplies following the announcement of a proposed stock split that turned out to be 9 for each outstanding share and following ICInsider.com report last week that the stock was a prime candidate for a stock split, the stock rated stock to watch in January, climbed 100 percent since the start of the year but pulled back on Friday following profit taking.
Elsewhere, Caribbean Assurance Brokers jumped 54 percent to close at $4 following the drying up of selling stocks being offered for sale. The stock dropped out of the ICTOP10 and is replaced by Dolla Financial. In the Main Market, Caribbean Cement dropped out of the TOP10 with a 3 percent rise to $50.90 and was replaced by Transjamaican following a fall in price from $2.39 to close the week at $2.24 after hitting a low for the week at $2.
The Junior Market reclaimed the 3,900 handle, following the reclaiming of the 3,800 at the end of the previous week and in the process is just one percent below the end of December last year and is close to retaking the 4,000 level, as technical indicators pointing to the market now at an early stage of a big rally in the second half of the year, following a 10 percent gain since the low for the year in March, suggesting a possible gain in excess of 30 percent for the year.
The Junior Market ended with 4 stocks rising and three declining during the week, with Caribbean Assurance Brokers the lead the stock, followed by One and One, that is up 8 percent to $1.12 and Caribbean Cream up 3% to $4, while iCreate dropped 24% to 91 cents and Consolidated Bakeries dropped 10% to end the week at $2.19. The Main Market had only moderate price movement with none exceeding 3%.
At the end of the week, the average PE for the JSE Main MarketTOP 10 is 5.8, well below the market average of 13.1. The Main Market TOP10 is projected to have an average of 253 percent, by May 2024, based on 2023 forecasted earnings.
The 15 most highly valued Main Market stocks are priced at a PE of 15 to 98, with an average of 28 and 19 excluding the highest PE stocks, 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 11.3. There are 11 stocks representing 23 percent of the market, with PEs from 15 to 44, averaging 20 that are well above the average of the market. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 276 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 level of likely gains for ICTOP10 stocks.
In the market generally, Investors continue to nibble away at a number of stocks and in the process gradually reduce the supply of several stocks that are attractively priced as the market moves toward the summer months, the start of the stock market year.
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 are likely to deliver the best returns up to the end of May 2023 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.
Weekend rally for JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Friday, with the volume of stocks traded declining 43 percent and the value 6 percent lower than on Thursday, with 53 securities trading compared with 52 on Thursday, with 16 rising, 18 declining and 19 ending unchanged.
A total of 14,036,554 shares were traded for $205,125,008 compared to 24,710,357 units at $217,998,595 on Thursday.
Trading averaged 264,841 shares at $3,870,283 compared with 475,199 shares at $4,192,281 on Thursday, month to date, an average of 349,982 units at $4,966,815, compared with 354,979 units at $5,031,174 on the previous day, that is well above the average for May of 226,361 shares at $1,362,447.
Kingston Wharves led trading with 4.0 million shares for 28.5 percent of total volume followed by Wigton Windfarm with 3.39 million units for 24.2 percent of the day’s trade, Sygnus Credit Investments with 1.92 million units for 13.7 percent market share and Transjamaican Highway with 1.11 million units for 7.9 percent of total volume.
The All Jamaican Composite Index popped 45.77 points to 361,653.63, the JSE Main Index popped 2,594.54 points to settle at 327,952.63 and the JSE Financial Index dropped 0.37 points to finish at 72.93.
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 forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments dipped 40 cents to $74 with 25,860 shares trading, Caribbean Cement popped $1.40 and ended at $50.90 in switching ownership of 625 units, First Rock Real Estate dropped 54 cents in closing at $9.31, with 119,049 stocks crossing the market, GraceKennedy gained 50 cents to close at $77, with 52,886 stock units changing hands, Jamaica Producers rose 80 cents to close at $20.50 with traders exchanging 890,023 units,
Kingston Wharves shed $1.15 and ended at $28.80 in an exchange of 4,001,198 shares, Massy Holdings climbed $7 to $102 in trading 1,432 stocks, NCB Financial lost 51 cents to close at $67.50 after an exchange of 148,016 stock units, Pan Jamaica fell $2.50 in closing at $48 with a transfer of 5,586 stock units, Scotia Group declined 35 cents to end at $32.65, with 47,726 shares crossing the market and Supreme Ventures advanced $1.30 in closing at $26.50 after a transfer of 143,829 units.
In the preference segment, Eppley 7.75% preference share dropped $1 to end at $19 and closed with 150 stocks changing hands, 
Jamaica Public Service 7% declined $7.33 to $48.67 after stakeholders exchanged 109 units and JMMB Group 7.25% preference share increased 53 cents to close at $4.06 with an exchange of 1,000 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up on the JSE Main Market
Trading activity picked up on the Jamaica Stock Exchange Main Market on Thursday, with the volume of stocks traded rising 218 percent and the value 110 percent more than on Wednesday, after trading in 52 securities compared with 57 on Wednesday, with 21 rising, 16 declining and 15 ending unchanged.
A total of 24,710,357 shares were traded for $217,998,595 compared with 7,774,565 units at $103,833,504 on Wednesday.
Trading averaged 475,199 shares at $4,192,281 compared with 136,396 shares at $1,821,640 on Wednesday and month to date, an average of 354,979 stock units at $5,031,174, compared with 347,633 units at $5,082,435 on the previous day. May closed with an average of 226,361 units at $1,362,447.
Wigton Windfarm led trading with 13.02 million shares for 52.7 percent of total volume followed by Carreras with 3.54 million units for 14.3 percent of the day’s trade, Sagicor Select Manufacturing & Distribution Fund with 2.67 million units for 10.8 percent market share, NCB Financial with 2.14 million units for 8.7 percent market share and Transjamaican Highway with 1.49 million units for 6 percent of total volume.
The All Jamaican Composite Index fell 993.11 points to 361,607.86, the JSE Main Index shed 1,951.96 points to 325,358.09 and the JSE Financial Index shed 0.02 points to end at 73.30.
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 forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Berger Paints fell 69 cents to end at $7.30, with 20,000 shares crossing the exchange, Caribbean Cement declined 50 cents in closing at $49.50 with investors transferring 1,682 units, Eppley dipped 49 cents to $36.50 in an exchange of 55 stocks. 
GraceKennedy shed 50 cents to close at $76.50 in an exchange of 29,451 stock units, Jamaica Producers popped 70 cents to $19.70 with an exchange of 500 units, Kingston Wharves advanced $1.94 to end at $29.95 while exchanging 1,300 stock units. Massy Holdings dropped $6 in closing at $95, with 20,052 shares crossing the market, Mayberry Investments gained 87 cents to close at $9 as investors exchanged 50,003 stocks, 138 Student Living lost 36 cents to close at $4.60 with a transfer of 179,651 units. Pan Jamaica Group rallied $1.50 and ended at $50.50 with shareholders swapping 4,634 stock units, Scotia Group fell $1.80 to end at $33 after investors traded 36,082 shares, Stanley Motta climbed 38 cents and ended at $5.18 after a transfer of 15,382 stocks and Sterling Investments rose 50 cents to close at $2.70, with 80 units changing hands.
In the preference segment,Jamaica Public Service 7% declined $8.80 in closing at $56 after 65 stocks were traded, JMMB Group 7.25% preference share increased 46 cents to $3.53 after exchanging 5 stock units and Productive Business Solutions 9.75% preference share shed $1.99 to close at $90.01, with 2,245 shares clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading back to the norm on JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Wednesday, with the volume of stocks traded declining 75 percent accompanied by an 83 percent fall in the value compared with that on Tuesday, after 57 securities were traded compared with 55 on Tuesday, and resulting in the prices of 19 rising, 23 declining and 15 ending unchanged.
A total of 7,774,565 shares were traded for $103,833,504, down from 31,469,005 units at $596,839,341 on Tuesday.
Trading averaged 136,396 shares at $1,821,640 compared with 572,164 stocks at $10,851,624 on Tuesday. The average trade month to date is 347,633 shares at $5,082,435 versus 362,797 units at $5,316,522 on the previous day. May closed with an average of 226,361 shares at $1,362,447.
Transjamaican Highway led trading with 1.61 million shares for 20.6 percent of total volume followed by QWI Investments with 1.17 million units for 15 percent of the day’s trade, Sagicor Select Financial Fund ended with 1.16 million units for 14.9 percent market share and NCB Financial with 1.09 million units for 14 percent of total volume.
The All Jamaican Composite Index rose 1,549.13 points to settle at 362,600.97, the JSE Main Index increased 2,357.50 points to end at 327,310.05 and the JSE Financial Index rallied 0.24 points to 73.32.
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 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 15 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Eppley Caribbean Property Fund lost $2.48 to close at $38.52 after 550 shares passed through the market, 
Guardian Holdings rallied $2.60 in closing at $453 after traders exchanged 995 stocks, Kingston Wharves dipped $1.94 to end at $28.01 with shareholders swapping 505 stock units. Massy Holdings jumped $6 to end at $101 in an exchange of 9,628 units, Mayberry Investments declined 87 cents and ended at $8.13 with investors transferring 22,278 stock units, NCB Financial rose 79 cents to $68 following the trading of 1,086,879 shares. 138 Student Living advanced 31 cents to end at $4.96 with a transfer of 1,207 shares, Pan Jamaica dipped 98 cents to $49 after trading 87,688 stocks, Sagicor Group climbed $1.99 in closing at $50.49 after an exchange of 27,382 units. Scotia Group gained 30 cents and ended at $34.80 in an exchange of 4,129 shares, Stanley Motta shed 38 cents to $4.80, with 59,495 stocks clearing the market and Sterling Investments fell 50 cents to close at $2.20 while exchanging 86,071 stock units.
In the preference segment, Jamaica Public Service 7% popped $8.45 in closing at $64.80, with 1,170 stocks crossing the market and Productive Business Solutions 9.75% preference share popped $1 to end at $92, with 1,040 shares changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on Main Market but prices fall
Trading picked up on the Jamaica Stock Exchange Main Market on Tuesday, with a 31 percent jump in the volume of stocks traded but with a 664 percent jump in the value compared to Monday with 55 securities trading compared with 56 on Monday and ended with prices of 15 rising, 26 declining and 14 ending unchanged.
A total of 31,469,005 shares were traded for $596,839,341 compared with 24,000,889 units at $78,140,528 on Monday.
Trading averaged 572,164 shares at $10,851,624 up from 428,587 shares at $1,395,367 on Monday and month to date, an average of 362,797 units at $5,316,522 compared with 347,215 units at $4,904,572 on the previous day. May closed with an average of 226,361 units at $1,362,447.
NCB Financial led trading with 6.45 million shares for 20.5 percent of total volume, Transjamaican Highway followed with 5.93 million units for 18.9 percent of the day’s trade, Mayberry Jamaican Equities finished with 5.0 million units for 15.9 percent market share, Mayberry Investments ended with 5.0 million units for 15.9 percent market share, Wigton Windfarm traded 4.66 million units for 14.8 percent market share and JMMB Group 7.35% due – 2028 ended with 1.59 million units for 5 percent of total volume.
The All Jamaican Composite Index fshed 3,269.39 points to end at 361,051.84, the JSE Main Index declined 2,465.86 points to 324,952.55 and the JSE Financial Index dipped 0.39 points to 73.08.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.2 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 nine stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Eppley Caribbean Property Fund advanced $1 to $41, with 601 shares changing hands, First Rock Real Estate shed 36 cents to end at $10.10 while exchanging 7,468 units, Guardian Holdings fell $1.60 in closing at $450.40 in an exchange of 4,332 stocks. Jamaica Broilers gained 38 cents to close at $34.98, with 115,169 stock units crossing the market, 
Jamaica Producers dropped 70 cents and ended at $19 with investors trading 246 stock units, Jamaica Stock Exchange dipped 35 cents and ended at $11.50 after a transfer of 34,785 stocks. Margaritaville rallied 49 cents to $18.31 as investors exchanged 885 shares, Mayberry Investments rose 95 cents in closing at $9 after 5,001,032 units were traded, NCB Financial climbed 51 cents to end at $67.21 with stakeholders exchanging 6,445,289 units. Pan Jamaica Group increased 98 cents to close at $49.98 after 5,873 stock units passed through the market, Sagicor Group lost $1.40 to end at $48.50 as 7,678 stocks passed through the market, Salada Foods declined 40 cents to $2.79, with 26,725 shares crossing the exchange. Scotia Group shed 40 cents to close at $34.50 with a transfer of 44,411 shares, 
Supreme Ventures dropped 80 cents to end at $25.20 in an exchange of 202,573 units and Sygnus Real Estate Finance popped $1.50 in closing at $12.20 in switching ownership of just one stock unit.
In the preference segment, Jamaica Public Service 7% climbed $7.35 to $56.35 with 1,103 stocks clearing the market and Productive Business Solutions 9.75% preference share declined 50 cents and ended at $91 after exchanging 1,862 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market stocks jump
Stocks regained some of the grounds lost over the past three days in trading on the Jamaica Stock Exchange Main Market on Monday, after a 67 percent rise in the volume of stocks traded with a 39 percent higher value than on Friday, with trading in 56 securities compared with 58 on Friday, with 24 rising, 16 declining and 16 ending unchanged.
A total of 24,000,889 shares were traded for $78,140,528 up on the 14,340,680 units at $56,260,192 that were exchanged on Friday.
Trading averaged 428,587 shares at $1,395,367 compared with 247,253 shares at $970,003 on Friday and month to date, an average of 347,215 units at $4,904,572, compared with 340,544 units at $5,192,296 on the previous trading day. May averaged 226,361 units at $1,362,447.
Wigton Windfarm led trading with 14.03 million shares for 58.5 percent of total volume after the price closed at a 52 weeks’ high of 94 cents, Transjamaican Highway followed with 5.48 million units for 22.8 percent of the day’s trade and Sagicor Select Financial Fund with 1.52 million units for 6.3 percent of the day’s trade.
The All Jamaican Composite Index jumped 3,886.72 points to 364,321.23, the JSE Main Index surged 4,887.95 points to close at 327,418.41 and the JSE Financial Index inched 0.58 points higher to end at 73.47.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.3 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 seven stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Berger Paints advanced 97 cents in closing at $8.05 after investors exchanged a mere 753 shares, Caribbean Cement gained 81 cents to close at $50 with an exchange of 852 units, Eppley Caribbean Property Fund increased 50 cents to $40 after an exchange of 164 stocks. First Rock Real Estate rallied 46 cents to end at $10.46 with a transfer of 412 stock units, 
GraceKennedy declined $2 and ended at $77 after 59,587 shares were transferred, Guardian Holdings popped $1.95 to close at $452 with investors trading 2,821 stocks. Jamaica Stock Exchange climbed 82 cents to end at $11.85 with investors transferring 8,200 stock units, Kingston Properties rose 39 cents to $7.49 while traders exchanged 610 units, Kingston Wharves popped $1.95 and ended at $29.95 after trading 42,089 stock units. Margaritaville rose $2.57 in closing at $17.82 with stakeholders trading 558 shares, Massy Holdings climbed $5 to $95, with 344 stocks crossing the market, Mayberry Jamaican Equities advanced 99 cents to end at $11.29 with shareholders swapping 360 units. MPC Caribbean Clean Energy dropped $10.99 to close at $60.01 and closed after 12 shares changed hands, NCB Financial rallied $1 in closing at $66.70 in an exchange of 81,431 stock units.
Seprod increased $4.50 and ended at $75, with 103,732 stocks clearing the market, Supreme Ventures fell 49 cents to close at $26 in an exchange of 21,724 units and Wisynco Group shed 50 cents to $18, with 318,008 stock units changing hands.
In the preference segment, Jamaica Public Service 7% lost $7 to end at $49 in switching ownership of 46 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Kremi heads ICTOP10 after gaining 22%
The performance this past week in the Junior and the Main Market diverged significantly the Junior Market recorded gains in the week and put it back at early March levels this year while the main market declined further continuing negative performance since the beginning of June and is now back at August 2018 levels and is providing investors with a great opportunity to add some of these stocks to their early Christmas shopping at bargain prices.
The Junior Market has broken through the downward-sloping resistance line of the wedge. The Junior Market reclaimed the 3,800 handle last week and is close to retaking the 3,900 level shortly, with the market set for a big rally in the second half of the year a position supported by technical analysis of the market. The Main Market seems to be weighed down by concerns relating to inflation and interest rates, if so the reading is wrong as inflation is well under control and interest rates will start dropping before the year ends.
Against the background, the Junior Market recorded gains for six stocks during the week with iCreate jumping 26 percent to $1.20, Caribbean Cream moving up 22 percent to $3.89 and Edufocal putting on 6 percent to end the week at $1.89 hey worst performer was Iron Rock Insurance down 7 percent to $2 and General Accident fell 5 percent to $5, while One and One lost 3 percent to close the week at $1.04.
The Main Market had one price movement of note with Transjamaican rising 13 percent to close the week at $2.39. Declining are 138 Student Living down 11 percent to $4.60, Guardian Holdings, with a loss of 7 percent to $450.01 and Caribbean Producers lost 5 percent to end the week at $9.48.
Transjamaican moved out of the Main Market TOP10, with a gain of 27 percent since entering the TOP10 and 35 percent since it was added to Stocks to Watch at $1.77 in April, is replaced by Caribbean Cement, with projected earnings of $6.50 notwithstanding for the first quarter profit and in the Junior Market, Edufocal moved out while Everything Fresh returns after a brief absence to the TOP10 with the price having fallen to $1.50.
Transjamaican, although out of the top 10 has much more room to grow with the potential for an additional 200% increase in the stock price. A look at the order book for Transjamaican suggests that demand is likely to overwhelm supply over the next two to three weeks with a likely price target then of $3. Even then the potential dividend yield that could be 8 percent at that price could result in the price going higher.
Recent developments for some stocks – Lasco Distributors and Lasco Manufacturing increased dividends to 10 cents and 12 cents respectively, with both to be paid in July, while Stationery and Office Supplies hit a record high in the week at $24 but closed the week at $20 for a 17 percent gain for the year. The stock is now a prime candidate for a stock split. Earnings for Berger Paints were adjusted down to $1 per share for 2023.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.8, well below the market average of 13.1. The Main Market TOP10 is projected to have an average of 254 percent, to May 2024, based on 2023 forecasted earnings.
The 15 most highly valued Main Market stocks are priced at a PE of 15 to 98, with an average of 29 and 20 excluding the highest PE stocks, 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 11.1. There are 11 stocks representing 23 percent of the market, with PE from 15 to 42, averaging 21 that are well above the average of the market. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 270 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation is an important indicator of the level of likely gains for ICTOP10 stocks.
In the market generally, Investors continue to nibble away at a number of stocks and in the process gradually reducing the supply of several stocks that are attractively priced as the market moves toward the summer months, the start of the stock market year.
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.
ICTOP10 stocks are likely to deliver the best returns up to the end of May 2023 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.
JSE Main Market stocks back at 2018 levels
The Jamaica Stock Exchange Main Market continued to lose ground on Friday, with declining stocks clobbering those advanced on a 2 to 1 basis, with the losers dominated by some of the largest capitalized stocks, resulting in a decline in the market index to the lowest point since August 2018, with the market closing down for the week and ending on Friday with a 31 percent decline in the volume of stocks traded with a 39 percent lower value than Thursday.
A total of 58 securities changed hands compared with 59 on Thursday and ended with 15 rising 29 declining and 14 unchanged as two stocks hit 52 weeks’ lows, with NCB Financial closing act is 52 weeks’ low of $65.70 while Salada Foods dipped to a 52 weeks’ intraday low of $2.51.
A total of 14,340,680 shares were traded for $56,260,192 compared with 20,658,946 units at $92,185,071 on Thursday.
Trading averaged 247,253 shares at $970,003 versus 350,152 units at $1,562,459 on Thursday and month to date, an average of 340,544 units at $5,192,296, compared to 349,201 shares at $5,584,125 on the previous day. May closed with an average of 226,361 units at $1,362,447.
Transjamaican Highway led trading with 4.70 million shares for 32.8 percent of total volume followed by Wigton Windfarm with 2.84 million units for 19.8 percent of the day’s trade, Sagicor Select Financial Fund chipped in with 1.23 million units for 8.6 percent market share and QWI Investments with 1.07 million units for 7.5 percent of total volume.
Several of the largest capitalized companies suffered big losses on Friday
The All Jamaican Composite Index fell 214.10 points to end at 360,434.51, the JSE Main Index slipped 843.81 points to 322,530.46 and the JSE Financial Index climbed 0.12 points to 72.89.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 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 11 stocks ending with bids higher than their last selling prices and none with a lower offer.
At the close, Berger Paints dropped 99 cents to end at $7.08 after a transfer of 2,600 shares, Caribbean Cement dipped 94 cents in closing at $49.19 after an exchange of 2,659 stocks, Eppley popped $4 to close at $37, with 331 stock units crossing the exchange, Guardian Holdings shed $4.95 ended at $450.05 with shareholders swapping 885 units, Jamaica Producers gained 97 cents to $19.97 crossing the market 161 stocks, Jamaica Stock Exchange fell 97 cents in closing at $11.03 after an exchange of 161,640 stock units,
Kingston Wharves declined $1.90 to $28 in switching ownership of 61,995 units, Massy Holdings lost $9.50 in ending at $90 with 25,621 shares clearing the market, Mayberry Investments fell 90 cents to $8.01 in an exchange of 180,766 stock units, Mayberry Jamaican Equities lost 84 cents to end at $10.30, with 599,395 units being traded, NCB Financial declined $1.30 to end at a 52 weeks’ low of $65.70 with an exchange of 87,054 stocks, Pan Jamaica Group dipped 99 cents to $49 in trading 1,166 shares Proven Investments dropped $1.12 to close at $25.40 after an exchange 14,963 stock units, Sagicor Group gained $1.50 in closing at $50 as investors exchanged 3,140 stocks, Seprod advanced $3.49 and ended at $70.50 after 1,265 shares changed hands and Wisynco Group rallied 94 cents to end at $18.50 after 4,903 units crossed the market.
In the preference segment, Eppley 7.75% preference share rose $1 to close at $20 as 500 stock units passed through the market, Jamaica Public Service 9.5% climbed $22 to $3000 with stakeholders exchanging 2 shares and JMMB Group 7% preference share dipped 40 cents to $2 with investors transferring 8,333 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.