The ICTOP10 top performing stock for the previous week – Caribbean Assurance Brokers (CAB), was the biggest loser last week with a 15 percent decline and returns to the top of the listing as some selling came into the market, with most buyers remaining at the $2 or lower level with a pullback in prices of more Junior Market TOP10 stocks than those that rose.
Earning season delivered solid profit gains for several companies, but that did little to move prices substantially upwards, even as interest rates are softening. A few exceptions are CAB, Dolphin Cove, Consolidated Bakeries, Everything Fresh and earlier Image Plus and Tansjamaican Highway, which enjoyed increased buying interest that sent higher prices. Things have since cooled, as is the norm after most results were released in May, as investors await the critical second quarter number in late July into August before pulling the trigger.
Action in the markets this past week resulted in the ICTOP10 Junior Market stocks recording mostly losses with only a few winners. Main Market stocks recorded mostly wins, with few losses. Dolla Financial dropped out of the TOP10 with Everything Fresh moving back in.
Consolidated Bakeries jumped 20 percent to $2.44, followed by Iron Rock Insurance, which increased 9 percent to $2.50. Dolphin Cove climbed 8 percent to $16.44, helped by robust first quarter results, following an 88 percent increase in revenue to US$4.9 million over the first quarter in 2022, with profit after tax rising 97 percent to US$1.57 million from US$796,000 in 2022. Following CAB, the leading decliner, Image Plus, fell 7 percent to $2.04, while Edufocal and Dolla Financial lost 4 percent to end at $1.87 and $2.71, respectively.
The price of Main Market listed Sygnus Credit Investments gained 13 percent to finish at $13.04 and was followed by Key Insurance, up 7 percent to $3.65 and 138 Student Living with an increase of 5 percent to $5.67, while Caribbean Producers dropped 7 percent in closing at $9.05.
Interest rates on BOJ CDs and Treasury bills have declined in recent weeks below 8 percent, but the Bank of Jamaica held the overnight rate at 7 percent as they cite concerns about the implication of increased minimum wages and the usual agricultural price hikes in the summer months amongst other issues that could derail the reduced inflation rates in recent months. Although many stocks are severely undervalued, a real market bounce may be some time off and may not happen until BOJ starts reducing rates later in the year.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.9, well below the market average of 13.8. The Main Market TOP10 is projected to have an average of 250 percent, to May 2024, based on 2023 forecasted earnings.
The 15 highest valued Main Market stocks are priced at a PE of 15 to 115, with an average of 28 and 18 excluding the highest PE stocks and 18 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 10.8 there are ten stocks or 21 percent of the market, with PEs from 15 to 24, averaging 19, well above the average of the market. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 250 percent to May 2024.
The differences 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.
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 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, 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.
In a moderate trading session, a total of 9,818,276 shares were traded for $78,748,697 up from 6,849,323 units at $56,037,409 on Thursday.
JSE Financial Index dipped 0.79 points to close at 74.44.
Guardian Holdings advanced $5 to end at $485 with investors transferring 795 shares. Jamaica Stock Exchange rose 78 cents to $13.84 with 1,000 units clearing the market, Kingston Wharves gained 48 cents and ended at $31 in an exchange of 2,510 stock units, Massy Holdings rallied $3 to close at $100, with 490,550 shares crossing the market. NCB Financial rallied $1.39 to close at $71.39 with an exchange of 23,568 units, Portland JSX climbed 48 cents in closing at $11.48, with 1,985 stocks crossing the market, Proven Investments shed 34 cents to $26 with an exchange of 10 units. Sagicor Group fell $1.24 to end at $49.50 in switching ownership of 50,000 shares, Scotia Group declined 30 cents and ended at $34.20 as investors exchanged 25,715 stocks, Seprod advanced 95 cents to $70.95, with 1,527 stock units changing hands and Sygnus Real Estate Finance declined $1.88 to $10.11 after an exchange of 5,300 stock units.
In the preference segment, Productive Business 10.50% preference share dropped $183.75 in closing at $1041.25 with a transfer of 450 stocks and Jamaica Public Service 7% shed $17.99 to end at $86.01 with shareholders swapping 2 shares.
Investors pulled in their wallets in trading on the Jamaica Stock Exchange Main Market on Thursday, resulting in a 42 percent fall in the volume of stocks traded, with the value 43 percent lower than on Wednesday, with trading activity in 54 securities compared to 50 on Wednesday, with 23 rising, 15 declining and 16 ending unchanged.
The All Jamaican Composite Index lost 2,663.44 points to close at 367,119.06, the JSE Main Index fell 2,392.04 points to 331,599.86 and the JSE Financial Index dipped 0.20 points to end trading at 75.23.
JMMB Group rallied 38 cents and ended at $30.38, with 35,912 stocks crossing the market, Kingston Wharves dropped $1.48 to $30.52 after an exchange of 1,000 shares, Massy Holdings fell $1 to $97, with 5,421 stocks changing hands. Mayberry Jamaican Equities popped 49 cents to end at $10.50 in an exchange of 1,125 units, MPC Caribbean Clean Energy dropped $12 in closing at $71 after investors traded 66 stock units, Pan Jamaica Group rose $3.59 to $54.09, with 42,788 stocks passing through the market. Proven Investments increased 84 cents to close at $26.34 as investors exchanged 21,359 shares, Sagicor Group advanced 74 cents to end at $50.74 after 4,916 stock units passed through the market, Scotia Group gained 50 cents to close at $34.50 with 505,530 units clearing the market and Seprod lost 98 cents in closing at $70 while exchanging 101,819 stocks.
In the preference segment, Jamaica Public Service 7% climbed $19 and ended at $104 with an exchange of 303 shares and 138 Student Living preference share gained 50 cents to close at $125.50 as investors exchanged 47 stock units.
A total of 11,799,520 shares were traded for $97,798,065 compared to 20,517,691 units at $136,987,002 on Tuesday.
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 selling prices of stocks and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2023.
Jamaica Stock Exchange shed 77 cents to end at $13.06 with 92 units clearing the market, JMMB Group rose 40 cents in closing at $30 in an exchange of 411,656 stocks. Margaritaville gained $4.38 to close at $18.99 in switching owners of just one unit, Massy Holdings advanced 50 cents to end at $98 as 3,100 stocks passed through the market, Mayberry Jamaican Equities lost 49 cents to end at $10.01, with 44,300 stock units crossing the market, NCB Financial fell $1.40 and ended at $70 in trading 49,603 shares, Pan Jamaica Group dropped $3.50 in closing at $50.50 with investors transferring 12,712 units. Proven Investments declined 50 cents to close at $25.50, with 2,021 stock units crossing the exchange, Sagicor Group climbed $1.75 to $50 while exchanging 501,749 stocks, 
Scotia Group lost $1 to end at $34 after trading 35,429 shares and Supreme Ventures dipped 52 cents in ending at $26.98 with an exchange of 60,375 units.
On Monday, 20,517,691 shares were traded for $136,987,00 compared with 17,840,357 units at $50,065,528.
The All Jamaican Composite Index climbed 2,328.48 points to 369,604.09, the JSE Main Index rose 1,411.65 points to 334,046.03 and the JSE Financial Index gained 0.13 points to 75.36.
GraceKennedy rallied 69 cents in closing at $82.19 with 5,806 stock units changing hands. Jamaica Broilers shed 49 cents to close at $36 after a transfer of 15,029 shares, Kingston Wharves declined 50 cents and ended at $32 after an exchange of 4,540 stock units, Mayberry Investments climbed 49 cents to end at $7.40 in switching ownership of 6,307 stock units. Mayberry Jamaican Equities gained 49 cents to $10.50, with 34,936 stocks crossing the market, NCB Financial rose 39 cents in closing at $71.40 after an exchange of 92,064 shares, Pan Jamaica Group advanced $2 to close at $54, with 518,344 units crossing the market. Salada Foods traded 515,000 shares after hitting a 52 weeks’ intraday low of $3 but ended trading with a 5 cents fall to $3.55, Scotia Group increased $1 to $35 in an exchange of 1,080,214 stock units. Supreme Ventures climbed 55 cents to $27.50 while exchanging 13,359 shares, Sygnus Credit Investments rose $1.60 and ended at $12.85, with 1,269,256 stocks clearing the market and Wisynco Group rallied 39 cents in closing at $17.50 with shareholders swapping 16,282 units.
In the preference segment, Eppley 7.25 preference share advanced $1.75 to end at $19.25 with investors transferring 5,000 units, Jamaica Public Service 7% lost $15.97 to close at $90 with an exchange of 371 stock units and 138 Student Living preference share shed $25 after it ended at $125, with 42 stocks changing hands.
A total of 17,840,357 shares were traded for $50,065,528 compared to 8,921,791 units at $66,764,856 on Friday.
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 stock prices and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2023.
Massy Holdings advanced $1.50 and ended at $97.50 in an exchange of 520 units, Mayberry Investments dipped 87 cents to $6.91 with 90 shares crossing the market. Mayberry Jamaican Equities declined 49 cents in closing at $10.01 in an exchange of 174 stock units, MPC Caribbean Clean Energy declined $7 and ended at $83 after an exchange of 275 stocks, NCB Financial lost 49 cents to end at $71.01 with a transfer of 51,642 stock units. Pan Jamaica Group shed $2.09 to close at $52 trading 18,512 units, Sagicor Group fell $2.72 to $48.27, with 101,052 shares crossing the market, Scotia Group dipped 62 cents to $34 as investors exchanged 11,233 stocks. Supreme Ventures dropped 75 cents to end at $26.95 as 35,770 stocks passed through the market, Sygnus Credit Investments dropped 30 cents in closing at $11.25, with 6,077 units crossing the exchange, 
Sygnus Real Estate Finance shed $1.26 and ended at $11.74 after an exchange of 1,057 shares and Wisynco Group fell 39 cents to close at $17.11 in trading 20,889 stock units.
CAB has been at the top of the TOP10 for several weeks going back to mid-March and now sits at the number 6 spot in spite of the substantial price gains, with ICInsider.com raising EPS to 50 cents from 45 cents. Taking over the number one spot is baker 
The 15 highest valued Main Market stocks are priced at a PE of 15 to 110, with an average of 27 and 19 excluding the highest PE stocks and 19 for the top half excluding the stocks with the highest valuation.
Investors traded 8,921,791 shares for $66,764,856 up from 6,187,825 units at $24,579,359 on Thursday.
The All Jamaican Composite Index lost 2,547.79 points to close at 369,575.13, the JSE Main Index fell 776.23 points to 333,707.63 and the JSE Financial Index lost 1.10 points to settle at 75.37.
Guardian Holdings popped $7.99 to $480 while exchanging 1,445 units, Jamaica Broilers shed $3.33 in closing at $33.95 with 980,603 shares clearing the market, Kingston Wharves rose $2.47 to $32.99, with investors trading 1,000 shares, Margaritaville dropped $4.40 to $14.60 in an exchange of 32 stocks, Mayberry Jamaican Equities rallied 49 cents to $10.50 with shareholders swapping 22,988 stock units, MPC Caribbean Clean Energy rose $7 to close at $90 while 123 shares passed through the market, NCB Financial dipped $3.48 to end at $71.50 in trading 171,711 units, 138 Student Living advanced 39 cents to $5.40 after a transfer of 25,247 shares, Scotia Group fell 38 cents in ended at $34.62, with 34,830 units changing hands, Seprod dipped 96 cents in closing at $71 with an exchange of 12 stocks, Supreme Ventures gained 70 cents and ended at $27.70 after investors were involved in trading 28,660 stock units, Wisynco Group advanced 93 cents to close at $17.50 after an exchange of 46,863 stock units.
In the preference segment, Eppley 5% preference share rose $3.97 in closing at $22, with 100 units crossing the exchange, Jamaica Public Service 7% rallied $15.65 to $95 after exchanging 2,001 stocks, Jamaica Public Service 9.5% increased $20 to end at $3000 and closed with just one share changing hands and Productive Business Solutions 9.75% preference share popped $10.90 to close at $106.93 with investors transferring 87 units.
Trading sank to low levels on the Jamaica Stock Exchange Main Market on Thursday, with the volume of stocks traded declining 18 percent and the value 11 percent lower than on Wednesday, resulting in 6,187,825 shares being traded for a mere $24,579,359, from 7,575,200 units at $27,742,615 on Wednesday following trading in 55 securities compared with 59 on Wednesday, and resulting in prices of 19 rising, 19 declining and 17 ending unchanged.
Transjamaican Highway with 1.42 million units for 22.9 percent of the day’s trade, with the stock closing at a 52 weeks’ high and Sagicor Select Financial Fund with 334,064 units for 5.4 percent market share.
Jamaica Broilers rallied 53 cents to $37.28 in switching owners for 28,412 stock units, Kingston Wharves dropped $2.47 to end at $30.52, with 1,436 units clearing the market, Margaritaville popped $1.92 in ending at $19 as 34 stocks passed through the market, Massy Holdings dipped $3.50 in closing at $96 with an exchange of one share. 138 Student Living declined 34 cents to $5.01 after 20,642 units crossed the exchange, Proven Investments 39 cents to close at $25.80 after exchanging 41 stock units, Sagicor Group rallied $2.81 to $51 and closed after 1,340 stocks changed hands. Seprod climbed $1.85 and ended at $71.96 after a transfer of 12,501 shares, Sygnus Real Estate Finance increased $1.20 in closing at $13, with 3,775 stocks passing through the market and Wisynco Group fell 38 cents to end at $16.57 trading 111,075 shares.
In the preference segment, Productive Business 10.50% preference share lost $5 to close at $1,215, with 150 stock units changing hands, Jamaica Public Service 7% rose $19.35 to close at $79.35 while exchanging 684 units and Jamaica Public Service 9.5% shed $20 to end at $2980 with investors transferring one stock unit.
Only 7,575,200 shares were traded for just $27,742,615 compared with 10,763,695 units at $65,931,590 on Tuesday.
The All Jamaican Composite Index fell 511.59 points to 368,714.93, the JSE Main Index popped 437.53 points to finish at 334,568.02 and the JSE Financial Index inched 0.07 points higher to 75.61.
GraceKennedy rallied 50 cents to $77.99 after a transfer of 6,403 stock units, Guardian Holdings gained $28 to end at $500 while exchanging one stock, Jamaica Stock Exchange advanced 60 cents in closing at $14, with 7,050 shares crossing the exchange, JMMB Group dropped 97 cents to close at $29.02 as investors exchanged 11,918 units. Margaritaville climbed $3.37 in ending at $17.08 with shareholders swapping 750 units, Massy Holdings popped $1.50 to $99.50 as 30,226 units passed through the market, Mayberry Investments dipped 39 cents to close at $7.50, with 13,778 stocks changing hands, Mayberry Jamaican Equities lost 50 cents and ended at $10 with a transfer of 81,450 shares. MPC Caribbean Clean Energy increased $10.75 to end at $83 in trading 25 units, NCB Financial advanced $3 in closing at $75 after an exchange of 28,214 stocks,Proven Investments fell 59 cents to $25.41 in an exchange of 6,630 shares, Sagicor Group dipped $1.19 to close at $48.19 with 8,437 stock units changing hands. Scotia Group popped 50 cents to $35 in switching ownership of 21,437 shares, Seprod lost $1.89 and ended at $70.11 after an exchange of 2,282 units, Stanley Motta dropped $1.20 in closing at $4.95 after shareholders exchanged 153,530 stock units, Supreme Ventures declined 99 cents to end at $27, with 169,524 stocks crossing the market and Wisynco Group rallied 39 cents in closing at $16.95 with 60,885 stock units clearing the market.
In the preference segment, Productive Business 10.50% preference share rose $20 to close at $1220 in an exchange of 100 shares, Eppley 5% preference share fell $4.95 to $18.03, with 39 units changing hands and 138 Student Living preference share gained $17.81 to end at $150, with one stock clearing the market stock.