The Main Market of the Jamaica Stock Exchange recorded solid gains during the past week as the Junior Market declined but that did not show up in the ICTOP10 stocks performance as Junior Market stocks ended with gains and losses with the average gains outdoing declines while the Main Market ended with modest price changes in a week when Consolidated Bakeries (Purity) was the star performer with a 24 percent rise to $2.50.
Consolidated Bakeries
The Junior Market had one change in the TOP10 as Main Event rose 6 percent to $12.95 and moved out of the TOP10, allowing Honey Bun to return after falling out the previous week.
Other major price movements in this past week were a 4 percent rise for Everything Fresh to $1.46, a 17 percent fall to $2.15 for Lasco Distributors and 4 percent decline for Image Plus to $1.95. Trading in Image Plus never resulted in more gains during the week following the previous week’s healthy move as selling continued at the same pace as the week before while buyers seem to have pulled back.
In the Main Market, Key Insurance rose 5 percent to $3.65, while Sygnus Credit Investments fell 5 percent to $11.40 as Guardian Holdings, Berger Paints and JMMB Group declined by 4 percent to $475, $7.70 and $30.31 respectively.
Interest rates on Bank of Jamaica CDs dipped again at this past week’s auction with the average rate slipping to 8.41 percent from 8.49 percent, at the previous week’s auction, with BOJ quarantining $104 billion. At the same time the foreign exchange market enjoyed buoyant flows with more funds entering the market each day than the amount dealers sold.
Another fact worth noting is that the Junior Market has a long history, with the market starting to rise around a month before the release of quarterly results and declining shortly after results are released.
Honey Bun’s return to the TOP10 Junior Market list this past week should enjoy increased investors’ interest with an expected jump in revenues and profits for the first quarter with the Easter coming at the beginning of April versus the 17th of April last year as well as improvement of gross profit margin that slipped last year.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.5 well below the market average of 13.5, while the Junior Market Top 10 PE sits at 5.7 compared with the market at 11.2. The differences are important indicators of the level of likely gains for ICTOP10 stocks. The Junior Market is projected to rise by 255 percent and the Main Market TOP10 an average of 276 percent, to May 2024, based on 2023 forecasted earnings.
The Junior Market has 11 stocks representing 23 percent of the market, with PEs from 15 to 28, averaging 20, well above the average of the market. The top half of the market has an average PE of 16, suggesting that this may be a logical value for junior market stocks currently.
The 16 Main Market stocks with the highest value are priced at a PE of 15 to 115, with an average of 31 and 20 excluding the highest PE stocks and 20 for the top half excluding the stocks with the highest valuation.
The above average shows the extent of potential gains for the TOP 10 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 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.
A total of 17,428,579 shares were traded for $38,758,141 down from 20,050,275 units at $83,836,104 on Thursday.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.7 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 between November 2022 and August 2023.
Pan Jamaica Group shed $1.79 after ending at $55 while exchanging 242 stock units, Proven Investments popped 64 cents to end at $26.50 after 521 stocks changed hands, Sagicor Group advanced $2.93 to $49.94 with an exchange of 50,658 units, Scotia Group declined 75 cents to close at $34.25, with 288 stock units crossing the market and Supreme Ventures fell 46 cents to close at $26.04 with a transfer of 31,087 shares.
Jamaica Public Service 7% dropped $19.69 to $40.31, with 50 stocks crossing the exchange and JMMB Group 7% preference share rose 50 cents after ending at $2.53 with an exchange of 581 units.
A total of 20,050,275 shares were traded for $83,836,104 compared to 12,894,594 units at $48,653,770 on Wednesday.
The All Jamaican Composite Index lost 1,167.97 points to finish at 367,126.63, the JSE Main Index declined 1,446.13 points to conclude trading at 332,138.52 and the JSE Financial Index dipped 0.65 points to settle at 75.24.
Jamaica Producers rose $1.35 to $22 with 8,440 stocks crossing the market, Jamaica Stock Exchange gained 50 cents after ending at $14 after 208 stock units passed through the market, JMMB Group rose 81 cents to $30.31 after an exchange of 56,000 shares, Kingston Wharves advanced $3.30 in closing at $33.80 with the swapping of 23,660 units, Margaritaville rallied 49 cents to close at $18.49, with 105 stocks crossing the exchange, Massy Holdings rallied $1 to $100, with investors trading 4,289 units, Mayberry Jamaican Equities popped 49 cents to end at $11.49 in an exchange of 350 stocks, MPC Caribbean Clean Energy climbed $11.25 to $86.25 after a transfer of 115 stock units, NCB Financial dipped $4 in closing at $70 after investors exchanged 168,649 shares, Pan Jamaica Group increased $2.79 after ending at $56.79 and closed with 207 stock units changing hands, Proven Investments shed $1.47 to close at $25.86 in switching ownership of 29,014 units, Sagicor Group dropped 49 cents to end at $47.01 with a transfer of 18,707 stocks, Seprod declined $1.45 to close at $62.05 in an exchange of 4,492 shares and Supreme Ventures fell 40 cents in closing at $26.50 after an exchange of 16,770 stocks.
In the preference segment, Eppley 7.25% preference share lost $2.19 to close at a 52 weeks’ low of $16.56 with 490 units clearing the market and Jamaica Public Service 7% gained $10 in ending at $60, with 116 stock units changing hands and Transjamaican Highway 8% rose 25 cents to 52 weeks’ high of $2.67 after just 5 shares were traded.
A total of 12,894,594 shares were exchanged for $48,653,770 up from 5,006,796 units at $37,626,082 on Tuesday.
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 incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Kingston Properties gained 60 cents in closing at $7, with 36,697 units changing hands, Margaritaville shed 50 cents to end at $18 after closing with an exchange of 4,732 shares, Massy Holdings popped $8 after ending at $99, with 2,848 stocks crossing the market, Mayberry Jamaican Equities lost 60 cents in closing at $11 in switching ownership of 16,091 stock units, MPC Caribbean Clean Energy rose $4 to close at $75 with investors transferring 1,699 shares, NCB Financial climbed $2.99 to $74, with 28,178 stocks crossing the market, Pan Jamaica Group fell $1.94 to $54 after an exchange of 11,508 units, Proven Investments increased $1.38 to close at $27.33 as 7,570 shares passed through the market, Sagicor Group declined 50 cents after ending at $47.50 with a transfer of 85,383 stock units, Salada Foods dropped 43 cents in closing at $3.56, with 9,951 stocks crossing the exchange and Sygnus Real Estate Finance gained 66 cents to end at $11.82 with 2,923 units clearing the market.
In the preference segment, Productive Business Solutions 10.50% preference share dropped $50 to $1200 as investors exchanged 82 shares, Eppley 7.75% preference share fell $2.96 to close at $16.94 with an exchange of 2,500 units and Jamaica Public Service 7% shed $11.53 in ending at $50, with 170 stock units crossed the market.
A total of 5,006,796 shares were traded for $37,626,082, compared to 10,510,147 units at $39,934,059 on Thursday.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasts by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Massy Holdings climbed $1 after ending at $91 with the swapping of 804 shares, Mayberry Investments increased 40 cents to $8 with an exchange of 10,000 units, NCB Financial lost $3.47 after ending at $71.01 as 20,912 stock units passed through the market, Salada Foods advanced 46 cents in closing at $3.99 in an exchange of 1,152 stocks. Scotia Group increased 73 cents to end at $35 after an exchange of 14,909 shares, Seprod declined $4.40 to $63.60, with 16,383 stock units clearing the market, Supreme Ventures advanced 50 cents to close at $27 in switching ownership of 244,880 units. Sygnus Credit Investments lost 40 cents to close at $11.60 as 36,446 stocks cleared the market and Sygnus Real Estate Finance dropped $1.97 in closing at $11.16 after 1,087 shares crossed the market.
In the preference segment, Eppley 5% crossing the market preference share, fell $2.90 to $19.10 t 25 units and Jamaica Public Service 7%, with 172 stock units dipping $8.17 after ending at $61.53 changing hands.
Another positive development is the average inflation rate running at 45 percent less than the same time last year and averaging 2.4 percent per annum since November last year. Foreign exchange inflows have been strong, with the NIR growing at $66 million in February and 220 million in March, putting it at a record end of month level as initial data suggest that tourism arrivals and foreign exchange generated by that industry exceed the similar period in 2019, the last year without the impact of covid-19 negatively affecting the sector. On top of those positive developments, corporate profits are expected to enjoy a good bounce for the majority of companies for the first quarter.
Main Market TOP 10 is 5.6, well below the market average of 13.5, while the Junior Market Top 10 PE sits at 5.7 compared with the market at 11.1. The differences are important indicators of the likely gains for ICTOP10 stocks. The Junior Market is projected to rise by 256 percent and the Main Market TOP10, an average of 271 percent, to May 2024, based on 2023 forecasted earnings.
The above average shows the extent of potential gains for the TOP 10 stocks.
A total of 10,510,147 shares were traded for $39,934,059 compared to 12,992,157 units at $42,746,105 on Wednesday.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Wharves advanced 61 cents to $31.15 w ith investors exchanging 150,000 units, Mayberry Investments declined 40 cents to close at $7.60 in switching ownership of 17,378 stocks, Proven Investments fell 60 cents in closing at $26 after 4,792 shares crossed the market, Sagicor Group increased by $1 after in ending at $48, with 10,735 stocks crossing the market, Seprod popped 99 cents to end at $68 after trading 27,037 units, Sterling Investments advanced 42 cents to $2.96 as 88,527 shares passed through the market, Supreme Ventures dipped 50 cents to close at $26.50 in trading 107,575 stock units, Sygnus Credit Investments increased 40 cents in closing at $12 after an exchange of 10,840 stock units and Sygnus Real Estate Finance rallied $1.50 to $13.13 after a transfer of 227 stocks.
In the preference segment, Jamaica Public Service 7% lost $14.30 to end at $69.70 after exchanging 87 units.
A total of 12,992,157 shares were traded for $42,746,105 compared to 9,556,783 units at $28,842,985 on Tuesday.
The All Jamaican Composite Index dropped 2,088.91 points to 369,166.27, the JSE Main Index shed 1,159.46 points to end at 330,217.61 and the JSE Financial Index popped 0.01 points to close at 76.30.
Guardian Holdings rose $5 to $495 in trading 198 units, Jamaica Broilers increased $1.50 to end at $36.50 after exchanging 17,292 stocks, Jamaica Stock Exchange declined 90 cents in closing at $13.05 in switching ownership of 2,448 shares. JMMB Group shed $2.79 after ending at $29 as investors exchanged 113,841 stocks, Key Insurance advanced 48 cents in closing at $3.48 after a transfer of 300 stock units, Kingston Wharves declined $3.46 to $30.54 and closing with 5,626 units being traded. Margaritaville climbed $1.49 to $16.46 after an exchange of 239 shares, Massy Holdings gained $1 to $90, with 5,741 units crossing the market, Mayberry Jamaican Equities shed 60 cents to close at $11.60 with an exchange of 11,691 stock units. NCB Financial rose $1.48 to end at $74.48 as 31,311 stocks passed through the market, Sagicor Group dipped 50 cents in closing at $47 in an exchange of 16,886 stock units, Seprod dropped $2.98 to close at $67.01 with the swapping of 1,602 stocks. 
Sterling Investments fell 42 cents to $2.54 in an exchange of 57,819 shares, Sygnus Credit Investments fell 49 cents after ending at $11.60 with investors transferring 12,879 units, Sygnus Real Estate Finance popped $1.43 to end at $11.63, with 1,342 units clearing the market.
A total of 9,556,783 shares were traded for $28,842,985 compared to 18,209,479 units at $105,140,128 on Monday.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Guardian Holdings climbed $5 after ending at $490 as investors exchanged 19 stocks. Jamaica Broilers dipped $2.35 to end at $35, with 12,988 shares changing hands, Jamaica Producers dropped 80 cents to $21 with investors transferring 20,061 stock units, Kingston Wharves lost 49 cents to close at $34 with an exchange of 339 stocks. Massy Holdings popped $3.80 in closing at $89 after an exchange of 5,529 units, NCB Financial dropped $2 to $73 after 17,263 shares passed through the market, Pan Jamaica Group increased $3.94 to end at $55.94 after a transfer of 10,135 stock units. Sagicor Group fell $3.40 in closing at $47.50 in an exchange of 37,018 shares, Seprod rose $2.49 after ending at $69.99 with a transfer of 5,493 stock units and Supreme Ventures gained 90 cents to close at $26.90, with 15,373 stocks crossing the exchange.
In the preference segment, Eppley 5% preference share rose $2 in closing at $22 after 11 units crossed the market, Jamaica Public Service 7% dropped $30.99 to $98, with 46 units crossing the market, Jamaica Public Service 9.5% climbed $2 to end at $3000 after exchanging one stock unit and Productive Business Solutions 9.75% preference share increased $16.05 in ending at $107 while exchanging 28 stocks.
At the close of trading, after a 26 percent fall in the volume of stocks traded with an 82 percent lower value than on Friday, resulting from trading in 57 securities compared to 60 on Friday, with 13 rising, 29 declining and 15 ending unchanged and ended with the JSE Financial Index losing 2.65 points to close at 76.48.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.8 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Key Insurance shed 49 cents to end at $3 in trading 5,110 stocks, Margaritaville lost $2.64 to close at a 52 weeks’ low of $14.97 with 979 shares clearing the market, Massy Holdings dropped $3.75 to end at $85.20 after a transfer of 5,985 stock units. Mayberry Jamaican Equities fell 77 cents in closing at $12.23 while exchanging 40,327 stocks, Pan Jamaica Group, with an expanded portfolio of companies following the acquisition of companies that were part of Jamaica Producers, declined $2 to $52 with an exchange of 5,731 units, Proven Investments dipped 99 cents after ending at $26.50 with investors transferring 22,769 stock units. Sagicor Group dropped $2.10 in closing at $50.90, with 373,953 shares crossing the market, Scotia Group declined 98 cents to close at $34 in trading 12,149 stocks, Seprod dipped $10 to $67.50 as investors exchanged 1,928 units. Stanley Motta lost $1 after ending at $5 after 25,109 stock units passed through the market, Supreme Ventures shed $4.50 to end at $26 with the swapping of 1,094,398 shares and Sygnus Real Estate Finance gained 70 cents to close at $10, with 20,009 stocks changing hands.
In the preference segment, Productive Business 10.50% preference share fell $8 to end at $1250 in an exchange of two stock units and Jamaica Public Service 7% shed $35.11 to $128.99 with a transfer of 434 shares.