Trading activity on the Jamaica Stock Exchange Main Market ended on Tuesday with a 53 percent fall in the volume of stocks traded with the value ending 88 percent lower than on Monday following trading in 53 securities compared to 57 on Monday, with 22 rising, 18 declining and 13 ending unchanged.
A total of 5,344,520 shares were exchanged for a mere $29,834,911 compared with 11,450,226 units at $243,197,157 on Monday.
Trading averaged 100,840 units at $562,923 versus 200,881 shares at $4,266,617 on Monday and month to date, an average of 173,546 units at $2,176,105 compared to 181,268 units at $2,347,445 on the previous day. Trading in January closed with an average of 205,236 units at $1,805,558.
Wigton Windfarm led trading with 2.0 million shares for 37.4 percent of total volume followed by Transjamaican Highway with 1.30 million units for 24.2 percent of the day’s trade and Carreras with 511,278 units for 9.6 percent market share.
The All Jamaican Composite Index advanced 2,011.35 points to 381,415.78, the JSE Main Index rose 1,590.42 points to end at 336,737.30 and the JSE Financial Index gained 0.42 points to close at 80.62.
The PE Ratio, a formula to ascertain 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.
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, Berger Paints fell 60 cents to close at $9.30 trading 6,512 shares, Caribbean Cement shed 50 cents to end at $57.50 with a transfer of 3,192 units, Eppley Caribbean Property Fund rallied $6 in closing at $48 after 408 stock units passed through the market. Jamaica Broilers rose 50 cents to close at a 52 weeks’ high of $33 with an exchange of 109,861 stocks, Jamaica Stock Exchange popped 65 cents to finish at $14.90 after trading 15,826 units, 
JMMB Group rallied 50 cents to $32.50 with 43,177 shares crossing the exchange. Palace Amusement climbed $75 to $2,400 in transferring 61 stock units, Sagicor Group lost 40 cents to settle at $53.10 after 14,875 stocks changed hands, Scotia Group advanced 50 cents to $34.50 with the swapping of 9,074 shares. Seprod gained 50 cents to close at $65.50 after investors traded 12,402 stocks, Stanley Motta dipped 51 cents to end at $4.31 closed with 1,888 stock units changing hands and Wisynco Group gained 53 cents in closing at $17.78 in switching ownership of 115,243 units.
In the preference segment, Eppley 7.75% preference share advanced $2 to close at $20 as investors exchanged 55 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market trading rises but prices fall
Trading jumped sharply on the Jamaica Stock Exchange Main Market on Monday with a marginal decline in the volume traded with a 164 percent surge in value over Friday, resulting in trading in 57 securities compared to 53on Friday, with 17 rising, 25 declining and 15 ending unchanged.
A total of 11,450,226 shares were traded for $243,197,157 versus 11,840,614 units at $92,145,603 on Friday.
Trading averaged 200,881 units at $4,266,617 versus 223,408 shares at $1,738,596 on Friday and month to date, an average of 181,268 units at $2,347,445 compared to 178,739 units at $2,099,950 on the previous day. Trading in January averaged 205,236 units at $1,805,558.
Scotia Group led trading with 4.13 million shares for 36.1 percent of total volume followed by QWI Investments with 1.51 million units for 13.2 percent of the day’s trade, Wigton Windfarm with 1.51 million units for 13.2 percent and Transjamaican Highway with 1.01 million units for 8.8 percent market share.
The All Jamaican Composite Index dropped 1,641.15 points to 379,404.43, the JSE Main Index fell 1,138.54 points to 335,146.88 and the JSE Financial Index shed 0.10 points to close at 80.20.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14 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.
Investor’s Choice bid-offer indicator shows 13 stocks ending with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Cement dropped $1.18 to $58 with a transfer of 63,366 shares, Eppley Caribbean Property Fund declined $4 in closing at $42 as investors traded 1,619 stock units, Guardian Holdings advanced $4.30 in ending at $510 with 40,354 stocks crossing the market. JMMB Group shed $1.40 to close at $32 trading 15,984 units, Mayberry Investments popped 69 cents to end at $8.50 after exchanging 4,120 stocks, MPC Caribbean Clean Energy dropped $15 to finish at $71 with 100 units changing hands. 
NCB Financial rose $3 to close at $78 after a transfer of 4,277 shares, 138 Student Living lost 49 cents to settle at $4.51 after 3,019 stock units passed through the market, Palace Amusement climbed $22.90 to $2,325 in switching ownership of 64 units. Proven Investments fell $1.30 in closing at $28 after trading 1,130 stock units, Sagicor Group gained 50 cents to end at $53.50 with investors transferring 1,645 stocks, Scotia Group dipped 85 cents in closing at $34 with an exchange of 4,131,234 shares. Seprod rose $1 to end at $65 with the swapping of 7,501 stock units, Stanley Motta rallied 52 cents to close at $4.82 after an exchange of 4,980 units, Supreme Ventures shed 51 cents in ending at $26.49 in transferring 365,798 stocks. Sygnus Credit Investments USD share gained $1.90 to finish at $20.90 after clearing the market with 12 shares, Sygnus Real Estate Finance lost 43 cents in closing at $9.07 as investors traded 1,000 shares, 
Wisynco Group fell 73 cents to $17.25 with the swapping of 320,246 units.
In the preference segment, Productive Business 10.50% preference share climbed $84.09 to close at $1,200 after exchanging 176 stocks and Productive Business Solutions 9.75% preference share dropped $13 to end at $107 with a transfer of 10 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Four new ICTOP10 stocks
ICTOP10 has four new additions this week. The changes followed release of new company results that saw upward and downward movements in earnings per share, while the price of one stock rose to exit the list.
At the end of the week, Paramount Trading jumped 17 percent to $2.58 after the supply of stocks in the market fell sharply during the week as the stock hit a 52 weeks’ intraday high of $2.95 before pulling back by the end of the week and Honey Bun rose 4 percent to $7.35. Lasco Manufacturing fell 8 percent to close at $4.33, General Accident slipped 6 percent to $4.70, Lasco Distributors lost 5 percent to end at $2.60 and Iron Rock Insurance fell 4 percent to $2.39.
Stocks rising in the Main Market TOP10 were hard to come by as losers outgunned winners. Jamaica Broilers jumped 8 percent to close at 52 weeks’ high of $32.50, but 138 Student Living dropped 10 percent to $5.00, as investors reacted negatively to a board decision to raise added capital by issuing more shares to the public. Radio Jamaica fell 7 percent to $1.90 after reporting poor results to December, while Caribbean Producers and Sygnus Investments fell 6 percent to $10.80 and $12.25, respectively, followed by a 5 percent decline for Guardian Holdings to close at $505.70.
Tropical Battery returns to ICTOP10 after a one week absence, Main Event posted better than expected full year results and moved into the TOP10 with projected earnings of $1.45 for the 2023 fiscal year and One on One Education moved into the TOP10, while Lasco Manufacturing moved out followed by Lasco Financial and Paramount Trading. In the Main Market, Radio Jamaica slipped out of the TOP10 and Scotia Group reentered after a brief respite.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14.7, while the Junior Market Top 10 PE sits at 6.6 compared with the market at 12.3, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 207 percent and the Main Market TOP10, an average of 280 percent, to May this year. The primary concern for the Main Market achieving such gains by May is that the list is dominated by financial companies that are out of favour and may need to see the summer months before the total interest of investor start to show.
The Junior Market has 15 stocks representing 31 percent of the market, with PEs from 15 to 30, averaging 20 compared with the above average of the market. The top half of the market has an average PE of 18. The above average shows the extent of potential gains for the TOP 10 stocks.
The situation in the Main Market is similar, with the 18 highest valued stocks priced at a PE of 15 to 90, with an average of 27 and 22 excluding the highest valued stocks and 27 for the top half excluding the highest valued 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.
Trading drops on JSE Main Market
Trading dropped on the Jamaica Stock Exchange Main Market on Friday with a 30 percent drop in the volume of stocks traded at a 77 percent lower value than on Thursday, after trading in 53 securities up from 51 on Thursday, resulting in prices of stocks 24 rising, 19 declining and 10 ending unchanged.
A total of 11,840,614 shares were traded for $92,145,603 compared to 16,899,213 units at $398,378,363 on Thursday.
Trading averaged 223,408 shares at $1,738,596 compared to 331,357 shares at $7,811,340 on Thursday and month to date, an average of 178,739 stock units at $2,099,950 compared with 172,653 stocks at $2,149,183 on the previous day. January closed with an average of 205,236 units at $1,805,558.
Sagicor Select Financial Fund led trading with 4.40 million shares for 37.1 percent of total volume followed by Wigton Windfarm with 2.34 million units for 19.7 percent of the day’s trade and Transjamaican Highway with 1.21 million units for 10.2 percent market share.
The All Jamaican Composite Index advanced 466.42 points to 381,045.58, the JSE Main Index rose 302.30 points to close at 336,285.42 and the JSE Financial Index rallied 0.57 points to settle at 80.30.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.2 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded price and earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 12 stocks ending with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments lost 50 cents in closing at $84 in trading 4,996 shares, Caribbean Cement advanced $2.41 to $59.18 with a transfer of 26,011 units, Caribbean Producers dipped 77 cents to $10.80 with 274,070 stock units changing hands after trading at an intraday 52 weeks’ low of $10.19 following the release of half year results showing reduced profit in the December quarter compared with that of 2021. GraceKennedy shed 90 cents to end at $77.10 after an exchange of 174,611 stocks, Guardian Holdings rallied 69 cents to close at $505.70 with the swapping of 20,423 shares, 
Jamaica Broilers gained 50 cents in closing at a 52 weeks’ high of $32.50 after 946,442 stocks passed through the market. Jamaica Producers fell $1 in ending at $20 after trading 32,439 stock units, JMMB Group popped 45 cents to close at $33.40 with investors transferring 83,865 units, Kingston Properties shed 50 cents to finish at $6.60 in an exchange of 147,000 units. Mayberry Jamaican Equities rose 99 cents to end at $12.39 in switching ownership of 49,660 stocks, NCB Financial declined $1 in closing at $75 with the swapping of 27,651 stock units, Palace Amusement dropped $185.90 to close at $2,302.10 while trading 549 shares. Seprod dipped $1.20 to end at $64 with an exchange of 25,136 units, Stanley Motta fell 93 cents to settle at $4.30 with 47,129 shares changing hands, Supreme Ventures rose $1 to $27 in an exchange of 25,496 stock units. 
Sygnus Real Estate Finance shed 50 cents to end at $9.50 after 1,100 stocks cleared the market and Wisynco Group popped 78 cents in closing at $17.98 in a transfer of 325,355 units.
In the preference segment, Productive Business 10.50% preference share advanced $15.91 to end at $1,115.91 trading 60 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks for JSE Main Market
Trading jumped sharply on the Jamaica Stock Exchange Main Market on Thursday with the volume of stocks traded jumping 78 percent with the value surging 323 percent above Wednesday’s level, after an exchange of 51 securities compared to 52 on the previous day, with 19 rising, 27 declining and five ending unchanged.
A total of 16,899,213 shares were exchanged for $398,378,363 versus 9,512,250 units at $94,127,743 on Wednesday.
Trading averaged 331,357 units at $7,811,340 compared with 182,928 shares at $1,810,149 on Wednesday and month to date, an average of 172,653 units at $2,149,183 compared with 148,706 units at $1,294,834 on the previous day. January closed with an average of 205,236 units at $1,805,558.
Kingston Wharves led trading with 6.18 million shares for 36.6 percent of total volume followed by Wigton Windfarm with 4.13 million units for 24.4 percent of the day’s trade and Sagicor Select Financial Fund with 966,026 units for 5.7 percent market share.
The All Jamaican Composite Index advanced 1,288.52 points to 380,579.16, the JSE Main Index rose 1,520.99 points to 335,983.12 and the JSE Financial Index gained 0.43 points to end at 79.73.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.3 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.
Investor’s Choice bid-offer indicator shows 12 stocks ending with bids higher than their last selling prices and one stock with a lower offer.
At the close, Caribbean Cement declined $2.73 in closing at $56.77 with an exchange of 302,365 shares, Eppley fell $1.51 to end at $37.49 after 2,522 stock units were traded, Eppley Caribbean Property Fund advanced $6.09 to finish at $46.09 with 52 stocks crossing the market. First Rock Real Estate shed 65 cents to settle at $12.10 in transferring 26,411 units, Jamaica Broilers rose 67 cents to close at $32 with 699,263 stocks clearing the market, Jamaica Producers popped 85 cents to close at $21 with the swapping of 500,397 stock units. 
Jamaica Stock Exchange shed 65 cents to end at $14.50 in exchanging 2,345 units, JMMB Group fell 95 cents to $32.95 in switching ownership of 6,127 shares, Massy Holdings gained $1 to close at $80 as investors traded 848,567 shares. Mayberry Jamaican Equities lost $1 in ending at $11.40 with the swapping of 1,344 stock units, NCB Financial popped $2 to finish at $76 in an exchange of 20,998 units, 138 Student Living lost 72 cents to end at $5 in switching ownership of 103,573 stocks. Palace Amusement climbed $38 in closing at $2,488 after 272 shares passed through the market, Portland JSX shed $1 after ending at $9 as investors traded 299,950 stock units, Proven Investments advanced $2.80 to $29.30 in trading 6,447 stocks. Scotia Group rose 89 cents to $34.89 with an exchange of 41,685 units, Seprod fell $1.05 to end at $65.20 with investors transferring 6,225 shares, Supreme Ventures declined 93 cents in closing at $26 with the swapping of 101,847 units. Sygnus Credit Investments dipped $1.02 to t $11.96 after an exchange of 8,965 stocks, 
Sygnus Real Estate Finance shed 45 cents in ending at $10 with a transfer of 100 stock units and Wisynco Group dipped 40 cents to close at $17.20 as investors switched ownership of 39,946 stock units.
In the preference segment, Jamaica Public Service 7% advanced $1 in closing at a 52 weeks’ high of $7 after a transfer of 5,808 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market falls
Trading ended on the Jamaica Stock Exchange Main Market on Wednesday with a 20 percent rise in the volume of stocks traded as the value dipped 7 percent below that on Tuesday, resulting from 52 securities trading, down from 57 on Tuesday with prices of 20 rising, 20 declining and 12 ending unchanged.
A total of 9,512,250 shares were exchanged for $94,127,743 versus 7,945,794 units at $100,709,129 on Tuesday.
Trading averaged 182,928 units at $1,810,149 compared with 139,400 shares at $1,766,827 on Tuesday and month to date an average of 148,706 units at $1,294,834 compared to 142,484 units at $1,201,140 on the previous day. January closed with an average of 205,236 units at $1,805,558.
Wigton Windfarm led trading with 3.49 million shares for 36.7 percent of total volume followed by Jamaica Broilers with 1.54 million units for 16.2 percent of the day’s trade and JMMB Group 7.5% with 1.01 million units for 10.6 percent market share.
The All Jamaican Composite Index rallied 3,460.05 points to 379,290.64, the JSE Main Index advanced 1,544.69 points to 334,462.13 and the JSE Financial Index popped 0.24 points to end at 79.30.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.2 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.
Investor’s Choice bid-offer indicator shows 13 stocks ending with bids higher than their last selling prices and 7 with lower offers.
At the close, Caribbean Cement popped 50 cents to close at $59.50 after 4,816 shares passed through the market, Eppley fell 98 cents to $39 in an exchange of 248 stocks, Guardian Holdings dropped $20 to $505 with a transfer of 11,287 units. Jamaica Broilers gained 83 cents to close at $31.33 with the swapping of 1,541,933 stock units, Jamaica Producers dipped $1.72 to $20.15 after trading 7,727 units, Jamaica Stock Exchange rose 63 cents to close at $15.15 in switching ownership of 2,015 shares. Kingston Wharves shed 50 cents to finish at $31.50 with an exchange of 6,579 stock units, MPC Caribbean Clean Energy rose $11 to $86 with 17 stocks changing hands, 
NCB Financial declined $3 to a 52 weeks’ low of $74 with 8,463 stock units clearing the market. Palace Amusement dropped $30 to close at $2,450 in trading 420 stocks, Proven Investments declined $2.51 to close at $26.50 with the swapping of 10,349 units, Sagicor Group rallied $4 to $53 with investors transferring 86,606 shares. Seprod fell $1.65 to end at $66.25 with a transfer of 2,886 units, Supreme Ventures rose 86 cents in closing at $26.93 after exchanging 4,917 stock units and Wisynco Group gained 48 cents in ending at $17.60 after a transfer of 219,667 shares.
In the preference segment, Productive Business 10.50% preference share dived $400 in closing at $1,100 with the swapping of 11 stocks, 
Eppley 5% preference share declined $5.93 in ending at $17.01 and trading 113 shares, Jamaica Public Service 9.5% climbed $50 to settle at $3,000 as investors exchanged 34 units and JMMB Group 7% preference share shed 41 cents to close at $2.42 in an exchange of 271 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading climbs on JSE Main Market
Investors pumped 211 percent more money into the Jamaica Stock Exchange Main Market on Tuesday and purchased16 percent fewer shares than on Monday and sending more stocks closing higher than those falling with57securities trading, as was the case on Monday, and ended with prices of 27 rising, 21 declining and nine ending unchanged.
A total of 7,945,794 shares were exchanged for $100,709,129 compared to 9,434,901 units at $32,400,825 on Monday.
Trading averaged 139,400 units at $1,766,827 versus 165,525 shares at $568,436 on Monday and month to date, an average of 142,484 units at $1,201,140 compared with 143,252 units at $1,060,336 on the previous day. January closed with an average of 205,236 units at $1,805,558.
JMMB Group 7.35% – 2028, led trading with 2.23 million shares for 28.1 percent of total volume, followed by Wigton Windfarm with 1.57 million units for 19.8 percent of the day’s trade and Jamaica Broilers with 855,784 units for 10.8 percent market share.
The All Jamaican Composite Index declined 2,558.42 points to 375,830.59, the JSE Main Index fell 2,316.43 points to 332,917.44 and the JSE Financial Index shed 0.64 points to close at 79.06.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.2 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.
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 $1.06 to $10.41 in an exchange of 1,687 shares, Caribbean Cement advanced $2.23 to $59 in trading 1,133 stocks, Eppley Caribbean Property Fund fell $4 in closing at $40 after 4,657 units crossed the market. First Rock Real Estate gained 60 cents in ending at $12.75 in transferring 1,620 stock units, GraceKennedy rose 89 cents to end at $77.99 in switching ownership of 479,100 stocks, Guardian Holdings declined $9.80 to close at $525 with an exchange of 2,389 units. Jamaica Broilers popped 50 cents to finish at $30.50 in switching ownership of 855,784 stock units, Jamaica Producers rallied $1.87 to close at $21.87 after a transfer of 138 shares, JMMB Group advanced $2.38 in ending at $33.88 with 8,657 stock units changing hands.
Kingston Wharves dipped $1 in closing at $32 after 3,129 shares passed through the market, Mayberry Investments lost 40 cents to end at $8.10 after exchanging 39,563 stocks, MPC Caribbean Clean Energy dropped $23 to end at $75 with a transfer of 75 units. NCB Financial rallied $2 in closing at $77 as investors exchanged 23,990 shares after the price hit a new one year low of $72, 138 Student Living gained 55 cents to settle at $5.70 with the swapping of 1,123 stocks, Palace Amusement popped $31 to close at $2,480 with 409 stock units changing hands. Portland JSX shed $1.54 to settle at $10 with 512 units clearing the market, Proven Investments lost 49 cents in ending at $29.01 with investors transferring 3,048 units, Sagicor Group fell $1.96 to end at $49, trading 73,873 shares. Scotia Group rose 69 cents to close at $33.79 in exchanging 191,619 stocks, Seprod advanced $2.40 to $67.90 after trading 100 stock units, Supreme Ventures lost 43 cents to close at $26.07 in switching ownership of 38,042 shares and Sygnus Credit Investments rose $1.10 to $12.99 with the swapping of 33,048 stock units.
In the preference segment, JMMB Group 7% preference share gained 42 cents in closing at $2.83 with a transfer of 3,904 stocks and 138 Student Living preference share advanced $2.50 to close at a record high of $78 in trading 1,024 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading activity drops of the JSE Main market
Trading activity on the Jamaica Stock Exchange Main Market ended on Monday with a 14 percent increase in the volume of stocks traded and the value 68 percent lower than on Friday, from 57 securities trading compared to 60 on Friday, with 16 rising, 31 declining and 10 ending unchanged.
A total of 9,434,901 shares were exchanged for $32,400,825 versus 8,306,314 units at $100,793,32 on Friday.
Trading averaged 165,525 units at $568,436 versus 138,439 shares at $1,679,857 on Friday and month to date, an average of 143,252 units at $1,060,336 compared to 135,871 units at $1,223,350 on the previous trading day. January closed with an average of 205,236 units at $1,805,558.
Wigton Windfarm led trading with 4.07 million shares for 43.2 percent of total volume followed by Sagicor Select Financial Fund with 1.35 million units for 14.3 percent of the day’s trade, Transjamaican Highway with 1.32 million units for 14 percent of market share and QWI Investments with 1.13 million units for 12 percent market share.
The All Jamaican Composite Index dropped 2,647.57 points to 378,389.01, the JSE Main Index fell 2,561.70 points to end at 335,233.87 and the JSE Financial Index lost 0.99 points to settle at 79.70.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.5 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.
Investor’s Choice bid-offer indicator shows 10 stocks ending with bids higher than their last selling prices and eight with lower offers.
At the close, Berger Paints lost 40 cents to close at $9.35 in trading 6,000 shares, Caribbean Cement declined $2.23 to end at $56.77 with 5,525 stocks crossing the exchange, Eppley Caribbean Property Fund dropped $4 to close at $44 with a transfer of 1,361 stock units. First Rock Real Estate dipped 58 cents in closing at $12.15 with 4,153 units changing hands, 
GraceKennedy shed $1.70 in ending at $77.10 in switching ownership of 30,914 units, Jamaica Producers fell $1.90 to $20 in exchanging 61,707 stocks. JMMB Group declined $2.97 in closing at $31.50 with the swapping of 28,300 shares, Kingston Wharves shed $2 to end at $33 as investors exchanged 14,071 stock units, Massy Holdings fell $1 to close at $79 with a transfer of 171 units. NCB Financial shed $2 to end at a 52 weeks’ low of $75 after 51,005 stocks cleared the market, 138 Student Living dipped 41 cents to end at $5.15 in exchanging 24,651 stock units, Palace Amusement climbed $49.01 to $2,449 in switching ownership of 929 shares. Proven Investments lost 50 cents to end at $29.50 after an exchange of 691 stock units, Scotia Group shed $1.40 to close at $33.10 after trading 16,328 units, Seprod gained 50 cents in closing at $65.50 with investors transferring 19,541 stocks. Supreme Ventures advanced $1.50 to $26.50 after trading 17,652 shares and Sygnus Credit Investments fell $1.11 to end at $11.89 with an exchange of 59,284 shares.
In the preference segment, Productive Business 10.50% preference share popped $250 to a 52 weeks’ high of $1,500 with 336 stock units changing hands. Eppley 5% preference share rallied 94 cents to close at $22.94 after 11 stocks crossed the market, Eppley 7.25% preference share declined $3.31 in ending at $18.79 after exchanging 2,427 units, Jamaica Public Service 9.5% dropped $42 to $2,950 trading 142 stocks. JMMB Group 7% preference share lost 43 cents to end at $2.41 as 444 shares passed through the market and JMMB Group 7.25% preference share dipped 47 cents to $3.11 with a transfer of 2,000 stock units but after it traded at a 52 weeks’ intraday high of $3.94.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Two companies exist ICTOP10
As was the case last week, the Jamaica stock market continues to consolidate as it awaits developments that will push investors to act decisively. At the same time, the Main Market traded heavily and sat below the close of the previous week but the Junior Market mostly traded above the prior week’s close.
After just one week in the ICTOP10, Tropical Battery price rose this week and resulted in the stock falling outside the top flight, to be replaced by Lasco Manufacturing that dropped out during the previous week. In the Main Market, Scotia Group slipped out of the TOP10 and Radio Jamaica reentered.
At the end of the week, Tropical Battery rose 9 percent to $2.60, Image Plus Consultants gained 6 percent to close at $2.05, Paramount Trading rallied 5 percent to $2.20 and Iron Rock Insurance rose 4 percent to end at $2.50. Honey Bun fell 8 percent to $7.07 and was the only one of only two stocks to decline for the week, with the other slipping by just one percent.
In the Main Market, 138 Student Living popped 11 percent to $5.56, while Berger Paints fell 8 percent to $9.75, followed by a 5 percent decline for Jamaica Broilers to close at $30.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14.7, while the Junior Market Top 10 PE sits at 6.6 versus the market at 12.8, important indicators of the level of the undervaluation of the ICTOP10 stocks currently. The Junior Market is projected to rise by 208 percent and the Main Market TOP10 an average of 275 percent, to May this year. The major concern for the Main Market achieving such gains by May is that the list is dominated by financial companies that are out of favour and may need to see the summer months before full interest of investor start to show.
The Junior Market has 16 stocks representing 33 percent of the market, with PEs from 15 to 31, averaging 21 compared with the above average of the market. The top half of the market has an average PE of 18. The above average shows the extent of potential gains for the TOP 10 stocks. The situation in the Main Market is similar, with the 18 highest valued stocks priced at a PE of 15 to 116, with an average of 28 and 21 excluding the highest valued stocks and 28 for the top half excluding the highest valued stock.
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.
JSE Main Market edged up on trading gains
Trading gained strength on the Jamaica Stock Exchange Main Market on Friday with the volume of stocks traded rising 48 percent with a 188 percent rise in value compared to Thursday, after 60 securities changed hands compared to 55 on Thursday, with 23 rising, 20 declining and 17 ending unchanged.
A total of 8,306,314 shares were traded for $100,793,237 compared to 5,605,407 units at $34,963,663 on Thursday.
Trading averaged 138,439 shares at $1,679,857 compared with 101,916 units at $635,703 on Thursday and month to date, an average of 135,871 units at $1,223,350 compared with 134,495 units at $978,777 on the previous day. January closed with an average of 205,236 units at $1,805,558.
Wigton Windfarm led trading with 4.53 million shares for 54.5 percent of total volume followed by Massy Holdings with 699,277 units for 8.4 percent of the day’s trade and Sagicor Select Financial Fund with 435,064 units for 5.2 percent market share.
The All Jamaican Composite Index advanced 394.82 points to 381,036.58, the JSE Main Index rallied 796.94 points to 337,795.57 and the JSE Financial Index popped 0.13 points to close at 80.69.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.7 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with financial year ends between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows four stocks ending with bids higher than their last selling prices and 10 with lower offers.
At the close, Caribbean Producers lost 45 cents in closing at $11.53 with an exchange of 12,342 shares, Eppley advanced $2.49 to $39.99 after trading 30 units, Guardian Holdings rallied $10 to close at $535 after exchanging one stock unit. Jamaica Broilers popped $1 to $30 with a transfer of 179,133 stocks, JMMB Group fell 48 cents to $34.47 with the swapping of 18,477 units, Kingston Properties gained 41 cents to close at $7.40 in switching ownership of 9,606 shares. Kingston Wharves advanced $1 to $35 with one stock unit changing hands, Margaritaville rose 95 cents to $22.95 with an exchange of one stock unit, 
Massy Holdings climbed $1.39 to close at $80 after 699,277 stock units crossed the market. Mayberry Investments rose 76 cents to $8.77 after a transfer of 101 units, Mayberry Jamaican Equities advanced $1.81 to close at $12.91 in an exchange of 1,055 shares, MPC Caribbean Clean Energy climbed $5.69 to $98 after trading one stock. NCB Financial declined $3 to a 52 weeks’ low of $77 after 122,024 units passed through the market, following the release of first quarter results to December with lower profit before other comprehensive income. 138 Student Living shed 44 cents in ending at $5.56 after 2,450 shares were traded, Palace Amusement climbed $201.99 in closing at $2,399.99 after switching ownership of 375 stocks. Sagicor Group rallied $2 to settle at $51 with the swapping of 25,843 stock units, Scotia Group lost 40 cents to finish at $34.50 as investors exchanged 353,714 units, Seprod dipped $1 to end at $65 in transferring 3,550 shares and Supreme Ventures shed 50 cents to close at $25 after 117,645 stock units cleared the market.
In the preference segment, Productive Business 10.50% preference share popped $150 after ending at a 52 weeks’ high of $1,250 with 30 stocks changing hands, Jamaica Public Service 7% gained 50 cents in closing at a record high of $6 in exchanging 128 shares and 138 Student Living preference share rose $1.50 to $75.50 with investors transferring 516 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.