Barita Trades 15m shares

Trading on the Jamaica Stock Exchange picked up on Wednesday as 29 securities traded and the level of trading increasing helped by 15 million units of Barita going through the market as Barita Investments brokered the one trade as a cross, on behalf of a client. The prices of 8 stocks rose and 9 declined resulting from 19,575,074 shares changing hands valued at $57,957,342.
JSE 21-5-14sumMain Market| Only 3 companies in the main market advanced and 7 declined as the indices moved up with the JSE Market Index gaining 155.03 points to 72,852.32 and the JSE All Jamaican Composite index increasing 173.35 points to close at 80,170.31.
Gains| Stocks recording gains at the end of trading in the main market are Cable & Wireless in trading 38,081 shares to close with a one cent gain at 35 cents. Investors should a get a glimpse as to the performance of the local Cable & Wireless performance as CWC PLC is scheduled to release full year results on the 22nd of May at 9.30 AM British time. Carreras gained $1.05 to close at $35.80 with 10,018 units changing hands and Sagicor Group traded 974,350 in only two trades to close up 20 cents at $9.50.
Firm| There were 9 stocks in the main market to close without a change in price as Berger Paints with just 1,519 shares closed at $1.67, Gleaner traded 16,000 stock units and closed at $1.10, Jamaica Broilers 1,864 units and closed $4.70, Jamaica Money Market Brokers 7.50% preference shar, 28,000 units to close at $2 with the 8.75% preference share having 2,069,833 units changing hands at $3.03, Jamaica Producers 70,827 shares to close at $18.26, Mayberry Investments 6,018 shares and closed at $1.77 followed by Radio Jamaica with 7,800 units as the price closed at $1.29 and Sagicor Real Estate Fund with 342,142 shares to close at $6.60.
Declines| 7 stocks with plus one in the US dollar market declined on Wednesday in the main market with Barita Investments trading 15,000,000 shares while losing a cents to end at $2.29, Caribbean Cement with 297,600 units to close at $3 after falling by 30 cents as investors react negatively to the company’s recent disappointing March quarter results showing profit of only $35 million or just 4 cents per share, while sales volumes were up over the 2013 quarter. Jamaica Money Market Brokers traded 25,206 ordinary shares and closed down by 5 cents to $7.21, Margaritaville ordinary shares traded 1,700 units to end at US$0.115 for a .05 cents drop, National Commercial Bank price lost 20 cents in trading 27,722 units to close at $17.80, while Pan Jamaican Investment exchanged 7,680 shares to close at $48.05 while falling 5 cents, Salada Foods traded 2,400 units as the company is reporting a bad period of declining sales revenues and falling profits of $28 million for the half year to March versus $55 million in 2013, with the price dropping 10 cents to $7.80 and Scotia Group ended up with 28,057 units changing hands to close with a 12 cents loss at $19.58.
Junior Market| The JSE Junior Market Index advanced by 7.38 points to close at 736.50 as 9 stocks traded with 5 advancing and only one declining.
Gains| Stocks recording gains at the end of trading in the junior market are Access Financial with 9,000 units to close at $12, up 50 cents, Caribbean Producers with 244,816 units to close with a 2 cents gain at $2.75, Jamaican Teas 80,000 shares to close 5 cents higher at $3.50 followed by Lasco Financial with50,000 units to close at $1.25 for a gain of 10 cents and Lasco Manufacturing 147,016 shares to close a cent higher at $1.15.
Firm Trades| 3 stocks in the junior market stocks that traded to close at the same price as the day before Blue Power with 910 shares traded and closed at $9.10, Dolphin Cove 3,270 shares to close at $8.10 and Lasco Distributors 58,245 units as the price ended at $1.40.
Declines| There was just one stock declining in the junior market at the end of trading with Consolidated Bakeries trading 25,000 shares to close down 2 cents at 90 cents.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.

Main indices up but junior eases

In Tuesday’s trading on the Jamaica Stock Exchange the prices of 8 stocks rose, 11 declined as 31 securities traded resulting in 7,099,320 shares changing hands valued at $45,025,458.
JSE sum 13-5-14f
Main Market| Seven (7) companies in the main market rose, 5 declined as the indices moved up with the JSE Market Index gaining 526.88 points to 73,019.48 and the JSE All Jamaican Composite index moving up 589.14 points to close at 80,357.22.
Gains| Stocks recording gains at the end of trading in the main market are Carreras trading 60,623 shares to close with a gain of 75 cents at $34.75, Jamaica Money Market Brokers 5,000 units to close at $7.40 with a 10 cents gain, Radio Jamaica with 4,462 shares to close with a gain of a cent at $1.29, Sagicor Group with 534,732 units to close with a gain of 20 cents at $9.35, Sagicor Real Estate Fund 119,402 shares to close 20 cents higher at $6.50, Scotia Group 357,781 units to close at $19.70 as the price rose by 19 cents and Scotia Investments 9,780 shares to close with a gain of $1.40 at $24.50.
Firm| 7 main market stocks closed without a change in price as Berger Paints with 7,899 shares closed at $1.67, Cable & Wireless with 1,076,240 units closed at 30 cents, Jamaica Broilers 482,878 shares to close at $4.71, Jamaica Money Market Brokers 7.50% preference share 75,000 units and closed at $2, Jamaica Producers 5,201 shares to close at $18.26, Kingston Wharves 8,106 units as the price closed at $5.75 and Mayberry Investments 2,040 shares to close at $1.75.
Declines| The stocks that declined in the main market are Caribbean Cement with 3,036 shares trading while losing 10 cents to end at $3.50, Desnoes & Geddes with 3,002,000 shares in closing at $4.40 for a 9 cents loss, Grace Kennedy 14,320 units to close at $55 with a loss of $1.50, National Commercial Bank 512,600 shares to close at $17.75, down by 35 cents, and Seprod with 40,667 units in closing at $10.75 for a 50 cents decline.
Junior Market| The JSE Junior Market Index declined by 2.45 points to close at 733.19 as 12 stocks traded with 1 advancing and 6 declining.
Gains| Blue Power traded 200,000 shares to close 9 cents higher at $9.10 as was the only junior market stock to rise.
Firm Trades| Stocks in the junior market stocks that traded to close at the same price as the day before are Access Financial with 24,575 units changing hands to close at $11.50, AMG Packaging with 5,558 units at $3.49, Derrimon Trading with 286,000 shares to close at $2.28, Knutsford Express traded 3,020 units to close at $5.17 and Lasco Distributors 41,000 units in closing at $1.35.
Declines| Stocks declining in the junior market at the end of trading are Cargo Handlers with 220 units at $14.31 with a fall of 4 cents, Caribbean Cream with 12,530 units to close with a fall of 7 cents at 72 cents, Caribbean Producers with 32,900 shares to close at $2.99 with an fall of 11 cents, Dolphin Cove 19,700 units at $8.10 for a 10 cents decline, Lasco Manufacturing 128,850 shares to end with a fall of 14 cents at $1 and Medical Disposables with 23,200 units in closing at $2 for a 4 cents fall.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 8 stocks with the bid higher than the last selling price and 8 stocks with offers that were lower.

JSE Market gains 2,000 points

Scotia Group traded as high as $22.89 before closing at $20.50 and was the main factor in the big jump in the Jamaica Stock Exchange two main indices while the prices of 9 stocks rose and 8 declined as 27 securities traded resulting in 5,724,168 shares trading valued at $32,909,845.
JSE sum 6-5-14Main Market| The prices of 5 companies in the main market advanced and 6 declined as the indices jumped as the JSE Market Index gained 2,054.10 points to 76,042.79 and the JSE All Jamaican Composite index jumped by 2,296.84 points to close at 83,737.81.
Gains| Stocks recording gains at the end of trading in the main market are Cable & Wireless with 1,290,256 units to close with a 2 cents gain at 44 cents, Carreras traded 3,594 shares to close with a gain of a cent at $33.57, Gleaner gained 5 cents to close at $1.15 with 20,000 units changing hands, Jamaica Money Market Brokers 1,494 units to close at $7.27 up by 5 cents and Supreme Ventures with 79,975 shares to close with a gain of 5 cents at $2.10.
Firm| There were 6 stocks in the main market to close without a change in price with Desnoes & Geddes trading 1,064 shares and closed at $4.50, Jamaica Broilers 715,645 units and closed at $4.85, Jamaica Money Market Brokers 8.75% preference share, 654,081 units to close at $3.03, Jamaica Producers 96,627 units at $18.26, Mayberry Investments 2,040 shares in closing at $1.70 and Scotia Group 868,539 shares to close at $20.50 but traded as high as $22.98.
Declines| The number of stocks that declined in the main market are Berger Paints with 10,000 units in losing a cent to end at $1.67, Caribbean Cement with 25,899 shares to close at $3.90 by falling by a cent, Hardware & Lumber 36,100 shares to close at $10.50 for a $1.20 fall, National Commercial Bank 57,933 shares to close at $18.10 for a 20 drop, Pan Jamaican Investment 2,400 units to end 23 cents lower at $49.05 and Sagicor Group with 23,157 shares in closing at $9.03 for a 47 cents fall.
Junior Market| The JSE Junior Market Index declined by 6.86 points to close at 747.40 as 10 stocks traded with 4 advancing and 2 declining.
Gains| Stocks recording gains at the end of trading in the junior market are Dolphin Cove that traded 1,000 units to close at $8.23 with a gain of 3 cents, Medical Disposables 391,382 shares to close with a one cent gain at $2.05, Jamaican Teas up 29 cents to end at $3.50 for 49,470 shares and Lasco Manufacturing traded 1,035,268 units to close up a cent at $1.20.
Firm Trades| 4 stocks in the junior market that traded to close at the same price as the day before with Access Financial Services trading 4,044 units at $11.50, Caribbean Producers with 200,000 units to close at $3, Consolidated Bakeries 108,000 to close at $1.10 and Lasco Financial Services 31,200 shares at $1.20.
Declines| Stocks declining in the junior market at the end of trading are General Accident that traded 7,000 units at $1.50 as the price lost 10 cents and Lasco Distributors with 8,000 units, closed 5 cents lower at $1.35.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had only 3 stocks with the bid higher than the last selling price and 8 stocks with offers that were lower.

Market directionless

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In Thursday’s trading on the Jamaica Stock Exchange, the market was directionless with advancing stocks numbering just below declining ones and the IC market indicator showing investors in a tussle over the immediate future direction of the market. Prices of 6 stocks rose and 8 declined as 20 securities traded resulting in 3,602,192 shares changing hands valued at $19,621,158 in another lacklustre session.
JSE sum 1-5-14Main Market| All advancing shares in the market was in the main market and all but one stock that declined was also in this market, but the indices moved up slightly, with the JSE Market Index inching up by just 1.23 points to 74,599.03 and the JSE All Jamaican Composite index edging up by only 1.38 points to close at 82,123.43.
Gains| Stocks recording gains at the end of trading in the main market are Berger Paints trading 89,657 unitss to close with a gain of a cent at $1.68, Caribbean Cement gained 21 cents to close at $3.91 with 20,500 units changing hands, Carreras traded 443 shares to close 6 cents higher at $33.56, Ciboney with 50,000 shares by increasing by a cent to close at 12 cents for a new 52 weeks high, Grace Kennedy 7,439 shares with a gain of $1 to close at $58 and Jamaica Money Market Brokers with 451,214 ordinary shares to close up by 4 cents at $7.24.
Firm| There were only 5 stocks in the main market to close without a change in price as Gleaner with 228,484 shares closed at $1.10, Hardware & Lumber traded 3,300 units and closed at $11.70, Mayberry Investments with 3,060 units closed at $1.70, Scotia Group had 59,888 units changing hands to close at $20.62 and Seprod traded 685 shares in closing at $10.84.
Declines| The number of stocks that declined in the main market are Cable & Wireless with 1,500,888 units while losing a cent to end at 40 cents, Desnoes & Geddes with 76,472 shares to end at $4.30 as the price lost 30 cents, Jamaica Broilers with 450,872 shares to close at $4.86, down 4 cents, Jamaica Producers that traded 6,600 units to close at $18.26 while losing 4 cents, National Commercial Bank 571,665 shares as the price closed with a 10 cents lost, at $18, Sagicor Group had 50,529 units changing hands to close with a fall of 71 cents to $9.50 and Salada Foods 2,400 shares to close 45 cents lower, to end at $7.50
Junior Market| The JSE Junior Market Index declined by 0.59 points to close at 743.20 as only 2 junior market stocks traded at the end of the trading session.
Gains| No stock gained at the end of trading in the junior market.
Firm Trades| Lasco Manufacturing was the only stock in the junior market that traded to close at the same price as the previous trading day with 27,096 units to end at $1.20.
Declines| Caribbean Producers was the only stock declining in the junior market at the end of trading as the price fell 9 cents to close at $2.91 as it traded a mere 1,000 units.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than the last selling price and 6 stocks with offers that were lower.

Dividends galore coming

It should be a Merry Christmas for investors in the companies listed on the Jamaica Stock Exchange as several companies have either announced dividend payments or have announced plans to make one.

Sagicor Investments Jamaica Limited declared an interim dividend in the amount of 91 cents per stock unit payable on January 28, 2014 to stockholders on record as at January 7, the ex-dividend date of January 3. The company paid an interim dividend of 12 cents per stock unit on October 31, 2013 and 48 cents per stock unit on March 27, 2013. In 2012, Sagicor paid a dividend of 57 cents per stock unit on October 29, 2012 to stockholders and 74.3 cents per stock unit on April 27, 2012.

Jamaica Producers Group Limited has declared an interim dividend of $0.20 per share payable on January 28, 2014 to shareholders on record as at December 31. The ex-dividend date is December 27.

Supreme Ventures Limited has declared a dividend of $0.03 per share payable on January 8, 2014 to shareholders on record as at December 20. The ex-dividend date is December 18.

Jamaica Public Service Company Limited has declared quarterly preference share dividends payable on December 31, 2013 to shareholders on record as at December 13, as follows:

  • JPS 5% “C” – $0.025 per share, JPS 5% “D” – $0.025 per share, JPS 6% “E” – $0.030 per share
  • JPS 7% “B” – $0.035 per share. The ex-dividend date is December 11, 2013.

FirstCaribbean International Bank Limited declared a final dividend for the year ended October 31, 2013 of US$0.015 per share payable on January 30, 2014 to shareholders on record as at December 19. The ex-dividend date is December 17.

Kingston Wharves has declared an interim dividend of 8 cents per share payable on December 20, 2013 to shareholders on record as at December 13. The ex-dividend date is December 11. This brings the payment for 2013 to 16 cents per share compared with 12 cents in 2012. The company paid a final dividend of 2 cents per share in respect of the financial year ended December 2012 and an interim dividend of 8 cents per share in respect of the current year, on Thursday, March 28.  On December 21st last year, a dividend of 10 cents per share was paid.

Hardware & Lumber declared an interim dividend for the year 2013 of 30 cents per stock unit payable on January 17, 2014 to stockholders on record as at December 20. The ex-dividend date is December 18, 2013. The company last paid a dividend of 12.5 cents per stock unit on January 31, 2013.

The Board of Directors of  Scotia Group Jamaica announced a final dividend of 40 cents per stock unit payable on January 13, 2014, to stockholders on record at December 18, 2013. Scotia Investments also declared a final dividend of 45 cents payable on January 13 next year. Both companies have been paying 40 and 45 cents per share from the last quarter of 2012.

Salada Foods Jamaica declared a dividend of 40 cents per share payable on December 19, 2013 to shareholders on record as at December 3. The ex-dividend date is November 29, 2013. The company last paid a dividend of 40 cents per share on January 8, 2013.

Paramount Trading declared an interim dividend of 13.5 cents per share payable on December 10, 2013 to shareholders on record as at November 29. The ex-dividend date is November.

Lasco Distributors is to pay an interim dividend of 2.3 cents per share payable on December 10, 2013 to shareholders on record at November. The ex-dividend date is November 22. The last dividend paid was of $0.25 per share payable on July 31, 2012 based on the number of shares in existence then in June this year the company split the stock into 10 shares for each one already issued..

Jamaica Money Market Brokers declared a 16 cents per share dividend payable on December 18, 2013 to shareholders on record on November 27. The ex-dividend date is November 25. This is a 23% increase over the prior period. The last dividend paid was 10 cents per share on March 28, 2013. Last year December a dividend of 13 cents per ordinary share was paid.

Pan-Jamaican Investment Trust declared a third interim dividend of 50 cents per share payable on December 20, 2013 to shareholders on record as at November 27. The ex-dividend date is November 25. PJAM paid 45 cents on September 20, $1.10 on March 25, and 55 cents on December 20 last year.

Carreras declared an interim dividend of $1.00 per share payable on December 11, 2013 to shareholders on record as at November 20, 2013. The ex-dividend date is November18, 2013. The company last paid a dividend of a similar amount in August. The amounts represent a cut from $1.50 that investors had become accustomed to.  A slide in profits from a drop in sales have resulted in the cut.

Grace Kennedy declared an interim dividend of $0.70 per share payable on December 11, 2013 to shareholders on record as at November 22, 2013. The ex-dividend date is November 20, 2013.

Proven Investments declared a dividend of US$0.0022 per ordinary share payable on December 3, 2013 to shareholders on record at November 19, 2013. The ex-dividend date is November 15, 2013. The also declared a preference share dividend of $0.10 per share payable on December 23, 2013 to shareholders on record as at December 9, 2013. The ex-dividend date is December 5, 2013.

Dolphin Cove declared an interim dividend of $0.10 per share payable on December 4, 2013 to shareholders on record as at November 15, 2013. The ex-dividend date is November 13, 2013.

Dividends for consideration | The Board of Directors of Barita Investments Limited will consider (and if thought fit), recommend the payment of an interim dividend for the financial year ended September 30, 2013 at a meeting to be held on Friday, December 20, 2013.

The Board of Directors of Caribbean Producers Jamaica Limited will consider a dividend payment at a meeting to be held on Monday, December 23, 2013.

AMG Packaging & Paper Company will consider the payment of an interim dividend at a meeting scheduled for Tuesday, January 7, 2014.

Insider Trades Aug to Sept 2013

Updated 2nd October, 2013

Scotia Group Jamaica advised that under the Employee Share Ownership Plan, a senior officer acquired 10,171 SGJ shares and two senior officers withdrew a total of 79,563 SGJ shares in September. The company also advised that a senior officer of Scotia Investments Jamaica Limited purchased 51,000 SGJ shares on September 26, 2013.

The Gleaner Company Limited advised that a senior manager sold 100,000 shares of the company on September 26, 2013.

Mayberry Investments Limited advised that a related party purchased 50,435 of the company’s shares during the period October 1 – 2, 2013.

Ansa McAL Limited informed the Trinidad Stock Exchange that on September 20, 2013 a major shareholder connected to a Senior Officers purchased 32,167 of the company’s shares.

Jamaica Money Market Brokers advised that a related party sold 1,359,300 JMMB shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 4,732 of the company’s shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 67,230 MIL shares during the period September 20 – 24, 2013.

Scotia Group Jamaica advised that a senior manager purchased 4,500 SGJ shares on September 19, 2013.

Jamaica Money Market Brokers Limited (JMMB) has advised that a related party sold 1,000,000 JMMB shares on September 20, 2013. A related party also sold 507,100 of the company’s shares on September 17, 2013 and another sold 122,639 shares on September 18, 2013. It also looks as if 8 million units of the company’s stock that was sold on Monday could be from insiders.

Mayberry Investments Limited advised that a related party purchased 13,000 of its shares on September 20, 2013

Blue Power Group Limited advised that a senior manager sold 40,000 shares on September 12, 2013

Scotia Group Jamaica Limited advises that a senior manager purchased 88,000 of the company’s shares under the Employee Share Ownership Plan on September 13, 2013 and that a senior manager sold 13,025 of the group’s shares under the Employee Share Ownership Plan on September 3, 2013.

Dolphin Cove advised that a Director bought 11,642 of the company’s share on August 27, 2013 and during the period August 27, 2013 to September 10, 2013, a director sold total of 31,500 of the company’s shares.

Mayberry Investments Limited advises that a related party purchased 17,152 shares on September 12-13, 2013 and a related party purchased 346,095 shares on September 10, 2013

Jamaica Money Market Brokers Limited advised that a related party sold 160,000 JMMB shares on September 9, 2013

Mayberry Investments advised that a connected party has bought a total of 42,550 of the company’s shares during the period September 4-5, 2013.

Jamaica Money Market Brokers advised that a connected party sold 1,000,000 of the company’s shares on September 5, 2013

Sagicor Investments Jamaica advised that a senior manager purchased 74,082 S shares under the S Stock Option Scheme on September 2, 2013

Jamaica Money Market Brokers (JMMB) advised that a senior manager purchased 2,597 JMMB shares on August 27, 2013 and that a connected party sold 300,000 JMMB shares on August 28, 2013.

Mayberry Investments advised that a connected parties has traded 90,739 MIL shares on August 29, 2013; purchased 106,728 MIL shares on August 28, 2013 and a bought a total of 3,040 during the period August 30, 2013 to September 2, 2013. They also advised that a related party purchased 33,386 MIL shares on September 3, 2013.

Jamaican Teas advised that a director sold 2,000,000 of the company’s shares on September 2nd and 3rd.

Mayberry Investments advised that a connected party purchased 106,728 of the company’s shares on August 28, 2013

Sagicor Investments advised that a senior manager sold 82,904 of the company’s shares on August 28, 2013

Jamaica Money Market Brokers advised that a senior manager purchased 2,597 of the company’s shares on August 27, 2013 and a related party sold 220,000 shares on August 20, 2013.

Jamaica Producers Group | Two related parties purchased a total of 653,240 shares on August 19, 2013. Also, a Director purchased a total of 500,000 of the company’s shares on August 14 and 15, 2013. Previously two Directors purchased a total of 290,287 of the shares between May 17 and 24, 2013. An interesting pattern is developing that worth watching.

Related Posts | JMMB big bump in profits | Profits up at Jamaica Producers | Q2 profit up strongly at Sagicor | Exports push Jamaican Teas’ profit

Producers profits up, is it time to buy?

Directors of Jamaica Producers have purchased quite a bit of their company’s shares in recent months as the fortunes of the company seem to be on the improve. However, we ask the question: Is Producers right for the average investor?

The answer: Not at this time. With the stock price at the $18 level and the net book value placed at $29 per share, the gap is significant and earnings have not reached the level for the wider investing public to accord the stock a higher value, regardless of what the Directors’ buying actions may suggest.

In the just released company results, Producers reported a jump in profits by 42 percent to $158.5 million for the six months to June 2013 relative to the same period last year, and was up 59 percent for the latest quarter to June, over the June 2012 quarter to $73 million. For the six months, revenues increased by 6 percent to $3.7 billion and 5 percent to $1.84 billion for the June quarter over the same periods in 2012.

JP Europe | Revenues increased by 8 percent to $1.34 billion for the European division resulting in a 20 percent increase in pre-tax profits of $56.5 million for the second quarter and $116.4 million for the first half of 2013, more than doubling the result for the comparative six months of 2012. The turnaround in this area resulted from moderate improvement in the economies within the region, exchange rate movements between the Jamaican dollar and the Euro as well as expansion of sales to new areas within the EEC.

jamaica_producers+Tropicallogo150x150JP Tropical | Pre-tax profits of $26.6 million for the second quarter increased by 105 percent from $12.9 million in the 2012 period, a turnaround relative to the first quarter 2013 loss of $54.8 million, which included one-off exceptional restructuring costs of $35.9 million. With very limited banana supply, total revenues for the JP Tropical Division for the second quarter were down by 3 percent relative to the 2012 second quarter and rose by 4 percent on the first quarter.

During the latter weeks of the six month period, production of bananas resumed on the farms in St. Mary, commencing the generating of income to help cover the cost of re-development and maintenance of the resuscitated banana farms, which had negatively affected JP Tropical Division’s previous results. With the return of banana production, the JP Tropical Division improved its pre-tax profits for the second quarter compared to both the first quarter of 2013 and the comparable period last year. The primary snack production facility in Jamaica has now returned to production having been closed since Hurricane Sandy in 2012.

The recent acquisitions and investments in our JP Tropical Division collectively made a positive contribution to the divisional performance and we expect them to be an increasingly important part of the division in the future. The primary focus for the Division going forward will be to grow revenues organically by taking advantage of our installed base of productive capacity.’

“Mavis Bank has had a strong first half with operational efficiency gains allowing the company to meet export targets” management stated. Tortuga had mixed results in the first half with improved performance in Jamaica and Barbados and weaker sales in the US and other Caribbean markets. Tortuga’s overall performance was also affected by the seasonality of the product which typically generates peak sales in the fourth quarter and the Caribbean winter tourist season.

Regarding the Mining Company Limited, a subsidiary in which they hold a 51 percent interest, the company stated, “It had a satisfactory performance in the first half driven by the quality of our output and reliability of our service. We are now taking steps to expand mining operations from our base in St. Mary by opening a facility in Clarendon to allow us to participate in the South Coast market.”

jamaica_producers+bananalogo150x150The group has borrowings of $1.2 billion, which was used in funding investment in some of the associated companies as it reduced the amount in cash funds and investments that the Group held prior to the major investments. Cash and short term now stands at $435 million and $558 million for longer term investment. Investment in associated and joint venture companies amounted to $2.75 billion with the bulk of it being in Kingston Wharves. Shareholders’ equity at the end of June amounts to $5.4 billion.

Related posts | Insider Trades |  Profits up at Jamaica Producers

JSE: NDX impact overcome as market climbs

Thursday, 13th June 2013 | Mayberry bought 2,475 million shares of Jamaica Money Market Brokers (JMMB) for clients and Scotia Investment bought 1 million units for in house purposes today as 3.7 million units of JMMB changed hands valuing $31.8 million. The selling broker was JMMB mostly on behalf of clients. Carreras recorded a big trade worth $11.58 million as the stock traded 199,246 units and closed down at $59. NCB jumped to $22 at the close, up $2.50 with 242,000 shares trading at a value of $5.18 million. Grace Kennedy fell $0.75 to close at $58.25.

Index Climbs | The all Jamaica Index closed up 1,277.32 points and ended at 91,209.76 points, this means that the market is at its highest since the first week of January this year and has recovered all of the negative impact that the NDX did to the market index in February. The main market index closed up 725.54 points and closed at 88,639.94.

Bull2_150X150The Investor’s Choice bid-offer market sentiment indicator, points to more market gains ahead and this is backed up by technical indicators which suggest that the main market seems to be on track heading to 103,000 on the all Jamaica Index. The market seems to have broken out decisively from the 85,000 level. The 103,000 mark is the next major point of resistance followed thereafter by 115,000.

Juniors Down| Buy before results and sell after has been a pattern of the junior market from inception and it seems to be following that role again as prices of some stocks seem to have stalled or fallen back a bit as some profit taking takes place. The Junior Market index fell nearly 17 points to close at 732.81.

In today’s trading NCB, which climbed $2.50, would have had a telling impact on the index movement. However, this impact was tempered by a fall in Scotia Investments, off $1.

Advances positive | The advance decline ratio remains positive with 14 stocks advancing and 7 declining, on a day when 8 million shares changed hands with a value of $55 million. At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 11 stocks were higher with 4 stocks having offers that were lower than their last selling price.

JSEIndicesJun13

Dividends & Insider Trades

Seprod Limited | Declared a dividend of $0.53 per share payable on July 8, 2013 to shareholders on record as at June 21, 2013. The ex-dividend date is June 19, 2013.The previous dividend paid by the company was $0.30 per share, on November 9, 2012.  Prior to this, the company paid a dividend of $0.53 per share on August 7, 2012.

Seprod reported profits for the first quarter of this year that was down on the similar quarter in 2012. Profit after tax profit slipped to $231 million compared to $292 million in the 2012 first quarter.

JPS Preference dividends | Declared quarterly dividends for the issued preference shares which will be paid on July 1, 2013 to shareholders on record as at June 14, 2013, the ex-dividend date is June 12, 2013. The following are the shares and the amounts:

  • Jamaica Public Service Company Limited 7% – $0.035
  • Jamaica Public Service Company Limited 5% C – $0.025
  • Jamaica Public Service Company Limited 5% D – $0.025
  • Jamaica Public Service Company Limited 6% – $0.03

Insider trades | Jamaica Producers Group Limited advised that two Directors purchased a total of 290,287 of the company’s shares, between May 17 & 24, 2013. Mayberry Investments Limited has also advised that a connected party purchased 29,037 shares in the company on June 3, 2013.

Profits up at Jamaica Producers

Jamaica Producers (JP) recorded improved profits for the quarter ended March this year, with after tax profits up 30 percent, hitting $85.5 million for the company’s shareholders. The 2013 performance compares to $65.8 million reported in 2012. The improvement is in spite of finance cost rising by $22 million and taxation by $42 million. The group’s directly managed operations did not fare as well as in the prior year as a $43 million profit made in 2012 was turned into a loss of $12.6 million. Damage to the agricultural segment by hurricane Sandy resulted in a loss in that division of $55 million which compares unfavourably to a profit of $38 million last year, as revenue declined $89 million to $450 million. The group is reporting improvement in its European operations with a profit of $60 million, which is up from just $7.4 million in 2012.

Revenues | Overall, revenues moved up from $1.74 billion in 2012 to $1.86 this year. Profits were helped by gain on sale of fixed assets and investments amounting to $98.7 million. In 2012, gains were $40 million and the 2013 gain was offset by a one-off charge of $36 million. Share of associated company’s profits contributed $99.6 million versus a small loss in 2012.

Dom Rep operations fully-owned | JP acquired ownership of all the shares in the Dominican Republic operations where banana chips are produced for the Latin American market. The company says it benefited from growth in exports of juice to northern Europe from its Holland juice operations, cost cutting and increased efficiency from a new packaging plant.

Financially strong | The group has equity of $5.2 billion and loans of $1.2 billion of which just $68 million is due within twelve months. Short-term liquid funds amount to $485 million at the end of the quarter. The challenge for JP is to build on the performance of the first quarter and show satisfactory improvement in its core business to justify the investments in those areas.

Stock outlook | The 2013 performance so far could help the stock price recover some of its former sparkle. How much is uncertain.