Producers profits up, is it time to buy?

August 29, 2013 by

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

Filed Under: Company News, Company Results Tagged With: ,

Pan Jam profit stable

August 28, 2013 by

Pan Jamaican Investment Trust released results for the half year to June and reported profit attributable to shareholders for the June quarter of $486 million, a slight 4 percent increase on the $468 million in the 2012 quarter. For the six months ended June, Pan Jam made $710 million, compared to $970 million for 2012, a decrease of 27 percent.  The results equated with earnings per share amounted to $2.28 for the quarter and $3.34 for the six months to June.

The year to date results were negatively affected by the decision by both Pan Jam and the Sagicor group, an associate, to swap older debt with a higher book value for new government of Jamaica debt at a lower value (JDX2) which resulted  in a large loss.

pan_jamaican_logo150x150Helping to boost the results was the share of results of associated and joint venture companies which rose from $227 million to $532 million in the June quarter and up from $305 million in 2012. For the six months to June, these investments resulted in $769 million being booked and is largely due to an increased shareholding in Sagicor, which was partly offset by increases in finance costs of $119 million.

In their comments on the results, Management stated that “Investment income of $44 million in the second quarter was lower than last year’s comparable quarter by $36 million, as unrealised losses on securities trading of $26 million eroded foreign exchange gains, interest income and dividends. Year to date investment income of $145 million is 27 percent ahead of last year due principally to significantly higher foreign exchange gains. Property income was flat compared to last year for both the quarter and year to date, as stable occupancy levels and continuing modest growth in rental income were offset by reduced property revaluation loss.

“Group operating profit for the 2nd quarter decreased by $73 million or 32 percent, compared to last year’s 2nd quarter. For the year to date, group operating profit of $388 million is $23 million or 6 percent less than last year’s level. Total revenue was lower for the quarter compared to last year by $32 million, 7 percent, principally attributable to the decline in investment income, but ahead of last year for the 6 months.”

Occupancy | The group enjoyed overall rental occupancy exceeding 95 percent for the 2nd  quarter, a slight decline from last year, while contribution to group operating profit of $158 million for the quarter ($342 million year-to-date) was $42 million ($16 million year-to-date) lower, attributable to reduced property revaluation gains.

Operating expenses | Management said that operating expenses increased by $41 million for the quarter, and $69 million for the 6 months, driven by increased levels of direct property costs, professional fees associated with investment opportunities and general increases in staff costs. Finance costs increased compared to last year by $119 million to $137 million for the quarter, and by $298 million to $331 million for the 6 months, resulting from increased loans booked.

PamJamChukkaCove150x150Associated Companies | The associated companies consist principally of a 32.8 percent investment in Sagicor; minority positions in New Castle Co. Limited, owners of the Walkerswood and Busha Browne lines of sauces and seasonings; Mavis Bank Coffee Factory Limited; Hardware & Lumber Limited; Caribe Hospitality Limited (developers of the planned New Kingston Marriott Courtyard Hotel) and Chukka Caribbean Adventures.

Pan Jam’s share of Sagicor’s comprehensive income for the quarter was a loss of $426 million consisting primarily of unrealized losses on available-for-sale securities, net of exchange gains. For the year-to-date, the share of the net unrealized loss is $275 million, compared to a share of net unrealized gains of $52 million for the comparable period last year.

According to management “New Castle’s results for their fiscal year ended April 30 2013 increased more than threefold on the back of a 44 percent jump in revenue, while Mavis Bank again posted good results. Chukka overcame Hurricane Sandy-related disruptions to cruise ship passenger arrivals and the temporary closure of the cruise ship port in Turks and Caicos to post returns in line with expectations.”

Balance Sheet | Total assets at June amounted to $22 billion, compared to $21.4 billion at the end 2012. Stockholders’ equity increased to $16.6 billion equating to a book value per stock unit of $77.85.

Related posts | Pan Jam’s profit dented too

Filed Under: Company News, Company Results Tagged With: ,

JSE: Trading levels remains low

August 28, 2013 by

Wednesday 28th August 2013 | Trading on the Jamaica Stock Exchange remains low keyed with stocks of 32 companies trading as 11 stocks declined an 8 advanced. Volume amounted to 5,249,151 units valued at $15.5 million.

The Main Market Index closed at 84,480.16 down 169.90, the All Jamaica Composite ended at 84,336.24 off 298.93 and the Junior Market closed at 798.08, up 8.41.

Main market | Carreras dropped $3 to $45 but with only 1,090 shares trading the stock traded as low as $45 but had a bid at the end of the day at $47 for a small volume of 250 units. Jamaica Broilers Group closed firm at $5 with 37,050; Jamaica Money Market Brokers traded 31,163 to close firm at $8; Mayberry Investments closed at $2.60 with 106,728; National Commercial Bank closed at $18.61 as 29,676 units traded as the price shed a cent; Pulse Investments closed at 85 cents down 15 cents as 114,600 changed hands and Sagicor Investments traded 86,904 units firm at $16.55. Kingston Wharves lost 40 cents to close at $7 as 4,562 units traded. Carib Cement lost 6 cents to close at $2.74 as demand dropped with a bid at the close at $2.11.

JSEIndicesAug28Junior market | 11 stocks in the Junior Market traded with Dolphin Cove 25,000 units to close at $8.30 after it had traded at $9 the stock lost 20 cents; General Accident Insurance saw 1,542,480 units crossing the exchange and closed at $1.90 up 5 cents; Access Financial Services traded 10,554 at $8.25 down 25 cents; Consolidated Bakeries traded 10,000 units firm to close at $1.50. KLE Group hit a new all-time low at $1.61 while trading 7,000 and lost 9 cents. Lasco Distributors traded 114,060 to close at $1.55 up 9 cents; Lasco Financial Services contributed 2,507,000 units to the total at the closing price of $1.42, up a cent.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks were higher with 4 stocks having offers lower than their last selling price.

Image courtesy of Photokanok/FreeDigitalPhotos.net 

Filed Under: JSE Main Market, Stock Market Tagged With: , ,

JSE: Carreras tumbles

August 27, 2013 by

Tuesday, 27th August 2013 | Carreras lost ground as the closed at $47, a 52 weeks low, with just 7,868 shares trading between $47 and $48.52, losing $2 in the process as demand for the stock evaporates following the smoking ban in public spaces and the sharp drop in profits in the June quarter. The stock seems destined to decline further as there are 343,835 units on the offer at $49 but only 6 bids for about 12,000 shares at the close with 10,000 of them at $42.01.

The market lost some ground in trading with the advance decline ratio being evenly matched with 9 stocks advancing in price to 10 that fell, the closeness is reflected in the small movement of the all Jamaican Composite Index that closed at 84,635.17, a fall of just 56.52 as the stocks of 31 companies traded, one of the highest numbers for some time. Thanks to a $1 fall in the heavily weighted First Caribbean International Bank, the Main Market Index dropped to 84,650.06, down 286.62. Trading resulted in 2.42 million units at value of $20,314,792.

Caribbean Cement lost ground after a relentless run, which took it from under a $1 prior to the release of the six months results, in trading 20,100 units to close at $2.75 a decline of 25 cents. On Friday last, the stock traded as high as $3.30. Grace Kennedy closed at $56.70 with 11,825 units changing hands as the stock lost 30 cents. Jamaica Money Market Brokers traded 69,034 to close at $8, down 3 cents; Jamaica Producers Group was the big trader on the day with 552,027 units valued at$10,045,787 at a closing price of $18.20 which is up 70 cents on the last traded price on Monday; National Commercial Bank had one of the better trading days for some time with 133,650 units at a closing price of $18.62, a 2 cents increase as trading accounted for $2,488,524.

Sagicor Life Jamaica contributed 35,895 units to trading at a closing price of $8.15, up 5 cents; Scotia Group chipped in with 27,963 units at a closing price of $21.05 up a cent and Supreme Ventures had 30,000 units trading at $2.65 up 10 cents. Salada lost 50 cents to close at $8.50 with 1.170 units.

JSEIndicesAug27Junior market | Ten junior market stocks traded, resulting in prices rising for 5 and falling for 2, helping to move the index up by 4.48 to 789.67. Stocks trading in worthwhile volume are Access Financial Services, 97,481 closed at $8.50 up 25 cents; Blue Power Grou, 166,271 closing at $10 for an increase of 50 cents; Caribbean Producers, 49,000, at a closing price of $2.03, down 7 cents; Dolphin Cove, 24,978 at $8.50 up 30 cents; Lasco Distributors contributed 63,652 units and closed at $1.46 off 9 cents on the day; Lasco Financial Services 956,518 units at $1.41 down 9 cents; Lasco Manufacturing 43,154 traded firm at $1.60 up 2 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks were higher with 4 stocks having offers lower than their last selling price. This ratio continues to reflect a weakened position for the market at least for the time being.

Filed Under: JSE Main Market, Stock Market Tagged With: , ,

General Accident undervalued, but . . .

August 27, 2013 by

General Accident Insurance Company continued to perform well in the second quarter as they did in the first of this year with profit increasing 48 percent to $80 million in the second quarter bringing the six month results to $177.7 million, an increase of 57 percent over the same period in 2012. The company said they made more money in both our underwriting and investment operations and as a result were able to improve their overall profitability and capital efficiency.

Underwriting | For the two quarters, gross premiums grew to $3.2 billion, an increase of 21 percent over the first six months last year. Net earned premiums grew by 8 percent to $443 million. “Premium growth was driven by the healthy organic growth of our core commercial property and motor businesses as well as the execution of facultative transactions on behalf of large domestic and multinational clients,” the company said.

“Our combined ratio improved from 92 percent in the first six months of last year to 90 percent in the first six months of 2013. The improvement in our combined ratio, the insurance industry benchmark for underwriting profitability, occurred despite continued softness in insurance rates and a deteriorating loss ratio. As a result, our underwriting profit in the first half of 2013 stood at $42 million compared to $34 million during the same period last year”, management continued to state.

GeneralAccident_logo150x150Claim expenses rose from $247 million for the year to June last year by 25.5 percent to $310 million in 2013. Management expenses rose from $145 million for the year to June 2012 by 14 percent to $165 million in 2013 and in the latest quarter from $75 million to $88 million, an increase of 17 percent.

Investment Performance | For the six months to June investment income amounted to $145 million, an increase of 68 percent compared to $86 million in the first half of 2012. Investment income in the June quarter was only $52 million much less than the amount generated in the first quarter. A slower fall in the value of the Jamaican dollar would have resulted in a lower gains from foreign currency trading or translation.

Summary | A sharp change in commission expense from a loss of $78 million in the June quarter of 2012 to a small surplus of $6.5 million helped in no small manner to boost the bottom-line in the quarter even as net premiums earned declined from $205 million to $187 million and claims jumped from $118 million to $157 million over the same period.

The company paid out $50 million in cash dividends to shareholders in the first quarter.

Assets jump | The company that had assets totaling $3.9 billion at the end of December last year, has seen a major jump to June to $7 billion mainly as amounts due from reinsurers and co-insurers doubled to $2 billion. The amounts due from policy holders climbed $1.3 billion to $41.8 billion and cash and short term investments increased by $500 million.

On the other hand, amount due to reinsurers and co‐insurers moved up by $1.75 billion, insurance reserves up by $1.3 billion and shareholder’s equity by a little over a $100 million to $1.4 billion since December last year.

Return on average equity is 25 percent which is attractive if the company can maintain the current profit levels. If they can, then earnings per share should reach 35 cents for the year, which makes the stock now priced at $1.85 cents a bargain.

The stock traded at $2.81 in 2011 when profits were not as strong as it is now. Additionally, a number of junior market companies are trading around 6-7.5 times 2013 earnings with General Accident at 5.3 times, suggesting there is room for capital gains in the medium term. Of course Jamaica is in the midst of the hurricane season and some investors may not want to be bold ahead of the end of the season, just in case there is major damage and claims. This stock ought to be watched for benefit from what could be a nice price gain before year end.

Insider call | General Accident is an IC Insider Buy Rated stock.

Related posts | Buy Rated stock list grows | General Accident’s profit up 65 percent

Filed Under: Company News, Company Results Tagged With: ,

JSE: Moderate trading

August 26, 2013 by

Monday, 26th August 2013 | Even as stocks of 26 companies traded on Monday, trading levels continued to be low with 4.67 million units trading valued at $15.4 million of which the Proven preference shares accounted for 1.7 million units valued at $8,692,193 as the stock price closed at $5.09.

There were 6 stocks advancing and 4 declining as the main indices declined with the junior market index closing up marginally to close at 785.19. The all Jamaican composite index closed at 84,691.69 down 263.02 points and the main market index was down 149.48 and closed at 84,936.68.

Cable & Wireless had a volume of 1,141,222 with the price closing firm at 18 cents; Caribbean Cement accounted for 518,445 and closed firm at $3; Desnoes & Geddes 17,385 shares closed at $4.50, down 5 cents; Jamaica Money Market Brokers 12,507 shares closed at $8.03, down 7 cents; Kingston Wharves 50,100 traded firm at $7.40 at the close; Mayberry Investments traded 45,622 units and closed at $2.61, down 2  cents; National Commercial Bank had 12,486 units to close at $18.60, gaining 7 cents; Scotia Group Jamaica chipped in with 96,763 at $21.05 and gained 2 cents.

JSEIndicesAug26Junior market | Caribbean Cream 709,724 units at $1.05; Consolidated Bakeries 135,500 traded at $1.50 at the close, up 9 cents; Lasco Financial Services 83,000 at $1.50 up 5 cents; Lasco Manufacturing 25,500 traded firm at $1.58; Paramount Trading, traded 60,000 firm at $3.30.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 3 stocks were higher with 2 stocks having offers lower than their last selling price. This ratio is now reflecting a weakened position for the market, at least for the time being.

Filed Under: JSE Main Market, Stock Market Tagged With: , ,

JSE: Advancing stocks clobber decliners

August 23, 2013 by

Friday, 23rd August 2013 | The market turned around today having lost altitude fairly sharply on Wednesday and Thursday with the prices of 11 stocks increasing to just 4 the at fell. Importantly, at the end of trading 10 stocks had bids that were above the last traded price with a mere 2 that had offers below the last price — a pretty bullish indicator — but this is after 2 two days of decline and will be worth watching.

The market traded 10,030,006 shares valued at $78.4 million with Jamaica Money Market Brokers being the dominant trade on the last trading day of the week with 6 million units valued at $48.5 million as the price gained 7 cents to end the day at $8.10. Jamaica Money Market Brokers sold 1,992,204 for a client at $8.10 to Mayberry Investments on behalf of a client. JMMB crossed the rest on behalf of clients. Caribbean Cement continues its relentless run with the price closing at a new 52 weeks high of $3 but not before it traded as high as $3.30, having recovered from a low of 60 cents earlier this year. A volume of 431,780 was the level of trading as the price gained 35 cents.

Main Market trades of note | The all Jamaica Index gained just 34.67 points to close at 84,854.71 and the JSE market index moved up by 19.70 to close at 85,086.16. Stocks trading with reasonable volume were Carreras 99,390 units at a value of $4.87 million as the stock closed at $49, Grace Kennedy 73,795 shares valued at $4.2 million and had a closing price of $57 for a gain of 25 cents, Kingston Wharves 389,475 valued at $2.9 million, between $7.40 and $7.70 but closed at $7.40 down10 cents, Sagicor Life Jamaica 149,000 at $1.2 million to close at $8.30 after shaving a cent off Thursday’s price and Scotia Group with 146,208 units with a value of $3 million, the stock closed at 21.03, up a cent.

JSEIndicesAug23JMMB 8.75% traded 216,447 at $3 valued at $649,341 and Proven Investment 8% preference shares traded 2.06 million units valued at $10.485 million while the ordinary shares, which are quoted in US dollars, traded 3,900 units at US12 cent.

Junior market | Trade in the junior market was light with stocks of only 7 companies trading, with the index inching up 1.33 to 783.46. Caribbean Cream traded 120,000 units at $1.05 the same price as Thursday, Caribbean Producers gained 7 cents while trading 10,104 units to close at $2.10, Lasco Distributors had trading in 102,609 shares, gained a cent to close at $1.55, Lasco Financial Services traded 45,040 shares, closed down 3 cents to $1.45 and Lasco Manufacturing lost a cents to $1.58.

Eppley shares have still not traded but the bid remains at $400 for 423 units. There are no stocks on offer at the close of trading.

Filed Under: JSE Main Market, Stock Market Tagged With: , ,

Another acquisition for Jamaica Broilers

August 23, 2013 by

Jamaica Broilers Group entered into an agreement on August 20, 2013, to acquire Hamilton’s Smoke House Limited, a leading local producer and processor of premium quality smoked meats, poultry and pork products. The acquisition will strengthen the Company`s presence in the further processed meats segment and complement the Company`s existing product lines. Completion of the acquisition, which is subject to certain conditions, is expected to be within forty-five (45) days. Under the terms of the transaction, the purchase price is to remain confidential.

This is the second acquisition the company has entered into in just over a month. In July, Jamaica Broilers advised that it has entered into an agreement on July 17, 2013, to acquire a leading producer and broker of broiler hatching eggs in the United States of America. “This acquisition, if concluded, is expected to result in the doubling of JBG`s fertile egg production output in the United States.

The group should benefit from economies of scale from both of these acquisitions when fully integrated. Jamaica Broilers reported a 17 percent improvement in after-tax results for the year to April 2013 with profits of $1.1 billion from a 12.5 percent increase in revenues to $26.7 billion. The group has equity capital of $9.7 billion and total assets of $18 billion at the end of April this year.

Insider call | Jamaica Broilers Group is an IC Insider Buy Rated Stock

Filed Under: Company News, General Business News Tagged With: ,

Radio Jamaica’s sharp turn

August 23, 2013 by

Radio Jamaica made a sharp about turn in profitability in the June quarter reversing a loss of $25 million in 2012 to a small profit of $1.6 million. The change came about as revenues increased by 7.3 percent to $440 million. The company says the change in revenue is due to increased advertising income, flowing from the website’s continuous growth in visitors and increased portfolio of local production in television which contributed favourably to higher income and improvement in response to the sales and marketing.

Also helping the changed bottom line was a doubling of other income from $17.7 million to $34.65 million but it is cost cutting that really did the trick. Selling expenses was cut to $70 million from $76.4 million in 2012, administrative expenses was reduced from $103.7 million down to $98.5 million and other operating expenses which came in at $73.4 million was down from $87 million. RJR negotiated a number of contracts but bringing the cable channel under the same roof as the main studios help cut costs as well. Interest cost was one expense that climbed as loans were taken on to help fund the acquisition the FIFA franchise for matches between 2013 and 2022. This amount climbed from $1.2 million to $5.4 million.

RJR_Newslogo150x150RJR would have suffered revenue decline from the closure of Claro mobile network resulting in less completion in the market as well as the general economic downturn, which started in late 2008. Data to date indicate that the economy is still declining at least up to the first six months of this year. Forecast going forward does not reflect any signs of much economic growth.

The turnaround in profits is welcomed news for investors who have seen profits decline from 2010 when it peaked at $222 million ending with a big loss for the year ended March 2013. Even with the return to profits, the company is not fully out of the woods as the economy is still fragile and things could get more difficult before they get better. In such an environment, the strength of the finances take on even more import.

IC Insider forecast is for the 2013/14 year to show profits of $63 million after tax or earnings per share of 18 cents which would be a big improvement over the $36 million loss reported last fiscal year ending March 2013.

Loan funding is now at $193 million and cash funds at $252 million and receivables is $439 million versus payables of $224 million.

Related posts | RJR’s $106M 4th quarter loss

Filed Under: Company News, Company Results Tagged With: ,

JSE: More stocks declined than advanced

August 22, 2013 by

Thursday, 22 August 2013 | Trading on the Jamaica Stock Exchange fell to the lowest levels for months as just $12 million was invested in stocks on a day when 11 stocks fell and just 6 increased in price as 3.5 million units traded with Cable & Wireless accounting for 1.5 million and closing firm at 17 cents.

The all Jamaica index declined by 259.76 to close at 84,920.04, the main market index closed at 85,066.46, a decline of 147.63. The junior market index put on a marginal increase to close at 782.13.

Main Market | Carreras lost 10 cents in trading 10,710 units to close at $49 as the stock remains under pressure. Grace Kennedy traded 10,100 shares to close at $56.75, down 24 cents, Jamaica Money Market Brokers contributed 71,009 to close at $8.03 up 3 cents. Jamaica Stock Exchange  chipped in with 70,350 units and closed at $3.10 off 15 cents. National Commercial Bank exchanged 38,300 shares and gained 3 cents to close at $18.53, Sagicor Investments put in 150,500 units, lost 20 cents and closed at $16.55, Sagicor Life Jamaica traded just 11,092 units to close at $8.31, off 9 cents and Scotia Investments saw 12,000 units trading firm at $26.15, Proven Investment Preference shares traded 1,009,800 to close at $5.07, off 2 cents for a value of $5,119,882. Jamaica Producers traded a small volume but lost 75 cents to close at $17.50. Caribbean Cement traded at a new 52 weeks high of $3 during trading but closed back at $2.65, yesterday’s 52 weeks high.

JSEIndicesAug22Junior market | Caribbean Creams traded 279,793 and closed firm at $1.05, Honey Bun traded 16,500 firm at $3.50, Lasco Financial Services chipped in with 21,447 units firm at $1.50 and Lasco Manufacturing 183,860 trading at $1.59 down a cent.

Consolidated Bakeries did not trade but it had a bid at $1.44 versus the last sale price of $1.41 and Lasco Distributors bid was at $1.50 versus last sale of $1.45.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 6 stocks were higher with 2 stocks having offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: , ,