Carreras climbs $2.29 pushes JSE

Carreras 4 Carreras closed trading at $39.50 to end the day at a new 52 weeks’ high and Scotia Group after hitting $21.99 with 739,792 shares by mid-day, closed at $20.50 and were the main contributors to a strong increase in the main market indices on Friday. The gains were not adequate to stop the overall market from registering the third consecutive day of declining stocks out numbering advancing ones.
Activity on the overall Jamaican stock market, resulted in the prices of 6 stocks rising and 9 declining as 29 securities changed hands, ending in 5,019,576 units trading, valued at $36,430,375, in all market segments.
Main Market| The JSE Market Index gained 1,175.44 points to 77,828.04, the JSE All Jamaican Composite index rose 1,314.20 points to close at 85,733.67 and the JSE combined index gained 1,070.76 points to close at 79,654.74.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 10 stocks with bids higher than their last selling prices and 3 with offers that were lower.

Scotiabank shares helped to push the index in Fridays trading.

Scotiabank shares helped to push the index in Fridays trading.

Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Caribbean Cement ending with 12,825 units changing hands, to close with a gain of 5 cents at $2.35. Carreras swapped 124,240 shares to close with a gain of $2.29 at $39.50, the highest price it closed at since, November 6, 2013 when it then closed at $40. Jamaica Money Market Brokers closed with 93,329 ordinary shares trading, with a gain of 2 cents to $6.57, Scotia Investments contributed 5,000 units in trading to close 4 cents higher at $22.55 and Supreme Ventures had 10,600 shares changing hands, the price gained 15 cents to $2.15.
Firm| The stocks in the main market to close without a change in the last traded prices are, Berger Paints in trading 1,569 units ended at $1.55, Cable & Wireless closed with 31,881 shares changing hands at 50 cents. Ciboney ended with 10,000 shares trading at 7 cents, Desnoes & Geddes closed with 909,979 units trading to end at $4.80, Jamaica Broilers closed with 89,998 units traded at $4, Jamaica Stock Exchange finished with 10,000 units changing hands at $2. Kingston Wharves exchanged only 827 units at $5.60, Mayberry Investments traded at $2, in swapping ownership of 200,406 shares, Proven Investments traded 17,000 shares at 21 US cents, Radio Jamaica closed with 800 shares changing hands at $1.30 and Scotia Group ended up with 750,762 shares changing hands at $20.50.
jse sum 23-1-15 Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Gleaner closing with 64,463 units trading as the price slipped 5 cents to 80 cents, for a new 52 weeks low, Grace Kennedy finished with 23,770 shares trading lower by 50 cents to $62.50, Kingston Properties closed with 29,925 shares changing hands to close lower by 50 cents at $7, National Commercial Bank closed with 50,453 units as the price slipped 19 cents to $19.31, Pan Jamaican Investment finished with 26,363 units trading, the price eased by 10 cents to $52, Radio Jamaica ended with 560 shares trading lower by 15 cents to $10.05 and Sagicor Group closed trading with 10,947 units as the price slipped 30 cents to $6.65.
Preference| Eppley 10% preference share traded 34,500 units at $6 and Jamaica Money Market Brokers 7.50% preference share ended with 1,773,100 units trading at $2.

AMG flat sales push profit down 15%

amg-packaging280x150Revenues rose a strong 36.56 percent for the year to August 2014 for junior market listed, AMG Packaging, hitting $607 million but it increased by a much slower pace of 28 percent in the final quarter of the financial year, to $165 million.
Those strong gains may have cannibalized sales in the November quarter with flat sales compared with 2013 quarter, with revenues of $151 million. But the performance comes against the back ground of volumes sold, climbing a very strong 19 percent for the year. The fall in volume started from the August quarter as units sold increased by 23.4 percent, management stated in a release accompanying the May results.
While sales increased impressively in 2014 fiscal year margins came under pressure with only 23.7 percent for the year to August down from 33 percent in 2013. For the latest quarter gross profit margin comes out at 25.9 percent but could end up at 31.5 percent for the current year if sales volumes increase by 10 percent for the rest of the fiscal year. Gross profit for the quarter amounted to $34.4 million up from $33.3 million in 2013 but increase mainly administrative cost that rose 28.4 percent eroded profit slightly by 15 percent to $15.4 million from $18 million in 2013. The company got a double whammy, with the Jamaican dollar losing value, resulting in a 28 percent more Jamaican dollars having to be found to purchase a US dollar since September 2012, and the price of paper on the world market moving 22 percent from US$720 per tonnes at September 2012 to US$830 in August 2013 and now US$875, which it has been since June last year.
Receivables are down by $12.7 million from the amount at the end of August last year and so too is amounts in payables by $26 million. Cash funds grew to $33 million from $22 million while inventories is down from to $118 million at August to $113 million, which is nearly 4 months supplies based on sales in the quarter and is up from just two and a half months back in 2013 and seems to be a hedge against devaluation of the Jamaican dollar. But that is only a part of the story. A check on world prices for pulp shows a pretty sharp increase since 2012.
AMG has to continue to grow its business by continued strong volume growth to become a more cost competitive producer with lower unit cost. The company needs to put strategies in place to return volume sales to growth and needs to continue cost containment measures to ensure profit improvement going forward. With increase through put, unit cost of production will fall allowing more growth in gross to flow into overall profits. A bright spot for the company is the fall in the cost of fuel and electricity will help in keeping cost down for the rest of the fiscal year.
IC Insider’s forecast for 2015 is 90 cents per share and $1.50 for 2016 on the assumption that volume sales return reasonable growth.

JPS share jumps $119

JPSIn Monday’s activity on the Jamaica Stock Exchange, the price of Jamaica Public Services 9.5% Preference shares jumped by $118.90 to end at $1,125 for a new all-time high as investors traded the stock for $236,250,000. Activity in the overall market resulted in the prices of 10 stocks rising and 3 declining as 26 securities changed hands, ending in 2,749,084 units trading, valued at $241,908,563, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 10 stocks with bids higher than their last selling prices and 4 stocks with offers that were lower.
Main Market| The JSE Market Index fell 205.19 points to 76,128.35, the JSE All Jamaican Composite index lost 229.40 points to close at 83,833.34 and the JSE combined index declined by 181.96 points to close at 78,141.73.
Gains| Stocks gaining at their last traded prices, at the end of trading in the main market are, Carreras ending with 500 units, the price rose 2 cents to $37.03. Jamaica Broilers ended with 70,537 units changing hands to close with a gain of 3 cents at $4.02, Jamaica Money Market Brokers finishing with 68,763 shares changing hands, to close with a gain of 5 cents, to $6.55. Jamaica Stock Exchange finished with 30,000 shares changing hands, 10 cents higher at $2, National Commercial Bank ended with 8,405 shares trading to gain 20 cents at $19. Sagicor Group finished trading with 27,006 units changing hands to close with a gain of 4 cents at $9.95 and Supreme Ventures finished trading with 4,000 shares with the price rising 3 cents to $1.80
JSE sum 12-1-15 Firm| The stocks in the main market to close without a change in the last traded price are, Cable & Wireless closing with 202,323 units trading at 48 cents. Caribbean Cement ended with 45,596 units trading at $2.50, Kingston Wharves closed with 4,747 shares at $6, Radio Jamaica closed with 4,400 units at $1.30, Scotia Group finished with 33,854 units trading at $20.10 and Scotia Investments ended with 9,002 shares trading at $23.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Grace Kennedy closing with 3,896 units trading as the price slipped $1 to $62, Mayberry Investments finished with 400,500 shares trading lower by 5 cents to $1.95 and Sagicor Real Estate Fund ended with 2,000 shares changing hands to close lower 15 cents lower at $7.05.
Preference| Jamaica Money Market Brokers 7.50% preference share had 309,000 shares changing hands at $2 and Jamaica Public Service Co 9.5% preference share ended with 210,000 units changing hands to close with a gain of $118.90 at $1,125, the move has reduced the yield to 8.44 percent fr0m 9.5 percent, the coupon rate.

Financial stocks pull JSE down

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NCB stock fell back to $18.80 from the $19.99 it was pushed to on Thursday

NCB stock fell back to $18.80 from the $19.99 it was pushed to on Thursday

Friday’s activity on the Jamaica Stock Exchange saw decline in the prices of Jamaica Money Market Brokers, National Commercial Bank and Scotia Group pulling the main market indices down more than 700 points. On Thursday National Commercial Bank closed at a new 52 weeks high at $19.99, leaving a big gap between buyers and sellers, hence the fall on Friday.
Investors participated in a small number of securities on Friday, resulting in the prices of 6 rising and 6 declining as 17 securities changed hands and ended with 2,404,440 units, valued at $12,847,928 traded, in all market segments. At the close there was demand for more with bids failing to attract sellers at the closing bid prices.
IC bid-offer Indicator| At the close of the main and junior markets, the Investor’s Choice bid-offer indicator shows 8 stocks with bids higher than their last selling prices and 4 with offers that were lower.
Main Market| The JSE Market Index lost 702.66 points to 76,333.54, the JSE All Jamaican Composite index fell 785.62 points to close at 84,062.74 and the JSE combined index declined by 667.53 points to close at 78,323.69.
JMMB stock closed down to $6.50 on Friday but JSE had the price falling 54 cents in computing the index.

JMMB stock closed down to $6.50 on Friday but JSE had the price falling 54 cents in computing the index.

Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Cable & Wireless closing with 236,428 shares changing hands, 2 cents higher at 48 cents, Grace Kennedy ending with 3,383 units, with the price rising $1.50 to end at $63. Jamaica Stock Exchange ended trading with 795,000 units changing hands and gained 30 cents to $1.90, Margaritaville finished with 46,000 shares changing hands to close with a gain of 0.05 cents to 10.5 US cents and Sagicor Real Estate Fund ended with 10,000 units trading, to close with a 15 cents gain at $7.20.
Firm| The stocks in the main market to close without a change in the last traded prices are, Scotia Group which ended with 147,987 units trading to close at $20.10, Desnoes & Geddes closing with 325,000 shares trading to close at $4.90 and Scotia Investments ended with 15,000 shares changing hands at $23.
JSE 9-1-15f Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Jamaica Broilers closing with 102,265 units trading as the price slipped 5 cents to $4, Jamaica Money Market Brokers finished with 514,668 shares trading lower by 1 cent to $6.50, National Commercial Bank closed with 7,200 shares changing hands to close lower by $1.19 at $18.80 and Pan Jamaican Investment finishing with 6,750 units, the price slipped $3.99 to $52.01.
Preference| Jamaica Money Market Brokers 8.75% preference shares traded 27,000 units at $3 and Jamaica Public Service 9.5% preference shares traded 941 units at $1,006.10.

Cargo Handlers’ Q4 profit doubles

CargoHandlersLiquidBulkCarriersProfit for the September quarter at Cargo Handlers is up 117 percent over the 2013 results to $49.7 million from revenues that climbed a very strong 77 percent. Profit rose by a smaller 55 percent, for the nine months ending September this year, to $131.7 million or $3.52 per share from revenues for the nine months of $220 million.
Other income, mainly foreign exchange gains, fell 13 percent in the quarter and was flat for the year, at $16 million. During the year the company earned $13.6 million from leasing and $8.9 million from management fees charged to a related party – Bulk Liquid Carrier and Petroleum Transport Ltd.
Administrative expenses dropped 31 percent in the quarter and 9 percent for the year but operat9ing expenses climbed 37 percent for the quarter and 22 percent for the year well below the increase in revenues. The company paid a dividend of $1.80 per share during the year for a yield in excess of 13 percent based on the stock price of $13.50 at the start of 2014.
CHL 9-14Looking forward the foreign exchange gains earned in the last two years is unlikely to repeat in 2015 as the Jamaican dollar is unlikely to slip to the same degree it did in the recent past, so earnings will need to exclude most of these gains which amounts to just over 40 cents per share. Investors could be looking at earnings per share around $4.80 in 2015. At a price of $16 the stock is undervalued but they are difficult to come by.
Equity capital stood at $200 million and net book value at $5.33 per share. There is virtually no borrowings and cash of $93 million.
The company is involved in primarily in stevedoring services and is in the process of acquiring a petroleum haulage company which it now manages pending completion of the sale. The stock is listed on the Jamaican Stock Exchange.

NCB & Carreras dominant on JSE

NCB Nkgn -2014Trading on the Jamaica Stock Exchange, on Wednesday was extend by an hour, to close at 2 PM, instead of the usual 1 PM close, problem with the stock exchange computer system, prevented some brokers from logging on to the system during the regular hours, hence the extension.
At the conclusion of trading the prices of 8 stocks rising and 6 declining as 25 securities changed hands, ending in 6,166,523 units trading, valued at $52,443,460, in all market segments. Of the total amount traded Carreras and National Commercial Bank that reported improved results for the period to September this over 2013 had $26,045,350 and $18,446,572 being invested in their stocks respectively.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 3 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower.
Main Market| The JSE Market Index gained 475.78 points to 74,488.38, the JSE All Jamaican Composite index rose 531.99 points to close at 81,999.67 and the JSE combined index gained 506.05 by points to close at 76,389.41.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Cable & Wireless finished trading with 2,623,534 shares to close with an 8 cents gain to 50 Cents, Carreras concluded trading with 723,500 shares, and climbed $1 to $36, Desnoes & Geddes exchanged 29,700 shares to gain 5 cents at $4.90, Jamaica Broilers dealt in 34,809 shares as the price ended at 1 cents up to $4.01. Jamaica Money Market Brokers contributed 4,534 ordinary shares with the price moving 3 cents higher at $6.60 and National Commercial Bank finished trading with 969,173 shares, to end with an increase of 54 cents at $19.05.
Firm| The stocks in the main market to close without a change in the last traded prices are, Ciboney with 1,600 shares changing hands, closed at 7 cents, Hardware & Lumber concluded trading with 9,100 shares, at $6.50. Mayberry Investments finished trading with 258,123 shares changing hands at $1.50, Radio Jamaica with 6,005 shares changing hands, ended at $1.18 and Supreme Ventures ended trading, with only 1,900 shares, at $1.76.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Gleaner closing with 10,000 units, the price slipped 5 cents to a new l52 weeks’ low $1. Jamaica Stock Exchange finished with 10,000 shares trading, 29 cents lower to an all-time low of $1.55, Pan Jamaican Investment with 2,155 shares trading, lost 1 cent to end at $50.26, Scotia Group finished trading with 60,649 shares changing hands, 22 cents down, at $19.40 and Seprod shed 38 cents in trading 273,005 units, to close at $11.50.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 34,600 units at $3.

C&W jumps 28% more gains ahead

CWJ nwIn Monday’s activity on the Jamaica Stock Exchange, Cable & Wireless traded just 25,000 shares at 41 cents, the highest price the stock could trade at for the day as it gained 28 percent form the last traded price of 32 cents that it traded on Thursday. At the close the bid was at 47 cents with buying for 1,391,360 shares. Just below the highest bids are 7.92 million units on the bid at 41 cents. Supplies that were offered a 50 cents were pulled shortly before trading closed, leaving offers at 60 cents, but the stock cannot trade above 54 cents, on Tuesday.
Trading resulted in the prices of 7 stocks rising and 3 declining as 24 securities changed hands, ending in 2,567,049 units trading, valued at $7,942,673, in all market segments
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 9 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower.
Main Market| The JSE Market Index lost 185.93 points to 72,656.95, the JSE All Jamaican Composite index fell 207.8 points to close at 79,951.87 and the JSE combined index gained declined by 169.98 points to close at 74,491.53.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Cable & Wireless closed with 25,000 shares changing hands 9 cents higher at 41 cents, Desnoes & Geddes exchanged 9,420 shares while gaining 35 cents higher at $4.95, Pan Jamaican Investment contributed just 1,545 shares traded 50 cents higher at $50 and Scotia Group ended trading with 101,774 units and put on 17 cents to $19.77.
JSE 10-11-14 Firm| The stocks in the main market to close without a change in the last traded prices are, Gleaner saw trading in 1,550,630 shares at $1.05, Grace Kennedy ended with 500 units to close at $60, Jamaica Money Market Brokers closed with 47,800 ordinary shares at $7, Jamaica Stock Exchange concluded trading with 792 shares to end at $1.84, Proven Investments contributed 17,000 shares to end at 18 US cents, Sagicor Group ended trading with 24,545 shares at $9.65, Sagicor Real Estate Fund ended trading with 33,650 shares changing hands ended at $6.60 and Supreme Ventures closed with 77,202 shares trading at $1.73.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Ciboney finished trading with 3,000 units to fall 1 cent to 7 cents and Mayberry Investments exchanged 209,025 shares traded with a loss of 1 cent to $1.50.
Preference| Jamaica Money Market Brokers 8.75% preference share finished trading with 193,450 units at $3.

Sales up margin down at Lasco Distributors

Peter Chin - Lasco Distributors' Managing Director

Peter Chin – Lasco Distributors’ Managing Director

Sales climb 17 percent for the September quarter, at Lasco Distributors to hit $2.7 billion and 10 percent in the six months to September, to reach $5.1 billion. Gross profit margin declined, leading to a growth of just 3.8 percent in gross profit, to $475 million from $457 million, for the quarter, and declined 2.2 percent to $910 million for the half year.
Operating cost jumped 15 percent in the quarter, to $377 million and just over 17 percent for the six months to $738 million, pushing profit down 19 percent to $112.5 million for the quarter, from $138.7 million in 2013 and down a much larger, 33 percent, to $203 million for the half year, versus $303 million in the 2013 period.
As disappointing as the second quarter numbers are, they represent a major improvement over the first quarter with a revenue increase of 4 percent, and a fall in profits of 45 percent compared to the 2013 June quarter.
Finances|The company has quite a bit of funds tied up in inventories $1.3 billion and receivables $1.7 billion, that are in excess of normal trading levels, cash funds on the other hand is up to $850 million and will be handy in helping to finance the 110,000 square foot warehousing facility, that they will be embarking on shortly, to meet what management says, is increasing demand flowing from new products to be distributed by the company.
The expected payment from their successful law suit against Pfizer is not yet booked and the amount not yet made public but should exceed $1 billion.
Lasco Manufacturing new "I Cool" drinks

Lasco Manufacturing new “I Cool” drinks

Lasco Distributors markets a wide range of household, foods and pharmaceutical products and is listed on the junior market of the Jamaica Stock Exchange. the company recently started the distribution of I Cool barnds of drinks its sister company Lasco Manufacturing commenced manufacturing recently, as well as Salada Foods products which it commenced distributing, at the start of the year.

3 sevens clash again on JSE

Wednesday’s activity on the Jamaica Stock Exchange, resulted in the prices of 7 stocks rising and 7 declining as 21 securities changed hands, culminating in 1,774,287 units trading, valued at $11,185,286, in all market segments.
JSE 22-10-14 IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 9 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Main Market| The JSE Market Index lost 478.38 points to 71,406.17 and the JSE All Jamaican Composite index declined 534.89 points to close at 78,553.31.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Caribbean Cement with 3,000 units, increased 1 cents to $2.13, Jamaica Broilers exchanged 3,350 shares, 5 cents higher at $4.05, National Commercial Bank saw trading in 459,910 shares as the price ended 39 cents higher to $17.90, Pan Jamaican Investment with 5,000 shares closed 10 cents higher to $49.10, Proven Investments with 414 shares added 0.99 cents to 18 US cents and Scotia Group had 10,400 shares changing hands, 4 cents higher to $19.11.
Firm| The stocks in the main market to close without a change in the last traded prices are, Carreras with 17,596 shares trading to close at $34.99, Gleaner with 140,883 units closed at $1.05 and Mayberry Investments traded 1,357 shares at $1.55.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Desnoes & Geddes in trading 14,000 shares at $4.79, slipped 1 cent, Jamaica Money market Brokers with 14,420 ordinary shares, closed 50 down at $7, Jamaica Stock Exchange with 592 units, lost 5 cents to end at $1.84, Kingston Wharves traded 98,465 units with a fall of $1.40 to close at $5.10 and Salada Foods with only 6,100 shares, closed with a 5 cents loss at $7.85.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 1,067 units at $2.98 and Proven Investments 8% preference share traded 12,200 units at $5.

Sterling Investments trades at $134

Sterling logoSterling Investments, the latest listing on the Jamaica Stock Exchange started trading on Monday with 56 trades ranging from 100 shares to 1,000 shares for a total of 10,075 shares. All the lots sold were executed by Proven Wealth Management, and only 3 lots purchased were done by other brokers.
at the close of trading, there were no stocks being offered for sale and no bids to buy. Sterling, a St Lucia registered company, was listed by introduction, as such there were no shares issued to the general public as an initial public offering. The total number of stock listed is 4,014,547 units which is up on the amount of 3.6 million reported in the 2013 audited accounts. The stock traded just below its net asset value of $138 per share at the end of June, but at a PE ratio of around 10.
Sterling Investment reported income of $70 million and comprehensive profit of $56.7 million, including $11 million from unrealized gain on investments, for the 2013 financial year. For the six months to June this year, income amounted to $25.7 million plus gain on sale of investments of $2.8 million and $25 million in Forex gains resulting in profit of $34 million for the half year. SIL generates interest income from the securities and capital gains realized from increases in the price of the securities.