Honey Bun profit up modestly in Q3

Sales for the three months ended June 2018, rose 15 percent to $332 million over the 2017 out turn of $289 million at Honey Bun, but profit before tax was just $9 million, 5 percent higher than the $8.6 million earned in the corresponding prior year period.
Profit after tax rose to $9.7 million up from $7.55 million as a provision of $1 million in taxes in 2017 turned into $695,000 in 2018. Management stated in their release to shareholders that “this has been as a result of continued investment in production capacity and restructuring of distribution.”
Year to date, sales for the nine months, were $1 billion up 4 percent over the corresponding 2017 period’s income of $969 million, leading to profit before tax of $80 million, 17 percent lower than in the previous year. After taxation of $8.3 million for the nine months, profit declined to $72 million from $84.7 million in 2017, after taxation for $12 million.
Earnings per share for the quarter amounts to just 2 cents and for the nine months period year to date amounted to 15 cents. Honey Bun’s last quarter is not the most robust for the fiscal year so not much improvement is expected when the year ends in September.
Even as the net profit was disappointing, there were some good signs. Gross margin increased to 44.1 percent from 42.4 percent in 2017 for the June quarter and from 43.2 percent to 45.2 percent for the nine months. Gross profit rose 19 percent to $146 million for the quarter but was up 8 percent for the year to date period to $455 million.
Marketing and Distribution cost rose 32 percent in the quarter to $61 million and 37 percent to $164 million while Administrative Expenses rose 14 percent for the quarter to $63 million and was flat at $166 million for the nine months. Depreciation moved up by 9 percent to $12.3 million for the quarter and 11 percent to $36 million for the year to date.
“The Company’s asset base has grown as a result of the investment in the expanded facilities. This investment will allow the company to take advantage of the strong market demand for our products.

One Honey Bun’s Products.

In April of this year Honey Bun launched its new Buccaneer Jamaica pocket size rum cakes in 3 flavors at the Jamaica Expo. We have entered two new markets with further interest from other buyers in existing markets,” Michelle Chong Chief Executive Officer, informed shareholders.
Operations brought in $113 million in cash for the nine months of which $93 million was used as payment for fixed assets and $18.6 million in dividends resulting in $84 million in cash at the end of the period.
Shareholders’ Equity grew to $600 million at the end of June, current assets fell to $212 million and current liabilities fell to $84 million from $117 million in 2017. Fixed assets rose to $441 million from $368 million in 2017 and borrowed funds stood at just $31 million.

3 new highs as Junior Market dives – Wednesday

Caribbean Producers traded at a 52 weeks’ high with the largest block of shares on Wednesday.

The Junior Market snapped badly on Wednesday, sending the index down a sizable 65.25 points to 3,085.65 as Access Financial dived $10.50 leading falling prices to have the upper hand even as 3 securities closed at 52 weeks’ highs.
Trading ended with 22 securities changing hands, compared to 25 on Tuesday, with just 5 advancing, 12 falling and 5 remaining unchanged as 3 stocks hit new 52 weeks’ highs and one at a low. The market closed with, 6,775,011 units valued at $40,419,386 trading, compared to 510,714 units valued at $2,313,622 on Tuesday. Caribbean Producers finished trading at a 52 weeks’ high of $6.77, exchanging 5.3 million units, Express Catering also closed trading at a 52 weeks’ high, of $8.10, General Accident closed at a 52 weeks’ high of $3.86 and AMG Packaging closed at a 52 weeks’ low of $1.90
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 5 stocks ending with bids higher than their last selling prices, 3 closed with lower offers.
Trading closed with an average of 307,955 units for an average of $1,837,245 in contrast to 20,429 units for an average of $92,545 on Tuesday. The average volume and value for the month to date amounts to 105,288 units valued at $575,717, compared to 38,741 units valued at $161,485. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, Access Financial closed with a loss of $10.50 to $36, with 1,000 shares, but ended with the bid at $46 to buy 500 units. AMG Packaging lost 10 cents to close at a 52 weeks’ low of $1.90, with 62,500 stock units, Caribbean Producers finished trading 55 cents higher to a 52 weeks’ high of $6.77, with 5,275,108 units, C2W Music ended at $1.71, with 33,179 shares trading, Elite Diagnostic settled with a loss of 15 cents at $2.75, trading 53,599 units. Eppley ordinary share ended trading of 570 shares with a loss of 80 cents to $9.18, Everything Fresh traded 45,328 shares to end at $1.98. Express Catering traded 6,659 shares after gaining 10 cents to a 52 weeks’ high of $8.10, FosRich Group finished trading 5 cents higher at $2.57, with 2,150 shares changing hands, General Accident closed 39 cents higher at a 52 weeks’ high of $3.86, exchanging 6,949 stock units. Honey Bun concluded trading with a loss of 26 cents at $4.25, with 523,466 shares, after the company posted modest profit in its June quarter and lower profit year to date. Jamaican Teas ended trading 48,384 stock units with a loss of 30 cents at $4, Jetcon Corporation fell 5 cents to $4, with 138,272 units, KLE Group closed with a loss of 50 cents at $2.50, trading 7,933 shares. Knutsford Express dropped 44 cents to $11.51, trading 6,900 shares, Lasco Distributors concluded trading 5,698 stock units at $4, Lasco Financial finished trading 60,817 units and closed 5 cents higher at $5.30, Lasco Manufacturing settled with a loss of 22 cents at $3.93, after exchanging 418,473 shares. Main Event ended trading 3,494 shares and lost 26 cents to $6.85, Medical Disposables traded 63,387 shares with a loss of 48 cents to close at $6.20 and Stationery and Office closed at $8.04, with 3,000 units trading. In the junior market preference segment, Eppley 9.5% finished trading 8,150 shares at $5.98.
Prices of securities trading for the day are those at which the last trade took place.

JSE takes breather from record run – Wednesday

Mayberry Investments hit an all time high of $9 on Wednesday.

The Jamaica Stock Exchange took a break from ending at record close on Wednesday but advancing stocks just out-numbered decliners but the indices close lower.
At the close, the All Jamaican Composite Index declined by 926.88 points to 344,478.15 and the JSE Index dipped 844.49 points to close at 313,858.48.
Trading in the main market ended with 3,458,733 units valued at over $66,593,492 compared to 3,687,476 units valued at over $83,983,141, on Tuesday.
Market activities resulted in 27 securities trading including 2 in the US dollar market compared to 33 securities trading on Tuesday. At the end of trading, the prices of 11 stocks rose, 9 declined and 7 traded unchanged, including Grace Kennedy trading at an intraday high of $58 and Mayberry Investments trading at an all-time high of $9.
The day’s volume was led by, Sagicor Group with 898,949 units accounting for 25.99 percent of the main market volume, followed by 1834 Investments with 624,732 units, 18.06 percent of the day’s volume and Radio Jamaica with 498,490 units and 14.41 percent of the day’s volume.
Major price changes| Caribbean Cement jumped $2.30 to finish at $43.50, with 29,172 shares, Jamaica Broilers rose 55 cents to $25.50, with 48,642 stock units trading, JMMB Group fell $1 to end at $29.10, trading 37,485 shares. Mayberry Investments rose 29 cents to end $7.40 trading 68,254 shares, Salada Foods ended trading at $16.50, with 35,500 stock units, Scotia Group traded 351,092 units and gained $1.30 to end at $52.80, Seprod added $1 and finished trading at $33.01, with an exchange of just 277 shares and Supreme Ventures ended at $15.80, with 115,692 shares after rising by 30 cents.
Trading in the US dollar market closed with 5,754 units valued at US$5,330 as JMMB Group 6 percent preference share completed trading of 4,300 stock units and fell 1 cent to end at $1.04, Productivity Business Solution closed at 59 US cents trading 1,454 shares. The JSE USD Equities Index closed unchanged at 154.43.
Trading resulted in an average of 138,349 units valued at an average of $2,663,740 for each security traded. In contrast to 122,916 units for an average of $2,799,438 on Tuesday. For the month to date an average of 157,082 shares valued at an average of $2,241,849 versus 162,724 shares valued at an average of $2,114,773 on Tuesday. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ended with bids higher than their last selling prices and 3 closing with lower offers.

AJ Index new record of 345,405 points – Tuesday

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The All Jamaican Composite Index of the Jamaica Stock Exchange traded at an intraday record high of 347,551.83 in the morning session but drifted lower to close just above 345,000 points for the second day in a row.
At the close, the All Jamaican Composite Index gained 354.82 points to end at a record close of 345,405.03 and the JSE Index advanced by 323.28 points to end at a record close of 314,702.97.
Trading in the main market ended with 3,687,476 units valued at over $83,983,141 compared to 4,818,830 units valued at $56,754,894, on Friday.
Market activities resulted in 33 securities trading including 3 in the US dollar market compared to 29 securities trading on Friday. At the end of trading, the prices of 11 stocks rose, 12 declined and 10 traded unchanged.
The day’s volume was led by, Scotia Group with 841,089 units for 22.81 percent of the main market volume, followed by Carreras with 764,451 units or 20.73 percent of the day’s volume and Radio Jamaica ended with 547,000 units and accounting for 14.83 percent of the day’s volume.
Major price changes| Berger Paints traded 8,650 shares with a gain of 74 cents to close at $20, Caribbean Cement lost 30 cents and finished at $41.20, with 171,284 shares, Grace Kennedy jumped $1.05 to close at a 52 weeks’ high of $57.05, trading with 122,139 shares, NCB Financial Group climbed $3 ended trading 45,133 shares, at $104, with 1834 Investments lost 15 cents traded at a 52 weeks’ low of 90 cents, with 18,000 shares. Mayberry Investments declined $1.14 to end $7.11 trading 24,638 shares, PanJam Investment concluded trading of 4,384 shares at $51.25, after slipping $1.30, Portland JSX climbed $1 and ended at $9, exchanging 20,000 units, Sagicor Real Estate Fund fell 50 cents to settle at $14.00, with 1,000 shares, Scotia Group traded 841,089 units and fell $1.50 to end at $51.50, Seprod lost 49 cents and finished trading at $32.01, with 2,500 shares. Sterling Investments gained 60 cents and closed at $14.10, with 13,727 shares, Supreme Ventures lost 30 cents and ended at $15.50, with 65,275 shares trading.
Trading in the US dollar market closed with 154,010 units valued at US$128,075 as JMMB Group 6% preference share completed trading of 115,000 stock units and gained 1 cent to end at $1.05, Proven Investments added 1 cent and closed at 20 US cents trading 38,800 shares and Sygnus Credit closed 10 US cents in trading 210 shares. The JSE USD Equities Index lost 0.71 points and closed at 154.43
Trading resulted in an average of 122,916 units valued at an average of $2,799,438 for each security traded. In contrast to 185,340 units for an average of $2,182,881 on Friday. For the month to date an average of 162,724 shares valued at an average of $2,114,773 versus 185,258 units traded for an average of $1,727,278 on Friday. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ended with bids higher than their last selling prices and 2 closing with lower offers.

Junior Market continues to climb – Tuesday

The Junior Market Index moved higher by 20.70 points to close at 3,150.90 on Tuesday after closing on Monday, for the Independence Day public holiday and being up in 6 of the last 7 trading sessions.
Trading ended with 25 securities changing hands, compared to 23 on Friday, with 7 advancing, 4 falling and 14 remaining unchanged. Medical Disposables traded at a 52 weeks’ high after June Quarter profit climbed sharply. The market closed with, 510,714 units valued at $2,313,622.29 changing hands, compared to 771,621 units valued at $2,972,863 on Friday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 2 stocks ending with bids higher than their last selling prices, one with a lower offer.
Trading closed with an average of 20,429 units for an average of $92,545 in contrast to 57,100 units for an average of $240,564 on Friday. The average volume and value for the month to date amounts to 38,741 units valued at $161,485, compared to 49,641 units valued at $202,520. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, AMG Packaging ended at $2, after trading 4,221 stock units, Blue Power concluded trading 513 units at $40, CAC 2000 finished at $9, with 5,383 shares changing hands, Cargo Handlers settled at $10.89, in exchanging 6,000 shares, Caribbean Cream ended trading 5,395 shares rising 30 cents higher at $5.80. Caribbean Flavours traded with a loss of 20 cents at $12.50, with 3,000 stock units changing hands, Caribbean Producers finished trading 911 units at $6.22, Consolidated Bakeries closed at $2.16, exchanging 7,500 shares, C2W Music ended at $1.71, with 8,000 shares changing hands. Derrimon Trading ended at $23, with 19,545 units changing hands, Elite Diagnostic finished at $2.90, trading 28,545 stock units, Everything Fresh traded 198,030 shares to end at $1.98. Express Catering ended trading 29,883 shares and rose 5 cents to $8, General Accident finished trading 14 cents higher at $3.47, while exchanging 3,570 shares, GWest Corporation closed at $2.20, with 49,760 stock units changing hands. Honey Bun ended at $4.51, trading 5,505 units, Jamaican Teas settled with a loss of 20 cents at $4.30, with 11,758 shares, Jetcon Corporation ended trading 4,900 stock units and gained 2 cents to $4.05, KLE Group finished trading at $3, with 2,791 shares. Knutsford Express closed 44 cents higher at $11.95, trading 3,022 shares, Lasco Distributors ended at $4, with 45,380 shares changing hands, Lasco Manufacturing finished 5 cents higher at $4.15, with 9,796 units, Medical Disposables jumped 88 cents higher to close at a 52 weeks’ high of $6.68, with 1,793 shares, Stationery and Office fell 8 cents to $8.04, with 50,993 stock units and tTech ended with a loss of 25 cents at $5, trading 4,520 shares.
Prices of securities trading for the day are those at which the last trade took place.

Investors shun Junior stocks for the oldsters

Black Panther mash up Palace bottom-line with a huge increase in profit that pushed to stock to no 1 for 2018 in the main market.

Investors shunned Junior Market stocks in 2018 for the older more established Main market stocks. At least that is what the data from the exchange is showing.
According to the Jamaica Stock Exchange report of trading to the end of July, volume and value on the main market is up while that on the junior market is well down on 2017 figures, even as the gains in the overall market shows juniors up 14 percent for the year to the end of July and 9 percent for the main market.
Junior Market volume is down year to July by a stunning 69 percent to 571 million units while the value fell 64 percent to $2.69 billion, less than half of the $6.6 billion traded for all of 2017. In contrast main market stocks traded 1.57 billion units, up 28.5 percent over 2017, for a total value of $32 billion, a strong 79.4 percent increase over 2017 and just shy of the $35.7 million traded for all of 2017.
The big winners for the year to July are, Palace with an increase of 154 percent, that was helped by the huge success of the Black Panther film that ran for several months, Pulse Investments up 67 percent, Kingston Wharves 60 percent, Jamaica Broilers 45 percent and Salada Foods 41 percent, as investors responded to improved profit. In the Junior Market, C2W Music and Derrimon Trading beat all others by huge margins, rising 233 percent after it announced a 10 to 1 stock split and 197 percent respectively. Express Catering climbed 86 percent, Stationery and Office Supplies up 65 percent and CAC 2000 up 51 percent.
The big losers in the main market are, Ciboney, having sold off the property it owned and paid out most of the proceeds as a dividend is down 68 percent, 138 Student Living fell 35 percent, Kingston Properties 31 percent, Wisynco Group 24 percent, Portland JSX 20 percent and in the Junior Market, GWEST Corporation down 36 percent, AMG Packaging 33 percent, tTech 23 percent, Knutsford Express 23 percent and Eppley 17 percent.

Record 345,208 points close for AJI – Friday

Chart showing the All Jamaica Composite Index in upward move from December 2017 and now at the highest closing level ever.

The All Jamaican Composite Index of the Jamaica Stock Exchange closed above 345,000 points for the first time ever but fell short of the record high of 345,208.15 reached in the early morning session on Thursday.
At the close, the All Jamaican Composite Index gained 980.10 points to end at a record close of 345,050.21 and the JSE Index advanced by 892.98 points to a record close at 314,379.69. The move on Friday is the fifth straight record close for the market since the previous week Friday.
Trading in the main market ended with 4,818,830 units valued at $56,754,894, compared to 4,999,824 units valued at $34,788,166 on Thursday.
Market activities resulted in 29 securities trading including 3 in the US dollar market compared to 31 securities trading on Thursday. At the end of trading, the prices of 9 stocks rose, 9 declined and 11 traded unchanged.
The day’s volume was led by, Jamaica Stock Exchange trading 1,993,806 shares for 41.38 percent of the day’s traded volume Mayberry Equities closed trading with 469,705 units or 9.75 percent of shares trading and Radio Jamaica ended trading with 389,089 units and accounting for 8.07 percent of the day’s volume.
Major price changes| Carreras traded 333,862 shares but lost 30 cents to close at $9, Caribbean Cement rose 49 cents and finished at $41.50, with 119,028 shares, Kingston Wharves concluded trading at $52.50, with 8,815 shares after gaining 40 cents. Mayberry Investments jumped $1.25 to a 52 weeks’ high of $8.25 trading 118,800 shares and after pulling back from $8.40 earlier in the day, PanJam Investment concluded trading of 7,340 shares at $52.55, after rising $1.55 and Scotia Group traded 349,178 units and rose 8 0 cents to end at $53.
Trading in the US dollar market closed with 40,481 units valued at US$10,641 as JMMB Group 6 percent preference share completed trading of 3,000 stock units and fell 1 cents to end at $1.04, Productive Business Solution ended trading 1,000 shares to close at 59 US cents and Proven Investments closed at 19 US cents trading 36,481 shares. The JSE USD Equities Index close unchanged at 155.14.
Trading resulted in an average of 185,340 units valued at an average of $2,182,8811 for each security traded, in contrast to 185,179 units valued at an average of $1,288,451 on Thursday. For the month to date an average of 185,258 units traded for an average of $1,727,278. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 4 stocks ended with bids higher than their last selling prices and 2 closing with lower offers.

More gains for Junior Market – Friday

The Junior Market Index climbed higher by 19.74 points to close at 3,130.20 on Friday as 23 securities changed hands, compared to 19 on Thursday, with 9 advancing, 8 falling and 6 remaining unchanged.
The market closed with, 771,621 units valued at $2,972,863 changing hands, compared to 3,659,666 units valued at $16,503,092 on Thursday. The market will be closed on Monday, Independence day public Holiday.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading had 5 stocks ending with bids higher than their last selling prices, one with a lower offer.
Trading closed with an average of 57,100 units for an average of $240,564 in contrast to 40,612 units for an average of $156,466 on Thursday. The average volume and value for the month to date amounts to 49,641 units valued at $202,520. Trading in July, averaged 154,060 units valued at $655,146 for each security traded.
At the close of trading, Access Financial traded 500 shares and closed with a loss of 50 cents at $46.50, AMG Packaging ended at $2, trading 2,350 stock units, Caribbean Cream ended trading with a loss of 27 cents at $5.50, in exchanging 12,086 shares, Caribbean Producers gained 32 cents to close at $6.22, with 60,659 units trading, Consolidated Bakeries closed 6 cents higher at $2.16, with 20,000 shares. Derrimon Trading jumped $2.37 to $23, in exchanging 500 shares, Dolphin Cove finished trading at $16.50, with 5,047 stock units, Elite Diagnostic settled at $2.90, exchanging 49,649 units, Everything Fresh traded 7,795 shares but lost 2 cents to end at $1.98, Express Catering traded with a loss of 5 cents at $7.95, with 18,000 shares. FosRich Group finished trading with a loss of 45 cents at $2.52, exchanging 52,712 shares, GWest Corporation ended at $2.20, with 1,220 units, Honey Bun concluded trading 8,667 shares with a loss of 14 cents to $4.51, Jamaican Teas jumped 65 cents to $4.50, trading 12,298 stock units. Jetcon Corporation traded with a loss of 8 cents at $4.03, after 13,432 units were exchanged, Lasco Distributors concluded trading 2 cents higher at $4, with 162,200 stock units changing hands, Lasco Financial added 5 cents and closed at $5.25, with 173,650 units, Lasco Manufacturing settled 8 cents higher at $4.10, trading 53,978 shares. Main Event ended trading with a loss of 39 cents at $7.11, with 11,269 shares and Stationery and Office Supplies rose 2 cents to $8.12, with 13,781 units. In the junior market preference segment, Derrimon Trading 9% ended at $2.50, with 422,708 stock units, Eppley 8.25% concluded trading 171,500 units and rose 10 cents to $6.21 and Eppley 8.75% settled at $6, with 39,300 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.

Profit jumps 77% at Lasco Manufacturing

Profit jumped a strong 77 percent at Lasco Manufacturing, in the June quarter to, $238 million from $134 million in 2017, from sales revenue that rose just 14.8 percent to $1.73 billion, up from $1.5 billion in 2017.
The results follow the 2018 fiscal year, when profit fell from $707 million to $560 million, after rising 73 percent in the December quarter, to $195 million from $113 million in 2016. For the nine months to December, profit fell 24 percent to $533 million from $700 million in 2016.
Profit margin climbed to 35 percent from 31.7 percent in the 2017, as input cost climbed much slower than revenues, with an increase of 9 percent, to $1.1 billion. The effect, operating profit rose an impressive 27 percent to $607 million, from $478 million.
Depreciation cost rose 5 percent to $55 million but administrative, marketing and sales expenses declined by 1 percent to $252 million from $256 million. Finance cost rose to $31 million from $30 million in 2017.
“The positive out turn reflects growth in volumes, improved operational efficiencies and streamlining and cost control”, Managing Director, James Rawle, stated in his report accompanying the quarterly.
Gross cash flow brought in $293 million but growth in receivables, inventories, addition to fixed assets offset by loan inflows and increased payables resulted in a decline in cash of $110 million, leaving cash on hand and bank at $261 million.
At the end of June,shareholders’ equity stands at $5.16 billion with borrowings at just $1.6 billion. Net current assets ended the period $1.7 billion well over payables of $937 million. The company has so far incurred $731 million on work in progress that includes 65,000 feet warehouse expansion, scheduled for completion in September. According to managing director, James Rawle, “the facility will help to simplify logistics and result in important cost savings.”
Earnings per share came out at 6 cents for the quarter and is projected to end the fiscal year ending to March 30 cents. The stock traded at $4 on the Junior Market of the Jamaica Stock Exchange with a PE ratio of 12 times 2019 earnings and is in line with the market average.
The company will pay a dividend of 3.8 cents per share on August 31, resulting a total payment of $155 million.

Record close for JSE – Thursday

The All Jamaican Composite Index of the Jamaica Stock Exchange surged to more than 345,000 points in the early morning session on Thursday but failed to hold on at that level but still managed to end at a new record close.
At the close, the All Jamaican Composite Index held on to just 119.17 points of the early gains to end at a record closing high of 344,070.11 and the JSE Index clung to 108.58 points to end at record closing high of 313,486.71.
Trading in the main market ended with 4,999,824 units valued at over $34,788,166 compared to 34,917,482 units valued at $108,176,982 on Tuesday.
Market activities resulted in 31 securities trading including 4 in the US dollar market compared to 29 securities trading on Tuesday. At the end of trading, the prices of 14 stocks rose, 8 declined and 9 traded unchanged.
The day’s volume was led by, Mayberry Investments trading 1,003,340 shares to close at $7, after it traded at an intraday 52 weeks’ high of $7.60 JMMB Group 7.5% preference share closing at $1, in trading 952,000 shares and Mayberry Equities closed trading at $8.50 with 522,731 shares trading.
Major price changes| Grace Kennedy traded at an intraday 52 weeks’ high of $56.70 but ended trading at a 52 weeks’ closing high of $56.01. Jamaica Producers rose 30 cents to $17, trading 5,988 stock units, Mayberry Equities lost 55 cents trading 522,731 shares to end at $8.60, PanJam Investment concluded trading 51,973 shares at $51, after falling $1.54, Sagicor Group shed 40 cents and settled at $38.10, with 21,574 shares trading, Scotia Group traded 13,284 units and rose $1.10 to end at $52.20 and Sterling jumped $1.50 and finished trading at $13.50, with 2,952 shares changing hands.
Trading in the US dollar market closed with 98,429 units valued at US$87,029 as JMMB Group 6 percent preference share completed trading 80,000 stock units at $1.05, Margaritaville ended trading 10,524 shares to close at 16.9 US cents and Proven Investments rose 1 cent to 19 US cents trading 5,105 shares. The JSE USD Equities Index rose 1.62 points to 155.14.
Trading resulted in an average of 185,179 units valued at an average of $1,288,451 for each security traded. In contrast to 1,342,980 units for an average of $4,160,653 on Tuesday. July closed with an average of 169,022 units valued at $3,514,756, for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 7 stocks ended with bids higher than their last selling prices and 2 closing with lower offers.