Massy Holdings the T&T conglomerate is set to list on the Jamaica Stock Exchange, the second such company to do so, with Guardian Holdings having listed this week. The board made the decision at a meeting held on May 6.
According to a release from the company that has Patrick Hylton as one of its directors, who chairs Guardian Holdings, the directors in making their decision, considered the market sophistication and growth opportunities evident in the Jamaican securities market which has become increasingly more dynamic over the past few years. The release went on to further state, “the board anticipates greater regional and international interest in the company’s shares.”
Massy Holdings generated revenues of TT$3.2 billion up from $3.16 billion for the first quarter ending December and ended with a profit of $188 million up from $167 million resulting in EPS of $1.76 up from $1.57 in the first quarter in 2019. The group could end up with earnings around $6 per share with the stock that last traded at TT$65 on the Trinidad and Tobago Stock Exchange, trading at 11 this year’s earnings.
Massy has just 97,743,000 issued shares, well below the average listed company on the Jamaica Stock Exchange, so unless they do other things to create liquidity and demand for the stock it will languish from lack of investors’ interest.
Conglomerates are notorious for disappointing investors. Jamaicans will point to Grace Kennedy as a great example of a group that promised so much over the years but constantly disappointed investors who looked elsewhere while the company’s profit stagnated.
Another TTSE stock set to list on JSE
Volume rose on JSE USD Market – Friday
Trading on Friday ended with just over 23 percent more shares changing hands on Thursday on the Jamaica Stock Exchange US dollar market, resulting in advancing stocks just edging out declining ones.
Trading ended with five securities changing hands, compared to six on Thursday, with prices of two stocks rising, one declining and two closing unchanged.
The JSE USD Equity Index fell 0.45 points to end at 211.74.
A total of 360,862 shares traded, accounting for US$13,128 versus 292,359 units at US$25,831 on Thursday. The average PE Ratio based on ICInsider.com’s forecast of 2021-22 earnings ended at 13.2.
Trading averaged 72,172 units at US$2,626, versus 48,727 shares at US$4,305 on Thursday. Trading for the month to date averaged 52,366 units at US$2,724 in contrast to 47,865 units at US$2,746 on the prior trading day. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and none with lower offers.
At the close, First Rock Capital stayed at 9 US cents, with 555 shares crossing the market, Margaritaville ended at 9 US cents trading 5,298 shares, Proven Investments fell 0.6 of a cent to 26.2 US cents after trading 15,941 units. Sygnus Credit Investments climbed 0.52 of a cent to 15.97 US cents, with 37,001 units changing hands and Transjamaican Highway rose 0.01 of a cent in closing at 0.95 US cents after 302,067 shares crossed the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks inch higher on JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market closed on Thursday with the market advancing after investors exchanged 150 percent more shares than on Wednesday, resulting in an even number of stocks rising and falling.
Trading ended with six securities changing hands, compared to five on Wednesday with the prices of one stock rising, one declining and four remaining unchanged.
The JSE USD Equity Index gained 0.24 points to end at 212.19 points. The average PE Ratio ended at 13.2 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 292,359 shares traded for US$25,831 compared to 116,945 units at US$19,257 on Wednesday.
Trading averaged 48,727 units at US$4,305, in contrast to 23,389 shares at US$3,851 on Wednesday. For the month to date, trading averaged 47,865 units at US$2,746 in contrast to 47,542 units at US$2,162 on Wednesday. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than its last selling price and one with a lower offer.
At the close, First Rock Capital ended at 9 US cents with an exchange of 8,479 shares, Margaritaville settled at 9 US cents with 5,453 stocks changing hands, Proven Investments lost 0.15 of a cent to end at 26.8 US cents with 9,480 units traded. Sygnus Credit Investments gained 0.95 cents to close at 15.45 US cents with a transfer of 129,901 stock units and Transjamaican Highway remained at 0.94 of a US cent with 137,865 shares crossing the exchange.
In the preference segment, JMMB Group 6% held firm at US$1.10 with 1,181 units changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Volume up for JSE USD stocks
Trading on Wednesday, ended with the market declining after trading 26 percent more shares than on Tuesday, on the US dollar market of the Jamaica Stock Exchange, resulting in slightly more stocks falling than rising.
Trading ended with five securities changing hands, compared to six on Tuesday with prices of one stock rising, two declining and two remaining unchanged.
The JSE USD Equity Index lost 1.56 points to end at 211.96. The average PE Ratio ends at 13.1 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 116,945 shares traded, for US$19,257 compared to 92,599 units at US$3,604 on Tuesday.
Trading averaged 23,389 units at US$3,851, in contrast to 15,433 shares at US$601 on Tuesday. Trading for the month to date averaged 47,542 units at US$2,162 in contrast to 58,521 units at US$1,394 on the prior trading day. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with lower offers.
At the close, First Rock Capital rose 0.09 US cents to end at 9 US cents, with 30,000 shares changing hands, Margaritaville closed at 9 US cents after trading 10 shares, Proven Investments declined 0.04 of a cent to close at 26.95 US cents in trading 31,922 shares. Sygnus Credit Investments dipped 0.49 of a cent after exchanging 54,482 stock units at 14.5 US cents and Transjamaican Highway settled at 0.94 US cents with the swapping of 531 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.