Jamaica Stock Exchange

Junior Market breaks 2,800 barrier

February 8, 2021 by IC Insider.com

The Junior Market index gained 17.73 points on Monday to close at 2,814.70 and is now up 6.5 percent for the year to date after the index traded over the 2,840 points level in the early morning session and closed with 72 percent more shares were exchanged than on Friday and values up 68 percent.
Trading ended with 37 active securities, down from 38 on Friday and closed with 19 stocks rising, 14 declining and four remaining unchanged.
At the close, the average PE Ratio ended at 14.3 based on ICInsider.com’s forecast of 2020-21 earnings.
Trading closed with an exchange of 12,352,006 shares for $35,748,528 compared to 7,184,445 units at $21,275,826 on Friday. Derrimon Trading controlled 46 percent of the volume changing hands, with 5.68 million shares followed by Jamaican Teas 16.8 percent, with 2.08 million units and Mailpac Group with 18.2 percent for 2.24 million units.

Trading averaged 33,838 units at $966,176 in contrast to 189,064 at $559,890 on Friday. The month to averaged 311,941 units at $837,392, compared to 307,465 units at $811,066 on Friday. January closed with an average of 232,651 units at $569,885.
Investor’s Choice bid-offer indicator reading shows six stocks ending with bids higher than their last selling prices and three with lower offers.
At the close of the market, Blue Power rose 28 cents to $3.08 after an exchange of 2,330 shares, CAC 2000 fell $1 to $9, with 1,879 stock units crossing the exchange, Caribbean Assurance Brokers gained 5 cents to settle at $1.85, after a transfer of 5,701 shares. Caribbean Cream lost 5 cents to $4.95 trading 100 stocks, Caribbean Producers ended 8 cents higher at $2.83, in switching ownership of 66,481 stock units. Dolphin Cove shed 81 cents to $7.14, in an exchange of 2,395 units, Elite Diagnostic gained 19 cents to end at $2.94 trading 102,747 shares. Express Catering picked up 10 cents to $3.60, with 57,100 units changing hands, Fontana gained 22 cents to close at $6, with the swapping of 47,506 shares. Fosrich rose 30 cents to $4.45 after transferring 10,559 stock units, General Accident dipped 12 cents to $5.93, trading 1,000 shares. Indies Pharma lost 6 cents to finish at $2.83, with 123,923 units crossing the market, Iron Rock Insurance slipped 22 cents to $2.88, with the swapping of 1,000 shares, Jamaican Teas gained 6 cents to end at $2.81 after trading at an all-time high of $3.05, in exchanging 2,081,193 units. Lasco Distributors finished 25 cents lower at $3.15, after the switching ownership of 24,743 shares, Lumber Depot dropped 2 cents in closing at $1.96 in trading 718,529 stock units. Medical Disposables closed at $4.34, with a loss of 16 cents in exchanging 262 units. Stationery and Office Supplies gained 24 cents to close at $4.53 in transferring 400 stocks and tTech fell 15 cents to $4.70 trading 890 units.
In the preference segment, CAC 2000 9.5% preference share gained 9 cents to end at $1.20, after clearing the market with 1,000 units.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: AMG Packaging, Best performing stock market, Blue Power, CAC2000, Caribbean Assurance Brokers, Caribbean Cream, Caribbean Flavours, Caribbean Producers, Daily Trading, Derrimon Trading, Dolphin Cove, Elite Diagnostic, Emerging markets, Everything Fresh, Express Catering, Fontana, FosRich, General Accident, GWest, Honey Bun, iCreate, Indies Pharma, Jamaica Stock Exchange, Jamaican stocks, Jamaican Teas, Jetcon Corporation, Lasco Distributors, Lasco Financial, Lasco Manufacturing, Limners and Bards, Main Event, Medical Disposables, Paramount Trading, SSL Venture Capital, Stationery and Office, Trading Activity, tTech

Gains for JSE Main Market

February 8, 2021 by IC Insider.com

Trading activity jumped on Monday with 66 percent more shares crossing the market than on Friday, with the value just marginally up, when the Jamaica Stock Exchange Main Market closed.
At the close, the All Jamaican Composite Index rose 399.84 points to 428,644.20, the Main Index advanced by 590.88 points to 391,067.59 and the JSE Financial Index gained 0.10 points to settle at 100.09.
Trading ended with 49 securities changing hands, up from 45 on Friday and closed with 24 rising, 18 declining and seven remaining unchanged. The PE Ratio now averages 16.8 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with an exchange of 14,886,632 shares for $96,260,639 compared to 8,950,572 units at $95,033,632 on Friday. Pulse Investments led trading with 33.1 percent of total volume, after exchanging 4.92 million shares, followed by Wigton Windfarm with 18.1 percent for 2.69 million units, Transjamaican Highway ended with 17 percent of the day’s trade for 2.53 million units and QWI Investments accounted for 11 percent with 1.63 million units changing hands leading the price to close at a 52 weeks’ high of $1.05.
Trading averaged 303,809 units at $1,964,503, compared to 198,902 shares at $2,111,859 on Friday. Month to date averages 380,187 units at $2,405,945, in contrast to 396,747 units at $2,501,656 on the prior trading day. Trading in January averaged 311,275 units at $1,432,133.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and six with lower offers.
At the close of the market, Berger Paints rose 69 cents to $13.89 after exchanging 1,389 shares, Caribbean Cement shed 49 cents to settle at $59.51, in trading 6,907 stock units. Eppley gained 40 cents in closing at $22.50, with 51 stock units changing hands. Eppley Caribbean Property Fund advanced by $7.84 to $48.90, after transferring 11,351 shares, Grace Kennedy ended 90 cents higher at $74.60 after trading 253,665 stock units and trading at a 52 weeks’ intraday high of $77.48, Jamaica Producers slipped 34 cents to finish at $19.61, in exchanging 2,649 stocks, Jamaica Stock Exchange lost 24 cents to close at $19 trading 3,544 stock units. JMMB Group fell by $1.12 to $31.83, with an exchange of 125,485 shares, Kingston Properties gained 25 cents to close at $7.25, after the swapping 31 units. Kingston Wharves declined $1.50 to $45, with an exchange of 4,903 shares, MPC Caribbean Clean Energy advanced by $3 to $140, after exchanging 335 units. NCB Financial declined $2.45 in closing at $135, with 141,010 stock units changing hands, Palace Amusement climbed $191.85 to $1,041.85, with 101 stocks crossing the market, Proven Investments finished at $41, with gains of $2.10 trading 18,860 stock units. Sagicor Group fell by $2 to $50, with 14,927 shares crossing the market, Salada Foods dropped $5.66 to $44.24, with an exchange of 20,124 units. Scotia Group rose $1 to $44, with the swapping of 7,875 shares, Seprod shed $1.51 to end at $70, after exchanging 6,708 shares, Supreme Ventures slid 65 cents to $16.75, with 44,266 stock units crossing the market and Wisynco Group lost 36 cents to end at $16.19, with an exchange of 671,770 shares.
In the preference segment, Eppley 8.75% preference shares rose 81 cents to close at $7.40, with 20 stocks changing hands and Eppley 8.25% advanced by $1 to $8 trading a mere one unit.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: 138 Student Living, Barita Investments, Berger Paints, Caribbean Cement, Carreras, Community & Workers Credit Union, Daily Trading, Emerging markets, Eppley, Eppley Caribbean Property Fund, First Rock Capital, Grace Kennedy, Jamaica Broilers, Jamaica Producers, Jamaica Stock Exchange, Jamaican stocks, JMMB Group, Key Insurance, Kingston Properties, Kingston Wharves, Mayberry Investments, Mayberry Jamaica Equities, NCB Financial, PANJAM Investment, Proven Investments, QWI Investments, Radio Jamaica, Sagicor Group, Sagicor Real Estate Fund, Sagicor Select Fund, Salada Foods, Scotia Group, Seprod, Stanley Motta, Sterling Investments, Supreme Ventures, Sygnus Credit, Trading Activity, Transjamaican Highway, Victoria Mutual Investments, Wigton Windfarm, Wisynco Group

JSE USD market up with lower trading

February 8, 2021 by IC Insider.com

Trading levels dropped sharply on Monday on, the US dollar market of the Jamaica Stock Exchange, with the market rising after trading 91 percent fewer shares than on Friday, resulting in more stocks rising than falling.
Similar to trading on Friday, the market ended with five securities changing hands and with three rising, none declining and two closing unchanged.
JSE USD Equity Index rose 2.33 points to 201.67. The average PE Ratio ends at 13.7 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with 66,538 shares trading at US$20,507, down sharply from 771,719 units at US$127,516 on Friday.
Trading averaged 13,308 units changing hands at US$4,101, down from 154,344 shares at US$25,503 on Friday. Trading averaged 95,141 units for the month to date at US$13,065 in contrast to 111,507 units at US$14,858 on Friday. By comparison, January ended with an average of 121,154 units for US$15,408.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than the last selling prices and one with a lower offer.
At the close of the market, First Rock Capital gained 0.01 of a cent to close at 8.78 US cents trading 2,546 shares, Proven Investments gained 0.01 of a cent to end at 26.99 US cents after finishing trading 34,712 shares, Sygnus Credit Investments remained at 15.04 US cents with 20,216 stocks crossing the market and Transjamaican Highway closed at 0.97 of a US cents while exchanging 5,210 stocks.
In the preference segment, JMMB Group 5.75% rose by 3 cents to close at US$2.03 after clearing the market with 3,854 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Global Market, Stock Market Tagged With: Daily Trading, Emerging markets, First Rock Capital, Jamaica Stock Exchange, Jamaican stocks, JMMB Group, JSE US dollar market, Proven Investments, Sygnus Credit Investments, Trading Activity, Transjamaican Highway

Cost cuts drive Lasco Manufacturing profit

February 7, 2021 by IC Insider.com

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Sharp cost-cutting and moderate growth in revenues drove profit at Lasco Manufacturing up 29 percent for the December quarter and 30 percent for the nine-month period.
The performance was even more stunning, with pretax profit jumping a very strong 43.4 percent for the quarter and 36.7 percent for the nine months to $1.3 billion as the company profit became subject to full taxation as of October 12 in 2020.
The company maintained a gross profit margin at 36 percent in the quarter, compared to 2019 but enjoyed an increase to 38 percent for the nine months from 37 percent in 2019. It ended the 2020 fiscal year at 37 percent suggesting the 2021 full-year results will most likely end at 38 percent, in line with the nine months’ margin.
The company reported revenues rising 6 percent for nine months to $6.2 billion but up just 3.5 percent to $2.07 billion for the December quarter. Administrative and other costs fell 20 percent for the quarter to $315 million and for the nine months to December by 12 percent to $982 million.
The principal activities of the company are the manufacturing of soy-based products, juice drinks, water and packaging of milk-based products.

Lasco Manufacturing products

Shareholder’s equity stood at $7.5 billion at the end of December 2020 and borrowed funds dipped to $949 million of which $453 million is due for payment within a year. Cash funds and investments amount to $1.7 billion after the company generated funds before working capital and capital financing needs of $1.5 billion. A dividend of $251 million was paid during the nine months.
Lasco generated earnings per share of 25 cents for the nine months up from 19 cents in 2019, while the quarterly 2020 earnings came in at 7 cents. ICInsider.com projects earnings per share at 35 cents for the year to March and 40 cents for the 2021 fiscal year.
The stock last traded at $4.32, with a PE ratio of 12.3. The stock is undervalued based on the earnings and an average market PE of 15 and a target PE ratio of 20 that many stocks are currently trading around. The target price of $7.

Filed Under: Buy Rated, Company News, Company Results Tagged With: Jamaica Stock Exchange, Jamaican stocks, junior market, Lasco Manufacturing

Jamaican Teas profit jumps sharply

February 6, 2021 by IC Insider.com

The Jamaican Teas Group enjoyed an outstanding first quarter with rising sales and profits fueled mainly by strong growth in exports that rose 88 percent over the prior year and accounted for 64 percent of total sales in the quarter and positive contribution from the investment division.

Jamaican Teas traded the most volume on Monday.

Sales rose 41 percent to $611 million and profit attributable to shareholders jumped 321 percent to $117 million from just $28 million in 2019. The improved profit result occurred with profit fully taxed compared to the 2019 quarter that was taxed at 50 percent of the normal rate for Jamaican Teas’ profits.
The real estate division also contributed to improved profits following completion of an apartment complex. The subsidiary QWI Investments, contributed positively to the profit performance following improved investment performance, resulting in the equity portfolio delivering a $143 million increase from dividends and capital appreciation of stocks in the quarter.
The supermarket contributed reduced sales and profit due to continued curfew restrictions on its hours of operation and the closure of schools. Manufacturing sales climbed 48 percent to $428 million for the quarter, with domestic sales increasing just 7 percent compared with a year ago.
First quarter revenues at the Supermarket amounted to $135 million slightly below the $142 million generated a year ago. There was a progressive fall in the rate of decline as the quarter elapsed.
The gross profit margin was a consistent year over year with a 27.5 percent margin for the latest quarter versus 27.4 percent for the 2019 first quarter for the group.
Marketing expenses fell for the quarter by $5 million to $8.7 million resulting mainly from the cost of new products launched in 2019, and not repeated in the latest quarter.
Administrative costs rose moderately by 11 percent to $63 million and Interest expense declined during the quarter resulting from lower interest rates on some borrowed funds. According to the directors in their quarterly commentary, referring to the sale of apartment units they developed, “we have signed contracts and expect to record sales for the last 4 apartments in our second quarter. Manufacturing sales after the end of the quarter are 15% higher in the first 28 days of January compared with a year ago and our quoted investments continued to improve.”
Earnings per share came in at 5.5 cents, 323 percent above the 2019 – earnings of 1.3 cents. ICImsider.com earnings forecast is for 30 cents per share, gains in the investment division could impact it positively or negatively. Based on the forecast the PE ratio at the last traded stock price of $2.75 is 9.2, suggesting a strong upside for the stock assuming a target PE of 20.
Jamaican Teas produces black and green and many herbal teas, soaps and some other consumer product and owns a supermarket and has a subsidiary that invests in local and overseas stocks. The chairman of the group is John Jackson.

Persons who compiled this report may have an interest in securities commented on in this report.

Filed Under: Company News, Company Results Tagged With: Emerging markets, Jamaica Stock Exchange, Jamaican Stock, Jamaican Teas, junior market, QWI Investments

Junior market closes just below 2,800

February 6, 2021 by IC Insider.com

Stocks moved higher at the close of trading with the Junior Market Index advancing 20.25 points to 2,796.97 on Friday to be up 5.8 percent for the year so far after more stocks rose than declined following a 69 percent decline in the volume of shares passing through the exchange with 97 percent drop in value compared with Thursday.
Trading ended with 38 securities changing hands, up from 34 on Thursday and closed with 15 stocks rising, nine declining and 14 remaining unchanged.
At the close, the average PE Ratio ended at 14.3 based on ICInsider.com’s forecast of 2020-21 earnings.
Trading closed with an exchange of 7,184,445 shares for $21,275,826 compared to 23,334,216 units at $62,643,592 on Thursday.
Mailpac Group was the volume leader with 31.3 percent of total volume after investors swapped 2.25 million shares followed by Lumber Depot with 23 percent for 1.65 million units and Derrimon Trading with 12 .7 percent with 914,014 units.
Trading averaged 189,064 units at $559,890 in contrast to 686,300 at $1,842,459 on Thursday. Month to date trading averaged 307,465 units at $811,066, compared to 338,928 units at $877,812 on Thursday. January closed with an average of 232,651 units at $569,885.
Investor’s Choice bid-offer indicator reading shows five stocks ending with bids higher than their last selling prices and three with lower offers.
At close of trading, Access Financial rose $1 to $22, with the swapping of 1,045 units, Blue Power lost 25 cents to close at $2.80, in exchanging 11,345 units, Caribbean Assurance Brokers shed 5 cents to settle at $1.80, with a transfer of 3,500 stock units. Caribbean Cream fell 9 cents to $5, after the swapping of 5,481 stocks, Caribbean Producers gained 12 cents to close at $2.75, with 26,449 shares changing hands, Consolidated Bakeries ended 9 cents lower at $1.32 trading 86,405 units. Elite Diagnostic slipped 20 cents to $2.75, with an exchange of 3,930 shares, General Accident rose 12 cents to $6.05 transferring 2,000 stock units, Jamaican Teas climbed 6 cents to close at $2.75, with 552,675 units crossing the market. Knutsford Express closed at $6.75, with gains of 45 cents after trading 3,557 stock units, Lasco Distributors picked up 15 cents to end at $3.40 in exchanging 55,501 shares, Lasco Manufacturing gained 12 cents to finish at $4.32, with 157,640 stocks clearing the market and Medical Disposables rose 30 cents ending at $4.50, with 36,214 shares crossing the market.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: Access Financial, AMG Packaging, Best performing stock market, Blue Power, CAC2000, Cargo Handlers, Caribbean Assurance Brokers, Caribbean Cream, Caribbean Flavours, Caribbean Producers, Consolidated Bakeries, Daily Trading, Derrimon Trading, Dolphin Cove, Elite Diagnostic, Emerging markets, Everything Fresh, Express Catering, Fontana, FosRich, General Accident, GWest, Honey Bun, iCreate, Indies Pharma, Jamaica Stock Exchange, Jamaican stocks, Jamaican Teas, Jetcon Corporation, KLE Group, Knutsford Express, Lasco Distributors, Lasco Financial, Lasco Manufacturing, Limners and Bards, Main Event, Medical Disposables, SSL Venture Capital, Trading Activity

More gains for JSE Main Market

February 5, 2021 by IC Insider.com

Stocks enjoyed another bounce at the end of trading on Friday on the Jamaica Stock Exchange Main Market, but the number of stocks declining almost doubled those rising ones, with the volume of trades falling 28 percent while values were 54 percent higher than on Thursday.
At the close, the All Jamaican Composite Index rose 1,230.66 points to 428,244.36and the Main Index gained 1,046.02 points to 390,476.71, with a 1.3 percent decline for the year to date. The JSE Financial Index added 0.75 points to settle at 99.99.
Trading ended with 45 securities changing hands, up from 44 on Thursday and closed with 12 stocks rising, 22 declining and 11 remaining unchanged. The PE Ratio now averages 16.5 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with an exchange of 8,950,572 shares for $95,033,632 compared to 12,425,485 units at $61,762,267 on Thursday. Pulse Investments led trading with 28.6 percent of total volume, after an exchange of 2.56 million shares followed by QWI Investments with 19.4 percent for 1.74 million units after trading at a 52 weeks’ high of $1.03 and Wigton Windfarm with 10 percent market share for 898,219 units.
Trading for the day averaged 198,902 units at $2,111,858, compared to 282,397 shares at $1,403,688 on Thursday. The month to date averaged 396,747 units at $2,501,656, in contrast to 445,935 units at $2,598,567 on the prior trading day. Trading in January closed with an average of 311,275 units at $1,432,133.
Investor’s Choice bid-offer indicator reading has 11 stocks ending with bids higher than their last selling prices and two with lower offers.
At the close of the market, Berger Paints shed 69 cents to settle at $13.20, with an exchange of 3,000 shares. Ciboney Group rose 9 cents to close at a 52 weeks’ high of 35 cents with an exchange of 6,000 shares, Eppley Caribbean Property Fund fell $1.94 to $41.06 after trading 210 units, Grace Kennedy slid 90 cents to $73.70, in switching ownership of 105,823 stocks, Jamaica Broilers shed 20 cents in closing at $29, with 34,308 units changing hands. Jamaica Stock Exchange picked up 24 cents to close at $19.24 after investors swapped 110 shares, JMMB Group rose 45 cents to finish at $32.95, in trading 17,345 stocks. Kingston Wharves slipped 50 cents to $46.50 after exchanging 33,960 stock units, Palace Amusement dropped $250 to $850 after trading 89 shares. Pan Jam Investment declined by $2.30 to $64, with 4,741 units clearing the market, Proven Investments climbed $1.90 to $38.90, with switching ownership of 155,015 stocks, Pulse Investments lost 22 cents to close at $4.68, with 2,555,612 shares crossing the exchange. Salada Foods advanced by $3.90 in closing at $49.90, with 28,895 units changing hands, Seprod rose 51 cents to $71.51 trading 20,987 stock units, Supreme Ventures gained 50 cents to end at $17.40, with 4,427 units crossing the market and Sygnus Credit Investments picked up 34 cents to settle at $15.09, in an exchange of 77,107 shares.
In the preference segment, Community & Workers Credit Union closed 23 cents lower at $1.85, with 28,899 stock units crossing the exchange and JMMB Group 7.25% shed 46 cents in closing at $1.38, with 71,623 units changing hands.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: 138 Student Living, Barita Investments, Berger Paints, Caribbean Cement, Carreras, Community & Workers Credit Union, Daily Trading, Emerging markets, Eppley, Eppley Caribbean Property Fund, First Rock Capital, Grace Kennedy, Jamaica Broilers, Jamaica Producers, Jamaica Stock Exchange, Jamaican stocks, JMMB Group, Key Insurance, Kingston Properties, Kingston Wharves, Mayberry Investments, Mayberry Jamaica Equities, NCB Financial, PANJAM Investment, Proven Investments, QWI Investments, Radio Jamaica, Sagicor Group, Sagicor Real Estate Fund, Sagicor Select Fund, Salada Foods, Scotia Group, Seprod, Sterling Investments, Supreme Ventures, Sygnus Credit, Trading Activity, Transjamaican Highway, Victoria Mutual Investments, Wigton Windfarm, Wisynco Group

Trading climbs on JSE USD market

February 5, 2021 by IC Insider.com

Trading volume jumped 179 percent over Thursday, resulting in more stocks rising than falling on the Jamaica Stock Exchange US dollar market at the close trading on Friday.
Trading ended with five securities changing hands, up from three on Thursday, ending with three stocks rising, one declining and one remaining unchanged.
JSE USD Equity Index added 0.34 points to end at 199.34. The average PE Ratio ends at 13.7 based on ICInsider.com’s forecast of 2020-21 earnings.
Trading ended with 771,719 shares changing hands, for US$127,516, up from 276,431 units at US$54,975 on Thursday.
Trading averaged 154,344 units at US$25,503, in contrast to 92,144 shares at US$18,325 on Thursday. Trading averaged 111,507 units for the month to date at US$14,858 in contrast to 100,798 units at US$12,197 on the prior trading day. By comparison, January ended with an average of 121,154 units for US$15,408.
Investor’s Choice bid-offer indicator shows two stocks with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Capital advanced 0.76 of a cent to 8.77 US cents trading 4,962 shares, Productive Business Solutions closed at 79 US cents, with 855 stock units clearing the market. Proven Investments gained 0.98 of a cent in closing at 26.98 US cents with 90,642 shares changing hands, Sygnus Credit Investments gained 0.04 of a cent to close at 15.04 US cents after 662,264 units crossed the exchange and Transjamaican Highway slipped 0.01 of a cent to 0.97 of a US cent in trading 12,996 shares.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Global Market, Stock Market Tagged With: Daily Trading, Emerging markets, First Rock Capital, Jamaica Stock Exchange, Jamaican stocks, JSE US dollar market, Productive Business Solution, Proven Investments, Sygnus Credit Investments, Trading Activity, Transjamaican Highway

Some sunshine for NCB

February 5, 2021 by IC Insider.com

NCB Financial had some good news to report to investors, but story it is not all sunshine. Net operating income reached $33.78 billion slightly up from $33.3 billion generated for the 2020 fiscal year first quarter, but nearly 25 percent above the September 2020 quarter.
The group could not translate the relatively good news on the revenue front into a positive development in net profit. The group saw a drop in profit attributable to shareholders falling 34 percent to $3.9 billion from $5.9 billion in December 2019 quarter and down from $4.3 billion in September quarter. The fall in profits is directly related to a jump in staff cost of $1.7 billion to $12.3 billion and increased tax on profit.
Loans net of provision for losses crawled by 5 percent to $461 billion from $438 billion at the end of December, in both years and from $453 billion at the end of September 2020. The growth is well down on the double-digit increase that was taking place in prior years, with the March 2020 report showing a 12 percent increase over the previous year. Investment securities rose from $784 billion at the end of 2019 to $855 billion.
Total comprehensive income rose by $7.3 billion to end at $13 billion, up from $6.8 billion in the December 2019 quarter.
The group’s various segment had mixed results. Consumer Banking segment recorded flat operating revenues of $6 billion but suffered a greater loss than in 2019 of $629 million versus $329 million. Payment Services delivered segment profit of $660 million down from $1,096 billion in 2019, from operating revenues that slipped from $2.9 billion to $2.6 billion. Corporate and Commercial banking operating revenues rose to $2.45 billion from $2.26 billion with profit declining modestly from $1.3 billion to $1.23 billion while Treasury and Correspondent Banking suffered a reduction in operating revenues to $2.55 billion from $2.67 billion but enjoyed a bounce in profit from $1.66 billion to $1.77 billion.

NCB Financial Montego Bay branch

Wealth, Asset Management and Investment Banking delivered a 21 percent rise in operating revenues to $5.14 billion from $4.23 billion and contributed a 36 percent jump in profit to $3.6 billion from $2.67 billion. Life and Health Insurance and Pension Fund Management had operating revenues of $11.97 billion down from $12.27 billion but enjoyed a slight pickup in profit from $5.9 billion to $6.3 billion. Operating revenues jumped 26.6 percent in the General Insurance segment to $5.35 billion with profit rising 45 percent to $2.2 billion.
Earnings per share amounted $1.66 down from $2.46 at the end of the December 2019 quarter and $1.82 for the September quarter. The latest quarter contains the full cost of asset tax. At the same time, September does not, in addition there was a tax credit of $1.1 billion for the September quarter and a tax charge of $2.3 billion for the 2020 December quarter and June 2020 coming in at $6.7 billion.
For profit to grow meaningfully, the group needs to be generating double-digit increases in the loan portfolio while maintaining loan losses to acceptable levels. In the 2020 fiscal year, the group incurred a major increase in provision for loan losses. The latest results show this line item to have returned to more normal levels with a provision of $1.17 billion versus $1.57 billion in December 2019 and $4.6 in the September quarter. Other operating cost which came in at $10.5 billion appears to reflect a much higher cost than for the other quarters. In March 2020 the cost was $5.6 billion compared to $$10.6 in December 2019.
The stock is listed on the Jamaica Stock Exchange, with the price now trading around $136.

Filed Under: Company News, Company Results, Feature Stories Tagged With: Emerging markets, Jamaica Stock Exchange, Jamaican stocks, NCB Financial Group

Gains for JSE Main Market

February 4, 2021 by IC Insider.com

Rising stocks outnumbered declining ones almost two to one on a day of subdued trading on the Main Market of the Jamaica Stock Exchange ended trading on Thursday with the market rising after an exchange of 26 percent more shares but at 14 percent lower value than on Wednesday.
At the close, the All Jamaican Composite Index advanced by 1,444.54 points to 427,013.70, the Main Index rose 1,182.10 points to 389,430.69, and the JSE Financial Index gained 0.45 points to settle at 99.24.
Trading ended with 44 securities changing hands, down from 47 on Wednesday and closed with 21 rising, 12 declining and 11 remaining unchanged. The PE Ratio averaged 16.6 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with trading of 12,425,485 shares for $61,762,267 compared to 9,831,136 units at $72,026,838 on Wednesday. QWI Investments led trading with 27.8 percent of total volume, after an exchange of 3.46 million shares with the stock trading at a 52 weeks’ high of $1.02, followed by Wigton Windfarm with 27.2 percent for 3.38 million units and Pulse Investments with 22.7 percent of the day’s trade for 2.82 million units.
Trading for the day averaged 282,397 units at $1,403,688, compared to 209,173 shares at $1,532,486 on Wednesday. The month to date averaged 445,935 units at $2,598,567, down from 498,459 units at $2,982,324 on Wednesday. Trading in January closed with an average of 311,275 units at $1,432,133.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and three with lower offers.
At the close of the market, Barita Investments fell $1.02 to $80.98 trading 126,472 shares, Eppley Caribbean Property Fund declined by $3.80 to $43, with 1,000 stocks crossing the market, First Rock Capital rose 54 cents to $13.75, with 52,061 stock units changing hands. Jamaica Broilers climbed $3.20 to $29.20 in exchanging 47,488 shares, JMMB Group gained 50 cents in closing at $32.50 trading 34,987 stock units, Kingston Properties lost 25 cents to settle at $7, with 6,600 shares crossing the market. Kingston Wharves finished 50 cents higher at $47, with an exchange of 3,643 stock units, Margaritaville rose 43 cents to $43.42, with a transfer of just 8 stock units, NCB Financial Group gained 50 cents to end at $137.50, with 21,786 units clearing the market. Palace Amusement advanced $250 to $1,100, with a transfer of 50 stock units, Pan Jam Investment closed $2.30 higher at $66.30, after 4,779 shares crossed the market, Sagicor Group climbed $3 to $52, with investors switching ownership of 84,688 stock units. Salada Foods closed at a 52 weeks’ high of $46, with a gain of $3.25 in exchanging 23,970 stocks, Scotia Group shed 70 cents in closing at $43, with 23,045 shares crossing the market, Seprod dropped $2.50 to finish at $71, with an exchange of 11,519 stock units. Sygnus Credit Investments shed 77 cents to close at $14.75, in switching ownership of 217,838 shares and Victoria Mutual Investments gained 40 cents to close at $5.85, after transferring 2,355 stock units.
In the preference segment, Eppley 8.75% preference share shed 51 cents in closing at $6.59, after 1,719 stock units cleared the market.