No rescuer for JSE on Wednesday
At the close, 3 stocks ended at 52 weeks’ high and 1 at an intraday high in both markets.
The JSE Market Index fell 229.17 points to 140,250.54, the all Jamaica Composite Index declined by 256.11 points to end at 155,694.18 and the JSE combined index dipped 483.84 points to end at 146,612.97.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 12 stocks with bids higher than their last selling prices and 2 with lower offers.
In trading, Cable and Wireless closed with 822,927 units changing hands at $1.52 after the price fell by 2 cents, Caribbean Cement traded at an intraday 52 weeks’ high of $20.44 but settled back at $18.50 having shed 60 cents, with 300,860 shares changing hands. Carreras closed at $56 with 19,808 units trading. Desnoes & Geddes ended with 5,000 shares trading at $30, Jamaica Broilers lost 4 cents in trading 156,111 shares, to close at $8.46, Jamaica Stock Exchange traded 10,000 units to end at $14 for a 52 weeks’ high, with a gain of 55 cents, JMMB Group rose 24 cents while trading 129,084 shares, to close at $10.25. Kingston Wharves traded 65,116 units and fell 27 cents to end at $11.20, Mayberry Investments ended with just 198 shares changing hands but fell 42 cents to $4.29, National Commercial Bank closed at a 52 weeks’ high of $39 with a gain of $2.66 while trading 7,840 units. 138 Student Living ended with 6,350 shares and recovered 35 cents to end at $4.35, Pulse Investments had 20,000 units trading at the close at $2.18 after it traded earlier at $2.50, Radio Jamaica lost 4 cents in trading 58,547 units at $5.05, Sagicor Group fell 50 cents in trading 146,805 units to end at $15.50. Sagicor Real Estate X Fund gained 25 cents with 5,500 units changing hands at $10.25. Scotia Group had 42,660 shares changing hands at $27, Seprod gained 6 cents in trading 14,880 units at $18.61. Proven Investments closed with 16,020 units changing hands at 23 US cents, Jamaica Money Market Brokers 7.50% preference share ended trading with 117,000 units at $1.81 and Jamaica Money Market Brokers 8.50% preference share traded 110,800 at $4.19, with a fall of 31 cents.
Bulls retreat again from JSE – Monday
The Jamaica Stock Exchange main market suffered another day of losses in the indices on Monday. The market closed with a volume of 6,907,239 units valued at only $20,441,816 changing hands, in all market segments. Activity took place in 37 securities, leading to 11 rising and 12 declining with 3 stocks ending at 52 weeks’ closing high but with just 1 from the main market.
The JSE Market Index lost 451.99 points to 140,173.97, the all Jamaica Composite Index fell 505.12 points to end at 155,608.61 and the JSE combined index declined 315.54 points to end at 146,975.93.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 10 stocks with bids higher than their last selling prices and 3 with lower offers.
In trading, Berger Paints had 61,778 units trading at $3.60 for a gain of 45 cents, Cable and Wireless closed with 1,748,946 units changing hands at $1.60 after the price gained 8 cents, Caribbean Cement slipped 20 cents to end at $19, with 68,922 shares changing hands. It closed with a bid at $19.05 to buy 25,450 units, with bids at $19 to buy 26,411 units and 10,000 shares at $16.55, on offer are 4,000 at $19.99, beyond this, are 11,500 units at $20 and 150,000 units at $20.44. Carreras rose 90 cents to close at $56 with 17,739 units trading. Ciboney gained 5 cents to close at a new 52 weeks’ high of 21 cents with 35,200 shares. Desnoes & Geddes ended with 14,723 shares trading at $30, Gleaner fell by 2 cents in trading 20,427 units at $1.93, Grace Kennedy traded with a loss of 44 cents to close at $75.06 with 36,734 shares, Jamaica Broilers lost 60 cents as it traded 189,334 shares to close at $8. Jamaica Stock Exchange traded 94,365 units to end at $13.45 with a gain of 30 cents, JMMB Group gained 7 cents while trading 11,071 shares to close at $10.18,Mayberry ended with 9,600 shares changing hands at $4.85 after rising 35 cents. National Commercial Bank closed with a loss of 25 cents as 62,323 shares changed hands to end at $35.75. After the market closed news broke that the banking group is to acquire nearly 30 percent of Guardian Holdings shares, from a group of shareholders, subject to regulatory approval. Radio Jamaica declined by 39 cents to end at $5.11 with 11,100 units changing hands. Sagicor Group fell 11 cents in trading 12,143 units to end at $16.54. Scotia Group had 6,023 shares changing hands and closed at $27, Supreme Ventures had 58,975 units changing hands at $4.80 and Jamaica Money Market Brokers 7.50% preference share traded 25,000 units with the price ending at $1.81.
Bulls retreat on JSE – Friday
The JSE Market Index lost 480.67 points to 140,626.96, the all Jamaica Composite Index fell 537.18 points to end at 156,113.73 and the JSE combined index declined 149.43 points to end at 147,291.47.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 8 stocks with bids higher than their last selling prices and 7 with lower offers.
In trading, Cable and Wireless closed with 1,389,853 units changing hands at $1.52 after the price gained 9 cents, Caribbean Cement climbed 20 cents to end at a 52 weeks’ high of $19.20, with 75,115 shares changing hands, Carreras rose 90 cents to close at $56 with 13,048 units trading. Ciboney did not trade but had a bid to buy 125,000 units at 19 cents and just below, are bids between 16 cents and 18 cents to buy 2.38 million units. Desnoes & Geddes ended with 44,130 shares trading at $30, Gleaner traded 23,325 units at $1.95, Jamaica Broilers lost 60 cents as it traded 266,093 shares to close at $8. Jamaica Producers traded 18,661 shares to end at $31, JMMB Group lost 14 cents while trading 5,400 shares to close at $10.11. Kingston Wharves ended with 76,220 shares changing hands at $11.30 after losing 17 cents, National Commercial Bank closed with a loss of $1.19 as 105,766 shares changed hands to end at $36. Pan Jamaican Investments declined by $1 to end at $89 with 12,618 units changing hands. Pulse Investments traded 10,000 shares and ended at $2.50 after falling 50 cents, Sagicor Group fell 5 cents in trading 39,505 units to end at $16.65. Scotia Group had 19,600 shares changing hands and closed at $27, Supreme Ventures had 250,643 units changing hands but the price rose 10 cents to $4.80. Proven Investments ended at 22.9 US cents with 108,528 changing hands, Jamaica Money Market Brokers 7.50% preference share traded 75,000 units with the price ending at $1.80.
Huge profit turn at Honey Bun – BUY RATED
Honey Bun turned around a loss of $17 million in the September 2014 quarter into a profit of $4 million in 2015 and a profit of only $23 million into a one of $68 million for the 2015 fiscal year or earnings per share of 72 cents.
The performance and IC Insider’s forecast for the next two years, (See EPS forecast below) have elevated the status of the stock to BUY RATED.
The change came from a 22 percent rise in revenue in the quarter to $215 million from $169 million in 2014 and from a 19 percent growth in revenues for the full year, to $887 million from $747 million in 2014. The profit in the September quarter is a major achievement for the company it being the first time since 2012 when a small profit of $550,000 was realized that the company is reporting a profit.
“The company services lots of schools and so the summer months are normally reduced due to the holiday season for July and August. We will always have this challenge but we have somewhat overcome a significant portion of it by way of the development of new products that are not directly geared for schools and by targeting other markets also.
Helping the growth in profits was an improvement in gross profit and gross profit margin with the latter being 42.8 percent up from 41 percent in 2014 and from a 9.5 percent increase in administrative and other expenses, selling & distribution costs of $307 million from $280 million.
Investments, cash and equivalents rose to $92 million, net current assets stood at $102 million, borrowed funds fell from $73 million in 2014 to $51 million while equity rose to $368 million.
The company’s shares are listed on the junior market of the Jamaica Stock Exchange and last traded at $5.50, with the price being up 164 percent since 2015, and now sports a PE of 7.6 times 2015 earnings. IC Insider is forecasting earnings per share (EPS) of $1.15 for the 2016 fiscal year which gives it a PE of 4.8 and EPS of $1.70 for 2017.
The company advised that the Board of Directors will meet on Monday, December 7 to consider the declaration of a dividend. An interim dividend of 12 cents per stock, amounting to $11.3 million was paid in May this year.