Indices fall across the board at JSE – Friday
The JSE Market Index dropped 1,705.59 points to 139,748.01, the all Jamaica Composite Index dived 1,828.45 points to end at 155,132.57 and the JSE combined index declined by 1,636.11 points to end at 146,548.58.
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 only 7 stocks with bids higher than their last selling prices and none with lower offers.
In trading, Barita Investments closed with 238,852 shares trading to at $4, Cable and Wireless closed with 1,644,431 shares changing hands and 4 cents to close at $1.59, after trading at a high for the day of $1,64, Caribbean Cement traded 79,075 shares changed hands at $16.50 with a loss of $1, Carreras gained 95 cents to end at $57, with 21,592 units trading. Desnoes & Geddes ended with 113,325 shares trading at $30, Gleaner traded 58,166 shares at $1.90, Grace Kennedy traded 4,563 shares and closed with a gain of 50 cents at $75, Jamaica Broilers traded 241,910 shares to close at $8.49 and lost 26 cents. Jamaica Producers rose $1.76 while trading 75,712 shares at $26.50, The Jamaica Stock Exchange gained 25 cents in trading 17,835 shares, to end at $13.50, JMMB Group rose by 11 cent while trading 192,697 shares to close at $10. Kingston Wharves ended with 19,500 shares changing hands at $11.25, Mayberry Investments closed with 115,000 units trading for 5 cents higher at $4.40, National Commercial Bank closed with a fall of $1.94 as 1,365,817 shares changed hands to end at $37.01, Pan Jamaican Investments traded 12,955 shares at $88.25 for a loss of 5 cents, Pulse traded 91,500 shares at a new 52 weeks’ closing high of $3 as the price gained 50 cents, after trading at $3.20. Sagicor Group lost 7 cents in trading 170,002 units at $16.55 at the close, Sagicor Real Estate Fund ended with 239,750 shares trading at $10. Scotia Group ended with 153,444 shares changing hands, closed with a fall of 89 cents to end at $26.31, Scotia Investments lost $1 and ended at $27 with 30,000 shares changing hands, Seprod rose 1 cent to $18.51 with 13,250 shares trading and Supreme Ventures ended at $4.75 after falling 2 cents with 35,500 shares.
JSE main market slips on Monday
The market closed with activity in 41 securities, leading to 9,839,984 units valued at $50,044,573 changing hands, in all market segments. A total of 15 securities rose and 12 declined with 4 stocks ending at 52 weeks’ closing high and 2 at intraday high.
The JSE Market Index fell 140.31 points to 138,302.07 the all Jamaica Composite Index declined 156.81 points to end at 153,516.65 and the JSE combined index eased by 20.44 points to end at 145,188.76.
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 9 stocks with bids higher than their last selling prices and 2 with lower offers.
In trading, Barita Investments closed with a gain of 15 cents to $3.80 with 1,000 shares trading, Cable and Wireless close with 1,304,419 shares changing hands to close at $1.40 after rising to $1.49 in early trading. With the company’s parent having announced today that it has agreed to accept an offer from Liberty Global for the shares of CWC Plc interest could well build again in the local stock. Carreras rose $1 to end at $57 with 17,200 units trading, Ciboney gained 2 cents in closing at a 52 weeks’ high of 12 cents, Desnoes & Geddes ended with 269,196 shares trading at $30.02, Gleaner Company traded at 562,609 shares and gained 1 cent to end at $1.91. Jamaica Broilers traded 12,290 shares to close at $8.79 with a gain of 4 cents, JMMB Group lost 90 cents while trading 1,028,832 shares to close at $9.90. Mayberry Investments lost 4 cents and closed with 369,000 units trading with a loss of 5 cents at $4.30, National Commercial Bank close with 118,880 shares changing hands to end with a rise of $1 at $36 after trading at an intraday high of $37. Pulse Investments traded 229,058 shares with a decline of 20 cents for a close of $1.80, Sagicor Group lost 2 cents in trading 482,103 units at $16.43 at the close, Scotia Group ended with 8,029 shares changing hands, closed with a rise of 39 cents at $26.50. Supreme Ventures ended at a 52 weeks’ high $4.80 after adding 15 cents with 47,709 shares changing hands and Proven Investments ordinary share gained 2 US cents and ended at 23 US cents with 18,934 units changing hands. Jamaica Money Market Brokers 7.50% preference share traded 220,500 units at $2, Jamaica Money Market Brokers 8.50% preference share traded 1,313,000 units and ended at $3.49 with a gain of 4 cents.
Eppley’s stock scarce & undervalued
Eppley’s profit after tax increased 5 percent for the first nine months of the year to $41.7 million compared to $39.7 million in 2014. For the September quarter, profit jumped sharply by 91 percent to $19.3 million versus $10 million in 2014.
Earnings per share of $52.47 was achieved for the nine months and $24.17 for the quarter. A dividend of $9 per share will be paid on November 30 to ordinary shareholders on record at November 20.
Revenues grew 93 percent for the quarter to $63 million and 60 percent for the nine months period, to $171 million. Net interest income increased from 39.56 percent in the nine months to 43.9 percent in the quarter. Operating expenses climbed 16 percent for the quarter and 15 percent for the nine months.
As of September, Eppley had a $1.38 billion portfolio consisting mainly of loans, leases and receivables. The average income yield of the portfolio was 14 percent, the company stated.
Equity capital at the end of the quarter stood at $341 million and borrowing at $1 billion with average cost of debt being 10 percent. We ended the quarter with $237 million of cash and short-term investments, the company also stated.
Eppley provides loan and insurance premium financing. At the end of the quarter, the stock that is listed on the junior market of the Jamaica Stock Exchange last traded at $380 much lower than the net asset value was $429 per share.
Revenue growth pushes down C&W loss
The company posted losses of $485 million after exceptional expenses in the September quarter, or 11 percent less than the $548 million loss for the six months in 2014.
EBITDA earnings grew to $1.2 billion compared to $971 million a year ago and for the half year $2.58 billion versus $1.78 billion, an increase of 45 percent.
“Each line of business showed improved results leading to growth in total revenues and EBITDA. Our mobile business was again the leading performer with our pre-paid subscriber base growing by 23 percent and our post-paid subscriber base growing by 6 percent when compared to the prior year first half,” stated Garfield Sinclair who heads C&WJ, in the financial report.
During the quarter, revenues grew 9 percent to $5.63 billion. This growth was filliped by mobile subscriber base and revenues up 22 percent and 16 percent respectively; and broadband subscribers and revenue up 8 percent and 11 percent respectively. Revenues for the half year grew 10 percent to $11 billion as revenues for the September quarter exceeded that of the June quarter by $179 million or 3.3 percent.
Interest cost declined in the quarter to $934 million from $1 billion last year and should fall in the coming quarters as the interest rates reset downwards in November, to 7.2 percent from 7.787 percent with the fall in local Treasury bill rates. For the half-year interest cost amounts $2 billion. Staff costs are down by $300 million in the six months period from that of 2014 to be at $1.246 billion but out payments and direct cost rose $226 million with the September quarter by $149 million over the June quarter.
The company generated operating cash flow of $520 million compared with negative cash flows of $133 million in six months to September 2014.
The financials does not show any indication of a merger between the local operations of Flow and C&W but the latter wrote large amounts of assets and made staff redundant but no mention is made in the report as to how the two entities will be operating going forward. There are questions to be answered here.
The company’s shares are listed on the Jamaica Stock Exchange last traded at $1.45.
Profit results help rally Jamaican stocks
The Jamaica stock market made further gains on Thursday as investors continue to respond positively to the release of company results. The market closed with activity in 41 securities, leading to 16,060,816 units valued at $115,028,197 changing hands, in all market segments. A total of 14 securities rose and 11 declined with 5 stocks ending at 52 weeks’ closing high and 1 at intraday high.
The JSE Market Index rose 466.62 points to 138,363.46, the all Jamaica Composite Index gained 521.47 points to end at 153,585.26 and the JSE combined index increased by 704.78 points to end at 145,062.08.
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 11 stocks with bids higher than their last selling prices and none with lower offers.
In trading, Berger Paints closed at $3.80 with 36,600 shares trading, Cable and Wireless lost 5 cents, with 1,954,862 shares changing hands to close at $1.45. On offer were 4,120,449 shares at $1.50 with bid in at $1.45 to buy just 1,972 units. Caribbean Cement fell 20 cents to end at $17.80 with 339,495 shares changing hands. Carreras dropped 1 cent to end at $55.50 with 45,965 units trading, Gleaner traded 58,700 units at $1.90, Grace Kennedy closed at $74.97 after shedding by 3 cents with 162,604 shares changing hands, Jamaica Broilers traded 516,635 shares to close at $9.25. Jamaica Producers traded 20,776 shares as the price dropped $4 to end at $25, Jamaica Stock Exchange traded 10,500 shares at $14, JMMB Group closed 26,000 shares trading at $11. Mayberry Investments closed with 675,799 units trading at $4.39 with a loss of 1 cent, National Commercial Bank close with 357,912 shares changing hands to end with a rise of 50 cents at $34.50, Pan Jamaican rose 5 cents in trading 70,486 shares to end at $88.10. Pulse Investments traded 44,369 shares with a rise of 22 cents for new 52 weeks’ closing high of $1.72, Radio Jamaica closed 10 cents higher with 117,214 units at $5, Sagicor Group traded at $16.26 with 541,857 shares changing hands and lost 25 cents. Scotia Group ended with 196,030 shares changing hands and closed with a gain of 85 cents at $27.75, Supreme Ventures ended with 8,006,732 shares changing hands at $4.70 and Proven Investments ordinary share rose 1.2 US cents and ended at 23 US cents with 65,812 units changing hands.