The main market indices of the Jamaica Stock Exchange made modest gains on Wednesday with the all Jamaica Composite Index rising 216.41 points to 183,669.65. The JSE Market Index climbed 193.50 points to finish at 165,275.10 and the JSE combined index rose 551.77 points to end at 177,742.62 and gained at 12 percent for the year to date.
At the close 2,584,785 units valued at $33,734,659 changed hands, compared to 5,164,481 units valued at $41,188,234 changing hands on Tuesday. The junior market accounted for 718,533 units trading valued at $4,825,236 of the stocks traded.
The average trade for the day in the main market ended at 77,761 units, compared to an average for the month to date of 178,931 units. On Tuesday, an average of 157,519 units, compared to an average for the month to date of 280,102.
The market closed with 40 securities trading as the prices of 11 gained while 14 declined in the overall market, including 5 stocks rising and 4 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 14 stocks with bids higher than their last selling prices and 7 with lower offers.
In market activity, Berger Paints traded 5,000 shares to end at $6, Cable & Wireless closed at 84 cents with 290,565 units trading, Caribbean Cement traded 40,741 shares and lost 40 cents to close at $32.10, Carreras closed at $66 with 820 units changing hands. 1834 Investments traded 26,836 units but lost 3 cents to end at $1.17, Grace Kennedy lost 5 cents and closed trading with 6,685 shares changing hands at $41.90, Jamaica Broilers closed at $14.50 with 419,751 shares switching owners. 
Jamaica Producers closed with a loss of 4 cents at $8.25 with 890 units trading, Jamaica Stock Exchange rose 44 cents and ended at $27.39 while trading 2,323 shares, JMMB Group lost 43 cents in trading 7,580 units to close at $13.22. Kingston Wharves traded 5,328 shares to close at $17, Mayberry Investments ended with 265,471 shares trading at $4, National Commercial Bank traded 14,975 shares to close with a decline of 49 cents at $43, Pan Jamaican Investments rose 45 cents to close at $23 after trading 15,199 shares. Portland JSX traded 1,500 units with the price falling 7 cents to $11.03, Radio Jamaica traded 111,388 units and fell 15 cents to end at $1.40. Sagicor Group had 12,768 shares changing hands and lost 15 cents to close at $22.40, Scotia Group rose 36 cents and closed at $30.51 with 388,287 shares changing hands and Proven Investments traded 245,840 units at 19.75 US cents after rising 0.25 cents.
Modest gains in early JSE trading
Trading on the Jamaica Stock Exchange continues on moderate pace on Wednesday with all the market indices rising.
Trading volume and values declined from Tuesday’s level, with declining stocks beating out advancing ones nearly 2 to 1.
The all Jamaica Composite Index gained 42.86 points to 183,496.10, the Jamaica Stock Exchange Market Index grew 38.32 points to 165,119.92, the Jamaica Stock Exchange combined index climbed 373.23 points to close at 177,564.08 and the junior market index inched up 32.86 points to 2,378.44.
At 11:30 am, a total of 31 securities traded, resulting in a volume of 808,218 shares changing hands carrying a value of $4,193,655, compared to 1,521,635 shares changing hands carrying a value of $7,634,987, on Tuesday at 11 AM.
The average number of shares traded amounts to 26,072 units compared to 56,357 on Tuesday. Market activity resulted in 11 stocks falling while the prices of 8 securities rose.
In trading activity, Cargo Handlers traded 11,300 units at a new all-time high of $12, as the price rose $2, while Cable & Wireless gained 4 cents to 88 cents in trading 141,071 shares, Proven Investments traded 195,300 shares and Radio Jamaica traded 111,388 units.
Jamaican stocks suffer losses – Tuesday
Berger closed at a new high on Tuesday of $6.
At the close 5,164,481 units valued at $41,188,234 changed hands, compared to 14,409,476 units valued at $129,902,890 changing hands on Monday. The junior market accounted for 1,384,024 units trading valued at $8,364,061 of the stocks traded.
The average trade for the day in the main market ended at 157,519 units, compared to an average for the month to date of 280,102 units. On Monday, an average of 321,333 units traded with the average for the month to date at 402,684.
The market closed with 41 securities trading as the prices of 16 gained while 14 declined in the overall market, including 7 stocks rising and 6 falling, in the junior market.IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 15 stocks with bids higher than their last selling prices and 5 with lower offers.
In market activity, Berger Paints gained 16 cents in trading 1,899 shares to end at a 52 weeks’ closing high of $6, Cable & Wireless lost 1 cent and closed at 84 cents with 272,908 units trading, Caribbean Cement traded 120,302 shares and gained 94 cents to close at $32.50, Carreras closed at $66 with 17,600 units changing hands. Ciboney traded 500,000 units but lost 4 cents to end at 16 cents, Grace Kennedy lost 4 cents and closed trading with 3,829 shares changing hands at $41.95, Jamaica Broilers closed at $14.50 after easing by 25 cents, with 282,556 shares switching owners. Jamaica Producers closed at $8.29 with 4,530 units trading, Jamaica Stock Exchange lost 44 cents and ended at $26.95 while trading 4,200 shares, JMMB Group lost 1 cent in trading 14,307 units to close at $13.65.
Kingston Wharves traded 3,565 shares to close at $17, Mayberry Investments rose 15 cents and ended with 745,266 shares trading at $4, National Commercial Bank traded 60,773 shares to close with a rise of 16 cents at $43.49, Pan Jamaican Investments declined 1 cent to close at $22.56 after trading 61,235 shares. Portland JSX traded 8,780 units with the price rising 6 cents to $11.10, Radio Jamaica traded 14,435 units and gained 15 cents to end at $1.55. Sagicor Group had 31,499 shares changing hands and closed at $22.55, Scotia Group rose 11 cents and closed at $30.15 with 306,000 shares changing hands. Seprod had 5,000 units changing hands to close with a loss of 48 cents at $24.02, Supreme Ventures traded 168,442 shares and gained 50 cents to close at $5, Proven Investments traded 149,847 units at 19.5 US cents after rising 1.5 cents and JMMB Group 7.5% preference share traded 1,000,151 units at $1.08 for a loss of 1 cent.
Jamaican stocks gain in early trade
Trading on the Jamaica Stock Exchange continues 
on a moderate pace on Tuesday, with all the market indices rising. Trading volume and values rose from Monday’s level, with advancing stocks beating out declining ones 4 to 1.
The all Jamaica Composite Index gained 283.24 points to 185,038.33, the Jamaica Stock Exchange Market Index grew 253.58 points to 166,498.95, the Jamaica Stock Exchange combined index climbed 403.55 points to close at 178,986.96 and the junior market index inched up 16.42 points to 2,392.46.
At 11 am, a total of 27 securities traded, resulting in a volume of 1,521,635 shares changing hands carrying a value of $7,634,987, compared to 510,894 shares changing hands carrying a value of $4,041,514, on Monday.
The average number of shares traded amounts to 56,357 units compared to 28,383 on Monday. Market activity resulted in 3 stocks falling while the prices of 12 securities rose.
Lawsuit may cost CAC $200m
Steven Marston,
Chief Executive Officer
CAC in a release to the Jamaica Stock Exchange stated that the court ruled in favour of the Claimant and awarded damages of US$372,100 and J$568,187 plus loss of profits of $7,077,874. Interest at commercial rates and legal fees were also awarded.
CAC further advised that on application, the court granted a stay of execution of 42 days and that its legal counsel is reviewing the judgment but, in the interim, the company will be providing for these amounts less the insurance amount of $20 million in the 2016 accounts.
IC Insider estimates that the company will likely be hit with a total cost of US$1 million and J$100 million before the insurance coverage when interest and legal fees are factored in.
The judgement resulted from a claim in negligence and or breach of contract as a result of a fire that occurred at the Claimant’s premises on May 11th, 2003. The Claimant prevailed at first instance in the Supreme Court with CAC appealing the judgment on account of the trial judge in the Supreme Court excluding the testimony and or report of the Company’s expert from the evidence. The Court of Appeal held that the exclusion of such evidence “created an unnecessary imbalance which was not in the interest of justice.”
CAC reported a loss of $9 million after tax for the July 2016 quarter and profit of $31 million after tax for the nine months period, compared to $39 million for the July 2015 quarter and a profit of $71.6 million for the nine months to July 2015.The net results came from sales revenues of $679 million for the nine months period compared to $674 million for 2015 and $198 million for the July quarter versus $259 million in 2015. The company saw a large climb in administrative cost of 42 percent for the nine months in 2016 and 57 percent for the quarter.
CAC successfully raised $120 million before cost of approximately $10 million in its initial public offering in December 2015. The stock traded traded on the junior market of the Jamaica Stock Exchange at $6.30 on Monday.
Jamaican stocks mostly fall – Monday
Scotia Group traded 1.18 million shares on Monday
The main market indices of the Jamaica Stock Exchange declined again on Monday with the all Jamaica Composite Index jumping 1,273.92 points to 184,755.09. The JSE Market Index climbed 1,139.12 points to finish at 166,245.69 and the JSE combined index gained 1,099.99 points to end at 178,583.41 and gained at 13 percent for the year to date.
At the close 14,409,476 units valued at $129,902,890 changed hands, compared to 17,656,211 units valued at $101,436,212 changing hands on Friday. The junior market accounted for 6,697,473 units trading valued at $36,505,806 of the stocks traded.
The average trade for the day in the main market ended at 321333 units, compared to an average for the month to date of 402,684 units. On Friday, an average of 871,081 units traded with the average for the month to date at 484,035.
The market closed with 43 securities trading as the prices of 13 gained while 16 declined in the overall market, including 6 stocks rising and 6 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the 
Investor’s Choice bid-offer indicator reading shows 13 stocks with bids higher than their last selling prices and 5 with lower offers.
In market activity, Barita Investments gained 1 cent in trading 446,721 shares to end at $4.41, Cable & Wireless lost 5 cents closed at 85 cents with 218,904 units trading, Caribbean Cement traded 19,296 shares and gained 6 cents to close at $31.56, Carreras closed at $66 with 3,000 units changing hands. Grace Kennedy closed trading with 90,024 shares changing hands at $41.99, Jamaica Broilers closed at $14.75 after easing 1 cent, with 283,408 shares switching owners. Jamaica Producers fell 1 cent to $8.29 with 435,508 units trading, Jamaica Stock Exchange lost 58 cents and ended at $27.39 while trading 1,000 shares, JMMB Group gained 16 cents in trading 291,976 units to close at $13.66. Kingston Wharves traded 34,845 shares to close at $17, Mayberry Investments ended with 662,483 shares trading at $3.85, National Commercial Bank traded 105,250 shares to close with a fall of 16 cents at $43.33, Student Living closed at $4.71 while trading 43,800 shares and gained 1 cents.
Pan Jamaican Investments gained 1 cent and closed at $22.56 after trading 84,165 shares, Portland JSX traded 549,651 units with the price falling 6 cents to $11.04, Pulse Investments traded 20,000 shares and lost 60 cents to close at $3.30, Radio Jamaica traded 400,000 units and gained 5 cents to end at $1.40. Sagicor Group had 48,361 shares changing hands and closed with a fall of 45 cents at $22.55, Scotia Group rose 2 cents and closed at $30.04 with 1,179,017 shares changing hands. Scotia Investments dropped $2.91 with 28,735 units changing hands to close at $31.04. Seprod had 18,853 units changing hands to close at $24.60, Sterling Investments lost 1 cents in trading 38,000 shares to close at $14.99, Supreme Ventures traded 2,215,656 shares buy fell 2 cents to close at $4.50 after the company’s Chief Executive passed over the week end and Proven Investments traded 150,800 units at 18 US cents after rising 1.5 cents.
JSE majors rise in early trading
Trading on the Jamaica Stock Exchange is off to a modest start on Monday with the main market rising slightly while the junior market inched up by a few points.
Trading volume and values fell from Friday’s level, with advancing stocks being beating declining ones.
The all Jamaica Composite Index gained 243.28 points to 183,724.45 the Jamaica Stock Exchange Market Index grew 217.54 points to 165,324.11, the Jamaica Stock Exchange combined index climbed 253.32 points to close at 177,736.74 and the junior market index inched up 5.02 points to 2,376.82.
At 10.45 am, a total of 18 securities traded, resulting in a volume of 510,894 shares changing hands carrying a value of $4,041,514, compared to 1,743,200 shares changing hands carrying a value of $7,392,869, on Friday.
The average number of shares traded amounts to 28,383 units compared to 69,728 on Friday. Market activity resulted in 7 stocks falling while the prices of 6 securities rose.
In trading activity, Cargo Handlers traded 2,000 units at a new all-time high of $10 while Cable & Wireless lost 2 cents in trading 116,146 shares, JMMB Group traded 250,486 units at $12.51 after falling 99 cents and Mayberry Investments exchanged 62,483 units at $3.70.
Paramount corrects split error
Mentors are supposed to advice and guide junior market companies’ directors in the ways of the securities market as well as other business related issues to help steer them in areas they may not be familiar with. Mentorship was wisely assessed to be needed for the smaller companies, many of whom were not being governed to the more rigorous manner that their main market neighbours are.
Directors should aide and guide management in the right direction. Ideally, management and directors should strive to work together to achieve the objectives desired. Chairmen have a major role to play to ensuring things are navigated properly. When the JSE board approved a stock split and management posted the notice that the board approved the split which was to have been effected without shareholders’ approval, the Chairmen must take a big part of the blame for the error. All the details of such an issue should have been sorted before the board meeting, with Chairman being fully and properly informed and thus ensure that it was done properly. Finally, the board should have determined and agreed when the shareholders meeting was to be held to approve the split. 
Their failure of the board to do their work properly cannot be placed solely at the feet of the executives.
This brings up the Paramount Trading stock split. The stock exchange rules require that all listed companies must advise the exchange at least 7 days before a meeting of directors is to be held at which a distribution or change in the share capital of the company is to be considered and shortly after the meeting is held advise of the result of the deliberation. Pan Jam’s board, in agreeing to a stock split earlier this year failed to inform the stock exchange in accordance with the rules, was hauled over the coals by the exchange, for failure to comply. Note is also taken that Palace approved a dividend but there was no notice on the JSE website about the meeting at which the proposal was to be considered.
The Board of Directors of Paramount Trading failed to follow the rules of the exchange regarding their decision to recommend the subdivision of stock units which was an item for shareholders to consider at the Company’s Annual General Meeting (AGM) which is due to be held on Saturday, 29 October. IC Insider contacted the company to find out the reason for failing to follow the regulated procedure and was advised that the JSE informed them in writing that they did was in order. Contact with the JSE by IC Insider triggered a response that the matter would be investigated.
On Friday the company posted a release which the error. The release in part states that at the AGM that on the list of resolutions is a proposed sub-division of shares, for consideration by the shareholders.
The proposed resolution is set out in the notice of AGM as follows:“SUB-DIVISION OF SHARE CAPITAL
To sub-divide each ordinary stock unit in the capital of the Company into such number of stock units as may be prescribed by the Board: “THAT each of the issued ordinary stock units in the capital of the Company be sub-divided in accordance with the Articles of Incorporation of the Company, into such number of stock units as may be prescribed by the Board of Directors.”
“In connection with the above resolution, please be advised that the Board of the Company shall hold a meeting on Saturday, 29 October to consider and approve the sub-division pending shareholders’ approval of the said resolution.”
Caribbean Cement tops Top 5
Jetcon Corporation and Caribbean Cement sit atop the IC Insider’s Top 5 stocks with the best chance of rising on junior market and main market of the Jamaican Stock Exchange at the end of last week. Both stocks just edging out the number 2 by just a few points.
There were no new entrants in either lists but Caribbean Flavours swapped place with Medical Disposables that now sits at the number 5 spot. In the main market selections Caribbean Cement changed spots with Berger Paints with the latter enjoying a slight price gain while Cement suffered a mild decline in price. AMG Packaging last traded at $21 and seems a candidate for a stock split with limited supply and inadequate liquidity of the stock. 
Blue Power that last traded at $24.50 and is outside the Top 5, is also in category of a potential stock split.
Derrimon Trading sits just below the Top 5 junior market stocks followed by Dolphin Cove CAC 2000, tTech and Caribbean Cream that dropped sharply this past week to $7.
Sitting below the Top 5 in the main market are, Palace, JMMB Group, National Commercial Bank, (NCB) Sterling Investments and Pan Jamaican Investments. Feedback from the market, is that NCB is in strong demand against a background of very limited supply and the price being severely undervalued.
17 Jamaican stocks rise 9 fall
The main market indices of the Jamaica Stock Exchange declined again on Friday with the all Jamaica Composite Index dropping 768.16 points to 183,481.17. The decline is in contrast to the advance decline ratio of 2 to 1. The JSE Market Index dived 686.87 points to finish at 165,106.57 and the JSE combined index lost 642.10 points to end at 177,483.42 and gained at 12 percent for the year to date.
At the close 17,656,211 units valued at $101,436,212 changed hands, compared to 2,395,219 units valued at $25,654,956 changing hands on Thursday. The junior market accounted for 234,593 units trading valued at $1,406,575 of the stocks traded.
The average trade for the day in the main market ended at 871,081 units, compared to an average for the month to date of 484,035 units. On Thursday, an average of 72,131 units traded with the average for the month to date at 96,990.
The market closed with 33 securities trading as the prices of 17 gained while 9 declined in the overall market, including 7 stocks rising and 3 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 17 stocks with bids higher than their last selling prices and 2 with lower offers.
In market activity, Berger Paints gained 4 cents in trading 8,108 shares to end at a 52 weeks’ closing high of $5.84, Cable & Wireless closed at 90 cents with 47,906 units trading, Caribbean Cement traded 7,686 shares and gained 6 cents to close at $31.56, Carreras closed at $66 with 2,500 units changing hands. Grace Kennedy closed trading with 25,476 shares changing hands at $41.99, Jamaica Broilers closed at $14.76 after adding 21 cents, with 59,337 shares switching owners. Jamaica Producers rose 30 cents to $8.30 with 5,000 units trading, Jamaica Stock Exchange lost 58 cents and ended at $27.39 while trading 1,000 shares, JMMB Group gained 48 cents in trading 251,500 units to close at $13.50. Kingston Wharves lost 10 cents in trading 50,784 shares to close at $17, 
Mayberry Investments gained 35 cents and ended with 15,494,469 shares trading at $3.85, National Commercial Bank traded 2,175 shares to close with a rise of $1.49 at $43.49, Pan Jamaican Investments lost 45 cents and closed at $22.55 after trading 10,279 shares. Sagicor Group had 42,789 shares changing hands and closed with a rise of 40 cents at $23, Scotia Group fell 98 cents and closed at $30.02 with 328,747 shares changing hands, Scotia Investments jumped $2.95 with 17,850 units changing hands to close at $33.95. Seprod gained 60 cents as 2,000 units changed hands to close at $24.50, Supreme Ventures traded 51,900 shares buy fell 28 cents to close at $4.52 and Proven Investments traded 1,002,300 units at 16.5 US cents after falling 3.5 cents.