Trading on the Jamaica stock market on Monday continues to be modest, with 3,391,899 units valued at $45,816,950 in all market segments changing hands. All market indices lost ground as more stocks declined than rose. A total of 36 securities traded with the prices of 11 stocks rising, 15 fell, including 3 stocks rising and 8 declining from the junior market.
The junior market accounted for 626,581 shares valued at $2,868,043 of all trades.
The JSE Market Index dropped 392.24 points to end at 161,110.22. The all Jamaica Composite Index declined 438.67 points to close at 179,011.90 and the JSE combined index fell 455.71 points, to end at 172,082.96.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 17 stocks with bids higher than their last selling prices and 8 with lower offers.
At the end of market activities, Berger Paints gained 15 cents and ended at $4.50 while trading 104,073 units, Cable & Wireless traded 62,432 shares traded to close at $1.20, after gaining 2 cents, Caribbean Cement dropped $1 to close at $24 after trading 3,000 units. Carreras traded 128,030 shares but slipped 20 cents to $64.60, while 1834 Investments traded 363,105 shares to close at $1, Grace Kennedy lost $3 and closed at $120 with 8,491 units changing hands. Jamaica Broilers ended with 372,057 units changing hands and gained 20 cents to close at $15 as the company released audited accounts showing earnings per share of $1.44, up from 86 cents as the Jamaican operations saw a surge in segment profits of nearly $1 billion. Jamaica Producers traded 3,630 units after rising 10 cents to end at $48.10, Jamaica Stock Exchange traded 8,160 shares at $25.10, JMMB Group traded 27,985 units to close at $9.72. Kingston Wharves traded 3,222 units and gained 46 cents to close at $14.56, Mayberry Investments closed with 7,500 shares changing hands at $3.55, to record a gain of 3 cents, National Commercial Bank ended with 183,554 units changing hands with a fall of 10 cents to $41.90. 
Pan Jamaican Investment Trust dipped 49 cents in trading 216,417 shares to close at $25.01, Radio Jamaica fell 5 cents to close with 104,000 shares changing hands at $1.65, Sagicor Group ended with 187,634 shares changing hands at $23.05, Scotia Group rose 70 cents with 264,308 shares trading to close at $32, the stock traded as high as $32.60. Seprod lost 50 cents while trading 90,850 units, to end at $16.60, Supreme Ventures traded 14,840 units and gained 15 cents to close at $4.69, Proven Investments traded 260,600 units to close at 17 US cents but after hitting a 52 weeks’ low of 15 US cents and JMMB Group 7.5% preference share traded 126,340 shares to close at $1.04.
Caribbean Producers profit gets hit
July 4, 2016 by
CPJ set to be hit by asset write down
(CPJ) says it “has taken the decision to issue a preliminary disclosure of likely impairment to their net profit in the financial year ended June 30, 2016”
“CPJ advises that the presence of unregulated players in the market continue to create an unequitable environment for the company to compete against products of questionable origin and repute. This has resulted in a review of the implications for CPJ’s business model and hence the following prudent management decisions will be made: A write-down of inventory that has become aged or obsolete that cannot be competitive against unregulated players. An increase in tax provision in anticipation of realignment changes to CPJ’s business model.”
“CPJ views these issues as material primarily for the Fiscal year ended June 2016 and anticipates the authorities will aggressively target the unregulated players. CPJ states however, that the new fiscal year will concentrate on rationalizing non-core businesses and a realignment to address the year-on-year increase in costs associated with their rapid growth and new investments while focusing on protecting their profitable lines of businesses.”
CPJ reported lower profits in the March 2016 quarter of US$643,000 versus US$1.286 million in the similar period in 2015 with the nine months results being just ahead of that for 2015 at US$2.4 million.
While revenues were moderately up, by US$1.3 million in the quarter, to US$24.38 million and nearly US$5 million for the nine months to March,to US$69.8 million, selling and administrative expenses jumped by $1.3 million to US$5.47 million in the quarter and US$2 million for the nine months.
At the end of March, inventories totalled US$25.4 million, even a small write of say 5 percent, could do major damage to the 2016 profit.
The company’s shares that are listed on the junior market of the Jamaica Stock Exchange, traded a small volume today at $4.68.
Proven hits 52 weeks’ low
July 4, 2016 by
Lasco Manufacturing with 368,596 shares trading at $5.05, is the leading volume trade in the early Monday morning session, on the Jamaica Stock Exchange, followed by Proven Investments
with 257,000 units with the price dropping to a 52 weeks’ low of 15.02 US cents, down from 17 cents at the close on Friday. 1834 Investments chipped in with 96,000 shares at $1.01.
The session had low volumes trading overall with less securities trading after 75 minutes of the market’s opening compared to Friday morning as the various indices declined across the board.
Market activity resulted in 23 securities changing hands, accounting for a volume of 921,863 shares 9 stocks gained and 7 declined. The average number of shares traded amounts to 40,081 units compared to an average of 77,695 units on Thursday.
The all Jamaica Composite Index dropped 482.38 points to 178,968.19, the Jamaica Stock Exchange Market Index fell 431.32 points to 161,071.14, the Jamaica Stock Exchange combined index declined by 415.83 to close at 172,122.84 points andthe junior market index slipped 1.56 points to 2,214.08.
Big JSE jump to start July
July 1, 2016 by
Scotia Group contributed a large portion of the nearly 2,000 points gain in the AJ Index on Friday.
Two stocks closed at new highs. The junior market accounted for 1,681,148 shares valued at $7,205,861 of all trades.
The JSE Market Index climbed 1,731.65 points to end at 161,502.46. The all Jamaica Composite Index jumped 1,996.34 points to close at 179,450.57 and the JSE combined index gained 1,785.02 points, to end at 172,538.67.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 11 stocks with bids higher than their last selling prices and 6 with lower offers.
At the end of market activities, Berger Paints gained 5 cents and ended at $4.35 while 6,800 units were traded, Cable & Wireless traded 150,647 shares traded to close at $1.18, Caribbean Cement jumped $1 to close at $25 after trading 4,160 units. Carreras traded 1,425 shares but slipped 40 cents to $65. Ciboney gained 1 cent while trading at 21 cents with 140,000 shares changing hands, 1834 Investments traded 221,434 shares to close at $1, Grace Kennedy lost $3 and closed at $120 with 8,491 units changing hands, Jamaica Broilers ended with 119,956 units changing hands and gained 5 cents to close at $14.80. Jamaica Producers traded 10,000 units after rising 1 cent to end at $48, Jamaica Stock Exchange gained 10 cents to end at 52 weeks’ high of $25.10 while trading 1,931 shares, JMMB Group traded 36,304 units to close at $9.72. Kingston Wharves traded 1,400 units and gained 20 cents to close at $14.10, Margaritaville Turks closed with 159,040 shares changing hands at 19 US cents, National Commercial Bank ended with 100,328 units changing hands with a fall of $1 to $42, Pan Jamaican Investment Trust dipped 50 cents and traded 8,000 shares to close at $25.50.
Radio Jamaica rose 7 cents to close with 6,000 shares changing hands at $1.70, Sagicor Group gained 2 cents in ending with 135,000 shares changing hands at $23.05, Sagicor Real Estate Fund traded 47,905 shares and rose 3 cents to close at $10.15. Scotia Group rose 52 cents with 572,909 shares trading to close at $31.30, the stock traded as high as $32.89 and ended with an average trading price of $32.65. Supreme Ventures ended trading, with 304,000 units trading with a gain of 1 cent at $4.54. Proven Investments traded 18,500 units at 17 US cents and JMMB Group US 6% preference share, traded 15,610 units and gained 10 cents, to close at US$1.10.
Portland JSX over
July 1, 2016 by
VM Wealth were the brokers for the IPO.
VM Wealth Management advised that the Portland JSX IPO closed on June 22, with the offer oversubscribed and raising $1.52 billion, said lead broker VM Wealth Management.
The terms of the prospectus allowed the directors the right to accept subscriptions in excess of the stated raise and will issue and allot additional Shares to satisfy as much of the applications in excess of the stated raise as they, in their sole discretion, shall determine appropriate.
It is the intention of the Company to apply to the Jamaica Stock Exchange for admission of the ordinary shares to the main market.
The invitation to investors stated, “Many investment opportunities remain in essential services throughout the Caribbean, and Fund II is well positioned to pursue them.” DOUGLAS HEWSON, Chairman of Portland JSX stated in the prospectus.
Hewson further stated “With Fund II, Portland is seeking to replicate the success of Fund I – in simple terms, it is the same team executing the same strategy but with the benefits of lessons learned. Our view is that the Caribbean remains overlooked and underserved by equity capital providers. With Fund II, we continue our strategy of investing in scalable businesses in defensive industries while exploiting this capital gap for the benefit of our investors.
The Team believes we are off to a good start. We have closed on USD136 million with leading global emerging market investors, have completed three investments in sectors we find very attractive on a risk adjusted basis (wind energy, telecommunications and financial services), have a strong pipeline of investment opportunities, and have an investment team that is passionate about making a difference. As an investor increasing its capital commitment to Fund II, PJX and, by extension PJX shareholders, will benefit from a look-back into current fund portfolio.”The Company is incorporated in St Lucia in September 2015 and the business of the Company is to invest as a Limited Partner in Portland Caribbean Fund II which in turn invests in other businesses over a period of several years.
The performance of the Company is highly dependent on the timing of these investments. The Company intends to use the proceeds of the IPO to invest primarily as a limited partner in Portland Caribbean Fund II, which holds a portfolio of equity or debt securities of companies, located in the Caribbean and Latin America the majority of which, over the life of PCF II, are expected to be private. According to the prospectus, PCF II’s objective is to provide above average returns over the long term primarily by investing in undervalued companies with good potential. The industry focus is telecommunications, financial services and energy.
At the time of the IPO the company issued 170,926,161 ordinary shares and the issue brings the total to 309 million units. The company intends to distribute one hundred percent of distributable net profits as dividends.
IC Insider views investment in the company as one for long-term returns, with the hope that the businesses the funds are invested in deliver a good rate of return. The full allocation for all applicants will mean that there will be reduced demand after listing as it appears most demand for the stock has been filled.
Juniors end June up – Thursday
June 30, 2016 by
Blue Power hit a new high of $15 on Thursday.
At the end of trading 9 stocks closed with the bids higher than their last selling prices and 2 ended with lower offers. The market has been trading at the upper end a channel, ranging from 1,900 points to 2,300 points at the top, which is constraining movement in either direction as investors await new sets of company results or some other market moving activity.
With the market trading closer to the top than the bottom suggest it is waiting for a break out which the June quarter results could fuel. At the end of trading, Access Financial traded 8,055 shares at $17.40, Blue Power closed at a new high of $15 with 8,000 units trading to gain $1.30, CAC 2000 traded 600 shares but declined 40 cents to end at $6.55, Caribbean Cream gained 14 cents with 9,057 shares changing hands, to close at $5. The out of favour, Caribbean Flavours, lost 44 cents in landing 25,000 shares for buyers at $6.56, Caribbean Producers gained 24 cents with just 5,000 units changing hands, to close at $4.30, C2W Music traded 96,545 shares, to end with a rise of 1 cent at 29 cents, General Accident Insurance closed at $2.05 with 6,045 units trading. Honey Bun gained 10 cents to close at $5.60 with 9,066 units changing hands. 
Jamaican Teas had only 130 shares changing hands with a gain of 40 cents to end at $3.80, Jetcon Corporation gained 30 cents in trading a mere 100 shares to end at $2.95, Lasco Distributors traded 85,577 units to end at $7.50, Lasco Financial ended with 33,527 shares changing hands at $3.45, for a fall of 4 cents. Lasco Manufacturing closed at $5 with 70,325 shares trading, Medical Disposables traded 26,362 shares to close with a gain of 10 cents, at $3.40 and tTech traded 112 units at $4.
JSE ends June negatively – Thursday
June 30, 2016 by
The JSE stock closed at a new high of $25 on Thursday.
Two stocks closed at new highs. The junior market accounted for 383,501 shares valued at $1,786,848 of all trades.
The JSE Market Index fell 480.10 points to end at 159,717.44. The all Jamaica Composite Index lost 536.94 points to close at 177,454.23 and the JSE combined index slip 261.15 points, to end at 170,807.02.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the
Investor’s Choice bid-offer indicator reading showed 13 stocks with bids higher than their last selling prices and 6 with lower offers.At the end of market activities, Berger Paints lost 15 cents and ended at $4.30 while 11,081 units were traded, Cable & Wireless dropped 6 cents with 23,024 units traded to close at $1.18, Caribbean Cement jumped $2.40 to close at $24 after trading 407,370 units. Carreras traded 14,142 shares but slipped $1.10 to $65.40. Ciboney gained 1 cent while trading at 21 cents with 140,000 shares changing hands, 1834 Investments traded 221,434 shares to close at $1, Grace Kennedy closed at $123 with 62,637 units changing hands, Jamaica Broilers ended with 233,400 units changing hands and gained 53 cents to close at $14.75. Jamaica Producers traded 63,690 units after losing $1.10 to end at $47.99, Jamaica Stock Exchange jumped $3 to end at 52 weeks’ high of $25 while trading 3,000 shares, JMMB Group dropped 11 cents in trading 14,600 units to close at $9.72. Kingston Wharves traded 501,315 units and declined by $2.10 to close at $13.90, Mayberry Investments closed with 449,880 shares changing hands at $3.52, National Commercial Bank ended with 12,280 units changing hands with a rise of 98 cents to $43, Pan Jamaican Investment Trust gained 50 cents and traded 20,920 shares to close at $26.
Pulse Investments lost 1 cent to close at $2.54 with 14,985 shares changing hands, Radio Jamaica rose 23 cents to close with 5,899 shares changing hands at $1.63, Sagicor Group ended with 17,464 shares changing hands at $23.03, Sagicor Real Estate Fund traded 780,642 shares but fell by 3 cents to close at $10.12. Scotia Investments dropped $1.40 with 3,000 shares trading to close at $26, Supreme Ventures ended trading, with 28,302 units trading with a loss of 1 cent at $4.53. Proven Investments traded 25,174 units at 17 US cents, Proven Investments 8% preference share traded 11,300 shares at $5.
Blue Power at new high
June 30, 2016 by
Blue Power traded at a new 52 weeks’ high of $15 with 8,000 units, to gain $1.30 cents, in early Thursday morning on the Jamaica Stock Exchange. Activity picked up on the last trading day for June, with three stocks trading over 100,000 units and two over 90,000 shares. The majors suffered losses but the juniors recorded gains in the session.
After 75 minutes of trading in the early morning session, on Thursday, Caribbean Cement traded 94,370 units at $23.85, Jamaica Broilers Group 159,141 shares at $14.25, Kingston Wharves 500,000 at $14, Sagicor Real Estate X Fund with 765,293 shares at $10.12 and from the junior markets, C2W Music traded 96,545 units at 29 cents.
Trading resulted in activity in 27 securities, accounting for a volume of 1,925,070 shares compared to as 9 stocks gained and 9 declined. The average number of shares traded amounts to 71,299 units compared to an average of 52,897 units on Wednesday.
The all Jamaica Composite Index fell 621.95 points to 177,369.22, the Jamaica Stock Exchange Market Index dipped 556.11 points to 159,641.43 the Jamaica Stock Exchange combined index declined 419.13 to close at 170,649.04 points andthe junior market index rose 9.34 points to 2,199.67.
JSE rises with moderate trades – Wednesday
June 29, 2016 by
Kingston Wharves traded at a new high of $16 on Wednesday.
Two stocks closed at new highs and one in the junior market hitting a new intraday high. The junior market accounted for 1,318,717 shares valued at $3,968,524 of all trades.
The JSE Market Index climbed 632.43 points to end at 160,197.54. The all Jamaica Composite Index gained 707.31 points to close at 177,991.17 and the JSE combined index jumped 820.66 points, to end at 171,068.17.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 14 stocks with bids higher than their last selling prices and 6 with lower offers.At the end of market activities, Berger Paints lost 5 cents and ended at $4.45 while 3,000 units were traded, Cable & Wireless dropped 1 cent with 320,996 units traded to close at $1.24, Caribbean Cement declined by 90 cents to close at $21.60 after trading 11,092 units. 1834 Investments traded 59,839 shares but lost 2 cents to close at $1, Grace Kennedy shed $1.25 to close at $123 with 11,639 units changing hands, Jamaica Broilers ended with 5,007 units changing hands, lost 28 cents to close at $14.22, JMMB Group gained 11 cents in trading 24,219 units to close at $9.83. Kingston Wharves traded 1,300 units and gained $2 to close at a 52 weeks’ closing high of $16, Montego Bay Ice jumped $1.37 to a new 52 weeks’ high of $20 with 195,400 shares were traded. National Commercial Bank ended with 17,150 units changing hands with a 1 cent gain to $42.02 at the close, 138 Student Living traded 500,000 shares with a loss of 1 cent at $4.50,
Pan Jamaican Investment Trust fell 50 cents and closed with 321,590 shares trading at $25.50. Radio Jamaica lost 28 cents and closed with 73,338 shares changing hands at $1.40, Sagicor Group ended with 42,432 shares changing hands at $23.03 after adding 2 cents, Sagicor Real Estate Fund traded 71,501 shares to close at $10.15. Scotia Group had 116,189 shares changing hands to close with a slip of 2 cents to $30.78, Scotia Investments jumped $1.40 with 16,459 shares trading to close at $27.40, Supreme Ventures ended trading, with 51,736 units at $4.54. JMMB Group 7.5% preference share traded 2,134,200 units with a rise of 2 cents at $1.05 and JMMB Group 7.25% preference share traded 17,800 shares at $2.45.
Where are the 1834 Investments results?
Gleaner & RJR execs signing merger agreement earlier in 2015
1834 Investments Limited (formerly The Gleaner Company Limited) did not release the usual December quarter report as such investors have been deprived of important information on the company. The stock exchange has fallen down badly on this one in not requesting it. No good reason has been given why it was not released.
Apparently the exchange regulatory arm expected that the 15 months report to March this would have been released to let the matter go away but it has not. First out of the block towards the end of May, 1834 Investments advised the Jamaica Stock Exchange that the Audited Annual Financial Accounts for March, 2016 will be late and unavailable for publication by May 30, 2016. 1834 anticipates that it should be available for publication on or before June 30, 2016. Bad news for investors and bad news for the capital market. The matter gets worse, the end of June has now gone and with July well advanced but there are no results released and no advisory on the JSE website or in the newspapers as to the new deadline. Nearly seven months have elapsed since the last report was released.
In the past several companies have changed their year end, as recently as late last year Desnoes & Geddes and Access changed their but provided investor with results for all relevant quarters, but the Gleaner Company who changed theirs to March from December did not do so.
It is well past the time for the Jamaica Stock Exchange act to protect the investing public.