Rising and falling stocks shared the spotlight at the close of trading on the Jamaica Stock Exchange Main Market on Tuesday, after trading ended with activities in 56 securities compared to 60 on Monday, resulting in gains for 20 rising and fall for 21 as 15 ended unchanged, following a 55 percent decline in the volume of stocks traded valued 39 percent less than on Monday.
A total of 8,501,678 shares were traded for $53,413,585 compared to 19,055,221 units at $86,952,533 on Monday.
Trading averaged 151,816 shares at $953,814 versus 317,587 shares at $1,449,209 on Monday and month to date, an average of 216,744 units at $1,302,689, compared with 219,922 shares at $1,319,766 on the previous day. April closed with an average of 264,549 units at $1,409,410.
Transjamaican Highway led trading with 3.94 million shares for 46.3 percent of total volume, followed by Wigton Windfarm with 1.29 million units for 15.2 percent of the day’s trade and Sagicor Select Financial Fund with 1.03 million units for 12.1 percent of the day’s trade.
The All Jamaican Composite Index drifted 1,804.90 points lower to 370,363.77, the JSE Main Index shed 1,165.52 points to end trading at 335,837.58 and the JSE Financial Index rose 0.23 points to 75.44.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.4 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and two with lower offers.
At the close of the market, Caribbean Cement dropped $1.50 to end at $54.50 with shareholders swapping 30,865 shares, First Rock Real Estate lost $1.30 to close at $10, with 45,900 units crossing the market, Jamaica Broilers popped $3.50 and ended at $36.50 in switching ownership of 106,122 stock units, JMMB Group advanced 30 cents in closing at $29.30 after exchanging 35,621 stocks after the stock hit a 52 weeks’ intraday low of $28.50, Margaritaville rose $2.44 to $17.42 after a transfer of 450 units, Massy Holdings drifted 50 cents lower to close at $104.50 after trading 1,755 stocks, Mayberry Jamaican Equities increased 50 cents in closing at $11 after 38,300 stocks cleared the market, NCB Financial fell $2 to end at $70 with an exchange of 92,711 shares. 138 Student Living gained 74 cents to end at $5.50 with a transfer of 403 shares, Pan Jamaica Group rallied $1 and ended at $52 with an exchange of 37,191 stock units, Proven Investments climbed 56 cents to $26, with 1,063 stock units crossing the market. Seprod shed $3 in closing at $72 as investors exchanged 8,428 units, Sygnus Real Estate Finance gained 49 cents to end at $14.99 and closed with an exchange of 13,908 stock units and Wisynco Group declined $1 to close at $18 after 195,610 shares changed hands.
In the preference segment, Eppley 5% preference share dropped $2.90 and ended at $20 in an exchange of 49 stocks and Jamaica Public Service 7% declined $9 to close at $60 while exchanging 23 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading dives on JSE USD Market
A 98 percent fall in stocks trading on the Jamaica Stock Exchange US dollar market ended on Tuesday, with the market climbing above the close on Monday and resulted in the trading of six securities, down from eight on Monday and ended with prices of three rising, none declining and three ending unchanged.
Overall, 15,452 shares were traded for US$986 compared to 959,588 units at US$46,217 on Monday.
Trading averaged 2,575 shares at US$164 versus 119,949 units at US$5,777 on Monday, with a month to date average of 39,779 shares at US$2,243 compared with 41,318 units at US$2,329 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index popped 12.60 points to conclude trading at 212.29.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.5. The PE ratio is calculated based on the last traded price of each stock divided by projected earnings forecasts done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share popped 0.5 of a cent after closing at 5 US cents, with shareholders swapping 560 shares, Proven Investments ended at 16.9 US cents after a transfer of 2,325 stock units, Sterling Investments remained at 1.68 US cents, with 5,741 stocks crossing the market and Transjamaican Highway rose 0.29 of a cent to end at 1.29 US cents after closing with an exchange of 6,616 units.
In the preference segment, JMMB Group 5.75% ended at US$1.90 with 204 shares changing hands and JMMB Group 6% increased 13 cents to US$1.20 as investors exchanged just 6 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Increased trading hits JSEUSD Market
The Jamaica Stock Exchange US dollar Market had another chunk of the index chopped off on Monday, with the volume of stocks changing hands surging 354 percent and valued 172 percent more than on Friday, resulting in the trading of eight securities, compared to seven on Friday with two rising, three declining and three ending unchanged.
Investors traded 959,588 shares for US$46,217 compared with 211,505 units at US$16,972 on Friday.
Trading averaged 119,949 shares at US$5,777 versus 30,215 units at US$2,425 on Friday, with a month to date average of 41,318 shares at US$2,329 compared to 36,727 units at US$2,127 on the previous trading day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index lost 10.51 points to end at 199.69.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.2. The PE ratio is computed based on the last traded price of each stock divided by projected earnings forecasts done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share fell 0.5 of a cent and ended at 4.5 US cents as 11,871 shares passed through the market, Margaritaville ended at 9.01 US cents while exchanging 570 units, Proven Investments rose 0.9 of a cent to 16.9 US cents, with 233,554 stock units clearing the market, but only after trading at a 52 weeks’ intraday low of 13.6 cents. Sterling Investments ended at 1.68 US cents after trading 4,057 stocks, Sygnus Credit Investments popped 0.86 of one cent to 11.01 US cents, with 100 shares crossing the exchange, Sygnus Real Estate Finance USD share lost 0.1 of a cent in closing at 11 US cents after an exchange of 100 units and Transjamaican Highway dipped 0.3 cents to 1 US cent in trading 708,836 stocks.
In the preference segment, JMMB Group 6% ended at US$1.07 and with 500 stock units changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Insurance companies head ICTOP10
The JSE Main Market gained more than 7,000 points in the past week, but the Junior Market just closed a few points north of the prior week’s close, resulting in sizable changes in both markets’ ICTOP10 as insurance companies head TOP10.
Elsewhere the only other news of note was the passing of the Chairman and majority owner of the Lasco companies, the addition of two new directors at ISP Finance and the Bank of Jamaica issue of $35 billion in 28 days CDS with investors offering to buy just $35.24 billion, BOJ took up less than the amount offered with $34.45 billion being sterilized the amount offered and moved the total amount of CDs outstanding to a record $111.45 billion up from $109 billion the week before. The average interest rate climbed back above 8 to 8.24 percent.
Investors are nibbling at stocks that seem to be the market signal being sent, with gains in some of the ICTOP10 listings. Notable amongst them are Caribbean Assurance Brokers with solid buying interest between $1.88 and $2.09 but limited selling above $2.50, Caribbean Producers (CPJ), Dolphin Cove Massey Holdings, Transjamaican, and Wisynco have started to look positive. Supplies of some stocks are being quietly sucked out of the market and setting the stage for a sustained rally sometime down the road. Investors should look to July as an important month that could trigger a change in mood as investors anticipate second quarter results.
Action in the markets this past week resulted in four ICTOP10 Junior Market stocks recording significant losses of 6 to 26 percent, with only 2 with 4 percent gains. Everything Fresh dropped out of the TOP10 and iCreate returns after a brief absence. Main Market stocks were mixed, with one noted loss and two gains of note.
Stocks rising in the ICTOP10 Junior Market are Everything Fresh and One on One, which increased 4 percent to $$1.72 and $1.15, respectively. Iron Rock Insurance dropped 26 percent to $1.85, Consolidated Bakeries shed 10 percent to $2.19, while Dolphin Cove and Lasco Distributors lost 6 percent to end at $15.50 and $2.50, respectively.
The price of Main Market listed Transjamaican rose 6 percent to close at $2.02, Caribbean Producers popped 5 percent in closing at $9.54 and Key Insurance fell 14 percent to $3.15.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.9, well below the market average of 13.5. The Main Market TOP10 is projected to have an average of 252 per cent, by May 2024, based on 2023 forecasted earnings.
The 15 most highly valued Main Market stocks are priced at a PE of 15 to 93, with an average of 29 and 19 excluding the highest PE stocks and 19 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 10.9. There are 11 stocks representing 23 percent of the market, with PEs from 15 to 25, averaging 19, which is well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 265 percent to May 2024.
The differences between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
JSE USD market inched higher on Friday
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks changing hands rising 48 percent but valued 45 percent less than on Thursday, resulting in a rise in the market index, following trading in seven securities, compared to six on Thursday with two rising, two declining and three ending unchanged.
A total of 211,505 shares were traded for US$16,972 compared to 142,507 units at US$31,099 on Thursday.
Trading averaged 30,215 units at US$2,425 compared with 23,751 shares at US$5,183 on Thursday, with a month to date average of 36,727 shares at US$2,127 compared with 37,077 units at US$2,111 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index rose 3.83 points to close at 210.66.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.3. The PE ratio is computed based on the last traded price of each stock divided by projected earnings, forecasted by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share added 0.6 of a cent to end at 5 US cents with 1,133 shares being traded, Margaritaville dipped 0.34 of a cent to 9.01 US cents after trading 1,430 stocks, Proven Investments ended at 16 US cents, with 95,323 stock units crossing the market. Sterling Investments ended at 1.68 US cents with an exchange of one unit, Sygnus Credit Investments dipped 0.88 of one cent to close at 10.15 US cents in exchanging 51 shares and Transjamaican Highway gained 0.1 of a cent to close at 1.3 US cents in switching ownership of 113,517 stock units.
In the preference segment, Eppley 6% preference share remained at US$1.40 while exchanging 50 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.