Main Market stocks mostly fell on the Jamaica Stock Exchange in trading on Monday accompanied by a 42 percent increase in the volume of stocks traded but with 18 percent less value than on Friday, after 54 securities traded compared to 53 on Friday, with prices of just ten rising, 30 declining and 14 unchanged.
Jamaica Stock Exchange fell to a 52 weeks’ low of $15 and Proven Investments declined to a 52 weeks’ low of $28.70.
A total of 10,954,351 shares were exchanged for $87,091,829 versus 7,723,200 units at $106,579,158 on Friday.
Trading averaged 202,858 shares at $1,612,812 versus 145,721 units at $2,010,928 on Friday and month to date, an average of 190,632 shares at $1,332,830 compared to 189,290 units at $1,302,100 on the previous trading day. October closed with an average of 231,243 units at $1,464,224.
Transjamaican Highway led trading with 4.07 million shares for 37.1 percent of total volume followed by Wigton Windfarm with 3.07 million units for 28.1 percent of the day’s trade and Pulse Investments with 1.11 million units for 10.2 percent market share.
The All Jamaican Composite Index declined 1,886.79 points to 390,479.49, the JSE Main Index dropped 1,347.77 points to 342,725.40 and the JSE Financial Index dipped 0.48 points to settle at 81.94.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments declined $2.50 after ending at $88.50 with investors transferring 8,518 shares, Eppley Caribbean Property Fund shed $1 to close at $39 after a transfer of 20 stock units, GraceKennedy popped $2.01 to $85.01 with investors exchanging 48,708 units. Guardian Holdings advanced $19.99 in closing at $519.99 with the swapping of just one stock, Jamaica Broilers dropped $1.45 to $27.02 with an exchange of 25,129 shares, Kingston Wharves lost $2 to end at $35 after a transfer of 3,900 units. Massy Holdings declined $2.48 to $77.52 in trading 695 stock units, Mayberry Jamaican Equities fell $1.20 to close at $12 with an exchange of 94,150 stocks, Portland JSX dropped $1.20 to $9 with 1,000 units changing hands. Scotia Group lost $1.99 in closing at $33.51 trading 4,170 stock units, Seprod fell $1 to finish at $70 in exchanging 123,635 shares, 
Supreme Ventures shed $1.97 to settle at $26.02 with a transfer of 89,935 stocks and Sygnus Real Estate Finance declined $1.02 in closing at $9.18 after exchanging 4,845 shares.
In the preference segment, Eppley 7.75% preference share dipped $1 to close at $20 as investors exchanged 10,000 units and JMMB Group 7.25% preference share lost 47 cents to end at $2.67 in switching ownership of 900 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big drop for Junior Market on Monday
The Junior Market of the Jamaica Stock Exchange fell sharply on Monday, fuelled by falling volume of stocks trading with a decline of 60 percent as the amount of funds passing through the market dropped 56 percent compared to trading on Friday after 41 securities were traded compared with 39 on Friday and ended with prices of 10 rising, 25 declining and six closing unchanged.
A total of 9,587,270 shares were traded for $29,063,432 down from 24,249,069 units at $66,587,007 on Friday.
Trading averaged 233,836 shares at $708,864 down from 621,771 units at $1,707,359 on Friday, with the month to date, averaging 264,739 units at $708,070 versus 267,703 stock units at $707,986 on Friday the previous trading day. October closed with an average of 264,407 units at $832,036.
Consolidated Bakeries led trading with 1.38 million shares for 14.4 percent of total volume followed by MFS Capital Partners with 956,783 units for 10 percent of the day’s trade and Fosrich with 927,898 units for 9.7 percent market share.
At the close, the Junior Market Index dropped 60.44 points to settle at 3,974.39.
The PE Ratio, a measure of computing appropriate stock values, averages 12.3. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, Access Financial declined $3.19 after ending at $20.50 with investors switching ownership of 7,158 shares, Cargo Handlers shed $1.55 to end at $11 in an exchange of 5,410 units, Consolidated Bakeries dropped 39 cents in closing at $2.31 after exchanging 1,378,803 stock units. Dolphin Cove dipped 60 cents to close at $13 after an exchange of 63,390 stocks, Everything Fresh popped 13 cents to $1.45 in trading 145,000 stock units, Future Energy Source rose 14 cents to close at $5.30 as investors exchanged 737,370 shares. General Accident lost $1.05 to close at a 52 weeks’ low of $4 with a transfer of 9,968 units, Honey Bun fell 29 cents to end at $6.59 after exchanging 150 stocks, iCreate shed 18 cents to $1.81 with the swapping of 524,693 stock units. JFP Ltd fell 12 cents to $1.57 while investors exchanged 893,614 shares, KLE Group rallied 40 cents to end at $2 after a transfer of 223,500 units, Knutsford Express dipped 69 cents to $8.30 after 4,209 stocks changed hands. Lasco Distributors lost 20 cents in closing at $2.90, with 90,593 stocks crossing the market, Lasco Financial declined 29 cents to close at $2.71 as 118,224 shares passed through the market, Limners and Bards dropped 15 cents to $2.50 118,890 units changing hands. 
Mailpac Group advanced 12 cents to end at $2.15 after 116,159 stock units crossed the market, Stationery and Office Supplies declined 35 cents in closing at $15.20 with 6,569 stock units clearing the market and Tropical Battery dropped 20 cents in ending at $2.56 with an exchange of 450,450 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Fall for all JSE markets
All markets of the Jamaica Stock Exchange declined on Monday and ended with the Junior Market suffering a big decline and helping to lead the Combined Market indices into falling 1,300 points to 356,186.89.
At the close of the market, the JSE Main Index slipped 1,347.77 points to 342,725.40, the Junior Market Index dropped 60.44 points to close at 3,974.39 points while the All Jamaica Composite Index fell 1,886.79 points to 390,479.49 and the JSE US dollar market slipped 3.43 points to end at 244.08.
Trading ended, with 20,808,065 shares changing hands, for $116.16 million, versus $173.17 million, with 32,031,909 shares traded in all markets on the previous day. The JSE USD market ended with the value of stocks traded amounting to US$23,622 from US$17,809 on Friday.
The market’s PE ratio ended at 23.3. Based on 2021-22 earnings and 12.6 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many investment options in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. 
The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.
PBS jumps ICTOP10 with 89% gain
Productive Business Solutions surged 45 percent to close at US$2 from US$1.38 at the close of the previous week and dropped out of the TOP10, having entered at the beginning of April at $1.06 and has now recorded a gain of 89 percent. Caribbean Assurance Brokers slipped out of the Junior Market TOP10 following a downgrade of earnings per share with the release of nine months’ results.
138 Student Living made it back in the Main Market TOP 10 following reporting strong full year results with the promise of more in 2023 as students return to on campus training and Medical Disposables returns to the Junior Market list.
The Junior Market had five top 10 stocks gaining between 4 percent and 14 percent, with two declining over five percent. The Main Market list had only two stocks gaining from 10 and 45 percent with five losses but with four ranging from 4 to 9 percent.
Notable price changes during the week include Lasco Distributors rising 14 percent to $3.10, General Accident and Lasco Financial popped 10 percent to close at $5.05 and $3, respectively, Elite Diagnostic was up 6 percent to $3.72 and Caribbean Cream rose 4 percent to $4. Caribbean Assurance Brokers lost 8 percent to close the week at $2.39, following the release of nine months results that rose 33 percent to 40 cents, with the crucial third quarter results being flat in contrast to solid growth in the first half of the year.
In the Main Market, Productive Business Solutions rose 45 percent during the week to $2, followed by Radio Jamaica, that jumped 10 percent to $2. VVM Investments dropped 9 percent to $4.39 while Caribbean Producers slipped 5 percent to $12.33, Berger Paints also dipped 5 percent and ended at$10.40 and Guardian Holdings fell 4 percent to $500.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.3, well below the market average of 13.4. At the same time, the Junior Market Top 10 PE sits at 6.2 versus the market at 12.4, an important indicator of the level of undervaluation of the ICTOP10stocks. The Junior Market is projected to rise by 224 percent and the Main Market TOP10 an average now of 298 percent, to May 2023, following an upgrading of Guardian Holdings earnings per share to $173.50 from $92 previously.
The Junior Market has 14 ; stocks representing a third of the market, with PEs from 16 to 38, averaging22 compared with the above average of the market. The top half of the market has an average PE of 18. This data shows the extent of potential gains that the TOP 10 stocks possess. The situation in the Main Market is similar, with the 15 highest valued stocks priced at a PE of 15 to 80, with an average of 28 and 24.3 excluding the highest valued one and 22.5 for the top half excluding the highest valued stock.
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 are likely to 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 up 27% for the year
The stock of Productive Business Solutions surged sharply when trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks exchanged declining and value rising moderately over Thursday, resulting in an exchange of seven securities, compared to eight on Thursday with three rising, three declining and one ending unchanged.
The JSE US Denominated Equities Index surged 19 percent after adding 38.74 points to end at 247.51, up 26.6 percent for the year to date.
Overall, 59,640 shares traded for US$17,809 versus 65,606 units at US$16,127 on Thursday.
Trading averaged 8,520 units at US$2,544 compared to 8,201 shares at US$2,016 on Thursday, with month to date average of 31,075 shares at US$3,913 versus 33,751 units at US$4,075 on the previous trading day. October ended with an average of 40,972 units for US$2,277.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.6. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending between November and August 2023.
Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling prices and two with lower offers.
At the close, First Rock Real EstateUSD share lost 0.88 of a cent to close at 7.1 US cents, with 4,000 shares clearing the market, 
Productive Business Solutions jumped 62 cents to a 52 weeks’ high of US$2 after exchanging five units, Proven Investments popped 0.98 of one cent ending at 19.98 US cents in exchanging 205 stocks. Sygnus Credit Investments USD share shed 0.88 of a cent to end at 9.12 US cents with 2,814 stock units crossing the market and Transjamaican Highway rallied 0.01 of a cent to 0.95 of a US cent with investors transferring 41,500 units.
In the preference segment, Productive Business 9.25% preference share fell US$1 to end at US$11 with a transfer of 16 stocks and JMMB Group 5.75% ended at US$1.50 in trading 11,100 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Steady trading for JSE Main Market
Steady trading for JSE Main Market of Jamaica Stock Exchange on Friday ended, with more money entering the market with fewer shares being traded, resulting in the volume declining 36 percent with a 21 percent higher value than Thursday, after 53 securities were exchanged compared to 52 on Thursday, resulting in prices of 18 rising, 19 declining and 16 ending unchanged.
A total of 7,723,200 shares were exchanged for $106,579,158 versus 12,082,376 units at $88,446,679 on Thursday.
Trading averaged 145,721 shares at $2,010,928 versus 232,353 units at $1,700,898 on Thursday and month to date, an average of 189,148 stock units at $1,301,736, in contrast with 194,391 units at $1,216,117 on the previous trading day. October closed with an average of 231,243 units at $1,464,224.
138 Student Living led trading with 2.03 million shares for 26.2 percent of total volume followed by Transjamaican Highway with 1.90 million units for 24.6 percent of the day’s trade and NCB Financial with 725,835 units for 9.4 percent market share.
The All Jamaican Composite Index lost 282.96 points to finish at 392,366.28, the JSE Main Index advanced 156.36 points to 344,073.17 and the JSE Financial Index fell 0.51 points to close at 82.42.
The PE Ratio. a formula to ascertain appropriate stock values averages 13.4 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows six stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Berger Paints dipped 58 cents to end at $10.40 in exchanging 6,600 shares, Caribbean Cement declined 60 cents in closing at $57.10 with a transfer of 60,204 units, Caribbean Producers dropped 64 cents after ending at $12.33 in switching ownership of 159,053 stock units. Eppley rose advanced $3.98 to $39 after trading 123 stocks, First Rock Real Estate gained $1.05 to close at $14.05 with 14,656 stock units crossing the market, GraceKennedy fell $3.50 to close at $83 after clearing the market with 159,196 stocks. Guardian Holdings shed $29.98 to $500 as investors exchanged 212 units, Jamaica Producers lost $1.70 to finish at $17.90 with an exchange of 3,529 shares, JMMB Group shed 74 cents in closing at $37.55 in transferring 3,674 shares. Kingston Properties rallied 44 cents to end at $7 with the swapping of 4,822 stock units, Kingston Wharves rose 70 cents to end at $37 trading 1,204 units, Mayberry Jamaican Equities dropped 76 cents to $13.20 in exchanging 524 stocks. 
138 Student Living gained 44 cents in closing at $4.92 with investors transferring 2,026,320 units, PanJam Investment climbed $1 to close at $54.50 with the swapping of 400 stocks, Seprod popped $3.50 to settle at $71 after trading 11,920 shares and Supreme Ventures lost 96 cents to end at $27.99 after exchanging 14,148 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading surges on Junior Market
Trading surged sharply on the Junior Market of the Jamaica Stock Exchange on Friday, with the volume of stocks traded declining rising 216 percent more and the value 169 percent more than on Thursday with 39 securities trading down from 46 on Thursday, ending with 12 rising, 18 declining and nine closing unchanged.
A total of 24,249,069 shares were exchanged for $66,587,007, up from 7,669,560 units at $24,736,067 on Thursday. Trading averaged 621,771 shares at $1,707,359 compared to 166,730 units at $537,741 on Thursday with the month to date averaging 267,703 units at $707,986 compared to 228,023 stock units at $595,987 on the previous day. October closed with an average of 264,407 units at $832,036.
Everything Fresh led trading with 10.46 million shares for 43.1 percent of total volume followed by Future Energy Source with 6.32 million units for 26.1 percent of the day’s trade and JFP Ltd with 2.16 million units for 8.9 percent market share. Dolla Financial chipped in with 1.17 million units for 4.8 percent market share and ONE on ONE Educational ended with 1.03 million units for 4.2 percent of stocks traded.
At the close, the Junior Market Index lost 23.88 points to settle at 4,034.83.
The PE Ratio, a measure of computing appropriate stock values, averages 12.4. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Access Financial climbed $1.69 to $23.69 with investors transferring 1,238 shares, Blue Power dropped 10 cents to close at $3.20 with the swapping of 534 stocks, Caribbean Flavours dipped 13 cents in closing at $1.62 after trading 7,500 stock units. Dolla Financial advanced 13 cents in ending at $3.43 as investors exchanged 1,165,270 units, Dolphin Cove lost 20 cents to end at $13.60 after exchanging 4,774 shares, EduFocal shed 21 cents in closing at $2.66 finishing trading of 445,757 stock units. Elite Diagnostic popped 32 cents to end at $3.72 with 4,038 stocks clearing the market, Everything Fresh declined 35 cents to $1.32 after a transfer of 10,458,798 units, Future Energy Source fell 17 cents to close at $5.16 with an exchange of 6,324,130 stocks. Indies Pharma gained 13 cents after ending at $2.85, with 3,134 stock units changing hands, JFP Ltd fell 11 cents to $1.69, with 2,156,657 units crossing the market, Lasco Distributors rose 25 cents in closing at $3.10 after 464,538 shares changed hands.
Limners and Bards rallied 27 cents to $2.65 in an exchange of 26,244 stocks, Mailpac Group lost 10 cents to end at $2.03, with 277,170 shares crossing the market, Main Event climbed 25 cents to close at $10.35 in exchanging 47,585 stock units and Stationery and Office Supplies dipped 45 cents to end at $15.55 and closed with 14,240 units changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Lasco, Medimpex losses appeal vs Pfizer
The Jamaican Court of Appeal on Friday handed down its judgement on the Lasco Distributors and Medimpex appeal of the judgement received by the lower court against Pfizer. The court dismissed the appeals and awarded cost to Pfizer.
Lasco
According to the Court of Appeal, the learned judge awarded Lasco approximately $273.3 million and Medimpex, approximately $170,8 million in damages. Those figures included interest on the various sums that comprised the award. Lasco and Medimpex were both dissatisfied with their respective awards and, in separate appeals, sought to have this court increase them.
Pfizer resisted both appeals, which were consolidated and heard together. Although the appellants have filed numerous grounds of appeal, the essence of their respective complaints is that the learned judge erred in calculating the size of the amlodipine market, the potential growth of that market, miscalculating the market share for the respective versions of amlodipine sold by each of the appellants, adopting an inappropriate market scenario and applying an inappropriate discount to the market scenario that she adopted. 
She also had a misunderstanding of the post-injunction sales scenarios for the respective versions of amlodipine sold by the appellants and applied an inappropriate rate of interest to the respective awards of damages.
Lasco Distributors is listed on the Jamaica Stock Exchange Junior Market.
The latest award would be highly disappointing for Lasco who had claimed some US$300 million initially and would have collected a fraction of that amount.
PBS pushes JSE USD markets flying
Productive Business Solutions (PBS) stock jumped 45 percent to a record US$2 on Friday from a close of US$1.38 on Thursday and resulted in an 18.5 percent surge in the market index to 247.51 points. The JSE Main Market ended with mixed results with mild slippage in the All Jamaica Composite and the Combined Market indices as the Junior Market suffered another decline as trading picked up on Thursday’s outturn.
At the close of the market, the JSE Combined Market Index fell 70.38 points to 357,993.78, the JSE Main Index popped 156.36 points to 344,073.17, the Junior Market Index dropped 23.88 points to close at 4,034.83 points while the All Jamaica Composite Index fell 282.96 points to 392,366.28 and the JSE US dollar market jumped 38.74 points to end at 247.51.
Trading ended, with 32,031,909 shares changing hands, for a mere $173.17 million, versus $113.18 million, with 19,817,542 shares traded in all markets on the previous day. The JSE USD market ended with the value of stocks traded amounting to US$17,809 from US$16,127 on Thursday.
The market’s PE ratio ended at 23.8 based on 2021-22 earnings and 12.6 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many investment options in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. 
The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.
Just gains no losses
The Jamaica Stock Exchange US dollar market ended trading on Thursday, with the volume of stocks exchanged declining 89 percent with a 12 percent reduction in value compared with activities on Wednesday, resulting in eight securities traded, up from six on Wednesday with four rising, no declining and four ending unchanged.
Just 65,606 shares were traded for US$16,127, down from 622,317 units at US$18,378 on Wednesday.
Trading averaged 8,201 units at US$2,016 versus 103,720 shares at US$3,063 on Wednesday, with a month to date average of 33,751 shares at US$4,075 compared with 37,759 units at US$4,398 on the previous day. October ended with an average of 40,972 units for US$2,277.
The JSE US Denominated Equities Index rose 3.50 points to end at 208.77.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.5. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending between November and August 2023.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling prices and two with lower offers.
At the close, Margaritaville ended at 14 US cents, with 13 shares crossing the exchange, Proven Investments advanced 0.34 of one cent after ending at 19 US cents in switching ownership of 28,919 stock units, Sygnus Credit Investments USD share ended at 10 US cents in trading 974 stocks.
Sygnus Real Estate Finance USD share remained at 11.64 US cents as seven shares passed through the market and Transjamaican Highway increased 0.05 cents to end at 0.94 US cents in an exchange of 28,819 units.
In the preference segment, Productive Business 9.25% preference share climbed US$1 to end at US$12 after an exchange of one share. JMMB Group 5.75% ended at US$1.50 with a transfer of 6,840 stocks and JMMB Group 6% rallied 2 cents in closing at US$1.09 with 33 stock units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
