Trading on the Jamaica Stock Exchange Main Market ended on Tuesday, with the market rising 2.6 percent based on the JSE Main Index continuing a 7.4 percent rally since mid-September last year as investors pumped 27 percent fewer dollars in buying 37 percent more stocks traded than they did on Monday, with trading taking place in 57 securities compared with 60 on Monday, with prices of 25 stocks rising, 22 declining and 10 ending unchanged as Scotia Group closed at a 52 weeks’ high.
The market closed with an exchange of 15,570,107 shares for $47,265,851 compared with 11,358,844 units at $65,164,581 on Monday.
Trading averaged 273,160 shares at $829,225 compared to 189,314 units at $1,086,076 on Monday and month to date, an average of 214,182 units at $992,664, compared with 194,750 units at $1,046,514 previously traded and January with an average of 265,804 units at $2,438,118.
Wigton Windfarm led trading with 5.62 million shares for 36.1 percent of the overall volume followed by Transjamaican Highway with 2.93 million units for 18.8 percent of the day’s trade, Sagicor Select Manufacturing & Distribution Fund filled in with 2.45 million units for 15.7 percent market share, Sagicor Select Financial Fund followed with 1.08 million units for 6.9 percent of the day’s trade and QWI Investments ended with 1.02 million units for 6.5 percent of total volume.
The All Jamaican Composite Index rose 3,627.70 points to close at 372,841.38, the JSE Main Index increased 918.50 points to 334,296.03 and the JSE Financial Index rose 1.14 points to 72.04.
The Main Market ended trading with an average PE Ratio of 13.7. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement shed 80 cents and ended at $53, with 12,160 shares changing hands, Eppley rallied 75 cents to $33.75 after a transfer of 293 units, Eppley Caribbean Property Fund popped $1 to end at $40 with traders dealing in 900 shares. First Rock Real Estate fell 50 cents in closing at $8.50 after an exchange of 30,243 stock units, GraceKennedy dipped $1.52 to close at $75.50 and closed with an exchange of 35,985 shares, Guardian Holdings climbed $9 to $369 with investors dealing in just one stock unit. Jamaica Broilers sank 38 cents to close at $34.12 in switching ownership of 32,966 units, Jamaica Producers increased 60 cents to end at $26.85 with investors trading 36,823 stock units, Massy Holdings declined $5.49 to close at $93, with 488 shares clearing the market. Mayberry Jamaican Equities rose 49 cents and ended at $9.30 in trading 1,790 stock units, NCB Financial advanced 99 cents to $67.99 while exchanging 60,232 stocks, Pan Jamaica gained 50 cents in closing at $50.50 with investors transferring 14,052 stock units. Sagicor Group rose $2.07 to end at $45.97 in an exchange of 32,348 shares, Salada Foods lost 30 cents and ended at $3.45 with investors swapping 23,691 stock units, Scotia Group climbed 68 cents to close at a 52 weeks’ high of $46.58 with a transfer of 32,385 stocks. Seprod rallied 87 cents to $86 as investors exchanged 44,814 units and Wisynco Group popped 35 cents and ended at $22.35, with 24,551 stocks crossing the market.
In the preference segment, Jamaica Public Service 7% gained $3.21 to end at $49.30 with an exchange of 562 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market closes higher
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with the volume of stocks exchanged declining 81 percent with 94 percent fewer US dollars changing hands compared to Friday, resulting in trading in six securities, up from four on Friday with prices of two rising, two declining and two ending unchanged.
The market closed with an exchange of 186,772 shares for US$6,867 compared to 1,000,615 units at US$122,251 on Friday.
Trading averaged 31,129 shares at US$1,145 down from 250,154 stock units for US$30,563 on Friday. Trading for the month to date averages 105,380 shares at US$9,856 compared to 154,880 stocks at US$15,664 that was previously traded and January that ended with an average of 42,169 units for US$5,037.
The US Denominated Equities Index increased 1.01 points to close at 252.02.
The PE Ratio, a measure used in computing appropriate stock values, averages 10.5. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Margaritaville dipped 0.07 of a cent and ended at 11.43 US cents after 2,500 stock units passed through the market, Productive Business Solutions ended at US$1.79, with only 27 shares being traded, Proven Investments popped 0.09 of a cent to 13.39 US cents with a transfer of 17,272 shares. Sygnus Credit Investments lost 0.07 of a cent in closing at 8.9 US cents as investors exchanged 12,000 stock units and Transjamaican Highway rose 0.05 of a cent to close at a 52 week’s high of 2.05 US cents with 154,946 shares clearing the market.
In the preference segment, JMMB Group US8.5% preference share remained at US$1.04 with an exchange of 27 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Supply is low for Scotia Group’s stock
The supply of Scotia Group stock is increasingly falling, with only 14 offers for sale of 144,000 shares posted at the close on Friday. The stock price jumped 14 percent this past week to a multi-year high of $46 and is up 20 percent since the start of 2024 and 32.5 percent since the publication of full year results on December 11.
Investors exchanged 135,109 shares on Friday up from 19,113 on Thursday and 80,990 on Wednesday. The number of stocks offered for sale and posted on the JSE site is very low with 144,000 units, supply is likely to increase as trading unfolds during the coming week.
Despite the price move since last year, the stock is attractively priced at a PE of 6 based on this year’s projected earnings of $7.50 and 8.30 based on reported the 2023 earnings of $5.54 per share. The valuation compares with an average of 13.7 for the Main Market based on projected 2023 earnings. At an average market PE, the stock would get to $76 based on earnings for 2023 and more, once investors start pricing in 2024 earnings into the price.
The price broke through the top of a channel, formed in late November. This coming week may determine whether the price will move decidedly higher or stall for a while.
Scotia is not the only stock with shrinking supplies that investors should take note of. Not only is it a bullish signal but it foretells of a sharp rally ahead. Investors should also look at Transjamaican Highway, Stanley Motta, AS Bryden and Seprod.
No price change for JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with no change to the US Denominated Equities Index at 251.01 but the volume of stocks exchanged rose 154 percent after a 553 percent jump in the amount of US dollars that changed hands compared to Thursday, resulting in trading in four securities, compared to five on Thursday with no change in stock prices.
The market closed with an exchange of 1,000,615 shares for US$122,251 up sharply from 393,307 units at US$18,728 on Thursday.
Trading averaged 250,154 stock units at US$30,563 compared with 78,661 shares at US$3,746 on Thursday, with a month to date average of 154,880 shares at US$15,664 compared with January that ended with an average of 42,169 units for US$5,037.
The PE Ratio is used in computing appropriate stock values and averages 10.5 for the US dollar market. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
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 of trading, Proven Investments ended at 13.3 US cents with investors trading 1,106 stocks, Sygnus Credit Investments finished trading at 8.97 US cents after a transfer of 1,628 units and Transjamaican Highway remained at 2 US cents with investors dealing in 897,881 shares.
In the preference segment, JMMB Group US8.5% preference share advanced 1 cent and ended at US$1.04 in switching ownership of 100,000 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.