The number of securities trading rose on Tuesday on the Jamaica Stock Exchange main and US markets to 36 up from 32 on Monday but with less volume of 2,431,671 units valued at $40,003,992 compared with 5,670,913 units valued at $98,003,071 changing hands, on Monday.
Trading closed with Ciboney leading with 1,039,900 units and 42.7 percent of the day’s volume, followed by Scotia Group trading 255,885 shares or 10.5 percent of the day’s volume and Carreras with 166,800 units and 7 percent of volume traded.
The market ended with the prices of 13 securities rising, 9 declining while 14 remained unchanged leading to the All Jamaica Composite Index in slipping 44.99 points to 399,117.95 and the JSE Index falling by 40.99 points to close at 363,641.63. During the morning session the market was up more than 6,000 points with NCB Financial trading up to $128.25.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 5 stocks ending with bids higher than the last selling prices and 5 closing with lower offers, an indication that falling prices are likely to be dominant on Wednesday.
Trading resulted in an average of 78,441 units valued at over $1,290,451, in contrast to 189,030 shares valued at $3,266,769 on Monday. The average volume and value for the month to date amounts to 321,423 shares, valued $5,766,429 and previously 337,978 shares, valued $6,091,383. September closed, with an average of 1,022,243 shares valued $15,752,876, for each security traded.
In the main market activity, Barita Investments lost $1.50 to close at $19.50, in exchanging 93,063 shares, Caribbean Cement rose 99 cents to finish at $47, trading 3,000 shares, Grace Kennedy rose $1 trading of 48,306 shares at $59, Jamaica Broilers climbed $1.50 in trading 110,010 stock units to close at $30, Jamaica Producers added $2.50 to close of $29.50 with 7,255 units changing hands, JMMB Group jumped $1 to $35 trading 30,191 shares, Mayberry Investments fell 50 cents to settle at $10.50, exchanging 11,450 units, Mayberry Jamaican Equities climbed $1.25 to $13 with 90,200 units trading, PanJam Investment gained $2 to end at $64, trading 
18,055 shares, Proven Investments ended trading 18,819 shares in the Jamaican dollar based market to close at a record $30 after rising $3.60, Sagicor Group fell by $2 cent to $44, trading 17,852 shares, Scotia Group gained 50 cents in trading 255,885 units to close at $52.50, Seprod finished trading 2,968 shares, with a fall of $3.40 to close at $35.60, Stanley Motta added 25 cents, trading 15,800 units to close at $4.45 and Wisynco Group finished 25 cents down to $10, with 117,281 units trading.
Trading in the US dollar market closed with 109,636 units valued at $134,951 changing hands as JMMB Group 5.75% preference share traded 44,490 units in closing at US$2.05, JMMB Group 6% preference share traded 44,490 units in closing at US$2.05, Margaritaville traded 1,000 shares at 25 US cents,Proven Investments ended trading 28,732 to close at 21 US cents and Sygnus Credit Investments US dollar ordinary share traded 784 units to end at 11 US cents. The JSE USD Equities Index closed unchanged at 164.66.
Major shake up in Junior Market Top 10
The Junior market tumbled 5 percent during the past week and shook up the TOP 10 stock list resulting in Caribbean Cream that fell out of the list last week coming back in along with tTech, Jamaica Teas and Lasco Manufacturing with a fall in price to $3, also returned to the TOP list.
Medical Disposables moved up in price from $6.50 to $7.20 at the end of the week to exit the TOP 10. Honey Bun inched up in price and was eased out and so was Dolphn Cove that moved into the list last week and Lasco Distributors this past week. In the main market Barita Investments hit a new high during the week and moved on to be replaced by JMMB Group that closed the week at $32 after opening at $35.01.
Iron Rock moved back into the TOP 10, last week reported a small profit of $1 million in the third quarter, up from a loss of $14 million in the 29017 third quarter and a loss of $7.6 million for the nine months versus a loss of $60 million in 2017. Caribbean Cream fell at the end of the week to $5 is now showing potential gains of 160 percent and follows Paramount with 173 percent, that reported lower first quarter profits of $7 million compared to $34 million in 2017, from increased revenues but with a foreign exchange loss eating up $18 million of the 2018 income. In the main market Caribbean Cement with potential gains of 120 percent leads the main market stocks in attractiveness, followed by Wisynco with likely gains of 114 percent.
The main market closed the week with the overall PE slipping to 16 from 16.3 from the previous week, the PE of the Junior market moved up to 16.4 from 15.8 at the close of the prior week.
The PE ratio for Junior Market Top 10 stocks average 9.2 and the main market PE is now 9.8.
The TOP 10 stocks now trade at an average discount of 44 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings. The main market stocks trade at a discount of 39 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns within a 12 months period. Stocks are selected based on projected earnings for each 
company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.
More gains for JSE on Monday
The Jamaica Stock Exchange main market closed higher on Monday with 6 securities rising and 14 declining, resulting from 32 securities trading, including 2 in the US dollar market, compared to 27 trading on Friday.
At the close, as the All Jamaica Composite Index rose 1,422.50 points to close at 399,162.94 and the JSE Index advanced 1,296.05 points to close at 363,682.62.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 7 stocks ending with bids higher than the last selling prices and 5 closing with lower offers.
Trading ended with 5,670,913 units valued at $98,003,071 compared with 10,008,495 units valued at $182,444,407 changing hands, on Friday.
Trading closed with Mayberry Jamaican Equities leading with 3,520,660 units and 62 percent of the day’s volume, followed by Carreras trading 565,510 shares or 10 percent of the day’s volume and Kingston Wharves with 265,590 units and 4.7 percent of volume traded.
Trading resulted in an average of 189,030 units valued at over $3,266,769, in contrast to 400,340 shares valued at $7,297,776 on Friday. The average volume and value for the month to date amounts to 337,978 shares, valued $6,091,383 and previously 348,491 shares, valued $6,304.830. September closed, with an average of 1,022,243 shares valued $15,752,876, for each security traded.
In the main market activity, Caribbean Cement dropped $2.71 to finish at $46.01, trading 13,702 shares, Grace Kennedy lost $1 and ended trading of 219,329 shares at $58, Jamaica Broilers lost $1.50 in trading 50,860 stock units to close at $28.50, Jamaica Producers lost $2.75 to close of $27 with 8,968 units changing hands, JMMB Group jumped $2.45 and ended at $34 trading 10,022 shares, Kingston Wharves fell $5.50 in exchanging 265,590 stock units, to close at $75, Mayberry Jamaican Equities dropped $1.25 to settle at $11.75 with 3,520,660 units trading, NCB Financial Group jumped $14 and ended at $125, trading 171,031 shares, PanJam Investment dropped $1 to $62 trading 10,732 shares, Sagicor Group fell 50 cent to $46, trading 18,940 
shares, Salada Foods climbed $3.10 to end trading 200 stock units at $24.90, Sagicor Real Estate Fund lost 35 cents to close at $13.25, trading 91,219 shares, Stanley Motta dropped 80 cents, trading 30,100 units to close at an all-time low of $4.20, Supreme Ventures declined by 51 cents to end at $17, with 57,512 shares changing hands and Victoria Mutual Investments fell 40 cents and concluded trading of 142,057 stock units at $4.10.
Trading in the US dollar market closed with 8,656 units valued at US$1,452 changing hands as Proven Investments ended trading 5,000 to close at 21 US cents and Sygnus Credit Investments US dollar ordinary share traded 3,656 units to end at 11 US cents. The JSE USD Equities Index closed unchanged at 164.66.
Big boost for Access from new Acquisition
In its quest for continued growth by acquisition Junior Market listed Access Financial Services announces yet another prospective acquisition.
The micro lender has indicated that it has reached an agreement to acquire a Florida based consumer finance company. The release by the company states that the successful completion of the acquisition expected to be completed in 90 days, is subject to satisfaction of all conditions of the purchase agreement and applicable legal and regulatory approvals.
Usually reliable source indicates that this acquisition when concluded will swell Access assets by US$8 or J$1 billion and will increase Access size by 25 percent. Estimated revenues should be approximately US$4 million per annum at the present level of business. The business is based on lending, for up three months with loans usually under US$1,000. The loans are collateralized by motor vehicles titles. The entire loan process is done on line thus requiring limited staffing. According to a report online, “today in Florida, we have car title loan clients achieving 90 percent to 140 percent per annum on their loan portfolios.”
Access Financial
This acquisition when completed will bring to 5, the number of entities Access acquired since 2015. In 2017, the loan portfolio, fixed assets and trade name of Micro Credit Limited. In 2016, Access purchased the business of Damark Limited comprising mainly the loan portfolio, fixed assets, trademark for $180 million. In 2015, Access acquired the loan portfolios of Asset Management Company, formerly operated by Scotia Investments.
Access recorded net profit after tax of $217 million from revenues of $457 million for the quarter ended June this year up 16 percent over net profit of $188 million for the corresponding period in 2017. Total assets at June, amounted to $3.86 billion.
The company’s stock is listed on the Junior Market of the Jamaica Stock Exchange and last traded at $45.50.
Modest recovery for JSE majors – Friday
NCB stock jumped $14 on Friday partially offsetting the $17.40 fall on Thursday.
The Jamaica Stock Exchange main market closed on Friday with modest gains with 9 securities rising and 10 declining, the day after the worse fall in the market on Thursday.
At the close, 27 securities traded, including 2 in the US dollar market, compared to 35 trading on Thursday as the All Jamaica Composite Index rose 551.83 points to 397,740.44 and the JSE Index advanced 502.78 points to close at 362,386.57.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 7 stocks ending with bids higher than the last selling prices and 5 closing with lower offers.
Trading ended with 10,008,495 units valued at $182,444,407 changing hands, compared with 5,646,169 units valued at $146,430,983 on Thursday.
Trading closed with Wisynco Group leading with 6,729,950 units and 67 percent of the day’s volume, followed by Scotia Group trading 1,233,547 shares or 12 percent of the day’s volume and Victoria Mutual Investments with 631,604 units and 7 percent of volume traded.
Trading resulted in an average of 400,340 units valued at over $7,297,776, in contrast to 188,206 shares valued at 
$4,881,033 on Thursday. The average volume and value for the month to date amounts to 348,491 shares, valued $6,304.830 and previously 345,251 shares, valued $6,238,100. September closed, with an average of 1,022,243 shares valued $15,752,876, for each security traded.
In the main market activity, Grace Kennedy rose 45 cents and ended trading of 97,439 shares at $59, Jamaica Broilers lost $1.70 in trading 30,918 stock units to close at $30, Jamaica Producers rose 25 cents to close of $29.75 with 32,600 units changing hands, Kingston Wharves fell 55 cents in exchanging 15,115 stock units, to close at $80.50, Mayberry Investments rose 38 cents to settle at $11 with 41,697 units trading, NCB Financial Group jumped $14 and ended at $125, trading 171,031 shares, PanJam Investment dropped $1 to $63 trading 24,672 shares, Sagicor Group jumped $3.70 to $46.50, trading 81,893 shares, 
Sagicor Real Estate Fund lost 40 cents to close at $13.60, trading 58,292 shares, Scotia Group dropped 92 cents, trading 1,233,547 units to close at $52.08, Supreme Ventures gained 51 cents to end at $17.51, with 64,060 shares changing hands and Victoria Mutual Investments rose 50 cents and concluded trading of 725,534 stock units at $4.50.
Trading in the US dollar market closed with 54,400 units valued at US$6,924 changing hands as Proven Investments ended trading 9,400 to close at 21 US cents and Sygnus Credit Investments US dollar ordinary share traded 45,000 units to end at 11 US cents. The JSE USD Equities Index rose 1.98 and closed at 164.66.
Worse fall in JSE history – Thursday
The Jamaica Stock Exchange main market had the largest fall ever as Scotia Group fell $3.01 and NCB Financial dived $17.40, as 15 stocks declined, 10 rose and 10 held firm and making big dents into the market indices on Thursday.
At the close, the All Jamaica Composite Index diving 12,616.74 points to close at 397,188.61 and the JSE Index declined by 11,495.27 points to close at 361,883.79.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 6 stocks ending with bids higher than the last selling prices and 6 closing with lower offers.
A total of 35 securities traded including 5 in the US dollar market, compared to 32 trading on Wednesday.
Trading ended with 5,646,169 units valued at $146,430,983 changing hands, compared with 3,255,602 units valued at $64,853,916 on Wednesday.
Trading closed with Carreras leading with 1,796,079 units and 31.8 percent of the day’s volume, followed by Victoria Mutual Investments with 631,604 units and 11.2 percent of volume traded and Caribbean cement trading 621,915 units or 11 percent of the day’s volume.
Trading resulted in an average of 188,206 units valued at over $4,881,033, in contrast to 101,738 shares valued at $2,026,685 on Wednesday. The average volume and value for the month to date amounts to 345,251 shares, valued $6,238,100 and previously, 357,984 shares, valued $6,357,141. September closed, with an average of 1,022,243 shares valued $15,752,876, for each security traded.
In the main market activity, Barita Investments climbed $1 to close at a record high of $21, with 6,500 shares trading, Caribbean Cement lost $1.23 in trading 621,915 units to close at $48.72, Grace Kennedy lost 75 cents and ended trading 4,193 shares at $58.55, Jamaica Broilers lost 50 cents to close at $31.50, with 30,918 stock units changing hands, Kingston Wharves fell $1.02 in exchanging 57,215 stock units, to close at $81.05, Mayberry Investments lost 59 cents and settled at $10.62, with 57,215 units, Mayberry Jamaican Equities traded 177,801 to close at a record high of $13 after 177,801 shares were traded, NCB Financial Group dropped $17.40 and ended at $111, trading 498,447 shares, 138 Students 
Living lost 79 cents while trading 3,100 shares and closed at $3.81, Pulse Investments added 50 cents to $3, trading 100,000 shares, Sagicor Group rose 77 cents to $42.80, trading 10,679 shares, Salada Foods lost $3.15 and ended trading at $21.80, with 7,950 stock units, Scotia Group dropped $3.01 trading 271,275 units to close at $53, Seprod jumped $3.40 and finished trading at $39, with 6,440 shares changing hands, Stanley Motta rose 45 cent in closing at $5 trading 3,555 shares and Supreme Ventures fell 51 cents to end at $17, with 222,000 shares changing hands.
Trading in the US dollar market closed with 147,541 units valued at $214,248 changing hands as JMMB Group 5.75% preference shares traded 100,000 units and gained 5 cents to end at $2.05, JMMB Group 6% preference shares traded 177 units and lost 1 cent to end at $1.07, Productive Business Solution lost 4 cents in trading 171 shares to end at 55 cents, Proven Investments ended trading with 41,883 to close at 21 US cents and Sygnus Credit Investments US dollar ordinary share traded 5,310 units to end at 11 US cents. The JSE USD Equities Index declined by 5.10 points to 162.68.
Stocks dive again on JSE – Wednesday
The sharp fall in prices on the Jamaica Stock Exchange main market continued on Wednesday closed with 19 declining just 8 rising and 7 holding firm and making big dents into the market indices.
At the close, the All Jamaica Composite Index diving 5,114.14 points to 409,805.35 and the JSE Index declined by 4,659.56 points to close at 373,379.06.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 5 stocks ending with bids higher than the last selling prices and 1 closing with a lower offer.
A total of 34 securities traded including 2 in the US dollar market, compared to 32 trading on Tuesday.
Trading ended with 3,255,602 units valued at $64,853,916 changing hands, compared with 3,865,461 units valued at $98,334,906 on Tuesday.
Trading closed with JMMB Group leading with 842,614 units and 25.9 percent of the day’s volume, followed by Carreras with 569,061 units and 17.5 percent of volume traded and Ciboney trading 500,000 units or 15.4 percent of the day’s volume.
Trading resulted in an average of 101,738 units valued at over $2,026,685, in contrast to 128,849 shares valued at $3,277,830 on Tuesday. The average volume and value for the month to date amounts to 357,984 shares, valued $6,357,141 and previously, 382,244 shares, valued $6,804,156. September closed, with an average of 1,022,243 shares valued $15,752,876, for each security traded.
In the main market activity, Grace Kennedy rose 69 cents and ended trading 6,606 shares at $59.30, Jamaica Producers dropped 50 cents to close of $29.50 with 50,226 units changing hands, JMMB Group dropped $3.50 and ended at $31.50, with 842,614 shares trading. Kingston Wharves fell 43 cents in exchanging 11,112 stock units, to close at $82.07, NCB Financial Group lost 60 cents and ended at $128.40, trading 73,778 shares, Pulse Investments shed 30 cents to $2.50 trading 1,000 shares, Sagicor Group dropped $4.47 to $42.03, trading 100,416 shares, Sagicor Real Estate Fund lost 50 cents to close at $14, trading 14,745 shares, Salada Foods lost 55 cents and ended trading at 
$24.95, with 7,800 stock units, Scotia Group dropped $2.99 trading 46,233 units to close at $56.01, Seprod lost $4.40 and finished trading at $35.60, with 15,764 shares changing hands, Stanley Motta lost 45 cents in closing at $4.55 trading 67,400 shares, Sterling Investments gained 80 cents and closed at $23.30, with 250 shares and Supreme Ventures fell $2.48 to end at $17.51, with 89,967 shares changing hands.
Trading in the US dollar market closed with 32,239 units valued at US$4,310 changing hands as Proven Investments ended trading 7,639 to close at 21 US cents and Sygnus Credit Investments US dollar ordinary share traded 24,600 units to end at 11 US cents. The JSE USD Equities Index closed unchanged at 167.78.
Sharp price changes hit JSE – Tuesday
The Jamaica Stock Exchange main market closed with a number of stocks having large price changes and the market indices pulling back from the record close on Friday.
At the end of trading, the All Jamaica Composite Index dived 3,531.21 points to 414,919.49 and the JSE Index declined by 3,217.33 points to close at 378,038.62.
IC bid-offer Indicator| At the end of trading, the Choice bid-offer indicator reading shows 4 stocks ending with bids higher than the last selling prices and 4 closing with lower offers.
A total of 32 securities traded including 2 in the US dollar market, compared to 30 trading on Friday with the prices of 10 securities rising, 17 declining and 5 holding firm.
Sagicor Group traded at a 52 weeks’ closing high of $46.50, Mayberry Equities traded at an intraday high of $20 and ended at a 52 weeks’ closing high of $12.51 and Carreras traded at a 52 weeks’ intraday low of $8.80.
Trading ended with 3,865,461 units valued at $98,334,906 changing hands, compared with 17,261,656 units valued at $203,142,878 on Friday.
Trading closed with Carreras with 896,721 units and 23.2 percent of the day’s volume, dominating trading, followed by Jamaica Stock Exchange with 454,951 units and 11.77 percent of volume traded and Grace Kennedy trading 449,788 units or 11.64 percent of the day’s volume.
Trading resulted in an average of 128,849 units valued $3,277,830, in contrast to 595,230 units valued $7,004,927 on Friday. The average volume and value for the month to date amounts to 382,244 shares, valued $6,804,156 and previously, 406,926 shares, valued $7,181,976. September closed, with an average of 1,022,243 shares valued $15,752,876, for each security traded.
In the main market activity, Berger Paints shed 50 cents and closed at $22, trading 4,395 shares, Grace Kennedy rose 49 cents and ended trading 449,788 shares at $59.50, Jamaica Broilers lost 41 cents in trading 21,347 stock units, to close at $32.01, Jamaica Producers dropped $3 to close of $30 with 338,585 units changing hands, Kingston Wharves gained 50 cents in exchanging 6,921 stock units, to close at $82.50, Mayberry Investments lost 49 cents to close at $11.01 after trading 32,524 shares, NCB Financial Group lost 99 cents and ended at $129, trading 166,004 shares, PanJam Investment closed $1.50 lower at $64, with 77,368 stock units trading, Portland JSX traded 38,580 shares but fell 40 cents to close at $8.10, Pulse Investments gained 40 cents to $2.80 trading 261,000 shares, Sagicor Group jumped $4.02 to $46.50, trading 10,276 shares, Sagicor Real Estate Fund lost 40 cents to close at $14.50, trading 154,592 shares, Scotia Group rose $1 trading 4,055 units to close 
at $59, Seprod after dropping sharply by $12.50 on Friday, suffered another huge dive for the second day by $10.50 and finished trading at $39, with 2,000 shares changing hands after the announcement of the sale of 92 million shares at $23.99 each. Sterling Investments lost 50 cents to close at $22.50 while trading 27,270 shares, Supreme Ventures jumped $2.48 to end at $19.99, with 56,045 shares changing hands and Wisynco Group lost 30 cents to end at $10, trading 243,477 shares.
Trading in the US dollar market closed with 403,750 units valued at US$44,588 changing hands as Proven Investments ended trading just 1,750 to close at 21 US cents and Sygnus Credit Investments US dollar ordinary share traded 402,000 units and rose 0.05 cent to end at 11 US cents. The JSE USD Equities Index lost 0.90 points to 167.78.
Barita could spike higher this week
Barita last traded on the JSE as high as $20 on Friday.
The main market of the stock exchange ended the week at another record close with a number of individual stocks hitting new highs but this coming week could well be more challenging, investors have to bear in mind that the supplies for several stocks are very limited and could result in big price movements as happened last week.
Technical chart shows NCB Financial heading to $155 but it traded at new high of $134 during the past week which is not very far from the target of potential resistance. Whether it goes higher during the coming days is anyone’s guess but it is worth watching. Caribbean Cream moved up to $7.90 from $6.16 at the end of the previous week. The company posted better profit results in the August quarter but with less gains than in the first, as administrative cost rose to negate some of the top line growth. Those results may be unlikely to move the stock forward in the short term.
The Junior Market continues to inch forward as it appears that investors are waiting on results. They got Caribbean Cream and Paramount Trading at the end of week, but no major upward price movement is expected.
Caribbean Cream sales & profit slowed in Q2.
The indicators point to continued increased interest in the main market stocks with a number of them are high on the list to watch for this week with less indications that Junior Market stocks will move upwards in droves anytime soon. Stocks of interest this week are Grace Kennedy, Barita Investments with limited supply and technical indicators pointing to a price of $22.50 initially before going on to $27.50. Berger Paints, Jamaica Producers has very little stock offered for sale and that could result in a sharp spike in price at any time, Mayberry Jamaican Equities (MJE), Mayberry Investments that will benefit from increased profit of MJE, NCB Financial, Wisynco Group that has gone back above the $10 price level, CAC2000 that is very scarce, Main Event and Stationery and Office Supplies that seem to have exhausted selling at $09.50 with $10 being the possible next level. A number of these have limited supplies for sale.
With the average PE of the market now at a comfortable 16 times 2018 earnings, stocks valued less than the market average could see increased interest as investors look for bargains.
Grace Kennedy seems ready to break out of the $60 range as there is no big supply on offer now and during the past
Caribbean Cement price is stuck in the mud for now.
week, it traded as high as $75. Caribbean Cement keeps trading between $46 and $50, but there appears no real desire to move the price forward, this one could be negatively affected by foreign exchange losses in the September quarter. Kingston Wharves has always had limited supply, so it could move higher going forward, even the valuation is rich. Supply of JMMB Group has dried up and that could create the environment for the price to continue to move higher, it is also one of the lower valued stock in the main market. Investors need to bear in mind that the price is currently at a resistance level at $37, so it may move sideways with an upward bias for a while, unless strong buying pushes over this level.
An overall view of stocks indicates that the main market continues to be steered higher by an upward sloping support line as well the 45 and 125 day moving averages, lending support just below. The Junior Market is being guided by an upward rising long-term support line and a golden cross. The golden cross is a very strong bullish long-term signal, but market needs fuel of rising profits.
Grace, Proven, Access & Iron Rock in TOP 10
Grace Kennedy HQ
Decline in the prices of three stocks during the week and gains by others resulted in changes to the IC Insider.com TOP 10 list this week.
Grace Kennedy pulled back to $59.50 and Proven Investments down to 21 US cents and Access Financial falling, with the offer at $45.50, Dolphin Cove and Iron Rock declining to $4.50 moved into the top stock list, taking the place of Sagicor Group that moved up to $42.55 and Salada Foods that moved up to $24.95 in the main market, while Caribbean Cream that fell to $6.16 to enter last weeks’ list moved up in price to $7.68 and with a slight downgrade to earnings to 
65 
cents per share, fell out of the top list and Caribbean Producers climbed to $7 and is also out.
The main hit new historical highs on Friday resulted in the overall PE for the main market rising to 16.3 up from 15.8 from the previous week, the PE of the Junior market remained unchanged at 15.8.
The PE ratio for Junior Market Top 10 stocks average 9.5 and the main market PE is now 9.9, marginally higher than the prior week’s level, as the market continues to see an upward revaluation of the multiple.
The TOP 10 stocks now trade at an average discount of 40 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings. The main market stocks trade at a discount of 39 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns within a 12 months period. Stocks are selected based on projected earnings for each company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with 
the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.