The past week was one of contrast, with the Main Market rising and the Junior Market declining moderately, as the ICOP10 stocks recorded mixed results ranging from increases of 21 percent and losses of as much as 12 percent, at the same time, Transjamacian Highway that ended last week at $2.78, came under selling pressure on Friday and closed at $2.50 after reaching a record high of $2.88 on Monday and continues to a great buy, especially with the price pulling back.
Guardian Holdings jumped 21 percent during the week
For the week, 5 Junior Market TOP10 stocks declined and just two rose, while the Main Market ended with 5 rising and 4 declining. Image Plus closed at a record high on Friday and dropped out of the TOP10 along with Iron Rock Insurance. Everything Fresh and Elite Diagnostic replaced them, with the latter dropping to a record low of $1.55. There were no changes to the listing for the Main Market TOP10.
In the Junior Market, Image Plus having listed in January this year and never got the usual big IPO bounce, now seems to be just coming into its own, with a 20 percent jump to close the week at $2.50 after the price hit a record high of $2.60 on Friday and was followed by Caribbean Cream, up 10 percent to $4.49 as declining stocks dominated the week with iCreate dropping 12 percent to $1, followed by Dolla Financial shedding 9 percent to $2.08, with Dolphin Cove and OneonOne falling 8 percent to $15 and $1 respectively.
Guardian Holdings jumped 21 percent to $455, following changes in NCB Financial top management team, while Caribbean Producers rose 8 percent to $10.77, Sygnus Credit 
Investments fell 12 percent to $11.17 and Caribbean Cement slipped 9 percent to $50.03.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6, well below the market average of 13.1. The Main Market TOP10 is projected to have an average of 256 percent, to May 2024, based on 2023 forecasted earnings.
The 14 most highly valued Main Market stocks representing 30 percent of the Main Market are priced at a PE of 15 to 98, with an average of 30 and 20 excluding the highest PE ratios, with a PE of 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.6 compared with the market at 11.1. There are 9 stocks representing 19 percent of the market, with PEs from 15 to 41, averaging 21 that are well above the average of the market. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently and projected to rise by 264 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
Investors continue to nibble away at a number of stocks and gradually reducing the supply of several of them that are attractively priced as the market moves through the summer months, the start of the stock market year when new results will be coming to the market for investors to assess and determine what to do.
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 2024 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 and result 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.
A total of 17,423,772 shares were exchanged for $113,062,974 versus 12,158,165 units at $187,080,964 on Thursday.
The All Jamaican Composite Index rallied 91.12 points to 362,517.50, the JSE Main Index rose 906.61 points to 327,867.62 and the JSE Financial Index dipped 0.08 points to 72.77.
Massy Holdings declined 50 cents to end at $98.50, with 5,272 stock units crossing the market, Mayberry Jamaican Equities rose 40 cents to close at $11.90 and closed after 2,505 stocks changed hands, NCB Financial increased $2.49 to end at $74.99 in switching ownership of 709,089 units, 138 Student Living advanced 65 cents to close at $4.65 with an exchange of 111,931 shares. Pan Jamaica shed $1.35 in closing at $49 with stakeholders exchanging 50,625 shares, Proven Investments increased $1.25 to $23.25 in an exchange of 1,228 stocks, Scotia Group rose 70 cents to $33.75, with 204,253 units crossing the market, Seprod climbed $2.10 to $74.10 with investors transferring 3,139 stock units. Supreme Ventures rallied 49 cents to close at $27.49 after a transfer of 208,004 stock units, Sygnus Credit Investments lost 83 cents to end at $11.17 with shareholders swapping 146,619 units, Victoria Mutual Investments gained 37 cents in closing at $3.37, with 56,404 stocks changing hands and Wisynco Group popped 30 cents to end at $18 with 50,440 shares crossing the exchange.
In the preference segment, Eppley 7.50% preference share rallied 91 cents in closing at $6.12, as 3,056 units passed through the market, Jamaica Public Service 7% dipped $1 to $70 while exchanging 1,022 stocks. JMMB Group 7.25% due 2024 preference share fell 30 cents and ended at $1.70 with investors transferring 208,689 shares and 138 Student Living preference share rose $13.39 to close at $102.63 in trading one stock unit.
Investors traded 9,067,320 shares for $24,359,252 compared with 6,180,875 units at $20,046,474 on Thursday.
At the close, Access Financial gained 11 cents to close at $25 after a transfer of 2,704 shares, AMG Packaging rose by 17 cents to end at $2.66 in switching ownership of 62,300 stock units, CAC 2000 lost 24 cents and ended at $6.75 with investors trading 1,448 units, Cargo Handlers dived $6.10 to close at $15 as investors exchanged 2,120 stocks. Caribbean Cream rallied 29 cents in closing at $4.49 in an exchange of 1,052 shares, Caribbean Flavours popped 11 cents to $1.34 with 202 units changing hands, Dolphin Cove dropped $1.99 to end at $15, with just 1,578 stock units crossing the market, Elite Diagnostic fell 35 cents ended at a 52 weeks’ low of $1.55 after exchanging 46,823 stocks. Everything Fresh rose 12 cents in closing at $1.52 with stakeholders trading 6,742 units, 
Fontana increased 25 cents to close at $11 with investors trading 199,482 stocks, Future Energy Source dropped 19 cents to close at $3.80 after an exchange of 222,420 shares, General Accident advanced 30 cents in closing at $5 in trading 8,450 stock units. Honey Bun increased 35 cents and ended at $6.45 in an exchange of 4,530 shares, Image Plus Consultants gained 28 cents to close at a 52 weeks’ high of $2.50 while exchanging 2,230,057 stock units, with the price hitting a record $2.60 before the close of trading. Jamaican Teas advanced 9 cents to end at $2.19 with shareholders swapping 106,129 stocks, KLE Group climbed 15 cents to $1.69, with just 55 units passing through the market. Paramount Trading popped 10 cents and ended at $1.90, with 100 units changing hands, Regency Petroleum rallied 14 cents to end at $2.89, with 121,401 shares crossing the market. 
Stationery and Office Supplies rose $1.43 to close at $27.43 after a transfer of 110,534 stock units, Tropical Battery shed 8 cents in closing at $1.96 after clearing the market with 216,424 stocks and tTech gained 43 cents and ended at $2.22 after closing with 2,000 units changing hands.
A total of 584,142 shares were traded for US$30,721 up from 477,710 units at US$21,075 on Thursday.
Proven Investments ended at 14 US cents after a transfer of 1,051 stock units, Sygnus Credit Investments lost 1.05 cents to close at a 52 weeks’ low of 8 US cents in an exchange of 18,859 stock units, Sygnus Real Estate Finance USD share shed 0.6 of one cent to 10.4 US cents as investors exchanged 29 stocks and Transjamaican Highway popped 0.03 of a cent in closing at 1.55 US cents after an exchange of 547,150 units.
At the close, the JSE Combined Market Index climbed 535.15 points to 341,889.02, the All Jamaican Composite Index rose 91.12 points to 362,517.50, the JSE Main Index rose 906.61 points to 327,867.62 while the Junior Market Index lost 33.95 points to end at 3,929.05 and the JSE USD Market Index fell 4.07 points to settle at 238.88.
The market’s PE ratio, the most popular measure used to determine the value of stocks ended at 18.1 on 2022-23 earnings and 12.2 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
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.
Trading took place in 52 securities up from 54 on Wednesday, with prices of 17 rising, 27 declining and eight ending unchanged after trading of 12,158,165 shares for $187,080,964 compared with 10,337,992 units at $78,663,373 on Wednesday.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Massy Holdings jumped $1.90 and ended at $99 in switching ownership of 72,982 shares, Mayberry Jamaican Equities lost 50 cents to end at $11.50 after 108,036 stocks passed through the market, NCB Financialclimbed $5.50 to end at $72.50 after 1,796,678 units changed hands. 138 Student Living dropped 35 cents to close at $4 after a transfer of 2,434 shares, Pan Jamaica rose 85 cents and ended at $50.35 with 31 stock units crossing the exchange, Proven Investments climbed 30 cents in closing at $22 with an exchange of 2,820 units, Sagicor Group fell $1.45 to end at $46 while trading 320,395 stocks. Scotia Group fell $1.15 in closing at $33.05 after exchanging 136,175 shares, Seprod rallied $1.95 and ended at $72, with 2,306 stock units changing hands, Sygnus Credit Investments popped 93 cents to close at $12 after trading 30,536 shares. 
Sygnus Real Estate Finance dipped $1 to $11, with 18,379 units clearing the market, Victoria Mutual Investments dropped 38 cents to $3 after trading 281,720 stocks and Wisynco Group shed 30 cents in closing at $17.70 with investors transferring 48,437 shares.
A total of 477,710 shares were traded for US$21,075 compared to 372,527 units at US$9,733 on Wednesday.
At the close, Margaritaville ended at 9.35 US cents in an exchange of 12,050 shares, Proven Investments remained at 14 US cents in trading 33,162 units, Sygnus Credit Investments shed 0.4 of a cents to close at 9.05 US cents in switching ownership of 11,752 stocks and Transjamaican Highway dipped 0.33 of a cent to close at 1.52 US cents after 417,000 stock units passed through the market.
Investors traded 6,180,875 shares for $20,046,474 versus 7,810,602 units at $20,148,012 on Wednesday.
At the close, Caribbean Cream fell 29 cents and ended at $4.20 after trading 10,214 shares, Caribbean Flavours shed 12 cents to close at $1.23 with an exchange of 64,838 stocks, Consolidated Bakeries climbed 20 cents to $2.80 while exchanging a mere 13 units. Dolphin Cove increased 69 cents to end at $16.99, with stakeholders exchanging 20,925 stock units, Elite Diagnostic lost 10 cents in closing at $1.90, with 900 stock units crossing the market, Everything Fresh dipped 14 cents to $1.40 after investors exchanged 3,813 stocks. General Accident declined 26 cents to close at $4.70, with 834 units changing hands, Honey Bun dropped 34 cents to end at $6.10 in switching ownership of 2,372 shares, Image Plus Consultants dipped 8 cents in closing at $2.22 in an exchange of 2,326,364 units after posting a record intraday high of $2.55.
Iron Rock Insurance popped 40 cents and ended at $2.50 with investors transferring just four stock units, Jamaican Teas shed 10 cents in closing at $2.10 after an exchange of 33,514 shares, Lasco Distributors declined 18 cents to close at $4 in trading 150,218 stocks. Lasco Financial dropped 10 cents at $2.30 and closed after an exchange of 13,577 units, Limners and Bards fell 14 cents and ended at $2.06, with 2,000 units clearing the market, Lumber Depot lost 16 cents to end at $2 after 38,281 shares crossed the market. Paramount Trading shed 20 cents to end at $1.80 in an exchange of 45,662 stock units, Stationery and Office Supplies dropped $1.78 to close at $26 with shareholders swapping a solid 182,798 stocks days ahead of the nine for one stock split that is up for approval on Tuesday
at the company’s AGM with the ex-split data now set for July 31 with the record data moving up to August 2 from the originally stated July 25 and tTech dipped 32 cents in closing at $1.79 after 25,991 stock units passed through the market.
The JSE Combined Market Index surged 3,204.39 points to 341,353.87, the All Jamaican Composite Index climbed 1,736.10 points to 362,426.38, the JSE Main Index powered 3,614.85 points higher to settle at 326,961.01, while the Junior Market Index fell 18.41 points to 3,963.00 and the JSE USD Market Index popped 0.95 points to 242.95.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
A total of 372,527 shares were traded for US$9,733 compared with 934,611 units at US$22,159 on Tuesday.
Margaritaville ended at 9.35 US cents after 1,082 units were traded, Proven Investments dipped 0.04 of a cent to 14 US cents after an exchange of 1,600 stocks, Sterling Investments ended at 2 US cents with 2,489 stock units changing hands and Transjamaican Highway ended at 1.85 US cents, with stakeholders trading 308,167 stocks.
