The average gains projected for the Junior Market fell from 225 percent last week to 218 percent as the prices of a number of the top 10 stocks rose during the past week, but with no new entrant to either Top 10 list. The average projected gains for the Main Market stocks move up from 162 to 169 percent helped in a big way by the fall of Guardian Holdings from $790 last week to $763.
Guardian Holdings hit a low of J$750 on Friday.
The price slippage for Guardian shares below $790 provides investors a better value proposition, with the PE at 8.3 times, rather than 8.6 that the NCB Global offer price for the 2 million shares they are offering to the public.
The markets continue to face resistance this past week, with the Junior Market is trading at the very top of its upward sloping channel while the JSE Main Market sits a few thousand points away and facing turbulence in getting to the peak. With the two Lasco companies releasing results after the market closed on Friday it will be interesting to see what investors do with their prices. If they rise appreciable the resistance is likely to be broken and clear the way to move to a new yearly high in the weeks ahead.
The Junior Market closed the week at 3,329.50, up slightly from 3,324 at the end of the previous week. The JSE 
All Jamaica Composite Index ended at 454,375.81 on Friday, marginally lower than 454,479.33 at the close of the previous week.
The top three stocks in the Junior Market, remain unchanged for this week, with Elite Diagnostic heading the list, followed by Caribbean Assurance Brokers and Caribbean Producers, with the potential to gain between 255 to 303 percent. The top three Main Market stocks are Radio Jamaica in the number one spot, followed by PanJam Investments and Wisynco, with expected gains of 149 to 371 percent.
This week’s focus: RJR suffered badly from the effects of the curtailment of business in 2020 after showing signs of recovering from the prior years’ slow growth and high cost of operations. In 2020 they moved to deal with the pressure the fallout had and showed marked improvement in the second half of the calendar year. Importantly, there was significant cost cutting with the third quarter showing the effects with vastly improved results.
The impression given in the group’s December quarterly report is that the sharp fall in direct operating, selling and marketing costs were directly related to the fall off in revenues. That of course is only part of the story. The fall in cost has been far greater than the reduction in revenues suggesting that actual cost cutting was effected. ICInsider.com confirmed that the group that made some staff redundant also made changes by discontinuing unprofitable programs and publications. “Regarding cost reductions, some changes in the distribution network and workflows are permanent,” this publication was informed but revenues for some of the newspapers continue to run below pre Covid-19 levels.
The targeted PE ratio for the market averages 20 based on profits of companies reporting full year’s results, up to the second quarter of 2022. 
Fiscal 2020-21 ended March 2021 with the average PE at 17 for Junior Market stocks and 19 times for the Main Market.
The Junior Market with an average PE 12.4 based on ICInsider.com’s 2021-22 earnings, is currently trading below the target, as well as the recent historical average of 17, this represents another 37 percent rise in the market that would equate to a rise of 61 percent to March 2022. The Junior Market Top 10 stocks average a mere 6.4 at just 52 percent of the market average, indicating substantial gains ahead. The JSE Main Market ended the week with an overall PE of 7.8, some distance from the 19 the market ended March, suggesting a 17 percent rise from now to March 2022. The Main Market TOP 10 
trades at a PE of 7.8 or 48 percent of the PE of that market and well off the potential of 20.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on likely increase for each company, taking into account the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in movements in and out of the lists weekly. Revisions to earnings per share are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Trading ended with 41 active securities compared to 37 on Thursday and closed with 16 rising, 18 falling and seven unchanged.
Trading averaged 148,909 units at $414,611, down from 258,025 at $550,419 on Thursday. Trading month to date averages 316,141 units at $760,798, compared to 326,224 units at $781,671 on Thursday. April closed with an average of 329,241 units at $854,716.
Honey Bun lost 17 cents in trading 7,181 stock units at $6.80, Iron Rock Insurance gained 5 cents to finish at $3.25 with 200,000 units crossing the market, Knutsford Express rose 30 cents to $8.30 with 14,497 units changing hands, Lasco Distributors lost 5 cents in closing at $4.25 with the swapping of 27,858 stocks. Lasco Financial ended 35 cents higher at $3.75 after exchanging 171,636 stocks, Lasco Manufacturing gained 15 cents in closing at $5.50 with the swapping of 160,799 shares, Limners and Bards lost 5 cents to settle at $3.15 in exchanging 454,746 units. Main Event rose 45 cents to $4.65 after a transfer of 125 stocks, SSL Venture fell 8 cents to 55 cents in exchanging 10,100 shares and Stationery and Office Supplies gained 10 cents in closing at $8.20 with investors switching ownership of 1,000 stock units.
A total of 37 securities traded versus 36 on Wednesday, with 12 rising, 19 declining and six closing unchanged.
Investor’s Choice bid-offer indicator shows one stock ending with the bid higher than its last selling price and four with lower offers.
KLE Group climbed 28 cents to $1.30 with 68,000 stocks passing through the market, Knutsford Express fell 10 cents to $8 with 500 shares traded, Lasco Distributors rose 11 cents to $4.30 with an exchange of 118,363 units. Lasco Manufacturing dropped 14 cents to $5.35 with 73,518 stocks changing hands, Limners and Bards slipped 5 cents to $3.20 with a transfer of 149,575 stock units, Lumber Depot lost 10 cents to settle at $3.30 with 373,843 stocks traded and Main Event advanced 20 cents to $4.20 with 1,582 shares crossing the exchange.
Investor’s Choice bid-offer indicator shows two stocks ending with bids closing higher than their last selling prices and three with lower offers.
Lumber Depot increased by 15 cents to end at $3.40 with 333,743 units traded, Mailpac Group lost 6 cents to close at $3.75 with 235,899 stock units changing hands, Main Event dropped 30 cents to $4 with investors switching ownership of 133,079 stocks. SSL Venture gained 8 cents to settle at 63 cents with 4,746 units traded and Tropical Battery rose 6 cents to $1.22 with 1,175,768 shares crossing the exchange.
At the close, Access Financial advanced $1.96 to finish at $22.16, trading 49 shares, Caribbean Assurance Brokers dropped 11 cents to close at $1.89, after 7,131 stock units crossed the market, Caribbean Cream fell 14 cents to $5.52, with 43,307 shares changing hands, Caribbean Flavours dropped 10 cents to end at $2.05 in exchanging 134,970 units. Caribbean Producers shed 20 cents to close at $3.55, with 60,909 stocks clearing the market, Consolidated Bakeries shed 20 cents in ending at $1.50 after exchanging 35,150 shares, Derrimon Trading dropped 6 cents to $2.44, with 203,827 stock units changing hands. Dolphin Cove lost 11 cents to end at $7.50 after trading 1,583 stock units, Express Catering lost $1.08 to end at $4.42 with an exchange of 35,563 units. Fontana climbed 9 cents to $6.15, trading 98,368 stocks, Gwest Corporation climbed 20 cents to $1 in switching ownership of 487,358 units. Jetcon Corporation shed 7 cents in closing at 95 cents after trading 101,563 units, Knutsford Express fell 5 cents to $8.30 in switching ownership of 2,107 stock units, Lasco Distributors lost 15 cents to end at $4 with an exchange of 49,113 stocks.
Lasco Financial fell 14 cents to $3.16, with 29,785 stock units crossing the exchange, Limners and Bards fell 15 cents to $3.21 after 148,066 units cleared the exchange. Mailpac Group rose 6 cents $3.81 after exchanging 216,045 units, SSL Venture declined 9 cents to 55 cents in an exchange of 50,318 stocks and Stationery and Office Supplies fell 20 cents to $8.10, trading 27,915 shares.
The Junior Market has to decidedly break through the upper limit of the trading channel, to free it to move on to the next area of resistance, just over 4,000 mark, but the Main Market has room to run for a few thousand points before it hits the channel top at 460,000 points.
The top three Main Market stocks are Radio Jamaica in the number one spot, followed by Wisynco and PanJam Investments, with expected gains of 151 to 344 percent.
At the close, Access Financial fell $1.95 to $20.20 after exchanging 142 shares, Blue Power climbed 27 cents to $3.97, trading 608 shares. Cargo Handlers rose 70 cents to $8.70, with one stock unit changing hands, Caribbean Cream dropped 34 cents $5.66 in exchanging 2,750 units, Caribbean Flavours increased 5 cents to $2.15, with 9,558 stock units crossing the market. Caribbean Producers advanced 10 cents to end at $3.75 with the swapping of 73,746 units, Dolphin Cove lost 39 cents to end at $7.61 in trading 40,788 units. Elite Diagnostic fell 20 cents to $3 in switching ownership of 223,848 units, Fontana advanced 6 cents to $6.06 while exchanging 102,677 stocks. Fosrich advanced 11 cents to $8.50, trading 53,297 units, Future Energy Source climbed 3 cents to $1.05 in exchanging 4,624,020 units, Honey Bun fell 24 cents to $6.75 with the swapping of 51,683 stock units. Iron Rock Insurance declined 80 cents to $3.20 with the swapping of 7,150 stock units. Jamaican Teas rose 7 cents to $4.03, with 451,911 stocks hanging hands, Jetcon Corporation lost 8 cents in ending at $1.02 after exchanging 669,133 stock units, KLE Group rose 19 cents to close at $1.21 with an exchange of 800 stocks.
Knutsford Express declined 9 cents to $8.35 while exchanging 53,847 stock units, Lasco Financial lost 10 cents in closing at $3.30, with 295,424 stocks switching ownership, Lasco Manufacturing climbed 8 cents to $5.48 in trading 165,451 units. Limners and Bards gained 6 cents to close at $3.36 after 77,292 units changed hands, Mailpac Group declined 12 cents to $3.75 in an exchange of 105,978 stocks. Main Event declined 39 cents in closing at $4.30 after trading 41,268 shares and tTech rose 25 cents to $6.25 with 1,398 shares clearing the market.
Lasco Manufacturing was next, with 9.5 percent of total volume after trading 1.95 million units, while Lumber Depot accounted for 4.1 percent of total volume with an exchange of market 847,830 units.
Investor’s Choice bid-offer indicator shows one stock ending with the bid higher than its last selling price and one with a lower offer.
Lasco Manufacturing increased by 5 cents to close at $5.40 with 1,948,675 stocks changing hands, Limners and Bards fell 10 cents to $3.30 with 213,795 shares traded, Main Event advanced 19 cents to $4.69 with 35,831 units passing through the market. Paramount Trading fell 12 cents to $1.30 with investors switching ownership of 3,000 stocks, Stationery and Office Supplies dropped 22 cents to $8.28 with a transfer of 36,669 stock units and tTech jumped $1 to $6 with 6,211 shares crossing the exchange.
At the close, Access Financial dropped $1.49 to $20.01 with an exchange of 9,017 shares, Blue Power fell 20 cents to $3.70 with 20,550 units changing hands, CAC 2000 fell $2.70 to $7 after 10 stock units changed hands. Caribbean Assurance Brokers lost 10 cents to close at $1.90 with 16,037 shares traded, Caribbean Cream slipped 5 cents to $6 with a transfer of 3,028 units, Consolidated Bakeries declined by 9 cents to $1.46 with an exchange of 3,859 stocks. Dolphin Cove dropped 48 cents to$7.50 with 7,442 stock units changing hands, Elite Diagnostic fell 51 cents to $3.09 with 9,030 units passing through the market, Express Catering shed 70 cents to end at $5 with investors switching ownership of 33,037 shares. Fontana slipped 10 cents to $6 with 98,435 stocks traded, General Accident gained 10 cents to close at $5.80 with a transfer of 500 shares, Honey Bun dropped 29 cents to $6.50 with an exchange of 15,222 units. Indies Pharma advanced 30 cents to $3.90 with 2,938 stocks changing hands, Jamaican Teas rose 6 cents to $3.95 with 2,244,608 stock units passing through the market, Jetcon Corporation lost 6 cents to land at 85 cents with 97,326 shares traded. 
Lasco Distributors dropped 20 cents to $4 with a transfer of 13,200 stocks, Lasco Manufacturing slipped 5 cents to $5.35 with 60,180 units changing hands, Limners and Bards declined by 5 cents to close at $3.40 with 69,773 shares passing through the market. Lumber Depot fell 19 cents to $3.26 with 903,509 stocks traded, Medical Disposables climbed 28 cents to $4.98 with a transfer of 245 units and SSL Venture gained 8 cents to close at 64 cents with 176,140 shares crossing the exchange.
Trading ended with 38 active securities from 40 on Monday resulting in an exchange of 9,672,190 shares for $32,065,947 down from 13,103,080 units at $39,313,013 on Monday.
The PE Ratio based on ICInsider.com’s forecast of 2021-22 earnings averaged 12.6.
Jamaican Teas slipped 6 cents to $3.89 with 1,527,305 shares passing through the market, Jetcon Corporation rose 5 cents to 91 cents with 187,309 units traded, Knutsford Express jumped 80 cents to $8 with a transfer of 274 stocks. Lasco Distributors gained 5 cents to close at $4.20 with an exchange of 18,634 stock units, Limners and Bards climbed 42 cents to settle at 52 weeks’ high of $3.45 with investors switching ownership of 345,420 shares, Lumber Depot advanced 42 cents to a record high of $3.45 with 334,579 units passing through the market. Mailpac Group increased by 21 cents to finish at $3.87 with 1,613,713 stocks traded, Medical Disposables gained 30 cents to settle at $4.70 with a transfer of 2,755 stock units, SSL Venture slipped 9 cents to 56 cents with 23,076 units changing hands. Stationery and Office Supplies jumped 87 cents to $8.50 with investors switching ownership of 267,890 stocks and tTech dropped 90 cents to close at $5 with 44,301 shares crossing the exchange.
