JSE to repeat today’s gains on Thursday

NCB closed at a new 52 weeks' high on of $26.50 on Wednesday

NCB closed at a new 52 weeks’ high on of $26.50 on Wednesday

The stock market closed on Wednesday with 12 stock recording price gain versus only 1 with a decline, that performance does not look like a flash in the pan based on what the IC Indicator is showing at the end of trading.,
The Investors Choice bid-offer Indicator shows 11 stocks with bids higher than their last selling prices and 2 with offers that were lower, in the main and junior markets. IC Indicator reading is suggesting that the number of trades on Thursday should see another day of many more stocks rising than falling.
Activity on the Jamaica Stock Exchange, resulted in 23 securities changing hands and ending with 4,735,155 units trading, valued at $24,434,254, in all market segments. National Commercial Bank, closed at a new 52 weeks’ high of $26.50 with 301,200 shares changing hands at 50 cents higher than on Tuesday and ahead of the company reporting six months results and dividend payment on Thursday.
JSE 22-4-15 Main Market| The JSE Market Index gained 474.33 points to 86,299.76, the JSE All Jamaican Composite index rose 530.32 points to close at 95,205.43 and the JSE combined index gained 446.19 points to close at 87,994.37.
Cable & Wireless with 256,932 units traded at 52 cents and ended with the bid at 53 cents to buy 100,000 shares. Ciboney Group traded 2,000,000 shares at 6, Desnoes & Geddes gained 10 cents and traded 29,400 at $6 with an offer at $6.50 at the close. Grace Kennedy with 19,224 shares that traded closed at 90 cents higher at $63, Jamaica Broilers had 86,530 shares trading to close at $4.70,
JMMB Group traded 855,593 ordinary shares for 38 cents higher at $7.48. The stock had JMMB Securities on the offer selling 268,800 units at $7.48, 5000 units at $7.50 and 34,655 shares at $8.50 as the lowest offers posted at the end of trading.The broker posted small buy orders from $7.03 to $7.10. Victoria Mutual Wealth Management sold the bulk of the shares to trade with Sagiocr Investments being the major buyer of them.
Radio Jamaica traded 13,372 shares at $2 to gain 25 cents, Sagicor Group traded 66,350 shares JSE  qts 22-4-15to close at $10.55 while gaining 10 cents in the process but traded as high as $10.75 before the close. Sagicor Real Estate X Fund had 529,519 units changing hands to close at $6.50, after shedding 25 cents. Salada Foods traded 35,480 at $9, Scotia Group saw 118,289 units, closing at $22, Supreme Ventures 19,900 units traded 4 cents higher at $2.84 and Jamaica Money Market Brokers 8.75% preference share, traded 317,331 units at $3.20 with an increase of 10 cents.

3 up 4 down on TTSE Monday

Witco at new 52 weeks' high on Monday

Witco at new 52 weeks’ high on Monday

Trading on the Trinidad Stock Exchange with 13 securities changing hands of which 3 advanced, 4 declined and 6 traded firm with a total of 148,689 units, valued at $2,734,559.
At the close of the market, the Composite Index lost 0.16 points to close at 1,150.50, the All T&T Index fell by just 0.25 points to close at 1,964.63 and the Cross Listed Index eased 0.01 points to end at 44.10.
Gains| Stocks increasing in price at the close are, Massy Holdings put on 5 cents to end the day at $63.10 while trading only 220 shares. Scotiabank on contributing 13,331 shares with a value of $828,522, gained 4 cents to end at $62.15 and West Indian Tobacco trading 1,458 shares valued at $182,410 to close with a gain of 1 cent at a new 52 weeks’ high of $125.11.
TTSE 20-4-15 Declines| The stocks declining at the end of trading are, Angostura Holdings ending with 125 shares trading, to close down 2 cents at $13.98. Guardian Holdings with 58,300 shares changing hands for a value of $824,945 closed at $14.15 for a 5 cents decline, Republic Bank suffered a loss of 7 cents to close at $115.88 while trading 1,355 shares for a new 52 weeks’ low and Sagicor Financial Corporation added 13,250 shares and closed 1 cent down at $6.
Firm Trades|Stocks closing with prices unchanged at the end of trading are, Clico Investment Fund trading 10,632 shares valued at $239,220 but remained at $22.50, First Citizens Bank trading 8,795 shares to end at $35.56. JMMB Group traded 6,463 shares at 43 cents, One Caribbean Media contributed 60 shares at $22.30, Prestige Holdings with 500 shares, closed at $10 and Trinidad Cement with 34,200 shares trading at $2.50.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator shows 2 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.

JSE near 2 year high with 2,528 points rise

Scotia Group closed higher at the close & helped to push market up on Monday

Scotia Group closed higher at the close & helped to push market up on Monday

The Jamaica Stock Exchange enjoyed a major move at the end of trading resulting from the prices of 13 stocks rising, 5 declining as Scotia Group contributed a large portion of the movement. Overall 24 securities changed hands, ending in 4,719,358 units trading, valued at $68,565,889, in all market segments.
Main Market|The JSE Market Index gained 2,261.39 points to 87,351.52, the JSE All Jamaican Composite index rose 2,528.34 points to close at 96,381.35 putting it back in line with the close of 96,381.58 on May 3, 2012 and the JSE combined index gained 2,134.42 points to close at 89,072.22. Scotia Group’s price movement to $24.50 in early trading was the major factor behind the big surge in the main market indices, as such there may be a fall back on Tuesday as Scotia’s price seems likely to settle back well below the price of $23.81 used in computing today’s indices, unless other stocks move up to compensate.
JSe sum 20-4-15 IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 9 stocks with bids higher than their last selling prices and just 4 with offers that were lower, with 2 of the offers being stocks that hardly trade.
In trading, Scotia Investments bought all Scotia Group’s shares to trade, in the early morning session up to $24.50, for a 52 weeks intra-day high, but the stock ended with 205,115 units trading to close at $22.10 with a 24 cents fall from Friday’s last sale price. Desnoes & Geddes traded 92,793 shares up to $5.90, with a 10 cents gain, Grace Kennedy traded 933,318 shares and closed at $62.01, with a total value of $57.8 million,JM qts 20-4-15 with the price dropping $1.99 from Friday’s last traded price of $64. National Commercial Bank traded only 21,750 shares to close higher at $26, with an increase of 47 cents. Radio Jamaica 86,383 units that traded did so at $2, Sagicor Group 16,400 units traded at $10.50, Sagicor Real Estate Fund had 48,600 units changing hands at $6.75, to gain 25 cents and Jamaica Money Market Brokers 8.75% preference share traded 33,500 units at $3.10.
Kingston Wharves traded just 4,00 shares but ended up gaining 50 cents to close at $6.40, Scotia Investments gained 49 cents in trading 1,200 units at $23.50 and Supreme Ventures traded 4,000 units at $2.80 by gaining 30 cents.

Moderate price changes on TTSE

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TTSEDailyTRading280x150 Trading on the Trinidad Stock Exchange closed with 10 securities changing hands of which 1 advanced, 3 declined and 6 traded firm with a total of 96,614 units, valued at $998,347.
At the close of the market, the Composite Index lost 0.82 points to close at 1,150.66, the All T&T Index fell by just 0.11 points to close at 1,964.88 and the Cross Listed Index fell 0.20 points to end at 44.11.
Gains| Unilever Caribbean enjoyed the day’s sole price increase, climbing 5 cents to end the day at a new 52 weeks’ high of $66.08.
Declines| The stocks declining at the end of trading are, First Citizens Bank adding 4,644 shares valued at $165,151, closing 1 cent lower at $35.56. Sagicor Financial Corporation suffering a loss of 25 cents, to close at $6 with 64,675 shares changing hands for a value of $388,807 and Republic Bank with 763 shares traded 4 cents down at $115.95.
TTSE sum 17-4-15 Firm Trades| Stocks closing with prices unchanged at the end of trading are, Clico Investment Fund ending at $22.50, while trading 2,543 units, Guardian Holdings with 10,994 shares trading for $156,115, ended at $14.20. had just 1,000 shares changing hands at 43 cents, National Flour Mills with 600 shares changing hands, closed at $1.50, Scotiabank exchanged 453 shares, to close at $62.11 and Trinidad Cement contributing 9,593 shares at $2.50.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than their last selling prices and 3 stocks with offers that were lower.

JMMB Group confusion

jmmbGrouplogo150x150A check on the Trinidad and Tobago Stock Exchange (TTSE) website and trading data, leads to confusion as to the correct name of the JMMB Group Limited, the incorrect name was still being carried up to Friday in the trading summary, but based on IC Insider’s intervention the TTSE indicates that the error will be corrected.TTSE in a release on Tuesday posted on its website captioned: NOTICE OF APPOINTMENT OF DIRECTORS – JAMAICA MONEY MARKET BROKERS GROUP LIMITED (JMMBGL).The contents of the release includes this: “The Trinidad and Tobago Stock Exchange (TTSE) received notice that pursuant to the Scheme of Arrangement filed with the Companies Office of Jamaica, the following Directors have been appointed to the JMMB Group Limited Board of Directors effective April 13th, 2015”.
The release raises questions as to the correct name of the company that was listed on Monday on three exchanges within the region? The fact that the TSE statement has both names, is strange to say the least. Coming from the exchange one gets the impression that they ought to know the name, so when they head the release with the old name and then add Group to it, one wonders why? The Trinidad Stock Exchange fact sheet of listed companies has the company’s name incorrectly stated as Jamaica Money Market Brokers Group Limited. A check with the Jamaica Stock Exchange show the company correctly listed as JMMB Group Ltd but a release from the JSE when the stock was listed on Monday reports the company as Jamaica Money Market Brokers Group Limited.
The scheme of arrangements puts the matter beyond doubt. According to that document “JMMB Group” means JMMB Group Limited, whose principal office is situated at 6 Haughton Terrace, Kingston 10, Jamaica, a company duly incorporated in Jamaica under the Companies Act 2004. The document goes on further to state that “As a result, the understanding that JMMB has reached with the BOJ is that the combined group will see a new financial holding company being introduced at the pinnacle of the structure. JMMB Group Limited (“JMMB Group”) was therefore formed for this purpose on May 16, 2012, and it is intended that if the Scheme is approved, this company will be the publicly listed ultimate holding company of the combined group. The evidence is clear the correct name is JMMB group Ltd.
IC Insider checked with the Trinidad & Tobago Stock Exchange, and was advised by a representative: Marlon Crew that the error will be corrected by the end of Friday, April 17.

TTSE marking time

TTSEBuilding2_280x150 Trading on the Trinidad Stock Exchange ended Thursday with 10 securities changing hands of which 2 advanced, 1 declined and 7 traded firm with a total of 167,953 units, valued at $1,778,490.
At the close of the market, the Composite Index lost 0.16 points to close at 1,151.48, the All T&T Index rose fell by just 0.33 points to close at 1,964.99 and the Cross Listed Index remained at 44.31.
Gains| Stocks increasing in price at the close are, Ansa Merchant Bank contributing 7,740 shares with a value of $301,473 closed at 4 cents up at $38.95 and First Citizens Bank traded 2,570 shares to close with a gain of 1 cent, $37.57.
Declines| National Enterprises was sole declining stock as it lost 3 cents to end the day at a 52 weeks’ low of $17.30.
TTSE 16-4-15 Firm Trades| Stocks closing with prices unchanged at the end of trading are, ANSA Mcal trading just 100 shares to close at $66.91, Clico Investment Fund with 42,588 shares valued at $958,654 ended at $22.50, Guardian Holdings contributed 1,131 shares with the price closing unchanged at $14.20. JMMB Group with 10,000 shares trading, ended at 43 cents, while Massy Holdings added 3,718 shares valued at $234,420 and ended at $763.05, National Flour Mills with 99,633 shares changing hands for a value of $149,450 and closed at $1.50, West Indian Tobacco trading 73 shares to close at $125.10.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than their last selling prices and 4 stocks with offers that were lower.

6 TTSE stocks fall 2 rose Tuesday

NCB is in demand in T&T & traded 750,000 units on Tuesday in that market.

NCB is in demand in T&T & traded 750,000 units on Tuesday in that market.

Trading on the Trinidad Stock Exchange closed with 17 securities changing hands of which 2 advanced, 6 declined and 9 traded firm with a total of 1,125,469 units, valued at $4,040,198.
At the close of the market, the Composite Index fell 0.40 points to close at 1,151.23, the All T&T Index fell by just 1.80 points to 1,964.49 and the Cross Listed Index advanced by 0.13 points to close at 44.31.
Gains| Stocks increasing in price at the close are, First Citizens Bank traded 1,000 shares and closed 2 cents higher at $35.52 and Sagicor Financial Corporation gained 23 cents to end the at $6.25 with 2,000 shares.
Declines| Stocks declining at the end of trading are, Clico Investment Fund trading 73,790 shares valued at $1,660,278 to end at $22.50, with a 1 cent loss. Guardian Holdings trading 9,782 shares while falling by 27 cents to $14.20, National Enterprises in closing at a new 52 weeks’ low with 2,811 closed at $17.33, Republic Bank trading 825 shares while losing 1 cent, to close at $116. Scotia Investments fell 7 cents to close at $1.46 while trading 23,262 shares and Trinidad Cement lost 5 cents while contributing 113,491 shares with a value of $273,930 to end at $2.40.
TTSE 14-4-15 Firm Trades| Stocks closing with prices unchanged at the end of trading are, ANSA Mcal trading 690 shares at $66.91, Grace Kennedy with 610 shares changing hands and ended at $3.55, JMMB Group traded 13,701 shares at 43 cents, Massy Holdings trading 2,868 shares to close at $63.05. National Commercial Bank had 750,063 shares changing hands for a value of $1,125,094 to end at $1.50, National Flour Mills with 120,703 shares being traded for $181,054 closing at $1.50, One Caribbean Media trading 7,555 shares at $22.30, Prestige Holdings with 2,168 shares ended at $10 and Scotiabank trading 150 units to close at $62.11.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than their last selling prices and 1 stock with the offer that was lower.

9 stocks down 8 up Tuesday

Activity on the Jamaica Stock Exchange, resulted in the prices of 8 stocks rising, 9 declining as 23 securities changed hands, ending in 2,465,588 units trading, valued at $17,727,553, in all market segments.
JSE sum 14-4-15 Main Market| The JSE Market Index lost 511.59 points to 84,808.30, the JSE All Jamaican Composite index fell 571.97 points to close at 93,537.92 and the JSE combined index declined by 441.31 points to close at 86,588.19.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 11 stocks with bids higher than their last selling prices and just 3 with offers that were lower.
Caribbean Cement traded 303,000 shares to close at $2.20 after losing 10 cents and trading as high as $2.30, at the close there were 885,782 shares on the bid to buy at $2.20. Carreras had 58,560 shares changing hands at $42, Gleaner Company traded 147,918 shares at 84 cents,JSE qts 14-4-15 Jamaica Broilers Group had 370,909 units trading at the close at $4.50. JMMB Group, the holding company for Jamaica Money Market Brokers, traded 17,000 shares at 7.02 for a 3 cents loss but the stock closed with a bid to buy 10,851 shares at $7.48. National Commercial Bank traded 357,680 units while closing 25 cents higher at $25.50, but traded as low as $25.26 and Jamaica Money Market Brokers 8.75% preference share closed with 544,485 units trading at $3.10, down 10 cents.
Salada Foods traded just 5,000 shares but lost $1.30 in closing at $9, Scotia Investments traded 10,400 units to close 5o cents up at $23.50,

D&G at new high with $64m trade

D&G traded over 10m shares on Monday

D&G traded over 10m shares on Monday

Desnoes & Geddes traded 10,710,929 shares, with a value of $64,265,574. Mayberry Investments sold from within their in house portfolio at $6 per shares, with the price ending at a new 52 weeks’ high after gaining 45 cents for the day.
Sagicor Investments bought the block as brokers for the buyer. Carreras was the other major traded to take place in the market with 1.3 million shares in ten separate trades. NCB Capital Market sold from in house inventory with Scotia Investments being the broker doing the vast majority of the buying. With the exception of 370 shares which traded at $43, the rest traded at $42.
Activity elsewhere on the Jamaica Stock Exchange, resulted in the prices of 7 stocks rising, 7 declining as 20 securities changed hands, ending in 13,368,989 units trading, valued at $131,890,39, in all market segments.
Main Market| The JSE Market Index lost 327.75 points to 85,319.89, the JSE All Jamaican Composite index fell 366.44 points to close at 94,109.89 and the JSE combined index dropped 351.94 points to close at 87,029.50
JSE sum 13-4-15 IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 12 stocks with bids higher than their last selling prices and 4 with offers that were lower.
Carreras traded 1,300,000 at $42 for a $1 fall, Grace Kennedy with 47,691 shares closed trading at $63 for a $2 fall, Jamaica Money Market Brokers 7.50% preference share, closed with 250,000 units at $2.02, to record a 2 cents gain, Jamaica Producers Group lost $1.04 in trading only 200 shares and ended at $15.96. Sagicor Group traded 50,268 shares between $10.03 and $10.50 before closing at $10.50, Scotia Group ended up trading 354,932 shares for 45 cents higher at $22.50, Scotia Investments had 20,000 shares changing hands at $23 for a decline of 80 cents and Supreme Ventures closing with 36,120 units at $2.84, a decline of 11 cents.JSE qts 13-4-15 Stocks with good interest to buy are Berger Paints with 200,000 units on the bid at $1.60, Jamaica Broilers with the bid at $4.50 to buy 239,065 shares, JMMB Group with 807,884 shares on the bid at $7.02. Jamaica Producers has buyers for 496,855 units at $15.96, Radio Jamaica 200,000 shares at $1.50, Sagicor Group 341,717 shares on the bid at $10.06 and Scotia Investments with the bid at $23 to buy 133,940 shares.
There is strong interest to sell Sagicor Real Estate X Fund with 1,400,000 being offered at $6.95 and Jamaica Money Market Brokers 8.75% preference share at $3.20 for 400,000 units.

JMMB profit down slightly but…

JMMB sign at Knut BrnchJMMB Group posted a 14 percent fall in net profit compared to 2013, with profit after tax of J$1.85 billion. Earnings per share amounted to J$1.14 for the nine month period to December 2014, and $644 million after tax, for the December quarter or 40 cents per share, in line with the September quarter results of $651 million but just 8 percent below 2013. Operating expenses, however, rose by $220 million in the quarter above that of the September quarter, helping to keep profit down.
Earnings for the full fiscal year to March, should end around $1.60 per share, at a stock price of $7 and a PE of 3.5, the stock is undervalued. Profit before tax was higher for the latest quarter, a near $100 million increase in corporate tax provision resulted in net profit falling behind the December 2013 quarter. Operating revenues grew 18.1 percent over prior period, to J$7.8 billion, due mainly to acquisition of two subsidiaries and $2.8 billion for the quarter versus $2.45 billion for the December 2013 quarter.
JMMB_ibl_logoThe group’s Net Interest Income grew J$270 million or 7.1 percent year-over-year to J$4 billion. Management attributed the growth to “expanded business lines through the acquisition of Intercommercial Bank (IBL) in October 2013, coupled with effectively managing the group’s investment portfolio and cost of funds. Other operating revenues, namely, gains on securities trading, foreign exchange margins from cambio trading, and commission income also reflected increases of 25.2 percent, 78.5 percent and 30.7 percent respectively, these were driven largely by volume increases and taking advantage of market opportunities. Our operations in the Dominican Republic continue to produce positive results contributing J$508 million to the Group and IBL contributed J$162 million to the group’s earnings.”
Operating expenses increased from J$3.99 billion to J$5.45 billion. ”Expenses associated with the expansion of the group through the acquisition of IBL and AIC Securities accounted for J$796 million (54.6 percent) of this increase and the remaining J$662 (45.4 percent) is attributable to costs associated with integration, growth in subsidiaries in the regional markets, increase in asset tax and normal inflationary increases”, management advised shareholders.
One of the effects of the increase in operating costs was that the group’s efficiency ratio (administrative costs as a percentage of operating revenue) moved from 60.4 percent in 2013 to 69.9 percent. Management is taking medium to long-term measures to correct this increase, mainly through extracting synergies from its recent acquisitions through its integrated financial services model across regional territories, the company stated.
JMMB 12-14Concerns|Insider selling of the company’s stock has been high, raising concerns about the prospects going forward, with the likely impact on earnings that could arise with the restrictions being placed on repo trades that will see smaller amounts no longer acceptable to be booked directly by dealers. This change will affect margins on such funds, even if they are shifted to unit trust. The company made much income from foreign exchange trading which could be curtailed with what seems set to be greater stability in rate of the Jamaican dollar against the US dollar. IBL is operating in Trinidad where the economy is facing reduced income from the energy industry with the fall in the price of oil and gas, the country also is faced with high inflation, these developments are likely to see measures being implemented that could constrain business activities and so affect income and profits in the subsidiaries in that country.
Locally, Treasury bill rates have been falling since the first half of 2014 and seem set to decline some more, this can be both positive and negative, depending on the length of time, funds are placed on the asset and liabilities sides. Lower rates mean less income being earned by the company’s own funds, some investments will see an increase in values and greater activity in the stock market which can lead to more fee income as well as appreciation in any stock portfolio it may hold.
JMMB Group will replace shares in Jamaica Money Brokers shortly, and become the listed company. Shareholders of the group were paid 33 cents in dividend last year.