2023 was not a great year for the Jamaica Stock Market, with all three JSE markets declining moderately and sending powerful messages to investors, with several companies reporting increased profit, enjoying increased prices. Transjamaican Highway delivered an outstanding performance, ending the year up 93 percent and paid a 19 cents dividend for an overall return of 106 percent for the year.
Transjamaican Highway gained 93% for 2023.
Readers of this publication would have gotten a good lead ahead of the first set of results in the year with the stock listed as a Stock to Watch in April, with the price then at $1.77 and gained 53 percent since, plus the dividend.
Other notable gains were recorded by Ciboney at 107 percent, following a change in ownership of the company, Main Event rising 55 percent, Regency Petroleum rallied at 47 percent, Knutsford Express at 45 percent and Dolphin Cove at 39 percent plus paying dividends of $1.85 during the year thus raising the returns to 53 percent.
There were several disappointing performances but one message is the import of proper stock selections and the benefits of portfolio diversification.
The Main Market all Jamaica Composite Index rose 17,082 points or 5 percent and the Junior Market just 2 percent during December, with technical indicators showing the Main Market now in a bullish state, having broken out sharply from a wedge formation, but the Junior Market remains under pressure for the time being, except for a limited number of stocks.
At the close of the market, four Junior Market stocks gained between eight and 26 percent and 5 fell by 7 percent and less, while three Main Market stocks rose between one to 15 percent and two fell by 6 percent each.
The Main Market ICTOP10 ended with, Palace Amusement gaining 15 percent to $1.40, followed by JMMB Group up 4 percent to $26 and Margaritaville 3 percent to $17.58, while 138 Student Living and Key Insurance declined 6 percent each two $3.89 and $2.25 respectively.
The Junior Market ended the week, with Caribbean Cream jumping 26 percent to $4.59, Jamaican Teas popping 21 percent to $2.80, a 52 weeks’ high. AMG Packaging climbed 12 percent to $3.02 and Tropical Battery rose 8 percent to end the week at $1.90. Lasco Manufacturing fell 7 percent to $4.31, Lasco Distributors and Paramount Trading fell by 4 percent each to $3.75 and $1.60 respectively.
Tropical Battery dropped out of the IC Junior Market TOP10, and Access Financial replaced it.
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 14 and the Junior Market TOP10 sits at 7.3, just over half of the market, with an average of 14.1.
The Main Market ICTOP10 is projected to gain an average of 286 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 184 percent over the same time frame.
In the Main Market ICTOP 10, a total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 108, with an average of 32 and 23 excluding the highest PE ratios, and a PE of 26 for the top half and 19 excluding the stocks with overweight values.
In the Junior Market, there are 16 stocks, or 33 percent of the market, with PEs from 15 to 55, averaging 22, well above the market’s average. The top half of the market has an average PE of 20, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. 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 will likely deliver the best returns on or around 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.
The market closed with an exchange of 58,141,717 stock units for $143,291,459 versus 10,388,698 units at $24,745,282 on Thursday.
The Junior Market ended trading with an average PE Ratio of 14.1, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending around August 2024.
Image Plus rallied 11 cents to close at $2.05 with investors transferring 2,892,365 units, Indies Pharma popped 14 cents to close at $3.09 after an exchange of 853,375 stocks, Jamaican Teas advanced 21 cents to end at 52 weeks’ high of $2.80, with 1,789,229 stock units crossing the market. Jetcon Corporation rose 19 cents in closing at $1.09 with an exchange of 603,626 shares, Lasco Distributors declined 10 cents to close at $3.75 with 396,396 stock units clearing the market, Lasco Manufacturing shed 19 cents and ended at $4.31 with investors dealing in 9,827 units. Mailpac Group gained 16 cents to $2.29 after an exchange of 617,768 stocks, MFS Capital Partners rallied 24 cents to end at $2.24 with investors trading 409,204 units, ONE on ONE Educational increased 8 cents in closing at $1.10, with 908,832 shares changing hands. 
Paramount Trading climbed 17 cents and ended at $1.60 in trading 5,000 stock units, Regency Petroleum increased 22 cents to close at $2.48 after 4,687,683 stocks changed hands and Spur Tree Spices dropped 57 cents to close out the year at $2.76 after investors traded trading 1,707,764 shares.
At the close of trading 107,792,193 shares, were traded in all three markets, up from 65,137,916 units on Wednesday.
Declining Main Market stocks were Guardian Holdings down $23 and Eppley with a fall of $2.10.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
A total of 10,388,698 shares changed hands for $24,745,282 compared to 99,492,688 units at $248,103,688 on Wednesday.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and four with lower offers.
etcon Corporation climbed 11 cents in closing at 90 cents in switching ownership of 530,832 units. KLE Group rose 40 cents to end at $1.90 while exchanging 784,660 shares, Knutsford Express advanced $1.20 to close at $12.60 with 300 stock units crossing the market, Lasco Manufacturing skidded 14 cents and ended at $4.50 with an exchange of 11,703 units. Lumber Depot gained 10 cents and landed at $2.60, with 270,334 stock units crossing the market, MFS Capital Partners lost 27 cents in closing at $2 after an exchange of 173,637 shares, Paramount Trading shed 26 cents to end at $1.43 in trading 6,800 stocks. Spur Tree Spices jumped 44 cents and ended at $3.33 as investors exchanged 3,088,133 units and Tropical Battery increased 21 cents to close at $1.95 after investors ended trading 272,925 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
A total of 65,137,916 shares, were traded in all three markets, from 132,966,020 units on Wednesday.
At the close of trading on Thursday, the JSE Combined Market Index jumped 4,106.46 points to 334,623.18, the All Jamaican Composite Index surged 6,057.90 points to 360,454.68, the JSE Main Index rallied 3,911.29 points to end trading at 321,471.63. The Junior Market Index surged 50.05 points to end at 3,783.30 and the JSE USD Market Index rose 1.89 points to wrap-up trading at 224.35.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Mailpac Group was the leading trade with 50.06 million shares for 50.3 percent of total volume followed by Jamaican Teas with 32.75 million units for 32.9 percent of the day’s trade, Future Energy chipped in with 10.59 million units for 10.6 percent market share and Spur Tree Spices with 2.34 million units for 2.4 percent of total volume.
At the close, the Junior Market Index rose 5.11 points to end at 3,733.25.
Cargo Handlers popped $1.84 in closing at $14.92 with investors trading 923 units, Dolphin Cove skidded 14 cents to close at $17 after an exchange of 701 stocks, Fontana advanced 16 cents to $10.14 with investors transferring 36,524 units. Honey Bun sank 14 cents to close at $6.26 in an exchange of 2,252 shares, Indies Pharma rose 14 cents and ended at $2.99, with 34,657 stock units crossing the market, ISP Finance shed $4.55 in closing at $24.85 with an exchange of 1,244 shares. Jamaican Teas climbed 19 cents to end at $2.50 after investors ended trading 32,747,972 stocks, Knutsford Express dropped $1.18 in closing at $11.40 while exchanging 5,852 units, Medical Disposables increased 20 cents to $2.70 in trading 6,000 stock units and Spur Tree Spices gained 39 cents to close at $2.89 with, 2,339,563 shares changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
A total of 132,966,020 shares, were traded in all three markets, up from 123,026,015 units on Friday.
At the close of trading, the JSE Combined Market Index rose 1,922.04 points to close at 330,516.72, the All Jamaican Composite Index rallied 858.00 points to 354,396.78, the JSE Main Index rallied 761.89 points to wrap-up trading at 317,560.34. The Junior Market Index popped 5.11 points to end the day at 3,733.25 and the JSE USD Market Index rose 1.36 points to conclude trading at 222.46.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
The Main Market ICTOP10 ended with, General Accident declined 11 percent to $4.50. Buying interest picked up during the week for Scotia Group pushing the stock to several 52 weeks’ highs and a rose of 7 percent for the week to a 52 weeks’ closing high of $38.40. This stock has much more juice left that should take it into the $40 range by early 2024. Caribbean Producers rallied 6 percent to $9, while Margaritaville also rose 6 percent and closed at $17 and Pulse Investments rose 5 percent to $2.09 and Key Insurance slipped 4 percent to $2.40.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.1. The Main Market ICTOP10 is projected to gain an average of 288 percent by May 2024, based on 2023 forecasted earnings and now provides better values than the Junior Market with the potential to gain 195 percent over the same time frame.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. 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.
for 1.9 percent of total volume, resulting with the volume of stocks traded surging 3,131 percent, with the value 5,722 percent more than Thursday after trading in 40 securities as was the case on Thursday and ended with 16 rising, nine declining and 15 closing unchanged.
At the close of trading, the Junior Market Index climbed 45.75 points to close at 3,728.14.
Indies Pharma dropped 10 cents to close at $2.85 with a transfer of 2,500 shares, Iron Rock Insurance increased 49 cents to $2.55 with investors dealing in 2 units. Limners and Bards gained 14 cents in closing at $1.68 in an exchange of 500 stocks, One Great Studio advanced 12 cents and ended at 97 cents with investors transferring 259,498 stock units, Regency Petroleum rose 10 cents to end at $2.30 in an exchange of 36,407 shares. Spur Tree Spices climbed 25 cents to close at $2.50 with 1,844,997 stock units crossing the market and Stationery and Office Supplies popped 11 cents to $1.74 while exchanging 109,880 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The value of stocks traded on the Junior and Main markets surged to $527.23 million compared with a mere $48.29 million on Thursday. The JSE USD market closed after 159,494 shares were traded, for US$2,742 compared to 6,525 units at US$320 on Thursday.
the JSE Main Index rallied by 812.63 points to end trading at 316,798.45. The Junior Market Index rallied 45.75 points to end the day at 3,728.14 and the JSE USD Market Index skidded 2.03 points to wrap up trading at 221.10.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.