A load of third quarter results hit the market during the past week, while some were good a large number were disappointing, collectively they offered no help to a market that continues to struggle with the Main Market being steady at the end of the week but the Junior Market declined compared with the previous week, for a second week of decline, having undergone wild daily swings during the week.
Price movements in the market and reduced profits in some cases resulted in three new ICTOP10 listings for the Junior Market and none for the Main Market.
Action in the Junior Market, resulted in Iron Rock Insurance gaining 10 percent to $2.19, followed by a 9 percent rise in Dolphin Cove to $18 after an announcement of an 80 cents dividend to be paid in December and the release of third quarter results and Jamaican Teas added 14 cents for a 7 percent rally. Everything Fresh shed 7 percent to $1.45, followed by Caribbean Cream down 6 percent to $3.38 and Lasco Manufacturing dropping 5 percent to $4.50.
The Main Market closed the week with few notable price changes and ended with Palace Amusement Company gaining 7 percent to $1.30, while 138 Student Living declined by 5 percent to $4.
There were no new additions to the Main Market IC TOP 10, however, the Junior Market, had 3 new additions with Express Catering coming in as well as Caribbean Flavours and Lasco Distributors, replacing Dolphin Cove enjoyed b appreciation during the week, Everything Fresh that also dropped out following downward adjustment to earnings, after the company released third quarter results with weak profit performance although revenues in the quarter rose nicely over the similar period in 2022 and Caribbean Assurance with management advising of a surprising 40 percent cut in “the International Comprehensive Health Insurance Programme’s renewal commission rate, with a corresponding 40 percent increase in its new business rate, with the expressed intention of incentivising the production and consistent growth of new business.” Unfortunately, Management gave no timeline when revenues will return to traditional levels.
An indication 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, well below the market average of 13.1. The Main Market ICTOP10 is projected to gain an average of 320 percent by May 2024, based on 2023 forecasted earnings.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 20 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 6.9, just over half of the market, with an average of 13.1. There are 14 stocks, or 29 percent of the market, with PEs from 15 to 46, averaging 21 that are well above the market’s average of 13. The top half of the market has an average PE of 18, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 260 percent on or around May 2024.
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.
ICTOP10 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, resulting 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 8,247,700 shares were traded for $96,457,587 versus 9,049,895 units at $57,441,768 on Thursday.
The Main Market ended trading with an average PE Ratio of 12.8. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Jamaica Stock Exchange rose 39 cents and ended at $9.82 after an exchange of 80,721 stocks, Key Insurance rallied 35 cents to end at $2.25, with 120 units crossing the market, Kingston Wharves advanced $1.98 in closing at $28 after an exchange of 12,121 stocks. Mayberry Investments rose 31 cents to close at $8.16 after 6,324 units passed through the market, Mayberry Jamaican Equities fell $1.24 to $9, with 70,300 shares changing hands, NCB Financial declined $4 to end at $66 with an exchange of 433,935 stock units. Proven Investments advanced 98 cents in closing at $23 after trading 3,225 shares, Sagicor Group shed $1 to close at $41.10, with 466,034 stocks crossing the exchange, 
Scotia Group popped 50 cents and ended at $34 with investors dealing in 30,975 units and Wisynco Group rallied 50 cents to $19.60 while exchanging 11,521 stock units.
Trading activity on the Jamaica Stock Exchange Main Market ended on Thursday, with the volume of stocks changing hands rising 16 percent with a 40 percent lower value than on Wednesday. Trading took place in 52 securities compared to 55 on Wednesday, resulting in 24 rising, 16 declining and 12 ending unchanged.
Carreras led trading with 3.18 million shares for 35.1 percent of total volume followed by Wigton Windfarm with 1.74 million units for 19.2 percent of the day’s trade and Ciboney Group with 1.71 million units for 18.9 percent of the day’s trad
GraceKennedy climbed 89 cents to end at $72.89 after a transfer of 112,399 stocks, Key Insurance fell 50 cents in closing at a 52 weeks’ low of $1.90 with stakeholders exchanging 69,034 units, Massy Holdings shed $1 to close at $90, with 805 stocks changing hands. NCB Financial shed $2.39 to end at $70 with investors dealing in 45,046 shares, Proven Investments skidded 73 cents in closing at $22.02 in an exchange of 15,505 stock units, Salada Foods increased 42 cents to close at $3.02 with traders dealing in 562 shares. Scotia Group dipped 50 cents to end at $33.50 as investors exchanged 131,682 stock units, 
Seprod rallied 25 cents to $75.25 with 3,156 units clearing the market and Stanley Motta rose 55 cents in closing at $6 with an exchange of just 250 stocks.
In total 7,777,704 shares were traded for $95,955,593, sharply down from 106,705,122 units at $248,485,563 on Tuesday.
The Main Market ended trading with an average PE Ratio of 12.3. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies who’s financial year ends around August 2024.
NCB Financial skidded $1.10 and ended at $72.39 with shareholders swapping 178,366 units, Pan Jamaica rose $1 to $47 with 643 stocks clearing the market, Proven Investments shed 98 cents in closing at $22.75 with an exchange of 551 units. Salada Foods declined 44 cents to end at $2.60, with 12,850 shares changing hands, Supreme Ventures rallied 50 cents to $26.50 with a transfer of 67,347 stocks, Sygnus Credit Investments popped 35 cents and ended at $11.80 after 16,050 stock units passed through the market and Wisynco Group dropped 50 cents to end at $19 in switching ownership of 1,180,403 shares.
In the preference segment, Jamaica Public Service 7% shed 99 cents in closing at $41.01 with investors transferring 673 units and Productive Business Solutions 10.5% preference share advanced $50 to close at $1,150 in an exchange of 300 stocks.
At the close, 106,705,122 shares were traded for $248,485,563 compared to 6,345,906 stock units at $88,810,985 on Monday.
Sagicor Select Financial Fund closed with 1.07 million units for 1 percent of total volume.
General Accident lost 44 cents to close at $4.56 in trading a mere 200 shares. Guardian Holdings climbed 47 cents to $412.50 with investors trading 44 stock units, Jamaica Producers increased $1.15 to end at $22.15 as 256,471 shares passed through the market, Jamaica Stock Exchange rose 65 cents to $9.10 with investors dealing in 1,545 stocks. Kingston Wharves rallied $2.29 to end at $28.79 in an exchange of 3,294 units, Pan Jamaica dropped $1 in closing at $46 with traders dealing in 7,497 stocks, Supreme Ventures gained 45 cents and ended at $26 after an exchange of 18,990 units. Sygnus Credit Investments shed 45 cents to close at $11.45 after 7,403 stocks changed hands, Victoria Mutual Investments declined 37 cents to $2.62 while exchanging 101,363 shares and Wisynco Group fell 98 cents in closing at $19.50 in switching ownership of 119,452 stock units.
In the preference segment, Eppley 7.50% preference share rose 49 cents and ended at $5.99 as investors exchanged 628 shares and JMMB Group 7% preference share climbed 40 cents to close at $2.40 after a transfer of 521 stock units.
The market closed with the volume of stocks traded declining 44 percent and the value 22 percent less than Friday, with trading of 55 securities compared with 57 on Friday, and ended with prices of 12 rising, 30 declining and 13 ending unchanged, but Berger Paints closed at 52 weeks’ lows, but AS Bryden traded at a 52 weeks’ intraday high of $33.64 and an intraday low of $28.99, while Key Insurance traded at an intraday low of $2.10.
The All Jamaican Composite Index rose 2,334.48 points to end at 350,357.91, the JSE Main Index climbed 733.38 points to 315,732.62 and the JSE Financial Index popped 0.45 points to settle at 69.19.
NCB Financial jumped $6.51 in closing at $73.50 after the trading of 223,653 stock units, Proven Investments climbed 69 cents and ended at $23.72 with investors transferring 2,148 units, Sagicor Group dropped 95 cents to end at $42, with 33,342 shares changing hands. Scotia Group skidded 50 cents to close at $34 after an exchange of 463,033 units, Seprod fell $1.95 to $75.05, with 2,878 stocks crossing the exchange, Stanley Motta lost 35 cents to end at $5.45 with investors dealing in 2,119 stock units. Sygnus Real Estate Finance dropped $1.64 in closing at $9.36, with an exchange of 153 shares and Wisynco Group popped 48 cents to close at $20.48 with 32,732 units changing hands.
In the preference segment, Eppley 7.50% preference share shed 43 cents and ended at $5.50, with 1,410 stocks crossing the market. Jamaica Public Service 7% declined $8 to $42 with traders dealing in 1,260 stock units and JMMB Group 7% preference share dipped 45 cents and ended at $2 as investors exchanged 685 shares.
Price movements in the market resulted in two new ICTOP10 listings for the Junior Market and one for the Main Market. In the Junior Market, Dolphin Cove rose 6 percent to $16.50 and AMG Packaging rose 4 percent to $2.44 after trading at a 52 weeks’ low of $1.95 during the week. Paramount Trading dropped 12 percent to $1.48, followed by Everything Fresh shedding 11 percent to $1.56, Iron Rock Insurance fell 9 percent to $2 and Caribbean Assurance Brokers declined 8 percent to end at $2.85.
Importantly selling in the stock has been drastically reduced with just 19 offers up to $15.90 amounting to less than 200,000 shares and 19 bids above $4, with the highest bid amounting to more than the total stocks being offered. Earnings per share for Lasco Financial were reduced to 15 cents for the year and holds the 31st spot on the list.
The PE of the Junior Market TOP10 sits at 5.7, just over half of the market, with an average of 11.9. There are 11 stocks, or 23 percent of the market, with PEs from 15 to 48, averaging 21 that are well above the market’s average. The top half of the market has an average PE of 17, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 260 percent on or around May 2024.
The day closed with rising stocks beating out those declining, with trading in 57 securities, a similar number compared with Thursday and resulted in prices of 23 rising, 19 declining and 15 ending unchanged as the volume of stocks traded rose 52 percent but with a marginally higher value.
At the close of trading, the JSE Combined Market Index popped 1,420.45 points to close at 328.954.78, 
Kingston Wharves lost $1.21 to finish at $17.58, with 3,029,633 stock units crossing the market, MPC Caribbean Clean Energy jumped $12.13 to $93 after an exchange of 102 shares, Margaritaville popped $1.57 in closing at $17.58 after 284 stocks passed through the market. NCB Financial popped $1.99 and ended at $66.99 in switching ownership of 35,941 units, Pan Jamaica shed $2.50 to close at $47 with shareholders swapping 1,057 stocks, Seprod slipped $1 to $77 in an exchange of 12,345 shares. Sygnus Credit Investments gained 60 cents in closing at $11.90 after investors traded 3000 shares, Sygnus Real Estate Fund dropped $0.87 in closing at $11.00 with just 24 shares changing hands and Wisynco Group ended with investors trading 55,638 shares and lost 55 cents in closing at $20.
In the preference segment, Jamaica Public Service 7% climbed $8 to close at $50, with investors dealing in 1,495 stock units and Productive Business Solutions 9.75% preference share popped $10.20 to end at $112.20, with 231 stocks changing hands.
A total of 7,516,087 shares were traded for $111,267,823 versus 12,287,636 units at $53,452,673 on Wednesday.
The All Jamaican Composite Index lost 930.59 points to settle at 349,141.60, the JSE Main Index skidded 521.94 points to close at 313,565.25 and the JSE Financial Index dipped 0.43 points to end at 68.84.
Mayberry Investments advanced 80 cents to end at $7.90 with an exchange of 52,843 units, MPC Caribbean Clean Energy popped $7.36 in closing at $80.87 after 24 stocks passed through the market, NCB Financial dipped $1.99 and ended at $65 in switching ownership of 16,490 units. Pan Jamaica skidded 95 cents to close at $49.50 with shareholders swapping 72,815 stocks and Seprod rallied $3 to $78 in an exchange of 928,228 shares.
JMMB Group 7% preference share increased 45 cents to $2.45 with investors transferring 59 stock units and Productive Business Solutions 9.75% preference share popped $1 to end at $102, with three stocks changing hands.
A total of 12,287,636 shares were traded for $53,452,673 down from 17,113,084 units at $207,420,352 on Tuesday.
The Main Market ended trading with an average PE Ratio of 12.1. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Mayberry Investments dipped 90 cents in closing at $7.10 after investors traded 4,434 stock units, MPC Caribbean Clean Energy skidded $1.66 to $73.51 with an exchange of 33 units, NCB Financial increased $1.99 in closing at $66.99, with 47,222 stocks clearing the market. Pan Jamaica advanced $2.95 to close at $50.45 with investors transferring 11,414 units, Proven Investments lost 73 cents and ended at $23 after 1,859 stocks passed through the market, Sagicor Group gained $1 to end at $43 with traders dealing in 7,726 shares. Seprod fell $4.99 to $75 after an exchange of 18,465 stock units and Stanley Motta popped 58 cents to end at $5.78 after trading 5,481 shares.
In the preference segment, Jamaica Public Service 7% shed $7.35 in closing at $41.65 after exchanging 47 stocks and Jamaica Public Service 9.5% dropped $100 and ended at $2800 with investors dealing in 1 unit.
