Carib Cement drops $4.85

Barita Investments and Eppley Caribbean Property Fund gained over $1 but sharp declines in Caribbean Cement, down $4.85, Kingston Wharves falling $3.16, Jamaica Producers losing $1.35 and Pan Jamaica skidding $1 pressured the Jamaica Stock Exchange Main Market on Tuesday. Trading activity dropped sharply, with a 41 percent decline in the volume of stocks traded with 55 percent lower value than Monday, resulting from trading in 53 securities compared with 54 on Monday, with 18 rising, 20 declining and 15 ending unchanged.
A total of 5,365,366 shares were traded for $60,054,838 versus 9,156,436 units at $134,445,305 on Monday.
Trading averaged 101,233 shares at $1,133,110 versus 169,564 shares at $2,489,728 on Monday and month to date, an average of 137,507 units at $1,211,952 compared to 142,462 units at $1,222,721, the previous day. August closed with an average of 316,608 units at $1,867,646.
Transjamaican Highway led trading with 1.57 million shares for 29.2 percent of total volume followed by Carreras with 1.40 million units for 26.2 percent of the day’s trade and Wigton Windfarm with 469,969 units for 8.8 percent market share.
The All Jamaican Composite Index lost 1,710.4 points to close at 350,631.24, JSE Main Index skidded 526.78 points to 317,310.39  and the JSE Financial Index slipped 0.27 points to 70.42.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.3 for the Main Market. The JSE Main and USD Market PEs are computed based on the last traded prices and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 13 stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments popped $2.14 and ended at $78.20 after investors ended trading 46,794 shares, Berger Paints declined 59 cents to $7.15 in an exchange of 1,292 units, Caribbean Cement dropped $4.85 to $45.15 while exchanging 14,426 stocks, Eppley Caribbean Property Fund gained $2 in closing at $37 with stakeholders trading 16,143 stock units. Jamaica Producers fell $1.35 to $18.70 with 5,350 units changing hands, Jamaica Stock Exchange rose 50 cents to $10.15, with 19,583 shares crossing the market, JMMB Group climbed $1 to end at $28.50 after 34,852 stock units were traded, Kingston Properties rose 80 cents and ended at $7.40 in trading 10,000 stocks. Kingston Wharves dropped $3.16 to close at $26.80 after a transfer of 5,313 shares, Pan Jamaica dipped $1 in closing at $45 in an exchange of 2,716 stock units, Sagicor Group skidded 50 cents in closing at $44.50, with 155,542 units changing hands, Scotia Group rallied 40 cents and ended at $33.90 after an exchange of 119,374 stocks after the group reported nine month’s profit up 74 percent, to $12.8 billion. Seprod increased 90 cents to end at $69.90 after 963 stocks passed through the market, Stanley Motta advanced 59 cents to $5.34 with investors dealing in 100 units and Sygnus Credit Investments increased 30 cents to close at $11.30, with 58,391 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading jumps on JSE Main Market

Trading activity climbed sharply relative to that on Friday on the Jamaica Stock Exchange Main Market on Monday, with a 74 percent jump in the volume of stocks traded and 149 percent climb in value, with trading in 54 securities compared with 57 on Friday, with prices of 19 rising, 27 declining and eight ending unchanged.
The market closed with trading of 9,156,436 shares at  $134,445,305, up from 5,259,080 units at $54,075,283 on Friday.
Trading averaged 169,564 shares at $2,489,728 that jumped sharply above the 92,265 units for $948,689 on Friday, and month to date, an average of 142,462 units at $1,222,721, compared with 138,081 units at $1,017,876 on the previous trading day. Trading in August averaged 316,608 units at $1,867,646.
Kingston Wharves led trading with 3.50 million shares for 38.2 percent of total volume followed by Transjamaican Highway with 1.97 million units for 21.5 percent of the day’s trade and JMMB Group 7.35% – 2028 with 1.11 million units for 12.1 percent of the day’s trade.
The All Jamaican Composite Index rose 672.31 points to 352,341.68, the JSE Main Index declined 2,517.03 points to finish at 317,837.17 and the JSE Financial Index shed 0.42 points to settle at 70.69.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.2 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 15 stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments dropped $2.90 to end at $76.06 with a transfer of 56,959 shares, Caribbean Cement dipped 30 cents to $50 with shareholders swapping 2,760 stocks, First Rock Real Estate shed 59 cents to close at $7.80 while exchanging 10,002 units, GraceKennedy skidded 30 cents in closing at $70.20 with stakeholders trading 70,580 stocks. Guardian Holdings shed $34.80 to $401.20, with 182 units crossing the market, Jamaica Broilers fell $1 to $31 with an exchange of 66,931 shares, Jamaica Producers climbed $1.44 to end at $20.05 after 2,766 stocks changed hands, Jamaica Stock Exchange lost 35 cents in closing at $9.65 with trading of 17,938 stock units. JMMB Group fell $2.20 and ended at $27.50, with 43,366 stock units clearing the market, Kingston Properties, lost 72 cents to $6.60, with 5,350 units crossing the exchange, Kingston Wharves advanced $3.39 to $29.96 with investors dealing in 3,501,338 shares, Massy Holdings dipped $4.20 to close at $96 with 4,965 stocks being traded. NCB Financial skidded $1.50 in closing at $68.50 after trading 18,481 shares, Pan Jamaica popped $3 to end at $46 with investors transferring 878 units, Pulse Investments rallied 31 cents and ended at $2.51 and closed after trading in 16,227 stocks, Sagicor Group rose 49 cents to $45, with 9,649 stock units crossing the market. Seprod dropped $1.10 and ended at $69 in trading 17,450 shares, Stanley Motta declined 46 cents in closing at $4.75 with traders dealing in 30,730 stock units, Sygnus Credit Investments shed 30 cents to close at $11 after an exchange of 71,631 stocks and Wisynco Group increased 60 cents to end at $18 after exchanging 122,891 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Elite Diagnostic moves into ICTOP10

Elite Diagnostic returns to the Junior Market ICTOP10 listing at the number 2 spot, Dolphin Cove dropped out but there are no changes to the Main Market Listing.
Elite Diagnostics had a bad fiscal year to June, with a loss of $1.7 million in the June quarter and a profit of only $2.8 million for the year, down from $49 million in 2022. With finance cost jumping to $47 million from $27 million the previous year while depreciation climbed by $41 million to $148 million. ICInsider.com expect revenues to keep on climbing at a above average rate and for cost to increase at a slower pace and deliver an attractive profit which is projected at 40 cents for the year. Recent history suggests that forecasts can be derailed by unforeseen developments, but the stock is worth while looking at as a medium term investment that is undervalued relative to potential.
Developments in the past week, the Main Market, now reflects the Jamaica market price for Margaritaville that climbed 16 percent to $16.30, followed by an eight percent increase for JMMB Group to$29.70 following an announcement from the company that the will be implementing a $10 million stock buyback, while 138 Student Living popped 5 percent to $4.33 and Key Insurance shed 13 percent to close the week at $2.50.
The Junior Market ICTOP10 closed the week with General Accident rising 10 percent to $4.94, followed by Caribbean Assurance Brokers, up 6 percent to $2.83 as Iron Rock Insurance dropped 9 percent to $2.10 and Everything Fresh dipped 5 percent to $1.30.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to have an average of 330 percent, to May 2024, based on 2023 forecasted earnings.
A total of 12 of the most highly valued stocks representing 26 percent of the Main Market are priced with a PE of 15 to 84, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.1 compared with the market at 10.6. There are 10 stocks or 21 percent of the market, with PEs from 15 to 39, averaging 21 that are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 298 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.
The markets are not in a bullish state but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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.

Main Market glides into weekend

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Trading resulted in a 50 percent decline in the volume of stocks trading with a 32 percent fall in the value compared, with trading on Thursday, on the Jamaica Stock Exchange Main Market on Friday, following trading in 57 securities compared with 51 on Thursday and ending, with 19 rising, 18 declining and 20 ending unchanged.
On Friday 5,259,080 shares were traded for $54,075,283 compared to 10,619,694 units at $79,408,765 on Thursday.
Trading averaged 92,265 shares at $948,689 compared to 208,229 units at $1,557,035 on Thursday. Trading for the month to date, averages 138,081 stocks at $1,017,876, down from 147,509 units at $1,032,113 on the previous day. Trading ended in August with an average of 316,608 units at $1,867,646.
Transjamaican Highway led trading with 1.60 million shares for 30.5 percent of total volume followed by Wigton Windfarm with 851,566 units for 16.2 percent of the day’s trade and Sagicor Select Financial Fund with 700,528 units for 13.3 percent market share.
The All Jamaican Composite Index shed 490.45 points to conclude trading at 351,669.37, the JSE Main Index climbed 1,820.33 points to settle at 320,354.20 and the JSE Financial Index gained 0.91 points to 71.11.
The PE Ratio, a formula to compute appropriate stock values, averages 12.2 for the Main Market. The JSE Main and USD Market PE ratios are computed using the last traded prices and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 13 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Berger Paints increased 55 cents to close at $7.70, with an exchange of 2,773 shares, First Rock Real Estate popped 39 cents in closing at $8.39, with 2,659 stock units changing hands, GraceKennedy fell $1 to $70.50 with 30,505 stocks being traded, Guardian Holdings rallied $34.80 to $436 with 145 units changing hands. Jamaica Stock Exchange rose 50 cents and ended at $10 with investors dealing in 98,700 stock units, JMMB Group climbed $2.21 in closing at $29.70 with 175,016 stocks being traded, following an announcement by the company that it will be buying back 10 million shares in the open market. Kingston Wharves dropped $2.44 to close at $26.57 with a transfer of 22,863 shares, Margaritaville advanced 30 cents to end at $16.30 after a transfer of a mere unit. NCB Financial gained $1.90 to close at $70 after 27,066 shares changed hands, Pan Jamaica skidded $1 to $43 with investors swapping 1,645 stock units, Sagicor Group shed 59 cents to close at $44.51 in trading 112,999 units. Scotia Group advanced 39 cents in closing at $33.44 as investors exchanged 309,106 stocks, Stanley Motta climbed 61 cents to end at $5.21, with 1,001 shares crossing the market and Supreme Ventures fell 76 cents and ended at $26.74 with an exchange of 138,995 units.
In the preference segmentEppley 7.25% preference share rose $1.39 to $20 in an exchange of 69 stocks, Jamaica Public Service 9.5% gained $109.99 in closing at $3099.99 after investors traded just one stock and Productive Business Solutions 10.5% preference share dropped $135 to $1.200, with 150 stocks clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

More Main Market losers than winners

Declining stocks outgunned rising stocks nearly 2 to 1 at the close of trading activity on the Jamaica Stock Exchange Main Market on Thursday, as the volume of stocks traded declined 10 percent as the value climbed 27 percent over Wednesday, leading to trading in 51 securities down from 56 on Wednesday, with prices of 15 rising, 28 declining and eight ending unchanged.
A total of 10,619,694 shares were traded for $79,408,765 compared with 11,780,581 units at $62,395,782 on Wednesday.
Trading averaged 208,229 shares at $1,557,035 compared with 210,368 shares at $1,114,210 on Wednesday and month to date, an average of 147,509 units at $1,032,113 compared to 133,806 units at $913,657 on the previous day. August closed with an average of 316,608 units at $1,867,646.
JMMB Group 7.5% preference share led trading with 4.82 million shares for 45.4 percent of total volume followed by Wisynco Group with 1.66 million units for 15.6 percent of the day’s trade and Sagicor Select Financial Fund with 957,709 units for 9 percent market share.
The All Jamaican Composite Index shed 1,632.39 points to close at 352,159.82, the JSE Main Index dipped 707.07 points to 318,533.87 and the JSE Financial Index shed 0.39 points to close at 70.20.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.2 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement declined 60 cents and ended at $50.30 after a transfer of 1,130 shares, Caribbean Producers gained 30 cents to close at $9.95 while exchanging 100 units, Carreras shed 50 cents to end at $8.20 with an exchange of 324,379 stock units. GraceKennedy dipped 68 cents in closing at $71.50 after exchanging 76,459 stocks, Jamaica Stock Exchange dropped 69 cents to close at $9.50 with stakeholders exchanging 5,073 stock units, Kingston Properties rallied 57 cents to close at $7.32 after trading 3,430 stocks. NCB Financial skidded $1.90 to end at $68.10 with investors trading 35,818 shares, Sagicor Group fell 90 cents to $45.10 with traders dealing in 4,827 units, Scotia Group lost 70 cents in closing at $33.05, with 211,602 stocks crossing the market. Seprod skidded 90 cents and ended at $70.10 after 977 units passed through the market and Stanley Motta dropped 61 cents in closing at $4.60 as investors exchanged 44,895 stock units.
In the preference segmentJamaica Public Service 7% increased $14 to $55 and closed trading with 62 shares changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Main Market falters on Wednesday

The Jamaica Stock Exchange Main Market lost ground at the end of trading on Wednesday, even as the volume of stocks traded rose 217 percent and the value 27 percent more than on Tuesday, with trading occurring in 56 securities as was the case on Tuesday and ended with prices of 20 rising, 27 declining and nine ending unchanged.
A total of 11,780,581 shares were traded for $62,395,782 compared with 3,715,775 units at $49,296,741 on Tuesday.
Trading averaged 210,368 shares at $1,114,210, up from 66,353 units at $880,299 on Tuesday and month to date, an average of 133,806 stocks at $913,657, compared to 108,586 units at $847,593 on the previous day, but trading remains below August’s level with an average of 316,608 units at $1,867,646.
JMMB Group 7.5% led trading with 3.56 million shares for 30.2 percent of trading, Transjamaican Highway was next with 3.18 million units for 27 percent of the day’s trade and Wigton Windfarm with 797,850 units for 6.8 percent market share.
The All Jamaican Composite Index declined 1,333.01 points to 353,792.21, the JSE Main Index dropped 2,522.83 points to 319,240.94 and the JSE Financial Index dipped 0.36 points to end at 70.59.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.2 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 15 stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Barita Investments shed $1 to $79 trading 283,275 shares, Berger Paints fell 59 cents and ended at $7.11 in an exchange of 311 stocks, Caribbean Producers skidded 35 cents to end at $9.65 with an exchange of 5,525 stock units, Carreras increased 40 cents in closing at $8.70 with a transfer of 147,606 units. Eppley Caribbean Property Fund fell $1.36 to close at $35 in switching ownership of 3,572 shares, First Rock Real Estate declined 60 cents to $8 as 5,153 stock units passed through the market, GraceKennedy lost 47 cents in closing at $72.18 after a transfer of 51,533 stocks, Jamaica Producers dropped 85 cents to end at $18.65 with an exchange of 4,474 units. JMMB Group rose 6 cents in trading 83,965 shares to close at $27.55 after the price hit an intraday low of $25.01, Key Insurance fell 37 cents to close at $2.50 with 1,449 units crossing the market, Kingston Properties lost 59 cents and endedat $6.75 with investors swapping 8,600 stocks, Massy Holdings dropped $3.54 to $100.30 after exchanging 63 units. NCB Financial fell $1 to $70 while exchanging 42,609 shares, Portland JSX rose 35 cents to $8.35 after an exchange of 100 units, Pulse Investments dipped 38 cents to end at $2.15 with investors transferring 198,513 stock units, Salada Foods shed 44 cents to $2.60 with traders dealing in 95,849 stocks. Scotia Group rallied 75 cents to $33.75 and closed with an exchange of 29,305 shares, Seprod declined $2 to close at $71 with investors dealing in 13,284 shares, Stanley Motta popped 50 cents to $5.21, with 9,494 stocks crossing the market and Sygnus Credit Investments skidded 55 cents and ended at $11.05 as investors exchanged 140,422 units.
In the preference segmentEppley 7.50% preference share advanced 98 cents in closing at $6.98 in trading 437 stock units and Productive Business Solutions 10.5%  preference share climbed $235 to close at $1335 in an exchange of 120 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Pullback for Main Market

Trading activity continued in a tight range on the Jamaica Stock Exchange Main Market on Tuesday, with a 32 percent decline in the volume of stocks traded, with a 12 percent greater value than on Monday, following trading in 56 securities the same number as Monday and ending with 19 rising, 21 declining and 16 ending unchanged
A total of 3,715,775 shares were traded for $49,296,741 compared to 5,484,765 units at $44,129,207 on Monday.
Trading averaged 66,353 shares at $880,299 compared to 97,942 shares at $788,022 on Monday and month to date, an average of 108,586 units at $847,593, compared with 129,332 stocks at $831,526 on the previous day. August closed with an average of 316,608 units at $1,867,646.
Transjamaican Highway led trading with 670,726 shares for 18.1 percent of total volume followed by Wigton Windfarm with 587,105 units for 15.8 percent of the day’s trade and Sagicor Select Financial Fund with 545,890 units for 14.7 percent market share.
The All Jamaican Composite Index skidded 512.67 points to settle at 355,125.22, the JSE Main Index shed 1,935.10 points to 321,763.77 and the JSE Financial Index dipped 0.30 points to end at 70.95.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.5 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments climbed $3.10 in closing at $80 with 303,049 shares changing hands, Caribbean Producers popped 30 cents to $10 in an exchange of 82,884 stock units, Eppley Caribbean Property Fund climbed $1.36 to end at $36.36 and closed with 120 stocks changing hands. GraceKennedy declined 30 cents and ended at $72.65 after an exchange of 12,535 units, Guardian Holdings skidded $38.55 to close at $401.20 in exchanging 22 units, Jamaica Producers shed 40 cents to close at $19.50 with investors transferring 3,961 shares. Jamaica Stock Exchange rallied 69 cents to end at $10.19 with a transfer of 127,670 stocks, Kingston Properties rose 34 cents and ended at $7.34, with 10,166 stock units changing hands, Massy Holdings lost 66 cents to close at $103.84 as investors traded 474 stock units. Mayberry Jamaican Equities fell 43 cents to $11.07 after an exchange of 652 shares, Pan Jamaica dropped $3.75 to $44.25 while 1,241 stocks were exchanged, Sagicor Group climbed $1 in closing at $46, with 3,705 units crossing the market. Scotia Group dropped 80 cents to end at $33 with investors swapping 319,630 shares and Stanley Motta lost 34 cents to close at $4.71 with traders dealing in 12,996 units.

In the preference segmentEppley 7.50% preference share gained 47 cents to end at $6, with 13 stock units crossing the exchange and Jamaica Public Service 7% declined $12 to close at $41 after a transfer of 454 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Pullback for JSE Main Market

After rising on the previous 4 trading days, the Jamaica Stock Exchange Main Market ended lower on Monday, after the volume of stocks traded declined 41 percent, with the value 13 percent less than on Friday, after investors ended trading in 56 securities compared with 58 on Friday and resulted in 10 rising, 27 declining and 19 ending unchanged.
A total of 5,484,765 shares were traded for $44,129,207 down from 9,259,098 units at $50,664,788 on Friday.
Trading averaged 97,942 shares at $788,022 compared to 159,640 units at $873,531 on Friday and month to date, an average of 129,332 stocks at $831,526, compared to August with an average of 316,608 units at $1,867,646.
Transjamaican Highway led trading with 1.91 million shares for 34.8 percent of total volume followed by JMMB Group 7.5% with 782,313 units for 14.3 percent of the day’s trade and Wigton Windfarm with 603,664 units for 11 percent market share.
The All Jamaican Composite Index skidded 2,686.65 points to 355,637.89, the JSE Main Index fell 938.68 points to end trading at 323,698.87 and the JSE Financial Index lost 1.48 points to finish at 71.25.
The PE Ratio, a formula used in computing appropriate stock values, averages 12.4 for the Main Market’s PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows nine stocks ending with bids higher than their last selling prices and one with a lower offer.
At the close, Barita Investments rose 52 cents and ended at $76.90, with 219,484 shares crossing the market, Eppley skidded 97 cents to $35.53, with 1,734 stocks being traded, Eppley Caribbean Property Fund lost $4 to close at $35 after 26,000 stock units passed through the market. Jamaica Producers popped $1.87 to end at $19.90 after a transfer of 1,700 units, Jamaica Stock Exchange declined 63 cents in closing at $9.50 with investors trading 21,486 stocks, Kingston Properties dropped 48 cents to close at $7 while 13,000 units. were trading, Kingston Wharves shed 99 cents to close at $29 with traders dealing in 3,549 shares, Margaritaville advanced $1.95 to $16 after exchanging 174 stock units, Massy Holdings gained $3.50 to end at $104.50 in an exchange of 19,430 stocks. NCB Financial fell $1.96 and ended at $71 with 96,898 shares, changing hands Pan Jamaica dipped $1.01 and ended at $48, with 6,123 stock units crossing the exchange and Sagicor Group dropped $4.49 to close at $45 in switching ownership of 2,805 units.
In the preference segmentEppley 7.50% preference share declined 47 cents in closing at $5.53 with shareholders swapping 59,061 units and Jamaica Public Service 9.5% surged $189.99 to $2990 in an exchange of 9 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Key Insurance leads movers in ICTOP10

The impact on the market with the presence of an Initial Public Offer opening was not very pronounced this time around, with the One Great Studio opening and closing this past week with the issue being oversubscribed, but the Junior Market did experience a sharp fall early in the week that could well be related to investors seeking funds to invest in the IPO.

In the Main Market, Key Insurance climbed 14 percent to $2.88 to be the sole winner of note, while 138 Student Living crashed 6 percent to $4.11, just a fraction above the APO price for shareholders of $4.05, that is projected to raise just over $2 billion. JMMB Group shed 5 percent to close the week at $27.40, making for a compelling long term investment and Sygnus Credit Investments fell 4 percent to $11.47.
The Junior Market ICTOP10 closed the week with Caribbean Cream dropping 16 percent to $3.50, this comes against the background of sharply falling cost for milk solids, one of the significant input cost in the production of ice cream. Caribbean Assurance Brokers slipped 7 percent to $2.68 and Everything Fresh dropped 14 percent to $1.37 and Image Plus slipped percent to $2.05. Iron Rock Insurance was the gainer of note, rising 10 percent to $2.30.
The pending additional issue of 138 Student Living shares kept the price depressed and with the offer coming public with 513 million shares with an option to upsize by 318.5 million units, it will satisfy a great deal of demand and, therefore, put a short term lid on price appreciation. The situation will be worse as the company lacks the ability to inform investors about its operations in a manner that is befitting of a company its size.
Note that Margaritaville is listed on both the Main Market and the USD Market, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.7. The Main Market TOP10 is projected to have an average of 322 percent to May 2024, based on 2023 forecasted earnings.
The most highly valued Main Market stocks, representing 32 percent of the Main Market, are priced at a PE of 15 to 80, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.3 compared with the market at 10.8. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 40, averaging 21, that is well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 271 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 likely gains for ICTOP10 stocks.
The markets are not in a bullish state, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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 will likely 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, 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.

 

 

JSE Main Market jumps for a 4th day

The Jamaica Stock Exchange Main Market climbed for a fourth consecutive day on Friday, with the market putting in another day of solid gains on Friday accompanied by a 50 percent decline in the volume of stocks traded following an 84 percent drop in value compared with Thursday, with trading in 58 securities up from 53 on Thursday and leading to prices of 15 rising, 24 falling and 19 ending unchanged.
A total of 9,259,098 shares were traded for $50,664,788 versus 18,676,905 units at $323,528,081 on Thursday.
Trading averaged 159,640 shares at $873,531 compared with 352,394 units at $6,104,303 on Thursday compared to an average of 316,608 units at $1,867,646 for August.
Wigton Windfarm led trading with 5.86 million shares for 63.3 percent of the total volume,  Transjamaican Highway was next with 1.30 million units for 14 percent of the day’s trade and JMMB Group 7.5% with 336,417 units for 3.6 percent market share.
The All Jamaican Composite Index popped 3,500.76 points to finish at 358,324.54, the JSE Main Index popped 2,905.75 points to close at 324,637.55 and the JSE Financial Index rose 0.68 points to end at 72.73.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.7 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and nine with lower offers.
At the close, Caribbean Cement dropped $1 in closing at $51 with a transfer of 30,539 shares, GraceKennedy fell 85 cents to end at $73.05 in trading 89,392 stock units, Guardian Holdings climbed $19.20 to $439.70 with investors clearing the market of 80 stocks. Jamaica Producers declined $1.78 to $18.03, with 1,818 stock units crossing the market, Jamaica Stock Exchange shed 55 cents to close at $10.13 after an exchange of 186,022 units, JMMB Group fell 44 cents to $27.40 with 6,068 shares changing hands. Margaritaville dipped $2.30 to end at $14.05 in an exchange of 49 stocks, Massy Holdings advanced 90 cents to $101 with stakeholders exchanging 99 shares, MPC Caribbean Clean Energy skidded $12.30 to close at $69.70 with investors transferring 18 stocks. NCB Financial shed 44 cents and ended at $72.96, with 7,926 shares crossing the market, Portland JSX fell $1 to close at a 52 weeks’ low of $8, with shareholders swapping 244 stock units, Sagicor Group dropped 51 cents and ended at $49.49 with investors dealing in 165,076 units. Sagicor Real Estate Fund gained 35 cents to end at $8.50 in switching ownership of 20 units and Seprod declined $1.62 in closing at $73.37 after exchanging 5,882 shares.
In the preference segmentEppley 7.50%preference share rose 48 cents to $6 with an exchange of 116 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

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