Scotia Group with the supply of the stock increasingly falling, with only 14 offers posted at the close on Friday the stock price jumped 14 percent this past week to a multi-year high of $46, for a gain of 20 percent since the start of the year and 25 percent since the publication on December 17 of “Why
Scotia Group Broke through the channel top on Friday following limited selling in the stock.
Scotia Group should be on your buy list”.
Despite the move, the stock remains in the ICTOP10 with much upside potential, but the price broke through the top of a channel, formed in late November. This coming week may determine whether the price will move decidedly higher to confirm if the break is sustainable.
Elsewhere, TransJamaican, a former 2024 TOP10 stock has gone on to record several record highs during the past week and traded at a record $3.30 and is up 86 percent plus a dividend that represented an 11 percent return since ICInsider.com placed it on the Watch list in April last year, when the price was S1.77.
During the past week, the Main and the Junior markets gained over one percent, led by Scotia Group as the leading market mover, with AMG Packaging following with a 13 percent rise. General Accident was the leading declining stock, down by 11 percent in a week when only four stocks declined in both markets.
The markets closed with no addition to the ICInsider.com TOP 10 stocks.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts that now carry a column of the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.4, just over half of the market, with an average of 13.5
The Main Market ICTOP10 is projected to gain an average of 288 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 175 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 110, with an average of 31 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, or 27 percent of the market, with PEs ranging from 15 to 47, averaging 22, well above the market’s average. The top half of the market has an average PE of 19, possibly the lowest fair value for stocks, currently.
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 11,517,107 shares valued $53,884,020 versus 10,815,734 units at $61,998,356 on Thursday.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and five with lower offers.
Scotia Group popped $5 to a 52 weeks’ high of $46, up 20 percent for the year to date after investors swapped 135,109 stocks, Seprod sank $1.99 to end at $87 after a transfer of 5,068 units, Stanley Motta gained 50 cents in closing at $7 with an exchange of 12,021 stock units. Sygnus Credit Investments rose 73 cents and ended at $11.74, with 175,069 shares crossing the market, Sygnus Real Estate Finance fell $1 to close at $10 in an exchange of 5,101 stock units and Wisynco Group climbed $1.87 to $22.97 with investors trading 10,992 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The market closed trading following 10,815,734 shares being exchanged for $61,998,356 versus 21,834,379 units at $105,407,979 on Wednesday.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and three with lower offers.
Sterling Investments sank 35 cents to close at $2.20 in an exchange of 1,224 stocks, Supreme Ventures dropped 45 cents and ended at $25, with 133,062 units changing hands, Sygnus Credit Investments climbed 36 cents to end at $11.01 after an exchange of 17,123 shares. Sygnus Real Estate Finance fell 50 cents to $11 after 725 stock units passed through the market and Wisynco Group dipped $1.40 to end at $21.10 with traders dealing in 80,737 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The market closed with 21,834,379 shares being trading for $105,407,979 compared with 16,924,804 stock units at $233,823,266 on Tuesday.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and four with lower offers.
Seprod climbed $4.50 and $89 with investors dealing in 30,677 stocks. Supreme Ventures climbed 35 cents to $25.45 while 13,809 shares were traded, Sygnus Real Estate Finance gained $1.25 to end at $11.50 with a transfer of 253 stock units and Wisynco Group rallied 50 cents to close at a 52 weeks’ high of $22.50 after 342,811 stocks passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The market closed with trading of 16,924,804 shares for $233,823,266 compared with 29,601,305 units at $1,004,348,955 on Monday.
The Main Market ended trading with an average PE Ratio of 13.5. 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.
Proven Investments declined $2.40 to end at $22.05 and closed after 7,815 stocks were traded, Sagicor Group shed 31 cents in closing at $45.19 in trading 4,084 shares. Scotia Group dropped $1.35 to close at $40 after a transfer of 55,961 stocks, Seprod advanced 50 cents to $84.50, with 2,590 units changing hands, Supreme Ventures dipped 40 cents to close at $25.10 with an exchange of 46,328 stock units and Sygnus Credit Investments lost 36 cents to end at $10.65, with 412,910 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The market closed with an exchange of 29,601,305 shares for a massive $1,004,348,955, up sharply from just 9,369,749 stock units at $95,805,466 on Friday.
The Main Market ended trading with an average PE Ratio of 13.5. The JSE Main and the USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with their financial year ending around August 2024.
Sagicor Group climbed $2.50 in closing at $45.50 in an exchange of 5,238 stock units, Scotia Group rose 85 cents to $41.35, with 42,245 stocks changing hands, Seprod dropped $1.55 in closing at $84 after an exchange of 5,038 units. Supreme Ventures gained $1 to end at $25.50 with investors dealing in 25,008 stocks and Wisynco Group rallied 95 cents and ended at $22 with a transfer of 46,911 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Two stocks with a notable gain in the Junior Market TOP 10 are Caribbean Cream rising 11 percent to close at $3.79 and Express Catering rose 10 percent to $3.96. AMG Packaging skidded 18 percent to close at $2.60. In the Main Market, there were three stocks with outsize movements. 138 Student Living jumped 19 percent to $4.15 followed by a 13 percent rise respectively for General Accident to $5.35 and Margaritaville to $17.50.
The Main Market ICTOP10 is projected to gain an average of 294 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 181 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.
The market closed with 9,369,749 shares trading valued at $95,805,466 compared with 20,842,200 units at $90,178,686 on Thursday.
Investor’s Choice bid-offer indicator shows eight stocks ending with bids higher than their last selling prices and five with lower offers.
Scotia Group skidded 96 cents to end at $40.50 with a transfer of 8,633 shares, Seprod climbed $2.05 in closing at $85.55 while trading 2,922 stock units, Stanley Motta increased 55 cents and ended at $7, after hitting an intraday 52 weeks’ high of $8 and ended with 1,030 units crossing the exchange and Supreme Ventures dipped 50 cents to $24.50 with traders dealing in 228,609 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The market closed with an exchange of 20,842,200 shares at $90,178,686 compared with 29,083,191 units at $83,058,622 on Wednesday.
The Main Market ended trading with an average PE Ratio of 13.8. 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.
Proven Investments rose 45 cents to close at $21.95 with investors dealing in 4,011 stocks, Sagicor Group sank $1.40 to $42, with 50 shares changing hands, Scotia Group advanced $1.46 and ended at $41.46, with an exchange of 40,442 stock units. Seprod declined $3.30 in closing at $83.50 in trading 265,879 shares and Wisynco Group popped 45 cents to end at $20.98 as 21,488 stocks passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The market closed with an exchange of 29,083,191 shares for $83,058,622 up from 9,890,713 units at $58,907,474 on Tuesday.
The Main Market ended trading with an average PE Ratio of 13.7. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with their financial year ending around August 2024.
Sagicor Group rose $2.40 to end at $43.40 with a transfer of 12,372 stocks, Salada Foods rallied 64 cents and ended at $3.86 with 1,082 shares crossing the exchange. Scotia Group gained 49 cents to close at $40 in switching ownership of 257,885 units, Seprod climbed $2.50 to $86.80 with investors trading 54,910 stocks and Wisynco Group rose 33 cents and ended at $20.53 after a transfer of 32,169 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.