The Main Market of the Jamaica Stock Exchange ended on Monday, with the major market indices jumping for a third consecutive day even as the volume of stocks traded declined marginally by 6 percent and the value climbed 16 percent more than on Friday, with trading in 56 securities compared with 58 on Friday, resulting in the prices of 16rising, 21 falling and 19 ending unchanged.
A total of 16,376,768 shares were traded for $130,799,765 compared to 17,423,772 units at $113,062,974 on Friday.
Trading averaged 292,442 shares at $2,335,710 compared to 300,410 shares at $1,949,362 on Friday and month to date, an average of 307,066 units at $2,129,655, compared to 308,048 units at $2,115,819 on the previous trading day. June closed with an average of 366,795 units at $6,952,581, including trading in bonds.
Transjamaican Highway led trading with 6.29 million shares for 38.4 percent of total volume, followed by JMMB Group 7.35% – 2028 with 1.93 million units for 11.8 percent of the day’s trade, Carreras was next with 1.55 million units for 9.5 percent market share, Wigton Windfarm closed with 1.48 million units for 9.1 percent of the day’s trades and QWI Investments with 1.26 million units for 7.7 percent of total volume.
The All Jamaican Composite Index gained 2,921.07 points to finish at 365,438.57, the JSE Main Index popped 1,479.39 points to 329,347.01 and the JSE Financial Index rose 0.25 points to 73.02.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated 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 12 stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments dipped $1.50 to $74.50 after trading 9,979 shares, Caribbean Cement jumped $7.46 in closing at $57.49, with 169,426 units crossing the market, Caribbean Producers climbed 70 cents to close at $11.47, with 81,091 stocks crossing the exchange, Guardian Holdings shed $25 and ended at $430 after it closed with an exchange of 261 stock units, 
Jamaica Producers increased 50 cents to end at $20.50 after a transfer of 25,601 units, Key Insurance lost 43 cents and ended at $2.51, with stakeholders exchanging 39,760 stock units, Kingston Wharves fell 55 cents to end at $29.25 after an exchange of 531 shares, Massy Holdings dropped 50 cents in closing at $98 after exchanging 12,898 stocks, Mayberry Investments advanced 33 cents to close at $8.49 while exchanging 591 stock units, NCB Financial declined 99 cents to $74 with investors transferring 809,369 units, Seprod dipped $1.10 and ended at $73 after 1,514 shares crossed the market, Supreme Ventures popped 50 cents in closing at $27.99 with a transfer of 5,700 stocks, Sygnus Credit Investments rallied $1.20 to $12.37 in an exchange of 84,056 stocks and Victoria Mutual Investments declined 37 cents to end at $3 in trading 319,190 units.
In the preference segment, Productive Business 10.50% preference share gained $272.50 to close at $1,250 as investors exchanged four shares,
Jamaica Public Service 7% dropped $8.80 to close at $61.20 with 403 stock units clearing the market, Productive Business Solutions 9.75% preference share shed $2 after it ended at $100 in switching ownership of 571 units and Transjamaican Highway 8% fell 65 cents to $2.40 with shareholders swapping 436 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Major price changes for ICTOP10
The past week was one of contrast, with the Main Market rising and the Junior Market declining moderately, as the ICOP10 stocks recorded mixed results ranging from increases of 21 percent and losses of as much as 12 percent, at the same time, Transjamacian Highway that ended last week at $2.78, came under selling pressure on Friday and closed at $2.50 after reaching a record high of $2.88 on Monday and continues to a great buy, especially with the price pulling back.
Guardian Holdings jumped 21 percent during the week
For the week, 5 Junior Market TOP10 stocks declined and just two rose, while the Main Market ended with 5 rising and 4 declining. Image Plus closed at a record high on Friday and dropped out of the TOP10 along with Iron Rock Insurance. Everything Fresh and Elite Diagnostic replaced them, with the latter dropping to a record low of $1.55. There were no changes to the listing for the Main Market TOP10.
In the Junior Market, Image Plus having listed in January this year and never got the usual big IPO bounce, now seems to be just coming into its own, with a 20 percent jump to close the week at $2.50 after the price hit a record high of $2.60 on Friday and was followed by Caribbean Cream, up 10 percent to $4.49 as declining stocks dominated the week with iCreate dropping 12 percent to $1, followed by Dolla Financial shedding 9 percent to $2.08, with Dolphin Cove and OneonOne falling 8 percent to $15 and $1 respectively.
Guardian Holdings jumped 21 percent to $455, following changes in NCB Financial top management team, while Caribbean Producers rose 8 percent to $10.77, Sygnus Credit 
Investments fell 12 percent to $11.17 and Caribbean Cement slipped 9 percent to $50.03.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6, well below the market average of 13.1. The Main Market TOP10 is projected to have an average of 256 percent, to May 2024, based on 2023 forecasted earnings.
The 14 most highly valued Main Market stocks representing 30 percent of the Main Market are priced at a PE of 15 to 98, with an average of 30 and 20 excluding the highest PE ratios, with a PE of 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.6 compared with the market at 11.1. There are 9 stocks representing 19 percent of the market, with PEs from 15 to 41, averaging 21 that are well above the average of the market. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently and projected to rise by 264 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.
Investors continue to nibble away at a number of stocks and gradually reducing the supply of several of them that are attractively priced as the market moves through the summer months, the start of the stock market year when new results will be coming to the market for investors to assess and determine what to do.
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.
More gains for JSE Main Market
The Jamaica Stock Exchange Main Market closed higher for a second consecutive day on Friday, with the volume of stocks changing hands climbing 42 percent and the value 41 percent lower than on Thursday, with 58 securities trading compared with 52 on Thursday, with 26 rising, 19 declining and 13 ending unchanged.
A total of 17,423,772 shares were exchanged for $113,062,974 versus 12,158,165 units at $187,080,964 on Thursday.
Trading averaged 300,410 shares at $1,949,362 compared with 233,811 units at $3,597,711 on Thursday and month to date, an average of 308,048 stocks at $2,115,819, compared with 308,619 units at $2,128,260 on the previous day. Trading in June closed with an average of 366,795 units at $6,952,581, including trading in bonds.
Transjamaican Highway led trading with 5.75 million shares for 33.3 percent of total volume, followed by JMMB Group 7.35% – 2028 with 2.57 million units for 14.9 percent of the day’s trade, Sagicor Select Financial Fund ended with 2.53 million units for 14.6 percent market share, QWI Investments controlled 1.46 million units for 8.4 percent of the market and Wigton Windfarm with 1.40 million units for 8.1 percent of total volume.
The All Jamaican Composite Index rallied 91.12 points to 362,517.50, the JSE Main Index rose 906.61 points to 327,867.62 and the JSE Financial Index dipped 0.08 points to 72.77.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated 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 seven stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments rallied $1.50 and ended at $76 after trading 57,195 shares, First Rock Real Estate fell $1.45 in closing at $9, with 3,400 stock units clearing the market, Guardian Holdings climbed $4 to $455 as investors exchanged 849 units, Jamaica Broilers gained 47 cents to end at $35 with a transfer of 22,072 stocks. Jamaica Stock Exchange dipped $1.21 to close at $10.22 in an exchange of 36,696 stock units, JMMB Group dropped 30 cents in closing at $28.90 in trading 28,280 stocks, Kingston Wharves popped 31 cents and ended at $29.80 after an exchange of 21,223 shares, Margaritaville advanced 40 cents to $15 after an exchange of 54 units. 
Massy Holdings declined 50 cents to end at $98.50, with 5,272 stock units crossing the market, Mayberry Jamaican Equities rose 40 cents to close at $11.90 and closed after 2,505 stocks changed hands, NCB Financial increased $2.49 to end at $74.99 in switching ownership of 709,089 units, 138 Student Living advanced 65 cents to close at $4.65 with an exchange of 111,931 shares. Pan Jamaica shed $1.35 in closing at $49 with stakeholders exchanging 50,625 shares, Proven Investments increased $1.25 to $23.25 in an exchange of 1,228 stocks, Scotia Group rose 70 cents to $33.75, with 204,253 units crossing the market, Seprod climbed $2.10 to $74.10 with investors transferring 3,139 stock units. Supreme Ventures rallied 49 cents to close at $27.49 after a transfer of 208,004 stock units, Sygnus Credit Investments lost 83 cents to end at $11.17 with shareholders swapping 146,619 units, Victoria Mutual Investments gained 37 cents in closing at $3.37, with 56,404 stocks changing hands and Wisynco Group popped 30 cents to end at $18 with 50,440 shares crossing the exchange.
In the preference segment, Eppley 7.50% preference share rallied 91 cents in closing at $6.12, as 3,056 units passed through the market, Jamaica Public Service 7% dipped $1 to $70 while exchanging 1,022 stocks. JMMB Group 7.25% due 2024 preference share fell 30 cents and ended at $1.70 with investors transferring 208,689 shares and 138 Student Living preference share rose $13.39 to close at $102.63 in trading one stock unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
NCB Financial lifts JSE Main Market
Heavy trading activity in shares of NCB Financial pushed the stock up $5.50 to $72.50 was the main driver that helped push the Jamaica Stock Exchange Main Market higher on Thursday, with the volume of stocks traded rising 18 percent and the value 138 percent higher than on Wednesday.
Trading took place in 52 securities up from 54 on Wednesday, with prices of 17 rising, 27 declining and eight ending unchanged after trading of 12,158,165 shares for $187,080,964 compared with 10,337,992 units at $78,663,373 on Wednesday.
Trading averaged 233,811 shares at $3,597,711 versus 191,444 shares at $1,456,729 on Wednesday and month to date, an average of 308,619 units at $2,128,260, compared with 313,992 stocks at $2,022,720 on the previous day. June averaged 366,795 shares at $6,952,581, including bond trades.
Transjamaican Highway led trading with 4.04 million shares for 33.3 percent of total volume, followed by Wigton Windfarm with 2.69 million units for 22.1 percent of the day’s trade, NCB Financial with 1.80 million units for 14.8 percent market share and Sagicor Select Financial Fund with 1.47 million units for 12.1 percent of total volume.
The All Jamaican Composite Index advanced 1,736.10 points to finish at 362,426.38, the JSE Main Index rose 3,614.85 points to finish at 326,961.01, and the JSE Financial Index advanced 1.75 points to end at 72.85.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 for the Main Market. The JSE Main and USD Market PE ratios are calculated 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 16 stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments shed 99 cents to end at $74.50 with an exchange of 604 shares, GraceKennedy advanced 35 cents to end at $77.75 with shareholders swapping 47,582 stock units, Guardian Holdings rose $60 to close at $451 and closed, with just 21 stocks being traded, Jamaica Broilers dipped 47 cents in closing at $34.53, with 40,157 units crossing the market. Jamaica Producers climbed 45 cents to $20 in trading 600 stocks, Jamaica Stock Exchange rallied 55 cents to $11.43 with a transfer of 19,977 shares, JMMB Group popped $1.20 to end at $29.20 as investors exchanged 20,850 units, Kingston Properties declined 41 cents to close at $6.72 with stakeholders trading 4,805 stock units. Kingston Wharves gained 39 cents in closing at $29.49 after an exchange of 362 stock units, 
Massy Holdings jumped $1.90 and ended at $99 in switching ownership of 72,982 shares, Mayberry Jamaican Equities lost 50 cents to end at $11.50 after 108,036 stocks passed through the market, NCB Financialclimbed $5.50 to end at $72.50 after 1,796,678 units changed hands. 138 Student Living dropped 35 cents to close at $4 after a transfer of 2,434 shares, Pan Jamaica rose 85 cents and ended at $50.35 with 31 stock units crossing the exchange, Proven Investments climbed 30 cents in closing at $22 with an exchange of 2,820 units, Sagicor Group fell $1.45 to end at $46 while trading 320,395 stocks. Scotia Group fell $1.15 in closing at $33.05 after exchanging 136,175 shares, Seprod rallied $1.95 and ended at $72, with 2,306 stock units changing hands, Sygnus Credit Investments popped 93 cents to close at $12 after trading 30,536 shares. 
Sygnus Real Estate Finance dipped $1 to $11, with 18,379 units clearing the market, Victoria Mutual Investments dropped 38 cents to $3 after trading 281,720 stocks and Wisynco Group shed 30 cents in closing at $17.70 with investors transferring 48,437 shares.
In the preference segment, Eppley 7.50% preference share declined 79 cents and ended at a 52 weeks’ low of $5.21 in an exchange of 6,637 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading climbs on JSE Main Market
Trading activity picked up moderately on the Jamaica Stock Exchange Main Market on Wednesday, with the volume of stocks traded rising 35 percent and the value 19 percent more than on Tuesday and ended with an exchange of 54 securities compared with 56 on Tuesday, with 16 rising, 24 declining and 14 ending unchanged.
A total of 10,337,992 shares were traded for $78,663,373 compared to 7,658,306 units at $66,155,432 on Tuesday.
Trading averaged 191,444 shares at $1,456,729 compared with 136,755 units at $1,181,347 on Tuesday and trading month to date averaged 313,992 stocks at $2,022,720 versus 323,869 shares at $2,068,337 on the previous day. Trading in June closed with an average of 366,795 units at $6,952,581, including bonds traded.
Transjamaican Highway led trading with 3.30 million shares for 31.9 percent of the total volume, followed by Wigton Windfarm, with 2.04 million units for 19.8 percent of the day’s trade and Sagicor Select Financial Fund with 1.92 million units for 18.6 percent of the day’s trade.
The All Jamaican Composite Index dropped 708.51 points to 360,690.28, the JSE Main Index lost 676.97 points to settle at 323,346.16 and the JSE Financial Index gained 0.22 points to settle at 71.10.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 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 12 stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Caribbean Cement shed $3.14 to close at $50.01 as investors exchanged 1,974 shares, Eppley lost 50 cents and ended at $36 as 230 stocks passed through the market, Eppley Caribbean Property Fund fell $2.50 in closing at $39.50 after switching ownership of 100 stock units, First Rock Real Estate advanced $1.28 to $10.45 after 322,758 units cleared the market, GraceKennedy dipped 40 cents to end at $77.40 and closed, with 13,905 stock units changing hands, Guardian Holdings dropped $9 in closing at $391, with 1,478 stocks crossing the exchange, JMMB Group dropped 94 cents and ended at $28, with 20,883 units crossing the market, 
Key Insurance popped 44 cents to close at $2.95 with an exchange of 10 shares, Kingston Wharves rallied $1.11 to end at $29.10 with a transfer of 1,370 stock units, Massy Holdings dipped 90 cents to end at $97.10 with shareholders swapping 152 shares, Mayberry Jamaican Equities increased 49 cents in closing at $12 in an exchange of 14,211 units, NCB Financial rose $1.50 to close at $67 after an exchange of 739,759 stocks, Pan Jamaica shed 90 cents to end at $49.50 after a transfer of 6,194 units, Seprod declined $3.90 and ended at $70.05 in trading 5,117 stocks, Supreme Ventures fell 64 cents to $27.01 with investors transferring 62,144 stock units, Sygnus Credit Investments dropped 49 cents to $11.07, with 46,568 shares changing hands.
In the preference segment, Productive Business 10.50% preference share lost $232.50 to close at a 52 weeks’ low of $977.50 in an exchange of 87 shares, 
Jamaica Public Service 7% gained $7.75 to close at $71 with stakeholders exchanging 33 stocks and Jamaica Public Service 9.5% climbed $125 in closing at $3100 while exchanging two units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market climbed higher on Tuesday
Trading activity dipped on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks traded declining 20 percent and the value 19 percent lower than on Monday, with trading taking place in 56 securities compared with 57 on Monday and ending with prices of 23 rising, 20 declining and 13 ending unchanged.
A total of 7,658,306 shares were traded for $66,155,432 compared with 9,606,416 units at $81,472,376 on Monday.
Trading averaged 136,755 shares at $1,181,347 compared with 168,534 shares at $1,429,340 on Monday and month to date, an average of 323,869 units at $2,068,337 compared with 340,935 units at $2,149,235 on the previous day. Trading in June closed with an average of 366,795 units at $6,952,581, including bonds trading.
Transjamaican Highway led trading with 2.58 million shares for 33.7 percent of total volume, followed by 138 Student Living with 2.0 million units for 26.1 percent of the day’s trade and Wigton Windfarm with 1.10 million units for 14.3 percent of the day’s trade.
The All Jamaican Composite Index climbed 1,640.94 points to 361,398.79, the JSE Main Index increased 915.36 points to conclude trading at 324,023.13 and the JSE Financial Index popped 0.49 points to 70.88.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.2 for the Main Market. The JSE Main and USD Market ratios are computed based on 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 10 stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments gained 74 cents to close at $75.49 as 28,984 shares passed through the market, Caribbean Cement shed $4.24 to end at $53.15 after an exchange of 7,588 stocks, Eppley Caribbean Property Fund rose $3 to $42 in an exchange of just two units. First Rock Real Estate climbed 52 cents in closing at $9.17 with investors transferring 45,599 stock units, Margaritaville fell 66 cents and ended at $14.62 with a transfer of 14,064 stocks, Massy Holdings dipped $1 in closing at $98 with 10,379 stock units clearing the market. Mayberry Investments lost 86 cents in ending at $8.21 after exchanging 17,189 units, Mayberry Jamaican Equities popped 51 cents to close at $11.51 after a transfer of 69,173 shares,
Pan Jamaica advanced $1.40 to close at $50.40, with 5,619 stock units crossing the market. Portland JSX declined 89 cents to end at $10 as investors exchanged 15 shares, Proven Investments dipped 30 cents to end trading at $21.50, with 1,199 units crossing the market, Sagicor Group fell 50 cents to $47.50, with stakeholders exchanging 31,435 stocks. Scotia Group gained 70 cents to close at $34.20 with an exchange of 21,648 stocks, Seprod rallied $3.92 in closing at $73.95 in trading 2,346 units and Sygnus Credit Investments lost $1.13 to end at $11.56 while exchanging 74,880 shares.
In the preference segment, Productive Business 10.50% preference share jumped $60 and ended at $1210, with 216 stock units crossing the exchange, Eppley 7.50% preference share fell 95 cents to close at $6.12, after trading 371 shares. 
Productive Business Solutions 9.75% preference share declined 40 cents to end at $102 in switching ownership of 4,657 stock units and Transjamaican Highway 8% rallied 44 cents in closing at $3 with shareholders swapping 10,148 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading climbed on JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Monday with a 26 percent rise in the volume of stocks traded after 24 percent more funds entered the market compared with Friday and led to trading in 57 securities, up from 52 on Friday, with 20 rising, 22 declining and 15 ending unchanged.
A total of 9,606,416 shares changed hands at $81,472,376 compared with 7,597,618 at $65,500,311 on Friday.
Trading averaged 168,534 shares at $1,429,340 versus 146,108 shares at $1,259,621 on Friday and month to date, an average of 340,935 units at $2,149,235, compared to 358,577 units at $2,222,905 on the previous trading day. Trading in June ended with an average of 366,795 units at $6,952,581 including bond trading.
Transjamaican Highway ended at a record closing high of $2.84, up 103 percent for the year to date, after the price hit an intraday high of $2.88 at the opening of the market and ended with 2.70 million shares changing hands for 28.1 percent of total volume, Sagicor Select Financial Fund followed with 2.13 million units for 22.1 percent of the day’s trade, Ciboney Group ended with 1.30 million units for 13.6 percent of market share, 
Wigton Windfarm closed with 1.30 million units for 13.5 percent of shares traded and Sagicor Group with 1.0 million units for 10.5 percent of total volume.
The All Jamaican Composite Index dipped 160.74 points to close at 359,757.85, the JSE Main Index rose 837.98 points to 323,107.77 and the JSE Financial Index remained unchanged at 70.39.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.1 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 five with lower offers.
At the close, Caribbean Cement climbed $2.39 to $57.39 in an exchange of 1,632 shares, Caribbean Producers increased 86 cents in closing at $10.86 after an exchange of 6,780 units, 
Guardian Holdings rose $23 and ended at $400 with 88 stock units clearing the market. Key Insurance lost 42 cents to end at a 52 weeks’ low of $2.47 with investors trading 3,000 stocks, Kingston Properties dipped 31 cents to $6.99 after a transfer of 33,740 stocks, Margaritaville declined $2.70 to end at $15.28 while exchanging 985 shares. Massy Holdings gained 60 cents to close at $99 in an exchange of 10 stock units, Mayberry Investments climbed 82 cents to $9.07, with 200 units crossing the market. MPC Caribbean Clean Energy dropped $12.58 and ended at $71.27 with investors transferring 70 stock units, Proven Investments fell $1.65 in closing at $21.80 as investors exchanged 8,896 stocks, Sagicor Group popped 50 cents to end at $48, with 1,004,970 units changing hands. Scotia Group shed 60 cents to close at $33.50, with 2,727 shares crossing the market and Supreme Ventures rallied 60 cents in closing at $27.60 with an exchange of 63,553 stock units.
The preference segment continues to be fairly active with 12 securities trading. At the close, Productive Business 10.50% preference share rose $25 to close at $1150, with stakeholders exchanging 50 shares, Jamaica Public Service 7% advanced $8.25 and ended at $63.25 after 4,140 stocks passed through the market, Jamaica Public Service 9.5% lost $792.17 to end at $2975 after trading 43 units. Productive Business Solutions 9.75% preference share declined 59 cents to end at $102.40 after an exchange of 1 unit and Transjamaican Highway 8% fell 46 cents in closing at $2.56 with an exchange of 130,383 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Transjamaican out of ICTOP10
With a continually rising price, Transjamacian Highway rose 11 percent during the week to $2.78, up 57 percent since added to the Market Watch list in April and dropped out of the TOP10 this past week, while Everything Fresh closed at $1.60 and dropped out of the Junior Market TOP10.
Transjamaican Highway Gained 57% since the end of April, with more gains to come.
The Main Market continues to struggle and closed at its lowest level since the end of August 2018 based on the All Jamaica Composite Index that is down 10.7 percent for the year to date, to be highly oversold. The Junior Market fell sharply on Friday as the market pulled back from the 4,000 mark level with a modest fall year to date thus reversing last week’s positive outcome.
The Junior Market is still up 10 percent since the low in March and is currently on a big bull run over the coming months, signalled by two indicators. The Main Market is likely bottoming after the traditional sell off in May before settling off in the early summer ahead of a rebound later. The action is now with the Junior Market with more potential for growth.
For the week, 6 stocks declined and only one rose on the Junior Market and the Main Market ended with two rising and seven declining, with Caribbean Cement coming into the Main Market TOP10 and Caribbean Assurance Brokers returning to the Junior Market TOP10.
In the Junior Market, iCreate dropped 12 percent to $1.14, followed by a 10 percent decline in Caribbean Cream to $4.07, before the company released first quarter results showing marked improvements in some critical areas that lead to increased profit. Dolla Financial shed 6 percent to $2.28 after posting improved Q2 results over 2022, with profit almost doubling to $105 million and the half year climbing 92 percent to $227 million. Image Plus fell 5 percent to $2.09 following first quarter results that showed profit falling from $88 million pretax to $64 million as revenues were up 6.8 percent to $300 million. Administrative costs climbed 29 percent to $117 million.
Everything Fresh remained at $1.60, but that was all it needed to drop out of the TOP10 as Caribbean Assurance Brokers slipped from $3.30 to close at $3.09 to return to the TOP10.
While Transjamaican was the highest mover in the Main Market with the most significant change during the week and had much more room to run, Guardian Holdings declined 10 percent to $377, while Caribbean Producers fell 9 percent to $10, with all other price changes being 3 percent or less.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6, well below the market average of 13.2. The Main Market TOP10 is projected to have an average of 264 percent, by May 2024, based on 2023 forecasted earnings.
The 14 most highly valued Main Market stocks are priced at a PE of 15 to 110, with an average of 31 and 21 excluding the highest PE stocks, 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.6 compared with the market at 11.4. There are 11 stocks representing 23 percent of the market, with PEs from 15 to 44, averaging 20, well above the market’s average. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 259 percent by 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.
In the market generally, Investors continue to nibble away at a number of stocks and, in the process, gradually reducing the supply of several of them that are attractively priced as the market moves through the summer months, the start of the stock market year, when new results will be coming to the market for investors to assess and determine what to do.
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.
More declines for Main Market stocks
Trading activity on the Jamaica Stock Exchange Main Market ended on Friday with a 13 percent decline in the volume of stocks traded valued at 101 percent more than on Thursday, after trading took place in 52 securities compared to 53 on Thursday, with prices of 13 rising, 27 declining and 12 unchanged.
A total of 7,597,619 shares were traded for $65,500,311 compared with 8,704,735 units at $32,539,428 on Thursday.
Trading ended with an average of 146,108 shares at $1,259,621 versus 164,240 shares at $613,951 on Thursday and month to date, an average of 358,577 units at $2,222,905 compared to 380,455 units at $2,322,094 on the previous day. June closed with an average of 366,795 units at $6,952,581 including trading in bonds.
Transjamaican Highway led trading with 2.42 million shares for 31.8 percent of total volume and hit an intraday record high of $2.82 before settling at a record close of $2.78. Wigton Windfarm followed with 1.77 million units for 23.3 percent of the day’s trade and Scotia Group with 575,267 units for 7.6 percent market share.
The All Jamaican Composite Index shed 1,694.92 points to finish at 359,918.59, the JSE Main Index fell 2,072.71 points to end at 322,269.79 and the JSE Financial Index lost 0.71 points to 70.39.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.2 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 seven stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments rallied 51 cents to $75.01 after transferring 5,753 shares, Caribbean Cement rallied 30 cents to $55 with investors exchanging 4,749 stocks, Caribbean Producers shed 94 cents to end at $10 after trading 12,120 stock units. First Rock Real Estate rose 85 cents to close at $8.88 with 294 units changing hands, Guardian Holdings dropped $23 in closing at a 52 weeks’ low of $377 in an exchange of 90 units, Mayberry Investments declined 72 cents to close at $8.25 as investors traded 71 stock units. Mayberry Jamaican Equities lost 50 cents to finish at $11 after trading 314 shares, Pan Jamaica shed $1.72 to $49 after 12,086 stocks passed through the market, Seprod dipped $2.45 in ending at $70.05 after exchanging 102 units and 
Supreme Ventures lost 50 cents to close at $27 in an exchange of 89,109 stocks.
In the preference segment, Jamaica Public Service 7% gained $9.31 to end at $55 with 183 stock units crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market falls
Trading activity on the Jamaica Stock Exchange Main Market ended on Thursday, with the volume of stocks traded dropping 43 percent and the value plunging 64 percent lower than on Wednesday, following trading in 53 securities compared with 57 on Wednesday, resulting in prices of 21 rising, 22 declining and 10 ending unchanged.
A total of 8,704,735 shares were traded for $32,539,428 versus 15,314,858 units at $91,506,030 on Wednesday.
Trading averaged 164,240 shares at $613,951 versus 268,682 stocks at $1,605,369 on Wednesday and month to date, an average of 380,455 units at $2,322,094, compared to 405,808 shares at $2,522,386 on the previous day. June closed with an average of 366,795 units at $6,952,581 including trading in Bonds.
Transjamaican Highway closed at a record close of $2.74, led trading with 2.95 million shares for 33.9 percent of total volume followed by Sagicor Select Financial Fund with 1.67 million units for 19.2 percent of the day’s trade and Wigton Windfarm with 1.56 million units for 17.9 percent of the day’s trade.
The All Jamaican Composite Index shed 1,227.06 points to close at 361,613.51, the JSE Main Index fell 863.88 points to close at 324,342.50 and the JSE Financial Index slipped 0.21 points to close at 71.10.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.3 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 seven stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments fell 50 cents to end at $74.50 as 10,522 shares passed through the market, Berger Paints declined 48 cents and ended at $7.56 with an exchange of 1,112 stock units, First Rock Real Estate shed 87 cents to $8.03 as investors exchanged 1,733 units, Kingston Wharves dipped $1.20 to close at $28.10 with a transfer of 94,612 stocks, Massy Holdings rallied 32 cents in closing at $98.32 in an exchange of 12 shares, NCB Financial dropped 48 cents and ended at $65 with stakeholders exchanging 22,635 units, Proven Investments popped $3.44 to end at $23.45 after a transfer of 262 stock units, Sagicor Group lost 38 cents in closing at $47.62, with 10,232 stocks changing hands and Seprod fell 50 cents to close at $72.50 after an exchange of 3,235 stock units.
In the preference segment, Productive Business 10.50% preference share advanced $24.99 to $1,125 with 149 units crossing the market, Jamaica Public Service 7% rose $4.15 to end at $45.69 with investors transferring 10 shares and JMMB Group 7.25% preference share lost 37 cents in closing at $3.07 with shareholders swapping 7,559 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.