Trading activity led to a decline in the Jamaica Stock Exchange Main Market on Tuesday, with the volume of stocks traded declining 14 percent and the value jumping 90 percent more than on Monday, following trading in 56 securities compared to 57 on Monday, with prices of 18 rising, 22 declining and 16 ending unchanged.
A total of 8,067,288 shares were traded for $74,863,538 against 9,372,400 units at $39,505,39 on Monday.
Trading averaged 144,059 shares at $1,336,849 versus 164,428 shares at $693,077 on Monday and month to date, an average of 215,806 units at $938,967 compared with 223,548 units at $896,036 on the previous day. March closed with an average of 356,137 units at $3,015,416.
Transjamaican Highway led trading with 4.16 million shares for 51.6 percent of total volume followed by Wigton Windfarm with 1.61 million units for 20 percent of the day’s trade and JMMB Group 7.35% due 2028 ended with 329,594 units for 4.1 percent market share.
The All Jamaican Composite Index dipped 831.45 points to conclude trading at 372,174.00, the JSE Main Index declined 1,387.56 points to 334,661.76 and the JSE Financial Index dipped 0.05 points to 76.88.
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 selling prices of stocks and earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Barita Investments dropped $2.05 in closing at $77.05 after an exchange of 1,038 shares, Caribbean Cement rose $1 to end at $58.50 in switching ownership of 238,261 stocks, GraceKennedy declined $1.99 to $78 with a transfer of 325,898 stock units, 
Guardian Holdingss hed $10 after ending at $485, with 4,682 units crossing the market, Kingston Wharves rallied $3.23 to close at $33.75, with 5,998 shares clearing the market, Margaritaville advanced $3.23 to $18.23 as 200 units passed through the market, Massy Holdings fell $4 after ending at $91, with 7,249 stocks changing hands, Mayberry Jamaican Equities popped 60 cents to $11.17 while exchanging 714 stock units,NCB Financial gained $2.99 to close at $74.49 after an exchange of 109,813 stocks, Pan Jamaica Group dipped 90 cents in closing at $53.90, with 5,758 stock units crossing the exchange, Portland JSX climbed 68 cents to close at $11.46 in trading 14 shares, Proven Investments lost $1.44 to end at $25.88 with the swapping of 2,001 units, Sagicor Group increased $1.10 after ending at $51 and an exchange of 29,820 units, Seprod lost $7.30 in closing at $63.70 as investors exchanged 12,566 shares, 
Supreme Ventures popped 63 cents to $27.43 with investors transferring 161,016 stock units and Sygnus Real Estate Finance shed $1.64 to end at $10.15 with an exchange of 1,013 stocks.
In the preference segment, Eppley 7.75% preference share gained $3.82 after ending at $20.02, with a mere two shares changing hands and Jamaica Public Service 7% declined 70 cents in closing at $31 after exchanging 522 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gains for JSE Main Market
The market indices of the Jamaica Stock Exchange Main Market rose at the close of the market on Monday, following gains on Friday, with the volume of stocks traded declining 46 percent and the value marginally more than on Friday, after trading occurred in 57 securities compared to 58 on Friday and ended with prices of 20rising, 23 declining and 14 ending unchanged.
Trading ended with an exchange of 9,372,400 shares at $39,505,396 compared with 17,428,579 units at $38,758,141 on Friday.
Trading averaged 164,428 shares at $693,077 versus 300,493 shares at $668,244 on Friday. Trading month to date averaged 223,548 units at $896,036 compared to 230,842 units at $921,077 on the previous trading day. March closed with an average of 356,137 units at $3,015,416.
Transjamaican Highway led trading with 4.70 million shares for 50.2 percent of total volume followed by Wigton Windfarm with 1.94 million units for 20.7 percent of the day’s trade and QWI Investments with 481,827 units for 5.1 percent of market share.
The All Jamaican Composite Index rallied 1,881.29 points to end at 373,005.45, the JSE Main Index popped 593.23 points to conclude trading at 336,049.32 and the JSE Financial Index increased 0.86 points to settle at 76.93.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last selling prices of stocks and earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 10 stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Berger Paints rallied 75 cents after ending at $8.45 after trading 401 shares, GraceKennedy gained $1.49 to close at $79.99 as 9,436 stocks passed through the market, Guardian Holdings increased $20 to end at $495 after a transfer of 21 units, Key Insurance dropped 40 cents to close at $3.25 as investors exchanged 647 stock units, Kingston Properties advanced 40 cents in closing at $7.49 with 287,490 stock units clearing the market, Kingston Wharves declined $3.28 to end at $30.52, with 1,961 units changing hands, Margaritaville fell $3.49 to close at $15 after 311 stocks crossed the exchange, Massy Holdings lost $5 to end at $95 with the swapping of 692 shares, 
Mayberry Jamaican Equities dipped 83 cents in closing at $10.57 with an exchange of 57,948 stock units, NCB Financial shed $2.87 after ending at $71.50 in an exchange of 117,341 shares, Portland JSX fell 70 cents to $10.78 after an exchange of 274 stocks, Proven Investments popped 82 cents to close at $27.32 with 9,778 units passing through the market, Seprod rose $8.85 in closing at $71 with 87,260 stocks crossing the exchange, Supreme Ventures climbed 76 cents to end at $26.80 while trading 37,646 stock units, Transjamaican Highway 8% climbed 49 cents in ending at a record high of $3.50 after trading 4,670 units.
In the preference segment, Jamaica Public Service 7% lost $8.61 to end at $31.70, with 837 shares crossing the market and Productive Business Solutions 9.75% preference share rallied $1 to $107 in switching ownership of 2 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Honey Bun in ICTOP10 as Purity jumps 24%
The Main Market of the Jamaica Stock Exchange recorded solid gains during the past week as the Junior Market declined but that did not show up in the ICTOP10 stocks performance as Junior Market stocks ended with gains and losses with the average gains outdoing declines while the Main Market ended with modest price changes in a week when Consolidated Bakeries (Purity) was the star performer with a 24 percent rise to $2.50.
Consolidated Bakeries
The Junior Market had one change in the TOP10 as Main Event rose 6 percent to $12.95 and moved out of the TOP10, allowing Honey Bun to return after falling out the previous week.
Other major price movements in this past week were a 4 percent rise for Everything Fresh to $1.46, a 17 percent fall to $2.15 for Lasco Distributors and 4 percent decline for Image Plus to $1.95. Trading in Image Plus never resulted in more gains during the week following the previous week’s healthy move as selling continued at the same pace as the week before while buyers seem to have pulled back.
In the Main Market, Key Insurance rose 5 percent to $3.65, while Sygnus Credit Investments fell 5 percent to $11.40 as Guardian Holdings, Berger Paints and JMMB Group declined by 4 percent to $475, $7.70 and $30.31 respectively.
Interest rates on Bank of Jamaica CDs dipped again at this past week’s auction with the average rate slipping to 8.41 percent from 8.49 percent, at the previous week’s auction, with BOJ quarantining $104 billion. At the same time the foreign exchange market enjoyed buoyant flows with more funds entering the market each day than the amount dealers sold.
Another fact worth noting is that the Junior Market has a long history, with the market starting to rise around a month before the release of quarterly results and declining shortly after results are released.
Honey Bun’s return to the TOP10 Junior Market list this past week should enjoy increased investors’ interest with an expected jump in revenues and profits for the first quarter with the Easter coming at the beginning of April versus the 17th of April last year as well as improvement of gross profit margin that slipped last year.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.5 well below the market average of 13.5, while the Junior Market Top 10 PE sits at 5.7 compared with the market at 11.2. The differences are important indicators of the level of likely gains for ICTOP10 stocks. The Junior Market is projected to rise by 255 percent and the Main Market TOP10 an average of 276 percent, to May 2024, based on 2023 forecasted earnings.
The Junior Market has 11 stocks representing 23 percent of the market, with PEs from 15 to 28, averaging 20, well above the average of the market. The top half of the market has an average PE of 16, suggesting that this may be a logical value for junior market stocks currently.
The 16 Main Market stocks with the highest value are priced at a PE of 15 to 115, with an average of 31 and 20 excluding the highest PE stocks and 20 for the top half excluding the stocks with the highest valuation.
The above average shows the extent of potential gains for the TOP 10 stocks.
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 2023 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 surges to close out the week
Trading activity on the Jamaica Stock Exchange Main Market ended on Friday after the market indices surged even as the volume of stocks traded declined 13 percent and the value, 54 percent lower than on Thursday, with 58 securities trading compared to 59 on Thursday, with 20 rising, 16 declining and 22 ending unchanged.
A total of 17,428,579 shares were traded for $38,758,141 down from 20,050,275 units at $83,836,104 on Thursday.
Trading averaged 300,493 shares at $668,244 compared with 339,835 shares at $1,420,951 on Thursday and month to date, an average of 230,842 units at $921,077, compared with 220,842 units at $957,374 on the previous day. Trading in March ended with an average of 356,137 units at $3,015,416.
Wigton Windfarm led trading with 5.67 million shares for 32.5 percent of the total volume followed by Sagicor Select Financial Fund with 4.30 million units for 24.7 percent of the day’s trade, Transjamaican Highway ended with 3.21 million units for 18.4 percent market share and JMMB Group 7.5% with 2.10 million units for 12.1 percent of the total volume.
The All Jamaican Composite Index surged 3,997.53 points to 371,124.16, the JSE Main Index jumped 3,317.57 points to 335,456.09 and the JSE Financial Index popped 0.83 points to finish at 76.07.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.7 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last selling prices of stocks and earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments declined 88 cents in closing at $79.10 in switching ownership of 32,134 shares, Berger Paints fell 77 cents to $7.70 as investors exchanged 1,570 units, GraceKennedy dropped $1.25 to close at $78.50 with investors trading 7,947 stocks, Guardian Holdings lost $15 to end at $475 after trading 41 stock units, Jamaica Stock Exchange dipped 50 cents to $13.50 after closing with trading in 158 shares, NCB Financial rallied $4.37 in closing at $74.37 in an exchange of 30,270 units, 
Pan Jamaica Group shed $1.79 after ending at $55 while exchanging 242 stock units, Proven Investments popped 64 cents to end at $26.50 after 521 stocks changed hands, Sagicor Group advanced $2.93 to $49.94 with an exchange of 50,658 units, Scotia Group declined 75 cents to close at $34.25, with 288 stock units crossing the market and Supreme Ventures fell 46 cents to close at $26.04 with a transfer of 31,087 shares.
In the preference segment, Eppley 5% preference share increased 90 cents to end at $20 in trading 246 stocks, Eppley 7.75% preference share lost 74 cents in closing at a 52 weeks’ low of $16.20 after a transfer of one stock unit, 
Jamaica Public Service 7% dropped $19.69 to $40.31, with 50 stocks crossing the exchange and JMMB Group 7% preference share rose 50 cents after ending at $2.53 with an exchange of 581 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading up, market down for JSE majors
Trading activity on the Jamaica Stock Exchange Main Market ended on Thursday, with the volume of stocks traded rising 55 percent and the value 72 percent more than on Wednesday, following trading in 59 securities similar to trading on Wednesday and ended with 25 rising, 24 declining and 10 ending unchanged.
A total of 20,050,275 shares were traded for $83,836,104 compared to 12,894,594 units at $48,653,770 on Wednesday.
Trading averaged 339,835 shares at $1,420,951 versus 218,552 shares at $824,640 on Wednesday and month to date, an average of 220,842 units at $957,374, compared with 200,493 units at $878,096 on the previous day. March closed with an average of 356,137 units at $3,015,416.
Transjamaican Highway led trading with 8.60 million shares for 42.9 percent of total volume followed by Wigton Windfarm with 3.19 million units for 15.9 percent of the day’s trade, QWI Investments ended with 2.73 million units for 13.6 percent of market share, Carreras closed with 1.60 million units for 8 percent of the market trades, Sagicor Select Financial Fund had an exchange of 1.27 million units for 6.3 percent of trading and Stanley Motta with 1.01 million units for 5.1 percent of total volume.
The All Jamaican Composite Index lost 1,167.97 points to finish at 367,126.63, the JSE Main Index declined 1,446.13 points to conclude trading at 332,138.52 and the JSE Financial Index dipped 0.65 points to settle at 75.24.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Caribbean Cement lost $2.45 to end at $57.50 with an exchange of 7,041 shares, Eppley popped $3.91 to $37.46 with investors transferring 639 stock units, Eppley Caribbean Property Fund climbed $3.50 in closing at $44 in trading 367 units, 
Jamaica Producers rose $1.35 to $22 with 8,440 stocks crossing the market, Jamaica Stock Exchange gained 50 cents after ending at $14 after 208 stock units passed through the market, JMMB Group rose 81 cents to $30.31 after an exchange of 56,000 shares, Kingston Wharves advanced $3.30 in closing at $33.80 with the swapping of 23,660 units, Margaritaville rallied 49 cents to close at $18.49, with 105 stocks crossing the exchange, Massy Holdings rallied $1 to $100, with investors trading 4,289 units, Mayberry Jamaican Equities popped 49 cents to end at $11.49 in an exchange of 350 stocks, MPC Caribbean Clean Energy climbed $11.25 to $86.25 after a transfer of 115 stock units, NCB Financial dipped $4 in closing at $70 after investors exchanged 168,649 shares, Pan Jamaica Group increased $2.79 after ending at $56.79 and closed with 207 stock units changing hands, Proven Investments shed $1.47 to close at $25.86 in switching ownership of 29,014 units, Sagicor Group dropped 49 cents to end at $47.01 with a transfer of 18,707 stocks, Seprod declined $1.45 to close at $62.05 in an exchange of 4,492 shares and Supreme Ventures fell 40 cents in closing at $26.50 after an exchange of 16,770 stocks.
In the preference segment, Eppley 7.25% preference share lost $2.19 to close at a 52 weeks’ low of $16.56 with 490 units clearing the market and Jamaica Public Service 7% gained $10 in ending at $60, with 116 stock units changing hands and Transjamaican Highway 8% rose 25 cents to 52 weeks’ high of $2.67 after just 5 shares were traded.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up for JSE Main Market
Trading activity picked up on the Jamaica Stock Exchange Main Market on Wednesday, with the volume of stocks traded rising 158 percent and the value 29 percent more than on Tuesday, following trading in 59 securities down from 62 on Tuesday, with 20 rising, 26 declining and 13 ending unchanged.
A total of 12,894,594 shares were exchanged for $48,653,770 up from 5,006,796 units at $37,626,082 on Tuesday.
Trading averaged 218,552 shares at $824,640, versus 80,755 shares at $606,872 on Tuesday and month to date, an average of 200,493 units at $878,096, compared to 196,767 units at $889,124 on the previous day. March closed with an average of 356,137 units at $3,015,416.
Transjamaican Highway led trading with 4.72 million shares for 36.6 percent of total volume, followed by Sagicor Select Financial Fund with 2.06 million units for 16 percent of the day’s trade, Stanley Motta ended with 2.01 million units for 15.6 percent market share and QWI Investments with 1.52 million units for 11.8 percent of total volume.
The All Jamaican Composite Index fell 1,016.96 points to 368,294.60, the JSE Main Index increased 2,386.74 points to 333,584.65 and the JSE Financial Index fell 0.44 points to close at 75.89.
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 incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Barita Investments declined $1.30 in closing at $79.70 after a transfer of 49,873 shares, Berger Paints rallied 53 cents to $8.48 after an exchange of 13 units, Caribbean Cement advanced 45 cents to close at $59.95 with an exchange of 2,002 stock units, Eppley dipped $3.93 after ending at $33.55 with the swapping of 486 stocks, Eppley Caribbean Property Fund lost $3.42 to end at $40.50 in an exchange of 640 stocks, Guardian Holdings rallied $5 after ending at $490 in an exchange of 222 stock units, Jamaica Broilers fell 98 cents to end at $35.50 after trading 34,040 shares, Jamaica Producers shed $1.30 to $20.65 while exchanging 4,285 units, JMMB Group dropped $2.28 to close at $29.50 in trading 10,295 stock units,
Kingston Properties gained 60 cents in closing at $7, with 36,697 units changing hands, Margaritaville shed 50 cents to end at $18 after closing with an exchange of 4,732 shares, Massy Holdings popped $8 after ending at $99, with 2,848 stocks crossing the market, Mayberry Jamaican Equities lost 60 cents in closing at $11 in switching ownership of 16,091 stock units, MPC Caribbean Clean Energy rose $4 to close at $75 with investors transferring 1,699 shares, NCB Financial climbed $2.99 to $74, with 28,178 stocks crossing the market, Pan Jamaica Group fell $1.94 to $54 after an exchange of 11,508 units, Proven Investments increased $1.38 to close at $27.33 as 7,570 shares passed through the market, Sagicor Group declined 50 cents after ending at $47.50 with a transfer of 85,383 stock units, Salada Foods dropped 43 cents in closing at $3.56, with 9,951 stocks crossing the exchange and Sygnus Real Estate Finance gained 66 cents to end at $11.82 with 2,923 units clearing the market.
In the preference segment, Productive Business Solutions 10.50% preference share dropped $50 to $1200 as investors exchanged 82 shares, Eppley 7.75% preference share fell $2.96 to close at $16.94 with an exchange of 2,500 units and Jamaica Public Service 7% shed $11.53 in ending at $50, with 170 stock units crossed the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading drops on JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks traded declining 52 percent, with a 6 percent lower value than on Thursday, after trading in 62 securities compared to 55 on Thursday, with 22 rising, 28 declining and 12 ending unchanged.
A total of 5,006,796 shares were traded for $37,626,082, compared to 10,510,147 units at $39,934,059 on Thursday.
Trading averaged 80,755 shares at $606,872 versus 191,094 shares at $726,074 on Thursday and month to date, an average of 196,767 units at $889,124, compared with 228,878 units at $967,247 on the previous trading day. March had an average of 356,137 units at $3,015,416.
Wigton Windfarm led trading with 1.32 million shares for 26.4 percent of total volume, followed by Sagicor Select Financial Fund with 1.14 million units for 22.7 percent of the day’s trade and Transjamaican Highway with 740,233 units for 14.8 percent market share.
At the close, the All Jamaican Composite Index shed 1,204.07 points to end at 369,311.56, the JSE Main Index dropped 195.10 points to 331,197.91 and the JSE Financial Index fell 0.14 points to conclude trading at 76.33.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasts by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments rose $1.75 to $81 in an exchange of 26,109 shares after the price hit an intraday 52 weeks’ low of $77.05. Caribbean Cement rallied 50 cents to $59.50 with investors trading 9,116 units, First Rock Real Estate fell 85 cents to end at $11 with a transfer of 4,490 stock units, Guardian Holdings dropped $10 in closing at $485 while exchanging 245 stocks, Jamaica Producers popped 95 cents to $21.95 after trading 5,617 stocks. Kingston Properties shed 67 cents in closing at $6.40 as investors exchanged 22,951 units. Kingston Wharves dipped 60 cents to end at $30.55, with investors trading 5,849 stock units, Margaritaville gained $2.04 to close at $18.50 in trading 103 shares. 
Massy Holdings climbed $1 after ending at $91 with the swapping of 804 shares, Mayberry Investments increased 40 cents to $8 with an exchange of 10,000 units, NCB Financial lost $3.47 after ending at $71.01 as 20,912 stock units passed through the market, Salada Foods advanced 46 cents in closing at $3.99 in an exchange of 1,152 stocks. Scotia Group increased 73 cents to end at $35 after an exchange of 14,909 shares, Seprod declined $4.40 to $63.60, with 16,383 stock units clearing the market, Supreme Ventures advanced 50 cents to close at $27 in switching ownership of 244,880 units. Sygnus Credit Investments lost 40 cents to close at $11.60 as 36,446 stocks cleared the market and Sygnus Real Estate Finance dropped $1.97 in closing at $11.16 after 1,087 shares crossed the market.
In the preference segment, Eppley 5% crossing the market preference share, fell $2.90 to $19.10 t 25 units and Jamaica Public Service 7%, with 172 stock units dipping $8.17 after ending at $61.53 changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Nice gains for ICTOP10 stocks, Purity returns
The Main and Junior Markets did not maintain the sharp bounce of the previous week, but most ICTOP10 Junior Market stocks ended with gains. In contrast, the Main Market ended with mostly modest losses, with 138 Student Living rising 5 percent to $5.30 and JMMB Group declining by 5 percent to $31.49, all other changes in the Main Market were two percent or less.
Dr Karlene McDonnough – Chairman of Image Consultants Ltd. The stock came in for increased demand during the week ahead of the release of full-year results.
The Junior Market had one change in its TOP10 list as Iron Rock Insurance and Image Plus climbed 13 percent to $2.27 and $2.03, respectively, while Main Event and Honey Bun rose 5 percent to $12.26 and $6.75, respectively, with the only sizable decline being a 9 percent fall for Tropical Battery to $1.90.
Image Plus never benefitted from any serious IPO bounce seems to be finally finding buying interest and closed the past week with 159,904 shares on the bid at $2.02, 160,746 at $2 and just over 800,000 between $1.90 and $1.95, with 25,987 stocks on offer at $2.03, 81,709 at $2.05 with one big offer of 1.72 million units at S2.50 with smaller offers before the this. There has been healthy trading in the stock recently, with trading of 824,526 units on Thursday. Trading on Wednesday saw 1,153,255 shares changing hands in the stock, with 910,000 units on Tuesday and 1.75 million shares on Monday, which seems to have cleared out a great deal of overhang in the market.
Update on interest rate developments. A number of developments taking place in the economy are worth watching. Following last week’s $35 billion Bank of Jamaica CD auction that saw the average rate coming in at 8.49 percent, this week’s auction saw an offer of $34 billion, with the average rate remaining the same as the previous week with fewer funds chasing the offered amount. 
Another positive development is the average inflation rate running at 45 percent less than the same time last year and averaging 2.4 percent per annum since November last year. Foreign exchange inflows have been strong, with the NIR growing at $66 million in February and 220 million in March, putting it at a record end of month level as initial data suggest that tourism arrivals and foreign exchange generated by that industry exceed the similar period in 2019, the last year without the impact of covid-19 negatively affecting the sector. On top of those positive developments, corporate profits are expected to enjoy a good bounce for the majority of companies for the first quarter.
The Junior Market has a long term pattern, with the market starting to rise around a month before quarterly results are due and declining shortly after results are released. This is a pattern worth noting that can be built into investment decisions to improve returns.
Consolidated Bakeries Miss Birdie Easter bun. The stock is back in the ICTOP10
Dropping from the TOP10 Junior Market list this past week was Honey Bun, but investors should expect a big jump in revenues and profits for the first quarter, with the Easter coming at the beginning of April versus the 17th of April last year, as well as an improvement of gross profit margin that slipped up last year.
Returning to the TOP10 is Consolidated Bakeries in the number 3 spot. The company is projected to report a solid first quarter profit, with the Easter holidays coming at the start of April compared with April 17 last year and ensuring that mostly all Easter bun sales will be reported in the March quarter unlike 2022. The company reported a profit in 2022 a big improvement over a loss in the previous three years. ICInsider.com projects earnings of 40 cents for 2023 and 75 cents for 2024 with the company benefitting from a full recovery of the local economy and increase efficiency and reduction in borrowings. At the end of the week, the average PE for the JSE
Main Market TOP 10 is 5.6, well below the market average of 13.5, while the Junior Market Top 10 PE sits at 5.7 compared with the market at 11.1. The differences are important indicators of the likely gains for ICTOP10 stocks. The Junior Market is projected to rise by 256 percent and the Main Market TOP10, an average of 271 percent, to May 2024, based on 2023 forecasted earnings.
The Junior Market has 10 stocks representing 21 percent of the market, with PEs from 15 to 29, averaging 19, well above the market’s average. The top half of the market has an average PE of 15, suggesting this may be a logical value for junior market stocks.
The 16 stocks with the highest value in the Main Market stocks are priced at a PE of 15 to 115, with an average of 30 and 19 excluding the highest PE stocks and 19 for the top half excluding the stocks with the highest valuation.
The above average shows the extent of potential gains for the TOP 10 stocks.
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 2023 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.
Gains for JSE Main Market stocks
Trading remained at recent low levels at the close of the Jamaica Stock Exchange Main Market on Thursday, with the volume of stocks traded declining 19 percent and the value 7 percent lower than the already puny level on Wednesday, with trading in 55 securities compared to 57 on Wednesday, with prices of 19 rising, 18 declining and 18 ending unchanged.
A total of 10,510,147 shares were traded for $39,934,059 compared to 12,992,157 units at $42,746,105 on Wednesday.
Trading averaged 191,094 shares at $726,074 compared with 227,933 shares at $749,932 on Wednesday and month to date, an average of 228,878 units at $967,239, compared with 241,174 units at $1,045,725 on the previous day. March closed with an average of 356,137 units at $3,015,416.
Transjamaican Highway headed trading with 3.96 million shares for 37.7 percent of the total volume followed by Sagicor Select Financial Fund with 1.69 million units for 16.1 percent of the day’s trade, Wigton Windfarm ended with 1.68 million units for 16 percent market share and QWI Investments with 1.32 million units for 12.6 percent of day’s volume.
The All Jamaican Composite Index climbed 1,349.36 points to conclude trading at 370,515.63, the JSE Main Index increased 1,175.40 points to 331,393.01 and the JSE Financial Index rallied 0.17 points to close at 76.47.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Caribbean Cement dropped 94 cents in closing at $59 with investors transferring 2,463 shares, Eppley rallied $4.98 to $37.49 as investors exchanged 86 stock units, First Rock Real Estate gained, with $1.11 to end at $11.85 with an exchange of 42 units, Jamaica Stock Exchange rose 46 cents to close at $13.51 with investors exchanging of 371 stocks, JMMB Group climbed $2.49 after ending at $31.49, with 9,256 stock units changing hands, Kingston 
Wharves advanced 61 cents to $31.15 w ith investors exchanging 150,000 units, Mayberry Investments declined 40 cents to close at $7.60 in switching ownership of 17,378 stocks, Proven Investments fell 60 cents in closing at $26 after 4,792 shares crossed the market, Sagicor Group increased by $1 after in ending at $48, with 10,735 stocks crossing the market, Seprod popped 99 cents to end at $68 after trading 27,037 units, Sterling Investments advanced 42 cents to $2.96 as 88,527 shares passed through the market, Supreme Ventures dipped 50 cents to close at $26.50 in trading 107,575 stock units, Sygnus Credit Investments increased 40 cents in closing at $12 after an exchange of 10,840 stock units and Sygnus Real Estate Finance rallied $1.50 to $13.13 after a transfer of 227 stocks.
In the preference segment, Jamaica Public Service 7% lost $14.30 to end at $69.70 after exchanging 87 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading rises on JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Wednesday, with the volume of stocks traded rising 36 percent and the value 48 percent more than on Tuesday, after trading 57 securities compared to 55 on Tuesday, and close with 19 rising, 25 declining and 13 ending unchanged.
A total of 12,992,157 shares were traded for $42,746,105 compared to 9,556,783 units at $28,842,985 on Tuesday.
Trading averaged 227,933 shares at $749,932, up from 173,760 shares at $524,388 on Tuesday and month to date, an average of 241,174 units at $1,045,735 compared with 247,913 units at $1,196,263 on the previous day. March closed with an average of 356,137 units at $3,015,416.
Transjamaican Highway led trading with 4.15 million shares for 31.9 percent of total volume followed by JMMB Group 7.5% with 2.37 million units for 18.3 percent of the day’s trade, Wigton Windfarm ended with 2.27 million units for 17.5 percent market share and Sagicor Select Financial Fund with 1.56 million units for 12 percent of total volume.
The All Jamaican Composite Index dropped 2,088.91 points to 369,166.27, the JSE Main Index shed 1,159.46 points to end at 330,217.61 and the JSE Financial Index popped 0.01 points to close at 76.30.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.4 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 10 stocks ended with bids higher than their last selling prices and eight with lower offers.
At the close, Barita Investments lost $1.53 after ending at $78.97 while exchanging 31,055 shares, Berger Paints dropped 69 cents to close at $8, with 1,698 stock units crossing the exchange, Caribbean Cement popped $2.94 to end at $59.94 with 2,830 units changing hands. Caribbean Producers dipped 56 cents in closing at $9.20 with a transfer of 46,610 stocks, Eppley fell $4.98 to $32.51, with 726 stock units changing hands, Eppley Caribbean Property Fund rallied $3.60 to close at $44 after trading 235 shares. 
Guardian Holdings rose $5 to $495 in trading 198 units, Jamaica Broilers increased $1.50 to end at $36.50 after exchanging 17,292 stocks, Jamaica Stock Exchange declined 90 cents in closing at $13.05 in switching ownership of 2,448 shares. JMMB Group shed $2.79 after ending at $29 as investors exchanged 113,841 stocks, Key Insurance advanced 48 cents in closing at $3.48 after a transfer of 300 stock units, Kingston Wharves declined $3.46 to $30.54 and closing with 5,626 units being traded. Margaritaville climbed $1.49 to $16.46 after an exchange of 239 shares, Massy Holdings gained $1 to $90, with 5,741 units crossing the market, Mayberry Jamaican Equities shed 60 cents to close at $11.60 with an exchange of 11,691 stock units. NCB Financial rose $1.48 to end at $74.48 as 31,311 stocks passed through the market, Sagicor Group dipped 50 cents in closing at $47 in an exchange of 16,886 stock units, Seprod dropped $2.98 to close at $67.01 with the swapping of 1,602 stocks. 
Sterling Investments fell 42 cents to $2.54 in an exchange of 57,819 shares, Sygnus Credit Investments fell 49 cents after ending at $11.60 with investors transferring 12,879 units, Sygnus Real Estate Finance popped $1.43 to end at $11.63, with 1,342 units clearing the market.
In the preference segment, Jamaica Public Service 7% declined $14 in closing at $84 with the swapping of 785 stock units, 138 Student Living preference share dipped 42 cents to $77.08, with 150 stocks crossing the market and Productive Business Solutions 9.75% preference share shed $1 in ending at $106 with 16 shares clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.