Jamaica’s, National Commercial Bank bought US$20,408,481 at an average rate of $112.70 and sold only US$8,911,292 at $112.75 on Friday, two days after selling 466 million Kingston Wharves’ shares, for the equivalent of US$26.6 million. The buy helped push the forex market into surplus on the day, by US$18 million.
Of the nine authorized dealers, Jamaica National was the only one, buying less US dollars than they sold. First Global Bank with a net purchase of US$1.9 million, is the closest to NCB, with a surplus of US dollars bought. On Thursday Bank of Nova Scotia purchased US$3,907,332 at an average of $112.36 but offloaded US$19,209,570 at an average rate of $112.72.
The Jamaican dollar was stable against the US dollar, gained value on the Canadian dollar and fell in value against the Pound Sterling, in Friday’s forex trading. Authorized dealers purchased the equivalent of US$50,731,870 versus US$28,497,521 on Thursday, and the equivalent of US$32,356,343 was sold compared with US$39,295,678 on Thursday.
In US dollar trading, dealers bought US$48,910,642 compared to US$25,078,217 on Thursday. The buying rate for the US dollar rose 18 cents to $112.50 and US$30,734,179 was sold versus US$37,666,628 on Thursday, the selling rate eased by a cent to $112.69. The Canadian dollar buying rate, fell 34 cents to $99.06 with dealers buying C$699,897 and selling C$374,177 at an average selling rate that slipped 24 cents, to $101.40. The rate for buying the British Pound slipped $1.76 to $180.15, for the purchase of only £685,615, while £380,923 was sold, at $183.75 for a rise of 33 cents. Other currencies bought, amounted to the equivalent of US$107,024, while selling was for the equivalent of US$664,374.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying and the highest selling rates remained unchanged at $113, $91.85 and $117.70 respectively. The lowest selling rate dropped $8.45 to $101.55. The highest buying rate for the Canadian dollar rose 7 cents to $101.60, the lowest buying rate fell 33 cents to $79.93. The highest selling rate climbed $1.50 to $105.50. The lowest selling rate fell 40 cents to $96.30. The highest buying rate for the British Pound, declined 30 cents to $184, the lowest buying rate fell 33 cents to $147.16. The highest selling rate rose $1.86 to $192 and the lowest selling rate is dived 40 cents to $177.30.
National Commercial buys US$20M & sells back US$9M
2 days with more declines than gains on JSE
Activity on the Jamaica Stock Exchange, ended Friday with the prices of 5 stocks rising and 7 declining, as 20 securities changed hands. A total of 2,173,764 units traded, valued at $31,949,596, in all market segments. For the week, there were three days when the main market indices declined, to two days of advances. There was a small net increase in the indices, with two days when there were slightly more stocks falling, over those rising.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower, in line with the recent sideways movement of the market.
Main Market| The JSE Market Index fell 567.08 points to 72,504.68 and the JSE All Jamaican Composite index declined 634.10 points to close at 79,781.59, slightly higher than the 79,650.40 points, it closed the prior week at.
Gains| Stocks gaining with last traded prices, at the close of the main market are, Gleaner with 35,000 shares trading, with a cent rise to $1.06, Grace Kennedy 1,523 shares closed 45 cents higher at $59.45, National Commercial Bank with just 7,000 units changing hands, was up 5 cents at $18 and Proven Investments 55,000 was higher by 0.01 cent at 18 US cents.
Firm| The stocks in the main market to close without a change in the last traded prices are, Caribbean Cement, putting through 4,001 units at $2.36, Carreras with 300,378 units at $34.65, Jamaica Producers with 1,118,531 shares ended at $15.20, Kingston Wharves closed with only 1,652 shares trading at $6.30, but there is little interest in the stock at these prices that is close to one the big trade of 466 million units took place at on Wednesday, the stock now has bids at $5.01 and lower and Sagicor Group with 2,400 shares closed at $9.65.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Cable & Wireless with 19,600 shares, lost 2 cents to end at 28 cents, Jamaica Broilers traded just 6,500 units with a 10 cents loss, to end at $4.30, Jamaica Money Market Brokers 7,092 ordinary shares traded with a 5 cents loss, to end at $6.95, Mayberry Investments 3,060 shares closed down 1 cent, to end at $1.46, Scotia Group with 119,680 shares, closed 50 cents lower at $19.50 and Supreme Ventures closed with a 15 cents fall, to end at $1.80, with 10,346 units.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 76,000 units at $3.02 and Proven Investments 8% preference share changing hands with 30,000 units at $5.07.
Scotia Group climbs to $20 pushes indices
After the big trade in Kingston Wharves shares on Wednesday worth over $3 billion, Thursday’s trading seem light in contrast. The main attraction in today’s trading, was the gain in Scotia Group share price, accompanied by more than 1.2 million shares, helping to push the index up, quite sharply. Market activity on the Jamaica Stock Exchange, resulted in the prices of 6 stocks rising and 6 declining as 17 securities changed hands, resulting in 12,983,655 units trading, valued at $63,224,180, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator showed 6 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Main Market| The JSE Market Index jumped 1,007.75 points to 73,071.76 and the JSE All Jamaican Composite index rose 1,126.85 points to close at 80,415.69.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Berger Paints with 3,500 shares trading, rose of a cent to $1.66, Jamaica Money Market Brokers with 10,212 ordinary shares, gained 5 cents to end at $7, Scotia Group rose 99 cents, as 1,230,365 shares changed hands at $20 and Scotia Investments increased 10 cents with 4,825 units to $21.80.
Firm| The stocks in the main market to close without a change in the last traded prices are, Carreras 13,736 units at $34.65, Jamaica Producers with 1,000,520 shares at $15.20 and Proven Investments with 8,639 shares, closing at 17.99 US cents.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Barita Investments with 6,777 shares, lost 1 cents to end at $2.18, Kingston Wharves traded just 5,000 units at $6.30, with the loss of 20 cents, National Commercial Bank had 17,500 shares changing hands, with a 25 cents cut in price to $17.95, Sagicor Group with 11,325 shares, closed 10 cents less at $9.65 and Sagicor Real Estate Fund had 306,147 units being active, the price fell 2 cents to $6.50.
Preference| Jamaica Money Market Brokers 8.50% preference share traded 87,271 units at $3.45 and Jamaica Money Market Brokers down 7.50% preference share traded 8,660,000 units at $2.
Jamaica Producers buys more KWH shares
Kingston Wharves $3 billion trade, dominated activity on the Jamaica Stock Exchange, in Wednesday’s trading. The Wharf company had 466 million units of its stock sold to Jamaica Producers and Seaboard Corporation, a United States company, involved in food, energy and the shipping industry, by National Commercial Bank.
The stock traded at $6.50 up from $5.01 on Tuesday, but it had a bid of $5.75 which allowed the trade to take place 29.75 percent above the closing price on Tuesday. Normally, there would be a 15 percent limitation on the daily trading price movement, from the prior day’s last traded price. but allowances are made for cases where the bids or offer of the previous day better reflect the market value of the stock.
Trading activity resulted in the prices of 10 stocks rising and 5 declining as only 20 securities changed hands, resulting in 470,310,461 units trading, valued at $3,066,292,531, in all market segments.
Main Market| The JSE Market Index gained 631.80 points to 72,064.01 and the JSE All Jamaican Composite index rose 706.45 points to close at 79,288.84.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had only 4 stocks with bids higher than their last selling prices and 7 stocks with offers that were lower, suggesting a likely negative movement in prices on Thursday.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Berger Paints with 3,799 shares trading, with a 3 cents rise to $1.65, Carreras with 1,500 shares changing hands, 35 cents higher at $34.65, Desnoes & Geddes put through 13,083 units with a gain of 10 cents to end at $4.80, Grace Kennedy had 4,955 shares changing hands and gained $1, to $59, Kingston Wharves 466,435,712 shares traded with a gain of $1.49 to $6.50, Mayberry Investments closed with a 2 cents gain at $1.47 after 9,000 units went through the market, there were no stock on offer at the close of trading, National Commercial Bank never benefited from the big sale of Kingston Wharves shares and had 89,031 units active, with a 20 cents increase to $18.20 and Sagicor Group saw 3,157,519 units moving 50 cents higher, at $9.75.
Firm| The stocks in the main market to close without a change in the last traded prices are, Proven Investments with 30,000 units, closed at 17.99 US cents and Radio Jamaica with 2,132 shares at $1.04.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Caribbean Cement with 93,220 shares, lost 19 cents to end at $2.36, Sagicor Real Estate Fund traded just 14,436 units with 28 cents loss at $6.52 and Scotia Group with 93,248 shares, closed 8 cents lower at $19.01.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 10,500 units at $3 and Jamaica Money Market Brokers 7.50% preference share traded 27,546 units at $2.
Little gain from NCB’s KWH sale
National Commercial Bank will collect $3 billion for the sale of its 32.59 percent investment in Kingston Wharves, which it executed today, on the Jamaica Stock exchange at $6.50 per share. But the banking group will not see a boost in its profit from the transaction although the shares were purchased at much lower price than what they have been sold at.
At the end of September last year, the investment was booked at $2,705,495 as the group accounted for their share of profit from the time the investment was made some years ago shortly after the banking was taken over by Lee Chin the majority owner of the bank. Since then Kingston Wharves reported profit of $734 million of which $240 million would be attributable to the bank’s holding. That would bring the amount booked up to June this year to $2.945 billion leaving a small difference which is less than the amounts of profit they would have booked had the sale not taken place.
The group will benefit going forward, from funds that it can either lend or invest in other areas. Jamaica will benefit from some foreign exchange inflows, as a result of the sale.
JPG ups Kingston Wharves holding, NCB out
NCB Capital Markets purchased 466,435,712 on behalf of a client. Shares held by the NCB group were part of the transaction. NCB Jamaica Limited had 360,807,145 or 28.27 percent of the company and NCB Capital Markets Ltd. A/C 2231 had 105,283,757 or 8.25 percent. Steven Gooden of NCB Capital Market only comment is “a release will be made after the close of the Jamaica Stock Exchange today”.
The transaction is clearly not one of a name change as that would have been done as a block transaction. As a result of the transaction, Seaboard is acquiring 21 percent and Jamaica Producers 11.59 percent of the outstanding Kingston Wharves shares. Producers will now own approximately 42 percent of the company. Jeffery Hall CEO of Jamaica Producers confirm the groups interest in the deal and advised of a release after trading on the Jamaica Stock Exchange, to provide the full details.
Jamaica Producers Group already owns 431,777,188 or 33.83 percent of the company and would end up with just over 70 percent of the company. The transaction which was mostly done at $6.50 per share or $1.49 above Tuesday closing price cost $3 billion and would effectively trigger a compulsory takeover offer to the minority shareholders if it was all purchased by Jamaica Producers. The transaction took place in three main blocks that were all done at $6.50,and include 300,345,000 units costing 1,952,242,500, 60,462,145 shares costing $393,003,943 and 105,283,757 at a cost of $684,344,421. Apparently, the largest block was sold to more than one party to the transaction and would have been the reason for the split up of it. This arrangement could mean that Jamaica Producer’s Group would not be a majority shareholder and therefore not trigger the take over clause. the increase in the price exceeds the 15 percent rule of the JSE but the stock had closed Tuesday with a bid of $5.75 which was a set up to allow for the traded at todays price.
In 2012,Jamaica Producers had increased their holdings in Kingston Wharves when they bought Three Hundred and Fifty Seven Million Five Hundred and Fifty Thousand (357,550,000) ordinary shares of KWL at a price of $5 per share to help fund the company’s expansion and modernization in pursuit of increased business expected to flow form the Panama canal expansion.
the transaction will boost NCB 2014 earnings as it comes days ahead of the bank’s year end and whatever gains there will be, will be in the incorporated into the results.
Stocks continue upward move on JSE
Thursday’s activity on the Jamaica Stock Exchange, resulted in the prices of 9 stocks rising and 3 declining as 24 securities changed hands, resulting in 6,462,363 units trading, valued at $54,606,207.
Main Market| At the close of the market the JSE Market Index gained 321.86 points to 72,682.82 and the JSE All Jamaican Composite index rose 359.90 points to close at 79,980.79.
Gains| Stocks gaining, with the last traded prices, at the close in the main market are, Jamaica Broilers with 10,500 shares, rising 5 cents to $4.70, Kingston Wharves with 5,250 shares changing hands, lost a cent at $5.01, Sagicor Real Estate Fund had 17,000 shares changing hands, 3 cents higher at $7.14 and Scotia Investments 22,050 shares at 20 cents more at $21.70.
Firm| The stocks in the main market to close without a change in last traded price are, Cable & Wireless with 3,317 units at 30 cents, Carreras 275,340 shares at $34.65, Jamaica Money Market Brokers with 4,525,000 ordinary shares, closed at $6.95, Jamaica Producers with 788 units ended at $15.08, Proven Investments 5,350 ordinary shares closed at 17.99 US cents, Sagicor Group 570,000 shares closed at $9.75 and Supreme Ventures with 31,000 units at $1.95.
Declines| The last traded prices of stocks with losses, at the at the end of trading in the main market are, Grace Kennedy with 1,623 shares, lost $1 to end at $60, National Commercial Bank traded 256,643 units at $17.86, a loss of 4 cents and Scotia Group with 65,819 shares, closed 6 cents lower at $19.20.
Preference| Eppley 9.5% preference share traded units 12,167 at $6.10, Jamaica Money Market Brokers 8.75% preference share put through 30,000 units at $3.01 and Proven Investments 8% preference share, traded 43,500 units at $5.
Junior Market| The JSE Junior Market Index increased 4.01 points to close at 668.07 as 8 stocks traded with 5 advancing and none declining.
Gains| Stocks recording gains at the end of trading in the junior market are, Blue Power traded 121 units 5 cents higher at $9.05, Dolphin Cove 348 shares closed 30 higher at $8.80, General Accident closed with 239,024 shares and gained 5 cents to $1.50, Lasco Financial 172,400 units, increased 1 cent to 98 cents and Lasco Manufacturing had 16,000 units trading 1 cent higher at $1.02.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are, KLE with 127,123 shares at $1 and Lasco Distributors with 32,000 shares changing hands at $1.12.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with bids higher than their last selling prices and 7 stocks with offers that were lower.
Advancing stocks in ascendancy in September
Activity on Wednesday on the Jamaica Stock Exchange, resulted in the prices of 8 stocks rising and 5 declining as 25 securities changed hands, resulting in 2,998,340 units trading, valued at $18,427,427. Stocks advancing were in the ascendancy for the second day in a row and continuing a trend since the start of September when there were only three days when declining stocks were just slightly more than advancing ones and in these case the difference was only one stock.
Main Market| The JSE Market Index gained 281.47 points to 72,360.96 and the JSE All Jamaican Composite index rose 314.73 points to close at 79,620.89.
Gains| The volume and last traded prices of stocks with gains, at the end of trading in the main market are, Carreras with 2,800 shares trading and rose 5 cents to $34.65, Grace Kennedy had 34,500 shares changing hands, $2 higher at $61, Jamaica Broilers put through 1,562,540 units with a gain of 15 cents to $4.65, Mayberry Investments had 28,620 units trading to close 10 cents higher at $1.70, National Commercial Bank had 4,600 shares changing hands 5 cents higher at $17.90, Scotia Group added 265,860 units, with the price increasing 11 cents to $19.26 and Supreme Ventures 35,665 shares traded with a gain of 15 cents at $1.95.
Firm| The stocks in the main market to close without a change in price and last traded prices are, Gleaner with 188,597 units to close at $1.05, Jamaica Money Market Brokers 32,015 ordinary shares ended at $6.95, Kingston Wharves 1,252 units traded at $5, Proven Investments with 65,100 share closed at 17.99 US cents, Radio Jamaica with 10,102 shares, closed at $1.04, Sagicor Group with 57,130 shares closed at $9.75 and Scotia Investments had 8,020 units trading at $21.50.
Declines| The volume and last traded prices of stocks with losses at the at the end of trading in the main market are, Desnoes & Geddes with 26,200 shares, lost 10 cents to end at $4.70, Jamaica Producers traded just 2,607 units, lost 32 cents to end at $15.08, a new 52 weeks’ low and Sagicor Real Estate Fund with 22,054 shares, closed with a cent loss at $7.11.
Preference| Jamaica Money Market Brokers 7.50% preference share traded 145,700 units at $2 and Proven Investments 8% preference share traded 15,800 at $5.
Junior Market| The JSE Junior Market Index increased 0.36 points to close at 664.06 as 6 stocks traded with 1 advancing and 3 declining.
Gains| The only stock with a gain at the end of trading in the junior market, is Lasco Financial with 254,000 units to gain 2 cents at 97 cents.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are Caribbean Producers with 6,145 shares at $2.50 and General Accident 65,000 units at $1.45.
Declines| Stocks declining in the junior market at the end of trading, are Caribbean Cream with 90,000 shares changing hands, lost 1 cent to end at 64 cents, Lasco Distributors with 43,050 shares, the price lost 2 cents to end at $1.12 and Lasco Manufacturing with 30,983 shares closed with a decline of 2 cents at $1.01.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than their last selling prices and 8 stocks with offers that were lower.
Advancing stocks beat declining ones 10 to 5
Activity on Tuesday on the Jamaica Stock Exchange, resulted in the prices of 10 stocks rising and 5 declining as 22 securities changed hands, resulting in 2,709,606 units trading, valued at $13,735,300.
Main Market| The JSE Market Index gained 281.11 points to 72,079.49 and the JSE All Jamaican Composite index rose 314.34 points to close at 79,306.16.
Gains| The volume and last traded prices of stocks with gains, at the end of trading in the main market are, Carreras with 36,263 shares trading, with a 10 cents rise to $34.60, Desnoes & Geddes had 300 shares changing hands, 10 cents higher at $4.80, Proven Investments put through 1,000 units with a gain of 0.74 US cents to 17.99 US cents, Sagicor Group had 965,175 shares changing hands at 45 cents higher to $9.75, Sagicor Real Estate Fund with 11,715 units, increased 2 cents to $7.12 and Scotia Group 36,455 shares traded with a gain of 5 cents at $19.15.
Firm| The stocks in the main market to close without a change in price, with volume and last traded prices are, Gleaner with 500 units closed at $1.05, Grace Kennedy 3,348 shares ended at $59, Jamaica Broilers had 2,000 units trading at $4.50, Jamaica Money Market Brokers ordinary share closed with 15,330 shares at $6.95 and Jamaica Producers closed with 500 shares at $15.40.
Declines| The volume and last traded prices of stocks with losses at the at the end of trading in the main market are, Kingston Wharves with 24,915 shares, lost 25 cents to end at $5, Mayberry Investments traded just 500 units at $1.60 for a 10 cents loss and National Commercial Bank with only 1,200 shares, closed with a 15 cents loss at $17.85.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 103,000 units, for a cent increase at $3.01.
Junior Market| The JSE Junior Market Index increased 1.54 points to close at 663.70 as 7 stocks traded with 3 advancing and 2 declining.
Gains| Stocks recording gains at the end of trading in the junior market are, Caribbean Producers traded 3,855 units with a gain of 14 cents to $2.50, Consolidated Bakeries with 910,840 units, closed 5 cents higher at 85 cents and Lasco Distributors had 177,798 units trading with a 1 cent gain at $1.14.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are Caribbean Cream traded 22,760 shares at 65 cents and General Accident 320,000 units at $1.45.
Declines| Stocks declining in the junior market at the end of trading, are Lasco Financial with 37,000 shares changing hands lost 3 cents to end at 95 cents and Lasco Manufacturing with 35,152 shares 1 cents to end at $1.03.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Three 7s clashed Monday on the JSE
What will happen when the three 7s clash? Whatever, the facts are that three 7s did clash at the end of trading on the Jamaica Stock Exchange, on Monday, as the prices of 7 stocks rose, 7 declined and 7 held firm, as 21 securities changed hands, resulting in 8,573,262 units valued at $6,218,041 being exchanged. Trading activity left the two main indices sharply down, at the close of the market.
Main Market| The JSE Market Index dived 1,027.02 points to 71,798.38 and the JSE All Jamaican Index fell 1,148.40 points to 78,991.82, with Scotia Group falling by 90 cents and Grace Kennedy by $1.50.
Gains| The volume and last traded prices of stocks with gains, at the end of trading in the main market are, Berger Paints trading 1,800 shares to close with a gain of 2 cents at $1.62, Cable & Wireless with 5,975,977 shares, gained 2 cents to 30 cents, Kingston Wharves with 18,475 units changing hands, gained 24 cents at $5.25 and Proven Investments ordinary, traded 16,900 units to gain 0.15 US cent to end at 17.25 US cents.
Firm| The stocks in the main market to close without a price change are, Desnoes & Geddes with 5,000 shares changing hands and closed at $4.70, Sagicor Group 7,000 shares ending up closing at $9.30 and Supreme Ventures 2,500 shares closed at $1.80.
Declines| The volume and last traded prices of stocks with losses at the at the end of trading in the main market are, Caribbean Cement 13,423 shares, closed down 15 cents at $2.55, Carreras 20,318 shares changing hands resulted in 25 cents lost, to $34.50, Grace Kennedy had a mere 250 units trading but the price dropped, $1.50 to $59, Jamaica Broilers put through 100,571 shares while losing 2 cents, to end at $4.50, Jamaica Money Market Brokers had 49,782 ordinary shares closing 5 cents down at $6.95 and Scotia Group with 11,600 shares, closed down 90 cents to $19.10.
Preference| Jamaica Money Market Brokers 8.75% preference share, traded 20,000 units at $3 and their 8.50% preference share put in 25,000 units, 5 cents lower at $3.45.
Junior Market| The JSE Junior Market Index rose 1.67 points to close at 662.16, as 6 securities traded, with 3 advancing and none declining.
Gains| Stocks recording gains at the end of trading in the junior market are, Consolidated Bakeries with 1,816,000 units changing hands, 5 cents higher to close at 80 cents, General Accident with 200,000 shares changing hands and closed with a gain of 5 cents to $1.45 and Lasco Distributors in trading 210,690 units put on a cent to $1.13.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are, Jamaican Teas that had 11,143 shares trading at $3.30 at the close, Knutsford Express with 1,812 shares, ended at $5 and Lasco Manufacturing ended up with 65,021 units at $1.04 at the close.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than their last selling prices and 8 stocks with offers that were lower.