Juniors treading water- Wednesday
At the close, 1 security ended with no bid and 7 securities had no stocks being offered for sale. There were 6 stocks closing with bids that were higher than their last selling prices and 5 ended with lower offers.
In trading, Access Financial trading firm with 9,776 units to close at $16.50, AMG Packaging fell 10 cents with 2,270 units changing hands, to end at $13, Caribbean Flavours end trading with 2,000 shares to close at $8.60. Caribbean Producers had 10,577 units changing hands to close with a gain of 20 cents at $4.80, Consolidated Bakeries traded 100 units to close with a gain of 20 cents at $1.60, General Accident traded 11,484 units but fell 20 cents to end at $2.80. Honey Bun traded 39,099 shares to close at $14, Jamaican Teas lost 60 cents and ended with 36,398 units changing hands at $7, Lasco Distributors closed with 1,209,662 units trading, to end at $5.50. Lasco Financial rose by 10 cents and ended at $3.20 with 30,096 shares changing hands, Lasco Manufacturing ended trading with 1,077,383 shares to close at $4 and tTech traded 12,538 shares to close with a loss of 6 cents at $4.61.
Flat trading for juniors – Tuesday
The junior market eked out a meagre gain on Tuesday although declining stocks exceeded advancing ones by a wide margin. The market gained a mere 0.08 points to end at 1,947.99 with 13 securities trading of which 8 declined and 4 advanced, including 1 of that traded at a 52 weeks’ high. The market ended with 534,537 units changing hands, valued at $3,813,759.
At the close, 2 securities ended with no bid and 6 securities had no stocks being offered for sale. There were 7 stocks closing with bids that were higher than their last selling prices and 2 ended with lower offers.
In trading, Access Financial declined by $1 in trading 2,550 units to close at $16.50, Blue Power rose by $1.70 with 188,655 units changing hands, to end at $11, after it posted profits of $25 million in the January quarter, $13 million more than the comparative period last year. Caribbean Cream lost 52 cents while trading 1,000 shares to close at $3.73. Caribbean Producers had 9,352 units changing hands to close a gain of 5 cents at $4.60, Consolidated Bakeries traded 16,000 units to close with a loss of 10 cents at $1.40, General Accident traded 5,000 units at a 52 weeks’ high of $3 with a gain of 20 cents. Honey Bun traded 27,600 shares to gain 20 cents and close at $14, Jamaican Teas lost 10 cents and ended with 2,484 units changing hands at $7.60, KLE Group closed at $1.90 with 32,420 shares changing hands with a loss of 30 cents. Lasco Distributors closed with 108,550 units trading, to end at $5.50, Lasco Financial ended at $3.10 with 22,622 shares changing hands, after falling by 13 cents, Lasco Manufacturing ended trading with 118,104 shares and lost 10 cents to close at $4 and tTech traded 200 shares to close with a loss of 18 cents at $4.67.
Juniors eased again on Monday
The junior market lost some more ground again on Monday although advancing stocks exceeded declining ones. The market lost 8.37 points to end at 1,947.91 with 14 securities trading of which 4 declined and 5 advanced, including 1 of that traded at a 52 weeks’ high. The market ended with 1,010,904 units changing hands, valued at $5,976,571.
At the close, 2 securities ended with no bid and 6 securities had no stocks being offered for sale. There were 11 stocks closing with bids that were higher than their last selling prices and 3 ended with a lower offer.
In trading, Access Financial traded 4,000 units to close at $17.50, AMG Packaging rose by $1.40 with 223,936 units changing hands, to end at $13.10, C2W Music traded 20,636 units to close at 45 cents, Caribbean Cream gain 55 cents while trading 580 shares to close at $4.25. Caribbean Flavours traded 2,473 units at $8.60, Caribbean Producers had 18,386 units changing hands to close a loss of 45 cents at $4.55, Consolidated Bakeries traded 15,465 units at $1.50 after rising 10 cents but closed with an offer at $1.44. Dolphin Cove traded 582 shares to gain 33 cents and end at $15.95, General Accident traded 1,000 units at a 52 weeks’ high of $2.80 with a gain of 30 cents, Jamaican Teas ended with 1,364 units changing hands at $7.70, KLE closed at $2.20 with 1,270 shares changing hands with a loss of 30 cents. Lasco Distributors rose by 44 cents and closed with 52,455 units trading to end at $5.50, Lasco Financial ended at $3.23 with 45,300 shares changing hands, Lasco Manufacturing ended trading with 322,957 shares and lost 25 cents to close at $4.10 and Medical Disposables traded 300,500 shares to close at $3.50.
Juniors slips sharply – Wednesday
The junior market ceded ground again on Wednesday although advancing and declining stocks were equal with 6 declining stocks and 6 advancing leading to fall of 2 percent in the index. The market lost 44.03 points to end at 2,075.12 with 13 securities trading, 2 of which ended at 52 weeks’ highs. The market ended with 2,918,009 units changing hands, valued at $20,407,860.
At the close, 1 security ended with no bid and 6 securities had no stocks being offered for sale. There were 8 stocks closing with bids that were higher than their last selling prices and 3 ended with lower offers.
In trading, Access Financial fell 50 cents while trading 764,000 units to close at $19.50, AMG Packaging dropped had 20,000 units changing hands, to end at $14, Blue Power traded 4,440 shares and fell 29 cents to end at $9.30, CAC 2000 had 12,500 shares changing hand, to close at a 52 weeks’ high of $7.36 after rising 34 cents. C2W Music traded 5,637 units at 43 cents, Caribbean Cream rose by 15 cents while trading 107,800 shares to close at $4.15, Caribbean Producers had 30,000 units changing hands, to close at $5.10, Dolphin Cove traded 500 shares at $15.61, General Accident traded 690,326 units at $2.40 with a gain of 20 cents. Honey Bun ended with 7,674 units changing hands at $13.78 after rising 8 cents, Knutsford Express gained $1.01 and ended at a 52 weeks’ high of $18.51 with 1,500 shares changing hands, Lasco Distributors closed with 193,650 units trading to end at $7 for a 6 cents loss. Lasco Financial declined by 15 cents to end at $2.95 with 279,491 shares changing hands, Lasco Manufacturing ended trading with 297,431 shares and fell 40 cents to close at $4.20, Medical Disposables traded 477,623 shares to close with a loss of 1 cent at $3.39, and Paramount trading closed with a 6 cents gain at $11.30 with 45,437shares trading.
Junior stocks in sharp downturn – Friday
At the close, 1 security ended with no bid to buy and 7 securities had no stocks being offered for sale. There were 6 stocks closing with bids that were higher than their last selling prices and 3 ended with lower offers.
In trading, Access Financial traded 12,600 units to gain $3.20 and end at a 52 weeks’ high of $20, AMG Packaging dropped $1.50 while 52,672 units changed hands, to end at $14, Blue Power traded 10,498 shares and fell $1.50 to end at $9.50, CAC 2000 had 4,000 shares changing hand, to close at $7.02 after shedding 33 cents. Cargo Handlers traded 2,289 units at $40.30, Caribbean Cream rose by 35 cents while trading 70,000 shares to close at $4.50. Caribbean Producers lost 1 cent with 35,300 units changing hands, to close at $5.49, Consolidated Bakeries traded 220,000 units to close with a fall of 9 cents at $1.70, Derrimon Trading ended with only 125 shares changing hands and closed at a $4.90 after slipping by 10 cent. Dolphin Cove traded 7,500 shares at $15.61, General Accident traded 32,302 units at $2 to lose 12 cents, Honey Bun ended with 24,947 units changing hands to end at $13.50. Jamaican Teas had 65,554 shares trading with a loss of 67 cents to close at $7.13, KLE Group gained 30 cents and ended at a 52 weeks’ high of $2.80 with 60,764 shares changing hands, Lasco Distributors closed with 198,317 units trading to end at $7.30 for a 20 cents loss. Lasco Financial declined by 10 cents to end at $3.40 with 107,725 shares changing hands, Lasco Manufacturing ended trading with 107,788 shares and fell 40 cents to close at $4.20 and tTech closed with a 15 cents gain at $5 with 22,000 shares trading.
Falling junior stocks down on Thursday
At the close, 2 securities ended with no bid to buy and 7 securities had no stocks being offered for sale. There were 6 stocks closing with bids that were higher than their last selling prices and 1 ended with a lower offer.
The bid on Access Financial is $18.20 to buy 12,600 units versus the last trade at $16.80 and the lowest offer is at $23.49 to sell 15,150 units.
In trading, AMG Packaging dropped $2.50 while 7,373 units changed hands to end at $15.50, CAC 2000 had 30,760 shares changing hand, to close at $7.35, Caribbean Cream fell 6 cents while trading 61,890 shares to close at $4.15. Caribbean Flavours ended with 11,285 units changing hands with a gain of 10 cents to end at $8.60, Caribbean Producers lost 35 cents with 350 units changing hands, to close at $5.50, Consolidated Bakeries traded 57,380 units to close with a rise of 1 cent at $1.79, Derrimon Trading ended with 3,800 shares changing hands and closed at a $5. General Accident traded 4,198 units at $2.12 to gain 2 cents, Honey Bun lost 10 cents as 24,270 units changed hands to end at $13.50. Jamaican Teas had 4,688 shares trading to close at $7.80, KLE Group ended at $2.50 with 134,981 shares changing hands, Lasco Distributors closed with 73,795 units trading to end at $7.50 for a 29 cents loss. Lasco Financial declined by 2 cents to end at $3.50 with 23,307 shares changing hands, Lasco Manufacturing ended trading with 31,622 shares and fell 10 cents to close at $4.60. Medical Disposables traded 4,767 shares to close at $3.51, Paramount trading ended with 5,000 units changing hands at $11.30 and tTech closed at $4.85 with 8,996 shares trading.
11 junior stocks fall 1 rise – Wednesday
At the close, 2 securities ended with no bid to buy and 7 securities had no stocks being offered for sale. There were 8 stocks closing with bids that were higher than their last selling prices and 3 ended with lower offers.
The bid on Access Financial is down to $18.10 to buy 12,600 units versus the last trade at $16.80 and the lowest offer is at $23.49 to sell 15,150 units but the stock has not traded for several days.
In trading, AMG Packaging dropped $1.15 while 7,373 units changed hands to end at $18, CAC 2000 had 4,200 shares changing hands to close at $7.35, C2W Music traded 6,277 shares at 45 cents, Caribbean Cream fell 19 cents while trading 133,960 shares to close at $4.21, Caribbean Flavours ended with 3,083 units changing hands at $8.50. Caribbean Producers lost 35 cents with 4,500 units changing hands, to close at $5.50, Consolidated Bakeries traded 51,332 units to close with a fall of 1 cent at $1.78, Derrimon Trading ended with 270,000 shares changing hands and closed at a $5. Dolphin Cove lost 39 cents in trading 3,300 units at $15.61, General Accident traded 133,703 units at $2.10 to shed 25 cents, Honey Bun rose 52 cents as 100 units changed hands to end at a 52 weeks’ high of $13.60. Jamaican Teas fell 20 cents while trading 21,631 shares to close at $7.80, Lasco Distributors closed with 5,323 units trading to end at $7.79. Lasco Financial declined by 17 cents to end at $3.52 with 65,300 shares changing hands, Lasco Manufacturing ended trading with 53,450 shares and fell 20 cents to close at $4.70. Medical Disposables traded 3,233 shares to close with a loss of 1 cent at $3.51, Sweet River ended with 100,000 units changing hands at $4 and tTech closed at $4.85 with 9,807 shares trading after losing 5 cents.
Juniors suffer a fall on Tuesday
At the close, 1 security ended with no bid and 7 securities had no stocks being offered for sale but there are strong signs of the possibility of a move forward, as 6 stocks closed with bids that were higher than their last selling prices and one ended with a lower offer.
The bid on Access Financial has now climbed to $19 to buy 12,600 units versus the last trade at $16.80 and the lowest offer is at $23.49 to sell 15,150 units.
In trading, AMG Packaging lost 84 cents while 1,374 units changed hands to end at $19.15, CAC 2000 had 1,540 shares changing hands to close at $7.35, Caribbean Cream fell 25 cents while trading 36,350 shares to close at $4.40, Caribbean Flavours lost 5 cents and ended with 22,000 units changing hands at $8.50. Caribbean Producers lost 5 cents with 90,000 units changing hands, to close at $5.85, Consolidated Bakeries traded 54,570 units to close with a rise of 4 cents at $1.79, Derrimon Trading ended with 162,700 shares changing hands and closed at a new 52 weeks’ high of at $5, for a gain of 35 cents. General Accident traded 320,806 units at $2.35 to gain 20 cents, Honey Bun rose 8 cents as 21,410 units changed hands to end at a 52 weeks’ high of $13.08. Jamaican Teas rose 20 cents while trading 47,795 shares to close at $8, KLE Group lost 25 cents to end at $2.50 with 10,000 units trading, Knutsford Express with 10,000 shares changing hands, closed at $17.50, Lasco Distributors closed with 56,362 units trading, but fell 21 cents to end at $7.79. Lasco Financial declined by 1 cent to $3.69 with 39,711 shares changing hands, Lasco Manufacturing ended trading with 114,310 shares and regained 90 cents to close at $4.90 and tTech closed at $4.90 with 20,000 shares trading.
Lasco Manufacturing profit jumps
Profit at Lacso Manufacturing before tax jumped 79 percent to $764 million for the nine months ended December 2015, this compares with $426.3 million for the same period in 2014, while profit for the quarter increased 69 percent over the same period in 2014 to $267 million before provision of $35 million of corporate taxation.
The strong improvement flowed from 45 percent jump in revenue for the nine months from $4.83 billion, for an increase of $1.5 billion or over prior year’s $3.33 billion. Revenue for the quarter rose by a slightly slower 39 percent from $1.25 billion in 2014 to $1.74 billion in 2015. Gross profit for the nine months rose from $892 million in 2014 to $1.60 billion in 2015, an increase of $703 million or 79 percent in line with the increased profit. For the quarter, gross profit rose by $257 million or 89 percent from $290 million in 2014 to $548 million in 2015 but increased interest and depreciation cost associated with the new factory ate up proportionately more of the revenues than other cost.
Operating expenses for the nine months to December 2015 rose by 82 percent or $313 million over prior year’s $383 million to hit $696 million, due to increases in staff compliment, marketing expenses and new products development costs. For the quarter to date, operating expenses were $220 million compared to $89 million in prior year.
Earnings per share for the nine months ended December 2015 rose from 10 cents for the same period prior year to 18 cents and should hit 29 cents for the full year and close to $1 in 2017. The stock which trades at $5 on the Jamaica Stock Exchange junior market, is selling above the market average, at PE of 17 times current fiscal year’s earnings. With new products now being produced, revenues and profit should continue to increase in the next fiscal year which would ensure that the current PE is not all that high but the stock make bounce around for a while until the next set of results are known.
The company generated gross cash flow from operations of $994 million versus $509 million in 2014 even as receivables rose to $2 billion inclusive of prepayment and deposit on equipment of nearly $600 million, compared with $897 million at the end of 2014 and $1.1 billion at the March year-end. Fixed assets net of depreciation swelled to $3.1 billion from $1.1 billion at March 2014 as capital work in progress fell from $2.26 billion to only $400 million. Cash funds grew to $372 million from just $50 million in 2014 but borrowings jumped to $2.15 billion including overdraft of $641 million from $1.38 billion at March 2014.