Bulls cooled their heels this past week allowing for a fall in the Main and Junior Market with the former slipping 0.9 percent and the latter dipping half of a percent for the week, resulting in notable price changes in the Junior Market but modest changes in the Main Market.

Just two stocks fell and 8 rose in the Junior Market ICTOP10 during the week, reversing last week’s adverse movement of just two rising and 8 falling. The performance of the Main Market ICTOP10 resulted in three stocks gaining while four declined. The All JSE TOP10, compiled from all listed ordinary stocks on the JSE, had two changes. JMMB Group returns to the All JSETOP10 following a week’s absence along with Caribbean Producers, replacing the Junior Market, Access Financial and AMG Packaging.
Guardian Holdings with the potential to gain 436 percent continues to hold the number one spot in the market with 138 Student Living at number 2 in the All JSE ICTOP10 for a seventh week. Elite Diagnostics holds the number one spot in the Junior Market TOP10 followed by Caribbean Cream and Iron Rock Insurance.
In the Junior Market IC TOP10, Iron Rock Insurance fell 7 percent to $4 and was the only stock with a notable loss. The biggest winner is Lumber Depot recovering from the loss of the previous week in jumping 27 percent to $2.64, AMG Packaging riding a wave of positive news about expansion surged 22 percent to $3.42, Caribbean Assurance climbed 12 percent to end at $2.80, Access Financial rose 11 percent to $17.01, but continues to struggle under relatively heavy selling pressure and will require positive third quarter results to help alleviate it and Express Catering popped 8 percent to $3.25.
In Main Market ICTOP10 activity, Berger Paints shed 14 percent to close at $7.36, Key Insurance dropped 10 percent to $2.20, Caribbean Producers and Scotia Group lost 5 percent to $8.50 and $52 respectively.
JMMB Group returns to the Main Market ICTOP10, replacing Lasco Distributors and the Junior Market ICTOP10 list lost Lumber Depot with Jamaican Teas coming in as the replacement.
The average PE for the JSE Main Market ICTOP 10 stands at just 5.4, well below the market average of 15 and the Junior Market TOP10 sits at 8, more than half of the market, with an average of 13.
Based on the earnings projected for 2024, the Main Market ICTOP10 is projected to gain an average of 284 percent by May 2025, providing better values than the Junior Market, which has the potential to achieve a 163 percent increase over the same period.
In the Main Market ICTOP 10, there are 16 stocks with the highest values representing 31 percent of the Main Market, with PEs between 15 to 105, with an average of 30 and 21 excluding the highest PE ratios and a PE of 24 for the top half of the market with the highest values and 19 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 12 stocks, 25 percent of the market, with PEs ranging from 15 to 32 with an average of 21 and a PE of 18 for half of the market with the highest PEs.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns on or around May 2025 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.