Stock stampede slows in Jamaica

January 31, 2017 by

NCB hits a new high of $63.20 on Tuesday in trading on the JSE.

Stock broker, NCB Capital Markets crossed 7,280,711 National Commercial Bank at $61.50, pushing the value of trading by nearly $448 million while Cable & Wireless chipped in with 4,711,717 shares valued at $5.6 million.
At the close, 15,833,084 units valued at $518,190,757 changed hands, compared to 12,789,852 units valued at $79,186,131 changing hands on Monday. Of the stocks traded, the junior market accounted for 1,610,629 units valued at $10,783,120.
At the close the all All Jamaica Composite Index rose 1,972.56 points to close at 232,026.62, the JSE Market Index rose 1,763.82 points to finish at 211,846.70 and the JSE combined index climbed 1,722.77 points, to close at 225,640.33.
The movement of the main market in the last 4 trading days, lifted the gains to 10 percent for January, after starting the year with moderate gains of 2.7 percent, up to Wednesday last week.
The market closed with 43 securities changing hands, with 18 stocks rising and 15 falling in the overall market, including 7 stocks rising and 9 falling, in the junior market. At the close 5 securities ended at new 52 weeks’ closing highs.
The average trade for the day in the main market ended at 592,602 shares compared to an average of 384,180 units traded on Monday. For the month to date, an average of 149,740 shares compared to an average of 111,605 units on the previous trading day. The average for the month of December ended at 549,379 units.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 16 stocks with bids higher than their last selling prices and 4 with lower offers.
In market activity, Barita closed at $6 with gains of 25 cents and 1,000 units changing hands, Berger Paints climbed higher by $1.04 to a 52 weeks’ closing high of $11.50, after trading 40,917 shares, Cable and Wireless lost 1 cent with 4,711,717 units being exchanged at $1.19, Caribbean Cement closed at $33.02, losing 49 cents as 46,128 units traded. Carreras closed at $66.75 with 291,409 units changing hands, 1834 Investments gained 16 cents to close at $1.50 after trading just 1,000 shares, Grace Kennedy had 34,709 units trading to close at $40.50, Jamaica Broilers gained 20 cents and closed at $15.40 with 16,118 shares changing hands. Jamaica Producers traded 309,026 shares, rising 44 cents to end at a 52 weeks’ closing high of $13.50, after trading as high as $15 in early trading, Jamaica Stock Exchange closed at $5.60 having traded 69,397 shares, JMMB Group closed at $16.90 with 129,575 units traded. Kingston Wharves advanced 99 cents, ending at $33.99 and trades of 45,268 units, Mayberry Investments traded 12,219 shares with gains of 15 cents to close at $5.15, National Commercial Bank rose to a 52 weeks’ closing high of $61.50, after gaining $1.50 after and swapping 7,498,281 shares, NCB traded as high as $63.20 in the morning session. Pan Jamaican gained $1 and closed at a 52 weeks’ closing high of $31 with 90,681 units being exchanged, Pulse Investments traded 8,000 units, losing 5 cents to close at $5.95, Radio Jamaica lost 5 cents, closing at $1.30 with 73,828 shares traded, Sagicor Group closed with 22,947 shares changing hands with a gain of 50 cents at $30.50. Sagicor Real Estate fund traded 49,769 units and closed at $10, Scotia Group ended trading at $38, losing $1 with 30,863 shares changing hands. Scotia Investments traded 3,849 units, gaining 2 cents to close at $33.02, Sterling Investments closed at $15.60 with trades of 23,000 units, Supreme Ventures lost 11 cents after trading 700,304 shares to close at $5.10 and Proven Investments traded 12,450 ordinary shares and closed at 23 US cents.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Bulls stampeding Jamaican stocks

January 30, 2017 by

Stock prices followed Friday’s surge on the main market of the Jamaica Stock Exchange on Monday, moving the market higher, with gains of 9.5 percent for the year to date, after the main market started the year with moderate gains.
The movement over the past three trading days has brought the gains in the market in line with the junior market that previously had gains that were 3 times that of the Jamaica Stock Exchange main market.
At the close, the all All Jamaica Composite Index leapt 3,931.57 points to close at 230,053.06, the JSE Market Index surged 3,515.51 points to finish at 210,082.88 and the JSE combined index climbed sharply by 3,283.99 points, to close at 223,917.56.
Trading resulted in 12,789,852 units valued at $79,186,131 changing hands, compared to 2,882,798 units valued at $55,189,818 changing hands on Friday. Of the stocks traded, the junior market accounted for 426,481 units valued at $2,702,243.
The market closed with 42 securities changing hands, with 24 stocks rising and 9 falling in the overall market, including 10 stocks rising and 2 falling, in the junior market. A total of 8 securities ended at new 52 weeks’ closing highs.
The average trade for the day in the main market ended at 149,740 shares compared to an average of 111,605 units traded on Friday. For the month to date, an average of 175,757 shares compared to an average of 201,775 units on the previous trading day. The average for the month of December ended at 549,379 units.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator was at its highest level with reading shows 26 stocks with bids higher than their last selling prices and 3 with lower offers.
In market activity, Berger Paints traded at an intraday 52 weeks’ high of $10.56 but declined by 5 cents in closing at $10.46 after trading 10,000 shares, Cable and Wireless closed with 221,233 units changing hands at $1.20, Caribbean Cement lost 39 cents and traded 39,262 shares to close at $33.51. Carreras closed at $66.75, gaining 5 cents with 8,652 shares changing hands, Grace Kennedy had 32,126 units trading to close at $40.50, after losing 14 cents, Jamaica Broilers gained 7 cents and closed at $15.20 with 11,700 shares changing hands. Jamaica Producers traded 7,647 shares, rising 56 cents to end a new closing high of $13.06, Jamaica Stock Exchange closed at $5.60 having traded 178,916 shares, JMMB Group climbed to a 52 weeks’ closing high of $16.90 with gains of 90 cents and 8,633 units trade. Kingston Wharves retreated slightly from the rarefied heights to end trading 4,625 units and losing $1, to close at $33, Mayberry Investments traded 1,020 shares with a loss of 25 cents to close at $5, National Commercial Bank climbed higher at a 52 weeks’ high of $60, gaining $2 after swapping 61,840 shares. Pan Jamaican gained 10 cents and closed at $30 with 27,659 units being exchanged, Portland JSX closed at $9 with 10,000 units trading. Pulse Investments traded 12,500 units, gaining 83 cents to close at a 52 weeks’ high of $6.00, Radio Jamaica rose 5 cents, closing at $1.35 with 27,693 shares traded, Sagicor Group closed with 112,763 shares changing hands with a gain of 99 cents at $30. Sagicor Real Estate fund traded 12,627 units and closed at $10, Salada closed at $8 having traded 148,787 shares, Scotia Group ended with 9,771 shares changing hands at $39. Scotia Investments traded 14,891 units, losing 49 cents to close at $33, Sterling Investments lost 15 cents to close at $15.60 after trading 124,700 units, Supreme Ventures traded 11,259,836 shares and closed at $5.21 and Proven Investments traded 15,300 ordinary shares to close at 23 US cents.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , ,

Public gets measly share of Main Event

January 29, 2017 by

Main Event Entertainment Group had a successful initial public offer, closing on the same day it opened but with a massive over subscription.
What is clearly a successful offer may become a major public relation nightmare as investors may be furious with the paltry amounts they end up getting and hardly being able to benefit from what will be a huge upside move in the stock price shortly after listing.
According to the broker for the issue, Mayberry Investments, stated that Mayberry West Indies Reserved Shares and Key Partner Reserved Applications were allocated in full. The first 3,000 shares of Mayberry Client Reserved Shares were allocated in full, with the balance allocated approximately 4.6095917%. Company Reserved Applications will get the first 3,000 shares with amounts over this level, to be allocated approximately 48.7418953% and general public will get the first 3,000 shares applied for plus approximately 1.1906517% of the rest.
Gary Peart of Mayberry Investments indicated than more than 1,000 applications were received for the 62 million shares that were offered.

Filed Under: Initial Public Offers Tagged With: , , , , ,

Stocks on fire in Kingston

January 27, 2017 by

Bulls pushing Jamaican stock to new highs almost daily for 2017.

Prices surged on the main market of the Jamaica Stock Exchange on Friday resulted in the daily highest points gain in history of the market.
The huge move was the result mainly of sharp gains in the prices of National Commercial Bank, Scotia Group, Kingston Wharves, Jamaica Producers Group. It was a day when both the main market of the Jamaica Stock Exchange and the junior market closed at record levels as the bull market which had its genesis in late 2014, continues to build momentum with the supply of stocks on the wane, while demand builds.
At the close, the All Jamaica Composite Index jumped sharply by 9,082.60 points, to close at 226,121.49, the JSE Market Index surged 8,121.44 points to finish at 206,567.37 and the JSE combined index climbed 7,716.24 points to close at 220,633.57.
For the consecutive trading day, volume going through the market was moderate, with less than $100 million of trading. At the close, 2,882,798 units valued at $55,189,818 changed hands, compared to 3,687,829 units valued at $80,933,897 changing hands on Thursday. Of the stocks traded, the junior market accounted for 204,282 units valued at $1,106,948.
The market closed with 42 securities changing hands, with 24 stocks rising and 9 falling in the overall market, including 10 stocks rising and 2 falling, in the junior market. A total of 8 securities ended at new 52 weeks’ closing highs.
The average trade for the day in the main market, ended at 111,605 shares, compared to an average of 116,490 units traded on Thursday. For the month to date, an average of 201,775 shares traded compared to an average of 291,945 units on the previous trading day. The average for the month of December ended at 549,379 units.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 21 stocks with bids higher than their last selling prices and 3 with lower offers.
In market activity, Berger Paints gained just 1 cent to end a new closing high at $10.51 while trading 11,500 shares, Cable and Wireless ended with 137,034 units at $1.20, after rising 2 cents, Caribbean Cement dropped $2.60 in trading 79,400 shares in closing at $33.90. Carreras closed at $66.70 with 26,859 shares changing hands, 1834 Investments gained 4 cents in trading 2,419 units at $1.34, Grace Kennedy had 6,092 units trading to close at $40.64, after declining 1 cent, Jamaica Broilers rose 13 cents and closed at $15.13 with 4,787 shares changing hands. Jamaica Producers traded 27,986 shares after rising by $1 to end at a new high of $12.50, Jamaica Stock Exchange rose 10 cents to close at $5.60, having traded 127,613 shares, JMMB Group jumped to a new closing 52 weeks’ high of $16 in trading 27,146 units, after rising by 50 cents. Kingston Wharves jumped sharply by $6.25, to end trading with 6,500 units and closed at 52 weeks’ high of $34, Mayberry Investments traded 500,000 shares with gains of 25 cents, to close at $5.25, National Commercial Bank surged $5.98 to close at an all-time high of $58 after swapping 38,550 shares. 138 Student Living traded 100,000 units at $4.50, Pan Jamaican shed 10 cents and closed at $29.90, with 765,562 units traded, Portland JSX closed at $9 while trading 6,000 units, Pulse Investments traded 42,700 units, falling 13 cents to close at $5.17 after it traded at an intraday high of $5.65. Radio Jamaica lost 5 cents, closing at $1.30 with 35,778 shares traded, Sagicor Group closed with 8,935 shares changing hands, with a fall of 99 cents to $19.01, Sagicor Real Estate Fund gained 50 cents in trading 9,333 units and closed at $10. Scotia Group, with 470,682 shares changing hands jumped $2.89 cents to a 52 weeks’ closing high of $39. Supreme Ventures gained 11 cents in trading 39,240 shares to close at $5.21 and JMMB Group 7.50% preference shares traded 200,000 units to close at $1.10.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , ,

New record close for JSE majors

January 26, 2017 by

Berger hit at a new 52 weeks’ high on Thursday.

The main market of the Jamaica Stock Exchange, rose more than 1,000 points on Thursday to new record highs, but advancing stocks were equal to declining ones in the overall market.
The high levels of trading above the $220 million market seen in the market for the previous 5 trading days ended on Thursday with less than $100 million of trading. At the close, 3,687,829 units valued at $80,933,897 changed hands, compared to 13,315,100 units valued at $237,592,401 changing hands on Wednesday. Of the stocks traded, the junior market accounted for 542,606 units valued at $3,545,918.
The market closed with 43 securities changing hands, with 16 stocks rising and falling in the overall market, including 6 stocks rising and 5 falling, in the junior market. A total of 8 securities ended at new 52 weeks’ closing highs.
At the close the All Jamaica Composite Index gained 1,486.31 points to close at 217,038.89. The JSE Market Index rose 1,268.01 points to finish at 198,445.93 and the JSE combined index climbed 1,077.42 points to close at 212,917.33.
The average trade for the day in the main market ended at 116,490 shares compared to an average of 275,383 units traded on Wednesday. An average of 291,945 units traded for the month to date, versus 467,399 units on the previous trading day. The average for the month of December ended at 549,379 units.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 21 stocks with bids higher than their last selling prices and 3 with lower offers.
In market activity, Berger Paints jumped $1, pushing the price to a new closing high at $10.50 while trading 123,265 shares, Cable and Wireless ended with 626,427 units at $1.18, after losing 7 cents, Caribbean Cement surged $3 in trading 865,850 shares to close at 52 weeks’ high of $36.50. Carreras closed at $66.70 with 27,280 shares changing hands, 1834 Investments traded 62,439 units at $1.30, Grace Kennedy had 50,652 units trading to close at $40.65, after gaining 15 cents, Jamaica Broilers lost 2 cents and closed at $15 with 21,213 shares changing hands. Jamaica Producers traded 250,000 shares after losing 30 cents to end $11.50, Jamaica Stock Exchange lost 10 cents to close at $5.50, having traded 51,865 shares, JMMB Group traded 114,080 units at $15.50, gaining 15 cents, Kingston Wharves ended up trading just 600 units and adding 26 cents to close at $27.75. Mayberry Investments traded 36,000 shares with gains of 75 cents, to close at $5, National Commercial Bank lost 58 cents to close at $52.02 after swapping 519,708 shares, Pan Jamaican gained 35 cents and closed at $30 with 26,688 units traded, Portland JSX closed at $9 after falling by 50 cents while trading 7,079 units. Pulse Investments traded 45,950 units, gaining 35 cents to close at a 52 weeks’ high of $5.30, Radio Jamaica lost 5 cents, closing at $1.35 with 15,200 shares traded, Sagicor Group closed with 49,810 shares changing hands with a gain of 96 cents to $30. Sagicor Real Estate fund traded 20,400 units and closed at $9.50, Scotia Group, with 118,490 shares changing hands lost 89 cents to close at $36.11. Scotia Investments traded 28,694 units, gaining 99 cents to close at $33.49, Supreme Ventures lost 11 cents in trading 10,500 shares to close at $5.10 and Proven Investments traded 67,260 ordinary shares to close at 23 US cents.

Filed Under: Company News Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Huge interest in Main Event

January 26, 2017 by

The Jamaica Stock Exchange latest potential listing on junior market, Main Event, pulled in just over 1,000 applications worth $670 million dollars, being 458 percent over subscribed.
The offering which closed on the same day it opened Tuesday January 24, is one with the largest number of applicant and is in line with Caribbean Producers and General Accident both with more than 1,100 applications.
According to Gary Peart, Chief Executive officer of Mayberry Investments, the broker for the deal there were several small applications. The level of over subscription is far worse than meets the eye with 22 million shares available to the wider public, to be split up amongst approximately 900 applicants. That works out at around 25,000 shares for each applicant.
The interest in the shares and the low level of shares that will be allocated to each applicant is going to have an electric impact on the post listing pricing by the market.

Filed Under: Buy Rated, Initial Public Offers Tagged With: , , ,

JSE majors shoot to 215,646 points

January 24, 2017 by

Kingston Wharves traded at a new high of $27.75 on Tuesday.

The main market of the Jamaica Stock Exchange, having broken through the 214,000 mark at the close on Monday shot well through the 215,000 mark on Tuesday to end at yet another new high. Advancing stocks were twice as many as declining ones in the overall market.
The market enjoyed another day of good volumes, with values exceeding $273 million, as the market continues to trade above the $240,000 market for the fourth consecutive day.
The market closed with 40 securities changing hands, 19 stocks gained and 9 declined in the overall market, including 9 stocks rising and 3 falling, in the junior market. A total of 8 securities ended at new 52 weeks’ closing highs.
At the close the All Jamaica Composite Index gained 1,486.31 points to close at 215,646.20. The JSE Market Index rose 1,329.03 points to finish at 197,200.62 and the JSE combined index climbed 1,462.70 points to close at 211,694.92.
At the close with 10,692,647 units valued at $273,030,077 changed hands, compared to 20,100,275 units valued at $241,271,357 changing hands on Monday. Of the stocks traded, the junior market accounted for 1,319,304 units valued at $8,881,627.
The average trade for the day in the main market ended at 360,513 shares compared to an average of 958,319 units traded on Monday. An average of 659,416 units traded for the month to date, versus 736,679 units on the previous trading day, compared with an average of 549,379 units, December ended with.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 12 stocks with bids higher than their last selling prices and 2 with lower offers.
In market activity, Barita Investments fell 55 cents while trading 38,200 units to end at 5.75, Berger Paints was pushed by 51 cents to a new closing high of $8.50 while trading 10,000 shares. Cable and Wireless ended with 367,430 units at $1.20, after gaining 1 cent, Caribbean Cement traded 3,575 shares to close at $30.52. Grace Kennedy had 51,319 units trading to close at $40.50, gaining 2 cents, Jamaica Broilers lost 22 cents and closed at $15.25 with 4,936 shares changing hands, Jamaica Producers traded 54,929 shares, losing $1 to end at $10. Jamaica Stock Exchange traded 119,310 shares at $5.60, JMMB Group traded 301,370 units at $15.31, Kingston Wharves ended up trading 400 units to close at a 52 weeks’ high of $27.75, after gaining $2.74. National Commercial Bank added 60 cents in swapping 2,430,916 shares to close at $52.60, Pan Jamaican gained 20 cents to close at $29.95 with 3,593,683 units traded, Portland JSX lost 1 cent to close at $9.00 while trading 4,000 units. Pulse Investments traded 30,000 units and closed at $4.35, Radio Jamaica ended at $1.40 with 137,162 shares trading, Sagicor Group had 490,590 shares changing hands, with a gain of 3 cents to end at $29.03, Sagicor Real Estate fund lost 70 cents in trading 8,525 units to close at $9.50, Scotia Group, with 17,550 shares changing hands, gained 50 cents to close at $36. Sterling Investments traded just 800 units but rose 5 cents to end at a 52 weeks’ high of $15.75, Supreme Ventures lost 11 cents in trading 1,498,655 shares to close at $5.10, Proven Investments traded 400 ordinary shares to close at 23 US cents and JMMB Group 7.5% preference share ended with 18,000 units trading at $2.15 after gaining 4 cents.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Jamaican majors end at 214,159 points.

January 23, 2017 by

Jamaica Producers rose by $1.47 to end at a 52 weeks’ high of $11.

The main market of the Jamaica Stock Exchange, closed at a new high on Monday as advancing were nearly twice as many as declining ones in the overall market. The market enjoyed another day of good volumes with the values exceeding $200 million for the third consecutive day.
The market closed with 33 securities changing hands, 16 stocks gained and 10 declined in the overall market, including 6 stocks rising and 7 falling, in the junior market.
At the close the All Jamaica Composite Index gained 1,313.02 points to close at 214,159.89. The JSE Market Index rose 1,174.08 points to finish at 195,871.59 and the JSE combined index climbed 1,134.09 points to close at 210,232.22.
At the close with 20,100,275 units valued at $241,271,357 changed hands, compared to 38,043,877 units valued at $286,247,575 changing hands on Friday. Of the stocks traded, the junior market accounted for 1,892,208 units valued at $12,483,279.
The average trade for the day in the main market ended at 958,319 shares compared to an average of 601,774 units traded on Monday. An average of 736,679 units traded for the month to date, versus 515,038 units on the previous trading day, compared with an average of 549,379 units, December ended with.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 14 stocks with bids higher than their last selling prices and 5 with lower offers.
In market activity, Investors continued to react positively to nine months results, showing a sharp hike in profit for Berger Paints, pushing the price to a new closing high at $7.99 while trading 25,000 shares. Cable and Wireless ended with 465,017 units at $1.19, after gaining 7 cents, Caribbean Cement traded 46,985 shares to close at $30.52 with a rise of 2 cents, Grace Kennedy had 177,361 units trading, to close at $40.48, after gaining $1.48, Jamaica Broilers lost 3 cents and closed at $15.47 with 6,876,548 shares changing hands. Jamaica Producers traded 22,200 shares, rising by $1.47 to end at a 52 weeks’ high of $11, Jamaica Stock Exchange traded 75,579 shares at $5.60, JMMB Group traded 42,686 units at $15.31, Kingston Wharves ended up trading 8,361 units to close at $25.01, after losing 29 cents. Mayberry traded 7,500 shares and closed at $4.25, gaining 20 cents in the process, National Commercial Bank added 50 cents in swapping 381,306 shares to close at $52, Pan Jamaican traded 12,723 units to close at $29.75, Portland JSX added 1 cent to close at $9.01 while trading 10,000,000 units. Sagicor Group closed with 37,440 shares changing hands with a loss of 4 cents at $29, Sagicor Real Estate fund gained 20 cents in trading 2,000 units to close at $10.20, Scotia Group, with 900 shares changing hands, gained 50 cents to close at $35.50 and Supreme Ventures traded 5,500 shares to close at $5.21.

Filed Under: Company News Tagged With: , , , , , , , , , , , , , , , , , , , , ,

Value of Jamaican stocks slip – Wednesday

January 18, 2017 by

Jamaica Producers traded at a new high of $10.

The main market of the Jamaica Stock Exchange, shed a little more ground, but closed out Wednesday ‘s trading with advancing and declining stocks being equal, in the overall markets.
At the close the All Jamaica Composite Index lost 211.20 points to close at 213,310.21. The JSE Market Index slipped 188.86 points to finish at 195,111.82 and the JSE combined index fell 262.00 points to close at 209,274.40.
The market closed with 40 securities changing hands, 14 stocks gained and 14 declined in the overall market, including 3 stocks rising and 5 falling, in the junior market. One security ended trading at a new high and two at new lows, while one traded at an intraday high.
At the close with 6,870,141 units valued at $43,857,890 changed hands, compared to 4,982,675 units valued at $90,430,065 changing hands on Tuesday. Of the stocks traded, the junior market accounted for 1,865,673 units, changing hands, valued at $12,828,651.
The average trade for the day in the main market ended at 217,586 shares compared to an average of 138,833 units traded on Tuesday. An average of 528,824 units traded for the month to date, versus 489,448 units on the previous trading day, compared with an average of 549,379 units, December ended with.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 14 stocks with bids higher than their last selling prices and 4 with lower offers.
In market activity, Berger Paints ended trading of 49,420 shares to close at $6, Cable and Wireless ended with 3,797,843 units at $1.13, after falling 17 cents, Caribbean Cement traded 12,872 shares to close at $32, Carreras closed at $66.30 with 10,000 shares changing hands after falling by 20 cents. Grace Kennedy had 2,813 units trading, with the price falling 55 cents, to close at $40.10, Jamaica Broilers rose 88 cents and closed at $15.50 with 3,000 shares changing hands, Jamaica Producers traded 62,060 shares to end with a rise of 50 cents to close at a 52 weeks’ high of $10. Jamaica Stock Exchange dipped 4 cents in trading 6,300 shares, to end at $5.56, JMMB Group traded 283,799 units to end at $15.20, Kingston Wharves lost 20 cents in trading 13,200 units to close at $25.31, but retreated from an intraday high of $26.75. Mayberry Investments gained 5 cents in trading 170,522 units and ended at $4.75. National Commercial Bank fell 21 cents swapping 21,233 shares, to close at $51.54, Portland JSX lost 20 cents to close at a 52 weeks’ low of $10 while trading 958 units, Pulse Investments traded 57,791 units and dropped 80 cents to close at $3.70. Sagicor Group closed with 62,000 shares changing hands with a rise of 20 cents at $28.50, Scotia Group with 38,123 shares changing hands, rose 10 cents to close at $36.60, Scotia Investments gained $1 with 1,000 units trading, to end at $33.49. Seprod traded 700 shares but rose 49 cents in closing at $30, Supreme Ventures lost 4 cents in trading 2,000 units at $5.11 and Proven Investments traded 356,514 ordinary shares to close at 22 US cents.

Filed Under: JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Main Event priced to bounce

January 18, 2017 by

The Main Event Entertainment Group Initial Public offer of shares seem set to deliver a strong increase in share price once the stock list on the junior market probably in February. There are a number of positives to greet the issue.
The stock market is in a bull run currently. The stock is priced at just $2 which many small investors will be attracted to. The historical PE is just 7, compared to an average of 15 for junior market stocks, based on 2016 earnings. IC Insider.com is projecting earnings in the order of $100 million for 2017, assuming a 15 percent revenue gain, for earnings per share of 33 cents. Based on this, the stock should more than double in 2017.
The company grew revenues by 11 percent in 2016 over 2015 to an estimated $1.13 billion and by 55 percent over 2014 while that for 2013 was flat at $517 million. The company indicates that they had to recently turn away business due to capacity constraints which the fresh capital will fix.
Gross profit has been strong at 36 to 38 percent level in 2016, but it may be somewhat lower, as some items in administrative and general expenses may be directly related to events, rather than overheads.
Main Event,should benefit from the strong growth in the tourism sector and pickup in economic activity locally, that should see a greater number of Jamaicans patronising entertainment events, allowing for more events to be staged.
Importantly, the profile of the company will grow with the listing, as they benefit from daily exposure based on trading activity. The expanded directorship and regular examination of operations by the board and the infusion of capital will result in even better performance going forward and that should boost revenues and hold cost in check. This is a factor that should not be lost on investors.
Only 60 million shares are being sold, with few being available to the general public. The issue opens at 9 am, Tuesday 24 January and is likely to close at the same time. On the negative side, the company suffered a large fall in digital signage income with $75 million inflows in the 11 months to September 2016 from $139 million in the similar period in 2015. Receivables tend to be on the high side of nearly 2 months of sales, tying up nearly $100 million in excess of normal levels, while payables are running at 2.3 months at $181 million.
IC Insider.com is according an investment in the stock to be BUY RATED.

Filed Under: Buy Rated, Company News, Initial Public Offers, Stock Market Tagged With: ,