Palace Amusement

Over 3,000 points off JSE for week

August 21, 2015 by IC Insider.com

NCB helped pull the JSE down by more than 3,000 points in closing at $28.02 on Friday.

The Jamaica Stock Exchange on Friday closed with main market indices recording another day of losses, adding to the losses of the previous two days. The market closed with a fairly high participation rate of 33 securities changing hands resulting in 5,295,463 units trading, valued at $53,837,873 with 9 stocks rising, 10 declining including 1 stock closing at 52 weeks high and 1 at a 52 weeks’ low, in all market segments.
At the close, the JSE Market Index fell 680.29 points to 97,761.47, for the week the index lost 3,047.20 points. The JSE All Jamaican Composite index dived 760.37 points on Friday and 3,405.92 for the week to close at 108,210.06 and the JSE combined index dropped 731.14 points for the day and 3,285.21 points for the week, to end at 101,078.60.

IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading that reflects continuation of declining stocks having the upper hand over advancing ones with 8 stocks with bids higher than their last selling prices and 8 with offers that were lower.
In trading, Caribbean Cement had 87,642 units changing hands at $8, Carreras traded 163,263 shares at $50, Desnoes & Geddes traded 1,732,428 shares at $7, Gleaner closed with 18,416 shares and rose 12 cents to $1.92. Jamaica Broilers traded at $5.62 with 203,100 shares changing hands for a loss of 23 cents, JMMB Group traded 254,309 shares for a fall of 45 cents to $7.50,

Kingston Wharves ended with 6,000 shares changing hands to close at a 52 weeks’ high of $7.20 for a gain of 4 cents. National Commercial Bank traded 390,891 shares to end lower by 98 cents to $28.02, Palace Amusement traded 6,300 shares at $88 to add $13, Proven Investments ordinary share traded 320,000 units at 20.55 US cents, up 1.05 cents. Sagicor Group with 134,976 shares changing hands, closed 5 cents higher at $13, Scotia Group traded 166,559 units to close at $24, up 25 cents. Supreme Ventures ended at $3.30 with 15,253 units to be down by 5 cents and Jamaica Money Market Brokers 7.50% preference share traded 486,000 units at $2.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: Caribbean Cement, Desnoes and Geddes’, Gleaner, Grace Kennedy, Jamaica Broilers, JMMB Group, Kingston Wharves, National Commercial Bank, Palace Amusement, Proven Investments, Sagicor Group, Scotia Group, Supreme Ventures

JSE drops sharply on Wednesday

August 19, 2015 by IC Insider.com

The Jamaica Stock Exchange on Wednesday closed with main market indices recording big losses, cancelling out the gains made in yesterday’s trading. The market closed with a fairly high participation rate of 33 securities changing hands accounting for 3,862,624 units trading, valued at $45,895,747 with 9 stocks rising, 16 declining with 1 stock closing at 52 weeks high, in all market segments.
At the close, the JSE Market Index fell 2,316.03 points to 99,099.31, the JSE All Jamaican Composite index dived 2,588.67 points to close at 109,705.40 and the JSE combined index dropped 2,164.74 points to end at 102,674.88.
The eve of and the actual Treasury bill auction days, historically have not been good for the local stock market. Stockbrokers main focus is on the outcome of the auction and interest rates out turn as well as how successful their bidding was. Wednesday’s sluggishness and pull back in prices could be related to this development with today being the day when Treasury bill bids are opened. At the close of trading on Tuesday the signals were for a weaker market on Wednesday as such today’s declines should come as no great surprise.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading that is better than Tuesday’s reading, with only of 3 stocks with bids higher than their last selling prices and 9 with offers that were lower. Today’s reading is 4 stocks with bids higher than their last selling prices and 6 with offers that were lower, a reading that still carries some negative undertone.
In trading, Cable and Wireless had 306,499 shares changing hands with a loss of 3 cents, to end at 40 cents, Caribbean Cement had 19,000 units changing hands at $8, Gleaner closed with 23,326 shares and fell 17 cents to $2. Grace Kennedy traded firm at $64 with 54,439 shares, Jamaica Broilers traded at $6.05 with 42,876 shares changing hands, Jamaica Producers traded at $18.25 with 4,000 shares changing ownership with a loss of 25 cents. JMMB Group traded 5,909 shares at $7.95 to add 22 cents, with the company reporting strong increase in profit for the first quarter. Jamaica Stock Exchange lost altitude and traded with a decline of $1.50 to $7.50 with only 7,100 shares changing hands. Mayberry Investments had 242,254 shares trading down 26 cents to $3.14, National Commercial Bank traded 421,180 shares to end at $30, Palace Amusement gained $10 in trading 2,500 shares to end at $75, Pan Jamaican Investment closed at $60.70 after trading 1,539 shares with a loss of $1.30. Sagicor Group with 1,077,602 shares changing hands, closed 50 cents up, at $13.50, Sagicor Real Estate Fund gained 95 cents to close at $8.75 while trading 10,095 units, Scotia Group traded 471,710 units to close at $23.70, down 80 cents, Supreme Ventures ended at $3.50 with 56,004 units to be down by $1 and Jamaica Money Market Brokers 7.50% preference share traded 150,200 units at $2.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: Cable & Wireless, Caribbean Cement, Daily Trading, Desnoes and Geddes’, Gleaner, Grace Kennedy, Jamaica Broilers, JMMB, Mayberry, National Commercial Bank, Palace Amusement, Pan Jam, Sagicor Group, Sagicor Real Estate Fund, Scotia Group, Supreme Ventures

JSE up but looks weak at close

August 18, 2015 by IC Insider.com

Jamaica Stock Exchange Traded at a new high of $9 on Tuesday.

The Jamaica Stock Exchange on Tuesday closed with main market indices recording strong gains but with high levels of stocks rising and falling. The market closed with a high participation rate of 39 securities changing hands accounting for 2,172,400 units trading, valued at $19,484,355 with 15 stocks rising, 14 declining with 3 stocks closing at 52 weeks high, in all market segments.
At the close, the JSE Market Index jumped 687.52 points to 101,415.34, the JSE All Jamaican Composite index rose 768.46 points to close at 112,294.07 and the JSE combined index gained 530.40 points to end at 104,839.62.

IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading that was very negative with only of 3 stocks with bids higher than their last selling prices and 9 with offers that were lower.
In trading, Cable and Wireless with 154,750 shares changing hands with a loss of 1 cent to end at 43 cents, Caribbean Cement had 50,227 units changing hands with a gain of 50 cents at $8, Carreras traded at $50 with 8,706 shares changing hands, Gleaner closed with 63,082 shares and fell 56 cents at $2.17. Grace Kennedy traded at $64 down $1 with 79,842 shares, Hardware & Lumber ended up at $17, after adding $1 with just 500 units changing hands. Jamaica Broilers traded at $6.05 with 8,300 shares changing ownership and lost 94 cents, Jamaica Producers traded at $18.40 with 4,198 shares changing ownership with a loss of 60 cents. JMMB Group traded 20,084 shares at $7.73 to lose 26 cents, with the company reporting strong increase in profit for the first quarter, Jamaica Stock Exchange traded 70 cents up at a new high of $9 with only 9,990 shares changing hands. Mayberry Investments had 50,000 shares trading at $3.40, National Commercial Bank traded 62,888 shares at $30,

Palace Amusement gained $5 in trading 566 shares to end at $65, encouraged by the company reporting earnings of $26.56 per share for the year ended June. Pan Jamaican Investment closed at $62 after trading 27,303 shares to gain $1. Sagicor Real Estate Fund lost 30 cents to close at $7.80 while trading 140,000 units, Salada Foods ended with 2,750 units trading at $8.50 with a loss of $1.90. Scotia Group traded 25,980 units to close at $24.50, up 50 cents, Supreme Ventures ended at $4.50, with 20,000 units to be up 50 cents but the bid at the end of the day was at $4 to sell 300,000 units and Proven Investments ordinary share traded 137,105 units at 19 US cents, up from 18.5 US cents.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: Cable & Wireless, Caribbean Cement, Desnoes and Geddes’, Gleaner, Grace Kennedy, Jamaica Broilers, Jamaica Producers, Jamaica Stock Exchange, Mayberry Investments, National Commercial Bank, Palace Amusement, Pan Jamaican Investment, Sagicor Group, Sagicor Real Estate Fund, Salada Foods, Scotia Group, Supreme Ventures

JSE drops then jumps Tuesday morning

August 18, 2015 by IC Insider.com

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The Jamaica Stock market suffered large losses in the morning seconds before 11 am, in the process the All Jamaica Index trades at 110,787.47 to fall by 738.14 points, JSE Market Index declined 660.40 points to 100,067.42. The combined index fell 667.04 points to be at 103,642.18 and the junior market index 1,025.87, down 4.90 points.
A trade in Scotia Group that pushed the price back to $26 swung things around, with the all Jamaica Index jumping 934.41 points to 112,460.02, JSE Market Index gained 836 points to 101,563.82. The combined index was up 735.14 points to be at 105,044.36. The junior market index was at 1,024.90
Dolphin Cove fell 85 cents to $12.15, Gleaner Company traded at 63,082 shares and fell 56 cents to $2.17, Jamaica Broilers fell 89 cents to $6.10, Jamaica Stock Exchange traded at a new high of $8.50 with only 2,000 shares and Palace Amusement gained $5 to $65.
A total of 26 securities with a volume of only 766,233 units have traded with 8 stocks declining versus 7 that rose.

Filed Under: JSE Main Market, Stock Market Tagged With: Dolphin Cove, Gleaner Company, Jamaica Stock Exchange, Palace Amusement, Scotia Group

Palaces’ $22M profit swing

May 18, 2015 by IC Insider.com

Profit before tax for Palace Amusement Company had a major swing around of $22 million for the nine months to March this year to $6.8 million compared with a loss of $15.6 million and for the quarter a profit of $1.6 million was made, up from a loss of $9 million.

Patrons lined up at Palace’s Multiplex in Montego Bay

Revenues grew by 9 percent for the nine months to $650 million helped by strong growth in the March 2015 quarter that saw revenues increasing 12.7 percent year over year and 19.4 percent when the numbers for the Odeon Mandeville cinema that was closed late 2014 revenues are excluded. In the quarter revenues came in at $209 million from what is said to be more appealing movies than in 2014. There was minimal increase in administrative expenses while direct expenses rose less than revenues at 5.5 percent for the year to date and 10.8 percent for the quarter.
IC Insider is forecasting earnings of $24 per shares on much higher revenues in the June quarter than in the March quarter, with around 50 percent of the increase flowing to the bottom line as administrative cost should be held close to what obtained in the March quarter and losses that were incurred I the Mandeville operations removed.
Palace ended with cash funds at $66 million and has borrowed loan of only $25 million and equity of $280 million. The stock which is listed on the Jamaica Stock Exchange hardly trades with only 1.4 million units issued and closed last at $80.

Filed Under: Company News, Company Results Tagged With: Palace Amusement

Odeon closure to boost Palace’s profit

February 16, 2015 by IC Insider.com

Carib cinema, the largest money generator for Palace

Palace Amusement Company reported a profit of $2 million in the December quarter, compared to a $9 million loss in the previous year and $5.3 million in the half year to the end of 2014, up from a loss of a $6.5 million in the previous year.
The improved profit out turn comes from flat revenues in the quarter but down from 7 percent for the six months. But profit should get a big boost with the close of the Odeon Cinema in Mandeville. The Mandeville cinema had revenues of nearly $23 million in the six months to December 2013 and $10.7 million in the first quarter of 2014, there was no income in the December quarter. Odeon also contributed over $4.6 million to losses in the half year versus $5.7 million in the 2013 period. In 2013 fiscal year the company lost $17 million or nearly $12 per share in the Mandeville operation. Some assets at that cinema was sold off, resulting in gain on sale of fixed assets of $2.3 million reflected in other income.
The segment results suggest that box office, the main revenue generator is a loss leader, as profit is coming only as result of advertising income of $23 million and other income of $5 million for the half year. This situation is unlikely to change even with higher gate receipts in the second half of the year. The segment numbers also indicate that the revenues from this area is contributing more in 2014 as percentage of box office sales than in 2013 and 2012. In 2014 the two Kingston cinemas raked in 43 percent from confectionary sales, up from 41 and 42 percent respectfully, while Montego Bay moved from 37 percent to 38 percent. For the financial year ending June 2012, the ratios were 40 percent, 43 percent and 39 percent respectively.

Going forward Palace is likely to benefit from increase in ticket prices implemented at the end of 2014 and lower utilities cost, with a fall in the price of oil and by extension electricity cost. In 2013 fiscal year utilities cost $65 million, but that would include water light and telephones, regardless there should be a few million dollars shaved off cost.
Gross profit margin jumped by 35 percent in the December quarter, from 17 percent to 23 percent, partially helped by the closure of the Mandeville cinema, and improved by 12 percent, for the year to December, as the margin moved to 23 percent, from 24 percent in 2013. Administrative expenses were flat for the last quarter and up slightly for the year to date.
Interest bearing debt is down to $27 million, cash is at $70 million but working capital is only $12 million.

Filed Under: Company News, Company Results Tagged With: Odeon, Palace Amusement

11 stocks fall V 7 rising on JSE

February 12, 2015 by IC Insider.com

JP traded 3.3 million shares on Thursday

In Thursday’s activity on the Jamaica Stock Exchange, Jamaica Producers was the dominant trade with 3.3 million shares valued at more than $56 million. The bulk of the trades were done between Proven Wealth as the broker selling and JMMB securities as the buying broker. The market closed with the prices of 7 stocks rising, 11 declining as 21 securities changed hands, ending in 9,405,774 units trading, valued at $71,370,572, in all market segments.
strong> Main Market| The JSE Market Index lost 74.26 points to 78,232.91, the JSE All Jamaican Composite index fell 83.03 points to close at 86,186.33 and the JSE combined index declined by 115.44 points to 80,117.64.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 9 stocks with bids higher than their last selling prices and only 2 stocks with offers that were lower.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Desnoes & Geddes in concluding trading with 17,732 shares, the price jumped 8 cents to $4.90, Hardware & Lumber closing with 69,100 shares while gaining 7 cents to $6.57, but after 49,100 units traded at $7.70. Palace Amusement finished with 150 shares to end with an increase of $4 to $70 and Sagicor Real Estate Fund in trading 850 units, put on 15 cents to $6.95.
Firm| The stocks in the main market to close without a change in the last traded prices are, Jamaica Money Market Brokers finished with 121,051 ordinary shares trading at $7 and Jamaica Producers closed with 3,306,500 shares changing hands at $17.

Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Caribbean Cement finishing with 2,535 units trading to end 1 cents lower at $2.40. Carreras ending trading with 3,681 shares to decline by 50 cents at $44.50, Jamaica Broilers closing with 12,085 shares changing hands 5 cents down at $4, Margaritaville closed with just 190 units trading, as the price slipped 7 cents to 9.80 US cents. Mayberry Investments had 75,000 shares trading lower by 4 cents to $1.96, Radio Jamaica closed with 5,642 shares changing hands to close lower by 1 cent to $1.10, Sagicor Group ending with 10,000 units trading 5 cents lower to $10.25 and Scotia Group finished with 96,000 units to fall 45 cents to $20.05.
Preference| Jamaica Money Market Brokers 7.50% preference share closed with 5,132,700 units changing hands $2.