The old stock market adage of sell in May and go away continued to influence the market this past week, helped by funds tied up in the Dolla Financial IPO, but most investors should get full refunds early this coming week, as well as the likelihood of the trading commencing in the stock in the latter part of the week.
The week ended with three new listings in the TOP10, as declining stocks dominated the Junior and Main Market.
In the Junior Market, the only worthwhile gain was a 14 percent rise by Paramount Trading to $2. Access Financial shed 6 percent to close at $20.45, stocks that declined by 5 percent each are Lasco Financial to $3.43, Jetcon Corporation to $1.26 and Medical Disposables to $7.45.
For the TOP10 Main Market stocks, Caribbean Cement gained 7 percent to $70 after the company reported a proposed $1.50 dividend payment in August. VM Investments lost 10 percent to $5.30, Berger Paints slipped 3 percent to $11, JMMB Group down 5 percent to $42 and Sygnus Credit Investments dipped 5 percent to $14.11.
Lasco Distributors and Paramount Trading dropped out of the Junior Market TOP10. They were replaced by Dolphin Cove, with the price dropping to $15.40 and Stationery and Office Supplies (SOS).
SOS got an earnings upgrade to $1.70, with first quarter revenues 24 percent ahead of 2019, the previous best quarter before the negative impact of Covid-19, with the full reopening of the economy after, suggesting revenues should be running even further ahead of 2019 for the second quarter onwards. 
Dolphin Cove is benefitting from a resurgence in the tourism industry that is delivering increased revenues compared to 2021. The increased income and cost reduction contribute to a substantial profit increase that will carry over into the first half of 2023. It will enjoy increased revenues since the tourism recovery was not at full force in the first half of this year.
In the Main Market, Caribbean Producers is back, with upgraded earnings for the fiscal year to June 2023 of $2.30 per share that will flow from increased earnings for the year starting in July as it benefits from the recovery in the tourism sectors from which the bulk of its revenues is earned. QWI Investments has dropped out of the ten.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 14.6, while the Junior Market PE for the Top 10, is 6 versus the market at 12.9. The Junior Market TOP10 is projected to gain an average of 235 percent to May 2023 and the Main Market 228 percent.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023. They are ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios 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.
The All Jamaican Composite Index shed 510.21 points to settle at 440,209.56, the JSE Main Index gained 102.53 points to close at 386,530.90 and the JSE Financial Index declined 0.06 points to settle at 91.75. Trading ended with 56 securities compared to 54 on Thursday, with 17 rising, 21 falling and 18 ending unchanged.
JMMB Group 7.35% preference share due 2028 led trading with 27.48 million shares for 80.7 percent of total volume, followed by Jamaica Broilers with 1.1 million units for 3.2 percent of Friday’s trade and Transjamaican Highway with 970,028 units for 2.9 percent market share.
Massy Holdings dropped $1.50 to $92.50 with 266 units changing hands, Mayberry Investments shed $1.06 to close at $9 in exchanging 254,204 shares, NCB Financial lost $2 in closing at $101 in an exchange of 106,486 stock units. PanJam Investment rose $1 to $65.50 after trading 8,419 stocks, Proven Investments declined 77 cents to end at $37.05 after 13,981 stocks passed through the market, Sagicor Group fell 90 cents in closing at $56 with the swapping of 81,399 units. Stanley Motta fell 40 cents to close at $5.10 in trading 8,000 shares and Supreme Ventures dropped 25 cents to $30 after exchanging 75,133 stock units.
Trading ended with 54 securities down from 56 on Wednesday, with 20 rising, 22 declining, and 12 remaining unchanged. The All Jamaican Composite Index dropped 2,384.19 points to 440,719.77, the JSE Main Index lost 543.36 points to close at 387,606.85 and the JSE Financial Index climbed 0.06 points to settle at 91.81.
At the close, Barita Investments gained 40 cents to close at $88.40, with 13,879 shares crossing the market, Caribbean Cement dropped $11.60 in ending at $61 after trading 53,771 stocks, Eppley Caribbean Property Fund popped $1 to end at $45, with 5,633 units changing hands. GraceKennedy fell $2.50 in closing at $105 in trading 497,646 stock units, Guardian Holdings lost $1 to close at $511 in exchanging 39 stock units, Jamaica Broilers climbed 91 cents to end at $27.98, with 10,735 stocks crossing the market. Jamaica Producers dropped 40 cents to close at $22.30 with the swapping of 2,245 units, Jamaica Stock Exchange shed 60 cents to $18 and closed with 10,640 shares changing hands, Kingston Properties rallied 42 cents to $7.91 after exchanging 343 stocks. Kingston Wharves shed $2.49 in closing at $36.50 while trading 5,394 units, Massy Holdings advanced $1.25 to $94 with 76,770 shares clearing the market, Mayberry Investments declined 34 cents to close at $10.06 with an exchange of 4,460 stock units. Mayberry Jamaican Equities rose $1.22 to $15.22 in exchanging 6,283 shares, NCB Financial increased $2.01 in closing at $103 in switching ownership of 47,734 units, Portland JSX gained $1.37 to end at $10.80 in an exchange of 1,142,163 stocks. 
Proven Investments popped 77 cents in, ending at $37.82, with 9,842 stock units crossing the exchange, Sagicor Group rallied 90 cents to close at $56.90 after trading 46,587 shares, Scotia Group fell $1.12 in closing at $36.03 with an exchange of 23,712 stock units. Supreme Ventures slipped 25 cents to $30.25, trading 40,907 units and Sygnus Real Estate Finance dropped $1.52 to end at $14 after exchanging 173 stocks.
The All Jamaican Composite Index climbed 4,841.97 points to 443,103.96, the JSE Main Index popped 4,026.85 points to end at 388,150.21 and the JSE Financial Index rose 1.42 points to settle at 91.75.
Productive Business Solutions 9.75% Preference share led trading with 3.62 million shares for 27.7 percent of total volume, followed by JMMB Group 7.35% – 2028 preference share, 2.5 million units for 18.1 percent of total trading, Transjamaican Highway closed with 1.69 million units for 12.9 percent market share and Supreme Ventures, 1.21 million units for 9.3 percent of the day’s trade.
MPC Caribbean Clean Energy rallied $2.95 in closing at $107.95 after exchanging 11 units, PanJam Investment dropped $1.50 to $64.50, trading 15,265 stock units, Portland JSX climbed $2.93 to $9.43 while exchanging 350 shares. Proven Investments fell 40 cents in closing at $37.05 in an exchange of 6,885 stocks, Sagicor Group lost $1 to $56, with 121,771 stocks changing hands, Scotia Group gained $1.14 to close at $37.15, with 60,571 stock units crossing the market. Seprod rose 98 cents to end at $72 in exchanging 29,674 units, Stanley Motta declined 45 cents ending at $5.50 in switching ownership of 2,067 shares and Wisynco Group fell 40 cents in closing at $19.50, clearing the market with 46,343 stock units.
The All Jamaican Composite Index lost 4,175.98 points to close at 438,261.99, the JSE Main Index dropped 4,103.95 points to 384,123.36 and the JSE Financial Index fell 1.26 points to settle at 90.33.
Transjamaican Highway led trading with 2.27 million shares for 25.6 percent of total volume, followed by Wigton Windfarm with 1.68 million units for 18.9 percent of the day’s trade and Mayberry Jamaican Equities with 798,271 units for 9 percent of market share.
Mayberry Investments dropped 50 cents in ending at $9.45 with an exchange of 39,766 units. NCB Financial fell 50 cents to end at $101 with the trading of 77,865 shares, Palace Amusement dropped $2 in ending at $988 after an exchange of just one stock, Portland JSX declined $2.06 to end at $6.50 after the exchange of 1,055 stock units. Proven Investments lost 36 cents to end at $37.45 as 232,629 units changed hands, Sagicor Group gained $3.23 in closing at $57 in switching ownership of 167,268 shares and Seprod shed 48 cents to close at $71.02 with 11,725 stocks clearing the market.
At the close, Barita Investments lost 39 cents to end at $88.11, with 1,863 shares crossing the market, Caribbean Cement popped 50 cents to end at $66 after 5,858 units changed hands, Eppley climbed $1.05 to $49 trading 1,261 stock units. Eppley Caribbean Property Fund dropped $3.96 in closing at $42.75 with an exchange of 234 stocks, First Rock Capital gained 64 cents in ending at $12.65 after trading 35,649 units, GraceKennedy shed $1.97 to $107.53 in exchanging 19,373 shares. Guardian Holdings fell $14 to $520, with 1,140 stock units changing hands, Jamaica Broilers declined $1 to $27 with the swapping of 14,622 stocks, Jamaica Stock Exchange declined $1.50 in closing at $18 in an exchange of 132,344 stock units. JMMB Group lost 88 cents to end at $43.12 in switching ownership of 313,322 shares, Massy Holdings shed $2.75 to close at $92.50 with 44,883 stocks clearing the market, NCB Financial rose 48 cents to end at $101.50 while exchanging 151,031 units. PanJam Investment dropped $1.50 to $66 in exchanging 1,811 units, Portland JSX fell $1.69 to $8.56 after 2,000,000 stock units crossing the exchange, Proven Investments shed 69 cents in closing at $37.81 with an exchange of 12,031 stocks. 
Sagicor Group lost 48 cents to end at $53.77 trading 87,304 shares, Salada Foods dropped 44 cents to $5.50 after exchanging 5,684 units, Scotia Group declined $1 in closing at $36 and trading 86,051 stocks and Seprod rallied 50 cents to $71.50 with 5,524 stock units changing hands.
Following last week’s 330 points fall, the Junior Market index recovered 143 points by the end of the week, while the Main Market All Jamaica Index lost 211 points on top of the 5,954.55 points given up in the previous week.
Jetcon Corporation price dipped to $1.32 and squeezed out General Accident from the Junior Market TOP10.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
At the close, Barita Investments popped 49 cents in closing at $88.50 in trading 9,074 shares, Berger Paints advanced 30 cents to end at $11.30, with 423 stocks crossing the exchange, Caribbean Cement dropped $1.50 to close at $65.50 as 7,350 stock units changed hands. GraceKennedy rallied 50 cents to $109.50 in switching ownership of 93,121 units, Guardian Holdings shed $1 in ending at $534 with an exchange of 2,608 shares, Jamaica Producers gained 30 cents to $22.80 after 7,565 units crossed the market. JMMB Group declined 99 cents to close at $44 with 1,116,258 stock units clearing the market, Kingston Wharves lost 62 cents in ending at $38.98 after trading 301 stocks, NCB Financial fell $3.88 in closing at $101.02 in exchanging 51,678 stocks. PanJam Investment climbed $1.50 to end at $67.50 while exchanging 801 stock units, Proven Investments increased 51 cents to end at $38.50 after exchanging 44,633 shares, Sagicor Group dropped 75 cents to $54.25, with 47,796 units changing hands. Scotia Group rose $1.40 to close at $37, with 91,201 units crossing the market, Seprod declined 87 cents to $71 in an exchange of 2,846 shares and Supreme Ventures rallied 50 cents in closing at $30.50 with the swapping of 1,406,282 stocks.
In the preference segment, Eppley 7.25% preference share gained $1.99 in ending at $22 after exchanging 200 stock units, Eppley 7.50% preference share climbed 72 cents in closing at $7.23 in trading just two shares, JMMB Group 7.25% preference share lost 42 cents to close at $2.79 in trading 1,078 units and 138 Student Living s preference share advanced $1.66 to end at $18.16, with 53 stock units crossing the market.
The All Jamaican Composite Index declined 2,414.76 points to settle at 446,365.40, the JSE Main Index dipped 1,933.62 points to close at 391,263.08 and the JSE Financial Index shed 0.78 points to settle at 92.53.
At the close, Barita Investments rallied 91 cents to $88.01 in switching ownership of 12,725 shares, Berger Paints lost $1 to close at $11 in exchanging at 12,985 units, Caribbean Cement fell $2.70 to $67 after 32,147 stocks crossed the exchange. Carreras climbed 30 cents to end at $9.95 after exchanging 273,510 stock units, Eppley Caribbean Property Fund increased $2 in closing at $47 in exchanging 7,404 units, First Rock Capital shed 43 cents in closing at $12, with 11,738 stock units changing hands. GraceKennedy advanced $1.40 to $109 in trading 39,512 shares, Jamaica Producers declined 30 cents to close at $22.50 after 369 stocks crossed the market, Jamaica Stock Exchange gained $1.60 to end at $19.30 trading 5,211 stock units. Mayberry Jamaican Equities rose 52 cents to $15, with 160,500 stocks crossing the market, MPC Caribbean Clean Energy popped $9.95 to $105 while exchanging 411 shares, Palace Amusement rallied $90 in closing at $990 and exchanging ten units. PanJam Investment dropped $1.50 in ending at $66, with 5,666 shares clearing the market, Portland JSX fell 45 cents to end at $10.25 with the swapping of 5,000 stock units, Scotia Group lost $1.20 to close at $35.60 with an exchange of 16,198 stocks. 
Seprod climbed $1.37 to end at $71.87, trading 11,616 units, Sygnus Credit Investments advanced 99 cents to close at $14.99 in an exchange of 97,609 stock units and Victoria Mutual Investments gained 37 cents in closing at $5.89 as 28,299 stocks changed hands.
At the close, Barita Investments shed 90 cents to close at $87.10 while exchanging 169,135 shares, Caribbean Cement rose $1.25 to end at $69.70, with 171,404 stock units crossing the market, Caribbean Producers fell 35 cents in closing at $15.30 as 82,835 units were swapped. Eppley climbed $7.95 in ending at $47.95 in switching ownership of 1,561 stocks, GraceKennedy fell $2.90 to close at $107.60 with an exchange of 18,800 stocks, Jamaica Broilers dropped 50 cents to end at $28, with 132,044 units changing hands. Jamaica Producers popped 30 cents to $22.80 with the swapping of 109 stock units, Jamaica Stock Exchange lost $1.30 in closing at $17.70 with an exchange of 1,000 shares, JMMB Group declined $2 to $45 in exchanging 212,458 stocks. Mayberry Investments lost 45 cents to end at $10 after trading 21,713 stock units, Mayberry Jamaican Equities increased 98 cents to close at $14.48, with 11,508 units crossing the exchange, MPC Caribbean Clean Energy dropped $6.95 in closing at $95.05 after exchanging 72 shares. NCB Financial fell 98 cents to $105.02, with 45,393 units crossing the market, Palace Amusement shed $23.95 to $900 in trading 70 shares, PanJam Investment rose $1.50 to end at $67.50, trading 1,613 stock units. 
Proven Investments declined 99 cents to $38 in an exchange of 29,227 stocks, Radio Jamaica dropped 35 cents to $2.50, with 336,685 shares clearing the market, Sagicor Group shed $2.99 to end at $55 while exchanging 125,413 stocks. Scotia Group rallied 80 cents in closing at $36.80 after exchanging 2,102 stock units, Seprod gained 48 cents to close at $70.50 after 13,500 units changed hands, Stanley Motta rallied 46 cents to $5.95, with 16,561 units crossing the market. Supreme Ventures climbed 46 cents to close at $29.96 after trading 95,238 shares and Sygnus Credit Investments fell $1.90 in closing at $14 after 611,693 stock units changed hands.
