The Main and Junior Markets closed the week slightly lower, resulting in big gains and losses in the Junior Market while movements in the Main Market were more moderate than the Junior Market stocks and surprisingly there is only one new entrant into the top 10 listings, this week.
Scotia Group released full year results with EPS of $5.54 and announced the payments of a dividend of 40 cents per share, with the price hitting a new one year high on Friday. The dividend suggests a minimum payment of $1.60 per share over the next twelve months. Based on historical norms of 40-50 percent payout of profits it should be a higher payout. With the release of 2023 full year results, ICInsider.com switched over to 2024 earnings, with EPS at $7.50. Buying interest picked up during the week. The stock trades at an extremely low PE of 4.8 times projected 2024 earnings and still only 6.5 times based on earnings for 2023. AMG Packaging trades at 6.5 times 2024 earnings with only 58,816 shares on offer at the close on Friday and so is Jamaica Teas, with offers now generally above $2.53, with buyers mostly at $2.30, some selling came in for Access Financial this week, Caribbean Cement also has limited stocks on offer and so does Seprod.
Three Junior Market stocks gained 9 to 21 percent and three ended with 10 to 20 percent losses, while the Main Market had two stocks with worthwhile gains of 9 and 13 percent and three with sizable losses of 6 to 11 percent.
The Main Market ICTOP10 ended with, Key Insurance popping 13 percent to $2.49 and Scotia Group up 9 percent, while General Accident declined 11 percent to $4.50, Palace Amusement down 8 percent to $1.19 and 
Caribbean Producers lost 6 percent to close at $8.50.
The Junior Market ended, with Iron Rock Insurance jumping 21 percent to $2.50, followed by Lasco Distributors and Lasco Manufacturing rising 9 percent each to $3.93 and $4.63 respectively. AMG Packaging dropped 20 percent to $2.30, Caribbean Cream and Jamaica Teas fell 10 percent to $3.31 and $2.30 respectively.
Tropical Battery dropped out of the Junior Market ICTOP10 and is replaced by Elite Diagnostic. There were no changes in the IC Main Market TOP10
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
The average PE for the JSE Main Market ICTOP 10 stands at 5.1, well below the market average of 12.8. The Main Market ICTOP10 is projected to gain an average of 299 percent by May 2024, based on 2023 forecasted earnings and now provides better values than the Junior Market with the potential to gain 204 percent over the same time frame.
In the Main Market ICTOP 10, a total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 108, with an average of 28 and 18 excluding the highest PE ratios and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 6.8, over half of the market, with an average of 13.2. There are 13 stocks, or 27 percent of the market, with PEs from b>15 to 50, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 2024 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 and result 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.
Scotia Group selling dwarfed by buying
Scotia Group traded at a 52 weeks’ high on Friday, following the release of record profit results on Monday for the year to October, with the stock having a bit of selling in recent weeks. That seems to have abated with the major seller now appearing to be taken out.
At the close of the market on Friday, there were only 13 offers to sell stocks in the market and 48 bids to buy. The chart below shows the extent of the imbalance between buying and selling as reflected on the Jamaica Stock Exchange trading platform at the close on Friday.
There are only seven offers below $40 per share while bids are cautiously being made. There is interest in buying 247,300 shares as low as $25 and selling amounting to 156,962 shares up to $55.
Bids and offers are just indicative of demand and supply, as there could be more interest that could show up in the days ahead and change the picture. Barring new major developments the data suggest upward price movements ahead. This should be read in conjunction with the posting of why Scotia Group should be on your buy list.
Why Scotia Group should be on your buy list
Scotia Group recently reported record profits for the year to October, surging 67 percent to $17.23 billion with earnings of $5.54 per share, from revenues that jumped 29 percent to $59.64 billion but based on the reaction of investors the results seem to hardly matter with the stock valued a mere 6.5 times historical earnings compared with a market average of 13, nevertheless, the price hit a yearly high of $36.69 this past Friday as selling has eased considerably, with a few open offers to sell.
The group declared a dividend payable in January of 40 cents for a second consecutive quarter putting it at $1.60 annualised, for a 4.6 percent yield based on the current price. Traditionally the group was committed to paying 40 to 50 percent of profits, this seems to have temporarily changed with the fallout from the Covid-19 pandemic but could return in the near future.
The October quarter saw profit popping a robust 49 percent to $4.4 billion from $2.98 billion in 2022 with revenues rising 24 percent to $15.79 billion from 12.8 billion.
The good news does not end there. ICinsider.com is forecasting earnings of $7.50 for the 2024 fiscal year, with the PE ratio at just 4.8 times earnings making it a stunning buy at the current price of $36, the stock closed at on Friday. The group has many of the qualities for an excellent investment, good management, quality products and services that are in demand, a growing business and increasing profitability and best of all the stock price is well below the market average, with the potential for a major rise in the near term.
While the 2023 performance looks dramatic compared with the pre-Covid period it is more one of recovery as opposed to rapid growth as the increase over 2019 is just 31 percent, representing a 6 percent increase per annum as loans grew 31 percent as well since the end of 2019.
Highlights of the good performance came from interest income, with the quarter jumping 22 percent to $11.6 billion from $9.5 billion in 2022 and by 31 percent for the full year to $40.8 billion with loans disbursed growing a robust 15 percent to $269 billion from $234.7 billion in 2022, after loan loss provisions. Non-accrual loans stood at $4.5 billion compared to $4 billion at the end of October 2022 and represent 1.6 percent of gross loans compared to October 2022 at 1.7 percent.
Also contributing to the growth in interest income was an increase in funds held in cash resources and investments of $343 billion up from $316 billion in 2022.
Insurance revenues fell 5 percent from $1 billion to $961 million in the quarter and surged 49 percent from $1.87 billion to $2.79 billion for the year.
Audrey Tugwell Henry Scotia group’s CEO
Deposits grew 12.7 percent from $399 billion to $449 billion, but the cost of funds grew 138 percent from $580 million in 2022 to $1.38 billion and 207 percent from $152 million in the final quarter to $466 million as interest rates rose sharply following Bank of Jamaica’s increase in the overnight rate in during late 2021 into 2022 and the maintenance of tight liquidity in the system by the country’s central bank.
Amounts set aside for expected credit losses fell 16 percent to $741 million in the quarter from the 2022 quarter’s $880 million and from $3.06 billion for the year in 2022 to $2.4 billion in 2023.
Other Income delivered $3.23 billion in the final quarter of the year versus $2.26 billion in 2022 and for the 2023 year ending October an increase of 22 percent to $16 billion from $13 billion in 2022, with foreign exchange trading and fees and commission dominating.
Operating expenses rose 6 percent in the final quarter to $6.8 billion from $6.39 billion in 2022 and for the twelve months to $27.6 billion up 11.7 percent from $24.7 billion.
The group’s Shareholders’ equity ended the fiscal year at $126.5 billion, increasing by $20 billion, compared to the previous fiscal year, due primarily to re-measurement of defined benefit pension plan assets, 
lower fair value losses on the investment portfolio, recognition of the insurance finance reserve on the adoption of IFRS 17 and profit generated for the year, partially offset by dividends paid. Total assets grew by $70 billion to $665 billion at October 2023.
ICInsider.com rates the stock a strong buy, with the potential to deliver attractive dividend yields going forward and a huge increase in the stock price in the months ahead. The future appears bright with continued growth in the local economy that sets the stage for more lending. 2024 could well deliver some negatives as the Bank of Jamaica holds interest rates at excessively high levels and ushers in a recession. Additionally, interest rates could start to decline and negatively affect net interest income. Regardless the stock is priced so low currently that most bad news to come if any is more than taken into consideration by the current pricing.
Rising stocks outpace losers on JSE Main Market
The Jamaica Stock Exchange Main Market ended on Friday, with rising stocks outdoing those declining stocks by more than three to two and led to moderate changes in the market indices after the volume of stocks traded rose 90 percent over Thursday and the value dipped just 7 percent lower, after trading in 53 securities compared with 52 on Thursday.
Trading ended with prices of 22 stocks rising, including Scotia Group that traded at a 52 weeks’ high of $26.69 following release of record profits on Monday. Prices of 15 stocks declined and 16 closed unchanged.
A total of 5,322,135 shares were traded for $26,717,369 compared to 2,797,752 units at $28,650,079 on Thursday.
Trading averaged 100,418 shares at $504,101 in comparison to 53,803 units at $550,963 on Thursday and month to date, an average of 134,482 units at $1,091,671 compared to 137,876 stock units at $1,150,207 on the previous day and running below November, with an average of 275,587 units at $2,488,949.
Transjamaican Highway led trading with 1.20 million shares for 22.6 percent of total volume followed by Wigton Windfarm with 1.10 million units for 20.7 percent of the day’s trade and QWI Investments with 939,280 units for 17.6 percent market share.
The All Jamaican Composite Index shed 451.88 points to lock up trading at 346,035.74, the JSE Main Index skidded 392.04 points to 311,317.38 and the JSE Financial Index slipped 0.23 points to 67.53.
The Main Market ended trading with an average PE Ratio of 12.9. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Investor’s Choice bid-offer indicator shows 10 stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, AS Bryden shed 65 cents to end at $28.35 while exchanging 283 stock units, Caribbean Producers declined 55 cents to $8.50, with 202,378 shares crossing the market, Eppley gained $4 and ended at $39 as investors exchanged 5,429 units. Eppley Caribbean Property Fund popped $3.80 in closing at $39 after 13,016 stocks were traded, First Rock Real Estate rallied 29 cents to close at $7.50, with 4,696 shares changing hands, GraceKennedy increased $1 to $75.50 with investors swapping 40,616 units. Guardian Holdings climbed $2 and ended at $402, with 17 stocks crossing the market, Kingston Properties rose 40 cents to close at $7.40 after trading of 1,979 stock units, NCB Financial lost $1.47 to end at $65.50 with investors dealing in 11,542 shares. 
Pan Jamaica sank $6.73 in closing at $42.72 after an exchange of 9,445 units, Proven Investments fell 90 cents to $22.10, as 3,677 stocks passed through the market, Sagicor Group advanced 50 cents in closing at $40.50 with an exchange of 30,535 stock units. Scotia Group popped $1.50 and ended at a 52 weeks’ high of $36, with 211,460 shares clearing the market up to a high of $36.69, Supreme Ventures increased 94 cents to close at $25.50 with traders dealing in 11,951 units and Sygnus Credit Investments climbed 49 cents to end at $11, with 2,229 stocks crossing the exchange.
In the preference segment, Eppley 7.50% preference share skidded 54 cents in closing at $6.24 with a transfer of 3,251 stock units and Jamaica Public Service 7% dipped $4.50 to $40 after an exchange of 452 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading drops on Jamaica Stock Exchange
The Main Market and the USD markets of the Jamaica Stock Exchange declined at the close of trading on Friday while the Junior Market rose, with the volume and value of stocks changing hands declining from trading on Thursday.
At the close of trading, Eppley climbed $4, Eppley Caribbean Property Fund recovered the $3.80 it lost on Thursday, Guardian Holdings gained $2, Scotia Group up $1.50 and GraceKennedy with a rise of $1. Declining stocks were led by Pan Jamaica,, down $6.73 and NCB Financial fell $1.47.
At the close of trading, the JSE Combined Market Index slipped 66.62 points to close at 324,332.88, the All Jamaican Composite Index skidded 451.88 points to 346,035.74, the JSE Main Index lost 392.04 points to close at 311,317.38. The Junior Market Index gained 34.37 points to end the day at 3,695.69 and the JSE USD Market Index dropped 4.56 points to wrap up trading at 219.33.
Investors traded 10,332,299 shares, in all three markets, down from 22,170,439 units on Thursday. The value of stocks traded on the Junior and Main markets amount to a mere $38 million up from $63.54 million on Thursday. The JSE USD market closed after 49,892 shares were traded, for US$8,545 compared to 10,110 units at US$968 on Thursday.
In the preference segment, Eppley 7.50% preference share skidded 54 cents in closing at $6.24 and Jamaica Public Service 7% dropped $4.50 to $40.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.2 on 2022-23 earnings and 13.7 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Investors need pertinent information to successfully navigate numerous investment options in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume pertaining to the highest bid and the lowest offer for each company.
Drop in trading on the JSE Main Market
The Jamaica Stock Exchange Main Market ended trading on Thursday, with the volume of stocks changing hands declining 57 percent and the value 26 percent lower than on Wednesday, with trading in 52 securities compared with 54 on Wednesday and ended with prices of 20 rising, 21 declining and 11 unchanged.
Trading accounted for 2,797,752 shares changing hands for $28,650,079 versus 6,457,532 stock units at $38,558,222 on Wednesday.
Trading averaged 53,803 shares at $550,963 compared to 119,584 units at $714,041 on Wednesday and month to date, an average of 137,876 units at $1,150,207 compared with 146,984 units at $1,215,126 on the previous day, down from November with an average of 275,587 units at $2,488,949.
JMMB Group 7.35% – 2028 led trading with 514,145 shares for 18.4 percent of the volume followed by Transjamaican Highway with 386,691 units for 13.8 percent of the day’s trade and Wisynco Group with 363,182 units for 13 percent market share.
The All Jamaican Composite Index rallied 5.10 points to finish at 346,487.62, the JSE Main Index rallied 755.51 points to close at 311,709.42 and the JSE Financial Index gained 0.32 points to wrap up trading at 67.76.
The Main Market ended trading with an average PE Ratio of 12.8. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Investor’s Choice bid-offer indicator shows 14 stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Eppley rallied $2 to close at $35 with investors transferring 141 stock units, Eppley Caribbean Property Fund skidded $3.80 to $35.20, with investors exchanging 1,522 shares, GraceKennedy fell $1.50 to end at $74.50 after 12,237 units passed through the market. Guardian Holdings rose $8 in closing at $400 in an exchange of 20 stocks, Jamaica Broilers advanced $1.10 and ended at $35 with 148,882 shares clearing the market, Jamaica Stock Exchange dipped 64 cents to $9.50 in switching ownership of 160 stocks. 
Key Insurance popped 52 cents to end at $2.50 after a transfer of 19,670 units, Massy Holdings climbed $1.45 in closing at $89.95, with 184 stock units changing hands, Mayberry Group increased 12 cents and ended at $8.20 and closed with an exchange of 154,229 shares. MPC Caribbean Clean Energy lost $2.98 to close at $89.01, with just 2 stock units crossing the market, NCB Financial rallied $1.87 to $66.97 after an exchange of 13,905 units, Pan Jamaica rose 45 cents and ended at $49.45, with 596 stocks crossing the market. Proven Investments dropped 41 cents to close at $23 while exchanging 8,503 units, Seprod gained $4.17 to end at $74.90 in trading 32,628 stocks, Sygnus Credit Investments shed 92 cents in closing at $10.51, with 2,200 shares crossing the exchange and Wisynco Group declined 79 cents to $20.17 trading 363,182 stock units.
In the preference segment, 138 Student Living preference share fell $24 to $90 in an exchange of 50 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Steady trading on the JSE Main Market
Trading activity was steady on the Jamaica Stock Exchange Main Market on Wednesday, with the volume of stocks traded virtually the same as the day before but with a value that was 31 percent more than on Tuesday, with trading in 54 securities compared with 51 on Tuesday, as the market closed with prices of 15 stocks rising, 21 declining and 18 ending unchanged.
A total of 6,457,532 shares were traded for $38,558,222 compared to 6,426,800 units at $29,546,040 on Tuesday.
Trading averaged 119,584 shares at $714,041 compared to 126,016 units at $579,334 on Tuesday. Trading for the month to date, averages 146,984 units at $1,215,126 compared to 150,457 units at $1,278,643 on the previous day. November closed with an average of 275,587 units at $2,488,949.
Transjamaican Highway led trading with 1.95 million shares for 30.3 percent of total volume followed by Wigton Windfarm with 1.43 million units for 22.1 percent of the day’s trade and Sagicor Select Financial Fund with 1.14 million units for 17.6 percent of the day’s trade.
The All Jamaican Composite Index increased 384.80 points to wrap-up trading at 346,482.52, the JSE Main Index skidded 173.48 points to end at 310,953.91 and the JSE Financial Index remained at 67.44.
The Main Market ended trading with an average PE Ratio of 12.9. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and eight with lower offers.
At the close of trading, AS Bryden lost 32 cents to close at $29.08, with 391 stocks crossing the market, Berger Paints rallied 64 cents to $6.64 with a transfer of 100 units, Eppley fell $2.49 in closing at $33 with 115 shares crossing the exchange. Eppley Caribbean Property Fund shed 50 cents to end at $39, with 877 stock units changing hands, GraceKennedy rose $2 and ended at $76 with investors trading 170,596 shares, Guardian Holdings climbed $2 to $392, with 100 stocks crossing the market. Jamaica Broilers popped 40 cents to close at $33.90 with stakeholders exchanging 31,624 units, JMMB Group dropped 75 cents to end at $25 after a transfer of 20,610 stock units, Kingston Wharves advanced $1.41 in closing at $28.41 with investors dealing in 326 shares. Massy Holdings skidded $1.44 and ended at $88.50 after trading 7,907 units, NCB Financial declined $1.85 to $65.10 as investors exchanged 18,211 stocks, Pan Jamaica dipped 50 cents in closing at $49 in the trading of 4,724 stock units. 
Proven Investments gained 41 cents to end at $23.41 after an exchange of 1,178 shares, Sagicor Group lost $1.98 and ended at $40 after 3,134 stocks passed through the market, Seprod increased 73 cents to close at $70.73 while exchanging 3,149 units. Supreme Ventures dipped 39 cents to $24.51, with 57,191 stock units clearing the market and Sygnus Credit Investments climbed 73 cents to close at $11.43 in an exchange of 39,186 shares,
In the preference segment, Eppley 7.50% preference share increased $1.26 and ended at $6.76 with traders dealing in 29 stocks. Jamaica Public Service 7% fell $1.50 to end at $44.50 after an exchange of 447 units, JMMB Group 7% preference share popped 45 cents in closing at $2.49 with 2 stock units changing hands and Productive Business Solutions 9.75% preference share skidded $11.15 to $105 in an exchange of 10 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading dived on the JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks traded declining by just 4 percent, as the value plunged 68 percent compared to Monday, with trading of 51 securities down from 54 on Monday, with 18 rising, 15 declining and 18 ending unchanged.
A total of 6,426,800 shares were traded for $29,546,040 compared with 6,685,964 units at $92,499,615 on Monday.
Trading averaged 126,016 shares at $579,334 versus 123,814 units at $1,712,956 on Monday and month to date, an average of 150,457 units at $1,278,643, compared with 153,781 units at $1,373,749 on the previous day, down sharply from November with an average of 275,587 units at $2,488,949.
Wigton Windfarm led trading with 3.03 million shares for 47.2 percent of total volume followed by Transjamaican Highway with 1.12 million units for 17.4 percent of the day’s trade and Ciboney Group with 505,742 units for 7.9 percent market share.
The All Jamaican Composite Index declined 63.64 points to end the day at 346,097.72, the JSE Main Index rallied 477.68 points to end trading at 311,127.39 and the JSE Financial Index increased 0.19 points to conclude trading at 67.44.
The Main Market ended trading with an average PE Ratio of 13.4. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Producers increased 38 cents to $8.99 with an exchange of 28,284 units, Eppley Caribbean Property Fund climbed $3.50 to end at $39.50, with 500 stocks crossing the market, First Rock Real Estate popped 60 cents in closing at $7.45 with an exchange of 8,000 shares. GraceKennedy declined by $3 to $74 with shareholders swapping 16,173 stock units, Guardian Holdings fell $12.95 to close at $390 in switching ownership of 138 shares, Jamaica Producers rallied $1 to close at $23 after an exchange of 8,930 stocks. Jamaica Stock Exchange rose 94 cents and ended at $10.14 with investors dealing in 941 units, JMMB Group gained 65 cents to close at $25.75 after an exchange of 16,986 stock units, Key Insurance shed 52 cents in closing at $1.98, with 100,000 shares changing hands. 
Massy Holdings advanced 44 cents to end at $89.94 in an exchange of 93 stock units, NCB Financial rose $1.95 to $66.95, with 9,960 units crossing the market, Pan Jamaica dropped 26 cents to $49.50 in trading 4,904 stocks. Proven Investments advanced 50 cents to end at $23 and closed after 767 shares were traded, Sagicor Group popped $1.98 in to $41.98 after a transfer of 15,408 units, Seprod lost $2.90 to close at $70 with an exchange of 14,600 stocks. Supreme Ventures rallied 80 cents to $24.90 after 101,992 stock units passed through the market, Sygnus Credit Investments skidded 55 cents in closing at $10.70 with stakeholders exchanging 9,656 shares and Wisynco Group increased 96 cents to close at $20.96, with 18,115 stock units clearing the market.
In the preference segment, Eppley 7.50% preference share dipped $1.40 and ended at $5.50 with investors transferring 920 stocks and Jamaica Public Service 7% climbed $6 to end at $46 after exchanging 838 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading surges on JSE Main Market
Trading activity picked up on the Jamaica Stock Exchange Main Market on Monday, with the volume of stocks traded rising 14 percent and the value surging 367 percent more than on Friday, with trading in 54 securities compared with 52 on Friday and ended with prices of 16 rising, 24 declining and 14 ending unchanged.
A total of 6,685,964 shares were traded on Monday for $92,499,615 up from 5,872,659 units at just $19,826,535 on Friday.
Trading ended with an average of 123,814 shares at $1,712,956 up from 112,936 units at $381,280 on Friday. Trading for the month to date averaged 153,781 units at $1,373,749 compared with 158,823 stock units at $1,316,687 on the previous trading day and down from November, with an average of 275,587 units at $2,488,949.
Transjamaican Highway led trading with 1.58 million shares for 23.6 percent of total volume followed by JMMB Group with 1.13 million units for 16.9 percent of the day’s trade and Wigton Windfarm with 979,356 units for 14.6 percent market share.
At the close of the market, the All Jamaican Composite Index dropped 711.18 points to settle at 346,161.36, the JSE Main Index skidded 1,549.88 points to end the day at 310,649.71 and the JSE Financial Index slipped 0.05 points to wrap-up trading at 67.25.
The Main Market ended trading with an average PE Ratio of 12.8. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2024.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and eight with lower offers.
At the close, Caribbean Cement lost $1.50 to close at $53 after trading 7,536 units, Caribbean Producers declined 47 cents to $8.61 after an exchange of 1,847 stocks, First Rock Real Estate fell 62 cents and ended at $6.85 with 75 shares clearing the market. Jamaica Broilers skidded $1.38 in closing at $33.50 in switching ownership of 12,794 stock units, Jamaica Producers dropped $1 to end at $22 while investors exchanged 634 shares, Key Insurance rose 30 cents in closing at $2.50, with 7,785 units crossing the market. Kingston Properties shed 47 cents to $6.93 as investors exchanged 2,170 stocks, Kingston Wharves dipped $1.49 and ended at $27 with shareholders swapping 1,060 stock units, Massy Holdings fell 50 cents to end at $89.50 after 24,519 shares passed through the market. 
NCB Financial skidded $2 to close at $65 with stakeholders exchanging 27,329 stock units, 138 Student Living lost 25 cents to $3.94, with 1,415 stocks crossing the market, Pan Jamaica gained $4.74 in closing at $49.76 with a transfer of 214 units. Sagicor Group shed $1 to end at $40, with 50,000 shares crossing the exchange, Scotia Group popped $1.70 to close at $34.70 after a transfer of 257,005 stock units, following release of full year results that surged 67 percent to $5.54 per share, with a net profit of $17.22 billion, as the group also reported that a dividend of 40 cents per share will be paid in January. Seprod advanced $1.40 and ended at $72.90 with traders dealing in 2,420 stocks. Stanley Motta climbed 34 cents to $6.03 in an exchange of 1,025 units and Supreme Ventures declined $1.60 in closing at $24.10 with investors transferring 561,862 shares,
In the preference segment, Eppley 7.50% preference share increased 33 cents to end at $6.90 after an exchange of 33 stock units and Jamaica Public Service 7% rallied 50 cents and ended at $40 with investors dealing in 485 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks fall in all JSE Markets on Monday
Trading picked up on the Jamaica Stock Exchange on Monday, but all three markets slipped with the overall trading volume and value rose above Friday’s depressed levels, with Pan Jamaica gaining $4.74, Scotia Group rising $1.70 following release of full year results of $5.54 per share after profit jumped 67 percent for the year and Seprod popped $1.40, but falling Main Market stocks 
overpowered winners, with NCB Financial falling by $2, Supreme Ventures with a drop of $1.60, Caribbean Cement down $1.50, Kingston Wharves fell by $1.49, Jamaica Broilers ended with a loss of $1.38, Sagicor Group closed with a $1.00 fall and Jamaica Producers down $1.
At the close of trading, the JSE Combined Market Index dropped 1,725.71 points to 323,479.11, the All Jamaican Composite Index declined 711.18 points to close at 346,161.36, the JSE Main Index dropped 1,549.88 points to close at 10,649.71. The Junior Market Index dipped 31.09 points to finish at 3,669.67 and the JSE USD Market Index shed 6.78 points to end at 223.83.
Investors traded 14,395,216 shares, in all three markets, up from 10,953,060 units on Friday. The value of stocks traded on the Junior and Main markets amounts to $104.42 million up from $31.8 million on Friday. The JSE USD market closed after a mere 3,759 shares were traded, for just US$430 compared to 57,458 units at US$3,210 on Friday.
In the preference segment, no stocks traded with notable price movements.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 20.9 on 2022-23 earnings and 13.6 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Investors need pertinent information to successfully navigate numerous investment options in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume pertaining to the highest bid and the lowest offer for each company.