The Jamaica Stock Exchange Main Market closed Monday with the volume of stocks traded falling moderately with a value 169 percent more than on Friday, from the trading in 59< securities up from 56 on Friday, with 21 rising, 21 declining and 17 unchanged.
A total of 10,369,191 shares were exchanged for $197,162,179 versus 10,856,108 units at $73,363,572 on Friday.
Trading averaged 175,749 shares at $3,341,732 versus 193,859 shares at $1,310,064 on Friday and month to date, an average of 225,080 units at $3,607,583 compared to 231,366 units at $3,641,549 on the previous trading day. February closed with an average of 183,599 units at $2,160,070.
Jamaica Broilers led trading with 3.48 million shares for 33.5 percent of total volume followed by Wigton Windfarm with 1.52 million units for 14.7 percent of the day’s trade, Sagicor Select Financial Fund with 1.45 million units for 14 percent market share and Transjamaican Highway with 1.21 million units for 11.7 percent market share.
The All Jamaican Composite Index fell 745.02 points to 372,176.69, the JSE Main Index declined 1,581.47 points to 328,859.80 and the JSE Financial Index shed 0.53 points to close at 77.30.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 10 stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments popped 85 cents in closing at $78.90 after an exchange of 15,322 shares, Caribbean Cement advanced $1.16 after ending at $58.20 in transferring 3,332 stock units, First Rock Real Estate rose $1.08 to close at $12.08 in trading 430 units. GraceKennedy rallied $3 to end at $83 with the swapping of 104,745 stocks, Guardian Holdings declined $25.50 to $484 as investors traded 54 stock units, Kingston Wharves shed 95 cents in closing at $31.05 with an exchange of 1,846 shares. Mayberry Jamaican Equities gained 98 cents to end at $12.98 with a transfer of 2,500 stock units, NCB Financial rose $1 to close at $73 with investors transferring 21,654 stocks, 
Palace Amusement gained 61 cents to finish at $3.60 after 401,456 stock units were traded. Portland JSX advanced $1.47 to $11.28 with 10 units changing hands, Proven Investments fell $1.97 in closing at $26.59 in an exchange of 5,496 stocks, Salada Foods popped 46 cents to end at $3.99 with the swapping of 136 shares. Seprod rallied 65 cents to close at $63.30 with an exchange of 17,417 stock units, Stanley Motta lost 49 cents while ending at $4.80 with 13,794 stocks clearing the market, Wisynco Group shed 97 cents to end at $17.03 after an exchange of 51,065 units.
In the preference segment, Productive Business 10.50% preference share dipped $80 to close 
at $1,170 with 110 shares switching ownership of 409 units and Jamaica Public Service 7% climbed $21.45 in closing at a record $99.95 after trading 3,230 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Everything & Guardian head ICTOP10
Everything Fresh and Guardian Holdings continue to head the ICInsider.com TOP10 in a week when the Main Market fell 2.7 percent and the Junior Market dropped a hefty 7.8 percent and reversed all the gains of the previous week, but the Investors Choice bid-offer Indicator is flashing positive signals for both markets on Monday.
Guardian Holdings has a commanding lead over its next rival by almost 100 points, but Everything Fresh likely gain of 344 percent is just above Caribbean Assurance at 333 percent, but the latter is currently far more appealing, with the stock selling at a PE of a mere 7 times 2022 earnings and 4.6 times 2023. Everything Fresh PE based on 2022 earnings is at a much higher 17 and 4.5 based on projected 2023 earnings.
Earnings season had two companies in ICInsider.com TOP10 reporting very strong results that augur well for a full year’s profit.
Caribbean Assurance Brokers is selling at a PE of just 7 based on historical earnings.
Scotia Group reported a net income of $3.4 billion for the quarter that ended January 2023, an increase of $2.2 billion or 173 percent over the prior year period as loans the primary driver of profits increased a solid 18.8 percent to $237 billion while deposits grew only 7.7 percent to $4.05 billion and resulted in net interest income surging $2.6 billion as interest expenses actually declined. These results suggest ICInsider.com forecast for $5 per share may be a bit light with solid prospects that earnings of $5.50 seem possible. It noted that overall comprehensive profit shows a loss of $1 billion after accounting for pension obligations of $9.5 billion and other items of gains.
Jamaica Broilers continues to churn out strong growth in profits with their nine months results more than double that of the prior year while the January quarter is up 27 percent to $1.5 billion as revenues climbed a solid 20 percent after finance cost nearly doubled. With the tourism industry back to normal the company should get a further boost for the rest of 2023. ICInsider.com forecast for $6 per share for the current fiscal year from continuing operations seem well within reach and could be exceeded making it a solid buy for the long haul.
Scotia Group had a significant increase in profits for the January 2023 quarter.
Performance in the past week was mixed for the Junior Market TOP10 but was far better than the near 8 percent fall by that market, with only three stocks rising of which two rose by 2 percent or less. Iron Rock Insurance gained 15 percent this past week to $2.30 after falling 13 percent the previous week. Lasco Distributors fell 6 percent to $2.64, followed by AMG Packaging and Stationery and Office Supplies which fell by 3 percent to $2.51 and $14.50, respectively.
The Main Market TOP10 performed worse than the overall market with only two stocks gaining and six declining. Jamaica Broilers rose 6 percent to $38 as investors warmed to the stock following release of outstanding results, with the price having a far way to run, while JMMB Group a clear winner for the long term, put on just 2 percent to close at $31.01. Key Insurance fell 7 percent to $2.61 followed by a 5 percent for NCB Financial and 138 Student Living to $72 and $5.20 respectively.
There are no new additions in either market to the ICTOP10 this past week.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.5, well below the market average of 13.3, while the Junior Market Top 10 PE sits at 6.1 compared with the market at 11.3. The differences are important indicators of the level of likely gains of ICTOP10 stocks. The Junior Market is projected to rise by 238 percent and the Main Market TOP10 by an average of 274 percent to May 2024, based on 2023 forecasted earnings.
The Junior Market has 11 stocks representing 23 percent of the market, with PEs from 15 to 25, averaging 19.7, well above the market’s average. The top half of the market has an average PE of 16.
The Main Market 16 highest valued stocks are priced at a PE of 15 to 98, with an average of 30 and 22 excluding the highest valued stocks and 20 for the top half excluding the stocks with the highest valuation.
The above average shows the extent of potential gains for the TOP 10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. 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 up to the end of May 2023 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.
Main Market trading drops to close out the week
Trading declined on the Jamaica Stock Exchange Main Market on Friday with a 39 percent decline in the volume of stocks traded valued 22 percent below Thursday’s outturn, from trading in 56 securities compared to 63 on Thursday, as the market closed with prices of 25 rising, 21 declining and 10 ending unchanged.
A total of 10,856,108 shares were exchanged for $73,363,572 down from 17,712,923 units at $93,659,946 on Thursday.
Trading averages 193,859 units at $1,310,064 versus 281,158 shares at $1,486,666 on Thursday and month to date, an average of 231,366 units at $3,641,549 compared to 236,526 units at $3,962,243 on the previous day. trading in February closed with an average of 183,599 units at $2,160,070.
Sagicor Select Financial Fund led trading with 4.63 million shares for 42.7 percent of total volume followed by Wigton Windfarm with 1.56 million units for 14.4 percent of the day’s trade and Wisynco Group with 1.07 million units for 9.8 percent of market share.
The All Jamaican Composite Index slipped 269.67 points to 372,921.71, the JSE Main Index climbed 948.24 points to settle at 330,441.27 and the JSE Financial Index gained 0.64 points to close at 77.83.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.2 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasts by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 12 stocks ending with bids higher than their last selling prices and one stock with a lower offer.
At the close, Caribbean Cement declined $3.80 to end at $57.04 after exchanging 38,525 shares, Eppley shed 50 cents to close at $39.50 in trading 1,300 stocks, Eppley Caribbean Property Fund advanced $4.04 to $44.44 after 333 units passed through the market. First Rock Real Estate fell 70 cents to $11 with the swapping of 21,103 stock units, GraceKennedy dropped $4.99 in ending at $80 with 89,984 units changing hands, Guardian Holdings climbed $23.50 in closing at $509.50 in an exchange of 3 stocks. Jamaica Broilers lost 50 cents to finish at $38 after transferring 247,946 stock units, Key Insurance shed 53 cents to close at $2.61 with investors exchanging 24,899 shares, Kingston Wharves rose 98 cents to $32 with 1,613 stocks changing hands. 
Mayberry Jamaican Equities shed 64 cents to end at $12 in switching ownership of 513,273 units, MPC Caribbean Clean Energy rallied $9 to end at $90 after trading 12 shares, NCB Financial popped $1.95 to $72 with a transfer of 15,018 stock units. Palace Amusement gained 49 cents in closing at $2.99 after clearing the market with 161,399 shares and Supreme Ventures lost 45 cents after ending at $24.05 as investors exchanged 27,819 units.
In the preference segment, Productive Business 10.50% preference share jumped $50 to close at $1250 in switching ownership of 100 stock units. Eppley 7.50% preference share fell 61 cents to close at $5.99 in exchanging 1,872 stocks, 
Jamaica Public Service 7% advanced $15.88 to end at a record $78.50 with the swapping of 373 stock units, 138 Student Living preference share advanced $7.44 to $77.44 after a transfer of 2 shares and Productive Business Solutions 9.75% preference share dipped $15.90 in ending at $90.10 after an exchange of 20 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading plunged on JSE Main Market
Trading on the Jamaica Stock Exchange Main Market ended on Thursday with an exchange of 25 percent fewer shares following an 89 percent drop in funds passing through the market compared with trading on Wednesday that led to advancing stocks being clobbered by those falling from 63 securities changing hands compared to 58 on Wednesday, with 17 rising, 33 declining and 13 unchanged.
A total of 17,712,923 shares were traded for $93,659,946 compared to 23,771,804 units at $827,732,498 on Wednesday.
Trading averaged 281,158 shares at $1,486,666 compared with 409,859 shares trading at $14,271,250 on Wednesday and month to date, an average of 236,526 stock units at $3,962,243 compared to 228,353 at $4,415,619 on the previous day. February closed with an average of 183,599 units at $2,160,070.
Wigton Windfarm led trading with 13.52 million shares for 76.3 percent of total volume followed by JMMB Group with 1.70 million units for 9.6 percent of the day’s trade and Transjamaican Highway with 768,792 units for 4.3 percent market share.
The All Jamaican Composite Index fell 993.03 points to end at 373,191.38, the JSE Main Index declined 1,818.39 points to 329,493.03 and the JSE Financial Index lost 0.70 points to settle at 77.19.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.2 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 13 stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments declined 93 cents to $78.01 in exchanging 20,135 shares, Eppley advanced $5 to $40 in switching ownership of 5,110 stock units, Eppley Caribbean Property Fund declined $4.59 in closing at $40.40 with 1,600 units changing hands. First Rock Real Estate lost 40 cents to end at $11.70 with 24,100 stocks clearing the market, Guardian Holdings dropped $23 to close at $486 with a transfer of 1,134 units, Jamaica Broilers rallied 50 cents to a 52 weeks’ high of $38.50 in an exchange of 30,994 stock units. Jamaica Producers shed $1.48 in closing at $21.42 after the trading of 20,492 shares, Kingston Wharves dipped 98 cents to $31.02 after a transfer of 88,275 stocks, NCB Financial fell $3.95 ending at a 52 weeks’ low of $70.05 as investors traded 46,776 units. 
Portland JSX shed $1.74 to close at $9.81 in transferring seven stock units, Proven Investments popped $1.40 in closing at $28.55 after 122 stocks passed through the market, Sagicor Group gained 73 cents in ending at $49.75 after switching ownership of 35,337 shares. Salada Foods lost 47 cents to end at $3.53 with the swapping of 10 units, Seprod rose $1 to close at $63 with an exchange of 5,014 stock units, Supreme Ventures lost 50 cents to finish at $24.50 after trading 23,003 shares and Sygnus Credit Investments dipped 60 cents to $12 after an exchange of 36,971 stocks.
In the preference segment, Productive Business 10.50% preference share climbed $99 to $1,200 with the swapping of one unit, Eppley 5% preference share gained 54 cents to end at $20 in an exchange of 10 stocks. Eppley 7.25% preference share fell $3.30 to close at $18.70 with investors transferring 10 stock units, Eppley 7.50% preference share rose 92 cents to $6.60 with 10 shares changing hands, 
Jamaica Public Service 7% declined $12.38 after ending at $62.62 in trading 6,154 stock units. 138 Student Living preference share fell $7.44 to close at $70 in exchanging 10 shares and Productive Business Solutions 9.75% preference share shed $1 to settle at $106 as investors transferred 10 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks fall again on JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Wednesday with an 11 percent increase in the volume of stocks traded and the value climbing 202 percent compared to Tuesday, with 58 securities trading compared to 57 on Tuesday, leading to 20 rising, 22 declining and 16 ending unchanged.
A total of 23,771,804 shares were exchanged for $827,732,498 up from 21,485,881 units at $273,787,529 on Tuesday.
Trading averaged 409,859 shares at $14,271,250 up from 376,945 shares at $4,803,290 on Tuesday and month to date, an average of 228,353 units at $4,415,619 compared with 191,544 units at $2,417,068 on the previous day. February closed with an average of 183,599 units at $2,160,070.
Jamaica Broilers led trading with 8.74 million shares for 36.8 percent of total volume followed by PanJam Investment with 4.55 million units for 19.1 percent of the day’s trade, Seprod with 3.23 million units for 13.6 percent market share, Wigton Windfarm, with 1.99 million units for 8.4 percent and JMMB Group 7.5% with 1.40 million units for 5.9 percent market share.
The All Jamaican Composite Index fell 2,228.52 points to 374,184.41, the 
JSE Main Index shed 1,635.68 points to end at 331,311.42 and the JSE Financial Index dipped 0.22 points to 77.89.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with their financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ending with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement rallied $3.23 to $60.98 as investors exchanged 324,023 shares, Eppley fell $2.47 to close at $35 after a transfer of 3,442 stocks, GraceKennedy advanced $2.93 to $85 with 13,835 units changing hands. Jamaica Broilers rose $1.50 to a new 52 weeks’ closing high of $38 with investors trading 8,737,660 stock units, Jamaica Producers popped 94 cents in closing at $22.90 in an exchange of 227,784 stocks, JMMB Group gained 47 cents to settle at $31 in switching ownership of 8,559 stock units. 
Key Insurance popped 46 cents to $3.16 in an exchange of 100 shares, Kingston Properties gained 60 cents in ending at $7.20 with the swapping of 10,005 units, MPC Caribbean Clean Energy rose $11 to close at $81 in exchanging 55 shares. NCB Financial rallied 35 cents to end at $74 after 48,650 stock units passed through the market, Palace Amusement shed 66 cents to close at $2.44 trading 769,317 stocks, PanJam Investment dipped 55 cents to $56.50 after an exchange of 4,552,272 units. Proven Investments lost $1.35 to close at $27.15 with the swapping of 995 units, Sagicor Group declined $3.98 to end at $49.02 with a transfer of 4,583 shares, Scotia Group gained 35 cents in closing at $34.85 with 3,917 stock units changing hands and Seprod declined $7.89 to $62 in switching ownership of 3,226,556 stocks.
In the preference segment, Jamaica Public Service 7% climbed $11.50 to a record $75 as investors traded 1,179 stocks and JMMB Group 7.15% – 2028 lost 39 cents to close at $2.43 after 8,005 shares passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up on JSE Main Market
The volume of stocks traded on the Jamaica Stock Exchange Main Market on Tuesday surged 140 percent with 125 percent greater in value than on Monday, from the trading in 57 securities compared to 56 on Monday, with 26 rising, 15 declining and 16 ending unchanged.
A total of 21,485,881 shares were exchanged for $273,787,529 versus 8,954,820 units at $121,663,893 on Monday.
Trading averaged 376,945 units at $4,803,290 up from 159,908 shares at $2,172,570 on Monday and month to date, an average of 191,544 units at $2,417,068 compared to 145,396 units at $1,823,117 on the previous day. February closed with an average of 183,599 units at $2,160,070.
JMMB Group 7.25% preference share due 2024 led trading with 10.47 million shares for 48.7 percent of total volume followed by Wigton Windfarm with 3.81 million units for 17.7 percent of the day’s trade, Jamaica Broilers with 2.06 million units for 9.6 percent and Massy Holdings with 1.87 million units for 8.7 percent market share.
The All Jamaican Composite Index shed 2,901.00 points to close at 376,412.93, the JSE Main Index declined 1,239.98 points to 332,947.10 and the JSE Financial Index fell 0.88 points to 78.11.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.7 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ending with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Cement lost 75 cents in closing at $57.75 trading 2,269 shares, Eppley Caribbean Property Fund rallied $5 to $45 with a transfer of 5 stock units, GraceKennedy declined $2.92 to $82.07 as investors traded 42,157 stocks. Guardian Holdings climbed $25 to close at $509 after an exchange of 168 units, Jamaica Broilers popped 45 cents to $36.50 after switching ownership of 2,057,508 shares, JMMB Group fell $1.47 to $30.53 after a transfer of 21,342 stocks. 
Key Insurance lost 10 cents in closing at a 52 weeks’ low of $2.70 following the trading of 1,016 shares. Kingston Wharves shed $1.06 after ending at $32 in swapping of 36,090 units, MPC Caribbean Clean Energy dipped $9 in closing at $70 after investors exchanged 41 stock units, NCB Financial gained 65 cents to close at $73.65 after 20,065 units passed through the market. Palace Amusement lost 58 cents to end at $3.10 in an exchange of 104,053 stocks, Proven Investments rose $2.25 to $28.50 with investors transferring 6,840 shares, Scotia Group lost 25 cents in ending at $34.50 after switching ownership of 79,694 stock units. Seprod advanced $3.39 in closing at $69.89 in trading 12,573 stock units and Sygnus Credit Investments gained 25 cents to end at $12.60 with the swapping of 12,579 units.
In the preference segment, Jamaica Public Service 7% advanced $13.07 to close at a new record high of $63.50 as investors exchanged 1,758 stocks and JMMBGL 7.25% preference shares traded 226 shares and gained 20 cents to land at a 52 weeks’ high of $4.53.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Volume rises values fall on JSE Main Market
Trading levels picked up on the Jamaica Stock Exchange Main Market on Monday over that on Friday with the volume of stocks traded rising 20 percent, with a modestly lower value than on Friday, after 56 securities changed hands compared to 58 on Friday, with 16 rising, 28 declining and 12 ending unchanged.
A total of 8,954,820 shares were exchanged for $121,663,893 versus 7,443,601 units at $130,741,691 on Friday.
Trading averaged 159,908 units at $2,172,570 versus 128,338 shares at $2,254,167 on Friday and month to date, an average of 145,396 units at $1,822,938 compared to 140,698 units at $1,709,999 on the previous trading day. February closed with an average of 183,599 units at $2,160,070.
Wigton Windfarm led trading with 2.54 million shares for 28.3 percent of total volume followed by Jamaica Broilers with 2.19 million units for 24.4 percent of the day’s trade and Transjamaican Highway with 1.55 million units for 17.3 percent market share.
The All Jamaican Composite Index declined 3,144.18 points to 379,313.93, the JSE Main Index shed 1,878.30 points to close at 334,187.08 and the JSE Financial Index fell 0.01 points to 78.99.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows 14 stocks ending with bids higher than their last selling prices and none with a lower offer.
At the close, Barita Investments slipped 6 cents to a 52 weeks’ closing low of $78.94 after trading 90,188 shares, Berger Paints lost 40 cents to settle at $9 with 4,390 shares changing hands, Caribbean Cement fell $2.96 to end at $58.50 with a transfer of 694 stocks Eppley Caribbean Property Fund declined $5 to finish at $40 in exchanging 5,161 stock units. First Rock Real Estate lost 58 cents in closing at $12.10 after the trading of 1,426 units, Guardian Holdings dropped $25.99 to $484 after a transfer of 137 stock units, Jamaica Producers advanced 78 cents to close at $21.78 with the swapping of 12,192 shares. JMMB Group popped $1.49 in closing at $32 after investors traded 23,111 units, Kingston Properties fell 58 cents ending at $6.57 in switching ownership of 11,255 stocks,
Kingston Wharves fell $2.14 to $33.06 in an exchange of 2,821 units. Mayberry Investments shed $1.27 to end at $8.98 with 7,875 shares changing hands, NCB Financial dipped $2.49 to $73 after 18,540 stock units passed through the market, Palace Amusement lost 82 cents to end at $3.68 with the swapping of 756,211 stocks. PanJam Investment gained 55 cents in closing at $57.05 in trading 2,706 units, Proven Investments fell $2.65 after ending at $26.25 as investors exchanged 9,563 stock units, Sagicor Group declined $1.03 to $52.97 in switching ownership of 26,935 shares. Salada Foods rose 46 cents to end at $4 with investors transferring 3,204 stocks, Seprod fell $1.39 to $66.50 with an exchange of 4,965 stocks, Stanley Motta rallied 63 cents to $5.44 trading 495 shares and Supreme Ventures shed $1.20 to close at $24.60 after 74,008 units passed through the market.
In the preference segment, Productive Business 10.50% preference share dropped $99 in closing at $1,101 with 40 stock units clearing the market, Eppley 7.50% preference share dropped 98 cents to $5.65 with a transfer of 28,715 stocks. 
Jamaica Public Service 7% advanced $2.43 to another record high of $50.43 after exchanging 1,000 stock units and Jamaica Public Service 9.5% dropped $450 to end at $2550 trading 25 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
3 new ICTOP10 stocks after week’s gains
The Main Market gained 1.3 percent and the Junior Market 2.4 percent over the previous week, the first sign that stocks may be coming back to life, following the end of earning season with a mixed bag of results and the sounding of prospects for a better period ahead, with cost pressures that existed last year in stockpiling supplies to meet demand that squeezed margins have started to recede, with the promise of higher profit margins ahead.
Everything Fresh tops ICTOP10
The period saw many companies reporting solid gains in profit that investors are yet to award with better prices than the results demand, which is not expected to last for long as supplies of many stocks have been declining in recent weeks.
ICTOP10 has three new additions to the Junior Market TOP10 while the Main Market remains steady.
The week closed with rising stocks dominating the Junior Market TOP10. Paramount Trading fell 9 percent in the prior week, led rising stocks this past week, with a gain of 18 percent to $2.35, followed by Main Event, put on 15 percent to land at a new high of $12.39, Lasco Distributors and Lasco Manufacturing rose 8 percent to $2.81 and $4.30, respectively. Iron Rock Insurance fell 13 percent to $2.08 and Tropical Battery dipped 4 percent to $2.20.
Six stocks rose in the Main Market TOP10, with 138 Student Living rising 10 percent to $5.50, the price of Jamaica Broilers rose 9 percent to $36 as investors warmed to the stock following release of outstanding second quarter numbers and the price having a long way to run. Caribbean Producers, that is undervalued, rose 6 percent to $10 as selling pressure eased somewhat.
Price changes resulted in Paramount Trading, Main Event and Lasco Manufacturing exiting the Junior Market TOP10 and replaced by AMG Packaging, Everything Fresh and Stationery and Office Supplies.
AMG Packaging enjoyed improved profit margin in the November quarter compared with that in 2021, even as sales fell slightly in the latest quarter to November, which augurs well for increased profit in the current year, with revenues projected to rise in the year with more business opportunities as the economy continues to grow at a healthy pace. Everything Fresh and Stationery and Office Supplies (SOS) earnings reflect that for the current year. Everything Fresh now heads the Junior market TOP10, having reported profit for an entire year in 2022 for the first time since they released a depressed $16 million profit in 2018. Profit came in at $48 million before tax for 2022, a modest change from $47 million reported for the nine months to September after finance costs rose 43.5 percent in the December quarter over the nine months to September. With 2023 setting up to be the strongest tourist season since 2019, the company is set to see a big jump in business from that sector and profit in 2023, that should see the company earned 30 cents per share, that is why it is in ICTOP10. SOS posted record profits for 2022 with a 169 percent increase before tax from a 55 percent jump in revenues. Of note are a 35 percent increase in fourth quarter revenues and a deal struck with a company in Trinidad to cross sell products that should add to revenues in 2023 and push earnings to $2 per share for the year. With improving profits and shrinking supplies outside of the TOP 10 shareholders, who control 91 percent of the issued shares, the stock is setting up for a stock split that cannot be far off and, when given, will catapult the stock price upwards.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.5, well below the market average of 13.9, while the Junior Market Top 10 PE sits at 6.1 compared with the market at 11.8. The differences are important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 240 percent and the Main Market TOP10 by an average of 284 percent to May 2024, now that TOP10 stocks earnings are based on 2023 profits.
The Junior Market has 13 stocks representing 27 percent of the market, with PEs from 15 to 26, averaging 19.5, well above the market’s average. The top half of the market has an average PE of 17. The above average shows the extent of potential gains for the TOP 10 stocks.
The situation in the Main Market is similar, with the 12 highest valued stocks priced at a PE of 15 to 115, with an average of 32 and 23 excluding the highest valued stocks and 21 for the top half excluding the highest valued stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but not always. 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 up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
More gains for Main Market stocks
Trading activity on the Jamaica Stock Exchange Main Market ended on Friday with the volume of stocks traded declining 35 percent and the value moderately than on Thursday, after trading in 58 securities compared to 55 on Thursday, resulting in prices of 20 rising, 19 declining and 19 ending unchanged.
A total of 7,443,601 shares were traded for $130,741,691 versus 11,506,995 units at $127,421,242 on Thursday.
Trading averaged 128,338 shares at $2,254,167 versus 209,218 shares at $2,317,495 on Thursday and month to date, an average of 140,698 units at $1,709,999, compared to 146,932 units at $1,435,550 on the previous day. February closed with an average of 183,599 units at $2,160,070.
Jamaica Broilers led trading with 1.95 million shares for 26.2 percent of total volume, followed by JMMB Group 7.5% with 960,608 units for 12.9 percent of the day’s trade and Transjamaican Highway with 898,097 units for 12.1 percent market share.
The All Jamaican Composite Index advanced 2,192.36 points to 382,458.11, the JSE Main Index gained 227.19 points to 336,065.38 and the JSE Financial Index slipped 0.78 points to settle at 79.00.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.9 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments declined $1 to a 52 weeks’ low of $79 in switching owners of 59,496 shares, Caribbean Cement advanced $4.71 to close at $61.46 with the swapping of 1,427 stocks, GraceKennedy rose $2.98 to $84.98 in exchanging 14,814 units. Jamaica Broilers fell $1.55 in closing at $36 after trading 1,950,779 stock units, Jamaica Stock Exchange fell 60 cents to close at $13.95 with 38,298 shares clearing the market, JMMB Group shed 67 cents to end at $30.51 with a transfer of 120,492 stocks. 
Mayberry Investments rose $1.75 in closing at $10.25 after an exchange of 143,406 units, MPC Caribbean Clean Energy dropped $18 to end at $79 with 100 stock units changing hands, NCB Financial rallied $1.99 to $75.49 as investors exchanged 28,900 stocks. Palace Amusement lost $2.20 to close at $4.50 after trading 603,232 stocks, PanJam Investment dipped 60 cents ending at $56.50 after investors transferred 439 shares, Proven Investments gained $1 in closing at $28.90 after exchanging 5,160 units. Sagicor Group popped 65 cents to close at $54 with the swapping of 16,081 stock units, Salada Foods fell 45 cents to end at $3.54 after 4,000 stocks changed hands, Scotia Group popped 70 cents to close at $34.75 as investors traded 231,052 shares, Seprod advanced $5.84 to $67.89 with a transfer of 8,737 units and Sygnus Credit Investments lost 44 cents in closing at $12.24 in switching ownership of 32,719 stocks.
In the preference segment, Jamaica Public Service 7% climbed $9.77 to end at a record $48 as 1,766 shares passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market trading rises on softer prices
Trading activity picked up on the Jamaica Stock Exchange Main Market on Thursday with a 113 percent jump in the volume of stocks traded as the value surged by 239 percent over trading on Wednesday, after trading took place in 55 securities trading down from 60 on Wednesday, with 23 rising, 22 declining and 10 ending unchanged.
A total of 11,506,995 shares were exchanged for $127,421,242 versus 5,390,205 units at $37,625,972 on Wednesday.
Trading averaged 209,218 units at $2,317,495 compared with 89,837 shares at $627,100 on Wednesday and month to date, an average of 146,932 stock units at $1,435,550. February closed with an average of 183,599 units at $2,160,070.
Wigton Windfarm led trading with 6.13 million shares for 53.2 percent of the volume, Transjamaican Highway followed with 1.27 million units for 11 percent of the day’s trade and Massy Holdings with 1.10 million units for 9.6 percent market share.
The All Jamaican Composite Index declined 1,813.15 points to end at 380,265.75, the JSE Main Index shed 1,383.23 points to close at 335,838.19 and the JSE Financial Index rose 0.21 points to 79.78.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.2 for the Main Market. The JSE Main and USD MarketPE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ending with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments fell $1 to a 52 weeks’ low of $80 after 46,324 shares passed through the market, Berger Paints popped 79 cents to $9.06 in after an exchange of 60 stocks, Caribbean Cement declined $3.25 to close at $56.75 in switching ownership of 8,494 units. Caribbean Producers dipped $1 to $10 trading 33,889 stock units, Eppley shed 52 cents in closing at $37.48 after exchanging 18,305 stock units, Eppley Caribbean Property Fund advanced $4 to $45 after investors traded 179 units. GraceKennedy rose $3 in closing at $82 with the swapping of 47,812 stocks, Guardian Holdings climbed $9.50 to end at $510 with investors transferring 898 shares, Jamaica Broilers rallied $1.80 to a 52 weeks’ high of $37.55 in exchanging 38,852 units. Jamaica Producers gained 69 cents to close at $21 after clearing the market with 115,235 shares, 
Jamaica Stock Exchange rose 57 cents to $14.55 with 8,700 stocks changing hands, JMMB Group dropped 71 cents to $31.18 with a transfer of 52,761 stock units. Mayberry Investments rallied 69 cents to end at $8.50 with an exchange of 219,534 stock units, NCB Financial shed $2 in closing at $73.50 after trading 16,302 shares, 138 Student Living rallied 49 cents to $5.50 after a transfer of 38,968 stocks. PanJam Investment gained 58 cents to end at $57.10 in exchanging 2,387 units, Proven Investments popped 40 cents to $27.90 as investors traded 212 stocks, Scotia Group dipped 70 cents to $34.05 after a transfer of 38,513 units. Seprod declined $4.95 to close at $62.05 as investors exchanged 109,920 shares and Wisynco Group popped 41 cents in ending at $18.01 with the swapping of 95,604 stock units.
In the preference segment, Jamaica Public Service 7% continues to defy gravity in advancing $8.23 to a new record high of $38.23 with 1,720 units changing hands and 138 Student Living preference share advanced $3.45 to end at $77.45 in trading 158 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.