The two major Jamaica Stock Exchange markets meandered all week, closing the past week with the Junior Market rising moderately and the Main Market recovering 5,228 points of the more than 12,000 lost on the last two trading days in the previous week as prices of Caribbean Cement, NCB Financial and Scotia Group rose.
Against the above backdrop, there were few changes to the ICTOP10 stocks at the week’s close. Scotia Group jumped 9 percent to end at $37.97 for the week and gave way to Carreras to return to the Main Market TOP10 after a long absence, with the price at $8.10 and projected earnings at 80 cents. The Junior Market lost Medical Disposables with the price closing at $6.72, up 29 percent for the week, allowing General Accident came in to replace it with the price at $6.60 and just edging out Fontana, with both having similar potential gains of 97 percent.
Big TOP10 movers for the week are AMG Packaging lost 6 percent in closing at $2.25 from $2.40 last week, Caribbean Cream fell 4 percent to $5.60, Elite Diagnostic dropped 8 percent to $3.20, Caribbean Assurance Brokers rose 6 percent to $2.47 and Dolphin Cove rose 3 percent to land at $12.90 after it a 52 weeks’ high of $14 on Thursday, new coronavirus making the news seemed to have induced selling on Friday. In the Main Market, Caribbean Producers jumped 15 percent to close at $10, up from $8.61 and Radio Jamaica gained 8 percent to $3.30.
The top three Main Market stocks are Guardian Holdings, Caribbean Producers and JMMB Group, projected to gain between 214 to 254 percent expected versus last weeks’ 212 to 283 percent.
The top three stocks in the Junior Market are AMG Packaging, followed by Caribbean Assurance Brokers and Access Financial Services. All three can gain between 150 and 211 percent, down from 154 percent and 207 percent previously.
There are many undervalued stocks in the market, with the average gains projected for the TOP 10 Junior Market stocks moved from 145 percent last week to 142percent and Main Market stocks moved from 163 percent to this week’s 159 percent.
The Junior Market closed the week with an average PE 14.5 based on ICInsider.com’s 2021-22 earnings and is currently well below the target of 20 and the March 2020 historical average of 17, based on 2020 earnings. The TOP 10 stocks trade at a PE of a mere 8.4, with a 42 percent discount to that market’s average PE.
The Junior Market can gain 38 percent to March next year, based on an average PE of 20 and 17 percent based on an average PE of 17. Ten stocks representing 25 percent of all Junior Market stocks with positive earnings are trading at or above this level, down from seven last week, indicating that many others will rise towards the 17 mark in the weeks ahead.
The average PE for the JSE Main Market is 16.1, which is 18 percent less than the PE of 19 at the end of March and 24 percent below the target of 20 to March 2022. The Main Market TOP 10 average PE is 8, representing a 50 percent discount to the market and well below the potential of 20. A total of 14 stocks or 30 percent of the market trade at or above a PE of 19, with most over 20, for an average PE of 25.5, suggesting that the accepted multiple could be around 25 times the current year’s earnings.
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 are likely to deliver the best returns up to March 2022 and 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 and result in weekly movements in and out of the lists. Revisions to earnings per share 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 advanced 515.13 points to 432,465.86, the JSE Main Index rose 415.79 points to 391,220.36 and the JSE Financial Index gained 0.63 points to end at 95.60.
Investor’s Choice bid-offer indicator shows ten stocks ended with bids higher than their last selling prices and five with lower offers.
PanJam Investment advanced $9.70 to finish at $73 with a transfer of 11,523 shares, Proven Investments popped 50 cents to close at $33.80 with 3,356 units changing hands, Scotia Group spiked $3.47 to $37.97 in switching ownership of 577,189 stocks. Seprod popped 80 cents to $64 in exchanging 34,014 stock units, Stanley Motta lost 35 cents to end at $5.25 with 19,955 shares crossing the market, Sygnus Credit Investments shed 49 cents to close at $15.50 with the swapping of 42,632 units and Wisynco Group rose 40 cents to $17 with a transfer of 94,656 stocks.
Trading ended with five securities changing hands, similar to Thursday, with one rising, four declining. The JSE US Denominated Equities Index gained 1.34 points to end at 196.55.
October ended with an average of 48,646 units for US$4,160.
Trading ended with five securities changing hands, down from eight on Wednesday with prices of two rising, none declining and three ending unchanged.
First Rock Capital USD share finished unchanged at 6.6 US cents, with 1,509 shares crossing the market, Proven Investment popped 0.41 of a cent to 22.99 US cents in exchanging 591,933 stock units, Sygnus Credit Investments USD share ended unchanged at 13 US cents trading 7,480 units and Transjamaican Highway rose 0.01 of a cent to 0.81 US cents with 50,000 stocks changing hands.
The All Jamaican Composite Index dived 2,262.59 points to 431,950.73, the JSE Main Index shed 1,959.04 points to 390,804.57 and the JSE Financial Index lost 0.88 points to end at 94.97.
Trading averages 182,407 units at $1,054,062, compared to 246,812 shares at $1,461,488 on Wednesday and month to date, an average of 245,918 units at $2,811,652, compared to 249,500 units at $2,910,778 on Wednesday. October closed with an average of 251,350 units at $2,773,208.
Proven Investments dipped 30 cents to end at $33.30 with a transfer of 15,877 shares. Sagicor Group rose 50 cents to $52.70 after an exchange of 73,402 stocks, Scotia Group lost 40 cents ending at $34.50, with 15,947 stock units changing hands, Seprod dipped 55 cents to $63.20 in exchanging 6,169 units. Supreme Ventures fell 63 cents in closing at $17.85 with the swapping of 73,324 shares and Sygnus Credit Investments rose 99 cents to $15.99, with 159,129 stocks crossing the market.
Overall, 51 securities traded compared to 50 on Tuesday, with 26 rising, 17 declining and eight unchanged. The All Jamaican Composite Index spiked 2,767.79 points to 434,213.32, the JSE Main Index jumped 2,471.24 points to 392,763.61 and the JSE Financial Index rallied 0.42 points to end at 95.85.
At the close, Barita Investments dropped $2.25 to $90 with 25,365 shares changing hands, Berger Paints slipped 54 cents in closing at $13.56 after trading 3,799 stocks, Caribbean Cement climbed $7.01 to $86.50 with 117,109 stock units clearing the market. Eppley Caribbean Property Fund spiked $4 to close at $42 in switching ownership of 1,334 units, First Rock Capital rose 85 cents to $11.50 after exchanging 54,379 stock units, GraceKennedy advanced 94 cents to close at $98.94 with the swapping of 15,926 shares. Guardian Holdings spiked $20 to $540 in an exchange of 334 stocks, Jamaica Broilers shed $2 to end at $28.70 in trading 14,930 units, Jamaica Producers rallied $2.50 in closing at $23.95 in switching ownership of 20,200 stocks. JMMB Group popped 61 cents to $38.80 after transferring 223,545 shares, Kingston Wharves lost 30 cents in closing at $43.70 with the swapping of 100 units, Mayberry Investments gained 31 cents to $7.81 in trading 41,417 stock units. 
PanJam Investment declined $7.90 to close at $63.10 with 26,012 shares changing hands, Proven Investments gained 35 cents to end at $33.60 with a transfer of 12,467 stocks, Sagicor Group fell $1.79 to $52.20 after crossing the exchange with 57,067 stock units. Salada Foods gained 25 cents to end at $7 in trading 38,973 units, Scotia Group rose 60 cents to close at $34.90 with the swapping of 124,679 stock units, Sygnus Credit Investments dipped 50 cents to $15 in exchanging 182,678 stocks. Sygnus Real Estate Finance rallied $1.51 to $16.01 after trading 2,629 shares.
Trading ended with eight securities changing hands, similar to Tuesday with our rising, one declining and three unchanged. The JSE US Denominated Equities Index lost 0.67 points to end at 195.65.
At the close, First Rock Capital USD share ended at 6.6 US cents in exchanging 1,135 shares, Margaritaville advanced 0.49 of a cent to 9.49 US cents while exchanging 13,928 units, Proven Investments increased 0.02 of a cent in ending at 22.58 US cents, with 49,538 stocks crossing the market. Sterling Investments spiked 0.09 of a cent in closing at 2.09 US cents after 4,331 stock units changed hands, Sygnus Credit Investments USD share remained at 13 US cents after exchanging 5,280 units, Sygnus Real Estate Finance USD share rallied 1 cent to close at 16 US cents in exchanging 1,389 stock units and Transjamaican Highway dropped 0.05 of a cent to 0.8 US cents, with 140,000 shares crossing the market.
Trading on Tuesday ended with the volume of shares changing hands declining 98 percent and the value 99 percent lower than on Monday, at the close of the Jamaica Stock Exchange US dollar market, resulting in more stocks falling stocks than rising.
First Rock Capital USD share shed 0.4 cents of a cent to 6.6 US cents while exchanging 1,002 shares, MPC Caribbean Clean Energy remained at US$1.08 in an exchange of one stock unit, Proven Investments declined 0.44 of a cent in closing at 22.56 US cents and trading 9,884 stocks. Sterling Investments ended unchanged at 2 US cents in trading 2,000 units, Sygnus Credit Investments USD share finished at 13 US cents after exchanging 1,558 units, Sygnus Real Estate Finance USD share ended at 15 US cents in switching ownership of 657 shares and Transjamaican Highway remained at 0.85 US cents after 100,000 stock units crossed the exchange.
A total of 9,056,607 shares traded for $98,885,368 up from 8,605,350 units at $61,182,683 on Monday. Transjamaican Highway led trading with 32.7 percent of total volume after an exchange of 2.96 million shares followed by Wisynco Group 15.7 percent, with 1.43 million units, Wigton Windfarm contributed 12 percent with 1.09 million units and Pulse Investments 11.3 percent for an exchange of 1.02 million units.
NCB Financial rose $1 to $119 in exchanging 18,541 stock units, PanJam Investment rallied $3.50 to $71 with the swapping of 117,621 units, Sagicor Group spiked 49 cents to $53.99 after 1,940 stocks crossed the market. Scotia Group popped 30 cents to end at $34.30 with 41,558 stock units changing hands, Seprod rose 65 cents to close at $63.75 in switching ownership of 3,824 units, Sygnus Credit Investments dipped 48 cents in closing at $15.50 after trading 264,810 shares and Victoria Mutual Investments lost 40 cents to close at $5.60 in transferring 51,422 stocks.
Trading averaged 165,488 units at $1,176,590, down from 168,071 shares at $3,760,319 on Friday and month to date, an average of 253,830 units at $3,057,633, versus 259,804 units at $3,184,829 on Friday. October averaged 251,350 units at $2,773,208.
PanJam Investment fell $2.50 to $67.50 in exchanging 100 stocks, Sagicor Group advanced $1.29 to $53.50 after trading 6,861 stock units, Scotia Group lost 30 cents in closing at $34 with the swapping of 86,295 units. Seprod shed 60 cents to close at $63.10 in switching ownership of 15,550 shares, Stanley Motta gained 32 cents to end at $5.82 in trading 1,000 stock units, Sygnus Credit Investments popped 32 cents to $15.98 after an exchange of 66,912 shares and Sygnus Real Estate Finance climbed 65 cents to $14.70 with 5,007 stocks changing hands.