The US Denominated Equities Index popped 2.23 points higher to 244.81 at the close of trading on the Jamaica Stock Exchange US dollar market on Monday, following a 51 percent rise in the volume of stocks changing hands, valued 612 percent more than on Friday and resulted in trading of nine securities compared to five on Friday, with six rising and three ending unchanged.
A total of 299,650 shares were exchanged for US$146,763 compared with 198,322 units at US$20,612 on Friday.
Trading on Monday averaged 33,294 shares for US$16,307 compared to 39,664 units at US$4,122 on Friday, with a month to date average of 45,476 stock units at US$5,486 compared to 48,287 units at US$2,989 on the previous trading day. August ended with an average of 57,291 units for US$4,251.
The PE Ratio, a measure used in computing appropriate stock values, averages 9. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and one with a lower offer.
At the close, First Rock Real Estate USD share rose 1.2 cents to 5.2 US cents after exchanging 1,889 shares, Margaritaville ended at 11.49 US cents with shareholders swapping 135 stocks, Proven Investments climbed 0.15 of one cent in closing at 14.95 US cents with investors trading 159,347 stocks. 
Sygnus Credit Investments gained 0.09 of a cent to end at 9.09 US cents with 17,623 units being traded, Sygnus Real Estate Finance USD share rallied 1.5 cents to close at 10 US cents with a transfer of 79 shares and Transjamaican Highway rose 0.01 of a cent to end at 1.69 US cents in an exchange of 59,759 stocks.
In the preference segment, Eppley 6% preference share added 10 cents in closing at US$1.50 after an exchange of 10 stocks, JMMB Group 5.75% remained at US$1.95 trading 60,596 units and Productive Business Solutions 9.25% preference share ended at US$12 with investors dealing in 212 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on the JSE USD Market
Elite Diagnostic moves into ICTOP10
Elite Diagnostic returns to the Junior Market ICTOP10 listing at the number 2 spot, Dolphin Cove dropped out but there are no changes to the Main Market Listing.
Elite Diagnostics had a bad fiscal year to June, with a loss of $1.7 million in the June quarter and a profit of only $2.8 million for the year, down from $49 million in 2022. With finance cost jumping to $47 million from $27 million the previous year while depreciation climbed by $41 million to $148 million. ICInsider.com expect revenues to keep on climbing at a above average rate and for cost to increase at a slower pace and deliver an attractive profit which is projected at 40 cents for the year. Recent history suggests that forecasts can be derailed by unforeseen developments, but the stock is worth while looking at as a medium term investment that is undervalued relative to potential.
Developments in the past week, the Main Market, now reflects the Jamaica market price for Margaritaville that climbed 16 percent to $16.30, followed by an eight percent increase for JMMB Group to$29.70 following an announcement from the company that the will be implementing a $10 million stock buyback, while 138 Student Living popped 5 percent to $4.33 and Key Insurance shed 13 percent to close the week at $2.50.
The Junior Market ICTOP10 closed the week with General Accident rising 10 percent to $4.94, followed by Caribbean Assurance Brokers, up 6 percent to $2.83 as Iron Rock Insurance dropped 9 percent to $2.10 and Everything Fresh dipped 5 percent to $1.30.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to have an average of 330 percent, to May 2024, based on 2023 forecasted earnings.
A total of 12 of the most highly valued stocks representing 26 percent of the Main Market are priced with a PE of 15 to 84, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.1 compared with the market at 10.6. There are 10 stocks or 21 percent of the market, with PEs from 15 to 39, averaging 21 that are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 298 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
The markets are not in a bullish state but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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 are likely to deliver the best returns up to the end of 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.
Trading climbs on JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks changing hands rising 79 percent valued 94 percent more than on Thursday, resulting in trading in five securities, compared to seven on Thursday with two rising, one declining and two ending unchanged.
A total of 198,322 shares were traded on Friday for US$20,612, up from 110,725 units at US$10,600 on Thursday.
Friday’s trading averaged 39,664 shares at US$4,122 compared to 15,818 units at US$1,514 on Thursday. Trading for the month to date averages 48,287 shares at US$2,989 compared with 49,555 units at US$2,823 on the previous day. Trading in August ended with an average of 57,291 units for US$4,251.
The US Denominated Equities Index rose 1.66 points to 242.59.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.7 for the USD Market. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, First Rock Real Estate USD share rose 1 cent to close at 4 US cents while exchanging 134,750 shares, Proven Investments ended at 14.8 US cents with an exchange of 2,974 units, 
Sygnus Credit Investments slipped 0.1 of a cent to close at 9 US cents after an exchange of 52,491 stock units and Transjamaican Highway popped 0.02 of a cent to end at 1.68 US cents in an exchange of 3,000 stocks.
In the preference segment, JMMB Group 5.75% remained at US$1.95 with traders dealing in 5,107 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading plunges on JSE USD Market
Trading plunged on the Jamaica Stock Exchange US dollar market ended on Thursday, with a 90 percent fall in the volume of stocks changing hands, valued 59 percent less than on Wednesday and resulting in trading in seven securities the same as Wednesday and ended with two rising, three declining and two ending unchanged.
A total of 110,725 shares were traded for US$10,600 compared with 1,090,681 units at US$25,542 on Wednesday.
Trading averaged 15,818 shares at US$1,514, down from 155,812 units at US$3,649 on Wednesday, with a month to date average of 49,555 shares at US$2,823 compared with 58,302 units at US$3,162 on the previous day. August ended with an average of 57,291 units for US$4,251.
The US Denominated Equities Index popped 1.94 points to 241.16.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.5. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share slipped 1 cent in closing at a 52 weeks’ low of 3 US cents with stakeholders exchanging 2,541 shares, Proven Investments gained 0.1 of a cent to end at 14.8 US cents with an exchange of 3,764 stock units. 
Sygnus Credit Investments ended at 9.1 US cents, with 4,855 units being traded, Sygnus Real Estate Finance USD share dropped 1.5 cents to 8.5 US cents after one unit was traded and Transjamaican Highway rose 0.06 of a cent to close at 1.66 US cents with traders dealing in 95,789 shares.
In the preference segment, JMMB Group 5.75% ended at US$1.95 with shareholders swapping 3,714 stocks and Productive Business Solutions 9.25% preference share dipped 30 cents and ended at US$12 with a transfer of 61 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading surges on the JSE USD Market
Trading jumped on the Jamaica Stock Exchange US dollar market on Wednesday, with a 458 percent surge in the volume of stocks changing hands, carrying 31 percent more value than on Tuesday and resulting in the trading of seven securities, similar to Tuesday with three rising, two declining and two ending unchanged.
Overall, 1,090,681 shares were traded for US$25,542 compared to 195,527 units at US$19,530 on Tuesday.
Trading averaged 155,812 units at US$3,649 versus 27,932 shares at US$2,790 on Tuesday, with a month to date average of 58,302 shares at US$3,162 compared with 24,174 units at US$2,992 on the previous day. August ended with an average of 57,291 units for US$4,251.
The US Denominated Equities Index dipped 3.94 points to 239.33.
PE Ratios, are used in computing appropriate stock values and averages 8.7 for the Junior Market. It is computed based on the last traded price divided by earnings projected by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, First Rock Real Estate USD share ended at 4 US cents after investors ended in trading 124,574 shares, Margaritaville rallied 0.49 of one cent to 11.49 US cents, with just one stock unit crossing the market, 
Proven Investments rose 0.2 of a cent to close at 14.7 US cents with 9,254 stocks crossing the exchange. Sterling Investments gained 0.02 of a cent to end at 1.92 US cents with a transfer of 10,000 units, Sygnus Credit Investments lost 0.88 of one cent in closing at 9.1 US cents in switching ownership of 35,827 units, Sygnus Real Estate Finance USD share remained at 10 US cents after 14,939 stock units passed through the market and Transjamaican Highway shed 0.09 of a cent to close at 1.6 US cents after an exchange of 896,086 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Fallen JSE USD Market
Trading on the US dollar market of the Jamaica Stock Exchange ended on Tuesday, with the volume of stocks changing hands just rising above that on Monday with a 35 percent lower value and resulted in seven securities being traded, compared to six on Monday with one rising, one declining and five ending unchanged.
Overall, 195,527 shares were traded for US$19,530 compared to 193,702 units at US$30,250 on Monday.
Trading on Tuesday averaged 27,932 shares at US$2,790 compared to 32,284 units at US$5,042 on Monday, with a month to date average of 24,174 shares at US$2,992 compared with 22,150 units at US$3,100 on the previous day. August ended with an average of 57,291 units for US$4,251.
The US Denominated Equities Index skidded 2.20 points to 243.26.
PE Ratios are tools used in computing appropriate stock values, with an average of 8.8 for the JSE USD Market. The PE ratios for the market are computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, First Rock Real Estate USD share remained at 4 US cents, with 42,000 shares crossing the market, 
MPC Caribbean Clean Energy ended at 54 US cents with 901 stocks changing hands, Proven Investments ended at 14.5 US cents after 107,839 shares were traded, Sterling Investments ended at 1.9 US cents in trading 1,048 units. Sygnus Credit Investments rose 0.78 of one cent to close at 9.98 US cents with stakeholders trading 11,950 units, Sygnus Real Estate Finance USD share remained at 10 US cents with 199 shares changing hands and Transjamaican Highway fell 0.05 of a cent to end at 1.69 US cents, with 31,590 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks head higher on the JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with the volume of stocks changing hands rising 106 percent valued 201 percent more than on Friday, resulting in trading in six securities, compared to seven on Friday, with two rising, two declining and two ending unchanged.
A total of 193,702 shares were exchanged for US$30,250 up from 94,250 units at US$10,054 on Friday.
Trading averaged 32,284 shares for US$5,042 compared with 13,464 units at US$1,436 on Friday, with a month to date average of 22,150 shares at US$3,100 compared with August with an average of 57,291 units for US$4,251.
The US Denominated Equities Index rose 0.32 points to 245.46.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.7. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Margaritaville declined 0.5 of one cent to close at 11 US cents, after 604 shares were traded, Proven Investments skidded 0.45 of one cent and ended at 14.5 US cents, with 15,500 units changing hands, Sygnus Credit Investments ended trading in 21,084 stocks at 9.2 US cents, Sygnus Real Estate Finance USD share remained at 10 US cents after 2,520 stocks crossed the market and Transjamaican Highway popped 0.01 of a cent to 1.74 US cents as investors exchanged 142,117 stock units.
In the preference segment, JMMB Group 5.75% popped 5 cents to US$1.95 with a transfer of 11,877 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Key Insurance leads movers in ICTOP10
The impact on the market with the presence of an Initial Public Offer opening was not very pronounced this time around, with the One Great Studio opening and closing this past week with the issue being oversubscribed, but the Junior Market did experience a sharp fall early in the week that could well be related to investors seeking funds to invest in the IPO.
In the Main Market, Key Insurance climbed 14 percent to $2.88 to be the sole winner of note, while 138 Student Living crashed 6 percent to $4.11, just a fraction above the APO price for shareholders of $4.05, that is projected to raise just over $2 billion. JMMB Group shed 5 percent to close the week at $27.40, making for a compelling long term investment and Sygnus Credit Investments fell 4 percent to $11.47.
The Junior Market ICTOP10 closed the week with Caribbean Cream dropping 16 percent to $3.50, this comes against the background of sharply falling cost for milk solids, one of the significant input cost in the production of ice cream. Caribbean Assurance Brokers slipped 7 percent to $2.68 and Everything Fresh dropped 14 percent to $1.37 and Image Plus slipped percent to $2.05. Iron Rock Insurance was the gainer of note, rising 10 percent to $2.30.
The pending additional issue of 138 Student Living shares kept the price depressed and with the offer coming public with 513 million shares with an option to upsize by 318.5 million units, it will satisfy a great deal of demand and, therefore, put a short term lid on price appreciation. The situation will be worse as the company lacks the ability to inform investors about its operations in a manner that is befitting of a company its size.
Note that Margaritaville is listed on both the Main Market and the USD Market, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.7. The Main Market TOP10 is projected to have an average of 322 percent to May 2024, based on 2023 forecasted earnings.
The most highly valued Main Market stocks, representing 32 percent of the Main Market, are priced at a PE of 15 to 80, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.3 compared with the market at 10.8. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 40, averaging 21, that is well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 271 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
The markets are not in a bullish state, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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 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, 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.
Trading surges on JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Thursday and the month, with a 267 percent surge in the volume of stocks changing hands following a 165 percent rise in the value over trading on Wednesday, resulting in the trading of eight securities up from seven on Wednesday, with five rising, one declining and two ending unchanged.
A total of 500,869 shares were traded for US$62,995 compared to 136,351 units at US$23,735 on Wednesday.
Trading averaged 62,609 shares for US$7,874 compared with 19,479 units at US$3,391 on Wednesday, with a month to date average of 57,291 stocks at US$4,251 compared with 56,990 units at US$4,045 on the previous day. Trading in July ended with an average of 95,306 units for US$2,965.
The US Denominated Equities Index rose 1.37 points to 239.83.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.1. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, First Rock Real Estate USD share ended at 4 US cents with a transfer of 76,276 shares, Margaritaville rose 0.01 of a cent to 11.5 US cents after closing with 4,671 units changing hands, MPC Caribbean Clean Energy climbed 11.74 cents to 64.75 US cents after swapping 200 stocks. 
Sterling Investments dipped 0.04 of a cent to 1.94 US cents in trading 241,000 stocks, Sygnus Credit Investments ended at 10.23 US cents with investors dealing in 192 shares and Transjamaican Highway popped 0.04 of a cent in closing at 1.74 US cents after an exchange of 151,153 stock units.
In the preference segment, JMMB Group 5.75% gained 10 cents to close at US$1.90, with investors transferring 27,360 units and JMMB Group 6% popped 8 cents and ended at US$1.08 as investors exchanged 17 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading drops on JSE USD Market
Trading fell on the Jamaica Stock Exchange US dollar market on Wednesday, with a 77 percent fall in the volume of stocks changing hands, valued 63 percent less than on Tuesday and resulting in trading of seven securities, the same number as Tuesday and ended, with four rising and three ending unchanged.
A total of 136,351 shares were exchanged for US$23,735 compared with 593,068 units at US$64,296 on Tuesday.
Trading averaged 19,479 shares at US$3,391 versus 84,724 units at US$9,185 on Tuesday, with a month to date average of 56,990 shares at US$4,045 compared with 58,949 units at US$4,079 on the previous day. July ended with an average of 95,306 units for US$2,965.
The US Denominated Equities Index rose 3.33 points to finish at 238.46.
PE Ratio, a measure used in computing appropriate stock values, averages 8.8. The PE ratio is calculated based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, First Rock Real Estate USD share remained at 4 US cents, with 12,795 shares crossing the exchange, MPC Caribbean Clean Energy popped 0.01 of a cent to 53.01 US cents after trading 194 units, Proven 
Investments gained 0.45 of one cent and ended at 15 US cents in an exchange of 70,006 stock units. Sygnus Credit Investments climbed 1.13 cents to end at 10.23 US cents with 21,557 stocks changing hands, Sygnus Real Estate Finance USD share ended at 10 US cents with shareholders swapping 48 units and Transjamaican Highway rose 0.09 of a cent and ended at 1.7 US cents, with 21,369 stock units crossing the market.
In the preference segment, JMMB Group 6% ended at US$1, with traders dealing in 10,382 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
