Grace Kennedy HQ
Decline in the prices of three stocks during the week and gains by others resulted in changes to the IC Insider.com TOP 10 list this week.
Grace Kennedy pulled back to $59.50 and Proven Investments down to 21 US cents and Access Financial falling, with the offer at $45.50, Dolphin Cove and Iron Rock declining to $4.50 moved into the top stock list, taking the place of Sagicor Group that moved up to $42.55 and Salada Foods that moved up to $24.95 in the main market, while Caribbean Cream that fell to $6.16 to enter last weeks’ list moved up in price to $7.68 and with a slight downgrade to earnings to 
65 
cents per share, fell out of the top list and Caribbean Producers climbed to $7 and is also out.
The main hit new historical highs on Friday resulted in the overall PE for the main market rising to 16.3 up from 15.8 from the previous week, the PE of the Junior market remained unchanged at 15.8.
The PE ratio for Junior Market Top 10 stocks average 9.5 and the main market PE is now 9.9, marginally higher than the prior week’s level, as the market continues to see an upward revaluation of the multiple.
The TOP 10 stocks now trade at an average discount of 40 percent to the average for the Junior Market Top stocks but it’s a third of what the average PE for the year is likely to be of 20 times earnings. The main market stocks trade at a discount of 39 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns within a 12 months period. Stocks are selected based on projected earnings for each company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with 
the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.
returns within a 12 months period. Stocks are selected based on projected earnings for each company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.
higher this week with buying orders in for 139,000 shares at $15. The price of Stanley Motta climbed to $5.27 during the week from $4.81 in the previous week and exited the main market list.
for each company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.
During the past week, the main market of the Jamaica Stock Exchange, racked up more record closes but pulled back on sharply on Thursday and Junior market hit new highs during the week but dropped sharply on Friday due mainly to 
The PE ratio for Junior Market Top 10 stocks average 9.3 up from 8.9 last week, as the market continues to revalue the multiple higher and the main market PE is now 9.1, up from 8.8 last week, for the top stocks.
Stocks are selected based on projected earnings for each company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.
the sole factor influencing the change. 
The latest valuation compares to an average PE for the overall market of 13.7, based on 2018 estimated earnings. The main market PE is now 8.5 and is the same level as last week, for the top stocks, compared to a market average of 14.
Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.
Both the Jamaica Stock Exchange, main and Junior markets reached higher levels during the past week, with the main market hitting a series of new record highs. The coming weeks should see more gains as investors seek out opportunities as fixed interest returns have tanked. 
The company is in the process of another acquisition, this time overseas, this should continue to help boost profit going forward. Fosrich posted good second quarter results and is on target to reach IC Insider.com’s forecasted earnings of 30 cents per share. Fosrich too, could be making an acquisition later this year, or early 2019, unofficial, but credible reports suggest. JMMB Group posted good first quarter results with a 59 percent increase in net profit. Some of the strong gains came from the relatively sharp fall in the value of the Jamaican dollar in the period that is not expected to continue.
Work done by IC Insider.com suggests that the PE ratio is likely to end 2018 around 16 to 18 times earnings, as investors continue to upgrade the multiple they are prepared to pay for stocks, which would lift prices sharply over the next several months from current levels. The latest government bond offer with a 4.58 years tenor, was heavily oversubscribed, resulting in rates dropping to 3.95 percent, suggesting that investors are satisfied that the economic policies will continue to lead to low inflation for a considerable time. These rates suggest more funds will be going into stocks as liquidity remains high in the financial system.
TOP 10 stocks are likely to deliver the best returns within a 12 months period. Stocks are selected based on projected earnings for each company’s current fiscal year. Based on an assumed PE for each, the likely gains are determined and then ranked, with the stocks with the highest potential gains ranked first followed by the rest, in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis based on new information received that can result in changes in and out of the list as well.
At the close of market activity, 12,367,754 units valued at $115,843,551 changed hands compared to 6,586,973 units valued at $111,180,207, on Tuesday.
The JSE USD Equities Index closed unchanged at 155.49.
Trading volume was dominated by 
Proven Investments traded 203,000 units at 20 US cents. The JSE USD Equities Index dropped 6.30 points to close at 155.49.
At the close on the Jamaica Stock Exchange on Monday, the All Jamaican Composite Index rose 867.41 points to 335,527.25 while the JSE Index gained 790.30 points to 305,703.21. 
JMMB Group 7.50% preference share with 1,618,000 units that accounted for 40.08 percent of the main market volume followed by Carreras with 677,448 stock units or 16.78 percent and Scotia Group with 363,434 shares.
Trading resulted in an average of 168,216 units valued at an average of $2,319,549 compared to 691,163 units valued at $10,961,779 on Friday. For the month to date 216,970 units traded with an average value of $5,389,348 and on the previous day 219,629 units traded with an average value of $5,567,307 on average. May closed with an average of 589,414 shares with a value of $16,532.367, for each security traded.
Some 3,200 applications with more than $3.8 billion chased after the 
The investment objective of the Company is to generate attractive risk adjusted returns with an emphasis on principal protection by generating current income, and to a lesser extent capital appreciation, through investments primarily in Portfolio Companies using private credit instruments.