Trading on the Jamaica Stock Exchange US dollar market ended on Wednesday, with the volume of stocks changing hands rising 110 percent valued 521 percent more than on Monday and resulting in 10 securities traded, compared to eight on Monday with none rising, nine declining and one ending unchanged and sending the US Denominated Equities Index down 19.40 points to 207.57.
Investors traded 679,924 shares for US$31,830, up from 323,887 units at US$5,124 on Monday.
Trading averaged 67,992 units at US$3,183, up from 40,486 shares at US$641 on Monday, with a month to date average of 37,722 shares at US$1,963 compared to 35,067 units at US$1,856 on the previous trading day. April ended with an average of 394,241 units for US$22,357.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.3. The PE ratio is computed based on the last traded price of each stock divided by projected earnings forecasts done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows five 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 shed 0.78 of one cent to end at 4.4 US cents, with 56,186 shares changing hands, Margaritaville dipped 1.65 cents to 9.35 US cents after 20,000 units crossed the market, Productive Business Solutions lost 24.92 cents in closing at US$1.4508 with investors transferring 1,000 stocks. 
Proven Investments dropped 0.88 of one cent and ended at 16.02 US cents as investors exchanged 60,149 shares, Sterling Investments declined 0.3 of a cent to 1.68 US cents after hitting a 52 weeks’ intraday low of 0.160 cents with shareholders swapping 26,907 shares, Sygnus Credit Investments fell 1.95 cents in closing at 11.03 US cents after investors exchanged 1,075 stocks and Transjamaican Highway declined 0.1 of a cent to close at 1.2 US cents with 509,141 stock units crossing the market.
In the preference segment, Productive Business 9.25% preference share dipped US$1.50 and ended at US$11.50 as 100 units passed through the market, JMMB Group 5.75% fell 18.5 cents to end at 52 weeks’ low of US$1.615 and closed with an exchange of 4,966 stock units and JMMB Group 6% remained at US$1.07 with 400 shares changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD market plunges
JSE USD Market inches higher
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with the market index squeezing out a modest rise as the volume of stocks changing hands declined by 27 percent with a 55 percent lower value than on Friday, resulting in the trading of eightm securities, similar to Friday and ending with prices of three rising, three declining and two ending unchanged.
Some 323,887 shares were traded for US$5,124 compared to 441,233 units at US$11,332 on Friday.
Trading averaged 40,486 units at US$641 compared with 55,154 shares at US$1,417 on Friday, with a month to date average of 35,067 shares at US$1,856 compared to 34,658 units at US$1,947 on the previous trading day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index gained 0.34 points to close at 226.97.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.2. The PE ratio is computed based on the last traded price of each stock divided by projected earnings forecasts 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 two with lower offers.
At the close, First Rock Real Estate USD share dipped 0.02 of a cent to 5.18 US cents in an exchange of 3,739 shares, MPC Caribbean Clean Energy fell 3 cents in closing at 55 US cents, with 350 stocks changing hands, Proven Investments ended at 16.9 US cents after trading 2,512 stock units, Sygnus Credit Investments popped 1.48 cents ended at 12.98 US cents in an exchange of 116 units, Sygnus Real Estate Finance USD share increased 2.09 cents to end at 11.09 US cents with a transfer of one stock and Transjamaican Highway rose 0.1 of a cent to 1.3 US cents after a transfer of 316,635 shares.
In the preference segment, JMMB Group 5.75% lost 10 cents in ending at US$1.80 while exchanging 34 stock units and JMMB Group 6% ended at US$1.07 after 500 units crossed the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
CAB back atop ICTOP10
The ICTOP10 top performing stock for the previous week – Caribbean Assurance Brokers (CAB), was the biggest loser last week with a 15 percent decline and returns to the top of the listing as some selling came into the market, with most buyers remaining at the $2 or lower level with a pullback in prices of more Junior Market TOP10 stocks than those that rose.
Earning season delivered solid profit gains for several companies, but that did little to move prices substantially upwards, even as interest rates are softening. A few exceptions are CAB, Dolphin Cove, Consolidated Bakeries, Everything Fresh and earlier Image Plus and Tansjamaican Highway, which enjoyed increased buying interest that sent higher prices. Things have since cooled, as is the norm after most results were released in May, as investors await the critical second quarter number in late July into August before pulling the trigger.
Action in the markets this past week resulted in the ICTOP10 Junior Market stocks recording mostly losses with only a few winners. Main Market stocks recorded mostly wins, with few losses. Dolla Financial dropped out of the TOP10 with Everything Fresh moving back in.
Consolidated Bakeries jumped 20 percent to $2.44, followed by Iron Rock Insurance, which increased 9 percent to $2.50. Dolphin Cove climbed 8 percent to $16.44, helped by robust first quarter results, following an 88 percent increase in revenue to US$4.9 million over the first quarter in 2022, with profit after tax rising 97 percent to US$1.57 million from US$796,000 in 2022. Following CAB, the leading decliner, Image Plus, fell 7 percent to $2.04, while Edufocal and Dolla Financial lost 4 percent to end at $1.87 and $2.71, respectively.
The price of Main Market listed Sygnus Credit Investments gained 13 percent to finish at $13.04 and was followed by Key Insurance, up 7 percent to $3.65 and 138 Student Living with an increase of 5 percent to $5.67, while Caribbean Producers dropped 7 percent in closing at $9.05.
Interest rates on BOJ CDs and Treasury bills have declined in recent weeks below 8 percent, but the Bank of Jamaica held the overnight rate at 7 percent as they cite concerns about the implication of increased minimum wages and the usual agricultural price hikes in the summer months amongst other issues that could derail the reduced inflation rates in recent months. Although many stocks are severely undervalued, a real market bounce may be some time off and may not happen until BOJ starts reducing rates later in the year.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.9, well below the market average of 13.8. The Main Market TOP10 is projected to have an average of 250 percent, to May 2024, based on 2023 forecasted earnings.
The 15 highest valued Main Market stocks are priced at a PE of 15 to 115, with an average of 28 and 18 excluding the highest PE stocks and 18 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 10.8 there are ten stocks or 21 percent of the market, with PEs from 15 to 24, averaging 19, well above the average of the market. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 250 percent to May 2024.
The differences 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.
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.
Falling stocks hit JSE USD Market
Declining stocks pressured the Jamaica Stock Exchange US dollar market on Friday, with declining stocks outnumbering those gaining, following a 415 percent rise in the volume of stocks changing hands after 32 percent more funds were pumped into trading than on Thursday. At the close eight securities were traded, similar to Thursday and the market closed with prices of two stocks rising, six declining.
Overall, 441,233 shares were traded for US$11,332 compared with 85,659 units at US$8,596 on Thursday.
Trading averaged 55,154 units at US$1,417 compared to 10,707 shares at US$1,075 on Thursday, with a month to date average of 34,658 shares at US$1,947 compared with 32,985 units at US$1,991 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index dipped 10.89 points to 226.61.
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 of each stock divided by projected earnings forecasts 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 one with a lower offer.
At the close, Margaritaville added 1 cent to end at 11 US cents with a transfer of 70 shares, MPC Caribbean Clean Energy dropped 2 cents to close at 58 US cents while exchanging 1,127 units, 
Productive Business Solutions declined 19.99 cents to US$1.70, with 110 stocks changing hands, Proven Investments lost 0.1 of a cent in closing at 16.9 US cents with an exchange of 536 stock units, Sygnus Credit Investments rallied 0.5 of a cent to 11.5 US cents with shareholders trading 57 stocks, Sygnus Real Estate Finance USD share shed 2.1 cents to close at 9 US cents in an exchange of 1,700 shares and Transjamaican Highway fell 0.09 of a cent to end at 1.2 US cents, with 432,933 stock units crossing the market.
In the preference segment, JMMB Group 6% dipped 14 cents in closing at US$1.07 as investors exchanged 4,700 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market inched higher
Trading declined sharply on the Jamaica Stock Exchange US dollar market on Thursday, with an 81 percent fall in the volume of stocks changing hands 73 percent decline in value compared with that on Wednesday, resulting in the trading of eight securities compared to six on Wednesday with two rising, three declining and three ending unchanged.
A total of 85,659 shares were traded for US$8,596 compared with 455,073 units at US$31,454 on Wednesday.
Trading on Thursday averaged 10,707 shares at US$1,075 versus 75,846 stocks at US$5,242 on Wednesday, with a month to date average of 32,985 shares at US$1,991 compared with 34,965 units at US$2,072 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index climbed 1.12 points to conclude trading at 237.50.
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 of each stock divided by projected earnings forecasts 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 shed 0.69 of a cent to end at 5.2 US cents, with 8,600 shares changing hands, 
Margaritaville slipped 1 cent to 10 US cents in trading 2,500 units, Proven Investments ended trading at 17 US cents after an exchange of 15,132 stocks, Sterling Investments popped 0.35 of a cent in closing at 1.98 US cents with an exchange of 19 stock units. Sygnus Credit Investments rose 1 cent to 11 US cents with 51,660 shares clearing the market, Sygnus Real Estate Finance USD share lost 0.9 of a cent to end at 11.1 US cents with shareholders swapping 5 stocks and Transjamaican Highway remained at 1.29 US cents after 7,696 stock units crossed the market.
In the preference segment, JMMB Group 5.75% ended at US$1.90 in trading 47 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up for JSE USD Market
Trading activity picked upon the Jamaica Stock Exchange US dollar market on Wednesday, with the 3,657 percent surge in the volume of stocks changing hands, with the value rising 1,611 percent over that on Tuesday, resulting in the trading of six securities, compared to five on Tuesday with none rising, three declining and three ending unchanged.
On Tuesday, 455,073 shares were exchanged for US$31,454, compared with 12,114 units at US$1,838. Trading averaged 75,846 shares at US$5,242 versus 2,423 units at US$368 on Tuesday, with a month to date average of 34,965 shares at US$2,072 up from 32,045 units at US$1,846 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index fell 3.55 points to conclude trading at 236.38.
The PE Ratio, a measure of computing appropriate stock values averages 9.1. The PE ratio is calculated based on the last traded stock price divided by projected earnings forecasts 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 two with lower offers.
At the close, First Rock Real Estate USD share fell 0.3 of a cent to 5.89 US cents after a transfer of 968 shares, 
Proven Investments ended at 17 US cents after investors traded 22,700 units, Sygnus Credit Investments ended at 10 US cents after 400 stocks passed through the market and Transjamaican Highway shed 0.01 of a cent and ended at 1.29 US cents in trading 425,018 units.
In the preference segment, Productive Business 9.25% preference share dipped 15 cents to close at US$13 with an exchange of 987 stocks and JMMB Group 5.75% ended at US$1.90, with 5,000 stock units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading plunged on JSE USD Market
Trading activity plunged sharply on the Jamaica Stock Exchange US dollar market on Tuesday, with a 93 percent fall in the volume of stocks changing hands and a 97 percent decline in value from Monday, resulting from trading of five securities, compared to six on Monday with one rising, none declining and four ending unchanged.
On Tuesday, a mere 12,114 shares were traded for just US$1,838 compared with 169,789 units at US$62,331 on Monday.
Trading averaged 2,423 units at US$368 from 28,298 shares at US$10,388 on Monday, with a month to date average of 32,045 shares at US$1,846 compared with 33,920 units at US$1,939 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index popped 0.89 points to conclude trading at 239.93.
The PE Ratio, a measure used to compute appropriate stock values, averages 9.2. The PE ratio is computed based on the last traded prices divided by projected earnings forecasts 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 four with lower offers.
At the close, Margaritaville advanced 1 cent and ended at 11 US cents with 4 shares crossing the market, Proven Investments ended at 17 US cents in an exchange of 202 units, Sygnus Credit Investments remained at 10 US cents as investors traded 11,012 stocks and Transjamaican Highway ended at 1.3 US cents and closed after 530 stock units were traded.
In the preference segment, JMMB Group 5.75% remained at US$1.90 after a transfer of 366 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on JSE USD Market
Trading climbed sharply on the Jamaica Stock Exchange US dollar market ended on Monday, compared with Friday, with the volume of stocks changing hands up by 41 percent with a 1,079 percent surge in value, resulting in the trading of six securities, similar to Friday and closed, with two rising, two declining and two ending unchanged.
A total of 169,789 shares were traded for US$62,331 compared with 120,088 units at US$5,287 on Friday.
Trading averaged 28,298 shares at US$10,388 versus 20,015 shares at US$881 on Friday, with the month to date averaging 33,920 shares at US$1,939 compared with 34,382 units at US$1,245 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index dipped 0.44 points to 239.04.
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 of each stock divided by projected earnings forecasts 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 ending with bids higher than their last selling prices and two with lower offers.
At the close, Proven Investments dipped 0.59 of a cent in closing at 17 US cents with investors transferring 89,437 shares, Sygnus Credit Investments remained at 10 US cents in an exchange of 3,970 stock units.
Sygnus Real Estate Finance USD share advanced 0.1 of a cent to 12 US cents with an exchange one share and Transjamaican Highway increased 0.04 cents to close at a record high of 1.3 US cents with 39,148 units clearing the market.
In the preference segment, JMMB Group 5.75% declined 10 cents to end at US$1.90 after 2,033 shares crossed the market and JMMB Group 6% ended at US$1.21 with 35,200 stocks changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Transjamaican in ICTOP10, CAB jumps 44%
The release of company results and some sharp price movements shook up the ICTOP10 listing this week, resulting in several changes in the top 10. Caribbean Assurance Brokers (CAB) topped the week, reporting record first quarter profit cheered by investors who pushed the price up by 44 percent to $2.88 and cleared the market of just about all supplies under $3. The stock sits in the number 7 spot, with potential for gains of 250 percent over the next twelve months.
CAB has been at the top of the TOP10 for several weeks going back to mid-March and now sits at the number 6 spot in spite of the substantial price gains, with ICInsider.com raising EPS to 50 cents from 45 cents. Taking over the number one spot is baker Consolidated Bakeries with Image Plus, that is in demand at number 2.
At the same time, ICInsider.com’s projection for Transjamaican Highway puts the stock into the Main Market TOP10 with projected earnings of 31 cents and a targeted price in the $6 region by early 2024 and replaces NCB Financial that got an earnings downgrade following the release of half year results showing earnings falling behind that for 2022, with a sharp fall in foreign exchange trading gains and increase loan loss provision.
Transjamaican headed the Market Watch list on April 29 this year. Then the price was at $1.77, with ICInsider.com indicating projected earnings of 24 cents per share and a short term price target of $2.40 and now the stock price is $1.85. The company released first quarter results on Friday, with profit of US$6 million.
Caribbean Assurance Brokers selling at a PE of just 7 based on historical earnings.
ICInsider.com has since adjusted earnings to 0.02 US cents per share or 31 Jamaican cents.
While the ICTOP10 Junior Market stocks had solid gains at the end of the week, the Main Market suffered several losses, with seven stocks declining.
Iron Rock Insurance jumped 22 percent to $2.29, Jamaican Teas rebounded from the previous week’s low by climbing 11 percent to $2.19 and dropped out of the TOP10 along with Everything Fresh having posted robust gains in revenues and profit for the March quarter, with investors welcoming the positive development by driving the stock up 14 percent to $1.89, with more to come. The company reported a profit of $35 million compared to just $7 million for the 2022 March quarter. IC Insider.com has since revised EPS for 2023, down to 25 cents from 30 cents previously, the combination of both of the above moves resulted in the stock moving out of the TOP10, but it still has more room for gains ahead. Lasco Distributors, one of the most undervalued stocks on the market, rose 4 percent to $2.68 but is trading at less than 6.4 times 2023 earnings of 42 cents per share and much lower based on earnings of 70 cents for fiscal 2024 has already started. After the March 2023 results are out, the EPS will switch over to the figure for 2024 and that would result in the stock holding the number 1 spot with likely gains above 400 percent. Image Plus rallied 4 percent to $2.20 and holds the number 3 spot on the TOP10.
Tropical Battery is the third stock to move out of the TOP10 with an earnings downgrade to 20 cents per share, following the release of half year results, showing a profit of $50 million, up from $30 million in the March quarter and from $87 million to $94 million for the half year. Dolla Financial, Edufocal and Dolphin Cove are this week’s new entrants to the Junior Market IC TOP10. Dolphin sits at the number 2 spot, with projected earnings of $3, following the 2022 full year results of 0.76 US cents or J$1.17 and will benefit from a sharp rebound in cruise ship arrivals, with the first 10 months last year being a fraction of what it was 2019 and the first quarter of 2020. This is in addition to increased stopover arrivals that will be greater than last year for a large part of the year.
The price of Main Market listed Key Insurance rose 8 percent to $3.40 to be the only stock of notable gains while Caribbean Producers dropped 8 percent in closing at $9.71, following release of nine months’ results that suggest that full year earnings from ongoing operations should end up around J$1.30 per share. Jamaica Broilers slipped 5 percent to $33.95 and Berger Paints fell 4 percent to $8.
Stocks are being prepped to rally, with signals that interest rates will be declining across the board sooner. Interest rates fell below eight percent on BOJ CDs and Treasury bills this past week, paving the way for a cut in the Bank of Jamaica overnight rate. That will provide more invigoration for the Jamaica stock market, with the Junior Market posting gains for a third consecutive week, even as the Main Market suffered another week of a mild decline.
The Junior Market’s long history of rising around a month before the release of quarterly results and declining shortly after results are released seems to be starting with a rise of 108 points in the market index in the previous week with more this past week, with the supply of some stocks continuing to fall sharply.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.8, well below the market average of 13.5. The Main Market TOP10 is projected to have an average of 259 percent, by May 2024, based on 2023 forecasted earnings.
The 15 highest valued Main Market stocks are priced at a PE of 15 to 110, with an average of 27 and 19 excluding the highest PE stocks and 19 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 10.8. There are nine stocks, or 19 percent of the market, with PEs from 15 to 26, averaging 19 are well above the market’s average. The top half of the market has an average PE of 15, suggesting that this may currently be the lowest fair value for Junior Market stocks. Junior Market is projected to rise by 248 percent to May 2024.
The differences 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.
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 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.
Trading rises on the JSE USD Market Friday
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks changing hands rising 454 percent valued 128 percent more than on Thursday, resulting in six securities being traded, compared to seven on Thursday with three rising, two declining and one ending unchanged.
Overall, 120,088 shares were traded for US$5,287 compared to 21,693 units at US$2,318 on Thursday.
Trading averaged 20,015 units at US$881 versus 3,099 shares at US$331 on Thursday, with a month to date average of 34,382 shares at US$1,245 compared with 35,668 units at US$1,277 on the previous day. April ended with an average of 394,241 units for US$22,357.
The US Denominated Equities Index dipped 0.22 points to 239.48.
The PE Ratio, a measure used to compute appropriate stock values, averages 9.8. The PE ratio is computed based on the last traded price of each stock 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, MPC Caribbean Clean Energy gained 1 cent to end at 60 US cents while exchanging 11 shares, Proven Investments shed 0.01 of a cent to close at 17.59 US cents in switching ownership of 2,997 stock units, 
Sterling Investments lost 0.27 of a cent in closing at 1.63 US cents in an exchange of 114,476 units and Transjamaican Highway remained at 1.26 US cents with investors transferring 1,770 stocks.
In the preference segment, Productive Business 9.25% share gained 31 cents to end at US$13.15 in closing at 110 shares and JMMB Group 5.75% rallied 30 cents in closing at US$2 in trading 724 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
