Trading jumped on the Jamaica Stock Exchange US dollar market on Monday, leading to a fall in the market with the volume of stocks changing hands rising 127 percent, valued 770 percent more than on Friday and resulting in nine securities traded, compared to seven on Friday with five rising, two declining and two ending unchanged.
Trading accounted for 620,736 shares for US$61,293, compared with 273,362 units at US$7,044 on Friday.
Trading on Monday averaged 68,971 shares at US$6,810, compared with 39,052 units at US$1,006 on Friday, with a month to date average of 174,793 shares at US$14,495 compared with 182,063 units at US$15,023 on the prior trading day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index dived 24.22 points to end at 191.48. The PE Ratio, a measure used in computing appropriate stock values, averages 8.9. 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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows one stock ending with a bid higher than the last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share gained 0.18 of a cent to end at 6.25 US cents, with 288,908 shares clearing the market, Margaritaville increased 0.05 of a cent after finishing at 11 US cents, while 37 stocks passed through the market, Productive Business Solutions declined 40 cents to close at US$1.35 trading 248 units. 
Proven Investments shed 0.5 of a cent to end at 16.5 US cents after 258,719 stock units passed through the market, Sygnus Credit Investments advanced 0.5 of a cent in closing at 9.5 US cents while exchanging 1,024 units. Sygnus Real Estate Finance USD share remained at 7.18 US cents after an exchange of 1,375 shares and Transjamaican Highway rallied 0.06 of a cent to 0.94 of one US cent, with investors transferring 70,422 stock units.
In the preference segment, Eppley 6% preference share popped 8.88 cents to end at a 52 weeks’ high of US$1.40 as investors exchanged two stocks and Equityline Mortgage Investment preference share ended at US$1.64 after a transfer of 1 stock unit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big fall for JSE USD market
Key Insurance highest ICTOP10 jumps 37%
Stocks dropped to their lowest levels this past week after falling even lower than they did to close of the previous week as investors continue to shun the market, but the time is not far off that Bank of Jamaica will begin lowering interest rates and fuel a market resurgence as they sent the clearest signal that interest rates have not only peaked but will be headed downwards this past week.
The first signs of an easing of rate came this past week with BOJ CDs rates plunging 16 percent to an average of 8.85 percent from over 10 percent where it stood for several months. Importantly, the central bank cut the stock of CDS it holds from a peak of $109.5 billion on March 3, down to $82 billion at the latest auction, far less than from mid-January to the end of February, as more than $58 billion chasing after the $18 billion that was offered last week. While this happened the foreign exchange market looks very liquid with the rate falling under $152 to one US dollar from $155 earlier in February.
Performance in the past week for the Junior Market TOP10 saw only two stocks rising and seven falling, the majority of the declining stocks registering fell by 3 percent or less. General Accident jumped 20 percent to $5.98, but the bids are not there at the close, to support the price, but selling has abated for this stock currently. Everything Fresh rose 9 percent to close at $1.55 and actually traded at $1.65 during the week. Iron Rock Insurance fell 13 percent to $2 and Caribbean Assurance Brokers lost 6 percent to $1.90.
The Main Market TOP10 saw the highest gaining stock rising just 34 percent, after Key Insurance jumped to $3.50 and was followed by 138 Student Living with an 8 percent rise to $5.40, but Caribbean Producers dropped 8 percent to $9.07. All other movements were 3 percent or less.
The Junior Market has a long term pattern, with the market starting to rise around a month before quarterly results are due and declining shortly after results are released. This is a pattern worth noting that can be built into investment decisions that can improve returns.
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 13.2, while the Junior Market Top 10 PE sits at 5.9 compared with the market at 10.6. The differences are important indicators of the level of likely gains for ICTOP10 stocks. The Junior Market is projected to rise by 248 percent and the Main Market TOP10 an average of 274 percent, to May 2024, based on 2023 forecasted earnings.
The Junior Market has 9 stocks representing 19 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, suggesting that this may be a logical value for junior market stocks currently.
The Main Market 16 most valued stocks are priced at a PE of 15 to 100, with an average of 29 and 19 excluding the highest valued stocks and 18 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 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 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.
JSE USD market pulled back on Friday
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks changing hands declining 99 percent valued being 100 percent lower than the huge trades that took place on Thursday, resulting in trading seven securities, compared to six on Thursday with none rising, five declining and two ending unchanged.
Overall, 273,362 shares were traded for US$7,044 compared with 21,983,490 units at US$1,628,700 on Thursday.
Trading averaged 39,052 shares at US$1,006 down from 3,663,915 units at US$271,450 on Thursday. The average trade month to date amounts to 182,063 shares at US$15,023 compared to 190,136 units at US$15,814 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index fell 1.66 points to end at 215.70.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.8. 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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than the last selling prices and none with a lower offer.
At the close, First Rock Real Estate USD share shed 0.01 of a cent to to close at 6.07 US cents after investors traded 900 shares, Margaritaville dipped 0.04 of a cent to end at 10.95 US cents with an exchange of 87 units, Proven Investments lost 0.5 of a cent to close at 17 US cents in switching ownership of 4,964 stocks. Sygnus Credit Investments dipped 0.5 of a cent to end at 9 US cents with traders exchanging 3,900 stock units, Sygnus Real Estate Finance USD share remained at 7.18 US cents with investors transferring 858 stocks and Transjamaican Highway fell 0.06 of a cent in ending at 0.88 of one US cent in an exchange of 260,960 shares.
In the preference segment, JMMB Group 5.75% ended at US$2 with the trading of 1,693 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
First Rock steals the show on the JSE USD market
An unusually large block of 19.35 million First Rock Real Estate shares passed through the Jamaica Stock Exchange US dollar market on Thursday, at the same time 2.63 million shares trading in Proven Investments driving the volume of stocks changing hands in the market and value sharply higher than Wednesday following trading in five securities, compared to seven on Wednesday with three rising and two declining.
Overall, 21,983,490 shares were traded for US$1,624,041 up from 193,894 shares for US$13,133 on Wednesday.
Trading on Thursday ended with an average of 4,396,698 shares at US$324,808, up sharply from 32,316 shares at US$2,189 on Wednesday, with a month to date average of 191,682 shares at US$15,905 compared with 13,503 units at US$2,816 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index popped 1.22 points to end at 217.36.
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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than the last selling prices and none with a lower offer.
At the close, First Rock Real Estate USD share slipped 0.42 of a cent to end at 6.08 US cents in an exchange of 19,350,000 shares, Proven Investments rose 1 cent to 17.5 US cents, with 2,631,050 stocks clearing the market. Sterling Investments rose 0.022 cents to close at 2 cents after trading just 5 shares, Sygnus Credit Investments slipped 0.05 cents to 09.5 US cents after 250 units crossing the market and Transjamaican Highway popped 0.04 of a cent to close at 0.94 of one US cent with a transfer of 1,800 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Tuesday, with a 1,915 percent surge in the volume of stocks changing hands valued at 1,243 percent more than on Monday and resulting in trading of seven securities, compared to six on Monday with two rising, two declining and three ending unchanged.
Investors traded 223,523 shares for US$16,568 up from 11,094 units at US$1,234 on Monday.
Trading averaged 31,932 units at US$2,367 up from 1,849 shares at US$206 on Monday, with a month to date average of 12,496 shares at US$2,849 versus 11,200 units at US$2,882 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index lost 0.06 points to end at 194.83.
The PE Ratio, a measure used in computing appropriate stock values, averages 9. 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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling prices and none with a lower offer.
At the close, First Rock Real Estate USD share advanced 0.32 of a cent to 6.4 US cents with a transfer of 843 shares, 
Proven Investments ended at 18 US cents as investors traded 3,447 stocks, Sterling Investments dipped 0.22 of a cent to close at 1.78 US cents after the trading of 40,000 units. Sygnus Credit Investments ended at 10 US cents with 5,069 stock units passed through the market, Sygnus Real Estate Finance USD share declined 1.08 cents to end at a 52 weeks’ low of 6.1 US cents while exchanging 509 units and Transjamaican Highway increased 0.02 of a cent in closing at 0.96 of one US cent, with 167,133 stock units crossing the market.
In the preference segment, JMMB Group 5.75% after ending at US$2 in an exchange of 6,522 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading plunges on JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with a 76 percent fall in the volume of stocks changing hands, valued 79 percent less than on Friday, and resulted in the trading of six securities, similar to that on Friday, with two rising, no declining and four unchanged.
Only 11,094 shares were traded for a mere US$1,234 compared to 47,009 units at US$5,749 on Friday.
Trading averaged 1,849 shares at US$206 compared with 7,835 units at US$958 on Friday, with a month to date average of 11,200 shares at US$2,882 compared with 11,767 units at US$3,044 on the previous day. February ended with an average of 43,793 units at US$2,015.
The JSE USD Equities Index rose 4.49 points to end at 194.89.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.8. 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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling prices and one stock with a lower offer.
At the close, Margaritaville ending at 10.99 US cents after 1,112 shares passed through the market, Proven Investments popped 2 cents to 18 US cents with an exchange of 276 stocks, Sterling Investments rose 0.25 of a cent to close at 2 US cents with investors transferring 497 stock units. Sygnus Credit Investments remained at 10 US cents in an exchange of 5,685 units and Transjamaican Highway ending at 0.94 of one US cent, with 3,178 units changing hands.
In the preference segment, Eppley 6% preference share remained at US$1.3112 in switching ownership of 346 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
KLE Group is Main Event in ICTOP10
Stocks continued to be battered in the past week sending the Junior Market back to January 2022 levels and the Main Market declined for a second week and as far back as September 2018 levels, but some stocks bucked the trend and posted gains.
Main Event
Earnings season delivered a few new results during the past week, with Main Event posting positive profit gains for the January first quarter and seeming poised to earn $1.80 for the year. Fosrich released full year results to December, with profit jumping to $325 million from $199 million in 2021 as revenues climbed a solid 43.4 percent, Dolla Financial posted increased profit of 18 cents per share and should go on to earn 40 cents in 2023, but it is not in ICInsider.com TOP10 reporting solid results that augur well for full year’s profit. Limners and Bards delivered disappointing first quarter results of a mere $7 million, down from $66 million in 2022, as revenues dropped sharply from $443 million to $248 million. Lumber Depot suffered a decline in revenues for the January quarter, with a decline in profit and Blue Power reported an increase in revenues year over year, with a profit rising for their third quarter to January, with profit slipping for the nine months.
Performance in the past week for the Junior Market TOP10 saw four stocks rising and three falling. AMG Packaging gained 16 percent to $2.90, followed by Everything Fresh with a 5 percent gain, Lasco Distributors gained 4 percent to $2.74. Tropical Battery lost 10 percent of its value to close at $2.02 and Image Plus lost 4 percent to end at $1.85.
Stationery and Office Supplies is said to continue to enjoy buoyant business into 2023, rose 3 percent to $15 and dropped out of the Junior Market ICTOP10 along with AMG Packaging as Main Event and KLE Group replaced those that fell out, with the former posting strong first quarter results that point to earnings of $1.80 for the year. KLE is now in, based on the fall in the stock price, but investment in the stock is not without above average risk. They are yet to release 2022 earnings, but they should benefit from pick up in business in their associated restaurant business in which they hold a 49 percent interest, with exposure in Montego Bay that will see added inflows from the considerable pick up in tourist patronage and should have income generated from managing the Bessa apartments in Oracabessa on the north coast of Jamaica.
The Main Market TOP10 saw the highest gaining stock rising just 3 percent while Jamaica Broilers dropped 12 percent to $33.50’ following some large trades in the week, Guardian Holdings followed with a fall of 6 percent to close at $480 and 138 Student Living being down by 4 percent to $5.01.
There have been no changes in the listing in the Main Market ICTOP10 this past week.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.4, well below the market average of 13.3, while the Junior Market Top 10 PE sits at 5.9 compared with the market at 11.3. The differences are important indicators of the likely gains for ICTOP10 stocks. 
The Junior Market is projected to rise by 245 percent and the Main Market TOP10 by an average of 282 percent, to May 2024, based on 2023 forecasted earnings.
The Junior Market has 12 stocks representing 25 percent of the market, with PEs from 15 to 24, averaging 18.3, well above the market’s average. The top half of the market has an average PE of 15.
The Main Market 18 highest valued stocks are priced at a PE of 18 to 115, with an average of 30 and 21 excluding stocks with the highest valuations 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, 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 decline for JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with an 89 percent drop in the volume of stocks changing hands with an 81 percent lower value than on Thursday, resulting from trading in six securities, down from 10 on Thursday and ending with the price of just one rising, two declining and three ending unchanged.
Overall, 47,009 shares were traded, for US$5,749 compared with 430,568 units at US$30,840 on Thursday.
Trading averaged 7,835 units at US$958 compared to 43,057 shares at US$3,084 on Thursday, with a month to date average of 11,767 shares at US$3,044 compared to 12,020 units at US$3,178 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index lost 4.84 points to end at 190.40.
The PE Ratio, a measure used in computing appropriate stock values, averages 10.1. 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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than the last selling prices and none with a lower offer.
At the close, Margaritaville had an exchange of 337 shares at 10.99 US cents, Proven Investments declined 2.5 cents in closing at a 52 weeks’ low of 16 US cents while exchanging 18,211 units, 
Sygnus Credit Investments ended at 10 US cents, with 25,179 stocks changing hands. Sygnus Real Estate Finance USD share ended at 7.18 US cents with investors transferring 20 stock units and Transjamaican Highway lost 0.01 of a cent to close at 0.94 of one US cent while 3,249 shares passed through the market.
In the preference segment, Productive Business Solutions 9.25% preference share rallied 40 cents in ending at US$12.90 after 13 stocks crossed the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading surged for the JSE USD market
Trading on the Jamaica Stock Exchange US dollar market ended on Thursday, with the volume of stocks changing hands jumping 1,167 percent, valued 283 percent more than on Wednesday, resulting from trading in 10 securities, up from seven on Wednesday with prices of three rising, four declining and three ending unchanged.
Investors traded 430,568 shares for US$30,840 compared to 33,994 units at US$8,059 on Wednesday.
Trading averaged 43,057 shares at US$3,084 versus 4,856 shares at US$1,151 on Wednesday, with a month to date average of 12,020 units at US$3,178 compared with 8,281 units at US$3,190 on the previous day. February averaged 43,793 units for US$2,015.
The JSE USD Equities Index dropped 25.30 points to end at 195.24.
The PE Ratio, a measure used in computing appropriate stock values, averages 15.1. 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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than the last selling prices and none with a lower offer.
At the close, First Rock Real Estate USD share fell 0.87 cents to end at 6.08 US cents crossing the market 18,684 shares, Margaritaville dipped 0.01 of a cent in closing at 10.99 US cents in switching ownership of 28,631 units after the price hit an intraday 52 weeks’ low of 95 cents. MPC Caribbean Clean Energy dropped 1.4 cents to 66.6 US cents, with 126 stocks changing hands. 
Productive Business Solutions ended at US$1.75 in trading 227 stock units, Proven Investments declined 0.02 of a cent to 18.5 US cents as 18,719 stocks passed through the market, Sygnus Credit Investments remained at 10 US cents with investors transferring 24,164 stock units. Sygnus Real Estate Finance USD share ended at 7.18 US cents with a transfer of 139 shares and Transjamaican Highway gained 0.05 of a cent to end at 0.95 US cents after an exchange of 338,464 units.
In the preference segment, Productive Business Solutions 9.25% preference share popped 10 cents to US$12.50 after an exchange of 1,396 units and JMMB Group 5.75% rose 0.35 of a cent in closing at US$1.74 after trading 18 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Sharp rebound for JSE USD Market
The volume of stocks changing hands declined by 48 percent with a 65 percent higher value than on Monday on the Jamaica Stock Exchange US dollar market on Tuesday, resulting in trading eight securities, compared to 11 on Monday with five rising, one declining and two ending unchanged.
Overall, 45,731 shares were traded for US$80,169 compared with 88,737 units at US$48,455 on Monday.
Trading averaged 5,716 shares at US$10,021 versus 8,067 units at US$4,405 on Monday, with a month to date average of 8,596 shares at US$3,377 compared with 8,935 units at US$2,596 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index jumped 33.43 points to end at 221.77.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.8. 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 2022 and August 2023.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than the last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share rose 0.49 of a cent to 6.99 US cents, with 5 shares crossing the market, MPC Caribbean Clean Energy lost 3.17 cents in closing at 66.6 US cents with a transfer of 16 units, 
Productive Business Solutions gained 45.8 cents to end at US$1.75 in an exchange of 15 stock units. Proven Investments popped 0.49 of a cent in ending at 18.99 US cents with investors transferring 150 stocks and Sterling Investments climbed 0.3 of a cent to close at 2 US cents in switching ownership of 750 stock units.
In the preference segment, Equityline Mortgage Investment preference share ended at US$1.64 trading 5 stocks. JMMB Group 5.75% ended at US$2 as investors exchanged 34,790 shares and JMMB Group 6% advanced 5 cents to end at US$1.05 with an exchange of 10,000 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.