Big fall in JSE USD market n Monday

March 13, 2023 by

Trading on the Jamaica Stock Exchange US dollar market ended on Monday with a major drop in the market index following trading in 11 securities, compared to six on Friday and finished with one rising, nine declining and one ending unchanged as the volume of stocks changed hands just inched than trading on Friday but with the valued being 4,247 percent more than Friday.
Investors traded 88,737 shares at US$48,455 compared to 86,809 units at US$1,115 on Friday.
Trading averaged 8,067 shares at US$4,405 versus 14,468 shares at US$186 on Friday, with a month to date average of 8,935 shares at US$2,596 compared with 9,103 units at US$2,247 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index plunged 21.45 points to end at 188 34.
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 ICInsider.com projected earnings done  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 dropped 0.5 of a cent in ending at 6.5 US cents as investors exchanged 5,200 shares, Margaritaville declined 0.5 of a cent to end at 11 US cents after an exchange of 24 stock units, Productive Business Solutions shed 22.8 cents to US$1.292 with the swapping of 5,079 units. Proven Investments remained at 18.5 US cents, with 1,373 stocks changing hands, Sterling Investments fell 0.3 of a cent in closing at 1.7 US cents in switching ownership of 9,140 units, Sygnus Credit Investments USD share dipped 0.29 of a cent to 9.51 US cents with a transfer of 12,940 stocks. Sygnus Real Estate Finance USD share lost 1.27 cents in closing at a 52 weeks’ low of 7.18 US cents after 195 stock units passed through the market and Transjamaican Highway lost 0.04 of a cent to 0.9 of one US cent after trading 30,081 shares.
In the preference segment, Eppley 6% preference share advanced 16.12 cents in ending at a 52 weeks’ high of US$1.3112 as 155 stock units passed through the market, JMMB Group 5.75% dipped 1 cent to close at US$2 with an exchange of 14,850 stocks and JMMB Group 6% declined 7 cents to close at US$1 with investors transferring 9,700 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Global Market, Stock Market Tagged With: , , , , , , , , , , , , , , ,

Everything & Guardian head ICTOP10

March 12, 2023 by

Everything Fresh and Guardian Holdings continue to head the ICInsider.com TOP10 in a week when the Main Market fell 2.7 percent and the Junior Market dropped a hefty 7.8 percent and reversed all the gains of the previous week, but the Investors Choice bid-offer Indicator is flashing positive signals for both markets on Monday.
Guardian Holdings has a commanding lead over its next rival by almost 100 points, but Everything Fresh likely gain of 344 percent is just above Caribbean Assurance at 333 percent, but the latter is currently far more appealing, with the stock selling at a PE of a mere 7 times 2022 earnings and 4.6 times 2023. Everything Fresh PE based on 2022 earnings is at a much higher 17 and 4.5 based on projected 2023 earnings.
Earnings season had two companies in ICInsider.com TOP10 reporting very strong results that augur well for a full year’s profit.

Caribbean Assurance Brokers is selling at a PE of just 7 based on historical earnings.

Scotia Group reported a net income of $3.4 billion for the quarter that ended January 2023, an increase of $2.2 billion or 173 percent over the prior year period as loans the primary driver of profits increased a solid 18.8 percent to $237 billion while deposits grew only 7.7 percent to $4.05 billion and resulted in net interest income surging $2.6 billion as interest expenses actually declined. These results suggest  ICInsider.com forecast for $5 per share may be a bit light with solid prospects that earnings of $5.50 seem possible. It noted that overall comprehensive profit shows a loss of $1 billion after accounting for pension obligations of $9.5 billion and other items of gains.
Jamaica Broilers continues to churn out strong growth in profits with their nine months results more than double that of the prior year while the January quarter is up 27 percent to $1.5 billion as revenues climbed a solid 20 percent after finance cost nearly doubled. With the tourism industry back to normal the company should get a further boost for the rest of 2023. ICInsider.com forecast for $6 per share for the current fiscal year from continuing operations seem well within reach and could be exceeded making it a solid buy for the long haul.

Scotia Group had a significant increase in profits for the January 2023 quarter.

Performance in the past week was mixed for the Junior Market TOP10 but was far better than the near 8 percent fall by that market, with only three stocks rising of which two rose by 2 percent or less. Iron Rock Insurance gained 15 percent this past week to $2.30 after falling 13 percent the previous week. Lasco Distributors fell 6 percent to $2.64, followed by AMG Packaging and Stationery and Office Supplies which fell by 3 percent to $2.51 and $14.50, respectively.
The Main Market TOP10 performed worse than the overall market with only two stocks gaining and six declining. Jamaica Broilers rose 6 percent to $38 as investors warmed to the stock following release of outstanding results, with the price having a far way to run, while JMMB Group a clear winner for the long term, put on just 2 percent to close at $31.01. Key Insurance fell 7 percent to $2.61 followed by a 5 percent for NCB Financial and 138 Student Living to $72 and $5.20 respectively.
There are no new additions in either market to the ICTOP10 this past week.
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 13.3, while the Junior Market Top 10 PE sits at 6.1 compared with the market at 11.3. The differences are important indicators of the level of likely gains of ICTOP10 stocks. The Junior Market is projected to rise by 238 percent and the Main Market TOP10 by an average of 274 percent to May 2024, based on 2023 forecasted earnings.
The Junior Market has 11 stocks representing 23 percent of the market, with PEs from 15 to 25, averaging 19.7, well above the market’s average. The top half of the market has an average PE of 16.
The Main Market 16 highest valued stocks are priced at a PE of 15 to 98, with an average of 30 and 22 excluding the highest valued stocks 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 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.

Filed Under: Buy Rated, Stock Market, Stocks to watch Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Trading plunged on JSE USD Market

March 9, 2023 by

Trading plunged on the Jamaica Stock Exchange US dollar market ended on Thursday, with a 96 percent fall in the volume of stocks changing hands valued 75 percent less than that on Wednesday and resulted in nine securities traded, compared to seven on Wednesday with one rising, four declining and four ending unchanged.
A total of 4,892 shares were exchanged for US$3,727 compared with 125,994 units at US$14,617 on Wednesday.
Trading averaged 544 shares for US$414 compared to 17,999 shares at US$2,088 on Wednesday, with a month to date average of 8,472 shares at US$2,489 compared with 10,171 units at US$2,934 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index dropped 6.93 points to end at 224.37.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.7. The PE ratio is computed based on the last traded price of each stock divided by ICInsider.com’s projected earnings for companies with 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 climbed 0.02 of a cent to end at 7 US cents after an exchange of 82 shares, Margaritaville shed 1 cent in closing at 11.5 US cents after a transfer of 148 stock units, MPC Caribbean Clean Energy remained at 66.6 US cents with investors transferring 61 stocks. Productive Business Solutions dropped 10 cents to close at US$1.80 with 27 units changing hands, Proven Investments dipped 0.5 of a cent to 18.5 US cents in switching ownership of 850 shares and Sygnus Credit Investments USD share ended at 9.8 US cents after 2,021 stocks crossed the market.
In the preference segment, Productive Business 9.25% preference share remained at US$12.40 while exchanging 20 stock units, JMMB Group 5.75% ended at US$2.01 after investors traded 1,036 units and JMMB Group 6% declined by 1.86 cents to US$1.07, with 647 stock units changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

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Trading climbs on JSE USD Market

March 8, 2023 by

Trading climbed at the close on Wednesday, with a 160 percent rise in the volume of stocks changing hands, valued 171 percent more than on Tuesday on the Jamaica Stock Exchange US dollar market, resulting in trading seven securities, compared to five on Tuesday with two rising, three declining and two ending unchanged.
Investors traded 125,994 shares for US$14,617 compared to 48,512 units at US$5,401 on Tuesday.
Trading averaged 17,999 shares at US$2,088 versus 9,702 units at US$1,080 on Tuesday, with a month to date average of 10,171 shares at US$2,934 against 8,605 units at US$3,103 on the previous day. February ended with an average of 43,793 shares for US$2,015.
The JSE USD Equities Index slipped 0.85 points to end at 231.30.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.9. 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 two with lower offers.
At the close, First Rock Real Estate USD share rallied 0.98 of one cent to 6.98 US cents with an exchange of 150 shares, MPC Caribbean Clean Energy declined 2.4 cents after ending at 66.6 US cents with a transfer of 3 stock units, Productive Business Solutions ended at US$1.90 in trading 15 units. Proven Investments rose 0.5 of a cent to 19 US cents trading 15,944 units, Sterling Investments ended at 2 US cents in trading 67 units and Transjamaican Highway lost 0.06 of a cent to end at 0.9 of one US cent with investors exchanging 99,998 shares.
In the preference segment, JMMB Group 6% fell 0.14 of a cent to close at US$1.0886 and closed with 9,817 stock units clearing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

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Low level trading for JSE USD Market

March 7, 2023 by

Trading was steady on the Jamaica Stock Exchange US dollar market on Tuesday, with little change in the volume of stocks changing hands having a 33 percent lower value than Monday, and resulting in five securities being traded, compared to seven on Monday with two rising, no declining and three ending unchanged.
Overall, 48,512 shares were exchanged for US$5,401 compared to 48,673 units at US$8,035 on Monday.
Trading averaged 9,702 units at US$1,080 versus 6,953 shares at US$1,148 on Monday, with a month to date average of 8,605 shares at US$3,103 compared with 8,422 units at US$3,440 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index gained 1.58 points to end at 232.15.
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 none with a lower offer.
At the close, Productive Business Solutions gained 0.1 of a cent to end at US$1.90, with investors exchanging 14 shares, Proven Investments remained at 18.5 US cents after 17,747 stocks changed hands, Sygnus Credit Investments USD share ended at 9.8 US cents with 17,431 stock units crossing the market and Transjamaican Highway ended at 0.96 US of a cent in trading 13,300 units.
In the preference segment, Productive Business 9.25% preference share rallied 30 cents to close at US$12.40 after exchanging 20 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

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Trading down on JSE USD Market

March 6, 2023 by

Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with the volume of stocks changing hands declining 54 percent with the value 14 percent lower than on Friday, resulting from trading of seven securities, compared to eight on Friday with prices of two rising, three declining and two ending unchanged leading to the JSE USD Equities Index losing 1.93 points to end at 230.57.
Overall, 48,673 shares were traded for US$8,035 down from 105,350 units at US$9,368 on Friday.
Trading averaged 6,953 units at US$1,148 versus 13,169 shares at US$1,171 on Friday, with a month to date average of 8,422 shares at US$3,440 compared with 8,869 units at US$4,137 on the previous day. February ended with an average of 43,793 units for US$2,015.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.8. The PE ratio is computed based on the last traded price of each stock divided by projected earnings forecasts done by ICInsider.com earnings for companies with their financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than the last selling prices and none with a lower offer.
At the close, MPC Caribbean Clean Energy popped 2.33 cents to 69 US cents with an exchange of 51 shares, Proven Investments shed 0.5 of a cent to end at 18.5 US cents with an exchange of 8,600 units, Sygnus Credit Investments J$ share dipped 0.01 of a cent to close at 10.2 US cents with the swapping of 550 stocks. Sygnus Credit Investments USD share lost 0.19 of a cent in closing at 9.8 US cents as 4,400 stock units passed through the market and Transjamaican Highway rallied 0.06 of a cent to 0.96 US of one US cent with 29,938 stocks clearing the market.
In the preference segment, JMMB Group 5.75% remained at US$2.01 after a transfer of 58 shares and JMMB Group 6% ended at US$1.09 with a transfer of 5,076 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

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3 new ICTOP10 stocks after week’s gains

March 5, 2023 by

The Main Market gained 1.3 percent and the Junior Market 2.4 percent over the previous week, the first sign that stocks may be coming back to life, following the end of earning season with a mixed bag of results and the sounding of prospects for a better period ahead, with cost pressures that existed last year in stockpiling supplies to meet demand that squeezed margins have started to recede, with the promise of higher profit margins ahead.

Everything Fresh tops ICTOP10

The period saw many companies reporting solid gains in profit that investors are yet to award with better prices than the results demand, which is not expected to last for long as supplies of many stocks have been declining in recent weeks.
ICTOP10 has three new additions to the Junior Market TOP10 while the Main Market remains steady.
The week closed with rising stocks dominating the Junior Market TOP10. Paramount Trading fell 9 percent in the prior week, led rising stocks this past week, with a gain of 18 percent to $2.35, followed by Main Event, put on 15 percent to land at a new high of $12.39, Lasco Distributors and Lasco Manufacturing rose 8 percent to $2.81 and $4.30, respectively. Iron Rock Insurance fell 13 percent to $2.08 and Tropical Battery dipped 4 percent to $2.20.
Six stocks rose in the Main Market TOP10, with 138 Student Living rising 10 percent to $5.50, the price of Jamaica Broilers rose 9 percent to $36 as investors warmed to the stock following release of outstanding second quarter numbers and the price having a long way to run. Caribbean Producers, that is undervalued, rose 6 percent to $10 as selling pressure eased somewhat.
Price changes resulted in Paramount Trading, Main Event and Lasco Manufacturing exiting the Junior Market TOP10 and replaced by AMG Packaging, Everything Fresh and Stationery and Office Supplies.
AMG Packaging enjoyed improved profit margin in the November quarter compared with that in 2021, even as sales fell slightly in the latest quarter to November, which augurs well for increased profit in the current year, with revenues projected to rise in the year with more business opportunities as the economy continues to grow at a healthy pace. Everything Fresh and Stationery and Office Supplies (SOS) earnings reflect that for the current year. Everything Fresh now heads the Junior market TOP10, having reported profit for an entire year in 2022 for the first time since they released a depressed $16 million profit in 2018. Profit came in at $48 million before tax for 2022, a modest change from $47 million reported for the nine months to September after finance costs rose 43.5 percent in the December quarter over the nine months to September. With 2023 setting up to be the strongest tourist season since 2019, the company is set to see a big jump in business from that sector and profit in 2023, that should see the company earned 30 cents per share, that is why it is in ICTOP10. SOS posted record profits for 2022 with a 169 percent increase before tax from a 55 percent jump in revenues. Of note are a 35 percent increase in fourth quarter revenues and a deal struck with a company in Trinidad to cross sell products that should add to revenues in 2023 and push earnings to $2 per share for the year. With improving profits and shrinking supplies outside of the TOP 10 shareholders, who control 91 percent of the issued shares, the stock is setting up for a stock split that cannot be far off and, when given, will catapult the stock price upwards.
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 13.9, while the Junior Market Top 10 PE sits at 6.1 compared with the market at 11.8. The differences are important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 240 percent and the Main Market TOP10 by an average of 284 percent to May 2024, now that TOP10 stocks earnings are based on 2023 profits.
The Junior Market has 13 stocks representing 27 percent of the market, with PEs from 15 to 26, averaging 19.5, well above the market’s average. The top half of the market has an average PE of 17. The above average shows the extent of potential gains for the TOP 10 stocks.
The situation in the Main Market is similar, with the 12 highest valued stocks priced at a PE of 15 to 115, with an average of 32 and 23 excluding the highest valued stocks and 21 for the top half excluding the highest valued 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.

Filed Under: Buy Rated, Stock Market, Stocks to watch Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Volume doubles on JSE USD market

March 3, 2023 by

Investors traded more than twice the number of shares changing hands on Thursday but at a fraction of the value as 105,350 shares were traded, for US$9,368 compared to 52,300 units at US$40,981 on Thursday on the Jamaica Stock Exchange US dollar market ended on Friday.
The volume of stocks changing hands rose 101 percent, valued 77 percent lower than on Thursday, resulting from trading in eight securities traded, similar to trading on Thursday with four rising, two declining and two ending unchanged.
Trading averaged 13,169 stock units at US$1,171 compared to 6,538 shares at US$5,123 on Thursday, with the month to date average of 8,869 shares at US$4,137 compared to 6,575 units at US$5,719 on the previous day. February ended with an average of 43,793 units for US$2,015.
The JSE USD Equities Index gained 1.39 points to end at 232.50.
The PE Ratio, a measure used in computing the appropriate value of stocks, currently averages 9.7. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years 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, Margaritaville increased 0.5 of a cent to 12.5 US cents with 33 shares passing through the market, Productive Business Solutions popped 0.9 of a cent in ending at US$1.899 while exchanging just one unit, Proven Investments advanced 0.5 of a cent in closing at 19 US cents with a transfer of 46,799 stocks. Sygnus Credit Investments USD share fell 0.01 of a cent to end at 9.99 US cents in switching ownership of 42 stock units and Transjamaican Highway shed 0.05 of a cent to close at 0.9 of one US cent after an exchange of 58,470 stock units.
In the preference segment, Eppley 6% preference share remained at US$1.15 with 2 shares clearing the market, Equityline Mortgage Investment preference share ended at US$1.64 after an exchange of a mere one stock and JMMB Group 6% gained 4 cents to close at US$1.09 in trading 2 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Global Market, Stock Market Tagged With: , , , , , , , , , , , , ,

Slippage for JSE USD market

March 2, 2023 by

Trading on the Jamaica Stock Exchange US dollar market ended on Thursday, with the volume of stocks changing hands rising 13 percent with the value 9 percent less than on Wednesday, resulting from trading in eight securities compared to seven on Wednesday with three rising, two declining and three ending unchanged.
Overall, 52,300 shares were traded for US$40,981 compared with 46,332 units at US$44,807 on Wednesday.
Trading on Thursday averaged 6,538 shares at US$5,123 compared to 6,619 units at US$6,401 on Wednesday, with a month to date average of 6,575 shares at US$5,719. Trading in February averaged 43,793 units for US$2,015.
The JSE USD Equities Index lost 1.45 points to end at 231.11.
The PE Ratio, a measure used in the computation of appropriate stock values averages 9.8. The PE ratio is computed based on the last traded stock price and ICInsider.com earnings forecasts for companies with financial years 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, MPC Caribbean Clean Energy remained at 66.67 US cents with an exchange of 813 shares, Proven Investments dropped 0.49 of a cent in closing at 18.5 US cents as 32,374 units passed through the market, Sterling Investments gained 0.11 of a cent to end at 2 US cents with an exchange of 432 stock units. Sygnus Credit Investments USD share ended at 10 US cents while exchanging 98 stocks and Transjamaican Highway shed 0.01 of a cent to end at 0.95 of one US cents with 494 units clearing the market.
In the preference segment, Productive Business 9.25 preference share remained at US$12.10 with the swapping of 762 stock units, JMMB Group 5.75% increased 11 cents to close at US$2.01 in an exchange of 7,302 stocks and JMMB Group 6% advanced 7 cents in closing at US$1.05, with 10,025 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Global Market, Stock Market Tagged With: , , , , , , , , , , ,

Trading drops on JSE USD Market

February 27, 2023 by

Only two securities were traded in the ordinary shares section of the Jamaica Stock Exchange US dollar market on Monday, leading to a 90 percent fall in the volume of stocks changing hands even as the value traded jumped 210 percent over that on Friday, resulting in the trading of seven securities, similar to Friday, with three rising, one declining and three unchanged.
A total of 32,455 shares were traded for US$13,457 compared with 318,483 units at US$4,336 on Friday.
Trading averaged 4,636 units at US$1,922 compared with 45,498 shares at US$619 on Friday, with a month to date average of 40,468 shares at US$2,015 compared with 42,593 units at US$2,021 on the previous trading day. January trading averaged 48,604 units for US$4,865.
The JSE USD Equities Index lost 0.92 points to end at 247.79.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.7. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years 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 two with lower offers.
At the close, Sygnus Credit Investments USD share popped 0.4 cents to 10 US cents with an exchange of 170 shares and Transjamaican Highway dipped 0.04 of a cent in closing at 0.9 of one US cent in trading 26,571 stock units.
In the preference segment, Productive Business 9.25% preference share increased 10 cents to close at US$12.10, with 223 units crossing the market, Eppley 6% ended at US$1.15 with one stock unit changing hands, Equityline Mortgage Investment preference share remained at US$1.64 in switching ownership of one stock unit, JMMB Group 5.75% remained at US$2 after finishing with 5,000 shares trading and JMMB Group 6% rallied 0.03 of a cent in closing at US$1.07 as investors exchanged 489 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

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