The Jamaica Stock Exchange Main Market recorded two weeks of solid gains to close out a disappointing 2022, with the Main Market declining after a promising start, with the market adding 17,123 points in the last two weeks while the All Jamaica added 22,797 points and the Junior Market put on 93 points in the same period, resulting in movements in and out of the TOP10 in both markets.
Junior Market action resulted in Caribbean Cream popping 19 percent to $4, followed by Caribbean Assurance with a 9 percent rise to $2.16, Tropical Battery chipped in with a 7 percent increase to $2.30 and Paramount Trading rose 5 percent to $1.99. General Accident was the biggest loser with a fall of 12 percent to $4.41, Lasco Distributors slipped 8 percent to $2.50 and Lasco Manufacturing declined 6 percent to $3.95.
In the Main Market, Radio Jamaica rose 24 percent to $2.60, followed by JMMB Group up 6 percent to $34 and Jamaica Broilers up 5 percent to $31. The only losing stock in the Main Market is Guardian Holdings dropping 12 percent to $570.
In the Main Market, with the rise in the price of Radio Jamaica, Scotia Group reclaimed its TOP10 spot once more as RJR slipped out after reentering the TOP10 in the previous week, The Junior Market’s Tropical Battery dropped out of the TOP10 and replaced by Knutsford Express.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 15.3, while the Junior Market Top 10 PE sits at 6.2 versus the market at 12.9, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 228 percent and the Main Market TOP10, an average now of 269 percent, to May 2023.
The Junior Market has 15 stocks representing 32 percent of the market, with PEs from 15 to 35, averaging 21 compared with the above average of the market. The top half of the market has an average PE of 18 and shows the extent of potential gains that lie ahead for the TOP 10 stocks. The situation in the Main Market is similar, with the 20 highest valued stocks priced at a PE of 15 to 110, with an average of 33.5 and 24 excluding the highest valued ones and 22 for the top half excluding the highest valued stock.
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.
Overall, 758,093 shares were traded for US$42,021 compared with 966,219 units at US$14,629 on Wednesday.
Proven Investments popped 0.15 of a cent to 19.3 US cents trading 23,226 stocks, Sterling Investments dropped 0.18 of a cent to end at 2 US cents in an exchange of 13,256 units and Transjamaican Highway shed 0.07 of a cent after ending at 0.9 of one US cents in trading 304,858 shares.
The JSE US Denominated Equities Index gained 5.46 points to end at 258.04.
Sterling Investments gained 0.18 of a cent in closing at 2.18 US cents with an exchange of 300 shares, Sygnus Credit Investments USD share shed 0.01 of a cent to end at 9.41 US cents after trading 52,922 units and Transjamaican Highway slipped 0.02 of a cent to 0.97 of one US cents with 911,831 shares crossing the market.
The Junior Market Iron Rock Insurance popped 31 percent to $2.35, General Accident gained 13 percent to $5, followed by Dolphin Cove with an 11 percent rise to $14.78 and a 5 percent increase for Caribbean Cream to $3.35. Medical Disposables fell 5 percent to $4.90 and Lasco Distributors slipped 4 percent to $2.71.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14.4, while the Junior Market Top 10 PE sits at 6.1 versus the market at 12.6, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 232 percent and the Main Market TOP10 by an average of 265 percent to May 2023.
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.
Only 8,860 shares were traded for a mere US$699 compared to 73,385 units at US$24,703 on Thursday.
Proven Investments climbed 0.07 of a cent to 18.57 US cents, with 1,038 units crossing the exchange, Sterling Investments declined 0.2 of a cent in closing at 2 US cents with an exchange of 2,277 stock units, Sygnus Credit Investments J$ share remained at 13.62 US cents in an exchange of five stocks. Sygnus Credit Investments USD share shed 0.2 of a cent to end at 9.4 US cents after trading 1,023 units and Transjamaican Highway rose 0.07 of a cent to 0.99 of one US cents with 49 shares crossing the market.
A total of 73,385 shares were traded for US$24,703 up from 65,972 units at US$12,493 on Wednesday.
Proven Investments fell 0.5 of a cent in closing at 18.5 US cents with an exchange of 59,239 units, Sygnus Credit Investments USD share shed 0.3 of a cent after ending at 9.6 US cents trading 2,160 units, Sygnus Real Estate Finance USD share declined 1.54 cents to end at 11 US cents in exchanging one stock unit and Transjamaican Highway dipped 0.08 of a cent to close at 0.92 of a US cent after a transfer of 1,199 units.
At the same time, the Junior Market Top 10 PE sits at 5.7 versus the market at 12, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 256 percent and the Main Market TOP10, an average now of 270 percent, to May 2023.
ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks, helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
A total of 58,857 shares were traded for US$5,115 compared with 192,307 units at US$4,553 on Thursday.
Sygnus Credit Investments USD share remained at 10 US cents as 19 units passed through the market, Sygnus Real Estate Finance USD share gained 1.54 cents in closing at 12.54 US cents and trading 15 units and Transjamaican Highway fell 0.04 of a cent in closing at 0.94 of one US cent after exchanging 50,000 shares.
At the close of trading, Proven Investments dipped 0.05 of a cent to 18.95 US cents after an exchange of 2,288 shares, Sterling Investments lost 0.11 of one cent to close at 2 US cents with 189,600 stocks crossing the exchange and Sygnus Credit Investments USD share remained at 10 US cents after trading 350 stock units.
Caribbean Clean Energy climbed 6 cents to end at 70 US cents in trading 1,200 units, Proven Investments advanced 0.48 of a cent to close at 19 US cents in switching ownership of 4,715 stock units. Sterling Investments increased 0.03 of a cent after ending at 2.11 US cents and trading 92,645 stocks and Transjamaican Highway rose 0.03 of a cent in closing at 0.98 of one US cent after an exchange of 178,500 units.