Long time Junior Market ICTOP10 listed Access Financial, finally broke away from resistance and jumped 31 percent for the week to $26.28, but traded at a 52 weeks’ high of $28 on Wednesday and just barely hung on to the top ten in the tenth spot.
Access Financial Services top performing ICTOP10 stock for the past week.
In the Main Market, Radio Jamaica rose 19 percent to $4.10, the 2021 ICTOP10 top performer, Caribbean Producers, climbed 5 percent and finally slipped out of the top 10 after a ride lasting more than a year and a gain of 573 percent, but the stock has more room for healthy gains.
Sagicor Group returns to the TOP10 Main Market and Stationery & Office Supplies returns to the Junior Market listing after an earnings upgrade, following a review of the forecasted numbers as the company continues to recover to pre-Covid-19 sales and Fontana dropped out with a 4 percent rise, but has much more room to grow in 2022.
Junior Market Elite Diagnostic gained 10 percent to $3.50, Honey Bun rose 7 percent. AMG Packaging lost 10 percent to end at $3.05, Lasco Financial lost 8 percent, Caribbean Assurance Brokers fell 7 percent and General Accident slipped 5 percent.
The week ended with the supplies for some stocks becoming very limited, this applies to Access and Radio Jamaica. Newly listed Spur Tree Spices came in for profit taking on Thursday and Friday after the price peaked at $2.75 and closed the week at $2.15 a fall of 22 percent from the peak, which suggests suggesting more room for decline before the price bottoms. That could take it to around $1.95 based on declines from peak to through of some previous IPOs.
The sharp price movements in the Junior Market reduced the potential gains markedly, with the average increase projected for the TOP 10 Junior Market stocks now at 119 percent versus 122 percent last week.
The top three stocks are Lasco Distributors followed by Caribbean Assurance Brokers and Lasco Financial to gain between 131 and 150 percent, compared to 124 and 160 percent, previously.
The potential gains for Main Market stocks moved from 144 percent to this weeks’ 139 percent this week, with the top three stocks being Guardian Holdings followed by JMMB Group and Sygnus Credit Investments all projected to gain between 151 and 254 percent down from 161 and 257 percent last week.
After trading at a big discount to the Main Market for two years, the average PE for both the JSE primary markets have virtually merged around 16 times earnings multiple based on 2021 earnings, with the Junior Market looking poised to surpass the main Market soon. The difference in potential gains for both TOP10 listings shows the Junior Market with an average rise of 118 percent versus 139 percent for the Main Market. That is an indication that the Junior Market is priced slightly higher than the Main Market.
The Junior Market closed the week, with an average PE of 16 based on ICInsider.com’s 2021-22 earnings and is currently below the target of 20 and the average of 17 at the end of March last year based on 2020 earnings. The TOP 10 stocks trade at a PE of a mere 9.2, with a 43 percent discount to that market’s average.
The Junior Market can gain 25 percent to March this year, based on an average PE of 20 and 6 percent based on an average PE of 17. Twelve stocks representing 29 percent of all Junior Market stocks with positive earnings are trading at or above this level averaging 25.
The average PE for the JSE Main Market is 16.5 just 15 percent less than the PE of 19 at the end of March and 21 percent below the target of 20 to March 2022. The Main Market TOP 10 average PE is 8.7 representing a 47 percent discount to the market and well below the potential of 20. A total of 14 stocks or 30 percent of the market trade at or above a PE of 19, with most over 20, for an average roundabout 25, suggesting that the accepted multiple is between 20 and 25 times the current year’s earnings.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. 
ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios 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 per share 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 ended with six securities changing hands, compared to seven on Thursday with prices of two rising, two declining and two ending unchanged. The JSE US Denominated Equities Index lost 1.52 points to end at 201.06.
Proven Investments shed 0.9 of a cents after ending at 23 US cents, with 1,295,052 units crossing the exchange, Sygnus Credit Investments USD share declined half a cent to close at 11.5 US cents, with 17,436 stocks changing hands. Sygnus Real Estate Finance USD share ended unchanged at 12 US cents in exchanging 965 stock units and Transjamaican Highway rallied 0.03 of a cent in closing at 0.86 US cents in exchanging 136,086 units.
Trading calmed, with Spur Tree slipping under 10 million units, but still played a big part in the 16,579,452 shares that traded for $57,855,045, down from 26,022,456 units at $87,517,746 on Thursday. Spur Tree Spices led trading with 8.57 million shares for 51.7 percent of total volume followed by Future Energy Source with 2.3 million units for 13.9 percent of the day’s trade and Jamaican Teas traded 765,118 units for 4.6 percent market share.
At the close, Access Financial rallied $1.27 to end at $26.28 after exchanging 3,509 shares, CAC 2000 rose 77 cents to close at $8.27 after trading 100 units, Cargo Handlers shed 28 cents to $7.20 with the swapping of 47,124 stock units. Caribbean Assurance Brokers dropped 13 cents in closing at $2.90 in switching ownership of 471,657 stocks, Caribbean Cream advanced 25 cents to $5.40 while exchanging 100 shares, Consolidated Bakeries fell 11 cents to close at 99 cents 313,892 units crossing the exchange. Dolphin Cove gained $2.25 to end at $22.25 in trading 698,461 stocks, Express Catering lost 25 cents in closing at $5.10, with 478,008 stock units clearing the market, Fosrich popped $2.44 to a record $14.49 after 5,368 units changed hands. Future Energy Source increased 25 cents ending at $3.45 after trading 2,299,167 stock units, General Accident declined 30 cents to close at $6 in an exchange of 28,495 shares, Honey Bun climbed 15 cents to end at $9.60, with 1,539 stocks crossing the market. iCreate shed 9 cents after ending at 79 cents in exchanging 378,448 units, Iron Rock Insurance gained 10 cents to $3, with 2,287 stocks changing hands, ISP Finance rallied $3.30 in closing at $36.30 trading 34 shares. Jamaican Teas increased 10 cents to $3.99 with an exchange of 765,118 stock units, KLE Group fell 15 cents in ending at $2.80 after exchanging 17,063 stock units, Lasco Financial popped 7 cents in closing at $3.03 with 59,980 shares changing hands. 
Limners and Bards lost 7 cents to close at $3.42 with an exchange of 40,153 units, Lumber Depot declined 9 cents to end at $2.90 after an exchange of 435,151 stocks, Main Event dropped 40 cents in closing at $3.98, with 32,127 units clearing the market. Spur Tree Spices fell 13 cents to $2.15 in trading 8,566,940 shares, SSL Venture popped 40 cents in ending at a 52 weeks’ high of $1.30 after exchanging 187,244 stock units and tTech declined 20 cents to close at $4 with 6,760 stocks changing hands.
The All Jamaican Composite Index rallied 2,342.25 points to close at 439,257.71, the JSE Main Index advanced 1,269.54 points to 396,141.35 and the JSE Financial Index rose 0.19 points to end at 97.62. Trading ended with 53 securities versus 57 on Thursday, with 26 rising, 16 declining and 11 ending unchanged.
Trading averages 293,166 units at $7,400,258, compared to 130,869 shares at $1,165,276 on Thursday and month to date, an average of 173,233 units at $1,583,955, up from 164,655 units at $1,167,944 on Thursday. December closed with an average of 479,143 units at $6,686,322.
PanJam Investment rallied $1.50 in closing at $66 in trading 510,923 shares, Portland JSX rose $1.20 to $9 in switching ownership of 800 units, Proven Investments gained 57 cents to settle at $33.49 with an exchange of 6,791 stocks. Scotia Group popped 44 cents to close at $35 after 111,106 stock units crossed the market, Stanley Motta gained 59 cents after ending at $5.84 with an exchange of 2,632 stocks, Supreme Ventures rose 80 cents to finish at $17.80 in transferring 19,195 units and Wisynco Group lost 30 cents to close at $17.30 with 87,163 shares crossing the exchange.
The Composite Index rose 17.67 points to close at a record high of 1,530.37, the All T&T Index rallied 36.19 points to an all-time high of 2,145.09 and the Cross-Listed Index shed 0.30 points to settle at 122.30.
Massy Holdings fell 25 cents to $106 as 122,818 stocks crossed the market, National Enterprises dropped 35 cents to close at $3.25 trading 61,793 stock units, National Flour Mills ended unchanged at $1.92 after 1,078 units changed hands. NCB Financial Group shed 4 cents in closing at $8.01 in switching ownership of 11,380 stocks, Prestige Holdings advanced 5 cents in ending at $7.05 in an exchange of 1,301 shares, Republic Financial Holdings popped $1.70 to $143 with the swapping of 25 units. Scotiabank gained $4.48 to close at a 52 weeks’ high of $74.98 after exchanging 7,524 stock units, Trinidad & Tobago NGL climbed $1.35 to end at $20 in trading 10,654 stocks, Trinidad Cement ended unchanged at $3.76, with 2,000 stock units passing through the market and West Indian Tobacco remained at $27.99 after 550 units changed hands.
Seven securities traded up from five on Wednesday with three rising, one declining and three ending unchanged. JSE US Denominated Equities Index lost 1.41 points to end at 202.58.
At the close, First Rock Capital USD share increased 0.43 of a cent to close at 6.93 US cents after trading 1,000 shares, Margaritaville popped 3.45 cents to 14.95 US cents, with 5,398 stocks changing hands, Proven Investments rallied 0.4 of one cent to 23.9 US cents in an exchange of 5,401 units. Sterling Investments finished at 2.1 US cents with an exchange of 5,645 stock units, Sygnus Credit Investments USD share ended unchanged at 12 US cents after exchanging 26,829 stocks, Sygnus Real Estate Finance USD share dropped 2 cents to close at 12 US cents in trading 400 shares and Transjamaican Highway remained at 0.83 of one US cent with the swapping of 120,400 units.
At the close, Eppley Caribbean Property Fund jumped $3.45 to $41 with an exchange of 1,090 units, First Rock Capital shed 64 cents to close at $10.30 in trading 6,612 stock units, Guardian Holdings shed $7 to end at $520 after transferring 32 stocks. Jamaica Broilers declined $2.13 in ending at $26.55 with 49,421 units changing hands, Jamaica Producers fell $1.33 to close at $22 in trading 36,826 stock units, JMMB Group lost 30 cents to finish at $37.90 with 286,301 shares clearing the market. Margaritaville popped 93 cents to $20.25 in swapping of 5,040 stocks, Mayberry Jamaican Equities shed 82 cents in closing at $8.51 with a transfer of 11,491 units, NCB Financial lost 40 cents to close at $125.60 in exchanging 176,884 shares. 138 Student Living declined 57 cents in closing at $4.13 after a switch in ownership of 954 units, Palace Amusement dropped $46.90 in closing at $950 with 18 stocks crossing the market, PanJam Investment declined $3.50 to close at $64.50 with the swapping of 4,091 stock units. 
Proven Investments lost 58 cents to end at $32.92 in transferring 620 units, Sagicor Group rallied $1.56 to $54 after exchanging 43,183 stocks, Scotia Group lost 49 cents to end at $34.56 with 23,844 units changing hands. Supreme Ventures shed 85 cents to end at $17 in trading 50,808 shares and Wisynco Group rose 60 cents to $17.60 with 64,599 shares clearing the market.
The PE Ratio, a measure used to compute appropriate stock values, averages 16. The PE ratio of each stock in the chart below is based on ICInsider.com earnings forecast for companies with financial years up to August 2022.
Lasco Financial dropped 32 cents to $2.96 after 34,587 stock units changed hands, Lasco Manufacturing fell 10 cents to $4.55 with the swapping of 123,866 stock units, Main Event rose 40 cents to close at $4.38 with an exchange of 6,491 shares. Spur Tree Spices lost 37 cents in closing at $2.28 after exchanging 15,232,910 stock units, SSL Venture lost 8 cents to end at 90 cents, with 206 units crossing the exchange and tTech rallied 15 cents in closing at $4.20 trading 5,699 units.
A total of 19 securities traded compared to 18 on Wednesday, with six stocks rising, eight declining and five remaining unchanged. The Composite Index shed 13.95 points to 1,512.70, the All T&T Index fell 27.67 points to 2,108.90 and the Cross-Listed Index inched 0.10 points higher to 122.60.
JMMB Group remained at $2.35 in trading 3,000 stocks, Massy Holdings climbed 13 cents in closing at $106.25 with the swapping of 19,517 shares, National Enterprises gained 9 cents to close at $3.60 in switching ownership of 28,510 stock units. NCB Financial Group rose 4 cents to $8.05 after trading 3,248 shares, Prestige Holdings lost 5 cents to end at $7 in an exchange of 500 stocks, Republic Financial Holdings shed $1.20 to $141.30 after an exchange of 40,344 units. Scotiabank ended unchanged at $70.50 with 280 stock units changing hands, Trinidad & Tobago NGL lost 95 cents in closing at $18.65 after exchanging 51,100 stocks, Unilever Caribbean fell 20 cents to close at a 52 weeks’ low $15.80 after trading 7,418 shares and West Indian Tobacco finished at $27.99 with the swapping of 611 units.
The growth in the
At the end of April last year, the average PE for the Junior Market was 13 and 16.5 for the Main Market. At the end of June it was 13 and 17 respectively and September 12 and 15.5 times.
