TTSE: Citizens traded most

Monday, 23rd September 2013 | First Citizens Bank has been trading for only six days but it has been dominating trading with close to half of the number of shares as 269,086 units changed hands for a value of $9,410,221. The price gained a cent to end the day at $34.93. Investors clearly sensing the serious undervaluation of Republic Bank bought 32,451 shares valued at $3,570,901 as the second most traded stock measured by price.

Trading took place in 14 securities of which 4 advanced, 4 declined and 6 traded firm and the overall market activity resulted in a volume of 583,261 shares crossing the floor of the Exchange valued at $13.64 million.

TTSESept23 Angostura Holdings traded at a 52 weeks high of $10.02 and so did Prestige Holdings, which traded at $9.41. Jamaica Money Market Brokers with a volume of 133,000 shares traded for $66,500.00. Trinidad Cement contributed 126,300 shares valued at $278,589 to close at $2.23 down 2 cents, while Scotia Bank traded 2,465 units at $70.03 and Sagicor Financial traded 3,367 shares at $7.01, elsewhere trading was very low.

Clico Investment Fund had a volume of 2,500 shares valued at $53,850 as the price remained unchanged at $21.54

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 5 stocks being higher and 4 stocks with offers lower than their last selling price.

FX: Big weekly price moves

Friday, 20th September 2013 | The Jamaican dollar started the week selling at $102.45 to one United States dollar but by the end of trading on Friday it had moved to JS$102.85. The Canadian, which was sold for $99.46 on at the end of the previous week, was selling for an average of JS$99.75 on Friday and the Pound moved up to $165.34 from $163.23 for the biggest move.

On Friday, there was purchasing by authorized dealers of the equivalent for US27.38 million and selling of US$29.48 million, mostly due to the only US$24.38 million being purchased at an average rate of $102.34, an increase of 38 cents, versus US$26.5 million sold at an average of $102.85, an 8 cents increase for the day.

Dealers purchased the US dollar for 35 cents more at the end of Friday for the highest rate, which moved to $103.75. The lowest buying rate remained unmoved at $84.34. Selling took place at 21 cents more for the highest selling rate of $108.28 and as low as $100, a decrease of 20 cents.

FX_TRADE+Currency+Sep20The Canadian was bought by dealers at $98.22, which was down by 99 cents compared to Thursday with inflows of C$822,861 and sold at $99.75 for C$436,398 as the rate slipped by 77 cents, fully reversing Thursday’s gain.  At the end of the day, the highest rate dealers bought the Canadian dollar was 30 cents less at $101 but they paid just 29 cents more as the lowest rate moved to $80.51. Selling took place at $104.59 or 80 cents more for the highest selling rate and sold as low as $97.40 and increase of $1.90.

The British Pound buying rate increased 18 cents to close at $162.44 as £1,134 million was purchased and £1.367 million was sold at $165.34 up 57 cents. Dealers bought the pound for 80 cents less at the end of Friday as high as $165.50 but they paid as low as $133.92, which was a $33.92 increase at the end of the day. Selling took place at $1.44 more for the high of $172.64 and sold as low as $157.80 an increase of $16.10.

FX_TRADE+HighLow+Sep20Week’s highest move | The US dollar moved by 65 cents for the week for the highest buying rate and 21 cents more for the lowest buying rate. The highest selling rate moved up by 21 cents and the lowest by 20 cents. The Canadian moved by $1.20 for the highest buying rate; 33 cent for the lowest buying rate, while the highest selling rate moved up by $1.23 and the lowest by $1.25. The Pound was the big mover for the week as all the rates moved up with the buying rates increasing $2.05 for the high and $2.36 at the low end while $8.05 was put on the highest selling and $2.20 for the lowest.

Image courtesy of Marcus/FreeDigitalPhotos.net

PE Ratio: TCL back in focus

Friday, 20th September 2013 | There were three main movers in the PE Ratio chart for this week.

First Citizens Bank which debut on the TTSE on Monday at $22 per share exploded as high as $38.45 before settling around $35 range for a gain of 58 percent for the week.

The move reached IC Insider’s suggested price range based on the valuation of other banking stocks on the TTSE. From here on, the stock is now more for long term gains as the PE ratio has risen to 23 times this year’s earnings, just above Scotia Bank and well above Republic’s 15 times PE.

PRRatioSept20The other stocks that registered changes were Trinidad Cement, which bounced back to close at $2.25 and Guardian Holdings that hit $15.50 at the end of the week. Not much has changed elsewhere in the Trinidad market from last week.

Related posts | First Citizens off Buy Rated list

PRRatioTop5_Sept20

JSE: Down this week but technicals point up

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Friday, 20th September 2013 | The Jamaica Stock market bounced back on Friday after three days of declines as 5,298,523 units changed hands at a value of $27,073,392 with 7 stocks advancing in price to 6 declining.

The all Jamaica Index moved up by 673.98 to close at 84,933.87 and the Main market index was up 383.05 to 84,819.82 recovering most of the decline from Thursday. The recovery was not enough to stop the week from being down as the indices fell sharply from the start of the week to Thursday. The junior index declined once more since a small increase on Monday being off 5.52 to close the week at 757.83, the lowest since June 19 and a decline from 840 points on July 9.

The fall in the market this week along with the fall in the value of the Jamaican dollar against the US dollar may be sending negative signals to investors. However, the technical indicators point to a strong market ahead as the ‘golden cross’ is in full effect for the junior market and is well on the way for the main market with the 120 day moving average in the process of crossing through the 200 days moving average. Against this back ground, the market seems to be consolidating before moving up again.

Main Market | Trading was dominated by Jamaica Money Market Brokers and Jamaica Broilers Group with relatively large volumes. Jamaica Money Market Brokers traded 1,000,000 units for a value of $8,000,000 and closed up 50 cents at $8 and Jamaica Broilers Group exchanged 1,568,140 units valued at $7,527,072 to close at $4.80 for a 5 cents gain. Elsewhere, Carreras put in a volume of 12,000 shares and closed at $47.50 down $1.49 on the day; Desnoes & Geddes 1,000 traded to close at $4.77 as the price gained 22 cents; Gleaner Company traded 60,000 and closed firm at $1.17; National Commercial Bank with 27,541 units closed at $19 for 33 cents gain; Sagicor Life Jamaica chipped in with 17,624 units and closed at $9 for 78 cents gain; Salada Foods had 200,000 shares changing hands firm at $8.50 with a value of $1,700,000; Scotia Group Jamaica 108,128 valued at $2,273,673 and closed at $20.58, down 51 cents and Supreme Ventures traded 44,107 shares at $2.80 for a 10 cents gain.

JSEIndicesSept20Juniors | Blue Power traded 160,000 units and absorbed most of the supply on the market as the priced closed at $9.90 for a 62 cents gain; Caribbean Cream traded 214,593 units, closed at 90 cents an all-time low, off by 13 cents; General Accident Insurance 65,000 units traded mostly at $1.75 but in late trading the price fell to $1.65, off by 12 cents at the end. KLE Group traded 14,460 units firm at $1.61, the trade sucked out the small amount of the stock that was on the bid, exposing the stock for a further fall in the price. Lasco Distributors had a fairly good volume of 986,896 units as the price closed firm at $1.50; Lasco Financial Services exchanged 313,667 units to close at $1.20, down 4 cents and Lasco Manufacturing traded 41,680 units firm at $1.45.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator had deteriorated and showed that there were bids for 4 stocks being higher and 1 stock with an offer lower than their last selling price.

TTSE: Closes week with a fall

Friday, 20th September 2013 | The week, which saw the listing of First Citizens Bank, closed on a positive note with 7 advancing against 2 declining and 3 trading firm. The big mover was Guardian Holdings that gained 57 cents to close at $15.50 as the stock traded 82,430 units valued at $1,277,665.

Trading amounted to 882,371 shares valued at $16,200,026 as the main index fell due mainly to Citizen Bank impact on the index.

National Flour Mills traded 290,130 shares at a value of $223,400. First Citizens Bank with a volume of 192,138 shares traded for $6,713,668 as the price closed at $34.92 down cents 7 cents. Point Lisas Industrial Port contributed 83,074 shares with a value of $311,528 and closed firm at $3.75, Trinidad Cement closed up 15 cents at $2.25 as it traded 60,373 units valued at $133,424; Republic Bank traded 40,278 units valued at $4.43 million to close firm at $110.04; Jamaica Money Market Brokers traded 54,000 units firm at 50 cents; ANSA McCal traded 32,267 firm at 66.28 valued at $2.14 million.

TTSESept20Clico Investment Fund advanced by $0.19 to end at $21.54 as it posted a volume of 42,756 shares valued at $921,175.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 6 stocks being higher and 4 stocks with offers lower than their last selling price.

JSE: Grace Kennedy up $2.48, Carreras up 99C

Thursday, 19th September 2013 | The advance decline ratio continues to be biased towards declining stocks in today’s trading. In the end, there were 8 stocks that declined to 10 that fell. 9,505,609 units traded valued at $24,622,649, including 1.5 million preference shares with a value of $7.5 million. The main market index fell by 389.16 to close at 84,436.77, the all Jamaica Index was down by 684.73 to 84,259.89 and the junior market was off 1.71 to 763.35.

The biggest movers were Grace Kennedy that gained back $2.48 from yesterday’s fall to close at $56 with 6,330 units trading and Carreras traded up 99 cents $48.99 with 39,187 units.

Cable & Wireless had a decent volume of 5,127,215 units trading up 1 cent t0 close at 18 cents; Jamaica Broilers 322,396 units resulting in a 25 cents drop in the price to $4.75; Jamaica Money Market exchanged 162,815 units to close at $7.50 down 50 cents; National Commercial Bank Jamaica exchanged just 37,500 units at $18.67 for a 2 cents increase; Sagicor Investments Jamaica contributed 10,812 units firm at $16.55; Sagicor Life saw their price moving down with 40,000 to $8.22 off 78 cents at the close and Scotia Group Jamaica lost 18 cents when the price closed at $21.09 with 40,000 units.

JSEIndicesSept19Jamaica Money Market Brokers 8.50% traded 13600 units at $3.51, a decrease of 19 cents; Jamaica Money Market Brokers 8.75% traded 152,973 units firm at $3 and Proven Investments 8% had 1,372,000 shares exchanged firm at $5.09.

Access Financial Services 8,046 units resulted in a closing price of $8.28; AMG Packaging had 63,763 units exchanging hands firm at $4; Caribbean Producers had trading in 157,984 units as the price closed at $2.10; Lasco Distributors chipped in with 20,604 units as the price closed firm at $1.50; Lasco Financial Services had another large trade on Thursday as 1,176,747 changed hands, closing firm at $1.25.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 3 stocks being higher and 3 stocks with offers lower than their last selling price. This indicator has weakened and combined with the advance decline ratio for the past few weeks is pointing to a fluid market that requires some catalyst to move it decisively.

Image courtesy of watcharakun/FreeDigitalPhotos.net

TTSE: First Citizens’ big market boost

Thursday, 19th September 2013 | The Trinidad stock market got a big boost on Thursday as the newly listed First Citizens traded as high as $38.45 before retreating to close the day at a last traded price of $34.99 as 579,203 shares changed hands for a value of $21,772,102. At the current closing price, the PE is just over 23 times this year’s earnings, slightly above Scotia Bank’s valuation, suggesting that this level may result in some fluidity in the price. At the close, there are offers for just under 23,000 units at $34.99 and the bid, which was small, was at $34.

The market saw trading in 10 securities of which 5 advanced, 1 declined and 4 traded firm as trading activity accounted for 1,315,380 shares crossing the floor valued at $30,638,799.

Jamaica Money Market Brokers enjoyed another day of good volume with 526,150 shares valued at $263,075 as it closed firm at 50 cents. ANSA McAL contributed 103,242 shares with a value of $6,842,848 it closed firm at $66.28, while Guardian Holdings added 13,945 shares valued at $208,158 as the price moved up to $15 at the close up 58 cents. Trinidad Cement closed at $2.10 an increase of 8 cents as it traded 10,000 units, at the end of trading there was no stock on offer. National Enterprises traded at a new 52 weeks high of $16.06 for 2,000 units and the stock gained 5 cents.

TTSESept19Conversely, Clico Investment Fund traded 67,840 shares valued at $1,448,647 and declined by 20 cents to end the day at $21.35.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 4 stocks being higher and 2 stocks with offers lower than their last selling price.

FX: Rates on the move

Wednesday, 18th September 2013 | The buying of forex saw the amount sold to end users being just above the purchases by authorized dealers with US$27.66 bought and US$28.5 being sold.

USD Trades | It cost more for end users of the US dollar as the average selling rate increased by 8 cents to $102.645 as dealers sold US$25.28 million while they bought $23.97 million at 17 cents more than on Tuesday at $101.914. The US dollar traded as high as 40 cents more at the highest buying rate, which hit $103.50 and sold it as high as $108.07, the same rate as the day before but hiked the lowest selling rate by $15.66 to $100. The rate for buying at the low end remained unchanged at $84.34.

FX_TRADE+Currency+Sep18Canadian | The Canadian dollar was sold for just 2 cents more at $99.75 with C$422,718 being sold and C$885,668 purchased at an average rate of $97.874 which is 54 cents less than on Tuesday. Traders bought the currency as high as 15 cents more at $100.60 and as low as $80.22 or 4 cents less. On the sell side the highest rate declined 5 cents to $103.42 and the lowest rate moved up by 30 cents to $97.

FX_TRADE+HighLow+Sep18British Pound | The Pound put on $1.23 to reach $162.27 as dealers bought £1,736,444 and sold £1,667,499 at $1.09 more at $164.65. The Pound was bought as high as $1.60 more at $165.60 and as low as $132.30 or 50 cents more and sold at the highest rate of $170.56, a 64 cents increase and the lowest rate moved down by 90 cents to $155.80.

JSE: Trading levels low again

Wednesday, 18th September 2013 | The Jamaica Stock Market was easy on Wednesday as there were little change in the indices except the Junior market index was down 12.60 to 765.06. Advancing and declining stocks were almost even at 7 to 8 and 15 had no price change at the end of trading. Trading levels were once more low with 8.2 million units being exchanged for $27.6 million, with the preference shares accounting for $5.8 million of the amount traded.

Main Market | Carreras is trying to recover but supply is placing pressure on the stock but it traded 5,913 at $48 as it gained 40 cents at the close. Jamaica Money Market Brokers traded 622,917 units valued at $5,271,675 as the price closed at $8 after trading as high as $8.45 for most of the day; Mayberry Investments put in 55,000 units with the price closing holding firm at $2.65; National Commercial Bank chipped in with 55,677 units with the price closing firm at $18.65; Sagicor Investments 34,865 units closed at $16.55; Sagicor Life put in 201,800 to close at $8.50 down 50 cents after trading most of the day at $9; Scotia Group traded 23,699 units with the price closing at $21.27 down by 3 cents; Scotia Investments 10,550 units closed at $26.50 down 50 cents; Infrequently traded Seprod put in a volume of 3,00,227 units as the price closed at $14, an increase of $1.00; Supreme Ventures lost 15 cents at the close at $2.56 with 10,000 units changing hands; Jamaica Money Market Brokers 8.75% exchanged 1,383,131 units at $3 valued at $4,149,393 and Proven Investments 8% traded 330,939 at $5.09 valued at $1,684,480.

JSEIndicesSept18Junior market | AMG Packaging traded 37,428 units with the price closing firm at $4; Consolidated Bakeries contributed 110,445 units to the total traded with the price closing $1.22 down 12 cents; General Accident Insurance exchanged 133,881 $1.77, up 2 cents; Jamaican Teas traded 17,715 units with the price closing firm at $4; Lasco Distributors saw a large volume of 2,000,000 units trading with the price closing at $1.50 unchanged valued at $3,000,000 as just one trade took place; Lasco Financial Services accounted for 2,554,481 units with the price closing firm at $1.25 valued at $3,193,101 and Lasco Manufacturing saw 262,311 units trading with the price closing at $1.45 down 10 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 6 stocks being higher and 3 stocks having offers lower than their last selling price.

TTSE: First Citizens up 52%

Wednesday, 18th September 2013 | First Citizens Bank traded 23,952 units valued at $801,194 as the price hit another 15 percent maximum price movement, the third consecutive day the stock activated the circuit breaker.

Importantly there are 1,272,755 units to buy at the closing price of $33.45, which was up $4.36 for the day. Although the advance decline ratio was positive as 6 advanced and 2 declined, it was the movement of First Citizens stock that was behind the gain of the All Trinidad & Tobago index by 23.24 to 1,886.79.

Upward price momentum seems to be in favour of First Citizens as demand remains intact. However, First Citizens’ PE ratio at 22.3 times this year’s earning is now close to Scotiabank, while Republic Bank is way down at 15 times. Rational investors will take these factors into consideration when investing. The PE suggests that a short term top is not too far off. IC Insider had projected $35 but that seems a bit conservative based on what has happened to date and the lack of offers in the market so far. This is one worth watching.

Trading accounted for stocks of 11 companies changing hands as 616,236 units traded for a value of $2,479,793.

TTSESept18Jamaica Money Market Brokers continue to be in demand trading 514,481 shares for a value of $257,241; Jamaica’s Scotia Investments contributed 25,000 shares for $50,000 as the stock closed down 5 cents to close at $2. Sagicor Financial Corporation added 13,629 shares valued at $94,841. Scotia Bank gained 2 cents to $70.04 a new 52 weeks high as it traded 11,743 units; Guardian Holdings moved up 2 cents to $14.52 on 2,350 shares changing hands. Trinidad Cement inched up 2 cents to $2.02 but with just 4,000 units and Angostura Holdings traded at a new 52 weeks high of $10.01 but with just 500 units trading. Clico Investment Fund traded 18,375 shares valued at $396,063 as the price inched down a cent to end at $21.55.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 4 stocks being higher and 2 stocks with offers lower than their last selling price.

Related post | First Citizens off Buy Rated list