Trading closed on the Junior Market of the Jamaica Stock Exchange on Monday, with the volume of stocks rising 126 percent and the value 72 percent over Friday trades, with rising stocks outnumbering declining ones, two to one at the close.
Market activity led to 39 securities trading, down from 41 on Friday, with 21 rising, 11 declining and seven closing unchanged.
At the close, the Junior Market Index slipped 4.77 points to 3,324.73 to be up just under 26 percent for the year to date. The PE Ratio based on ICInsider.com’s forecast of 2021-22 earnings averaged 12.3.
A total of 13,810,331 shares traded at $29,320,428, up from 6,105,277 units at $16,999,068 on Friday.
Future Energy Source led trading with 54.5 percent of total volume after it traded 7.53 million shares, followed by Lasco Distributors with 11.4 percent while exchanging 1.58 million units and Lasco Manufacturing with 4.8 percent with an exchange of 657,218 units.
Trading averaged 354,111 units at $751,806, down from 148,909 at $414,611 on Friday. The month to date averaged 318,089 units at $760,337, compared to 316,141 units at $760,798 on Friday. April closed with an average of 329,241 units at $854,716.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Caribbean Assurance Brokers advanced 8 cents to $1.97 with 1,500 shares passing through the market, Caribbean Producers climbed 14 cents to $3.80 with 159,024 units changing hands, Dolphin Cove dropped 20 cents to $6.80 with 32,861 stocks traded. Fontana gained 20 cents to close at $6 with investors exchanging 185,586 stock units, General Accident increased 15 cents to $6 with an exchange of 90,605 shares, Honey Bun rose 5 cents to $6.85 with a transfer of 60,639 units. Jamaican Teas added 6 cents to close at $4.07 with 218,302 stocks passing through the market, Jetcon Corporation slipped 8 cents to 94 cents with 174,027 stock units changing hands, KLE Group fell 6 cents to $1.22 with 644,500 shares traded. Knutsford Express shed 30 cents to $8, trading 19,174 units, Lasco Distributors dropped 29 cents to $3.96 in exchanging 1,576,784 stocks, Limners and Bards lost 9 cents to finish at $3.06 with a transfer of 127,224 stock units. Lumber Depot advanced 10 cents to $3.40 with 155,164 shares passing through the market, Mailpac Group rose 5 cents to $3.76 with 248,853 units changing hands, Medical Disposables shed 60 cents to close at $4.40 with 18,477 stock units traded. SSL Venture gained 8 cents to end at 63 cents with investors swapping 6,366 stocks, Stationery and Office Supplies dropped 20 cents to $8 with a transfer of 10,501 units and Tropical Battery fell 7 cents to $1.15 with 583,616 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD market gains
The volume of shares trading on Monday fell 91 percent below Friday’s level but the market index gained at the close of the US dollar market of the Jamaica Stock Exchange.
Trading involved six securities, compared to seven on Friday with four rising, none declining and two remaining unchanged.
The JSE USD Equity Index rose 2.61 points to 207.06. The average PE Ratio ends at 13.1 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 460,180 shares traded on Monday for US$70,670, down from 5,394,877 units at US$743,518 on Friday.
Trading averaged 76,697 units at US$11,778, in contrast to 770,697 shares at US$106,217 on Friday. Trading averaged 138,035 units for the month to date at US$17,391 in contrast to 141,321 units at US$17,692 on Friay. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with lower offers.
At the close, First Rock Capital traded 5,015 shares at 9 US cents, Proven Investments climbed 0.1 of a cent to 26 US cents, with an exchange of 174,572 shares, Sterling Investments gained 0.25 of a cent to close at 2.25 US cents with an exchange of 900 stock units. Sygnus Credit Investments rose 0.3 of a cent to 15 US cents in exchanging 213 units, Sygnus Credit Investments closed at 15.01 US cents after an exchange of 169,025 shares and Transjamaican Highway advanced 0.07 of a cent to 0.93 US cents, with 110,455 stocks changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
ICTOP10 – Guardian a better buy now
The average gains projected for the Junior Market fell from 225 percent last week to 218 percent as the prices of a number of the top 10 stocks rose during the past week, but with no new entrant to either Top 10 list. The average projected gains for the Main Market stocks move up from 162 to 169 percent helped in a big way by the fall of Guardian Holdings from $790 last week to $763.
The price slippage for Guardian shares below $790 provides investors a better value proposition, with the PE at 8.3 times, rather than 8.6 that the NCB Global offer price for the 2 million shares they are offering to the public.
The markets continue to face resistance this past week, with the Junior Market is trading at the very top of its upward sloping channel while the JSE Main Market sits a few thousand points away and facing turbulence in getting to the peak. With the two Lasco companies releasing results after the market closed on Friday it will be interesting to see what investors do with their prices. If they rise appreciable the resistance is likely to be broken and clear the way to move to a new yearly high in the weeks ahead.
The Junior Market closed the week at 3,329.50, up slightly from 3,324 at the end of the previous week. The JSE All Jamaica Composite Index ended at 454,375.81 on Friday, marginally lower than 454,479.33 at the close of the previous week.
The top three stocks in the Junior Market, remain unchanged for this week, with Elite Diagnostic heading the list, followed by Caribbean Assurance Brokers and Caribbean Producers, with the potential to gain between 255 to 303 percent. The top three Main Market stocks are Radio Jamaica in the number one spot, followed by PanJam Investments and Wisynco, with expected gains of 149 to 371 percent.
This week’s focus: RJR suffered badly from the effects of the curtailment of business in 2020 after showing signs of recovering from the prior years’ slow growth and high cost of operations. In 2020 they moved to deal with the pressure the fallout had and showed marked improvement in the second half of the calendar year. Importantly, there was significant cost cutting with the third quarter showing the effects with vastly improved results.
The impression given in the group’s December quarterly report is that the sharp fall in direct operating, selling and marketing costs were directly related to the fall off in revenues. That of course is only part of the story. The fall in cost has been far greater than the reduction in revenues suggesting that actual cost cutting was effected. ICInsider.com confirmed that the group that made some staff redundant also made changes by discontinuing unprofitable programs and publications. “Regarding cost reductions, some changes in the distribution network and workflows are permanent,” this publication was informed but revenues for some of the newspapers continue to run below pre Covid-19 levels.
The targeted PE ratio for the market averages 20 based on profits of companies reporting full year’s results, up to the second quarter of 2022. Fiscal 2020-21 ended March 2021 with the average PE at 17 for Junior Market stocks and 19 times for the Main Market.
The Junior Market with an average PE 12.4 based on ICInsider.com’s 2021-22 earnings, is currently trading below the target, as well as the recent historical average of 17, this represents another 37 percent rise in the market that would equate to a rise of 61 percent to March 2022. The Junior Market Top 10 stocks average a mere 6.4 at just 52 percent of the market average, indicating substantial gains ahead. The JSE Main Market ended the week with an overall PE of 7.8, some distance from the 19 the market ended March, suggesting a 17 percent rise from now to March 2022. The Main Market TOP 10 trades at a PE of 7.8 or 48 percent of the PE of that market and well off the potential of 20.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on likely increase for each company, taking into account the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in movements in and out of the lists weekly. 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.
JSE USD Market slides into weekend
Trading closed on Friday with the market declining, with slightly more stock slipping than rising, after the day’s volume jumped 422 percent with 384 percent less value than on Thursday’s trading, at the end of market activity on the US dollar market of Jamaica Stock Exchange.
Seven securities traded, compared to six on Thursday, with two rising, three declining and two closing unchanged.
The JSE USD Equity Index lost 2.63 points to end at 204.45. The average PE Ratio ended at 12.7 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 5,394,877 shares were traded for US$743,518, up from 1,033,909 units at US$153,480 on Thursday.
Trading averaged 770,697 units at US$106,217, in contrast to 172,318 shares at US$25,580 on Thursday. Trading month to date averages 141,321 units at US$17,692 in contrast to 99,362 units at US$11,790 on Thursday. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than its last selling price and none with lower offers.
At the close, First Rock Capital rose 0.51 of a cent to 9 US cents after trading 6,019 shares, Margaritaville traded 110,700 units at 9 US cents, Proven Investments slipped 0.4 of a cent to 25.9 US cents with 43,825 stocks traded. Sterling Investments dropped 0.21 of a cent to settle at 2 US cents with 200,000 shares passing through the market, Sygnus Credit Investments fell 0.89 of a cent to close at 15.01 US cents with a transfer of 4,758,333 stock units and Transjamaican Highway added 0.02 of a cent to close at 0.86 of a US cent with 275,000 stocks crossing the exchange.
In the preference segment, JMMB Group 6% remained at US$1.10 with 1,000 shares changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big gains for Trinidad Stock Exchange
Big gains in the price so First Citizens Bank and Trinidad & Tobago NGL push the All T&T Index up 21.86 points to 1,875.02 at the close of market activity on Friday, with the market rising after 161 percent more shares carrying 39 percent greater value than traded on Thursday on the Trinidad and Tobago Stock Exchange.
a total of 18 stocks traded on Friday, up from 13 on Thursday, with seven rising, five declining and six closing unchanged.
The Composite Index gained 7.82 points to end at 1,378.27 and the Cross-Listed Index fell 1.01 points to close at 118.66.
In total 555,090 shares traded at a value of $7,262,767 compared to 212,551 units at $5,235,386 on Thursday.
An average of 30,838 units traded at $403,487 compared to 16,350 at$402,722 on Thursday. The average trade month to date is 25,935 units at $406,593 versus 25,631 units at $406,786. The average trade for April amounts to 11,472 units at $184,959.
The Investor’s Choice bid-offer indicator shows two stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Angostura Holdings settled at $15 after trading of 10,000 shares, Ansa Mcal ended at $56.75 while exchanging 872 units, Clico Investment Fund exchanged 50,814 units at $25.50, First Citizens Bank increased $3.20 to close at $50 in exchanging 8,447 units. FirstCaribbean International Bank dropped 4 cents to close at a 52 weeks’ low of $6.06 with 3,587 units crossing the market, Grace Kennedy slipped 1 cent to $5.24, after 1,980 shares changed hands, Guardian Holdings gained 50 cents to close at $33 with 59,092 shares crossing the exchange. JMMB Group fell 7 cents to $1.74 after trading 273,813 stock units, L.J Williams B share shed 5 cents in closing at $1.35 trading 10,000 stock units, Massy Holdings stayed at $69.76 after exchanging 777 shares. NCB Financial Group lost 25 cents to close at $8.50 in an exchange of 78,000 units, One Caribbean Media rose 30 cents to $4.80 in exchanging 500 stock units, Point Lisas climbed 10 cents to $3.10 while trading 1,051 units. Republic Financial Holdings stayed at $135 in trading 2,925 stock units, Scotiabank closed at $57, with 22,521 stock units clearing the market, Trinidad & Tobago NGL climbed 77 cents to $18.50 trading 300 stock units. Trinidad Cement rose 5 cents to $3.30, with an exchange of 10 stock units and Unilever Caribbean inched up 1 cent in closing at $16.33 and exchanging 30,401 stocks.Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks had upper hand on JSE USD market
Trading on Thursday ended with the market index rising after trading 153 percent more shares than on Wednesday, with the value jumping 659 percent higher at the close of the US dollar market of the Jamaica Stock Exchange.
Trading ended with six securities changing hands, compared to seven on Wednesday, with one stock rising, four declining and one remaining unchanged.
The JSE USD Equity Index gained 4.08 points to end at 208.08. The average PE Ratio ends at 12.8 based on ICInsider.com’s forecast of 2021-22 earnings.
At the close of trading, 1,033,909 shares changed hands for US$153,480, up from 408,971 units at US$20,220 on Wednesday.
Trading averaged 172,318 units at US$25,580, up from 58,424 shares at US$2,889 on Wednesday. Trading averaged 98,348 units for the month to date at US$11,504 in contrast to 94,121 units at US$10,700 on the prior trading day. April ended with an average of 80,293 units for US$6,320.
Investor’s Choice bid-offer indicator shows no stock ended with the bid higher than the last selling price and none with lower offers.
At the close, First Rock Capital lost 0.01 of a cent to end at 8.49 US cents in exchanging 10,088 stocks, Margaritaville fell half a cent to close at 9 US cents after an exchange of 345,474 stock units, Productive Business Solutions closed unchanghed at US$1.01, with the trading of 54 stock units. Proven Investments rose 0.3 of a cent to end at 26.3 US cents with an exchange of 435,121 units, Sygnus Credit Investments declined 0.06 of a cent to close at 15.9 US cents after 43,172 stocks crossed the market and Transjamaican Highway fell 0.01 of a cent to 0.84 US cents while exchanging 200,000 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.