Monday, 12th August 2013 | Investors not only snapped up a large portion of Cable & Wireless on Friday but took out the remnants of the stock that was on offer on Friday at 15 cents and drove the price to 16 cents at the end of trading. Investors bought 12,506,365 shares, most of it the moment the market opened, valued at $2 million. Demand that was non-existent from June 26 suddenly came alive last week. From Wednesday to Friday, 15.8 million shares traded with buyers picking up 11.5 million on the last day of the week.

Unlike Friday when there were not a great deal of bids, at the end of trading today there were 5.8 million units on bid at 17 cents while offers were around 19 cents. At the end of trade, there were bids for 23.6 million units at 15-17 cents and 9.4 million shares on offer at 19 cents where some volume can be found.

Look behind C&W | Part of the stimuli for the sudden interest could be tied to the release of information by Cable & Wireless Communications on the 25th of July indicating that whilst it is early days, they have seen a pick-up in customer numbers in Jamaica following the launch of a competitive new price plan. As noted at the release of the full year figures, market conditions in the rest of the Caribbean remain difficult, particularly in the Eastern Caribbean and Barbados. Interestingly, no mention was made of the difficulties in Jamaica. The major cost reduction plan announced at the full year is proceeding as anticipated and they are already seeing the benefits of the restructuring performed last year with operating expenses in the Caribbean down 5 percent against the first quarter in the prior year. Following the outsourcing of certain field force functions in Jamaica, they have seen an improvement in installation and repair times.

Other big trades | The next big trade was National Commercial Bank with 3 million units changing hands valued at $57.5 million as the price closed at $18.55, down 55 cents. Interestingly, NCB Capital Markets sold the bulk of the stocks with several brokers buying. Carreras came in with 240,000 units at a value of $12 million as the stock lost to close at $50.10, down 42 cents.

A total of 21.29 million units traded in the market at a value of $106.3 million as the price of 9 stocks advanced and 13 declined.

Main market trades of note  | The all Jamaica Index shed 978.24 points (Friday 542.03) to close at 85,370.71 and the JSE market index fell 555.98 (Friday 308.06) to close at 85,906.57.

Caribbean Cement traded 65,500 shares and gained 15 cents to close at $1.66, a 52 weeks high. The bid closed at $1.66 for 17,000 units after trading as high as $1.85 and had an offer of 500 shares at $2.12, but there is virtually no supply in the market close to the offer price and only a few close to $3. Gleaner Company traded 1,853,251 units at $1.19, an increase of 3 cents for a value of $2.2 million. Jamaica Money Market Brokers traded 423,340 units valued at $3.6 million, the last traded price was $8.50, a gain of 50 cents. Pan Jam lost 63 cents to close at $51.12 with only 801 units changing hands. Sagicor Life traded 70,333 units to close at $8.40 down 30 cents and Scotia Group traded 51,680 to close at $21.06, off by 2 cents. Seprod fell $1.75 to $13 with only 1,100 shares trading.

Junior market | Stocks of 9 junior market companies traded as 2 advanced and 3 declined. Access Financial Services traded 67,570 units at $8.51 but traded as high as $9. Caribbean Creams traded 34,000 at $1.05 at the close but had a bid of $1.07 for 200,000 units at the end of trading. Caribbean Producers produced a volume of 154,958 units and closed trading at $2.03. Jamaican Teas traded 175,538 units at $4.35, slipping 5 cents on the day. Lasco Financial traded 114,784 shares firm at $1.49, down 3 cents. Lasco Manufacturing closed at $1.53, down 3 cents while trading 331,850 units.

Eppley shares that were listed on July 29, have still not traded and have no bids or offers at the close of trading.

Proven Investment ordinary shares traded 2,007,350 units valued at US$233,882, at 12 cents each.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer sentiment indicator shows that bids for 6 stocks were higher and offers of 2 were lower than their last selling price.

After the bell | Proven Investments posted net profit after tax of US$1,033,815 for the June quarter versus US$845,876 in 2012. Earnings per share was 0.35 US cents.

Guardian Holdings reported TT$36.571 million compared to TT$98.7 million and for the six months TTS$106.4 million down from $195.6 million in 2012.

Friday, 9th August 2013 | Cable & Wireless was the dominant stock traded on the last day of the holiday-shortened week, when buyers picked up 11.5 million units of the telecom company at 15 cents each for a total sum of $1.73 million thus cutting the supply of the stock at that price, to 12.5 million. The company should be releasing results for the June quarter by next week and this most likely will stimulate interest one way or the other.

The market closed off the week with high volume of 13.2 million shares but only because of Cable & Wireless trades as the total value for trading only amounted to $11.2 million. Stocks of 26 companies traded with 8 stocks advancing and 6 declining.

Main market trades of note | The all Jamaica Index shed 542.03 points to close at 86,348.95 and the JSE market index fell 308.06 to close at 85,906.57.

Caribbean Cement traded 23,956 shares and was up 20 cents to close at $1.59, a 52 weeks high, the bid closed at $1.61 for 258,000 units. Carreras traded 59,363 shares between $51.18 and $50.50, the stock closed off 98 cents at $50.52. Desnoes & Geddes closed 9 cents down at $4.61 as 68,250 units traded. Jamaica Money Market Brokers traded 65,033 units with the last traded price of $8, but was as high as $8.45, the stock lost 20 cents. Pan Jam gained 64 cents to close at $51.75 with only 1,100 units changing hands. Sagicor Investments traded just 13,385 units to close at $16.53 down $1.47 and Seprod traded 100,000 to close firm at $14.75. Jamaica Money Market Brokers 8.5 percent preference shares traded 400 shares at an all-time high of $3.70 up 14 cents on the day.

Junior market | General Accident Insurance traded 42,000 shares firm at $2 but traded as low as $1.85, Lasco Distributors traded 700,232 units to close down 2 cents at $1.46, Lasco Financial traded 136,381 units to close 1 cent higher at $1.52, Lasco Manufacturing closed at $1.56 gaining 4 cents while trading 148,500 units.

Newly listed Eppley have still not traded and has no bids or offers at the close of trading.

Proven Investment Preference shares traded 101,000 units valued at $514,000, at $5.09.

Market intelligence | The pressure eased on Cable & Wireless this week as the amount of stock on offer at 15 cents dropped sharply to 12.47 million after trading 15.8 million shares since Wednesday. The demand for the stock has not changed much. After the offer at 15 cents, the next meaningful level is at 19 cents. The coming week will determine the medium term direction of this stock with results due this coming week.

Demand for Carreras is low with about 120,000 units on the bid. Supply does not appear all that great but could overwhelm demand if sellers want out considering the poor first quarter results that could continue into the second quarter. Caribbean Cement demand has built up significantly while supply has disappeared almost completely helped by the release of quarterly results showing a return to profitability. Desnoes & Geddes is under some selling pressure with 1 million shares on offer at $4.85 and 1 million at $5.18 with a major bid at $4.50 for 1.5 million units. Results for the June quarter which should be up on 2012 is not expected until month end. Gleaner has selling at $1.49 and $1.50 for 13 million units with a bid for 1.15 million at $1.16.

In spite of a 41 percent rise in second quarter profit, Grace Kennedy has not attracted a preponderance of buy orders. Jamaica Money Market Brokers is not in very strong demand ahead of the June results, due in days even as selling seems to be close to $9. Mayberry now has a second bid of 1 million shares at $2 per share after weeks of just one bid in place at $2.60, supply of the stock is low. National Commercial Bank has less than 50,000 units on offer below $23, at $23 is 103,000 units, at $24 is 20,000 units and 43,000 units at $25. Bids around $19 are in excess of all the supply in the market.

Radio Jamaica continues with a large bid or 4.3 million at $1.23, there is virtually no supply at this stage. Sagicor Life has a little more than 200,000 shares on offer between $9.02 and $15, the bids have stayed below $9 but could change soon with the company reporting a strong increase in second quarter results. Scotia Group looks fluid around the $21-23 level and may need the onset of results which are likely to be released by month end to change direction, supply of the stock is not very heavy.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer sentiment indicator shows that bids for 6 stocks were higher and offers of 2 were lower that than their last selling price.

After the bell | Sagicor Life posted strongly improved 2nd quarter results up by 39 percent to $1.56 billion versus $1.12 billion in June 2012 for the six months period. Profits, which was hit by the write off of gains in investment when the government debt exchange took place in the first quarter came in at $2.18 billion compared to $2.6 billion in 2012.

Sagicor Investment profits were flat for June quarter at $331 million while year-to-date results was $338 million versus $800 million in 2012.

Big jump in Consolidated Bakeries profit before tax of $14.25 million for the six months to June vs $9 million in 2012 represents a 58 percent increase with $10.6 million in the latest quarter vs the 2012 results being $1.85 million or a 47 percent increase. Revenue for the six month period increased by 30.69 percent and for the quarter by 40.46 percent over the same periods last year.

Thursday, 8th August 2013 | The Jamaican stock market suffered declines across the board for all indices in spite of a positive advanced decline ratio of 8 to 6, albeit moderate.  The all Jamaica Index lost 89.71 points, closing at 86,890.98 and the JSE market index slipped by 50.98 to close at 86,214.63 and the Junior market eased to close at 801.72, 19 points lower than on Wednesday.

Just under $18 million worth of shares traded accounting for a volume of 6.57 million units. Cable & Wireless, which barely traded for several weeks, has now attracted interest ahead of the June quarter results as the stock traded 3 million units, in addition to 1.32 million on Wednesday, thus reducing the amounts on sale at 15 cents to 24 million units. Elsewhere, the other main contributions to the volume were Lasco Distributors traded 1.2 million units, Supreme Ventures 943,000 and 650,000 of Jamaica Money Market Brokers.

Carreras traded flat at $51.50 with just under 50,000 units. Caribbean Cement, continuing its response to the return to profit in the June quarter, gained 19 cents to close at $1.39 as 56,423 units traded. Grace gained 20 cents to close at $56.40 with very limited volume. Jamaica Money Market Brokers followed up yesterday’s 502,000 units traded and valued at $4 million with today’s larger volume worth $5.49 million and closed at $8.20, up 20 cents. National Commercial Bank traded just 21,750 units between $19.10 and $19.30 before closing at $19.30; demand seems to be building at the $19 level but supply is drying up below $23 and this is contributing to the low volumes being traded as investors try to get supplies at the lowest prices possible. Sagicor Life traded 256,514 units, closing up 5 cents at $8.70 but traded as high as $9. Scotia Group traded just 58,586 units down from just over 2 million units on Wednesday and closed the day at $21.01 after trading as high as $22. Supreme Ventures traded down to $2.75, off 15 cents, in direct response to the lower profit reported for the June quarter.

Junior market | Only stocks of 8 companies traded in the junior market as the prices of 3 gained and 2 fell, all with small changes.  Caribbean Creams traded 44,644 shares to close firm at $1.06. Dolphin Cove traded 24,417 units firm, at $1.35. KLE Group traded 10 cents down to another all-time low of $1.70 with 5,000 shares trading. Lasco Distributors saw 1,198,070 units changing ownership and closed firm at $1.48 and Lasco Financial, which traded 195,148 units, closed at $1.51.

Eppley shares still have not traded and has no bids or offers at the close of trading.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 8 stocks were higher with3 stocks having offers lower than their last selling price.

After the bell | Kingston Properties released results showing a loss before fair value gain on investment property and miscellaneous income at $6.7 million for the six months ended June, 2013, compared with a profit of $6.7 million for the similar period in 2012. Profit for the latest quarter is $554,000 versus $4.2 million in 2012.

Wednesday, 7th August, 2013 | The Jamaican stock market was dominated by trading in Scotia Group as just over 2 million units of the stock traded valued at $45 million as high as $23.49 but closed at the last trading price of $21.02. The other major trade on the day after the Independence Holiday was Jamaica Money Market Brokers trading 502,000 units valued at $4 million as the stock closed at $8, a decline of 16 cents. Jamaica Producers traded firm at $17.05 while trading 45,549 units valued at $816,000, Sagicor Life Jamaica traded 80,000 units closing down 20 cents at $8.65. Cable & Wireless traded 1,324,034 with just one trade at 15 cents thus reducing the amounts on offer at that price to 27 million units.

Carreras gained 39 cents to close at $51.50 with just under 7,000 units. Caribbean Cement responding to profit reported in the June quarter gained 20 cents to close at $1.20. Grace gave up 30 cents to close at $56.20 with limited volume. Kingston Wharves lost 29 cents to close at $7.51 with nearly 30,000 units trading.

The market closed today with stocks of 26 companies trading 6,149,080 valued at $61.36 million. There were 7 stocks advancing and 11 declining. The all Jamaica Index gained 209.24 points to close at 86,980.69 and the JSE market index went up by 118.92 to close at 86,265.61.

Junior market | Stocks of 11 companies traded in the junior market as the prices of 3 gained and 4 fell and the index inched up by 0.21 points to close 801.91. Caribbean Producers traded 76,108 shares to close firm at $2.03. Consolidated Bakeries traded 78,542 units firm at $1.35. General Accident Insurance traded 78,542 units and closed at $2 after trading as low as $1.85. Jamaican Teas chipped in with 107,474 shares between $4.41 the last traded price and $4.50 as the stock gained 11 cents for the day. KLE Group traded firm at $1.80 with 84,000 shares trading. Lasco Distributors saw 378,260 units crossing the monitor in today’s trade as the price gained a cent, closing at $1.48 and Lasco Financial which traded 120,840 units and closed at $1.50 off 4 cents.

Blue Power lost 40 cents in closing at $9.60 on small volume and so did Cargo Handlers that lost 50 cents to close at $13.50 and Dolphin Cove that lost 20 cents to close at $8.90 off 10 cents.

Eppley shares have still not traded and has no bids or offers at the close of trading.

Proven Investment Preference shares traded 787,900 units valued at $4 million while the ordinary shares which are quoted in US dollars traded 297,526 units at a value of US$34,232. The stock lost a fraction of a cent to close at US0.115 cents.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 8 stocks were higher with2 stocks having offers lower than their last selling price.

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