There is only one change to ICInsider.com TOP10 listings this week, with Radio Jamaica coming back in the Main Market list at position 3. Following an earnings upgrade for the 2023 fiscal year, it replaces Jamaica Stock Exchange that ICInsider.com projects to have explosive results for the first quarter.
Radio Jamaica
In the wider market, Junior Market stocks keep on piling the pressure on the main market with the former closing the week at a record high, with year to date gains of 32.8 percent and is well on the way to ICInsider.com forecast of 60 percent for the year.
Thanks to a takeover announcement of AS Bryden, a Trinidad based company by Seprod, the Main Market moved higher for the week, with the All Jamaica Index just under 460,000 points, still well below 2020 high.
TOP10, Access Financial shares moved higher this past week as selling seems to have dried up and led the stock to a 22 percent rise during the week, to be the best performing stock in the TOP10. Access Financial has been beaten up for more than two years but is now worth watching. On Friday, well ahead of the close of the market, a buy order for 100,000 Access Financial shares was placed at $25.60, but only18,000 units were filled up to the close. There were no stocks on offer with any sizable quantity close to the bid price just before close, indicating that the price is heading higher.
Elite Diagnostic 
gained 8 percent to close the week at $3.90, but Caribbean Assurance Brokers that reported a profit for the first quarter versus a loss in 2021, fell by 6 percent and so did General Accident that is said to be having a good 2022, with Trinidad and Barbados expected to deliver positive results versus a loss of around $200 million in 2021. Movement of main market stocks was more subdued than their junior counterpart, with the Jamaica Stock Exchange rising a mere 4 percent and selling at 8 times this year’s earnings, with a blowout first quarter results due shortly. Caribbean Cement, surprisingly, fell 8 percent as buying interest in the stock is low, even as the first quarter results suggest the stock is highly undervalued.
The average PE for the JSE Main Market TOP 10 ends the week at 6.2, well below the market average of 15.5, while the Junior Market PE for the TOP10, sits at 6.2 versus the market at 13.8. The Junior Market TOP10 is projected to gain an average of 230 percent to May 2023 and the Main Market 201 percent.
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 the end of May 2023 and are 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 are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
The All Jamaican Composite Index rallied 726.82 points to settle at 459,116.74, the JSE Main Index added 1,210.82 points to end at 401,715.42 and the JSE Financial Index dipped 0.09 points to settle at 93.33.
At the close, Berger Paints rose $1.45 to end at $11.95, with 52,121 shares crossing the exchange, Caribbean Cement lost $1 in closing at $69, trading 10,358 stock units, Eppley Caribbean Property Fund jumped $4 to $49, with 13,702 units crossing the market. GraceKennedy rallied 50 cents to close at $111, with 127,161 stocks changing hands, Guardian Holdings fell $11 in ending at $520 after exchanging 2,194 shares, Jamaica Broilers popped 60 cents in closing at $28.70 after trading 16,277 stock units. Jamaica Producers dropped $1.70 to $22.25 in exchanging 7,694 stocks, Jamaica Stock Exchange shed 96 cents to $22.99 with the swapping of 554,842 units, JMMB Group declined 79 cents to close at $47 after trading 360,914 shares. Key Insurance lost 33 cents to end at $4.37, with 70,828 units clearing the market, Kingston Wharves declined 70 cents in closing at $39.25 while exchanging 5,099 stocks, Mayberry Jamaican Equities climbed $2.11 to close at a 52 weeks’ high of $14.30 in an exchange of 69,072 stock units. NCB Financial shed $2 to $106.50 in switching ownership of 41,032 stocks, Palace Amusement advanced $99.95 to end at $1100 after trading 58 shares, PanJam Investment gained $2.50 in ending at $67 with 47,723 units changing hands. Proven Investments popped 50 cents in closing at $38 in exchanging 30,451 stock units, Sagicor Group fell $2 to $55 with an exchange of 16,409 shares, Scotia Group dropped 44 cents to close at $35.01 after 20,087 stocks crossed the market.
Supreme Ventures rose 46 cents to end at $29.96 in exchanging 233,006 units, Sygnus Credit Investments climbed 37 cents to $17 in switching ownership of 90,454 stock units and Wisynco Group fell $1 to $25 with an exchange of 704,723 units.
The All Jamaican Composite Index shed 432.05 points to end at 458,389.92, the JSE Main Index fell 920.97 points to close at 400,504.59 and the JSE Financial Index fell 0.62 points to settle at 93.42.
At the close, Berger Paints rose 50 cents to end at $10.50, with 6,364 shares crossing the market, Eppley gained $1.95 to close at $42.10 after exchanging 545 stock units, Eppley Caribbean Property Fund lost $3.50 in ending at $45 after trading 553 stocks. First Rock Capital climbed $1.58 in closing at $13.23 while exchanging 15,054 units, GraceKennedy dropped 50 cents to $110.50, with 192,130 shares changing hands, Guardian Holdings increased $15.15 in closing at $531 in exchanging 1,874 units. Jamaica Broilers shed 90 cents to end at $28.10 with the swapping of 27,361 stock units, Jamaica Stock Exchange advanced $1.70 to close at $23.95 with an exchange of 125,272 stocks, Margaritaville popped 90 cents to $21 after exchanging 2,000 stock units. Mayberry Investments fell 43 cents after finishing at $8.82 with 8,303 shares changing hands, Mayberry Jamaican Equities rallied 79 cents to end at $12.19 after 157,430 units crossed the market, NCB Financial advanced $2.10 to $108.50 in trading 31,069 stocks. PanJam Investment declined $1.55 to close at $64.50 with the swapping of 73,167 stock units, Portland JSX shed $1 in closing at $11, with 675 shares crossing the exchange, Proven Investments lost 49 cents in ending at $37.50 after switching ownership of 37,192 units. 
Salada Foods gained 70 cents to $6.50, with 5,865 stocks clearing the market, Scotia Group rallied 45 cents to $35.45 in an exchange of 8,941 stock units, Seprod rose $10.05 to end at $73.05 after exchanging 124,121 stocks up to a 52 weeks’ intraday high of S80.57. Supreme Ventures dropped 50 cents in closing at $29.50, trading 229,819 shares and Wisynco Group climbed $1.80 to close at a 52 weeks’ high of $26 with 1,210,656 units changing hands.
The All Jamaican Composite Index dropped 305.20 points to 456,528.96, the JSE Main Index slipped 256.16 points to 399,793.50 and the JSE Financial Index dipped 0.06 points to settle at 94.66.
At the close, Berger Paints lost 60 cents in closing at $11, trading 32,665 shares, Caribbean Cement dropped $3.95 to $67.15 while exchanging 31,080 units, First Rock Capital rallied $1.01 to close at $13.26 with an exchange of 26,604 stock units. GraceKennedy fell $1.95 to end at $107, with 764,383 stocks crossing the market, Jamaica Producers shed $1.45 in ending at $22.30 after an exchange of 56,875 stock units, JMMB Group declined 40 cents to $45.40 in switching ownership of 156,172 units, Kingston Wharves gained $4.50 in closing at $38.50 after 153,896 stocks crossed the exchange, Margaritaville declined $5.40 to $20.10 after exchanging 3,681 shares, Mayberry Jamaican Equities lost 60 cents to $11.40 in trading 245,372 shares. MPC Caribbean Clean Energy fell $8.75 to close at $102 in exchanging 199 stocks, NCB Financial popped $3.85 to $114.10 with 20,685 units clearing the market, Palace Amusement rose $95 to close at $1015 after finishing trading of 422 stock units. Portland JSX shed 40 cents in closing at $12 with the swapping of 69 units, Proven Investments advanced 88 cents to $37 and closed trading of 55,512 shares, Sagicor Group increased 48 cents to end at $57.97 after exchanging 130,033 stock units. Salada Foods dropped $1 to end at $5.69, with 45,609 stocks changing hands, Scotia Group climbed 33 cents to $36.13, with 241,414 shares crossing the market, Seprod shed $3.50 in closing at $58.30 in an exchange of 12,315 stock units. 
Sygnus Credit Investments declined 50 cents to $16.50 in exchanging 236,881 stocks, Sygnus Real Estate Finance rose $2.94 to close at $18.05 in switching ownership of 5,482 units, Wisynco Group increased 35 cents, ending at a 52 weeks’ high of $24.85 while exchanging 77,458 units.
Trading averages 298,683 units at $5,469,921 compared to 266,813 shares at $7,163,958 on Friday. April closed with an average of 532,209 units at $5,709,319.
Salada Foods increased 59 cents in a finish at $6.69 after 192,342 shares crossed the exchange, Scotia Group shed 40 cents to end at $35.80 with an exchange of 29,148 stocks. Supreme Ventures rallied $1 to $28.50, trading 523,606 units, Sygnus Credit Investments advanced 52 cents to close at $17 with the swapping of 164,871 stocks, Sygnus Real Estate Finance declined $1.19 in ending at $15.11 after switching ownership of 1,346 stock units and Wisynco Group rallied $1.50 in closing at $24.50 in an exchange of 106,590 shares.
The Main Market that ICInsider.com forecast to deliver a 14 percent rise for the year struggles to break from consolidation so far, with a rise of just 4.8 for the four months to April and is consistent with a 14 percent increase for the year. It is quite likely that the market PE could climb closer to a PE of 18, which will push the annual gains to around 30 percent if the financial stocks show good increases in profit for the year. That is a very likely situation as the hike in interest rates is driving net interest income sharply upwards.
In addition to the Top15 selection for each market at the start of the year, we added a few stocks. There were nine winning stocks with good gains. The list includes AMG Packaging 73 percent, Dolphin Cove 47 percent, Elite up 26 percent, Everything Fresh 83 percent, iCreate 263 percent, Jetcon 75 percent, Spur Tree Spices 215 percent, Stationery and Office Supplies 46 percent and Tropical Batteries up 124 percent for the year to date and up 64 percent since ICInsider.com added it was added to the TOP10 on February 25. Caribbean Cream, down 7 percent, is the only Junior Market stock selection to fall.
The big TOP15 winners for the Main Market are Caribbean Producers, up 42 percent, Jamaica Stock Exchange at 22 percent, JMMB Group at 16 percent and Proven at 14 percent. Berger Paints, down 7 percent, Jamaica Broilers, with a fall of 3 percent and Scotia Group, down one percent, are the only losers in this segment.
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.
The All Jamaican Composite Index rose 608.23 points to end at 459,174.28, the JSE Main Index gained 658.02 points to close at 401,858.38 and the JSE Financial Index added 0.36 points to settle at 94.68.
At the close, Caribbean Cement climbed $4.18 after ending at $75.18 with the swapping of 90,129 shares
The All Jamaican Composite Index rose 2,293.01 points to 458,821.97, the JSE Main Index rallied 1,632.06 points to end at 401,425.56 and the JSE Financial Index lost 0.62 points to settle at 94.04.
At the close, Berger Paints fell $1 in ending at $10 after exchanging 22,941 shares, Caribbean Cement rose $2.56 in closing at $69.71, with 2,840 stocks clearing the market, Caribbean Producers shed 42 cents to close at $18.06 after 245,495 units crossed the market. Eppley declined $2.35 to end at $40.15, with 24 stock units changing hands, Eppley Caribbean Property Fund gained $1.50 to close at $48.50, with an exchange of 3,852 stocks, First Rock Capital dropped $1.61 to close at $11.65 with the swapping of 62,868 stock units. GraceKennedy increased $4 in ending at $111 after 15,712 units changed hands, Guardian Holdings lost $4.20 to $515.85 after exchanging 1,501 shares, Jamaica Producers rose $1.65 in closing at $23.95, with 18,035 stocks crossing the market. Jamaica Stock Exchange lost $1.15 to end at $22.25 in exchanging 25,044 units, JMMB Group climbed $2.50 to $47.90 while exchanging 122,925 stock units, Kingston Wharves popped $1.50 to close at $40 in switching ownership of 5,583 shares. Massy Holdings fell 30 cents to $98.70 in trading 3,935 units, Mayberry Investments rallied 50 cents to $9.25 in an exchange of 160,607 shares, MPC Caribbean Clean Energy dropped $1 in closing at $101 after trading 500 stocks. NCB Financial declined $7.70 to end at $106.40 after trading 33,801 stock units, Palace Amusement shed $14.83 to $1000.17, with 33 shares crossing the exchange, Proven Investments advanced 99 cents to close at $37.99, with 30,660 stock units crossing the exchange. 
Sagicor Group shed 97 cents in closing at $57 after trading 12,371 units, Scotia Group declined $1.13 to $35 trading 48,867 stocks, Seprod rose $4.70 to $63 in an exchange of 44,160 stocks before the release that the company is to acquire 
At the close, Caribbean Cement rose $1 to $71, with 20,051 shares crossing the exchange, Carreras advanced 30 cents to $9.70 in switching ownership of 102,998 stocks, Eppley Caribbean Property Fund gained $2.50 to close at $47, with 395 stock units crossing the market. GraceKennedy increased $6.86 to end at a 52 weeks’ closing high of $111.88 with 79,927 units changing hands, Guardian Holdings climbed $15 in closing at $535 in an exchange of 86 stocks, Jamaica Broilers fell 58 cents to close at $27.92, with 96,395 units clearing the market. Jamaica Producers declined 90 cents to $22 while exchanging 86,290 shares, JMMB Group rallied $1.78 in closing at $47.96 after 157,286 stock units changed hands, Kingston Wharves popped $1.13 to $40.15 to close as 3,374 stock units passed through the exchange. Margaritaville dropped 40 cents to end at $25 with the swapping of 80 stocks, Mayberry Investments lost 41 cents in ending at $8 after exchanging 75,941 units, Mayberry Jamaican Equities shed 40 cents to close at $11.60 with an exchange of 377,042 shares. MPC Caribbean Clean Energy declined $4 to end at $111, trading 17 units, Palace Amusement popped $20 to $940 in trading five shares, PanJam Investment shed 70 cents in closing at $64.30 in exchanging 1,101 stocks. 
Portland JSX dropped 99 cents to $11 after exchanging 1,325 stock units, Proven Investments lost $1.78 in ending at $36 and trading 6,383 shares, Seprod fell 98 cents to end at $59.02 in switching ownership of 53,166 stock units. Supreme Ventures declined $2.50 in closing at $27 with the swapping of 339,249 units, Sygnus Credit Investments shed 38 cents to close at $15.62, with 121,541 stocks crossing the market, Sygnus Real Estate Finance gained 30 cents in ending at $16 and trading 400 shares and Wisynco Group lost 93 cents to close at $23.50 in exchanging 134,531 units.
At the close, Berger Paints climbed 34 cents in closing at $11.90 after 42,428 shares crossed the market, Caribbean Cement popped 30 cents to $70 in trading 35,496 stock units, Caribbean Producers dropped 57 cents to end at $17.91, with 374,412 units clearing the market. Eppley advanced $4.79 to $42.79 in switching ownership of 519 stocks, Eppley Caribbean Property Fund rose $2.50 to close at $44.50 after exchanging 1,841 stock units, First Rock Capital rallied 84 cents in ending at $12.49 after 920 stocks changed hands. GraceKennedy gained 94 cents to close at $105.02 after hitting an intraday 52 weeks’ high of %115, in an exchange of 564,310 units, Guardian Holdings increased $20 to end at $520 with 4 shares changing hands, Jamaica Producers advanced $1.40 in closing at $22.90, in an exchange of 6,544 stocks. Jamaica Stock Exchange popped $2.79 to $22.99 in trading 14,390 units, Key Insurance rose 40 cents to $4.90, with 2,032 shares crossing the exchange, Kingston Properties rallied 80 cents to end at $8.30, trading 17,220 stock units. NCB Financial shed $1 to close at $113 while exchanging 10,792 stocks, PanJam Investment climbed $1 in closing at $65 with the swapping of 12,153 shares, but only after trading at an intraday low of $60. Portland JSX gained 99 cents ending at 52 weeks’ high of $11.99 after trading 16,976 units. 
Proven Investments increased 78 cents to $37.78, with 32,813 stock units changing hands, Pulse Investments lost 33 cents at $3.83, with 1,608,039 shares crossing the market, Scotia Group advanced $1.09 in closing at $35.99 with the swapping of 14,538 stocks. Seprod declined $1.30 to close at $60 while exchanging 19,204 stock units, Sygnus Credit Investments climbed $1 to end at $16, 559,203 units crossing the market, Sygnus Real Estate Finance fell 40 cents in ending at $15.70 after exchanging 8,400 stocks and Wisynco Group rose 43 cents to end at 52 weeks’ high of $24.43, with 389,223 stock units crossing the market.