The Junior Market closed at record highs on each of the last seven days, fueled by an upsurge in trading, with several days ending with all listed securities trading driving the volume and value traded upwards to levels not seen in months and resulting in several stocks reaching new 52 weeks’ highs.
The Main Market showed some bullishness this past week with the JSE All Jamaican Composite Index climbing 6,525.97 points to the highest level since late October last year. More than two thirds of the gains came on Friday helped by gains by heavyweights, Sagicor Group putting on $1, Scotia Group popping $1.60 and Wisynco jumping $2.25 after reporting strong increased profit for the December quarter.
The Junior Market Index is up a remarkable 16.3 percent for the year to Friday that is more than half of all of the 2021 gains, with the average rise in prices even greater at 19 percent. That quick upward movement is equivalent to an annualized gain of 194 percent and may result in investors questioning its sustainability.
Spur Tree Spices seems to have reached a peak for now but the previously last listed Junior Market stock, Future Energy, gained new life and sprinted to an all-time high of $4.50, no doubt driven by investors’ views that the increased price of gasoline will drive up sales and margins. While sales will rise in dollar terms margin may not. The party was not only for the gasoline supplier, Fontana in the TOP10 for the week ending the 21st of January at $7.40 hit new record highs this week up to $12.49 for an increase of 69 percent in a matter of weeks.
Two high performing stocks pulled back this week Dolphin Cove hit a record high of $30 during the week but pulled back to $22 on Friday while former ICTOP10 listed Caribbean Producers hit a record high of $25.99 earlier in the week, pulled back to $16 on Thursday before closing the week at $17.85. December results should be out for this stock during the coming week and will have benefitted from the resurgence in tourist arrivals.
Medical Disposables gained 12 percent this past week to end at $7.55 and exited the Junior Market TOP10 listing, with Elite Diagnostic having traded at a 52 weeks’ high of $4.40 two weeks ago and ended the previous week at $3.73, suffered more losses this past week and is back to the TOP10. In the Main Market, Scotia Group rose nine percent to $37.50 and was replaced in the TOP10 by Jamaica Broilers.
Lasco Distributors jumped 15 percent to $3.73 ahead of third quarter results due out shortly and General Accident moved up 7 percent to $6.50, while Honey Bun and Jetcon Corporation both rose 5 percent in the week. AMG Packaging rose 3 percent to end at $3.70 and so did Caribbean Assurance Brokers that closed at $3.10.
Guardian Holdings climbed 5 percent to close at $575, JMMB Group held on to a 2 percent rise for the week and traded at a 52 weeks’ high of $44.61 on Friday but closed at $41.99. Pan Jam Investment and Radio Jamaica settled with a 5 percent rise for the week, while Proven Investment lost 8 percent to close at US$0.21 and Sygnus Credit Investments slipped 4 percent to $15.23.
The sharp price movements in the Junior Market over the recent past weeks reduced the potential gains markedly, with the average increase projected for the TOP 10 Junior Market stocks now at 104 percent versus 114 percent last week and is now lower than the Main Market at 128 percent.
The top three stocks are Caribbean Assurance Brokers followed by Lasco Financial and Lasco Distributors to gain between 114 and 126 percent, compared to 128 and 148 percent, previously.
The potential gains for Main Market stocks moved from 131 percent to this weeks’ 128 percent, with the top three being JMMB Group followed by Guardian Holdings and Sygnus Credit Investments all projected to gain between 165 and 186 percent from 155 and 193 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 has virtually merged just below 17 times 2021 earnings.
The Junior Market closed the week, with an average PE of 16.8 based on ICInsider.com’s 2021-22 earnings and is currently below the target of 20 and now virtually at the average of 17 that was achieved at the end of March last year. The TOP 10 stocks trade at a PE of a mere 9.8, with a 42 percent discount to that market’s average. That means there is a lot of room for the TOP10 stocks to run between now and the end of March.
The Junior Market can gain 19 percent to March this year, based on an average PE of 20 that would take the index to 4,700 points. About a third of Junior Market stocks with positive earnings are trading at or above this level, averaging around 23.
The average PE for the JSE Main Market is 16.4 just 16 percent less than the PE of 19 at the end of March and 22 percent below the target of 20 to March this year. The Main Market TOP 10 average PE is 8.9 representing a 46 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 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.
More changes for ICTOP10 listings
Big rise for JSE Main Market
Market activity ended on Friday with the volume of shares rising 20 percent more and the value 15 percent higher than on Thursday on the Jamaica Stock Exchange Main Market as rising stocks beat out those declining leading the market indices to make a sharp turn higher at the close.
The All Jamaican Composite Index jumped 4,451.26 points to 448,534.65, the JSE Main Index rallied 2,102.47 points to close trading at 396,802.02 and the JSE Financial Index slipped 0.17 points to end at 96.47.
A total of 59 securities traded versus 58 on Thursday, with 28 rising, 17 declining and 14 ending unchanged.
The PE Ratio, a formula for computing appropriate stock values, averages 16.4. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
A total of 12,877,557 shares were exchanged for $136,432,061 up from 10,750,192 units at $118,283,579 on Thursday. Sagicor Select Manufacturing & Distribution Fund led trading with 16.4 percent of total volume in transferring 2.11 million shares followed by QWI Investments with 14.6 percent for 1.87 million units, 
Sagicor Select Financial Fund with 12 percent for 1.55 million units, JMMB Group 7.5% preference share accounted for 9.6 percent with 1.24 million units and Transjamaican Highway, 1.07 million units with 8.3 percent market share.
Trading averages 218,264 units at $2,312,408, up from 185,348 shares at $2,039,372 on Thursday and month to date, an average of 238,836 units at $2,520,773, compared to 245,893 units at $2,592,246 previously. January closed with an average of 235,328 units at $2,397,571.
Investor’s Choice bid-offer indicator shows six stocks ending with a bid higher than its last selling price and four with lower offers.
At the close, Barita Investments rallied $2.50 to close at $93 in trading 3,172 shares, Caribbean Cement rose $4.95 to end at $75 with a transfer of 135,496 stock units, Caribbean Producers fell $2.05 to $17.85 with 325,734 units clearing the market. Eppley Caribbean Property Fund shed 98 cents ending at $42 after exchanging 34 stocks, First Rock Capital lost 30 cents in closing at $11.72 with 7,582 stock units changing hands, GraceKennedy rose $1.90 to $103.50 after a transfer of 82,660 shares. Guardian Holdings climbed $40 to close at $575 with the swapping of 3,638 units, Jamaica Producers lost 81 cents and closed at $22.19 in switching ownership of 69,771 shares, Jamaica Stock Exchange gained 95 cents after ending at $17.95 with 116,988 stock units crossing the market. JMMB Group shed $1.01 to end at $41.99 with the swapping of 455,271 stocks, Margaritaville rose $1.05 to close at $25 in exchanging 662 units, Massy Holdings dropped $50 ending at a low since listing of $2,050 after 8,308 shares crossed the market. 
Mayberry Investments shed $1.09 to settle at $6.11 with 8,258 stocks changing hands, Portland JSX fell $2.08 to end at $6.92 in switching ownership of 10,001 shares, Proven Investments popped 99 cents to $33 with 8,854 units traded. Sagicor Group climbed $1 to $54 in an exchange of 35,143 stock units, Scotia Group advanced $1.60 to $37.60 with 25,221 units crossing the exchange, Seprod rallied $3.10 to $62.10 with the swapping of 24,328 shares. Supreme Ventures gained 30 cents after ending at $18 with 247,772 stock units clearing the market, Sygnus Real Estate Finance advanced $2.70 in closing at $18.20 with an exchange of 780 stocks and Wisynco Group popped $2.25 to close at a 52 weeks’ high of $20 in trading 703,826 shares.
In the preference segment, Eppley 7.50% preference share gained 30 cents after closing at $6.90 in switching ownership of 900 stock units and JMMB Group 7.25% preference share lost 70 cents to end at $2.30 with an exchange of 34,582 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks dominant on JSE Main Market
Market activity ended on Thursday with the volume of shares traded declining 26 percent and theJ value 28 percent lower than on Wednesday at the close of the Jamaica Stock Exchange Main Market as stocks declining had the upper hand on those rising but leaving the market indices with modest movements.
The All Jamaican Composite Index rallied 128.30 points to 444,083.39, the JSE Main Index shed 748.16 points to end at 394,699.55 and the JSE Financial Index popped 0.01 points to 96.64.
Trading ended with 58 securities up from 57 on Wednesday, with 19 rising, 28 declining and 11 ending unchanged.
The PE Ratio, a formula used to compute appropriate stock values, averages 16.5. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
Overall, 10,750,192 shares were exchanged for $118,283,579 versus 14,616,612 units at $163,291,537 on Wednesday. Wigton Windfarm led trading with 42.8 percent of total volume with a transfer of 4.6 million shares followed by Transjamaican Highway with 12.8 percent for 1.38 million units and Caribbean Producers, 10.6 percent with 1.14 million units changing hands.
Trading averages 185,348 units at $2,039,372, compared to 256,432 shares at $2,864,764 on Wednesday and month to date, an average of 245,893 units at $2,592,246, down from 276,696 units at $2,873,533 on the previous day. January closed with an average of 235,328 units at $2,397,571.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments fell $2.50 to $90.50 after swapping of 10,004 shares, Berger Paints rose $1 to $13.50 in exchanging one stock unit, Caribbean Cement shed $1.45 to end at $70.05 with 22,242 units changing hands. Eppley lost 49 cents to settle at $34.50 with a transfer of 1,468 stocks, Guardian Holdings declined $25 in closing at $535after exchanging 799 stocks, Jamaica Broilers lost 50 cents to end at $27 in trading 37,827 shares. Jamaica Producers slipped 37 cents after ending at $23, with ownership of 24,322 units switched, JMMB Group rose $1.10 in closing at 52 weeks’ closing high of $43 after exchanging 286,808 shares, Kingston Wharves shed $1.15 to end at $40.30 after 16,595 stock units crossed the market. Margaritaville advanced $2.92 to $23.95 with the swapping of 6,611 units, Massy Holdings dropped $100 to close at $2,100 in trading 3,379 shares, Mayberry Investments advanced $1.64 to $7.20 with 4,205 stocks clearing the market. Mayberry Jamaican Equities popped 43 cents to $8.95 in trading 26,825 units, MPC Caribbean Clean Energy climbed $5 to $120 in switching ownership of 2 stock units, NCB Financial fell 51 cents to $132.49 with the swapping of 279,319 shares. Palace Amusement rallied 52 cents to close at $930 in transferring 57 stocks, PanJam Investment popped 30 cents in closing at $65.80 after trading 7,461 units, Proven Investments declined 99 cents to end at $32.01 with 59,351 stock units changing hands. 
Sagicor Group advanced $1.25 to $53 with an exchange of 63,042 shares, Scotia Group rose 50 cents to $36 in trading 8,092 stocks, Seprod slipped 91 cents in closing at $59 with 10,603 stock units crossing the exchange. Supreme Ventures lost 30 cents to finish at $17.70 after exchanging 28,346 stocks, Sygnus Credit Investments gained 60 cents to end at $15.30 in switching ownership of 299,610 shares and Sygnus Real Estate Finance declined $1.50 to $15.50 in trading 12,100 units.
In the preference segment, JMMB Group 7.25% preference share fell 51 cents to close at $3 with an exchange of 1,623 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Down day for JSE Main Market
Market activity ended on Wednesday with the volume of shares declining 14 percent with the value a shade lower than on Tuesday at the close of the Jamaica Stock Exchange Main Market as rising stocks beat out those declining, but that failed to prevent the market indices from falling.
The All Jamaican Composite Index fell 2,070.35 points to 443,955.09, the JSE Main Index dropped 3,606.20 points to 395,447.71 as Massy Holdings dipped to a low during the day since listing last week and the JSE Financial Index shed 1.19 points to end at 96.63.
Trading ended with 57 securities similar to Tuesday, with 23 rising, 21 declining and 13 ending unchanged.
The PE Ratio, a formula for computing appropriate stock values, averages 16.6 The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
Overall, 14,616,612 shares were exchanged for $163,291,537 versus 16,926,745 units at $164,291,275 on Tuesday. Wigton Windfarm led trading with 30.4 percent of total volume for an exchange of 4.44 million shares followed by Sagicor Select Financial Fund, 16.7 percent with 2.45 million units, Transjamaican Highway, 10.8 percent with 1.58 million stock units, Caribbean Producers, 10.6 percent after an exchange of 1.55 million shares and QWI Investments with 7.5 percent after trading 1.09 million units.
Trading averaged 256,432 units at $2,864,764, compared to 296,960 shares at $2,882,305 on Tuesday and month to date, an average of 276,696 units at $2,873,533. January closed with an average of 235,328 units at $2,397,571.
Investor’s Choice bid-offer indicator shows 8 stocks ended with bids higher than their last selling prices and two with lower offers.
In trading, Barita Investments lost 49 cents to finish at $93 in exchanging 13,158 shares, Berger Paints slipped 50 cents to $12.50 with a transfer of 24,808 units, Caribbean Producers fell $3.72 to $20 with 1,547,894 stocks clearing the market. Eppley Caribbean Property Fund advanced $5.15 to $42.99 after trading 454 stock units, First Rock Capital gained 35 cents in closing at $12.15 with 23,437 units changing hands, GraceKennedy declined $1.95 to close at $101.50 with an exchange of 125,259 stock units. Guardian Holdings climbed $29 to $560 after exchanging 221 shares, Jamaica Stock Exchange fell 90 cents to $17 in switching ownership of 7,610 stocks, JMMB Group rose 61 cents to end at $41.90 with the swapping of 121,622 stock units. Kingston Wharves gained 45 cents in ending at $41.45 after 19,723 shares crossed the market, Massy Holdings popped $51 to close at $2,200 in exchanging 13,779 stocks after hitting a slow of $2,050 since listing last week, Mayberry Investments fell $1.94 to $5.56 in switching ownership of 35,359 units. Mayberry Jamaican Equities lost 48 cents in ending at $8.52 with 39,274 stock units changing hands, Palace Amusement shed $20.52 in closing at $929.48 with the swapping of 29 stocks, PanJam Investment rallied 50 cents to $65.50 in transferring 3,393 shares. 
Proven Investments popped 99 cents to settle at $33 after 9,405 units crossed the market, Sagicor Group fell $1.45 to $51.75 in an exchange of 38,073 stocks, Scotia Group rallied 50 cents in closing at $35.50 trading 439,789 shares. Stanley Motta rose 83 cents to close at $5.83 with 695 stocks changing hands, Supreme Ventures gained 50 cents to finish at $18 with the swapping of 146,271 stock units, Sygnus Credit Investments lost 30 cents to end at $14.70 with 297,540 stock units crossing the market and Sygnus Real Estate Finance rose 95 cents to close at $17 in exchanging 3,511 shares.
In the preference segment, Eppley 7.50% preference share rose 60 cents to $6.60 with 200 stock units changing hands and JMMB Group 7.25% gained 32 cents after ending at $3.51 with 530 units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Mixed trading for JSE majors
Market activity ended on Tuesday with the volume of shares rising 21 percent valued 15 percent below Monday’s trading on the Jamaica Stock Exchange Main Market, with a mixed performance at the close as declining stocks overwhelmed those that declined.
The All Jamaican Composite Index gained 532.85 points to settle at 446,025.44, the JSE Main Index dropped 2,606.23 points to 399,053.91 and the JSE Financial Index shed 1.29 points to close at 97.82.
Trading ended with 57 securities down from 59 on Monday, with 21 rising, 25 declining and 11 ending unchanged.
The PE Ratio, a formula for computing appropriate stock values, averages 16.3. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
Overall, 16,926,745 shares were exchanged for $164,291,375 versus 13,983,941 units at $192,500,816 on Monday. Wigton Windfarm led trading with 24 percent of total volume for an exchange of 4.05 million shares followed by Transjamaican Highway, 17.2 percent with 2.92 million units, Sagicor Select Financial Fund, 11 percent share with 1.87 million units, QWI Investments with 1.49 million units for 8.8 percent market, Caribbean Producers, 6.1 percent after a transfer of 1.03 million units and JMMB Group 7.35% – 2028 with 6 percent for 1.02 million units changing hands.
Trading averages 296,960 units at $2,882,305, compared to 237,016 shares at $3,262,726 on Monday. The average trade for January was 235,328 units at $2,397,571.
Investor’s Choice bid-offer indicator shows 13 stocks ended with bids higher than their last selling prices and four with lower offers.
Caribbean Cement fell 50 cents to $71.50 after 5,494 shares crossed the exchange with, Caribbean Producers rose 82 cents to close at $23.72 in trading 1,033,334 stocks, GraceKennedy advanced $3.45 to end at $103.45 in switching ownership of 218,380 stock units. Guardian Holdings declined $8.99 in closing at $531 with 729 units clearing the market, JMMB Group popped $1.29 to $41.29 with the swapping of 369,420 stocks, Kingston Properties rose 89 cents in closing at $9.74 with 500 units changing hands. Kingston Wharves lost 60 cents to finish at $41 in transferring 6,301 shares, Massy Holdings dropped $314 to close at the lowest point since listing on this market at $2,149 in exchanging 7,385 stock units, NCB Financial rallied $3 to end at $133 in switching ownership of 260,052 shares. Palace Amusement climbed $10 to $950 in an exchange of 147 stocks, PanJam Investment advanced $1.98 to $65 after trading 15,609 stock units, Sagicor Group declined $5.05 to close at $53.20 with 95,833 units changing hands. Scotia Group fell 50 cents to$35 with 94,066 stock units crossing the market, Stanley Motta lost 83 cents to settle at $5 with the swapping of 204,812 shares, Supreme Ventures gained 30 cents to close at $17.50 after trading 19,042 stock units.
In the preference segment, Community & Workers Credit Union gained 37 cents to end at $2.45 after exchanging 295 stocks, Jamaica Public Service 9.5% climbed $322.57 to a record $2,473.07 with a mere transfer of 2 units, JMMB Group 7.25% popped 39 cents to close at $3.19 in trading 3,000 stock units and Productive Business Solutions 9.75% preference shares rallied $38 in closing at a 52 weeks’ high of $138 with 1,443 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market strolls into month end with gains
Market activity ended on Monday with the volume of shares falling sharply by 68 percent and the value 65 percent lower than on Friday on the Jamaica Stock Exchange Main Market as rising stocks outpaced those declining and sending the main indices higher at the close to close off the first month of 2022, with overall gains of 1.5 percent.
The All Jamaican Composite Index rallied 3,483.91 points to 445,492.59, the JSE Main Index gained 1,195.33 points to end at 401,660.14 and the JSE Financial Index popped 0.27 points to 99.11.
Trading took place in 59 securities compared to 57 on Friday, with 28 rising, 22 declining and nine ending unchanged.
The PE Ratio, a formula for computing appropriate stock values, averages 16.4. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
Overall, 13,983,941 shares were exchanged for $192,500,816 versus 43,055,439 units at $551,820,655 on Friday. Transjamaican Highway led trading with 37.3 percent of total volume after a transfer of 5.2 million shares followed by Caribbean Producers, 10 percent, with 1.4 million units, QWI Investments accounted for 9.4 percent with 1.32 million units, Wigton Windfarm controlled 8.9 percent after trading 1.24 million shares and Sagicor Select Financial Fund contributed 7.9 percent for an exchange of 1.1 million units.
Trading averages 237,016 units at $3,262,726, compared to 755,359 shares at $9,681,064 on Friday and month to date, an average of 235,328 units at $2,397,571, compared to 235,234 units at $2,349,866 on Friday. December closed with an average of 479,143 units at $6,686,322.
Investor’s Choice bid-offer indicator shows 14 stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Caribbean Cement rallied 50 cents to $72 with 24,367 shares changing hands, Caribbean Producers advanced $2.90 to finish at a 52 weeks’ closing high of $22.90 with the swapping of 1,399,893 units, Eppley shed $1.30 to end at $35.20 trading 276 stocks. Eppley Caribbean Property Fund declined $4.36 in closing at $37.84 with an exchange of 434 stock units, GraceKennedy fell $3.50 to $100 in switching ownership of 208,862 shares, Guardian Holdings dropped $10.01 to close at $539.99 in exchanging 469 units. Jamaica Producers rallied 49 cents to $23.49 with a transfer of 49,196 shares, Jamaica Stock Exchange rose $1.17 in closing at $17.94 with the swapping of 110,303 stocks, JMMB Group shed 99 cents to end at $40 with 226,181 shares clearing the market. Kingston Properties lost 65 cents in ending at $8.85 with 1,628 stock units changing hands, Kingston Wharves advanced $1.60 to $41.60 in trading 1,829 stocks, Margaritaville popped $2.50 to $21 in switching ownership of 94 units. Massy Holdings dropped $257 in closing at $2,463 after an exchange of 24,441 stocks, MPC Caribbean Clean Energy climbed $14.87 to close at $114.87 with 100 stock units crossing the market, NCB Financial declined $3 to $130 in transferring 159,694 units. Proven Investments lost 45 cents to settle at $32 with the swapping of 26,315 shares, Radio Jamaica gained 40 cents in closing at $4.48 in an exchange of 696,349 stock units, Sagicor Group popped $4.74 to finish at $58.25 with 340,252 units changing hands. 
Salada Foods gained 40 cents to close at $6.90 after 16,436 shares cleared the market, Scotia Group rose 94 cents to $35.50 in exchanging 35,368 stocks, Sygnus Credit Investments fell 71 cents to end at $15.13 in switching ownership of 152,529 units. Sygnus Real Estate Finance fell $2.18 to $16.02 with the swapping of 1,605 stocks and Wisynco Group gained 35 cents to close at $17.85 with an exchange of 152,587 shares.
In the preference segment, JMMB Group 7.25% shed 78 cents in closing at $2.80 after trading 3,681 stock units and Productive Business Solutions 9.75% preference share fell $20 to $100 in switching ownership of 5 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
More fresh ICTOP10 listings
The markets were active this past week with the Junior Market closing at record highs on Thursday and Friday while the main market rose 2,750 points for the week, with former ICTOP10 listed Caribbean Producers hitting a record high of $20 at the close on Friday, up 19 percent from $16.74 last week and a stunning 614 since the start of 2021 as three TOP10 Main Market stocks enjoyed decent gains.
Access Financial fell from the Junior Market ICTOP10, with results for the nine months to December indicating that earnings for the full year will be in the $2 region rather than $2.60 that ICInsider.com previously projected, but it remains high on the 2022 TOP10. Elite Diagnostic traded at a 52 weeks’ high of $4.40 on Friday and ended at $3.73 with a gain of 7 percent in exiting the TOP10. 
Lumber Depot rose 10 percent to $3.20 and dropped out of the top listing. AMG Packaging rose 18 percent to end at $3.59, while Caribbean Assurance Brokers and Stationery & Office Supplies both gained 3 percent to remain in the TOP10. There are no new listings for the TOP10 Main Market for the week.
Guardian Holdings climbed 6 percent to close at $550, JMMB Group rose 8 percent to $40.99 and Sygnus Credit Investments jumped 10 percent to $15.84.
The sharp price movements in the Junior Market over the recent past weeks reduced the potential gains markedly, with the average increase projected for the TOP 10 Junior Market stocks now at 114 percent versus 119 percent last week and is now lower than the Main Market.
The top three stocks are Lasco Distributors followed by Caribbean Assurance Brokers and Lasco Financial to gain between 128 and 148 percent, compared to 131 and 150 percent, previously.
The potential gains for Main Market stocks moved from 139 percent to this weeks’ 131 percent, with the top three stocks being JMMB Group followed by Guardian Holdings and Sygnus Credit Investments all projected to gain between 155 and 193 percent from 151 and 254 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 has merged at 16.5 times 2021 earnings.
The Junior Market closed the week, with an average PE of 16.5 based on ICInsider.com’s 2021-22 earnings and is currently below the target of 20 and now very close to the average of 17 that was achieved at the end of March last year based on 2020 earnings. 
The TOP 10 stocks trade at a PE of a mere 9.4, with a 43 percent discount to that market’s average.
The Junior Market can gain 21 percent to March this year, based on an average PE of 20 that would take the index to 4,400 points. 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 8.8 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.
Strong gains for JSE Main Market
Market activity ended on Friday with the volume of shares trading surging 337 percent higher and the value jumping 158 percent more than on Thursday on the Jamaica Stock Exchange Main Market as rising stocks equaled those declining and driving the market indices higher at the close.
The All Jamaican Composite Index jumped 2,421.50 points to 442,008.68, the JSE Main Index climbed 3,294.94 points to close at 400,464.81 and the JSE Financial Index rose 0.82 points to end at 98.84.
Trading ended with 57 securities up from 55 on Thursday, with 21 rising, 21 slipping and 15 ending unchanged.
The PE Ratio, a formula for computing appropriate stock values, averages 16.6. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
A total of 43,055,479 shares traded for $551,820,655 up sharply from 9,854,246 units at $213,910,310 on Thursday. Wigton Windfarm led trading with 36.2 percent of total volume for an exchange of 15.57 million shares followed by Stanley Motta, 23.5 percent, with 10.11 million units, JMMB Group contributed 15.3 percent for 6.57 million units, Transjamaican Highway, 5.4 percent after trading 2.33 million units, 
Radio Jamaica accounted for 4 percent with a transfer of 1.74 million units and Sagicor Select Financial Fund, 2.9 percent after 1.24 million units changing hands.
Trading averages 755,359 units at $9,681,064 compared to 179,168 shares at $3,889,278 on Thursday and month to date, an average of 235,234 units at $2,349,866, compared to 205,968 units at $1,937,351 on the previous day. December closed with an average of 479,143 units at $6,686,322.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Cement gained 30 cents to settle at $71.50 after exchanging 10,695 shares, Caribbean Producers rallied $2.20 to close at a record high of $20 with 580,139 stocks clearing the market, Eppley advanced $1.50 after ending at $36.50 in exchanging 626 units. Eppley Caribbean Property Fund climbed $4.40 to $42.20 in switching ownership of 226 stock units, GraceKennedy rose $1 to end at $103.50 with 59,146 shares crossing the market, Guardian Holdings popped $17 to end at $550 in trading 3,657 stocks. Jamaica Producers gained 50 cents to close at $23 with 7,351 stock units changing hands, JMMB Group rallied $1.49 to $40.99 with the swapping of 6,570,142 units, Kingston Wharves declined $1.60 to $40 in an exchange of 6,701 stocks. 
Margaritaville dropped $4.50 in closing at $18.50 in transferring 538 units, Massy Holdings climbed $256.92 to close at $2,720 with an exchange of 35,938 stock units, Mayberry Investments lost 35 cents to $7.50 in trading 1,005 shares. Palace Amusement fell $5 in closing at $940 with 40 units changing hands, PanJam Investment fell $2.50 to end at $63 in switching ownership of 12,061 stocks, Proven Investments gained 45 cents after ending at $32.45 with the swapping of 27,723 shares and Sagicor Group lost 39 cents to finish at $53.51 in exchanging 1,043,597 stock units.
In the preference segment, JMMB Group 7.25% gained 34 cents in closing at $3.58 with a transfer of 364 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Massy Holdings list on JSE with no trades
Massy Holdings shares were listed on the Jamaica Stock Exchange Main Market on Thursday with no trading in the stock, but it closed with demand for 29,304 with 166 orders, with the highest bid at $2,801 for 137 shares and the lowest tradable at $1,500, there was no stock on offer at the close. The reference price to start trading was set at $2,643.08.
In the overall market, the volume of shares trading was 58 percent less and the value 28 percent higher than on Wednesday as rising stocks exceeded those declining after 55 securities traded, similar to Wednesday, with 22 rising, 16 declining and 17 ending unchanged.
The All Jamaican Composite Index popped 3,072.13 points to settle at 439,587.18, the JSE Main Index advanced 1,670.70 points to 397,169.87 and the JSE Financial Index gained 0.53 points to close at 98.02.
The PE Ratio, a formula for computing appropriate stock values, averages 16.4 The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
Overall, 9,854,246 shares were exchanged for $213,910,310 versus 23,550,929 units at $167,256,472 on Wednesday. Sagicor Select Financial Fund led trading with 23 percent of total volume with a transfer of 2.27 million shares followed by Kingston Wharves, 18.3 percent with 1.81 million units and Transjamaican Highway, 13.6 percent, with 1.34 million units changing hands.
Trading averages 179,168 units at $3,889,278, compared to 428,199 shares at $3,041,027 previously traded and month to date, an average of 205,968 units at $1,937,351, against 207,506 units at $1,825,288 on Wednesday. December closed with an average of 479,143 units at $6,686,322.
Investor’s Choice bid-offer indicator shows eleven stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Berger Paints rose 60 cents to $13 with 32,429 shares changing hands, Caribbean Cement rallied $1.71 to end at $71.20 in an exchange of 18,690 units, Caribbean Producers popped $1.57 to close at a 52 weeks’ high of $17.80 in trading 426,694 stock units. Eppley fell $1.45 to settle at $35 with the swapping of 2,337 stocks, First Rock Capital rose $1.63 to $12 with an exchange of 97,500 shares, GraceKennedy gained 50 cents to close at $102.50 after 30,325 stocks crossed the market. Guardian Holdings declined $4.35 in closing at $533 after 248 units switched owners, Jamaica Stock Exchange rallied $1.03 to $16.86 with a transfer of 4,647 stock units, JMMB Group gained 30 cents after ending at $39.50 with the swapping of 734,028 shares. 
Margaritaville fell $3 to $23 with 1,111 stocks changing hands, Mayberry Investments rallied 64 cents to $7.85 in transferring 4,183 shares, NCB Financial popped $6 to finish at $133, with 580,328 units crossing the exchange. PanJam Investment rose 50 cents to $65.50 in trading 213 units, Proven Investments declined $1.20 to end at $32 with 17,120 stock units crossing the market, Sagicor Group advanced $1.39 to $53.90 after an exchange of 17,121 shares. Seprod shed $1 to close at $60 in transferring 13,140 stocks, Sygnus Credit Investments rallied 50 cents to $16 with 102,082 stocks clearing the market, Sygnus Real Estate Finance advanced $2.23 to $18.25 in switching ownership of 100 units and Wisynco Group lost 30 cents to end at $17.50 with 389,966 stock units crossing the market.
In the preference segment, JMMB Group 7.25% shed 34 cents in closing at $3.24 with 23 shares changing hands and Productive Business Solutions 9.75% preference share gained $12 to settle at a 52 weeks’ high of $120 after trading a mere 8 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Pullback for JSE Main Market
Market activity ended on Wednesday with the volume of shares declining 23 percent and the value 34 percent lower than on Tuesday at the close of the Jamaica Stock Exchange Main Market as rising stocks were marginally less than those declining, pushing the market indices into a fall.
The All Jamaican Composite Index dropped 3,169.31 points to 436,515.05, the JSE Main Index fell 2,739.24 points to settle at 395,499.17 and the JSE Financial Index shed 1.10 points to close at 97.49.
Trading ended with 55 securities, as was the case on Tuesday, with 17 rising, 18 declining and 20 ending unchanged.
The PE Ratio, a formula for computing appropriate stock values, averages 16.2. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
Overall, 23,550,929 shares were exchanged for $167,256,472 down from 30,430,391 units at $253,596,547 on Tuesday. Wigton Windfarm dominated trading with 67.7 of total volume after transferring 15.95 million shares followed by Jamaica Broilers, 6.8 percent with 1.61 million units and QWI Investments with 4.4 percent after an exchange of 1.05 million units.
Trading averages 428,199 units at $3,041,027, compared to 553,280 shares at $4,610,846 on Tuesday and month to date, an average of 207,506 units at $1,825,288, compared to 194,064 units at $1,751,240 on the previous day. December closed with an average of 479,143 units at $6,686,322.
Investor’s Choice bid-offer indicator shows ten stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Berger Paints fell 59 cents to $12.40 with 89,460 units clearing the market, Caribbean Producers shed 72 cents in closing at $16.23 after 171,442 stock units changed hands. Eppley rose $1.45 to end at $36.45 in switching ownership of 590 stocks, First Rock Capital lost 63 cents to close at $10.37 with the swapping of 24,812 shares, Guardian Holdings dropped $10.65 to end at $537.35 in trading 87 units. Jamaica Broilers gained 50 cents in closing at $27.50 with 1,610,187 shares changing hands, Jamaica Producers lost 32 cents after ending at $22.68 in transferring 1,574 units, Jamaica Stock Exchange fell $1.67 to close at $15.83 in exchanging 126,376 shares. Margaritaville popped $1 to end at $26 in switching ownership of 3,266 units, Mayberry Investments declined 69 cents after ending at $7.21 and trading 9,074 stocks, MPC Caribbean Clean Energy rallied $3 to close at $100 with an exchange of 3,228 stock units. 
NCB Financial declined $5 to end at $127 with the swapping of 594,363 units, 138 Student Living traded 662 shares and gained 40 cents to land at $4.20, PanJam Investment advanced $2 in closing at $65 after 759 stock units crossed the exchange, Sygnus Credit Investments rose 62 cents to $15.50 with a transfer of 234,060 stocks and Sygnus Real Estate Finance fell $2.23 to $16.02 with the swapping of 2,124 shares.
In the preference segment, JMMB Group 7.25% advanced 50 cents in closing at $3.58 with 300 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.