The volume of stocks trading on Tuesday dropped 76 percent, with a 15 percent lower value than on Monday on the Jamaica Stock Exchange Main Market, resulting from 55 securities trading down from 60 on Monday, with 15 rising, 27 declining and 13 ending unchanged.
A total of 10,084,883 shares were exchanged for $60,042,941 versus 42,372,789 units at $70,469,791 on Monday.
Tthe average trade on Tuesday was 183,361 units at $1,091,689 versus 706,213 shares at $1,174,497 on Monday. The average trade in October ended with 231,243 units at $1,464,224.
Wigton Windfarm led trading with 3.86 million shares for 38.5 percent of total volume, followed by Transjamaican Highway with 1.85 million units for 18.5 percent of the day’s trade and Pulse Investments with 1.27 million units for 12.7 percent market share.
The All Jamaican Composite Index dipped 818.79 points to 396,389.60, the JSE Main Index fell 1,605.97 points to 346,045.01 and the JSE Financial Index rose 0.35 points to end at 83.43.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.4 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ending with bids higher than their last selling prices and 11 with lower offers.
At the close, Barita Investments dropped $1.85 to $98 with 12,578 stocks crossing the market, Caribbean Cement declined $3.25 to $57.50 with 116,678 stock units clearing the exchange, Caribbean Producers dipped 77 cents in closing at $12.53 after a transfer of 40,424 units, Eppley shed $4.50 to close at $35.20 with 174 stock units changing hands, First Rock Real Estate advanced 90 cents to $14.40 in an exchange of 1,114 units. GraceKennedy fell $2.85 to close at $82 with the swapping of 39,592 shares, Jamaica Producers lost $2.73 to end at $17.27 after trading 13,041 stocks, Jamaica Stock Exchange dipped $1.29 in closing at $15.21 with 3,767 stocks clearing the market. MPC Caribbean Clean Energy rallied $4 to $84 after trading 751 shares, NCB Financial gained $1 to close at $84.99 in exchanging 236,109 units, 138 Student Living dropped 45 cents to $6.50 in switching ownership of 1,073 stock units. PanJam Investment shed $3 to end at $56 as investors exchanged 73 stock units, Pulse Investments rose 46 cents after finishing at $3.39 with investors transferring 1,269,900 units, Sagicor Group lost $2.02 to close at $50.98 with the swapping of 50,178 stocks. 
Scotia Group declined $1.28 to end at $35.40 with a transfer of 62,578 shares, Stanley Motta popped $1.25 to close at $5.25 in trading 24,307 stocks, Sygnus Real Estate Finance fell 58 cents in closing at $10 after investors transferred two stock units.
In the preference segment, Eppley 7.50% preference share climbed 74 cents to $7.74 to close with a transfer of 101 units, 138 Student Living preference share shed 80 cents in ending at $55 after exchanging 41 shares and Productive Business Solutions 10.5% preference share increased $19.99 to end at a record $1,150, with 235 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Last minute trades save JSE Main Market
In a last minute fury of market activity, investors pushed some stocks prices higher in the last second before closing of the Jamaica Stock Exchange Main Market on Monday and saved the market from a big decline with the All Jamaican Composite Index shedding 1,082.10 points to settle at3 97,208.39, after sitting at 393,717.87 points seconds before the close, the JSE Main Index dropped 575.09 points to settle at 347,650.98 after it was just over 343,000 points seconds before the close.
The JSE Financial Index declined 0.55 points to settle at 83.08.
Trading ended with the volume of stocks declining 20 percent with a 54 percent lower value than on Friday, following activity in 60 securities compared to 52 on Friday, with 22 rising, 20 declining and 18 ending unchanged.
A total of 42,372,789 shares were traded for $70,469,791, down from 53,225,427 units at $154,094,564 on Friday. Trading averaged 706,213 units at $1,174,497 compared with 1,023,566 shares at $2,963,357 on Friday and month to date, an average of 231,243 units at $1,464,224, compared to 204,684 units at $1,480,424 on the previous trading day. September closed with an average of 533,719 units at $5,494,282.
Wigton Windfarm led trading with 26.73 million shares for 63.1 percent of total volume followed by Sagicor Select Financial Fund with 11.77 million units for 27.8 percent of the day’s trade and Pulse Investments with 1.25 million units for 3 percent market share.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.7 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows 16 stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement rallied $3.25 to close at $60.75 in trading 43,191 units following the release of nine months’ results showing profit rising 36 percent over 2021 for the nine months to September. First Rock Real Estate shed 55 cents ending at $13.50, with 17,662 stocks changing hands. GraceKennedy lost $2.65 to end at $84.85, with 71,496 stock units crossing the market, Jamaica Broilers increased 70 cents in closing at $29.20 after an exchange of 23,028 shares, Jamaica Producers popped $2.15 in closing at $20, with 13,641 units clearing the market. Jamaica Stock Exchange rose $1.30 to close at $16.50 trading 43,919 stock units, JMMB Group advanced 80 cents to $37 in exchanging 40,954 stocks, Margaritaville fell $3.39 to $19.21, with just five stock units crossing the market. MPC Caribbean Clean Energy dipped $3.99 to end at $80 after 69 shares passed through the exchange, NCB Financial dropped $1 in closing at a 52 weeks’ closing low of $83.99 after hitting an intraday low of $80 and closed, with 154,927 shares changing hands, 138 Student Living gained $1.32 in ending at $6.95 after trading 8,099 stocks. 
PanJam Investment climbed $2.13 to end at $59 in exchanging 14,751 stocks, Sagicor Group increased $3 to close at $53 with a transfer of 66,120 shares, Scotia Group rallied 68 cents to $36.68 with the swapping of 32,744 units. Stanley Motta fell 60 cents in closing at $4 after a transfer of 13,007 stock units and Sygnus Real Estate Finance advanced $1.38 to $10.58 with investors transferring 941 stocks.
In the preference segment, 138 Student Living preference share climbed $9.76 to end at $55.80 in switching ownership of 652 stock units and Productive Business 10.5% declined $19.99 to $1,130.01 after an exchange of 272 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Promise for Junior Market TOP10
In a week when Junior Market made a modest move higher, as it looks well positioned to break sharply higher, with third quarter results hitting the market in droves beginning this week, the Main Market closed at its lowest level since the year of covid-19, at the start of September 2020, but may not be far from bottoming.
Junior Market with wedge formation that looks poised to break sharply higher.
NCB Financial dropped to a 52 weeks’ low of $80 during Friday’s trading and was the main factor in the market two year low.
This week, Medical Disposables earnings were downgraded to a respectable 75 cents, which is inadequate to keep it in the ICTOP10 but remains a strong buy for investors to enjoy growth. Lasco Manufacturing rejoins the Junior Market ICTOP10.
Even as the junior market rose during the week, three of the top 10 stocks declined between 5 percent and 11 percent with no increases of note. The Main Market’s highest losers fell 7 percent, with no significant gains in the market listing.
Price changes worth noting include iron rock insurance, with an 11 percent fall to $2.22, followed by General Accident with a decline of 10 percent to $4.55, Paramount Trading lost 7 percent to $1.90. Caribbean Cream declined 6 percent to close the week at $3.86 in the Junior Market and in the Main Market, VVM Investments fell 7 percent to $4.60 while Productive Business Solutions slipped 6 percent to $1.30. JMMB Group was down 5 percent to $36.20.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of13.5, while the Junior Market Top10 PE sits at 5.6 versus the market at 12.9 , important indicators of the level of undervaluation of the ICTOP10stocks. The Junior Market is projected to rise by 243 percent and the Main Market TOP10 by an average of 256 percent to May 2023.
The Junior Market has 15 stocks representing a third of the market, with PEs from 15 to 39, averaging 22 compared with the above average of the market. The top half of the market has an average PE of 18.5. This data shows the extent of potential gains that the TOP 10 stocks possess. The situation in the Main Market is similar, with the 14 highest valued stocks priced at a PE of 16 to 76, with an average of 26 and 22 excluding the highest valued one and 21 for the top half excluding the highest valued stock.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments 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, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting 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.
JSE Main market takes weekly hit
Trading activities surged sharply on Friday, with 589 percent more shares exchanged with a 192 percent rise in value on the Jamaica Stock Exchange Main Market than Thursday, with 52 securities trading down from 56 on Thursday, with 17 rising, 22 declining and 13 ending unchanged.
Three stocks traded at one year lows, with NCB Group hitting an intraday low of $80 before closing at a yearly low of $84.99, Pulse Investment closed at a low of $2.85 and Sagicor Select Financial Fund hit a year’s low of 36 cents but closed at 42 cents.
Investors traded 53,225,427 shares for $154,094,564, up sharply from 7,725,167 units at $52,758,028 on Thursday.
Trading averaged 1,023,566 units at $2,963,357 compared with 137,949 shares at $942,108 on Thursday and month to date, an average of 204,684 units at $1,480,424 versus 162,977 units at $1,404,898 on the prior day. September closed with an average of 533,719 units at $5,494,282.
Wigton Windfarm led trading with 46.56 million shares for 87.5 percent of total volume, followed by Sagicor Select Financial Fund with 2.23 million units for 4.2 percent of the day’s trade and Massy Holdings with 1.02 million units for 1.9 percent of market share.
The All Jamaican Composite Index shed 2,372.81 points to end at 398,290.49, down 9 percent for the year. The JSE Main Index fell 1,815.69 points to 348,226.07 to record a 12 percent decline in 2022 and the JSE Financial Index dropped 0.63 points to settle at 83.63.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
The Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Eppley climbed $1.71 to $39.70 with an exchange of 95 shares, GraceKennedy lost $2 in closing at $87.50, with 58,446 stock units clearing the market, Jamaica Broilers declined 50 cents to close at $28.50 after exchanging 22,021 stocks. Jamaica Producers increased 55 cents to end at $17.85 as investors exchanged 389 units, JMMB Group fell $1.20 to $36.20 after finishing with investors dealing in 42,413 stock units, Massy Holdings rallied 97 cents to close at $81 in exchanging 1,019,351 units. Palace Amusement advanced 82 cents in closing at $827.82 after a transfer of 78 shares, Portland JSX dropped $1.20 to end at $9 after trading 1,689 stocks, Sagicor Group shed 50 cents ending at $50, with 59,518 units crossing the market. 
Scotia Group rose 60 cents to $36, closing with an exchange of 4,653 stocks, Seprod popped $2.84 to $71 with the swapping of 2,491 shares and Sygnus Real Estate Finance dipped 80 cents to end at $9.20 in an exchange of 300 stock units.
In the preference segment, 138 Student Living preference share dropped $6.90 to $46.04 with a transfer of 142 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling volume, slipping prices on JSE Main Market
The volume of stocks traded declined 59 percent, with a 28 percent lower value than in trading Wednesday at the close of activity on the Jamaica Stock Exchange Main Market on Thursday and ended, with 56 securities trading, up from 53 on Wednesday, with prices of 16 rising, 28 declining and 12 ending unchanged.
A total of 7,725,167 shares were traded for $52,758,028 down from 18,798,375 units at $73,598,833 on Wednesday.
Trading averaged 137,949 shares at $942,108 down from 354,686 stock units at $1,388,657 on Wednesday and month to date, an average of 162,977 units at $1,404,898 down from 164,430 units at $1,431,754 on the previous day. September closed with an average of 533,719 units at $5,494,282.
Wigton Windfarm led trading with 3.13 million shares for 40.5 percent of total volume, followed by Pulse Investments with 1.06 million units for 13.7 percent of the day’s trade and Transjamaican Highway with 990,665 units for 12.8 percent market share.
The All Jamaican Composite Index shed 1,462.75 points to settle at 400,663.30, the JSE Main Index declined 1,237.21 points to 350,041.76 and the JSE Financial Index dropped 0.43 points to close at 84.26.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Barita Investments dipped $1.16 to close at $100 with 2,216 shares clearing the market, Caribbean Cement lost 40 cents to end at $57.50 after exchanging 32,270 stock units, Eppley Caribbean Property Fund dropped $1.03 to $38.01 after trading 2,137 units. GraceKennedy climbed 50 cents in closing at $89.50 with investors dealing in 77,765 stocks, Guardian Holdings shed $5 in ending at $495 after a transfer of 8,167 stock units, Jamaica Producers fell $1.70 to $17.30 with 8,532 shares changing hands. Kingston Wharves advanced $1.65 in closing at $37.90 in transferring 524 units, NCB Financial declined $1 to close at $85 with investors swapping 225,109 stocks, Palace Amusement shed 81 cents to $827 after trading 43 stock units. 
Proven Investments rallied $1.49 to end at $30 with the swapping of 1,250 units, Sagicor Group dipped 49 cents to $50.50 in trading 10,901 shares, Scotia Group dropped 60 cents in closing at $35.40 with 29,966 stocks crossing the exchange and Seprod dropped $2.79 to $68.16 while exchanging 4,390 units.
In the preference segment, 138 Student Living’s preference share increased $6.90 to close at $52.94 after15 stock units crossed the market and Productive Business Solutions 9.75% preference share declined $33 to $107 in transferring 29 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
More stocks rose than fell on JSE Main Market
Rising stocks dominated trading over those declining at the close of market activity on the Jamaica Stock Exchange Main Market on Wednesday, following the trading of 53 securities similar to Tuesday, with 20 rising, 16 declining and 17 ending unchanged and leading to the volume of stocks traded rising 189 percent with a 16 percent increase in value over Tuesday.
Investors traded 18,798,375 shares for $73,598,833, up from 6,498,000 units at $63,227,582 on Tuesday.
Trading averaged 354,686 units at $1,388,657, versus 122,604 shares at $1,192,973 on Tuesday and month to date, an average of 164,430 units at $1,431,754 versus 153,373 units at $1,434,259 on the previous day. September closed with a much higher average of 533,719 units at $5,494,282.
Wigton Windfarm led trading with 12.52 million shares for 66.6 percent of total volume followed by Transjamaican Highway with 1.21 million units for 6.4 percent of the day’s trade and JMMB Group 7.5% closed with 788,231 units for 4.2 percent market share.
The All Jamaican Composite Index climbed 1,114.65 points to 402,126.05, but the JSE Main Index slipped 386.11 points to 351,278.97 and the JSE Financial Index rallied 0.15 points to settle at 84.69.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments declined 80 cents to $101.16 after an exchange of 3,272 shares, Caribbean Cement dipped 85 cents to $57.90 after a transfer of 4,574 units, Caribbean Producers rose 42 cents to end at $13.60 with investors transferring 40,723 stocks. First Rock Real Estate rallied 49 cents to close at $14.49 after trading 3,375 stock units, JMMB Group fell $1 in closing at $37.50, with 163,830 stock units crossing the market, Kingston Wharves advanced $1.05 to $36.25, with a change in ownership of 34,654 shares. Massy Holdings dropped $4.85 to close at $80.15, with 878 units crossing the exchange, Mayberry Investments fell 59 cents to $7.86 in trading 28,550 stocks, NCB Financial popped 80 cents in closing at $86 after an exchange of 217,528 stock units. PanJam Investment gained $1.88 to end at $56.88 in exchanging 1,554 stocks, Proven Investments shed $1.49 to close at a 52 weeks’ low of $28.51 as investors exchanged 25,450 shares, 
Sagicor Group increased 99 cents to end at $50.99 in an exchange of 1,933 units and Sygnus Real Estate Finance climbed $1.31 to $10.31 with the swapping of 2,941 units.
In the preference segment, 138 Student Living preference share shed $13.96 in closing at $46.04 in exchanging 100 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks inched higher on JSE Main Market
Almost twice as many stocks rose in trading on Tuesday than on Monday on the Jamaica Stock Exchange Main Market sending the overall market value higher, with the volume of stocks traded rising 15 percent after 33 percent more funds passed through the market than on Monday, with 53 securities trading compared to 59 on Monday, leading to 24 rising, 17 declining and 12 ending unchanged.
Investors traded 6,498,000 shares for $63,227,582 up from 5,633,077 units at $47,384,697 on Monday.
Trading averaged 122,604 units at $1,192,973, versus 95,476 shares at $803,130 on Monday and month to date, an average of 153,373 units at $1,434,259 compared to 155,272 units at $1,449,146 on the previous trading day. September closed with an average of 533,719 units at $5,494,282.
Transjamaican Highway led trading with 1.17 million shares accounting for 18.1 percent of total volume followed by Wigton Windfarm with 1.14 million units for 17.6 percent of the day’s trade and JMMB Group 7.5% with 562,083 units for 8.7 percent market share.
The All Jamaican Composite Index dipped 350.35 points to 401,011.40, the JSE Main Index increased 239.71 points to 351,665.08 and the JSE Financial Index dipped 0.02 points to settle at 84.54.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows 11 stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Barita Investments rose $5.96 to end at $101.96, with 9,476 shares crossing the market, Caribbean Cement popped 65 cents to $58.75 after 14,442 stocks were traded, Caribbean Producers dipped 62 cents to $13.18 after trading of 164,065 stock units. GraceKennedy advanced 50 cents to $89, with 61,884 units crossing the market, Jamaica Producers dropped $1 to $19 in exchanging 3,369 stock units, JMMB Group rose 45 cents to close at $38.50 after an exchange of 341,509 units. Kingston Wharves fell $2.80 to $35.20 with the swapping of 20,659 stocks, Massy Holdings increased $3.90 in closing at $85, with 1,172 shares changing hands, Mayberry Investments rallied 45 cents to $8.45 with a transfer of 43,592 stock units. NCB Financial shed $1.30 to $85.20 in trading 60,828 units, Palace Amusement declined $12.19 to close at $827.81 with investors transferring ten shares, PanJam Investment climbed $2.25 to $55 after a transfer of 1,185 stocks. 
Proven Investments lost $2.09 to end at $30 in an exchange of 13,784 stock units, Sagicor Group shed 50 cents to end at $50 in switching ownership of 52,179 units, Scotia Group dipped 81 cents in closing at $36 after exchanging 19,291 shares. Seprod advanced 70 cents to close at $70.95 after trading 4,553 stocks and Stanley Motta popped 43 cents in closing at $5 after exchanging 3,787 stock units.
In the preference segment, 138 Student Living preference share lost $3.50 ending at $60 trading 77 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Fall for the JSE Main Market
The Jamaica Stock Exchange Main Market activity ended on Monday with more stocks declining than rising and leading to sizable decline in the primary market indices after the volume of stocks traded declined 18 percent and after 62 percent more funds passed through the exchange than on Friday, as 59 securities traded compared to 58 on Friday, with 15 rising, 25 declining and 19 ending unchanged.
A total of 5,633,077 shares were exchanged for $47,384,697 versus 6,909,965 units at $29,190,379 on Friday.
Trading averages 95,476 units at $803,130, versus 119,137 shares at $503,282 on Friday and month to date, an average of 155,272 units at $1,449,146 compared with 159,682 units at $1,496,790 on the previous trading day. September closed with an average of 533,719 units at $5,494,282.
Wigton Windfarm led trading with 1.87 million shares for 33.2 percent of total volume followed by Transjamaican Highway with 776,390 units for 13.8 percent of the day’s trade and Sagicor Select Financial Fund with 458,952 units for 8.1 percent of market share.
The All Jamaican Composite Index lost 3,122.55 points to 401,361.75, the JSE Main Index shed 2,003.28 points to 351,425.37 and the JSE Financial Index lost 0.54 points to close at 84.56.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments lost $6.47 to end at $96 with 16,132 shares crossing the market, Caribbean Cement declined 65 cents to $58.10 in exchanging 4,823 stock units, Eppley shed $1.70 after ending at $38 with a transfer of 7,618 units. GraceKennedy dipped $1 in closing at $88.50 with 64,175 stocks changing hands, Jamaica Stock Exchange dropped 84 cents to close at $15.15 after trading 12,777 stock units, Key Insurance fell 54 cents to end at a 52 weeks’ low of $3.10 in an exchange of 920 stocks. Mayberry Investments advanced 60 cents to $8 with 68,331 units crossing the market, NCB Financial dropped $2.23 in closing at a 52 weeks’ low of $86.50 in transferring 221,710 shares, Palace Amusement rallied $10 to close at $840 in switching ownership of four shares. Proven Investments popped $1.54 to $32.09 while exchanging 8,618 stocks, Scotia Group rose $1.41 to close at $36.81 with 3,234 shares changing hands, Stanley Motta declined 43 cents to end at $4.57 in an exchange of 100 stock units and Sygnus Real Estate Finance fell $1.31 in closing at $9 with investors dealing in 350 stocks.
In the preference segment, Eppley 5% preference share climbed $5.55 to $23.40 with the swapping of one stock unit, 138 Student Living preference share increased $3.50 to $63.50 in transferring 63 units and Productive Business Solutions 9.75% preference share gained $33 in closing at $140 with an exchange of 243 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
CPJ drops to 3rd on Main Market TOP10
In a week when Junior Market made a modest move higher, the Main Market closed lower, and resulted in no new entrants into the IC top 10 lists, in a week when three stocks gained 10 percent or more and one with a 6 percent increase, with no significant declines.
Price changes worth noting include, Medical Disposables with a 12 percent rise to $5.79, Paramount Trading up 10 percent to $2.04 and Caribbean Assurance Brokers rising 6 percent to close the week at $2.59 in the Junior Market and Caribbean Producers gaining 11 percent to close the week at $13.93, to move from number one spot last week to third this week and Key Insurance rising 4 percent to $3.64 in the Main Market. Caribbean Cream earnings per share were reduced to 70 cents for the year to February from 80 cents previously.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.7. At the same time, the Junior MarketTop 10 PE sits at 5.8 versus the market at 12.5, essential indicators of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 248 percent and the Main Market TOP10 by an average of 247 percent by May 2023.
The Junior Market has 14 stocks representing a third of the market, with PEs from 15 to 36, averaging 21 compared with the above average of the market. The top half of the market has an average PE of 18. This data shows the extent of potential gains that the TOP 10 stocks possess. The situation in the Main Market is similar, with the 15 highest valued stocks priced at a PE of 16 to 78, with an average of 26 and 22 excluding the highest valued one and 18 for the top half excluding the highest valued stock.
Currently, the Junior Market reflects a positive positioning and is poised to move higher in the weeks ahead. The recent negative clouds that hang over the main markets seem to be lifting, with the market index slowly bouncing off recent lows.
ICTOP10 focuses on likely yearly winners. Accordingly, the list includes some of the best companies in the market but not always. 
ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments 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, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting 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.
Trading sank on JSE Main Market
Trading Market activity on the Jamaica Stock Exchange Main Market ended on Friday, sank to depressed levels, with the volume traded rising 71 percent, with a 75 percent lower value than on Thursday, following the trading of 58 securities, up from 54 on Thursday, with 18 rising, 24 declining and 16 ending unchanged.
Investors showed hesitance in buying stocks, trading 6,909,965 shares for $29,190,379 versus 4,041,001 units at $117,403,602 on Thursday.
Trading on Friday averaged 119,137 shares at $503,282 compared with 74,833 units at $2,174,141 on Thursday and month to date, an average of 159,682 units at $1,496,790 down from 162,851 units at $1,574,449 on the previous day. September closed with an average of 533,719 units at $5,494,282.
Wigton Windfarm led trading with 1.76 million shares for 25.5 percent of total volume, followed by Pulse Investments with 1.60 million units for 23.2 percent of the day’s trade and JMMB Group 7.35% – 2028 with 963,038 units for 13.9 percent market share.
The All Jamaican Composite Index dropped 1,103.98 points to 404,484.30, the JSE Main Index fell 669.30 points to 353,428.65 and the JSE Financial Index remained unchanged at 85.10.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments popped 57 cents to $102.47 after swapping 15,273 stock units, Caribbean Cement rallied 75 cents to close at $58.75, with 472 units crossing the exchange. Caribbean Producers increased 43 cents in closing at $13.93, with 14,795 stocks changing hands, Eppley Caribbean Property Fund gained $1.01 to end at $39.02 after trading 500 stock units, First Rock Real Estate dropped $1.19 to close at $14.16 with 2,000 units changing hands. GraceKennedy dipped 50 cents, ending at $89.50, with 27,637 stocks clearing the market, Guardian Holdings rose $3.98 to $500 in switching ownership of 50 shares, Jamaica Producers advanced $1 to $20 as investors exchanged 7,669 stocks. Margaritaville shed $2.90 to $22.60 after trading 99 stock units, Massy Holdings declined $3.89 in closing at $81.11 in trading 111 units, Mayberry Investments fell 60 cents to close at $7.40 with investors transferring 1,011 shares. NCB Financial lost $1.26 after ending at $88.73 in an exchange of 2,531 stock units, PanJam Investment fell $4.28 to end at $52.71 as 5,029 stocks were exchanged, Proven Investments rallied 50 cents to $30.55, with 6,065 units crossing the market. 
Sagicor Group increased 50 cents ending at $50.50 with an exchange of 3,010 shares, Seprod declined $1.06 to end at $69.94 with a transfer of 14,416 units and Wisynco Group dipped 48 cents to close at $17.92 in exchanging 84,013 stocks.
In the preference segment, Jamaica Public Service 9.5% dropped $100 in closing at $2,900 after a transfer of one share, JMMB Group 7.25% preference share climbed 40 cents to $3.19 after an exchange of 52 stock units and Productive Business Solutions climbed $50 to $1150 while exchanging nine shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
