Trading picked up on the Jamaica Stock Exchange Main Market on Thursday, with the volume of stocks traded rising 44 percent, with a modest increase in value over trading on Wednesday, with 58 securities trading compared to 57 on Wednesday, leading to prices of 17 rising, 25 declining and 16 ending unchanged.
A total of 10,652,600 shares were traded for $71,783,616 up from 7,390,135 units at $69,722,827 on Wednesday.
Trading averaged 183,666 shares at $1,237,649, up from 129,651 shares at $1,223,207 on Wednesday and month to date, an average of 153,352 units at $1,627,367 versus 149,505 units at $1,676,828 on the previous trading day. September closed with an average of 533,719 units at $5,494,282.
Transjamaican Highway led trading with 3.03 million shares for 28.5 percent of total volume, Wigton Windfarm was next, with 1.67 million units for 15.6 percent of the day’s trading, JMMB Group 7.5% preference share ended with 1.15 million units for 10.8 percent of the market and Wisynco Group with 1.10 million units for 10.3 percent market share.
The All Jamaican Composite Index declined 1,662.75 points to 406,874.27, the JSE Main Index dipped 1,570.82 points to 356,095.93 and the JSE Financial Index slipped 0.20 points to 85.68.
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 six stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments dropped $1.63 in closing at $106.24 with a transfer of 31,702 stocks, Berger Paints lost 45 cents to end at $10.80, with 2,444 stock units crossing the market. Caribbean Cement fell 73 cents to $59 after a transfer of 6,923 units, Caribbean Producers declined 86 cents to $13.14, with 357,429 stocks crossing the market, Eppley rallied 50 cents to end at $39 while exchanging 247 stock units. GraceKennedy dipped $1 to end at $90, with 77,947 units clearing the market, Guardian Holdings advanced $10 in closing at $505 with investors transferring 200 shares, Jamaica Broilers rose 60 cents to $29.60 after exchanging 11,391 stocks. Mayberry Investments gained 80 cents to close at $8 after an exchange of 7,252 units. Mayberry Jamaican Equities climbed 50 cents to $13.50 in switching ownership of 46,013 stock units, MPC Caribbean Clean Energy popped $11 in closing at $82.40, with 105 shares crossing the exchange. NCB Financial popped $1 to $90 as investors exchanged 56,170 stock units, PanJam Investment increased $7 to close at $57 after trading 2,917 units, Scotia Group shed 97 cents in ending at $35 after exchanging 8,000 stocks. Sygnus Credit Investments rose 60 cents to $13.30 with the swapping of 284,491 shares and Sygnus Real Estate Finance climbed 79 cents in closing at $10.30 with 100 units changing hands.
In the preference segment, JMMB Group 7.25% preference share dipped 48 cents to close at $2.72 with an exchange of 2,283 stock units, 138 Student Living preference share rallied $3.48 in ending at $68, with 697 stocks changing hands, Productive Business Solutions 10.5% increased $49 to close at $1149 after trading 163 shares and Productive Business Solutions 9.75% preference share dropped $10.85 to end at $107.15 in an exchange of 111 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading up Main Market indices drop
Trading picked from yesterday’s low level but remained subpar on the Jamaica Stock Exchange Main Market on Wednesday, with the volume of stocks traded rising 26 percent, with a 64 percent increase in value over Tuesday, with 57 securities passing through the market similar to trading on Tuesday, and ended, with 20 rising, 22 declining and 15 ending unchanged.
A total of 7,390,135 shares were exchanged for $69,722,827 up from 5,859,528 units at $42,404,581 on Tuesday.
Trading averaged 129,651 units at $1,223,207, up from 102,799 shares at $743,940 on Tuesday and month to date, an average of 149,505 units at $1,676,828, versus 152,334 units at $1,741,469 on the previous trading day. September averaged 533,719 units at $5,494,282.
JMMB Group 7.35% due 2028, led trading with 1.41 million shares for 19.1 percent of total volume followed by Transjamaican Highway with 1.23 million units for 16.7 percent of the day’s trade and Wigton Windfarm with 936,146 units for 12.7 percent market share.
The All Jamaican Composite Index declined 1,638.29 points to 408,537.02, the JSE Main Index dropped 1,835.87 points to 357,666.75 and the JSE Financial Index slipped 0.71 points to 85.88.
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 two with lower offers.
At the close, Barita Investments dipped 76 cents to close at $107.87 after trading 57,097 shares, Eppley Caribbean Property Fund jumped $5.50 to $44 in trading 322 units, First Rock Real Estate lost $1.48 in ending at $14.51 with an exchange of 55,094 stock units. Guardian Holdings dropped $15 in closing at $495 with the swapping of 403 stocks, Jamaica Broilers shed 89 cents to close at $29 after exchanging 20,691 units, Jamaica Producers fell $1 in closing at $19 in an exchange of 39,839 shares. Jamaica Stock Exchange declined 49 cents to $15.51 after a transfer of 1,053 stocks, JMMB Group dropped 65 cents to end at $38 in exchanging 64,607 stock units, Massy Holdings dipped $4.40 to close at $82.50 after exchanging 1,362 stocks. Mayberry Investments fell 80 cents to $7.20 while exchanging 66,434 stock units, NCB Financial declined 99 cents to close at $89 with investors transferring 9,135 shares, PanJam Investment lost $8 to end at a 52 weeks’ closing low of $50 with a transfer of 545,065 units. Sagicor Group shed 50 cents to $50 and closed with 6,508 stock units changing hands, Scotia Group lost 53 cents in ending at $35.97, with 23,560 stocks crossing the market, Seprod rallied $1.04 in closing at $70.99, with 18,551 units changing hands. 
Stanley Motta increased 95 cents in closing at $4.95, with 1,295 shares clearing the market, Sygnus Credit Investments declined 60 cents after ending at $12.70, with 70,956 units crossing the exchange and Wisynco Group rose 58 cents to close at $18.48 in switching ownership of 111,079 stock units.
In the preference segment, 138 Student Living s preference share gained $5.87 to $64.52, with 42 stocks changing hands and Productive Business Solutions 9.75% preference share advanced $10.22 to end at $118 in trading 789 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market ekes out meagre gains
The volume of stocks traded declined 39 percent with a 33 percent lower value than on Friday on the Jamaica Stock Exchange Main Market on Monday, with 57 securities trading compared to 54 on Friday, with 14 rising, 29 declining and 14 ending unchanged.
A total of 6,759,817 shares were traded for $52,493,451 versus 11,090,416 units at $78,193,167 on Friday.
Trading averaged 118,593 shares at $920,938, down from 205,378 units at $1,448,022 on Friday and for the month to date, an average of 160,566 shares at $1,907,239, compared with 168,931 units at $2,103,810 on the prior trading day. September closed with an average of 533,719 units at $5,494,282.
Transjamaican Highway led trading with 3.84 million shares for 56.9 percent of total volume followed by Wigton Windfarm with 929,375 units for 13.7 percent of the day’s trade and Pulse Investments with 327,684 units for 4.8 percent market share.
The All Jamaican Composite Index rose 583.85 points to 409,738.63, the JSE Main Index rallied 449.27 points to 359,209.37 and the JSE Financial Index gained 0.33 points to settle at 86.51.
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 four with lower offers.
At the close, Barita Investments popped $1.02 in ending at $109.02 with 140,243 stock units clearing the market, Caribbean Cement dropped $1 in closing at $58 after trading 193,211 units. Eppley climbed 8 5 cents to $40.45 as investors exchanged two stocks, Eppley Caribbean Property Fund fell $6 to$3 8.50, with 8,930 stocks crossing the market, First Rock Real Estate shed 50 cents to close at $13.90 with 3,330 units changing hands. GraceKennedy gained $1 in ending at $90 in trading 19,936 shares, Guardian Holdings increased $10 to $510 in exchanging 130 stock units, Jamaica Producers lost 84 cents to end at $20.10 and closed after 1,718 shares changed hands. Jamaica Stock Exchange dipped 49 cents in closing at $15.51 in an exchange of 2,520 stock units, Kingston Wharves fell 49 cents in closing at $38.01 with an exchange of 1,161 stocks, Massy Holdings slipped by $1 to $84 after trading 1,147 units. PanJam Investment dropped $1.99 in ending at $58 after switching ownership of 64 shares, Proven Investments shed 53 cents to close at $30.65, with 2,661 stock units changing hands, Sagicor Real Estate Fund declined 40 cents to end at $7.75 after the exchange of 10,676 units. Scotia Group rallied $1.46 to end at $35.98 with a transfer of 49,137 stocks and Seprod rose 99 cents to $69.99 with the swapping of 1,573 shares.
In the preference segment, Eppley 7.50% preference share advanced 96 cents to $7.38 after a transfer of 4,048 stock units, 138 Student Living preference share dipped $11.50 to close at $57.50 after exchanging 158 units, Productive Business Solutions 10.5% preference share declined $52 to end at $1100 with investors transferring 152 shares and Productive Business Solutions 9.75% preference share dropped $11.22 in closing at $107.78 while exchanging 120 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
One Lasco company rejoins ICTOP10
The Main and Junior markets declined during the past week but the US dollar denominated market recorded gains and resulted in Lasco Financial and Iron Rock Insurance falling out of the Junior Market TOP10 but there was no change to the Main Market ICTOP10.
Lasco Manufacturing and Jetcon Corporation return to the ICTOP10.
Action in IC TOP10 stocks saw Iron Rock Insurance gaining 10 percent in the past week to $2.76, Caribbean Cream rising 4 percent to $4.30 and Elite Diagnostic climbing 4 percent to $3.65, while Medical Disposables dropped 14 percent to $5.01, with Lasco Distributors falling 8 percent in the past week to $2.86 and Caribbean Assurance slipping 4 percent to $2.48.
In the Main Market, Berger Paints rose 11 percent to $11.10, followed by Caribbean Producers, with a 9 percent gain to $14.35 and Sygnus Credit Investments rose 5 percent to $14.07. There were no major declines in this market.
At the end of the week, the average PE for the JSE Main Market TOP10 is 6.2, well below the market average of 14, while the Junior Market Top10 PE sits at 5.9 versus the market at 12.7, important indicators of the level of undervaluation of the ICTOP10 stocks. 
The Junior Market is projected to rise by 246 percent and the Main Market TOP10 is projected to gain an average of 235 percent, to May 2023.
The Junior Market has 16 stocks representing a third of the market, with PEs from 13 to 37, averaging 20 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 16 highest valued stocks priced at a PE of 15 to 89, averaging 25.5 and 21 excluding the highest valued one.
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 a recent bottom.
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 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.
Gains for JSE Main Market
Activity on the Jamaica Stock Exchange Main Market ended on Friday, with a 53 percent rise in the volume of stocks traded at a 16 percent lower value than Thursday, after 54 securities were exchanged against 57 on Thursday, with 21 rising, 20 declining and 13 ending unchanged.
A total of 11,090,416 shares were exchanged for $78,193,167 compared with 7,234,916 units at $93,435,121 on Thursday.
Trading on Friday averaged 205,378 units at $1,448,022 compared to 126,928 shares at $1,639,213 on Thursday and month to date, an average of 168,931 units at $2,103,810 compared to 160,448 units at $2,256,450 on the previous day. September closed with an average of 533,719 units at $5,494,282.
Sagicor Select Financial Fund led trading with 5.71 million shares for 51.5 percent of total volume followed by Wisynco Group with 1.27 million units for 11.5 percent of the day’s trade and Wigton Windfarm with 710,077 units for 6.4 percent market share.
The All Jamaican Composite Index increased 601.52 points to 409,154.78, the JSE Main Index gained 1,744.70 points to end at 358,760.10 and the JSE Financial Index popped 0.15 points to settle at 86.18.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.8 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 tocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Barita Investments fell $1.20 to $108 after trading 47,503 shares, Eppley declined $1.40 to $39.60, with 91 stock units crossing the exchange, Eppley Caribbean Property Fund shed $1 in ending at $44.50, with 4 stocks changing hands. First Rock Real Estate rallied $2.40 to $14.40 as investors exchanged 132,406 shares, GraceKennedy lost $1 to close at $89 after a transfer of 48,470 units, Jamaica Producers popped 94 cents to close at $20.94 in trading 14,591 stocks. JMMB Group dipped 55 cents in closing at $38.40 with investors transferring 180,151 stock units, Kingston Wharves gained 50 cents to close at $38.50 in switching ownership of 1,897 shares, Massy Holdings advanced $2.70 to $85 in exchanging 115 stock units. Mayberry Jamaican Equities dropped 70 cents to end at $12.50, with 24,419 units clearing the market, PanJam Investment climbed $1.99 to $59.99 after 1,118 stocks crossed the market, Proven Investments rose $1.13 to $31.18 in an exchange of 7,230 shares. Sagicor Group increased 50 cents to $50.50 with an exchange of 206,388 shares, 
Scotia Group dropped $1.48 to end at $34.52 with the swapping of 157,082 stock units and Wisynco Group rallied 85 cents in closing at $18.70 after exchanging 1,273,414 stocks.
In the preference segment, JMMB Group 7% preference share dipped 47 cents to $2 trading 25,032 units, 138 Student Living preference share popped $11.50 to $69 with a transfer of 52 stocks and Productive Business Solutions 9.75% preference share shed $21 to close at $119 finishing at 85 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market bounces
Main Market activity on the Jamaica Stock Exchange on Thursday resulted in the volume of stocks trading declining 33 percent having a 35 percent lower than on Wednesday, with 57 securities trading as well the case Wednesday, with 25 rising, 23 declining and nine ending unchanged.
A total of 7,234,916 shares were exchanged for $93,435,121, down from 10,739,673 units at $143,425,088 on Wednesday.
Trading on Thursday averaged 126,928 units at $1,639,213 versus 188,415 shares at $2,516,230 on Wednesday and month to date, an average of 160,448 units at $2,256,450 compared to 171,366 units at $2,457,494 on the previous day. September closed with an average of 533,719 units at $5,494,282.
Transjamaican Highway led trading with 1.31 million shares for 18.1 percent of total volume followed by QWI Investments with 943,497 units for 13 percent of the day’s trade and Sagicor Select Financial Fund with 926,808 units for 12.8 percent market share.
The All Jamaican Composite Index rose 3,348.14 points to 408,553.26, the JSE Main Index increased 2,003.26 points to 357,015.40 and the JSE Financial Index popped 0.77 points to settle at 86.03.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.8 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 four with lower offers.
At the close, Barita Investments advanced $8.70 to end at $109.20 with the swapping of 372,868 shares, Caribbean Cement rallied 78 cents to $59 with investors transferring 9,462 stocks, Caribbean Producers lost 43 cents in closing at $14, with 23,886 stock units clearing the market. GraceKennedy rose $1.10 to $90, after 46,985 units crossed the market, Guardian Holdings dipped $10 to close at $500 in an exchange of 189 stocks, Jamaica Broilers fell 63 cents to end at $29.30 with a transfer of 5,692 shares. Jamaica Producers shed 83 cents ending at $20 in switching ownership of 6,947 stock units, Jamaica Stock Exchange gained 90 cents in closing at $16.20 after trading 22,667 units, JMMB Group climbed 95 cents to $38.95 while exchanging 205,966 stocks. Kingston Properties popped 59 cents to close at $7.39 in exchanging 21,075 stock units, Kingston Wharves dropped 99 cents to $38 after a transfer of 451 units, Massy Holdings declined $3.70 to $82.30 in trading 304 shares. PanJam Investment declined $1.90 to $58 in exchanging 172,694 stocks, Proven Investments lost $1.14 in closing at $30.05 as investors exchanged 15,796 units, Sagicor Group shed $2.11 to end at $50 with an exchange of 7,253 stock units. Scotia Group dipped 47 cents to $36, with 185,312 shares crossing the market, Seprod increased $1 to $69 after trading 7,271 units and Wisynco Group fell 50 cents in closing at $17.85, with 132,034 shares crossing the exchange.
In the preference segment, Eppley 7.50% preference share gained 42 cents to close at $6.42after trading 45 stock units, JMMB Group 7.25% preference share popped 41 cents to end at $3.17 after exchanging 1,000 stocks, 138 Student Living preference share dropped $11.50 to close at $57.50 92 units changing hands and Productive Business Solutions 9.75% preference share climbed $3.63 in trading 7 shares at $140.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on JSE Main Market
Investors plunked down more money in trading activity on the Jamaica Stock Exchange Main Market on Wednesday and exchanged 40 percent more stocks with a 136 percent more value than Tuesday, with 57 securities trading compared to 59 on Tuesday, resulting in 23 rising, 21 declining and 13 ending unchanged.
A total of 10,739,673 shares were exchanged for $143,425,088, up from 7,679,692 units at $60,706,599 on Tuesday.
Wednesday’s trading averages 188,415 units at $2,516,230 compared with 130,164 shares at $1,028,925 on Tuesday and month to date, an average of 171,366 units at $2,457,494 compared to 163,130 units at $2,429,121 on the previous day. September closed with an average of 533,719 units at $5,494,282.
JMMB Group led trading with 2.25 million shares for 21 percent of the day’s volume, followed by Transjamaican Highway with 2.22 million units for 20.7 percent of the day’s trade and Wigton Windfarm with 2.06 million units for 19.2 percent of market share.
The All Jamaican Composite Index dived 4,899.45 points to 405,205.12, the JSE Main Index fell 4,260.42 points to 355,012.14 and the JSE Financial Index shed 1.19 points to settle at 85.26.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.8 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 four with lower offers.
At the close, Barita Investments gained $2.02 to close at $100.50 after a transfer of 23,023 shares, Berger Paints rose 54 cents to $11.10 in trading 600 stock units, Eppley climbed $2.50 to $41 as investors exchanged 316 units. First Rock Real Estate dropped $1.05 to $11.95 in trading 2,072 stocks, Guardian Holdings rose $10 to $510, with 10 stock units crossing the exchange, Jamaica Broilers rallied 43 cents to end at $29.93 after 10,555 units passed through the market. Jamaica Producers advanced $1.83 to close at $20.83 finishing at 154,744 stocks, JMMB Group dropped 45 cents in closing at $38 while exchanging 2,251,622 shares, Kingston Properties declined 60 cents to $6.80 in exchanging 23,333 shares. Massy Holdings shed 45 cents to $86 with the swapping of 4,826 units, 138 Student Living popped 40 cents to $5.80 in switching ownership of 4,132 stock units, PanJam Investment popped 90 cents to close at $59.90 with a transfer of 3,781 stocks. Sagicor Group increased 90 cents to $52.11, with 66,449 shares changing hands, Seprod gained $1.99 in closing at $68, with 45,109 stock units crossing the market and Sygnus Real Estate Finance dipped $1 to $9 with an exchange of 8,500 units.
In the preference segment, Eppley 7.50% preference share fell $1.74 to $6 after exchanging 1,353 stocks and 138 Student Living preference share rose $2 to $69 after trading 45 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market drops
Market activity on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks traded declining 34 percent, with a 73 percent lower value than on Monday, with the number of securities trading remaining at 59 as was the case on Monday, with price of 25 rising, 22 declining and 12 ending unchanged.
A total of 7,679,692 shares were exchanged for $60,706,599 down from 11,569,694 units at $225,929,693 on Monday.
Tuesday’s trading averaged 130,164 units at $1,028,925, compared to 196,097 shares at $3,829,317 on Monday and month to date, an average of 163,130 units at $2,429,121. September closed with an average of 533,719 units at $5,494,282.
Wigton Windfarm led trading with 1.98 million shares for 25.7 percent of total volume followed by Transjamaican Highway with 1.51 million units for 19.7 percent of the day’s trade and Radio Jamaica with 1.50 million units for 19.5 percent market share.
The All Jamaican Composite Index dropped 4,027.86 points to 410,104.57, the JSE Main Index declined 1,429.05 points to 359,272.56 and the JSE Financial Index fell 1.37 points to settle at 86.45.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.8 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 two with lower offers.
At the close, Barita Investments shed $7.92 in ending at $98.48, with 22,207 shares crossing the market, Berger Paints fell 49 cents in closing at $10.56 with investors transferring 352 stocks, 
Caribbean Cement dipped $3.28 to end at $58.22 in trading 42,616 units. First Rock Real Estate rallied $1.05 to $13 after trading 7,164 stock units, GraceKennedy rose 50 cents to close at $89 in switching ownership of 118,717 stock units, Guardian Holdings fell $10 to $500 after an exchange of 10 units. Jamaica Broilers dropped 50 cents in closing at $29.50 after trading 7,789 shares, Jamaica Producers declined $1.89 to close at $19 in an exchange of 26,522 stocks, Jamaica Stock Exchange fell $1.25 to $15.23, with 14,049 shares changing hands. JMMB Group lost $2.05 in ending at $38.45 as investors exchanged 241,616 stocks, Kingston Properties gained 59 cents to end at $7.40 while exchanging 15,371 units, Kingston Wharves popped $3.85 to $39, with 8,777 stock units crossing the market. Massy Holdings advanced $6.45 to end at $86.45 with the swapping of 1,237 stocks, 138 Student Living declined 46 cents in closing at $5.40 after exchanging 15,578 stock units, Palace Amusement climbed $50 to close at $800 with an exchange of one unit. PanJam Investment dropped 90 cents to end at $59, with 26,233 shares changing hands, Portland JSX shed $1.45 to close at $9.05 after trading 8 shares, Proven Investments increased $1.17 to $31.19 with a transfer of 968 stock units. Sagicor Group dipped $2.27 in closing at $51.21 after 2,613 units crossed the exchange, Scotia Group increased $1.65 to $36.35 while exchanging 106,603 stocks, Seprod dropped $1.49 to $66.01 with 7,675 stock units clearing the market. Sygnus Real Estate Finance gained 70 cents in closing at $10 while exchanging 1,694 stocks, Wisynco Group advanced 85 cents to $18.35 with the swapping of 222,018 units.
In the preference segment, Eppley 5% preference share lost $3.15 to end at a 52 weeks’ high of $17.85 in switching ownership of 211 stock units, Eppley 7.50% preference share rose 70 cents ending at $7.74 while exchanging 310 units, Jamaica Public Service 9.5% popped $100 in closing at $3000 as investors exchanged one share, Productive Business Solutions 9.75% preference share declined $3.63 to close at $136.37 with an exchange of two stocks and Transjamaican Highway 8% climbed 70 cents to close at $2.40 with investors transferring 74 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Negative October start for JSE Main market
After a run of rising market over the past seven the Jamaica Stock Exchange Main Market was tamed on Monday, with the start of a new month as the volume of stocks traded declined 95 percent with a 91 percent lower value than on Friday, after 59 securities were trading compared to 60 on Friday, with 22 rising, 30 declining and seven ending unchanged.
A total of 11,569,694 shares were traded for $225,929,693 down from 212,535,654 units at $2,391,952,140 on Friday.
Trading averaged 196,097 units at $3,829,317 versus 3,542,261 shares at $39,865,869 on Friday. Trading in September ended with an average of 533,719 units at $5,494,282.
Transjamaican Highway led trading with 3.75 million shares for 32.4 percent of the volume Massy Holdings followed with 1.46 million units for 12.6 percent of the day’s trade, Scotia Group ended with 1.31 million units for 11.3 percent market share and Sagicor Select Financial Fund with 1.24 million units for 10.7 percent of stocks trading.
The All Jamaican Composite Index rose 189.12 points to 414,132.43, the JSE Main Index shed 989.99 points to 360,701.61 and the JSE Financial Index increased 0.12 points to settle at 87.82.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.8 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 three with lower offers.
At the close, Barita Investments declined $8.64 to close at $106.40 in switching ownership of 70,616 stock units, Berger Paints advanced $1.05 to close at $11.05 in an exchange of 4,248 stocks. Caribbean Producers increased 85 cents to end at $13.99 after finishing trading 277,773 units, Eppley dipped $2.50 in closing at $38.50 as investors exchanged 238 stock units, Eppley Caribbean Property Fund dropped $4.49 to end at $45.50 after a transfer of 4,003 stocks. First Rock Real Estate fell $1.80 in closing at $11.95 with an exchange of 5,613 units, GraceKennedy shed $1 to end at $88.50 trading 22,068 shares, Jamaica Broilers rose 50 cents to $30 in exchanging 101,621 stocks. Jamaica Stock Exchange shed $1.12 to close at $16.48, with 12,756 shares crossing the exchange, JMMB Group rallied $1 ending to $40.50 after 93,852 stock units passed through the market, Kingston Properties lost $1.19 to close at $6.81 after 13,179 units changed hands. Kingston Wharves dipped $2.85 in closing at $35.15 after exchanging 80,711 stocks, Margaritaville dropped $2.60 to end at $19.40 while investors swapped four shares, Massy Holdings declined $2 to close at $80, with 1,456,860 stock units clearing the market. 138 Student Living popped 61 cents ending at $5.86 with an exchange of 204 units, PanJam Investment climbed 90 cents to $59.90 with investors transferring 1,837 units, Scotia Group fell $1.20 in closing at $34.70 in trading 1,305,258 shares. Seprod gained 50 cents to end at $67.50, with 388 stock units changing hands, Sygnus Credit Investments shed 43 cents to close at $13 after exchanging 16,407 stocks, Sygnus Real Estate Finance fell $1 to $9.30 with the swapping of 250 shares and Transjamaican Highway 8% dipped 50 cents in closing at $1.70 in exchanging 120,876 units.
In the preference segment, Eppley 5% preference share gained $1 to end at $21 while exchanging 1,000 stocks, Eppley 7.50% preference share increased 92 cents to $7.04 in trading 707 stock units. Jamaica Public Service 9.5% rose $100 to close at $2900, with stock crossing the exchange, 138 Student Living preference share fell $2 to close at $67 after a transfer of 90 stock units, Productive Business Solutions 9.75% preference share advanced 50 cents ending at $140 trading one share and Productive Business Solutions 10.5% preference share lost $48 to close at $1152, with 100 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Access jumps ICTOP10 with 24% gains
Access Financial leaves the ICTOP10 this past week following the prior week’s 12 percent gain to $22.30 and a sizable 24 jump in the past week to close at $27.72, with 38,331 shares trading on Friday and leaving just nine lots being offered for sale at the close.
Access Financial Services head office.
For the first time in weeks, Access had more bids at the close on Friday than offers, a positive sign for more gains ahead. With month end window dressing, it is unclear what the coming weeks may hold for this stock.
For the overall market, there are positive signs for the market. Despite Jamaica’s central bank having overdone interest rate increases, investors continue to pump more money into local stocks, Jamaica Stock Exchange data show. Main and Junior market stocks closed September higher than August, with funds accompanying trading substantially higher in each case. These are positive signals for the months ahead for the markets, with the Main Market having the lowest monthly trade of less than $2 million in July, with January the next lowest with $2.7 million.
Action in IC TOP10 stocks had some strong gains in the Junior Market the past week, with Lasco Distributors gaining 9 percent this past week to $3.10, Elite Diagnostic climbing 6 percent to $3.50, Lasco Financial gaining 5 percent to $2.83 as Caribbean Cream dropped 8 percent to $4.12.
In the Main Market, Productive Business Solutions rose 5 percent to US$1.39, Key Insurance gained 4 percent to $3.50, but Berger Paints shed 9 percent to $10, followed by Caribbean Producers, with a 6 percent to $13.14.
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 14.2, while the Junior Market Top 10 PE sits at 5.9 versus the market at 12.8, important indicators of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 246 percent and the Main Market TOP10 s projected to gain an average of 243 percent, by May 2023.
The Junior Market currently sells at an average PE of around 12.8 but already there are 13 stocks representing 25 percent of the market, with PEs from 16 to 36, averaging 22. The top half of the market has an average PE of 18. The 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 100, averaging 27.5 and 22 excluding the highest valued one.
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 a recent bottom.
ICTOP10 focuses on likely yearly winners. The list includes some of the best listed companies 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 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.