VM Investments gained 63% to end at $4 on Tuesday from the IPO price
The latest listing on the Main Market of the Jamaica Stock Exchange, Victoria Mutual Investments, closed trading with 2.35 million shares with the price rising to a new closing high of $4 for a gain of 63 percent from its IPO price of $2.45, after trading as high as $4.20.
The Main Market of the Jamaica Stock Exchange concluded trading on Monday with 26 securities changing hands versus 22 securities trading on Friday. The price of 10 stocks advanced, 11 declined and 5 traded firm with 11,226,286 units valued at $102,330,476 changing hands.
Trading ended with the All Jamaican Composite 622.57 points to 317,138.68 and the JSE Index advancing by 567.23 points to 288,949.20.
In the main market activity, Berger Paints finished 45 cents higher at $17, trading just 525 shares, Cable & Wireless settled 15 cents higher at $1.40, with 1,804,417 shares, 
Caribbean Cement ended trading with a loss of 50 cents at $32, with 9,800 stock units, Carreras traded 5 cents higher at $11.45, with 234,822 units. Ciboney Group finished trading with a loss of 4 cents down to 37 cents, with 728 shares, Grace Kennedy closed with a loss of 25 cents at $43.50, with 16,000 shares, Jamaica Broilers ended 10 cents higher at $17.80, with 26,937 stock units, Jamaica Producers concluded trading with a loss of 20 cents at $16.50, with 1,683 units. Jamaica Stock Exchange finished at $7.05, with 12,000 shares, JMMB Group settled with a loss of $1 to end at $24, with 65,054 shares trading, Kingston Properties ended trading at $7.70, with 3,100 stock units, NCB Financial Group closed with a loss of $1 to $99, with 50,823 shares. 1834 Investments ended 5 cents higher at $1.30, with 459,937 stock units, PanJam Investment concluded trading 25 cents higher at $45, with 5,341 units, Pulse Investments settled at $1.80, with 94,172 shares, 
Radio Jamaica ended trading with a loss of 3 cents at $1.02, with 159,905 stock units, Sagicor Group traded with a loss of $2.70 at $35.30, with 7,563 units. Sagicor Real Estate Fund finished trading with a loss of $1 to $14, with 5,589 shares, Salada Foods closed 25 cents higher at $11.50, with 117,951 shares, Scotia Group ended with a loss of 85 cents at $53, with 104,683 stock units, Seprod settled $1 higher at $31, with 3,250 shares. Supreme Ventures traded with a loss of $1.49 to end at $10.01, with 131,005 units, VM Investments finished trading 76 cents higher to a record close of $4, with 2,353,026 shares trading and WISYNCO Group closed 51 cents higher at $12.50, with 5,546,728 shares changing hands. In the main market preference segment, Jamaica Money Market Brokers 7.25% traded 4,266 units at $2.49, Jamaica Money Market Brokers 7.5% traded 6,981 units at $1.90.
Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “JSE Main Market starts 2018 with gains.”
Trading on the Jamaica Stock Exchange ended with the All Jamaican Composite Index jumping 4,310.37 points to close at 316,516.11 for a gain of 50.6 percent for the year and the JSE Index advancing by 3,927.24 points to 288,381.97 ending 2017 with a rise of 50 percent.
Trading ended with an average of 392,700 units for an average of $4,819,591 in contrast to 211,302 units for an average of $3,166,567 on Thursday. The average volume and value for the month to date amounts to 686,156 units valued at an average of $8,654,832 and previously 701,126 units valued at an average of $8,851,977. In contrast, November closed with average of 349,084 units at an average of $5,801,440 for each security traded.
Trading ended with the All Jamaican Composite Index surging 4,310.37 points to 316,516.11 for a gain of 50.6 percent for the year and the JSE Index jumping by 3,927.24 points to 288,381.97, ending 2017 with a rise of 50 percent versus 22 securities trading on Thursday.
Radio Jamaica settled at $1.05, with 185,174 shares, Sagicor Group ended trading 1 cent higher at $38, with 136,913 stock units, Sagicor Real Estate Fund traded at $15, with 8,817 units, Salada Foods finished trading with a loss of 25 cents at $11.25, with 32,049 shares. Scotia Group closed $3.75 higher at $53.85, with 76,440 shares, Sterling Investments gained $1 and closed at $13, with 7,470 shares, Supreme Ventures ended trading at $11.50, with 515,544 stock units and Wisynco Group traded $1.90 higher to end at a closing record high of $11.99, with 5,090,376 units. In the main market preference segment, Jamaica Money Market Brokers 7.5% traded 550,000 units at $1.90, JMMB Group 7.5% traded 94,000 units at $1.15 and Proven Investments 8.25% ended with 1,227 units trading at $5.90.
Caribbean Cement ended trading 99 cents higher at $32.50, with 111,545 stock units, Carreras traded at $11.40, with 65,754 units, Grace Kennedy closed at $43, with 139,950 shares. Jamaica Broilers ended at $18, with 20,988 stock units, Jamaica Producers concluded trading at $16.70, with 19,010 units, Jamaica Stock Exchange finished at $7, with 64,203 shares, JMMB Group settled with a loss of 1 cent at $23, with 404,504 shares. JMMB Group ended trading with a loss of $1 at $23, with 404,504 stock units, Kingston Wharves finished trading at $32.50, with 215 shares, Mayberry Investments closed at $6, with 250,000 shares, NCB Financial ended with a loss of 50 cents at $98.50, with 122,721 stock units. PanJam Investment finished at $44.80, with 12,141 shares, Pulse Investments ended trading at $1.80, with 16,992 stock units, 
Sagicor Group finished trading $2.24 higher at $37.99, with 43,400 shares, Sagicor Real Estate Fund closed at $15, with 2,000 shares. Salada Foods ended $1 higher at a 52 weeks’ high of $11.50, with 102,000 stock units, Scotia Group concluded trading with a loss of $1.90 at $50.10, with 43,810 units and Supreme Ventures ended trading 80 cents higher at $11.50, with 15,000 stock units. In the main market preference segment, JMMB Group 7.5% traded 133,300 units at $1.15 and Proven Investments 8.25% ended with 48,773 units trading with a rise of 60 cents at $5.90.
In a week of big price movements in the market three new stocks moved into the TOP 10 at the close of the last week.
At the close of Friday, the average PE ratio for Junior Market Top stocks dropped sharply from 9.2 last week to at 8.1 and a PE at 8.5 for the main market TOP 10. The average PE for the overall main market is 14.3 and 12.9 for Junior Market, based on 2017 estimated earnings.
This week the focus could be on the three IPOs that opening in days.
JSE board needs a huge shake up
Ian McNaughton, Chairman of the Jamaica Stock Exchange.
The Jamaica Stock Exchange needs to heal itself and fast, since no one else seems able to do so yet. There are some startling truths about Jamaica but not many persons want to talk about them.
The fact that we are seeing a repeat of this problem is a clear indication that there needs to be changes at the board level of the JSE.
One such truth, stock exchange board is not running the exchange in the interest of the wider investing public. The other is that the Financial Securities Commission is almost a waste of taxpayers’ money whether by government subvention or fees paid directly or indirectly by investors. If that were not the case how can the country explain that Berger Paints’ directors could make false statements about the acceptance and value of Berger Paints shares in response to Ansa Coatings offer to buy out minority shareholder and no one in authority called them to book and got them to support their claims with evidence.
In July this year, Express Catering shares were not being traded as demand exceeded supply by a wide margin and pushing the equilibrium price well ahead of prices that the circuit breaker rule at the JSE permitted. The stock did not trade for a number of days after listing, left to the rules as was being practiced, the stock would have taken much longer to trade than it finally did after management intervened. The same thing is now happening to FosRich shares that have not traded after two days of listing, with demand exceeding supply well above the permitted price of the JSE. When Wisynco and VM Investments list, one can expect the same situation to occur, unless the rule is modified.
Having hand the problem several months ago it seems implausible that the JSE has not moved speedily to correct what is clearly a problem when IPOs start trading. Why has the stock Exchange board not moved to correct what is clearly a problem for new listings. Why has the FSC not intervened to ensure it get sorted out, before new listings come to market?
Lest face some facts, time is money. The FosRich issue closed on December 4, as such, investors who would like to sell have to wait for nearly a month to be able to get their money out based on the Jamaica Stock Exchange price restriction. In the cases of Wisynco and VM Investments the situation will be vastly worse with both having protracted period to announce the allocation of shares much yet listing.
The Junior Market of the exchange has demonstrated the power of share ownership, to radically transform the economy and the wider society. Alas enough effort is not being given to it, the mechanical application of the circuit breaker rule is one such factor that is negatively affecting the market.
Finally, the Berger Paints takeover offer is once more pointing to the fact that a rule meant to protect minorities is not doing so at all, if it did how can one explain the fact that just over 6 million shares were surrendered as a result of the Ansa’s bid with the shares trading up to $18 since compared to an offer on $10.88. Clearly the big investors did not sell so it must be much smaller investors who are not adequately informed.