Moderate trading on TTSE
Trading on the Trinidad and Tobago Exchange closed on Monday with 10 securities changing hands, down from 13 on Friday, 1 of which advanced, 2 declined and 7 traded unchanged.
Market activity resulted in 1 stock closing at 52-weeks’ highs and one at a 52 weeks’ low.
Trading activity closed with 87,638 shares changing hands with a value of $556,559 compared to Friday’s volume of 510,441 with a value of $8,337,500.
The Composite Index advanced 0.08 points to 1,181.51 points, the All T & T Index lost 0.15 points to close at 1,804.46 points, 7.39 percent down year to date and the Cross Listed Index gained 0.04 points to close at 74.88 points to be up 51.24 percent for the year to date.
IC bid-offer Indicator |The Investor’s Choice bid-offer ended with 5 stocks with bid higher than their last selling prices and 6 with lower offers.
Gains| Sagicor Financial gained 5 cents to close at a 52 weeks high of $7.25 with 3,000 shares changing hands.
Losses|One Caribbean Media lost one cent to close at a 52 weeks’ low of $19.99 with 250 shares changing hands and Trinidad & Tobago NGL lost 15 cents to close at $22.55 with 10,549 shares changing hands.
Firm Trades | Clico Investment Fund closed at $22.60 with 885 shares changing hands, Ansa Merchant Bank closed at $40.01 with 2,054 shares changing hands, First Citizens Bank with 1,652 changing hands, closed at $33, Grace Kennedy with 100 shares changing hands, closed at $2.55. JMMB Group ended with 4,048 shares changing hands and closed at 91 cents, Scotia Investments closed at $1.81 with 65,000 shares changing hands and West Indian Tobacco closed at $126.95 with 100 shares changing hands.
Jamaican stocks close down – Monday
Trading levels on the Jamaica Stock Exchange slipped at the close on Monday from Friday’s with the number of securities and volume trading falling, compared to Friday. At the close the All Jamaica Composite Index fell 919.74 points to close at 188,471.81, with the year to date gains at 12.6 percent. The JSE Market Index fell 822.42 points to finish at 169,569.09 and the JSE combined index dropped 623.42 points to end at 182,889.85 with a gain for the year to date of 15.6 percent.
At the close 1,386,155 units valued at only $14,662,262 changed hands, compared to 2,121,591 units valued at $35,719,971 changing hands on Friday. The junior market accounted for 143,487 units trading valued at $754,871 of the stocks traded.
The average trade for the day in the main market ended at 62,133 and 108,809 units month to date. On Friday, an average of 81,096 units traded and for the month to date, 155,485 units, in comparison the average for the October was 220,811 units.
The market closed with 31 securities trading as the prices of 7 gained while 16 declined in the overall market, including 4 stocks rising and 4 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading shows 13 stocks with bids higher than their last selling prices and just 5 with lower offers.
In market activity, Berger Paints traded 43,963 units and rose 5 cents to $6.35, Cable & Wireless closed with a loss of 5 cents to end at 80 cents with 344,471 units trading, Caribbean Cement dropped 50 cents with 18,591 units changing hands to close at $30, Carreras traded 2,675 shares and lost $1 to end at $65. Grace Kennedy fell 65 cents and ended up trading 17,455 units at $40.80, Jamaica Broilers gained 30 cents and closed at $15 with 6,050 shares changing ownership, Jamaica Producers rose 20 cents in trading 1,000 shares to close at $8.20, Jamaica Stock Exchange fell 20 cents and ended at $5.50 after trading 339,443 shares. JMMB Group traded 59,840 shares to end at $13.45 with a loss of 25 cents, Mayberry Investments ended with 12,951 shares trading to close at $3.65 for a fall of 35 cents, National Commercial Bank ended trading of 19,790 shares to close at $46, Pan Jamaican Investment closed at $23.70 after trading 3,000 shares. Radio Jamaica closed with a 14 cents loss at $1.31 with 22,974 shares trading, Sagicor Group had 85,203 shares changing hands to close at $24, Sagicor Real Estate Fund traded with a fall of 13 cents to close at $10.12 with 93,001 units switching owners, Scotia Group traded 117,800 shares to close at $31.21, Scotia Investments dived $4.45 in trading 6,200 shares to end at $26.55 and Seprod fell 50 cents in trading 43,847 shares to end at $27.
Moderate trading for Jamaican stocks
Trading on the Jamaica Stock Exchange started the new weekly session in the morning session on Monday with very moderate traded with the main market indices falling mildly and the junior market down slightly with just 3 junior stocks trading after 75 minutes of market activity.
Market activity resulted in 8 stocks falling while the prices of 2 securities rose.
Berger Paints with 43,963 shares at $6.35, is the leading traded stock followed by, Sagicor Real Estate Fund 42,000 units at $10.23 and Jamaica Stock Exchange with 16,123 units at $5.69.
The all Jamaica Composite Index fell 171.32 points to 189,220.23, the Jamaica Stock Exchange Market Index lost 153.19 points to 170,238.32, the Jamaica Stock Exchange combined index declined 142.06 points to close at 183,371.21 and the junior market index lost 3.32 points to 2,481.66.
At 10:45 am, a total of 15 securities traded, resulting in a volume of only 153,140 shares changing hands carrying a value of $1,460,514. The average number of shares traded amounts to just 10,209 units.
Cargo Handlers updates results
Cargo Handlers updated their results for the full year to September following IC Insider’s posting of a report that the company reported results with errors relating to the number of shares used to compute earnings per share.
Cargo Handlers posted their full year profit of $154 million after tax, up from $136 million in 2015 and $30 million for the fourth quarter versus $29 million in 2015. The company originally reported earnings per share as 40 cents for the quarter and $3.30 for the 12 months, based on what they showed as a weighted average number of shares held during the period.
The company split its stock into 10 units for each one held, subsequent to the year-end and would not result in computing the average number of shares in issue. With a stock split or stock bonus the earnings per share is to be computed on the full amount of shares issued at the time of the financial report and the historical earnings per share would be revised based on the new issued shares in issued.
The updated report now shows earnings of 79 cents per share for the last quarter and $4.11 for the full year. The company’s stock last closed at $11.80 on the junior market of the Jamaica Stock Exchange.
Seprod profit up & dividend jumps
The board approved a big pay out of two dollars and sixty-three cents ($2.63) per share on November 28, to all shareholders on record as at November 18. The stock will trade ex-dividend on November 16. The dividend will consume $1.36 billion of the company’s cash and investments which stood at $3.9 billion at the end of September.
Seprod reported profit before losses attributed to minority shareholders in its subsidiary of $127 million for the September quarter versus a loss of $66 million in 2015 and $943 million for the nine months period compared to $375 million in 2015. Earnings per share amounts to 39 cents for the last quarter and $2.09 for the nine months as sale revenues declined to $11.1 billion for the nine months from $11.2 billion in 2015 but with the last quarter rising by 10 percent to $3.5 billion.
According to Scott the future looks bright going forward. “We are breaking even in the sugar operations with 11,000 tonnes of sugar produced last crop, Seprod Group. before interest charges and expectation of 16,000 tonnes of sugar being produced in 2017, which should be profitable,” Scott told IC Insider. There is also the expectation of higher price for sugar in 2017 than in 2016. The added tonnage if achieved could result in around $300 million more in revenues with most of it flowing to the bottom line of a The next three years should see a slate of new products being produced with the dairy operations being a major contributor to this thrust with the local and Caribbean markets being targeted. Seprod in it unassuming style quietly produced some of the better returns to shareholders of listed companies, in the last 5 or so years has seen profit stagnated with the tightness in the economy and gig losses in the sugar operation. Recent results and pick up in economic activity locally and with the rate of exchange of the Jamaican dollar having adjusted against the back ground of relatively inflation has given the company a competitive edge in a number of areas which it seems poised to take advantage of in growing the business.
The stock last trade at $27.50 on the main market of Jamaica Stock Exchange and looks like a buy for the further.