The Main Market of the JSE rose around two percent and Junior Market just under one percent for the week and led the top 10 mostly higher, with 7 Main Market and 4 Junior Market stocks rising with declining stocks recording losses of 4 percent or less, at the same time one stock moved out of the TOP10.
The Main Market ICTOP10 ended with, General Accident declined 11 percent to $4.50. Buying interest picked up during the week for Scotia Group pushing the stock to several 52 weeks’ highs and a rose of 7 percent for the week to a 52 weeks’ closing high of $38.40. This stock has much more juice left that should take it into the $40 range by early 2024. Caribbean Producers rallied 6 percent to $9, while Margaritaville also rose 6 percent and closed at $17 and Pulse Investments rose 5 percent to $2.09 and Key Insurance slipped 4 percent to $2.40.
The Junior Market ended the week, with AMG Packaging climbing 17 percent to $2.70, buying is not aggressive currently while supplies up to $3.15 is limited, with none on offer until $10. Investors should expect a big bounce in the first quarter profits due by mid-January. The company states that they are exploring the possibility of new equipment and expanded facilities that could shape a future expansion of momentous proportions. Caribbean Cream rose 10 percent to $3.64 and Stationery and Office Supplies gained 9 percent and dropped out of the TOP10 and is replaced by Tropical Battery. There were no notable declines at the end of the week.
There was no new addition to the IC Main Market TOP10.
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.1. The Main Market ICTOP10 is projected to gain an average of 288 percent by May 2024, based on 2023 forecasted earnings and now provides better values than the Junior Market with the potential to gain 195 percent over the same time frame.
In the Main Market ICTOP10, 15 of the most highly valued stocks, 31 percent of the Main Market are priced at a PE of 15 to 108, with an average of 29 and 18 excluding the highest PE ratios, and a PE of 24 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 7, just over half of the market, with an average of 13.2. There are 14 stocks, or 29 percent of the market, with PEsfrom 15 to 49, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. 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 will likely deliver the best returns on or around May 2024 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.
Trading picks up on the JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks changing hands surging 2,344 percent valued at 758 percent more than on Thursday and resulting in the trading of six securities, compared to three on Thursday with none rising, one declining and five ending unchanged.
Overall, 159,494 shares were traded, for US$2,742 compared with 6,525 units at US$320 on Thursday.
Trading ended with an average of 26,582 shares for US$457 compared with 2,175 units at US$107 on Thursday. Trading for the month to date averages 28,793 shares at US$1,383 compared to 28,974 units at US$1,459 on the previous day, well off from November, with an average of 249,102 units for US$14,204.
The US Denominated Equities Index dipped 2.03 points to 221.10.
The PE Ratio, a measure used in computing appropriate stock values, averages 10.2. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close of trading, Productive Business Solutions ended at US$1.55 in an exchange of 64 shares, Proven Investments remained at 14 US cents with investors transferring 364 units, Sterling Investments ended at 1.58 US cents after an exchange of 8,885 shares. Sygnus Credit Investments remained at 9 US cents with investors swapping 144 stock units and Transjamaican Highway declined 0.05 of a cent to close at 1.6 US cents, with 150,000 shares crossing the exchange.
In the preference segment, JMMB Group 6% remained at US$1.05 with traders dealing in 37 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Pre Christmas rally for Trinidad Exchange
Trading ended on the Trinidad and Tobago Stock Exchange on Friday, with the volume of stocks traded rising 196 percent with the value 10 percent lower than on Thursday and resulting in the trading of 15 securities compared with 16 on Thursday, and ended with five stocks rising, three declining and seven remaining unchanged.
Investors exchanged 498,663 shares for $13,047,460 versus 168,184 stock units at $14,467,631 on Thursday.
An average of 33,244 units were traded at $869,831 compared to 10,512 shares at $904,227 on Thursday, with trading month to date averaging 17,478 shares at $265,945 compared with 16,568 units at $231,107 on the previous day, comparing favourably to the average trade for November of 19,241 shares at $227,402.
The Composite Index popped 5.08 points to end at 1,204.34, the All T&T Index advanced 6.49 points to end at 1,797.38, the SME Index dipped 0.23 points to close at 72.62 and the Cross-Listed Index gained 0.50 points to lock up trading at 79.74.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s ended trading at $68.50 with investors exchanging 4,813 stock units, Angostura Holdings rose $1.95 to finish at $21.94, with 23 shares clearing the market, Ansa McAl lost 6 cents to end trading at $54 with investors dealing in 77 units. CinemaOne fell 5 cents and ended at $7.20 after 243,152 stocks crossed the market, First Citizens Group popped 21 cents to close at $49.21 after investors closed trading with an exchange of 1,193 shares, FirstCaribbean International Bank ended at $7.05 after a transfer of 201 stocks. Guardian Holdings rose 85 cents in closing at $18.25 with investors swapping 12,476 units, Massy Holdings rose 16 cents to end at $4.44 after an exchange of 78,561 stock units, National Enterprises remained at $4.15 with a transfer of 55,390 shares. NCB Financial ended at $3.40 as investors traded 7,123 stocks, Prestige Holdings ended at $9.25 after 141 units passed through the market, Republic Financial shed 16 cents and ended at $122.84 with investors transferring 75,553 stock units. Scotiabank rallied 1 cent to close at $69.99 after an exchange of 9,825 shares, Trinidad & Tobago NGL ended at $10.30 and closed trading with 4,560 stocks changing hands and West Indian Tobacco ended at $9 with traders dealing in 5,575 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading plunged on the JSE USD Market
Trading plunged on the Jamaica Stock Exchange US dollar market on Thursday, with 95 percent drop in the volume of stocks changing hands valued 89 percent less than on Wednesday and resulted from trading of just three securities, down from five on Wednesday with one rising, no declining and two ending unchanged.
Investors traded 6,525 shares for US$320 down from 130,502 units at US$2,973 on Wednesday.
Trading ended with an average of 2,175 shares for US$107 compared at 26,100 units at US$595 on Wednesday, with a month to date average of 28,974 stock units for US$1,459 compared to 30,123 units at US$1,517 on the previous day, and down sharply from November that closed with an average of 249,102 units for US$14,204.
The US Denominated Equities Index rallied 4.25 points to end at 223.13.
The PE Ratio, a measure used in computing appropriate stock values, averages 10.2. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Proven Investments remained at 14 US cents with an exchange of 1,097 stocks and Transjamaican Highway popped 0.09 of a cent to close at 1.65 US cents after 5,354 shares were traded.
In the preference segment, JMMB Group 6% ended at US$1.05 with an exchange of 74 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.