Blog Page — Page 1092

Juniors suffer big drop – Tuesday

May 24, 2016 by IC Insider.com

Interest is up for Caribbean Cream with bids for 300,000 units at $4.47.

The junior market closed lower at the close of trading on Tuesday, with 912,528 shares valued at $4,482,547 changing hands. The market index dropped 42.34 points to end at 2,093.98 with a total of 12 securities traded of which 4 advanced and 6 declined. The market ended with bids for 7 stocks closing higher than their last selling prices and 3 ending with lower offers.
At the end of trading, Caribbean Cream close with 21,000 shares changing hands at $4.46, General Accident traded at $2.15 with 299,208 shares trading but gained 5 cents, Honey Bun closed with a loss of 50 cents at $21.50, while 5,444 shares traded, Jamaican Teas traded 3,600 units and lost 5 cents to close at $3.85. Jetcon Corporation traded 90,307 shares and gained 6 cents to close at $2.81, JM Trdng Sht-24-5-16

Key Insurance closed with a gain of 19 cents at $2.69 with 100 shares trading, Lasco Distributors fell 16 cents and closed with 265,100 units trading with the price closing at $7.20. Lasco Financial closed at $3.30 with 12,700 shares changing hands after falling 5 cents, Lasco Manufacturing gained 16 cents closed at $4.60 with 106,600 shares trading. Medical Disposables traded 12,519 shares to close unchanged at $2.95, after dropping 55 cents, Paramount Trading fell 1 cent to end with 68,200 shares changing hands at $10.99 and tTech ended with 37,750 units changing hands at $4.50.

JSE trading off to slow start

May 24, 2016 by IC Insider.com

ICI int sht 24-05-16r

Filed Under: JSE Combined, Stock Market Tagged With: Daily Trading, Jamaica Stock Exchange, Jamaican Stock, Trading Activity

TT$ drops 4.7% with US$ shortage

May 24, 2016 by IC Insider.com

US$ bungle Jamaica is not the only country in the Caribbean undergoing exchange rate adjustment. Trinidad and Tobago that has had a long period of steady exchange rate versus the US dollar is now seeing its currency lose value.
At least one company, National Flour Mills speak of shortage of foreign currency to do their business.
While devaluation has been commonplace for some time in Jamaica, the country’s neighbor, Trinidad and Tobago who have had seen a steady exchange rate versus the US dollar for years, at around $6.30 has now seen a near 5 percent devaluation of their currency with the rate falling from $6.32 in October last year to $6.63 currently for a devaluation of 4.7 percent against the United States currency.
The rate could slip even more, with the price of oil on the world market below US$50 a barrel starving the country that is highly dependent on oil revenues to fuel its economy, coupled with high levels of inflation over a number of years while the exchange rate remained stable.
Jamaican dollar has lost close to 5 percent in its value this year against the United States dollar, taking the exchange rate over $125 to the US even as inflation for the year to date is negative. Since the start of 2015 the local dollar has fallen from $114.66 to the current rate of $125.43 a decline of 9.4 percent and beating the rate of inflation for the same period by 8.5 percent.

Filed Under: Economy Tagged With: Daily Trading, Jamaica dollar, National Flour Mills, Trading Activity, TTSE$, US Dollar

First Global’s big year

May 24, 2016 by IC Insider.com

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FGB 2015 was a big year for the Grace owned First Global Bank in recording a strong 39 percent increase profit after tax to $440 million over 2014. The strong growth emanated from a sharp increase in Loans and advances of 23 to $21.8 billion at the year end helping to drive interest on loans by 23 percent to $2.56 billion.
Net interest and other income amounted to $3.7 billion versus $3 billion in the previous year, for 25 percent increase.
Customer deposits grew 10 percent to $24.6 billion but interest cost grew to $566 million from $521 million for depositors.
The bank, one of the smaller one in Jamaica enjoyed growth in interest income by over 20 percent for the 2015 financial year over the 2014 as they posted interest revenue of $3.6 billion compared with $3 billion for 2014. Interest cost grew 11.3 percent from $893 million in 2014 to $992 million in 2015.
Fees and commissions recorded significant growth of 32 percent moving from $724 million to $956 million for financial year 2015. Foreign exchange gains grew 16 percent to $231 million, while gains on investment activities more than quadruple from $25 million to $116 million.
A 28 percent increase in staff costs helped to push operating expenses to $3.3 billion, for a 25 percent increase over the 2014 period. The bank’s asset grew by over 12 percent to $47 billion against $42 billion recorded for 2014 and shareholders’ equity climbed to $7.2 billion from $6.9 billion in 2014.
While profit had climbed sharply, close to half a billion, corporate taxation was ended being nil as tax free income wiped out any likelihood of a tax liability for the year.

Filed Under: Company News, Company Results Tagged With: First Global Bank, Grace Kennedy

Flour pressed into more profit

May 24, 2016 by IC Insider.com

Profit after tax grew to TT$9.2 million up marginally from $9 million for the March quarter, this year at Trinidad’s National Flour Mills, from declining revenues of $111.2 million compared with $121.5 million in the 2015 quarter.
The company enjoyed earnings per share of 8 cents, compared with 7 cents in the 2015 quarter and 28 cents for the full year, in 2015 and could end up around 32 cents for the 2016 if the current trend continues.
The lower revenues “reflect the contraction in demand locally, and some timing differences with respect to large export orders which the company now pursues vigorously. Cost containment measures continue to provide the cash cushion to execute planned capital projects. Thus, growth in the regional export markets and more local content are priority strategies to improve both our sales revenues and foreign currency position” says Chairman Mike Bazle in his commentary accompanying the company’s quarterly results.
“It is thus important to note that the current economic environment continues to challenge the Company, particularly with respect to the timely supply of foreign exchange which is central to the financing of NFM’s grain purchases. When taken together with the cost implications of declining TT currency values, the company’s intention is to manage these additional costs, as key priorities, in order to ameliorate the impact on our customers,” the Chairman went on to say.
Despite the falling revenue, gross profit rose from $29.8 million to $31 million while Selling and distribution expenses were static at $7.8 million and Administrative expense declined to $10.74 million from $11.85 million.
Borrowing funds jumped to $122.78 million from $94 million compared to shareholders equity of $204 million.
The company is listed on the Trinidad and Tobago Stock Exchange and last traded at $2.20, with a PE around 7 times this year’s earnings and is priced below the average stock on the TTSE market. With recession and devaluation of the Trinidad currency investors are not aggressive in picking up stocks.

Filed Under: Buy Rated, Company News, Company Results Tagged With: National Flour Mills, TTSE

Stock split revs Pan Jam’ stock not profit

May 23, 2016 by IC Insider.com

pan_jamaican_logo280x150 Pan-Jamaican Investment Trust (Pan Jam) recently announced a proposed 5 for 1 stock split which sent the stock flying to $125 from below $90. The company also announced a second dividend for the year with the stock trading ex-dividend on May 27. The dividend is for 75 cents per share, payable on June 22, to shareholders on record as at May 31.
The latest payment makes the second dividend of the same amount in March this year. In June 2015, the company paid a dividend of seventy cents per shares.
Pan Jam also advised that on May 13, four members of the management team were issued stock grants under the Long Term Incentive Plan totaling 242,691 shares.
The group reported net profit attributable to owners for the quarter ended March of $721 million, up from $542 million in the 2015 first quarter, an increase of 33 percent. Earnings per stock unit amounted to $3.44 compared to $2.59 for the same period in 2015. Earnings from ongoing operations seem headed for $15 per share for this year.
Performance for the quarter reflect a gain of $185 million arising from the divestment of shares in Hardware and Lumber and an increase of $149 million in the share of associated company and joint venture companies’ results. These more than compensated for decreases of $43 million and $84 million in property and other income respectively.
Property income was reduced by lower rental income as a result of a reduction in average occupancy from 85 percent in March 2015 to 81 percent in the current year as well as reduced booking of property revaluation gains. In the first quarter of 2015, other income increased by a one-off lease buyout amounting to $87 million. Operating expenses increased principally as a result of pension costs related to the reorganisation of the group’s pension arrangements as well as amortization of new property management software. Operating expenses rose to $288.59 million from $259.57 million while Finance costs rose sharply to $130 million from $94 million.
Total assets amounted to $28.3 billion at the end of March while stockholders’ equity increased to $22.4 billion, equating to a book value per stock unit of $106.86.
Since Pan Jam announced the stock split, the stock rose to $125 on the Jamaica Stock Exchange, up from $88 at the beginning of May.

Filed Under: Company News, Company Results Tagged With: Dividend, Hardware and Lumber, Jamaica Stock Exchange, Pan-Jamaican Investment Trust

1 gained 4 fell on TTSE – Monday

May 23, 2016 by IC Insider.com

First Citizens. the sole rising stock on TTSE on Monday

Trading on the Trinidad and Tobago Stock Exchange on Monday resulted in more declining than advancing stocks. The market closed with 11 active securities changing hands, with 1 stocks rising, 4 declining while 6 remaining unchanged, as 179,195 shares valued at $5,659,735 changed hands. The market ended with 3 stocks closing at 52 weeks’ lows.
The Composite Index gained 0.28 points to close at 1,107.90, the All T&T Index advanced by 0.54 points to close at 1,759.01 and the Cross Listed Index remained at 60.73.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 7 stocks with bids higher than their last selling prices and 6 with offers that were lower. The indicator has been showing improving market sentiments recently but it may not mean the end of declining stocks.
Gains| First Citizens Bank rose 50 cents to close at $30 as 39,065 units valued at $1,161,312 changed hands.
Losses| Ansa McAL lost 1 cent in trading 250 units at a 52 weeks’ low of $62.48, Clico Investment Fund traded 3,000 shares to close 1 cent down at $22.60. Massy Holdings lost 1 cent in trading 13,000 shares valued TTSE sum 23-5 -16

at $623,740, at a 52 weeks’ low of $47.98 and Scotiabank traded 2,000 shares and lost 5 cents in closing at a 52 weeks’ low of $53.86.
Firm Trades| Firstcaribbean International Bank traded 4,535 shares to end at $6.56, Grace Kennedy closed with 60,431 shares for a value of $317,263 changing hands at $5.25, National Enterprises closed with 28,364 shares valued at $317,652 changing hands at $11.22. National Flour ended with 486 shares changing hands to close at $2.20, Republic Financial Holdings traded 27,964 units valued at $3,017,093 to close at $107.90 and Sagicor Financial closed with 100 units changing hands at $7.17.

Filed Under: Stock Market, TTSE Market Tagged With: Ansa Mcal, Clico Investments Fund, Daily Trading, First Citizens, Firstcaribbean International Bank, Grace Kennedy, Massy Holdings, National Enterprises, National Flour Mills, Republic Financial Holdings, Sagicor Financial Corporation, Scotiabank, Trading Activity, TTSE

1m mobile phones cheer investors

May 21, 2016 by IC Insider.com

CW flow hq Cable and Wireless is celebrating the recent attainment of 1 million mobile customers but investors should be celebrating as well. This milestone could mean big bucks for investors as the company moves out of losses into profit.
At the end of March 2015, the total number of cell phone customers stood at 838,000 users, the increase to 1 million resulted in 162,000 new customers. The growth in the numbers place the company around 35 percent market share as it continues to eat away at the competitor’s market share. Importantly, it translates to additional revenues that is close to $2 billion per annum. This is important for a company that suffered operating loss of $2.2 billion in 2015 and $700,000 million loss for the nine months to December 2015. With continued growth expected in the number of mobile customers, for the current fiscal year to March 2017, should move the company into a clear profit from operation, for the time since the year ending March 2007.
IC Insider.com is projecting 20 cents per share for the current fiscal year. The stock traded at $1.28 on the Jamaica Stock Exchange but could well rise when the company release full year results for 2016 March year end, by the end of May.

Filed Under: Company News, General Business News Tagged With: C&WJ, Cable & Wireless, Jamaica Stock Exchange, Jamaican Stock

BOJ intervenes but J$ still sinks

May 20, 2016 by IC Insider.com

BOJ sold US dollars into the system on Monday

Bank of Jamaica intervened in the foreign exchange market on Friday but the local dollar still declined in value against the United States dollar, at the end of foreign exchange trading, as the local currency slipped to J$125.42.
The foreign exchange market closed on Friday, with dealers buying the equivalent of US$66,689,913 and selling US$71,064,031, in contrast to US$29,951,569 purchased and US$32,955,410 sold on Thursday.
In US dollar trading, dealers bought US$63,725,324 compared to US$25,380,999 on Thursday, as the buying rate for the US dollar rose 51 cents to $124.99. FX Sum-20-05-16

A total of US$69,202,703 was sold versus US$28,555,052 on Thursday with the selling rate rising 9 cents to $125.42. The Canadian dollar buying rate dropped $1.10 to end at $91.76 with dealers buying C$620,487 and selling C$945,581, at an average rate that declined by 32 cents to $95.88. The rate for buying the British Pound dropped $1.97 to $178.59 for the purchase of £1,620,012, while £648,114 was sold, with the rate falling 66 cents to $181.50.
At the end of trading, the selling rate for Euro, fell 72 cents to close at J$140.43, from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.39, for a fall of 77 cents on Thursday’s rate. The US dollar equivalent of other currencies traded amounts to US$194,210 being bought, while US$200,617 was sold.
FX HL -20-05-16

Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Friday, include, a fall of $1.15 in the highest buying rate of the US dollar to end at $125.85 and an increase in the lowest selling rate of $2 to $103.12, a decline of $11.05 in the lowest selling rate of Canadian dollar to end at $78.95, a fall of $1.10 in the highest buying rate for the British Pound to $183.50 and a rise of $2.20 in the lowest selling rate to $172.20.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, Daily Trading, euro, FX Market, J$ vs euro, Jamaica dollar, Trading Activity, US Dollar

Gains for TTSE stocks – Friday

May 20, 2016 by IC Insider.com

Angostura is one of 2 stocks to gain at the close of trading on Friday

Trading on the Trinidad and Tobago Stock Exchange on Friday resulted in an equal number of advancing and declining stocks. The market closed with 10 active securities changing hands, with 2 stocks rising, 2 declining while 6 remaining unchanged, as 418,963 shares valued at $4,825,713 changed hands.
Two stocks closing at 52 weeks’ lows as a number of them try o find a bottom.
The Composite Index gained 1.30 points to close at 1,107.62, the All T&T Index advanced by 0.07 points to close at 1,758.47 and the Cross Listed Index advanced by 0.34 points at 60.73.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 7 with offers that were lower. The indicator has been showing improving market sentiments recently but it may not mean the end of declining stocks.
Gains| Angostura Holdings rose 40 cents in trading 11,779 units at $12.90 and National Commercial Bank traded 56,305 shares and gained 5 cents to end at $2.40.
TTSE sum 20-5 -16

Losses|$47.99 and Republic Financial Holdings lost 9 cents in trading 4,600 units valued at $496,340 to close at a 52 weeks’ low of $107.90.
Firm Trades| Clico Investment Fund traded 2,162 shares to close at $22.61, Firstcaribbean International Bank traded 245,765 shares with a value of $1,612,218 to end at $6.56, First Citizens Bank closed at $29.50 as 21,928 units valued at $646,874 changed hands, One Caribbean Media traded 34,852 shares valued at $741,999 and closed at $21.29. Praetorian Property Mutual Fund contributed 22,052 shares to end at $2.70 and Sagicor Financial closed with 100 units changing hands at $7.17.