JSE volume remains low on Friday

Margaritaville Turks traded 531,220 shares at 20 US cents on friday

Margaritaville Turks traded 531,220 shares at 20 US cents on friday

Trading volumes remained low on the Jamaica Stock Exchange on Friday even as the active number of securities remain at elevated levels. The market closed with 35 securities changing hands, accounting for just 3,475,337 units valued at $40,616,397, in all market segments. The junior market had 2,388,762 shares valued at $2,388,762 trading.
Investors pushed the price of 13 stocks in the overall market up, 13 down, including 3 stocks rising and 4 declining, from the junior market. The JSE Market Index moved down by 192.18 points to end at 153,690.27. The all Jamaica Composite Index declined by 214.93 points to close at 170,713.62 and the JSE combined index slipped 54.76 points, to close at 164,532.54.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the JSE Sum-20-5-16Investor’s Choice bid-offer indicator reading showed 18 stocks with bids higher than their last selling prices and 5 with lower offers.
At the end of market activities, Berger Paints traded with 4,500 shares to close at $4.38, Cable & Wireless fell 5 cents and closed at $1.28 after trading 143,757 units, Carreras dropped $1.49 with 20,051 units trading to close at $64.51, Grace Kennedy traded 100 units to gain $1 and closed at $90. Hardware and Lumber jumped $3.50 to end at $16 as 500 shares changed hands, Jamaica Broilers closed with a fall of 43 cents at $14.21 while trading 3,664 shares, Jamaica Producers traded 10,000 shares at $35, Margaritaville Turks traded 531,220 to end at 20 US cents.JSE mn fn qts 20-5-16 National Commercial Bank traded 37,465 shares, to close with a fall of 19 cents at $39.80. Pan Jamaican Investment climbed back $1.70 to close trading at $122.70 but with just 400 shares changing hands, Radio Jamaica rose 3 cents in trading 70,612 shares at $1.30, Sagicor Group ended with 71,400 shares changing hands, fell 20 cents, to end at $22.30. Scotia Group closed with a fall of $2.70 to end at $30 while 81,365 units changed hands, Scotia Investments fell $1.09 to $25 with 12,880 shares changing hands, Sterling Investments lost 92 cents and closed at $11.98 with 24,800 shares trading. Supreme Ventures closed at $5 with 16,339 shares changing hands, after falling 29 cents and Proven Investments traded with a gain of 2 US cents to 20 US cents with 49,000 shares trading.

Advancing juniors dominate – Friday

Caribbean Flavours' produce inputs. the stock gained $1.50 on Friday high.

Caribbean Flavours’ produce inputs. the stock gained $1.50 on Friday high.

The junior market closed slightly higher at the close of trading on Friday, with 2,388,762 shares valued at $18,020,899 changing hands, of which 2 million units were accounted for by Caribbean Flavours. The market index rose 12.04 points to end at 2,136.32 with a total of 12 securities traded of which 6 advanced and 2 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, AMG Packaging closed at $10.51 with 3,000 units changing hands, CAC 2000 gained 9 cents and closed at $6.50 with 1,539 units changing hands, Caribbean Cream rose 5 cents with 12,715 shares changing hands at $4.46, Caribbean Flavours traded 2,000,100 shares and rose $1.50 to end at $8, Consolidated Bakeries gained 10 cents to end at JM Trdng Sht-20-5-16$1.60 with 10,500 shares changing hands. General Accident traded at $2.10 with 50,000 shares trading, Honey Bun closed at $22, with 2,025 shares trading, ISP Finance traded 79,943 units and ended with a 6 cents gain to close at a 52 weeks’ high of $2.85, Jamaican Teas traded 5,300 units to close at $3.90. Knutsford Express closed with a loss of 50 cents at $17.50 with 4,600 shares trading, Lasco Distributors fell 4 cents and closed with 159,489 units trading with the price closing at $7.36. Lasco Financial closed at $3.35 with 17,866 shares changing hands after rising 20 cents and Lasco Manufacturing closed at $4.44 with 41,865 shares trading.

T-bills spurned by investors

Investors spurned the latest issues of treasury bills with two of the four offerings for the month being heavily under subscribed and with the yields rising, albeit modestly.
TBill 05-16All four issues had offerings of $400 million each but while the 30 days instrument received bids of $474,943,600 and ended with a yield of 5.37 percent the same level as the previous issue, the 91 days received $508,470,400 at a yield that rose from 5.65 percent to 5.80 percent, the 181 days received just 366,081,700 with the yield rising from 5.82 percent to 5.91 percent and the nine months instrument saw just $167,987,400 and enjoyed an average yield of 6.414 percent.
The rates are slightly ahead of the Bank of Jamaica’s 30 days CD rate of 5.25 percent which has been in place since 2016. With inflation for the first four months of the year at negative 1.7 percent it seems that the central Bank’s inflation target of 5.5 percent is far too high and should be adjusted down and with it a lowering in the CD rate.

Pulse needs a mentor of sorts

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Kingsley Cooper Chairman of Pulse

Kingsley Cooper Chairman of Pulse

Pulse Investments needs an infusion at the directorship level as they have telegraphed time and again that they have a board that lacks knowledge to effectively guide the company and protect investors. This was made clear when directors responded to questions from minority shareholders and how badly they handled the proposed rights issue.
Subsequent to the annual general meeting, the directors pushed through an extraordinary meeting to consider and approved a rights issue. The legitimacy of that meeting is in question. For one the Jamaica Stock Exchange that should have been advised of the proposition a week ahead of the board meeting to consider the rights and the results of the meeting within 48 hours was not done until a few days ahead of the meeting. More importantly, the notice sent to shareholders did not meet the minimum 21 days required by law as the notice was posted around 19 days before the meeting date.
The board at the AGM admitted they were unaware that they could have submitted interim results in the past when the audit of a prior period was incomplete.
Now the company has released its nine months results showing profit of $191.5 million versus $148 million for the nine months of 2015, and $58 million compared to $48 million in the March quarter. The profit includes fair value gains on investment property of $26 million in the quarter and $78 million for the nine months. Revenues came in at $65 million for the quarter versus $57 million in 2015 and for the nine months revenues were 17 percent ahead of 2015 at $216 million.
The company paid a dividend of 6 cents per share in January this year but it is nowhere to be found in the interim statement. It should be shown as a separate line item on the cash flow statement as well as in the statement of changes in equity. Then on the list of directors’ holdings Oliver Holmes who resigned from the board some time ago is still shown in the list as a director but with no shares owned.

Sharp dip in JSE volume on Thursday

Margaritaville Turks traded at a new 52 weeks' high on Thursday.

Margaritaville Turks traded at a new 52 weeks’ high on Thursday.

Very low volumes characterised trading on the Jamaica Stock Exchange on Thursday. The market closed with 36 securities changing hands, accounting for just 1,557,618 units valued at $12,995,729, in all market segments. The junior market had 793,977 shares valued at $3,056,734 trading.
Investors pushed the price of 16 stocks in the overall market up, 11 down, including 3 stocks rising and 4 declining, from the junior market. The JSE Market Index moved up 13.42 points to end at 153,882.45. The all Jamaica Composite Index rose 15.01 points to close at 170,928.55 and the JSE combined index gained 44.21 points, to close at 164,532.54.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the JSE Sum-19-5-16Investor’s Choice bid-offer indicator reading showed 12 stocks with bids higher than their last selling prices and 10 with lower offers.
At the end of market activities, Barita Investments ended with 20,617 units trading, to close at $3.05, with a fall of 45 cents, Berger Paints rose 10 cents with 5,389 shares to close at $4.38, Cable & Wireless gained 7 cents and closed at $1.33 after trading 227,698 units, Caribbean Cement traded 3,800 shares to close at $26. Carreras jumped $1.99 with 300 units trading to close at $66, Grace Kennedy traded 18,430 units to gain 90 cents and closed at $89, the price of 1834 Investments declined by 3 cents in trading 34,839 units to close at 99 cents, Jamaica Broilers closed with a rise of 14 cents at $14.64 while trading 13,182 shares. JSE mn fn qts 19-5-16Jamaica Producers traded 2,000 shares at $35, Kingston Wharves loss 13 cents in trading 4,000 stock unit at $11.52, Margaritaville Turks traded just 200 shares and gained 2.5 cents to end at a record 20 US cents, National Commercial Bank traded 10,108 shares, to close with a rise of 14 cents at $39.99. Pan Jamaican Investment pulled back $3.94 to close trading at $121 with 3,969 shares changing hands, Radio Jamaica rose 15 cents in trading 33,600 shares at $1.27, Sagicor Group ended with 201,084 shares changing hands, and gained 30 cents, to end at $22.50. Scotia Group closed with a gain of $1.70 to end at $32.70 while 20,246 units changed hands, Seprod lost 50 cents and closed at $17.50 with 21,667 shares trading, Supreme Ventures closed at $5.39 with 41,000 shares changing hands after rising 59 cents and Proven Investments traded at 18 US cents with 21,329 shares.

It’s J$125.33 for one US$

FX_USPound On Thursday it took an average of 125.33 Jamaican dollars to purchase one United States dollar, at the end of foreign exchange trading, as the currency held above the J$125 mark for the second day in a row.
The foreign exchange market closed on Thursday, with dealers buying the equivalent of US$29,951,569 and selling US$32,955,410, in contrast to US$40,133,137 purchased and US$46,227,120 sold on Wednesday.
In US dollar trading, dealers bought US$25,380,999 compared to US$36,205,793 on Wednesday, as the buying rate for the US dollar rose 12 cents to $124.48.FX Sum-19-05-16 A total of US$28,555,052 was sold versus US$42,868,784 on Wednesday with the selling rate rising 19 cents to $125.33. The Canadian dollar buying rate rose 11 cents to end at $92.86 with dealers buying C$849,941 and selling C$584,510, at an average rate that declined by $1.02 to $96.20. The rate for buying the British Pound climbed $3.37 to $180.56 for the purchase of £2,675,978, while £1,792,447 was sold, with the rate rising by $2.31 to $182.16.
At the end of trading, the selling rate for Euro, fell 32 cents to close at J$141.15, from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.16, for a fall of 21 cents on Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$55,064 being bought, while US$1,346,464 was sold.
FX HL -19-05-16Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Thursday, include, a rise of $1.20 in the highest buying rate of the US dollar to end at $127, a decline of $1.05 in the highest buying rate of Canadian dollar to end at $95.50, a fall of $1 in the lowest selling rate to end at $90, a rise of $1.80 in the highest buying rate for the British Pound to $184.60, a drop of $4.79 to $144.42 in the lowest buying rate, a rise of $3.03 to $187.92 for the highest selling rate and a fall of $2.80 in the lowest selling rate to $170.

Tight embrace falling & rising stocks – Thursday

General Accident traded the most shares  on the junior market on Thursday.

General Accident traded the most shares on the junior market on Thursday.

The junior market moved moderately higher at the close of trading on Thursday, with 793,977 shares valued at $3,056,734 changing hands. The market index rose 3.10 points to end at 2,124.28 with a total of 12 securities traded, with 3 advancing and 4 declining. The market ended with bids for 6 stocks closing higher than their last selling prices and 5 ending with lower offers.
At the end of trading, Caribbean Cream rose 40 cents with only 300 shares changing hands at $4.40, Caribbean Flavours traded 30,000 shares with a fall of 75 cents to end at $6.50, Consolidated Bakeries closed at $1.50 with 73,200 shares changing hands. General Accident gained 4 cents to $2.10 with 260,368 shares trading, Honey Bun closed at $22, JM Trdng Sht-19-5-16with 13,135 shares trading, Jetcon Corporation traded 1,050 units to close with a loss of 5 cents at $2.75. KLE Group closed with 79,000 shares trading at $1.68, Lasco Distributors closed with 102,750 units trading with the price closing at $7.40 after gaining 10 cents. Lasco Financial closed at $3.15 with 14,400 shares changing hands after slipping 15 cents. Lasco Manufacturing fell 16 cents to close at $4.44 with 75,774 shares trading, Medical Disposables closed with 15,000 units changing hands at $3.50 and tTech traded 129,000 units at $4.50.

5 new 52 weeks’ lows for TTSE – Thursday

Grace Kennedy shares rose on the TTSE on Thursday.

Grace Kennedy shares rose on the TTSE on Thursday.

Prices mostly slipped in trading on the Trinidad and Tobago Stock Exchange on Thursday as more securities were active in trading than on Wednesday but with more lows being reached. The market closed with 17 active securities changing hands, with 3 stocks rising, 8 declining while 6 remaining unchanged, as 671,881 shares valued at $5,734,535 changed hands. The market ended with 5 stocks closing at 52 weeks’ lows.
The Composite Index declined by 1.95 points to close at 1,106.32, the All T&T Index declined by 4.54 points to close at 1,758.40 and the Cross Listed Index advanced by 0.09 points at 60.39.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 4 stocks with bids higher than their last selling prices and 5 with offers that were lower.
Gains| Firstcaribbean International Bank traded 125,000 shares with a value of $820,000 and gained 5 cents to end at $6.56, followed by Grace Kennedy with 31,603 units at $5.25, after rising 5 cents and Trinidad and Tobago NGL rose by 10 cents and traded 4,185 units to close at $20.10.
Losses| Angostura Holdings dropped 49 cents in trading 1,600 units at a 52 weeks’ low of $12.50, First Citizens Bank declined by 37 cents to a 52 weeks’ low of $29.50 as 445 units changed hands, Guardian Holdings lost 1 cent and closed with 937 shares changing hands at $13. JMMB Group fell 5 cents and closed at 60 cents, with 271,023 shares changing hands, Massy Holdings lost 92 cents in trading 520 shares at a 52 weeks’ low of $48, Prestige Holdings had 1,363 shares trading and fell 8 cents to $11.30. TTSE sum 19-5 -16Scotiabank closed with 55 shares changing hands with a loss of 4 cents, to end at a 52 weeks’ low of $53.91 and Unilever Caribbean lost 1 cent in trading 88 shares, to close to at a 52 week’ low of $64.94.
Firm Trades| Clico Investment Fund traded 88 shares valued at shares to close at $22.61, Guardian Media traded 1,475 shares with the price remaining at $19.75, One Caribbean Media traded 200,000 shares valued $4,258,000 and closed at $21.29. Praetorian Property Mutual Fund contributed 26,948 shares to end at $2.70, Sagicor Financial closed with 3,888 units changing hands at $7.17 and Trinidad Cement contributed 2,603 shares to close at $3.50.

Moderate JSE trading Thursday

Trading levels have been moderate in the early Thursday morning session on the Jamaica Stock Exchange with a fall in the average number of securities trading after 75 minutes of the market’s opening compared with the levels on Wednesday. ICI int sht 19-05-16The volume traded dropped sharply compared the the amount traded on Wednesday.
After 75 minutes of trading in the early morning session, on Thursday, the all Jamaica Composite Index rose 69.79 points to 170,983.33, the JSE Market Index rose 62.40 points to 153,931.43, the JSE combined index gained 139.33 points, to 164,627.66 and the junior market index rose 7.94 points to 2,129.12.
No trade accounted for 100,000 units or more with Barita Investments coming closest as the price fell 45 cents to $3.05 while trading 90,700 shares.
Trading resulted in activity in 25 securities, accounting for a mere 382,827 units versus 3,602,821 shares changing hands on Wednesday as 13 stocks gained and 6 declined. The average number of shares traded is just 15,313 units compared to an average of 128,672 units on Wednesday.

Kingston Wharves Q1 profit jumps

KWH HQ 3Profit before taxation for the March quarter Kingston Wharves jumped 53 percent from $212 million in 2015, to $325 million in 2016. Net profit attributable to shareholders was 48 percent higher at $276 million over the $187 million generated in the similar period in 2015 and resulted in earnings per stock unit of 19 cents, up from 13 cents in 2015.
The strong growth in profits stemmed from revenues that rose 18 percent to $1.2 billion for the quarter, the growth came from an increase of 18 percent from terminal operations and 17 percent from Logistics and Ancillary Services.
The Group generated revenues of $943 million from terminal operations, with significant contributions from increases in domestic container and motor units. Domestic container and trans-shipment motor units volumes both grew by 20 percent while domestic motor units realized a significant 64 percent increase over the prior year. Kingston Wharves anticipates continued growth in this key segment for the remainder of 2016 as we perfect both our business development and marketing strategies and continue to gain greater operational efficiencies” Jeffrey Hall, Chairman reported to shareholders in their report accompanying the quarterly.
Logistics & Ancillary Services| “The Logistics and Ancillary Services segment also realized significant advances, with total revenue of $257 million. This was attained primarily as a result of the expansion of our local and international customer bases through aggressive market outreach and improved service levels and capabilities in line with Jamaica’s Logistics Hub Initiative,“ Hall, further stated.
Gross profit climbed well ahead of revenues, at 34 percent over the 2015 period and was major factor contributing to the profit gains as well as Administrative expenses that increased by 19 percent to $236 million. Finance costs rose marginally to $39.7 million from $37.2 million while taxation almost doubled to $45 million.
Stockholders’ Equity stood at $17.7 billion and borrowed funds at $2.33 billion at the end of March while short-term investments and cash funds amounted to $3.3 billion. In 2015 the company reported net profit of $1.26 billion or 88 cents per share, for an increase of 49 percent over the $843 million earned in 2014.
The stock last traded on the Jamaica Stock Exchange at $11.65.

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