Grace Kennedy closed at a 52 weeks’ high on Friday after releasing jump in profits on Thursday.
Trading on the Jamaica Stock Exchange in the main market on Friday was saw low volumes changing hands, but the market closed with less active selling than before the reading of the budget, on Thursday by the Minister of Finance.
The market closed with 35 securities changed hands, accounting for 7,118,990 units valued at $65,679,792, in all market segments. The junior market had only 193,019 shares traded, valued at $1,341,812. Investors pushed the price of 12 stocks in the overall market up, 8 were pushed down, including 3 stocks rising and 6 declining, from the junior market.
The JSE Market Index declined 19.98 points to end at 151,766.65. The all Jamaica Composite Index fell 22.35 points to close at 168,562.31 and the JSE combined index rose 64.63 points, to close at 163,186.81.IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 9 stocks with bids higher than their last selling prices and 2 with lower offers.
At the end of market activities, Berger Paints traded 13,000 shares to close at $4.25, Cable & Wireless closed at $1.49 after trading 483,787 units, Caribbean Cement traded 28,865 shares to close at $25. Carreras traded 96,066 shares and rose by $1 to $64, this after the Finance Minister announced increased taxes on, in his budget presentation. Jamaica Broilers ended at $14.50 while trading 7,734 shares with a loss of 5 cents. Kingston Wharves climbed 15 cents in trading 252,745 shares to close at $11.80. Mayberry Investments fell 21 cents with 50,000 shares trading to close at $3.99, National Commercial Bank traded 17,700 shares, to close at $39.75. Pan Jamaican Investment closed trading at $120 with 311,591 shares changing hands, in response to the company’s announced a 5 for 1 stock split.
There are only two offers on the board at the end of trading to sell between $130 and $150. Radio Jamaica traded 330,850 shares at $1.10, Sagicor Group ended with 236,769 shares changing hands and rose 50 cents to end at $23, Scotia Group closed at $30.01 while 155,668 units changed hands after falling 99 cents, Supreme Ventures closed at $5.47 with 6,641 shares changing hands after rising 21 cents. Proven Investments traded 9,200 shares at 17.50 US cents, JMMB 6% US dollar preference share gained 4 cents to end at US$1.09 while 21,200 units changed hands and JMMB 7.5% preference share ended with 4,878,670 units trading at $1.05.
The foreign exchange market closed on Thursday, with dealers buying the equivalent of US$34,538,580 and selling a lesser amount of US$28,970,535, in contrast to US$30,075,609 purchased and US$34,894,176 sold on Wednesday. 
with dealers buying C$921,762 and selling C$578,798, at an average rate that gained $1.01 to $96.66. The rate for buying the British Pound rose 21 cents to $176.16 for the purchase of £1,346,582, while £655,809 was sold, with the rate climbing by 45 cents to $178.63.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Thursday are, a rise of $19.37 in the lowest selling rate of US dollar to end at $119.90, a rise of $1.40 in the highest buying rate of Canadian dollar to end at $98.20 and a fall of $5.50 in the lowest selling rate to end at $84.50. There was a fall of $1 in the highest buying rate for the British Pound to $180.50, a decline of $6.17 in the lowest buying rate to $142.51 and a jump of $3.04 in the highest selling rate to $185.76.
The JSE Market Index rose 438.46 points to end at 151,786.63. The all Jamaica Composite Index gained 490.37 points to close at 168,584.66 and the JSE combined index rose 410.50 points, to close at 163,122.18.
National Commercial Bank fell 10 cents while trading 35,302 shares, to close at $39.75. Pan Jamaican Investment jumped $22, to a 52 weeks’ high of $120, with 3,120 shares changing hands, in response to the company announced a 5 for 1 stock split. Radio Jamaica traded 45,331 shares to end at $1.10. Sagicor Group ended with 45.000 shares changing hands and lost 40 cents to end at $22.50, Scotia Group closed at $31 while 272,996 units changed hands, Seprod traded 24,301 shares to close at $17, Supreme Ventures closed at $5.26 with 15,887 shares changing hands after losing 23 cents and Proven Investments traded 554,302 shares at 17.02 US cents.
National Commercial Bank traded 500 shares at $2.39 to shed 1 cent, National Enterprises closed with 100 shares changing hands at $11.23 after slipping by 1 cent. One Caribbean Media traded 184,000 shares valued at $3,952,020 and fell 1 cent to end at $21.47 and Trinidad and Tobago NGL traded 23,645 units with a value of $474,730 to close at $20 with a loss of 50 cents.
The junior market inched forward at the close on Thursday, with 446,394 shares valued at $1,996,471 changing hands. The market index added just 0.37 points to end at 2,176.32 as a total of 12 securities traded, with 3 advancing and 6 declining. The junior market ended with bids for 4 stocks closing higher than their last selling prices and 6 ending with lower offers. One stock traded at a new high, at the close.
Key Insurance traded 4,600 shares at $2.67 for a loss of 13 cents, KLE Group lost 21 cents in trading 82,012 shares and closed at $1.40, Lasco Distributors closed with 29,698 units trading with the price falling 4 cents to close at $7.61, Lasco Financial closed at $3.50 with 175,000 shares changing hands. Lasco Manufacturing closed at $4.77 with 21,600 shares trading, to gain 12 cents, Medical Disposables lost 2 cents to close at $3.40 while trading 519 shares, Paramount Trading lost 49 cents to $10.50 with 10,000 shares and tTech closed with 6,399 units at $4.50.
After 75 minutes of trading in the early morning session, on Thursday, the all Jamaica Composite Index rose 138.19 points to 168,232.48, the JSE Market Index gained 123.56 points to 151,471.73, the JSE combined index was up 149.19 points to 162,860.87 and the junior market index gained just 3.37 points to 2,179.32.
$1m for 2016, $1.5m in 2017
Minister of Finance Audley Shaw should announce a $1m plan for 2016 and $1.5m for 2017 in his budget presentation today.
At the same time, interest cost on the government debt, will decline as interest rates fall, notwithstanding the increased amount in the budget this time around for interest. The increase is to accommodate the interest on the Petrocaribe Fund debt which will be recovered from the Fund.
Interestingly, former Prime Minister Bruce Golding and an active participant in the 2016 election campaign for the JLP gave a speech in April in which he suggested that the implementation should be done to maintain simplicity and equity in the system. He made two proposals. The more important one was for an across the board threshold of $1 million. It would appear that Golding was testing the waters for a modification in the $1.5 million plan at least initially, that would have affected only some on the PAYE system.
Jamaicans should get the news that for 2016 the PAYE threshold will be $1 million, with it going to $1.5 million during 2017. It is unclear if the $1.5 million will be across the board or not. But with tax reform to be implemented probably in 2017, it seems as if it will be an across the board threshold.