Trading in the early morning session on the Jamaica Stock Exchange, on Tuesday saw the main market being active with stocks trading for 16 minutes before trading took place in the junior market. Trading resulted in the main market indices dropping and the junior market enjoying a moderate bounce.
Three stocks traded more than 100,000 units with Jamaica Broilers with 428,004 shares, Cable & Wireless Jamaica 118,112 units, Ciboney traded 418,270 units at 13 cents, Margaritaville Turks with 301,350 units, Proven Investments had 299,182 units changing hands but the price slipped to 17.05 US cents.
After 75 minutes of trading, on Tuesday, the average volume traded amounts to 70,975 units per active stock, compared to an average of 22,162 units in the mid-morning session on Monday.
Trading resulted in activity in 25 securities, accounting for 1,774,364 shares changing hands as 9 stocks gained and 6 declined.
The market saw the all Jamaica Composite Index dropped 986.08 points to 167,326.70, the JSE Market Index fell 881.71 points to 150,661.82, the JSE combined index ended with a fall of 676.76 points to 162,020.85 and the junior market index bounced 13.76 points to 2,170.67.
JSE majors down juniors up
Strong JPS financial performance
Jamaica’s main power generator, Jamaica Public Service Company, delivered improved results for its shareholders for 2015. The company reported US$26.5 Million in profit and US$30.7 Million total Comprehensive income for the full year to December. The result was an improvement over the $23 Million and $7.5 Million recorded respectively in 2014.
The improvement was due to a combination of factors, including growth in energy sales, improved generation efficiency and lower than expected finance costs.
The Company earned operating revenues of US$760 million for the year, a decline of $263 million or 26 percent than in 2014, due primarily to the 46 percent decrease in fuel costs recovered from customers, offset by a 2 percent increase in energy sales. JPS states that the increased energy sales, 1.9 percent above the 2014, reversed a three year trend of declining sales. “The increase was attributed to warmer weather, lower fuel costs and increased consumer confidence. As a result, the non-fuel revenues were approximately $7M or 1.7 percent above budget.”
The company also stated that it recorded the best thermal plant fleet Heat Rate ever: which also better than the target set. Operating expenses of $200 million incurred in the current year compares to $191 million in 2014. Excluding depreciation and amortisation expenses, the increase flowed from $5 million increase in other operating expenses which moved from $137 million while depreciation and amortisation expenses increased to $58 million as opposed to $54 million in 2014.
Net finance costs decreased by $13 million or 23% from $55 million in 2014 to $42 million in 2015 mainly as a result of a reduction in net losses suffered on foreign currency transactions and balances. Cash inflows from operating activities improved from $106 million in 2014 to $119 million in 2015. The improved inflows from operating activities were offset by increases in the cash outflows from investing and financing activities. Cash outflows from financing activities increased marginally from $64 million in 2014 to $65 million in 2015. Cash outflows from financing activities increased from $36 million in 2014 to $57million in 2015. At the end the cash position saw net cash & cash equivalents decreasing from $8 million in 2014 to $6 million.
JPS has preference shares listed on the Jamaica Stock Exchange but no ordinary shares.
JSE drops 2,100 points on Monday
Scotia Group dropped $2.49 on Monday
At the close of trading, 12 stocks in the overall market gained, 15 declined including 5 stocks rising and 5 declining, from the junior market.
The JSE Market Index dropped 1,890.26 points to end at 151,543.53. The all Jamaica Composite Index dived 2,114.01 points to close at 168,312.78 and the JSE combined index fell 1,649.69 points, to close at 164,347.30.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 13 stocks with bids higher than their last selling prices and 7 with lower offers.At the end of market activities, Cable & Wireless closed at $1.39 after while trading 65,950 units, Caribbean Cement traded 55,688 shares as the price fell 49 cents to close at $26, Carreras gained 50 cents while trading 19,576 shares, to close at $64. Grace Kennedy rose 50 cents to $84 with 7,042 shares changing hands. Jamaica Stock Exchange rose 45 cents to end at $21 while trading 108,346 shares, JMMB Group lost 50 cents in trading 16,326 shares to close at $9.50, Kingston Wharves traded 7,400 shares and gained 15 cents, to close at $11.65, Margaritaville Turks rose 1 US cent in trading 46,700 shares at 17 US cents. National Commercial Bank fell 23 cents while trading 27,361 shares to close at $39.77,
Pan Jamaican Investment jumped $3 with 36,922 shares trading at $97, Radio Jamaica traded 366,763 shares and dropped 9 cents, to end at $1.10, Sagicor Group ended with 16,250 shares changing hands with a loss of 31 cents at $22.69. Scotia Group dropped $2.49 to close at $30.50 while 16,127 units changed hands, Scotia Investments ended trading 1,000 shares and gained 80 cents to close at $26, Supreme Ventures fell 8 cents and closed at $5.27 with 15,698 shares changing hands, Proven Investments ordinary share traded 113,178 units at 19 US cents, down from 20 US cents. JMMB 6% US preference share lost 5 cents in trading 50,000 units at US$1.05, JMMB Group 7.5% preference share traded 3,612,600 units at $1.05 and Jamaica Money Market Brokers 7.50% preference share traded 533,800 units at $2.15.
More slippage for Jamaican$ – Monday
Trading in the Jamaican foreign exchange market saw dealers purchasing a moderately more US dollars over the amount they sold on Monday for the third consecutive day. The local currency still suffered losses against the US and Canadian dollars at the end of trading.
The market closed with dealers buying the equivalent of US$48,999,565 and selling US$43,396,687, in contrast to US$38,558,450 purchased and US$36,272,279 sold on Friday.
In US dollar trading, dealers bought US$45,983,812 compared to US$35,051,410 on Friday, as the buying rate for the US dollar climbed 6 cents to close at $123.08. 
A total of US$42,353,389 was sold versus US$34,816,524 on Friday with the selling rate rising 9 cents to $123.84. The Canadian dollar buying rate fell $1.57 to end at $91.86 with dealers buying C$1,138,053 and selling C$598,764, at an average rate that rose 25 cents to $95.35. The rate for buying the British Pound declined by $1.95 to $174.03 for the purchase of £1,383,880, while £294,257 was sold, as the rate declined by $2.42 to $174.73.
At the end of trading, the selling rate for Euro, rose 51 cents to close at J$141.36, 
from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.42 for a gain of 49 cents from Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$209,698 being bought, while US$167,122 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar against the main currencies on Monday are, a rise of $1 in the lowest selling rate of the Canadian dollar to end at $90 and a jump of $22.67 in the lowest selling rate for the British Pound to $169.40.
Juniors inch up on Monday
The junior market inched forward at the close on Monday, after trading 1,306,308 shares valued at $6,667,614. The market index added 10.11 points to end at 2,156.91, while a total of 14 securities traded, with 5 advancing and 5 declining.
The junior market closed on a soft note with a total of 5 stocks closing with bids higher than their last selling prices and 5 ended with lower offers.
At the end of trading, Blue Power traded 560 units and gained $1.50 to close at $13.50, Caribbean Cream traded 793,503 units and gained 9 cents to end at $4.80, Consolidated Bakeries ended with 5,000 shares changing hands at $1.23, Dolphin Cove had 40,524 shares trading with a gain of 4 cents to end at $12.55. Honey Bun lost 25 cents to end at $18 with 27,551 shares trading, ISP Finance traded 20,719 shares but fell 10 cents to close at $2.70, Jamaican Teas traded 5,000 shares to end at $3.90. 
Jetcon Corporation closed at $3 while 5,044 units traded, KLE Group fell 60 cents in trading 53,000 shares and closed at $1.60, Lasco Distributors closed with 41,950 units trading, to close with a gain of 5 cents at $7.55, Lasco Financial closed with a rise of 2 cents at $3.49 with 38,362 shares changing hands. Lasco Manufacturing closed at $4.50 with 252,544 shares trading, Paramount Trading ended with 175 shares changing hands at $10.80, after losing 5 cents and tTech fell 20 cents and ended with 22,376 shares changing hands, to close at $4.25.
TTNGL sole stock rising on TTSE – Monday
T&TNGL climbed 49 cents on TTSE on Monday.
Trading ended with 3 stocks trading at 52 weeks’ lows as demand for stocks continue to be low on the Trinidad & Tobago Stock Exchange. The market closed with 11 active securities changing hands on Monday.
Trading ended with 2 stocks rising, 3 declining while 6 remained unchanged on Monday as 134,939 shares valued at $3,423,059 changed hands.
The Composite Index declined by 1.68 points to close at 1,118.44, the All T&T Index fell 3.35 points to close at 1,783.89 and the Cross Listed Index remained unchanged at 60.19.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with the bid higher than the last selling prices and 9 with offers that were lower.
Gains|National Enterprises closed with a gain of 4 cents at $11.24 with 2,000 shares changing hands, Trinidad and Tobago NGL jumped 49 cents in closing at $20.99 with 21,411 shares valued at $449,431 trading.
Losses| First Citizens Bank lost $1.04 to close at a 52 weeks’ low of $32 with 3,300 units changing hands. Massy Holdings traded at a 52 weeks’ low of $49.96, after losing 1 cent, to close with 200 shares changing hands and 
Scotiabank with 22,479 shares changing hands ended with a fall of 3 cents to close at a 52 weeks’ low of $54.93.
Firm Trades| Ansa Merchant Bank traded 724 units at $39.50, Clico Investment Fund traded 48,260 units valued at $1,090,676 to close at $22.60, Guardian Holdings closed at $13 with 23,500 shares trading, Point Lisas Industrial Port Development traded 10,000 at $3.94, Trinidad Cement ended with 2,038 units trading at $3.35 and West Indian Tobacco traded 1,027 shares to close at $126.36.
JSE majors fall in early trading – Monday
Trading in the early morning session on the Jamaica Stock Exchange, on Monday saw the main market indices dropping sharply by just under 1,500 points as per the all Jamaica Composite Index. The junior market enjoyed a moderate bounce.
Three stocks traded more than 100,000 units with Caribbean Cream having 109,103 shares trading up to $4.99 but last traded at $4.80 followed by Jamaica Stock Exchange with 100,100 units at $21 and Jamaica Money Market Brokers 7.50% preference share with 108,800 units at $2.15.
After 75 minutes of trading, on Monday, the average volume traded amounts to 22,162 units per active stock, compared to an average of 92,039 units in the mid-morning session on Friday.
Trading resulted in activity in 29 securities, accounting for 642,698 shares changing hands as 11 stocks gained and 10 declined, representing continued fluidity in price movements.
The market saw the all Jamaica Composite Index dropped 1,489.34 points to 168,937.45, the JSE Market Index fell 1,331.71 points to 152,102.08, the JSE combined index ended with a fall of 1,132.78 points to 163,214.52 and the junior market index bounced 9.99 points to 2,156.79.
Steady progress at NCB
For the six months ended March, this year, National Commercial Bank (NCB) reported net profit of $6 billion or $2.44 per share, an increase of $594 million or 11 percent over the similar period in 2015. Profit after tax ended 10.2 percent higher at $3.6 billion, $332 million more than for the 2015 period, as loans and advances grew $14.8 billion for a 9.4 percent increase to $172.7 billion.
For the six months period, operating income increased by 8.6 percent, or $2 billion, compared with the six months to March, 2015. Contributing to this increase, are net interest income increasing by 9.4 percent, or $1.2 billion, due to growth in the net loans and investment securities portfolios and a reduction in interest expenses driven by the decline in the repurchase agreements portfolio. Premium income grew by $687 million, or 18.5 percent, due to higher levels of life insurance and annuity contracts and net fee and commission income increasing by 7.9 percent, or $384 million, mainly due to credit related fees from the growth in the loan portfolio, corporate finance and unit trust commissions arising from growth in those product lines.
“Operating expenses increased by 10.8 percent, or $1.8 billion, over the six months ended March, 2015 as policyholders’ and annuitants’ benefits and reserves, were up by $977 million, or 51 percent, due to increased actuarial reserves related to life insurance and annuity contracts sold. Staff costs climbed by 9.4 percent, or $593 million. Other operating expenses, were up by $366 million, or 5.5 percent, due to technical, consultancy and professional charges, licensing and processing fees” NCB directors’ report to shareholders stated.
“We anticipate a steady performance for the second half of the financial year as we pursue our strategic objectives and implement various initiatives under our digitisation agenda.”
“Commercial banking activities, comprising the Retail & SME, Payments Services, Corporate Banking, and Treasury & Correspondent Banking segments, produced combined operating profits of $4.6 billion for the six months ended March, 2016, an increase of 6.9 percent, or $299 million, when compared to the six months ended March, 2015. Our Treasury & Correspondent Banking segment was the largest contributor to operating profit for the period.” The directors’ report went on to state.
IC Insider.com is projecting earnings of $5.65 for the year to September. The stock traded on Friday on the Jamaica Stock Exchange at $40 and would be valued at a PE of 7.2.
Non-performing loans totalled $8.5 billion as at March, down from $8.8 billion at March 2015, representing 4.8 percent of the gross loans compared to 5.4 percent a year ago. Customer deposits of $251 billion, increased by 19.5 percent over the twelve months, at a much slower pace than growth in the critical area of lending.
NCB ended with equity of $92 billion at the end of the quarter but lending only accounts for 58 percent of customers’ deposits and funds under securitisation arrangements.
More FX bought than sold – Friday
Trading in the Jamaican foreign exchange market saw dealers purchasing a moderately more US dollars over the amount they sold on Friday, while the total amount of currencies bought by dealers was slightly more than the amount sold for the second day. The local currency still suffered losses against the US dollar at the end of trading.
The market closed with dealers buying the equivalent of US$38,558,450 and selling US$36,272,279, in contrast to US$30,846,091 purchased and US$29,596,417 sold on Thursday.
In US dollar trading, dealers bought US$35,051,410 compared to US$28,578,046 on Thursday, as the buying rate for the US dollar climbed 18 cents to close at $123.02.
A total of US$34,816,524 was sold versus US$27,862,374 on Thursday with the selling rate rising 19 cents to $123.75. The Canadian dollar buying rate rose 87 cents to end at $93.43 with dealers buying C$952,889 and selling C$688,384, at an average rate that dropped $1.37 to $95.10. The rate for buying the British Pound rose 83 cents to $175.98 for the purchase of £1,898,256, while £550,350 was sold, as the rate declined by $2.64 to $177.14.
At the end of trading, the selling rate for Euro, declined by $1.10 to close at J$140.85, from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.93 for a fall of $1.21 from Thursday’s rate. 
The US dollar equivalent of other currencies traded amounts to US$67,996 being bought, while US$138,942 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar against the main currencies on Friday are, a fall of $19.33 in the lowest selling rate of the US dollar to end at $100.37, a fall of $2.17 in the highest selling rate of the Canadian dollar to end at $98.93 and a decline of $2 in the lowest selling rate to $89, a drop of $24.07 in the lowest selling rate for the British Pound to end at $146.73.
1,700 points drop erased- Friday
Pan Jamaican jumped $5.50 to $94 on Friday.
The Jamaica Stock Exchange racked up big index losses in the early morning session on Friday, with all Jamaica Composite Index dropping 1,680.04 points but closed in a positive territory at the end. A total of 35 securities changed hands, accounting for 3,857,762 units valued at $55,590,365, in all market segments.
The junior market accounted for 1,443,534 units of the shares traded, valued at $5,505,458.
At the close of trading, 11 stocks in the overall market gained, 10 declined including 3 of the stocks rising and 4 declining, from the junior market.
The JSE Market Index gained 77.70 points to end at 153,433.79. 
The all Jamaica Composite Index rose 86.90 points to close at 170,426.79 and the JSE combined index climbed 9.38 points, to close at 164,347.30.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 8 stocks with bids higher than their last selling prices and 8 with lower offers.
At the end of market activities, Berger Paints traded 42,400 shares to close at $4, Cable & Wireless closed at $1.39 after rising 3 cents while trading 70,450 units, Caribbean Cement traded 3,459 shares as the price fell 1 cent to close at $26.49, Carreras shed 50 cents while trading 10,995 shares, to close at $63.50. Grace Kennedy ended at $83.50 with 11,270 shares changing hands, Jamaica Broilers had 12,370 units changing hands, to close at $14.55. Jamaica Producers dropped $1 with 10,000 units changing hands at $33.50, JMMB Group lost 50 cents in trading 8,774 shares to close at $10,,
Kingston Wharves traded 500,000 shares and fell $1.50, to close at $11.50, Mayberry Investments traded 31,380 shares and gained of 5 cents, to close at $4.10. National Commercial Bank fell 25 cents while trading 81,123 shares to close at $40 Pan Jamaican Investment jumped $5.50 with 117,925 shares trading at $94, Radio Jamaica traded 16,000 shares and gained 4 cents to end at $1.19, Sagicor Group ended with 28,010 shares changing hands at $23, Sagicor Real Estate Fund traded 139,565 shares to close at $10 after falling 15 cents. Scotia Group climbed by 99 cents to close at $32.99 while 756,529 units changed hands, Scotia Investments ended trading 11,920 shares but fell 80 cents to $25.20, Supreme Ventures closed at $5.35 with 13,812 shares changing hands and JMMB Group 7.5% preference share traded 529,237 units at $1.05 for a rise of 1 cent.
