Honey Bun jumps again on Monday
There were only 3 stocks closing with bids that were higher than their last selling prices and 3 ended with lower offers.
At the end of trading, AMG Packaging lost 50 cents in trading 2,562 units to end at $12.50, Blue Power gained 80 cents to close with 2,196 units changing hands at $12, Caribbean Cream traded 143,062 units to end at $4 after falling by 2 cents, Caribbean Producers traded 90,000 units and gained 10 cents to end at $4. Consolidated Bakeries fell 13 cents with 13,000 shares trading $1.05, C2W Music closed at 33 cents with 10,000 units changing hands, General Accident Insurance traded 5,000 units but fell by 40 cents at $2.50, Honey Bun jumped $1.50 to close at $16.50 while 25,160 shares changed hands. iron-rock-ipo-hits-market-shortly/”>Iron Rock Insurance fell 15 cents with 75,500 units changing hands to end at $3.50, Jamaican Teas closed at $3.41 after 72,657 shares changed hands. Jetcon Corporation ended trading with 69,809 shares at $2.50 having lost 5 cents, Key Insurance fell 12 cents while trading 80,039 shares to close at $2.53,
KLE group traded 21,400 units at $1.43, Knutsford Express closed with 14,437 units changing hands at $19. Lasco Distributors gained 5 cents to end at $5.45 with 211,347 units trading, Lasco Financial rose by 41 cents and closed at $3.03, with 78,664 shares changing hands, Lasco Manufacturing gained 10 cents with 143,201 shares changing hands to close at $3.70. Medical Disposables closed at $3.15 with 1,300 shares trading, tTech ended with 2,910 shares changing hands at $4.10 as the price gained 5 cents and Derrimon Trading preference share ended with 36,000 units changing hands as the price slipped by 1 cent to end at $2.14.
in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 12 stocks with bids higher than their last selling prices and 9 with lower offers.
Mayberry Investments gained 40 cents to close at $4 with 31,000 units changing hands. National Commercial Bank declined 23 cents with 19,892 shares changing hands to close at $40.25. Radio Jamaica traded 5,250 shares to close with a loss of 3 cents at $1.14, Sagicor Group rose $1 in ending with 128,159 shares changing hands to close at $24, Scotia Group traded 243,952 shares to close at $30, but traded as high as $34. Sterling Investments fell 85 cents to a 52 weeks’ low of $12 with only 1,500 shares changing hands, Supreme Ventures lost 10 cents with 377,543 shares changing hands at $5, Proven Investments ordinary shares traded 400,00 units to end at 16 US cents and the JMMB 7.25% preference share, traded 296,482 units at $1.07.
The Trinidad & Tobago Stock Exchange recorded mild losses on Monday with 165,831 shares valued at $6,152,576 changing hands. The market closed with only 7 securities traded as weakness continue in prices of stocks. At the close 1 stock rose, 2 declined, while 4 remained unchanged. One stock closed at 52 weeks’ low at the end of trading.
Losses| Massy Holdings ended with 95,491 shares changing hands for a value of $5,059,114 as the price dropped by 97 cents to end at a 52 weeks’ low of $52.98 and Trinidad and Tobago NGL fell 25 cents and closed at $21 with 44,878 shares traded for $942,594.
Trading in the foreign exchange market resulted in the Jamaican dollar losing some more value on Monday compared to the rate of the US dollar and the Pound sterling. The market closed with dealers buying the equivalent of US$53,873,364 and selling US$48,342,459, in contrast to US$38,302,803 purchased and US$39,620,292 sold on Friday. 
The Canadian dollar buying rate dropped $1.84 to end at $92.56 with dealers buying C$1,886,018 and selling C$1,220,485, at an average rate that fell 72 cents to $94.78. The rate for buying the British Pound rose by 37 cents to $169.51 for the purchase of £1,801,116, while £409,745 was sold, as the rate rose 77 cents to $171.30. At the end of trading, the selling rate for Euro, rose 49 cents to close at J$138.17, from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$135.42 for a rise of 38 cents on Friday’s rate. The US dollar equivalent of other currencies traded, amounts to US$181,743 being bought, while US$212,381 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the currencies traded at on Monday are, a fall of $18.22 in the lowest selling rate of the US dollar to $99.78, a rise of $2.43 in the highest buying rate for the Canadian dollar to $98.28, a rise in the lowest buying rate by $2.36 to $75.36, while the highest buying rate for the British Pound dropped by $1.06 to $176.
Prices as measured by the consumer price index fell 0.1 percent in March 2016 according to a report released by the Statistical Institute of Jamaica. For the calendar year-to-date there was a decline in inflation of 1.3 percent.
“Importantly, electricity cost will fall from two standpoints one is the lower electricity cost around 20 percent from the peak last year (2015 fiscal) and lower cost due to the faster freezing of ice cream thus using less energy. The cost of milk powder is down quite sharply as well. Going forward, the margin should improve even more with the blast freezer installed in November, which management says will reduce utility cost and create capacity for greater production to enhance sales volume.”
Trading in the foreign exchange market resulted in the Jamaican dollar losing value on Friday compared to the rate of the three main currencies it trades against. The market closed with dealers buying the equivalent of US$38,302,803 and selling US$39,620,292, in contrast to US$39,840,995 purchased and US$40,874,638 sold on Thursday. 
The Canadian dollar buying rate rose 33 cents to end at $94.40 with dealers buying C$2,957,976 and selling C$2,739,325, at an average rate that rose 43 cents to $95.50. The rate for buying the British Pound rose by 25 cents to $169.14 for the purchase of £864,594, while £263,164 was sold, as the rate rose 8 cents to $170.54. At the end of trading, the selling rate for Euro, fell 14 cents to close at J$137.68, from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$135.04 for a fall of 4 cents on Thursday’s rate. The US dollar equivalent of other currencies 
traded, amounts to US$105,393 being bought, while US$257,435 was sold.
Rules on mergers and takeovers of the Jamaica Stock Exchange suggest that the directors may have personally breached them. Relevant extracts from the rules state “At no time after a bona fide offer has been communicated to the Board of an offeree company or after it has reasonably come within the contemplation of the Board of an offeree company that a bona fide offer is likely to be forthcoming, shall any action be taken by the Board of the offeree company in relation to the affairs of the company, without the approval in general meeting of the shareholders of the offeree company, which could effectively result in any bona fide offer being frustrated or in the shareholders of the offeree company being denied an opportunity to decide on its merits.”
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