3 new highs on TTSE – Wednesday
The Composite Index lost 1.12 points to close at 1,160.82, the All T&T Index fell 3.57 points to close at 1,905.25 and the Cross Listed Index gained 0.18 points to close at 55.06
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator has turned negative with 3 stocks with bids higher than the last selling price and 9 stocks with offers that were lower.
Gains| Grace Kennedy had 784 units changing hands at a 52 weeks’ high of $4.65 for a 10 cents gain, JMMB Group had 910,000 units changing hands for a value of $536,000 and rose 3 cents in closing at 60 cents for a 52 weeks’ high. Point Lisas rose by just 1 cent and traded 8,373 units at $4.01, Prestige Holdings with 7,343 units changing hands ended at $10.61 to record a gain of 10 cents for a 52 weeks’ high.
Losses| ANSA McAl lost $1.01 with 4,410 shares changing hands to end at $64.99 for a 52 weeks’ low and Guardian Holdings lost 5 cents with 11,000 shares changing hands to close at $14.24.
Firm Trades| Clico Investments traded 7,065 shares to close at $22.56, Firstcaribbean International Bank with 100,000 shares traded with a value of $551,093 to close at $5.51, National Commercial Bank traded 4,683 shares to close at $2.40, One Caribbean Media contributed 28,500 shares with a value of $626,996. Republic Financial Holdings closed at $112.10 with 6,538 shares changing hands, Sagicor Financial Corporation added 110,490 shares valued at $729,484 to close at $6.60, Scotia Investments contributed 20,000 shares at $1.72, Trinidad and Tobago NGL closed at $19 with 5,404 units and Trinidad Cement with a volume of 1,000 shares being traded to end at $3.51.
JSE down sharply in early trading
The Jamaica Stock Exchange got to a moderate start with prices being on the soft side, following Tuesday’s large number of declines. The market indices all slipped between 1.21 percent for the JSS index to 1.23 percent for the juniors after 75 minutes of trading.
A total of 7 stocks fell and only 8 rose as 30 securities have been active with just 621,780 units changing hands.
National Commercial has not yet traded but seems heavy, with offers at $39.50, below Tuesday’s last traded price of $40, while Scotia Group fell from $34 to $32. AMG Packaging fell from $19.15 to $18 after the stock traded as high as $21.50 last week on low volume and Lasco Distributors declined from $7.79 to $7.35.
The all Jamaica Composite Index dropped 2,151.91 points to 174,687.02, the JSE Market Index lost 1,925.55 points to 157,245.51, the JSE combined index fell 2,069.78 points to 168,600.65 and the junior market index dropped 28.13 points to 2,250.89.
Big FX trading continues on Tuesday
Trading in the Jamaican foreign exchange market on Tuesday saw another day of high volumes for the third consecutive day with dealers buying the equivalent of US$76,783,088 and selling US$77,003,971, in contrast with US$77,059,769 purchased and US$85,477,235 sold on Monday.
In US dollars trading, dealers bought US$71,080,717 compared to US$73,434,983 on Monday, with the buying rate for the US dollar rising 9 cents to $121.51. A total of US$73,587,571 was sold versus US$83,624,941 on Monday as the selling rate slipped 2 cents to $121.82. The Canadian dollar buying rate rose $1.45 to end at $85.53 with dealers buying C$1,852,682 and selling C$796,989, at an average rate that fell 19 cents to $86.59. The rate for buying the British Pound rose 65 cents to $173.36 for the purchase of £2,250,589, while £1,001,147 was sold, with the rate being up $2.57 to $174.54. At the end of trading, the selling rate for Euro, ended with a fall of $1.18 to close at J$135.78, from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$133.28 for a decline of $1.09 from Monday’s rate. The US dollar equivalent of other currencies traded, amounts to US$1,187,546 being bought, while US$1,415,534 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the currencies traded at are, a jump of $18.14 in the lowest selling rate for the US dollar that ended at $117.50, the lowest selling rate of the Canadian dollar dropped $1.36 to $80.14 and the highest buying rate for the British Pound rising by $1.85 to $177.85 whilst the lowest selling rate fell $1 to $167.
2 stocks gained 3 fell on TTSE – Tuesday
Trading activity ended with 12 stocks active securities on the Trinidad & Tobago Stock Exchange on Tuesday of which, 2 stocks rose 3 fell and 7 remained unchanged with 1 closing at 52 weeks’ highs and 1 at a low. A total of 1,152,572 shares valued at $9,856,506 traded.
The Composite Index lost 0.35 points to close at 1,161.94, the All T&T Index fell 0.81 points to close at 1,908.82 and the Cross Listed Index gained 0.02 points to close at 54.88.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator has turned negative with 5 stocks with bids higher than the last selling price and 7 stocks with offers that were lower.
Gains| Scotia Investments contributed 120,000 shares with a value of $206,400 while gaining 2 cents to end at a 52 weeks’ high of $1.72 and Trinidad Cement with a volume of 236,655 shares being traded for $826,507 land gained 1 cents to end at $3.51.
Losses| Clico Investments traded 328,165 shares valued at $7,395,277 to close with a loss of 9 cents at $22.56, Scotiabank lost 8 cents with 5,000 shares changing hands to end at $59.89 for a 52 weeks’ low and
Firm Trades| Calypso Macro Index Fund traded 77 units at $25, First Citizens Bank traded 400 units at $35, JMMB had 332,000 units changing hands at 57cents, National Commercial Bank traded 10,000 shares to close at $2.40. Point Lisas traded 6,204 units at $4, Republic Financial Holdings closed at $112.10 with 831 shares changing hands, Sagicor Financial Corporation added 110,490 shares valued at $729,484 to close at $6.60 and Trinidad and Tobago NGL closed at $19 with 2,750 units.
Juniors suffer a fall on Tuesday
At the close, 1 security ended with no bid and 7 securities had no stocks being offered for sale but there are strong signs of the possibility of a move forward, as 6 stocks closed with bids that were higher than their last selling prices and one ended with a lower offer.
The bid on Access Financial has now climbed to $19 to buy 12,600 units versus the last trade at $16.80 and the lowest offer is at $23.49 to sell 15,150 units.
In trading, AMG Packaging lost 84 cents while 1,374 units changed hands to end at $19.15, CAC 2000 had 1,540 shares changing hands to close at $7.35, Caribbean Cream fell 25 cents while trading 36,350 shares to close at $4.40, Caribbean Flavours lost 5 cents and ended with 22,000 units changing hands at $8.50. Caribbean Producers lost 5 cents with 90,000 units changing hands, to close at $5.85, Consolidated Bakeries traded 54,570 units to close with a rise of 4 cents at $1.79, Derrimon Trading ended with 162,700 shares changing hands and closed at a new 52 weeks’ high of at $5, for a gain of 35 cents. General Accident traded 320,806 units at $2.35 to gain 20 cents, Honey Bun rose 8 cents as 21,410 units changed hands to end at a 52 weeks’ high of $13.08. Jamaican Teas rose 20 cents while trading 47,795 shares to close at $8, KLE Group lost 25 cents to end at $2.50 with 10,000 units trading, Knutsford Express with 10,000 shares changing hands, closed at $17.50, Lasco Distributors closed with 56,362 units trading, but fell 21 cents to end at $7.79. Lasco Financial declined by 1 cent to $3.69 with 39,711 shares changing hands, Lasco Manufacturing ended trading with 114,310 shares and regained 90 cents to close at $4.90 and tTech closed at $4.90 with 20,000 shares trading.
JSE loses big in early trading
The Jamaica Stock Exchange got to a negative start with the indices all slipping after 75 minutes of trading with 13 stocks falling and only 6 rising as 35 securities have been active with only 933,812 units changing hands.
Big moves have been Carreras up 90 cents to $65, Grace Kennedy down $1 to $83 with limited volume, Jamaica Stock Exchange up $2.50 to $22.50 and Seprod with a rise of $2 to $22.
The all Jamaica Composite Index dropped 1,469.33 points to 179,042.71, the JSE Market Index lost 1,314.77 points to 161,143.02, the JSE combined index fell 1,351.04 points to 172,732.49 and the junior market index dropped 12.32 points to 2,301.46.
Remittances up strongly in October
Jamaica continues to garner increasing inflows of remittances, with the latest data indicating another record year of well over $2 billion to be generated from this source, with just two more months’ figures left to close out the year.
The country should see the record inflows for 2014 amounted to US$2.157 billion being broken by a good margin based on the figures up to October. The latest information shows remittance inflows in October growing a strong 6.7 percent over to the corresponding month in 2014, to reach US$192 million, for an increase of US$12 million. Net flows were US$171 million, an increase of US$11 million or 7 percent, relative to the October 2014 as outflows grew at a slower pace than inflows, at 4.9 percent. Inflows for August and September grew by less than one percent per month over the similar months of 2014 and may have contributed to the increase in October.
For the year to October, total remittance inflows increased by US$63 million or 3.5 percent to US$1.84 billion while net inflows rose by US$59 million or 3.7 percent, to US$1.65 billion.
Tissue paper to push AMG sales
Sales at AMG Packaging fell in the November quarter but profit jumped sharply as raw material input cost declined, pushing gross profit from $34.3 million in 2014 to $51.5 million while net profit rose to $28.8 million for the quarter, up a strong 87 percent over the $15.5 million 2014.
Sales fell slightly from $151.5 million to $149.3 million but with the new paper tissue plant likely to be fully on stream in March, sales could start to rise quickly again.
Administrative and other costs were held in check very well, with some falling below the amounts incurred in 2014 while the company incurred $5.9 million in cost relating to the new paper tissue plant operation.
The company indicates that change in product mix helped in the reduction of sales and seems to have pushed up profit margins. “Changes in product mix played a major role in reducing volumes. During the year, we were able to negotiate discounted prices for cash payments of raw materials” Managing director Michael Chin informed IC Insider. Going forward “we are still targeting the import market, as well as increasing our clients’ product base” Chin further stated.
The new paper tissue operation seems poised to deliver further growth with indication that profit margins could be as much as 100 percent. Information obtained by IC Insider suggests that at this early stage, the toilet tissue is well received by the market, with the prices being very competitive. The company management stated that the output will be sold through by third party distributor.
Earnings per share ended at 28 cents u from 15 cents in 2014. IC Insider expects earnings for the full year to be around $2 per share with profit coming from the new operations. The performance of profit for the quarter and expected new business encouraged investor to push the stock price to a high of $21.50 with a nearly a 200 percent gain for the year.
The company closed the quarter with cash flows from operating activities amounted to $32 million for the year versus $19 million in 2014 and ended with cash funds of $87 million, up from $33 million in 2014. The company has equity of $406 million and borrowings of $146 million.