10 junior stocks gained – Monday

Medical Disposables traded at new high on junior market on Monday.

Medical Disposables traded at new high on junior market on Monday.

The junior market closed on Monday with 17 securities trading, 10 of which advanced, 1 declined but the market index rose 48.69 points to end at 2,223.50. The market ended with 2 stocks closing at a new 52 weeks’ highs.
The volume of 1,032,255 units changed hands, valued at $4,390,508. At the close, 1 security ended with no bid to buy and 10 securities had no stocks being offered for sale.
In trading, AMG Packaging closed trading with 32,286 units changing hands at $15, Blue Power closed with 5,000 units changing hands at $11, C2W Music closed with 9,935 units changing hands to close at 49 cents. Caribbean Cream ended with a loss of 10 cents as 23,065 shares changed hands to close at $4.75, Caribbean Flavours traded 1,600 units to end at $8.95, Caribbean Producers traded 10,700 units to gain 50 cents and close at $5.50, Consolidated Bakeries traded 58,060 shares but rose 10 cents to $1.40. Dolphin Cove traded 4,631 units but gained 3 cents to close at $15.72, General Accident fell 10 cents while trading 231,733 shares to close at $2.05, Honey Bun ended at a 52 weeks’ high of $9.15 with 1,066 units trading with a gain of 15 cents.JM sum 1-2-16 Jamaican Teas gained 10 cents with 26,443 shares trading to close at a $5, KLE closed with 4,400 units changing hands at $2.50, after recovering the 28 cents it lost on Friday, Lasco Distributors closed with 38,198 units trading and ended with a gain of 5 cents at $7.25. Lasco Financial rose 14 cents to close at $4 with 59,100 shares changing hands, Lasco Manufacturing ended trading 311,557 shares to close at $5, Medical Disposables closed at a new 52 weeks’ high of $3.58 with 215,200 shares trading to gain 35 cents, tTech closed at $4.75 with 8,388 shares trading and Eppley preference share traded 888 units at $6.

3 new lows on TTSE no gains – Monday

TTSE build The Trinidad & Tobago stock market closed with 12 securities being active on Monday with no stock gaining, 5 declining with the prices of 8 remaining unchanged as the stock prices of 3 companies hit 52 weeks’ lows. A total of 42,687 shares changed hands valued at $1,396,341.
The Composite Index fell 0.64 points to 1,162.67, the All T&T Index lost 1.27 points to 1,930.01 and the Cross Listed Index remained at 52.16.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator has turned negative with only 6 stocks with bids higher than the last selling price and 9 stocks with offers that were lower.
Losses| ANSA McAL contributed a mere 20 shares but lost 25 cents in closing at 52 week’s Low of $66, Massy Holdings lost 9 cents to close at new 52 weeks’ low of $59.80 as 110 shares traded. The late 2015 listed, Trinidad and Tobago NGL, fell 10 cents to a new 52 weeks’ low of $19, with 17,420 shares valued at $331,335 changing hands and Unilever Caribbean traded just 430 units to close with a 2 cents fall, to $67.80.
Firm Trades| Calypso Macro Index Fund traded 50 units at $25 each, Clico Investment Fund traded 1,900 shares to close at $22.51.TTSE sum 01-02-16 First Citizens Bank had 16,427 shares changing hands valued at $574,945 and closed at $35. Guardian Holdings had 1,185 units changing hands to close at $14.20, Praetorian Property Mutual Fund contributed 2,000 shares to end at $3, Republic Financial Holdings closed at $112 with 764 shares changing hands. The stock closed with a bid at $112 to purchase 179,818 shares with the offer at $114 to sell 114 units and West Indian Tobacco traded 2,380 units to close at $126.30 with a value of $300,594.

24 stocks rose on JSE – Monday

Berger Paints reported a 61% increase in profits for the 9 months to December 2015, after trading closed.

Berger Paints reported a 61% increase in profits for the 9 months to December 2015, after trading closed.

The Jamaica Stock Exchange closed with 40 securities changing hands in all market segments, 24 of which gained and 8 declined with the junior market index climbing over 2 percent.
Two stocks closed at 52 weeks’ highs one at a 52 weeks’ low and one traded at intraday highs as 12,148,016 units valued at only $49,596,056 changed hands in all markets. The junior market accounted for 1,032,255 units changed hands, valued at $4,390,508.
The JSE Market Index climbed 1,182.30 points to 161,531.59 the all Jamaica Composite Index closed with a rise of 1,321.29 points to end at 179,476.96 and the JSE combined index gained 1,554.59 points to close at 172,394.70.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading was 9 stocks with bids higher than their last selling prices and 1 with a lower offer.
At the end of the market activities, Berger Paints lost 7 cents to end at $3.63 as 26,559 units traded,  the company released results to December with an increase of 61 percent in after tax profit of $153.6 million from $95.3 in 2014 for the nine months period on sales that rose 11 percent.JSE Sum -02-16 Cable and Wireless ended with 172,447 units changing hands to close at $1.59, Caribbean Cement climbed $1.95 to close at $28.60, with 8,800 shares changing hands. Grace Kennedy fell 50 cents and closed at $82.50, with 15,670 units changing hands but the stock traded on Friday in Trinidad at $4.15 and closed with a bid at $4.18 (J$78.16) on Monday. Jamaica Broilers fell 4 cents to $14.45 with 15,237 shares changing hands, Jamaica Stock Exchange gained 29 cents to $20 with 3,500 units trading, JMMB Group traded 26,728 units but gained 10 cents to end at $11, Kingston Wharves traded 9,245 units to close with a gain of 10 cents at $11.19. Mayberry Investments had 4,386 shares changing hands but rose 15 cents to $4.50, National Commercial Bank (NCB) traded 57,900 shares but rose $1.89 to close at $42.99 two trading days after the banking group released interim results to December, last year with a 12 percent increase in aftertax profit to $2.4 billion, from $2.1 billion. NCB stock traded in Trinidad on Friday at the equivalent of $5.20. JSE fn qts 01-02-16Pan Jamaican Investment dropped $4 with just 2,930 units changing hands to close at $94, Pulse Investments traded 10,002,000 shares with a fall of 3 cents to close at $3.22 as Barita Investments crossed 10 million units. Sagicor Group gained 10 cents to close at $23 with 102,424 units changing hands, Scotia Group had 77,925 shares changing hands to close with a rise of 56 cents at $31.56, Scotia Investments had 1,000 shares trading to close with a gain of $1.90 at $29.90. Supreme Ventures closed at $6.20 and gained of 20 cents with 70,381 units changing hands, Proven Investments ordinary share traded 77,700 units to close at 22.89 US cents and JMMB 7.5% preference share traded 179,778 units at $2.25 after regaining 15 cents.

JSE lukewarm to election

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The Jamaica Stock Exchange in the first day of trading since Sundays announcement by Prime Minister Portia Simpson-Miller announcement of general elections in Jamaica is responding in a luke-warm manner with very moderate trading to start the day but the market indices posted good gains so far.
JSE Int Cht - 01-02-16.xlsxThe PM announced February 25 as election day, with polls showing her party having slipped by 2 percentage points in the latest public opinion poll but with her opponents falling by over 6 percentage points.
After 75 minutes of trading, only 21 securities traded accounted for a mere 667,467 units changing hands with 8 stocks rising and 4 falling. The all Jamaica Composite Index climbed 709.62 points to 178,865.29, the JSE Market Index rose 634.97 points to 160,984.26, the JSE combined index gained 942.93 points to 171,783.04 and the junior market index fell 38.11 points to 2,212.92.
Caribbean Producers with just 1,500 shares was one of the highlights of the early morning session as it added 40 cents to trade at $5.90.

Jamaica’s unemployment falls

Employment_jobsJamaica’s Unemployment Rate fell by 0.7 percentage point in towards the end of September but remains at a stubborn 13.5 percent of persons said to be in the workforce, a decrease from to 14.2 percent at the same time in 2014.
Over the period, the unemployment rate for males declined from 9.9 percent to 9.3 percent and for females from 19.4 percent to 18.5 percent.
The number of persons Unemployed in September 2015 was 178,600, a decrease of 7,600 compared with 186,200 in September 2014. “The largest increase in the number of employed persons occurred in the industry group ‘Hotels and Restaurants Services’ and ‘Real Estate, Renting & Business Activities’ with a total of 23,700 persons,” the Statistical Institute of Jamaica (STATIN) said.
A total of 22,600 more workers were employed compared with September 2014 bringing the total to 1,146,600 employed persons in September 2015.

Government capital spend jumps $3.7b

Peter Phillips - Minister of Finance

Peter Phillips – Minister of Finance

Government had budgeted to spend $1.6 billion in December but doled out $5.3 billion instead, bringing the full nine months capital spend to $26 billion, in line with budget. The increased spend in December wiped out the underspending of $4 billion in this line item up to November.
Tax revenues continue to be on a positive path, with $6.6 billion over budget but grants are below by $3.1 billion resulting in revenues surplus of $2.5 billion. Government over spent on wages in the tune of $2.3 billion taking the total spend to $126.6 billion but interest cost continues to be lower than forecast by almost $5 billion at $91 billion. Spending on other expenses was below forecast by $3 billion. The overall deficit was in line with forecast, at $14.7 billion and the primary surplus was nearly a billion more than planned at $66 billion.

Trade deficit continued to fall in 2015

Jamaica’s merchandise trade deficit for 2015 continues to improve with the period to October showing a decline to US$3.1 billion, 12.6 percent or US$449 million less than the US$3.56 billion in the comparable 2014 period.
Imports stood at US$4.17 billion, a decrease of 13 percent amounting US$627 million, while earnings from exports amounted to US$1.054 billion, a decrease of 14.5 percent or US$179 million, compared to the similar 2014 period.
PTL prod & Ser 10-15The main contributors to this overall decline in imports were Mineral Fuels that fell by US$668 million or 40 percent to US$1 billion in the 2015 period. “The reduction was due to lower volumes of crude oil and processed fuels as well as the fall in the prices on the international market’” the Statistical Institute of Jamaica (STATIN) stated in their release of the figures.
Traditional Domestic Exports – accounted for 66.2 percent of total domestic exports during the 2015 review period with the inflows being flat with that of 2014 at US$674 million. “Non-Traditional Domestic Exports earned US$344 million to October 2015, reflecting a 31.6 percent or US$159 million fall from 2014 as all sub-groups decreased,” STATIN stated in their release of the figures.
At the end of September imports in 2015 declined by US$581 to US$3.79 billion. Earnings from exports amounted to US$970 million, a decrease of 13 percent or US$145 million compared to the similar 2014 period leading to a narrowing of the merchandise trade deficit to September to US$2.82 billion, a fall of 13.4 percent.

Election 2016 who will win PNP or JLP?

PNP & JLP supportersPolling in Jamaica has gone from an exercise that a vast number of Jamaicans found to be incredible, questioning how a small sample of just 1,000 persons could be used to predict pretty accurately, the views of an entire population? Based on the accuracy over the years in forecasting election results, the vast majority, seem to have put their faith in them.
But when it comes to politics emotions run deep and there are mood swings as well. Take the polls since late 2014, the Don Anderson polls showed the following results:Anderson polls 2014-15
The most recent poll show the PNP at 27.5% and the JLP at 23.2%, effectively the polls show that both parties lost active support since September last year. The PNP lost 2 percentage points and the JLP a much larger 6.4 percentage points, taking the latter below the core position held from 2014 to June of 25%. If the latest polls number were to hold come election day, the PNP would end up with about 54% to 46% for the JLP of the votes, on a head to head race which would put the PNP slightly ahead of the 2011 when they took 53.40% of the votes to the JLP 46.60%.
What is rather interesting is that RJR carried on their website a story of a recent canvass done buy the PNP in which Paul Burke says they are sure to win 32 seats, with 10 of the rest they have in doubt.
“RJR News has obtained a copy of the report which outlines that the Party is sure of winning 32 of the 63 Parliamentary seats. Of the remaining 10 seats from the 42 which were won by the PNP in 2011, two are deemed at risk of being lost and eight have been declared hard to win”. This information does not reflect an outcome as indicated by Anderson polls.
Analysis of the stock market show that it is a good indicator a year out from elections, for the party likely to win, in this case the market is suggesting the PNP. The recent polls are not convincingly showing that.
Eddie Seaga and supportersHistory is a useful guide. There is a tendency for polls to pick up incumbency support and less of opposition support. Carl Stone in an article written in 1981 stated that his polls prior to the 1980 election showed the JLP with 56% of the votes which was 3% points lower than the outcome of 59% of the votes cast that the JLP got compared to 41 % PNP. More importantly, a poll done in the summer months showed the polls narrowing from around 54% for the JLP to about 51% with the PNP seeming to have momentum with 49%. The situation between the two polls was fairly similar to late 2015 onwards where activity by one party seemed to have been more low-keyed, than the other.
A poll released by Anderson in early Oct 2002 showed the PNP with support amongst 54.4% of voters and the JLP with 45.3% but the outcome was PNP 51.5% and the JLP 46.9% a 5% point bias towards the governing party. In the last polls before the election in 2002 had the PNP at 52.3% to the JLP’s 46.9% still a slight bias towards the PNP but only marginally so. Between June 2007 and late July the poll had an incumbency bias of 4.8 percent to a low of 2.68 percent, the polls prior to the actual election ended with only a 0.30 percent bias in favour of the labour party. In the 2011 elections all Anderson polls from May up to the elections had a bias of 1.7% or less in favour of the JLP who were then in government.
What is also of interest, is that the poll numbers showed that the PNP slipped to 17% in the Anderson polls in December 2014 and has made a major recovery since. The JLP had a low of 15.9 % back in May 2011 and recovered much of the lost ground in polls taken after.
PNPManifestoThe 2007 polls make for interesting reading as it is one of the times when a party trailing prior to the election actually end up winning. In February 2007 the PNP trailed the labour party by 1 percentage point at 26% to 27%, in April the PNP pulled ahead with 25% to 23% in May it was 25% each way, by June it showed the PNP with a 4 percentage points lead at 29% to 25%. A second poll in June, showed the PNP moving ahead with 30.70% and the JLP barely keeping up at 25.60%. July saw a change, with the gap closing, but with the PNP ahead with 32.8% and the JLP at 29.3 percent at the end of July the PNP garnered 38.8 percent of voters support and the JLP was at 35.3% and the last one in August placed the PNP at 40.3% and JLP with 41.3%.
Will the 2016 polls closer to the election date narrow? History seems to support that view but time will tell and by how much. What is also of interest will be the turnout of voters. In the 2011 elections, turnout was 52.76 percent, if that were to happen this time it would result in a total of 93,047 votes over the level in 2011, raising the total to 962,485. If the Anderson’s latest polls numbers are close to accurate, there would only be about 2 percentage more points that either party could pick up based on the above, but the latest voters list is 10.7 percent higher than the 2011 one with an additional 176,374 voters or 20 percent of persons who voted in 2011.

FX trading remains elevated on Friday

J$ - 500front Trading in the Jamaican foreign exchange market ended Friday with dealers buying the equivalent of US$55,187,652 and selling US$45,669,815, in stark contrast with US$71,660,961 purchased and US$66,585,264 sold on Thursday.
In US dollars trading, dealers bought US$51,122,324 compared to US$69,317,642 on Thursday with the buying rate for the US dollar slipping by 16 cents to $120.91. A total of US$43,774,345 was sold versus US$65,470,747 on Thursday as the selling rate climbed by 3 cents to $121.37.FX sum -29-01-16 The Canadian dollar buying rate rose 25 cents to end at $83.21 with dealers buying C$1,161,158 and selling C$572,649, at an average rate that gained 11 cents to $85.73. The rate for buying the British Pound rose $1.23 to $170.79 for the purchase of £1,882,740, while £795,747 was sold, with the rate climbing $2.06 to $173.89. At the end of trading, the selling rate for Euro, ended with a gain of 86 cents at J$132.74, from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.46 for a rise of $1.35 on Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$606,802 being bought, while US$350,831 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the FX HL-29-01-16currencies traded at are, a rise of $1.25 in the highest buying rate for the US dollar that ended at $122 and a hike of $2 in the lowest selling rate to $118. The highest buying rate of the Canadian dollar lost $1.70 to $86.50 and highest selling rate dropped $1.62 to $88.38. The highest buying rate for the British Pound dropped $4.65 to $174.05, the lowest buying rate dived by $3.98 to $138.86, the highest selling rate dipped $4.35 to $179.80 and the lowest selling rate was down $5.55 to $165.15.

NCB at J$45.20 on TTSE – Friday

NCB's traded on Friday at TT$2.40 or J$45.20 on TTSE

NCB’s traded on Friday at TT$2.40 or J$45.20 on TTSE


National Commercial Bank traded at a 10 percent premium over the last traded price of $41 in Jamaica on Friday, as the stock hit a 52 weeks’ high of TT$2.40 in Trinidad, having gained 12 cents while trading 52,325 shares. The gain stems from the company posting a 12 percent increase in profit for the quarter, to December last year.
National Commercial Bank stock remains in demand with a bid of $2.35 to purchase 121,645 shares and an offer to sell 14,053 units at $2.40.
The market closed with 15 securities being active on Friday with 5 stocks gaining, 2 declining with the prices of 8 remaining unchanged as the stock prices of 3 companies hit 52 weeks’ high and one stock closed at a 52 weeks’ low. A total of 323,981 shares changed hands valued at $3,160,392.
The Composite Index advanced by 0.87 points to 1,163.31, the All T&T Index lost 2.10 points to 1,931.28 and the Cross Listed Index gained 0.53 points to end at 52.16.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator has turned negative with only 6 stocks with bids higher than the last selling price and 9 stocks with offers that were lower.
Gains| Grace Kennedy traded 1,300 shares to gain 3 cents and closed at a 52 weeks’ high of $4.15, Guardian Holdings had 966 units changing hands and gained 2 cents to close at $14.20, Prestige Holdings contributed 103,621 shares with a value of $1,060,013 and rose 4 cents while closing at a 52 weeks’ high of $10.23 and Scotia Investments contributed 90,246 shares with an increase of 2 cents to close at $1.60.
Losses| National Flour lost 6 cents to end with 1,793 shares changing hands at $2.27 and the late 2015 listed Trinidad and Tobago NGL fell 89 cents to a new 52 weeks’ low of $19.10 with 42,256 shares valued at $807,090 changing hands as lower energy prices puts pressure on revenues.
TTSE 29-01-16up Firm Trades| Angostura Holdings ended with 850 shares changing hands to end at $13.60, Ansa Merchant Bank traded 3,631 units at $38.96, Clico Investment Fund traded 23,550 shares valued at $529,876 to close at $22.51. First Citizens Bank had just 25 shares changing hands at $35. Republic Financial Holdings closed at $112 with 2,730 shares changing hands, Sagicor Financial added only 588 shares and closed at $6.50, Scotiabank closed with 50 shares changing hands to end at $61 and West Indian Tobacco traded 50 units to close at $126.30.

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