Trading ended on the Jamaica stock market with 30,385,484 units valued at $406,775,349 changing hands, in all market segments with 33 securities trading. The junior market accounted for 20,742,505 units, valued at $215,634,789. A total 16 stocks in the combined markets gained, 13 declined. 3 stocks closed at 52 weeks’ high 1 at a 52 weeks’ low and 1 at an intraday high.
At the close the JSE Market Index dipped 1,419.09 points to 145,166.40, the all Jamaica Composite Index declined 1,585.92 points to end at 161,187.93 and the JSE combined index dropped 1,556.54 points to close at 151,943.59. The main market continues to face a test around the 165,000 points resistance level, on the all Jamaica composite index.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 9 stocks with bids higher than their last selling prices and 4 with lower offers.
In trading, Cable and Wireless fell 1 cent with 1,964,197 units changing hands to close at $1.30, Caribbean Cement gained 33 cents to end at $18.20 with 144,558 shares changing hands, Carreras closing at $60.75, with 6,795 units changing hands. Gleaner fell 4 cents with 44,000 units changing hands at $1.30, Grace Kennedy rose$1.12, with 274 units changing hands, to finish at a new 52 weeks’ high of $81. Jamaica Broilers closed at $10.50 with 35,591 shares changing hands, Jamaica Producers traded 49,462 shares while gaining 10 cents, to end at $32, the Jamaica Stock Exchange lost 70 cents with 38,776 units changing hands, to close at $16, JMMB Group traded 39,484 ordinary shares at $10.50, after rising by 30 cents. Mayberry Investments had 17,928 shares trading at $4.10 for a loss of 25 cents, Montego Bay Ice fell $2.60 in closing at $14.90 with 1,250 shares trading, National Commercial Bank ended at $39.01, with 3,136,195 units changing hands, 138 Student Living had another large trade, with 1,754,230 units at $4.50 following big trades on Friday and Monday.
Pan Jamaican Investments traded 24,662 and gained 50 cents to end at $93, Radio Jamaica traded 16,000 units at $3, Sagicor Group closed with 757,157 units changing hands with a loss of 30 cents to $17.20, Sagicor Real Estate Fund gained 22 cents in trading 10,000 shares at $10.22. Scotia Group declined 98 cents with 654,660 shares changing hands at $30, Scotia Investments jumped $2.05 with 5,000 shares changing hands at $31, Supreme Ventures ended at $4.60 with 45,200 units changing hands. Proven Investments ordinary share had 811,000 units trading at 19.5 US cents, for a loss of 2.5 cents and JMMB7.5% Preference share traded 42,350 units and gained 9 cents to close at $1.99.
JSE majors slip big on Tuesday
Republic & NGL dominate TTSE – Tuesday
Republic Financial Holdings enjoy big trade on the TTSE
At the close, activity ended with 323,414 shares changing hands valued at $10,848,081, the Composite Index ended with a fall of 0.11 points to 1,158.46, the All T&T Index declined 0.88 points to 1,948.54 and the Cross Listed Index gained 0.19 points to end at 48.46.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than the last selling price and 7 stocks with offers that were lower.
Gains| FirstCaribbean International Bank traded 987 shares and closed at $5.01 with a 1 cent rise and Unilever Caribbean ended with 4,105 shares trading with a gain of 31 cents, for a new 52 weeks’ high of $68.49.
Declines| ANSA McAL contributed 333 shares but lost 29 cents in closing at $66.99.
Firm Trades| Clico Investments traded 19,280 shares valued at $438,620 to close at $22.75, Guardian Holdings held firm at $13.20 with 100 shares trading,
JMMB Group traded 50,532 shares shares to close at 51 cents, One Caribbean Media traded 7,805 units to end at $22. Republic Financial Holdings, the new entity holding shares in Republic Bank, ended with 51,590 shares valued at $5,772,405 changing hands at $111.89. Sagicor Financial Corporation closed with 1,481 shares changing hands, to end at $6.05, Trinidad and Tobago NGL traded at $21 with 185,398 shares for changing hands, valued at $3,893,358 and West Indian Tobacco ended with 1,803 shares trading to close at $126.25.
Proven sells Knutsford shares
Knutsford Express traded a big block of 20,000,002 shares at $10.65 with the price falling 65 cents, helping the junior market to lose ground on Tuesday. The record of the company showed Proven Investments as the holders of the exact amount traded, representing 20 percent of the shareholdings with their brokerage house being the seller with NCB Capital Markets being the brokers buying.
The junior market index falling by 24.27 points to 1,666.91 points as the market retreated from the all-time high reached on Monday. Trading ended with 14 securities trading of with 7 advanced and 2 declined with 20,742,505 units, valued at $215,634,789 changing hands as 2 stocks closed at 52 weeks’ highs.
At the close there was 1 security ending with no bid to buy and 6 securities had no stocks being offered for sale. A total of 2 stocks closed with bids higher than their last traded prices while one closed with a lower offer.
In trading, Access Financial Services closed at $16 with 2,646 units changing hands, AMG Packaging closed with 8,964 units changing hands at $7, Blue Power had 581 units changing hands to close at $13.10, Caribbean Cream gained 43 cents with 13,000 shares changing hands at $3.70. 
Caribbean Flavours traded 450 units to close at a 52 weeks’ high of $10, by adding 97 cents, Caribbean Producers closed at $4.62 to gain 17 cents with 290,856 units changing hands, Consolidated Bakeries rose 10 cents while trading 35,000 shares at $1.20, Derrimon Trading ended with 27,247 shares changing hands at $3.80. General Accident closed at $1.95 with 4,500 shares trading, Honey Bun finished with 2,000 shares changing hands, to close at $6, Lasco Distributors closed with 80,000 shares changing hands at 25 cents higher at $4.60. Lasco Financial rose 43 cents to close at a 52 weeks’ high of $3.55, with 241,631 shares changing hands and Lasco Manufacturing lost 55 cents to close at $3 with 298,484 shares trading.
JSE drops in early trading
The Jamaica Stock Exchange recorded early gains in the morning session on Tuesday in the two local markets with Scotia Group rising to $31 with 60,000 shares trading but the stock fell back to and pulled the main market index down. The junior market which was marginally up early in trading has since slipped with more stocks being traded.
At 10:45 am, 29 securities traded as 11 stocks rose and 13 declined with 3,530,973 units changing hands. The all Jamaica Composite Index dropped 1,309.95 points to 161,463.90, the JSE Market Index fell 1,172.15 points to 145,413.34, the JSE combined index declined 1,307.79 points to 152,192.34 and the junior market index is down 22.52 points to 1,668.66.
Interesting trades include 138 Student Living that is having a third day of high volume with 1,754,230 at $4.50 today following Mondays 6,520,000 shares and Friday’s 59 million units. Cable & Wireless traded 668,782 shares at $1.39 but remains under selling pressure with weak bids and with the number and volume of offers being greater than the bids. Scotia Group traded 645,360 units with some being exchanged at a new 52 weeks’ high of $31 but it fell back to $28.60, down by $2.38 from Monday’s close and Lasco Financial traded 106,288 shares at $3.50 but now boast a bid at $3.55 to buy 58,543 units.
Big intake of FX to start week
Flows into the Jamaican foreign exchange market started the week on a strong note with dealers buying almost $67 million or $13 million than they sold, bringing the total surplus along with that of the week ending December 18, to US$26 million as the Jamaican dollar made a small recovery against the US dollar.
Dealers actually bought the equivalent of US$66,694,884 and sold US$53,329,088, compared with US$48,985,627 and US$38,223,472 respectively on Friday.
Purchases of US dollars , exceeded the amount sold by dealers by US$11.5 million with dealers buying US$62,348,278 compared to US$45,286,649 on Friday. The buying rate for the US dollar slipped by 16 cents to $119.73. A total of US$50,843,441 was sold versus US$36,755,007 on Friday, the selling rate fell by 3 cents to $120.34.
The Canadian dollar buying rate rose 30 cents to end at $83.67 with dealers buying C$2,180,609 and selling C$1,455,256, at an average rate that climbed 25 cents to $85.54. The rate for buying the British Pound declined $2.83 to $175.59 for the purchase of £1,775,301, while £708,226 was sold, with the rate rising 41 cents to $177.54. At the end of trading, it took J$130.53 to purchase the Euro, for a rise of 17 cents from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.89 for a gain of 17 cents from Friday’s rate. The US dollar equivalent of other currencies traded, amounts to US$219,141 being bought, while US$406,451 was sold.
Highs & Lows| The highest buying rate for the US dollar, climbed $1.88 to $122,
the lowest buying rate rose 29 cents to $98.86, the highest selling rate gained 38 cents to $126.69 and lowest selling rate was up 21 cents to $98.78. The highest buying rate for the Canadian dollar dropped $3.20 to $86.55, the lowest buying rate declined $3.16 to $68.72, the highest selling rate dipped $2.66 to $90 and the lowest selling rate dipped $4 to $82. The highest buying rate for the British Pound, fell $3 to end at $179. The lowest buying rate lost $2.07 to $143.76, while the highest selling rate fell 31 cents to end at $185.32 and the lowest selling rate dipped $4 to $172.
tTech to refund JCSD fees
Subscribers to the initial public offering of the tTech shares who did not pay the JCSD fee of $134 with their applications will not be required to pay the amount and investors who actually paid will be refunded in full, Ramon Pitter of NCB Capital Markets, brokers to the issue informed IC Insider today.
Pitter said management agreed to the proposal from the brokerage house of the position recommended to them.
IC Insider learnt that the level of subscription was higher than first disclosed that the level of oversubscription now stands at close to 400 percent. Allocation of the shares has not been fully determined, Pitter indicates that all successful applicants will get at least the minimum of 5,000, with amounts over that amount to be determined when the final numbers have been agreed. The allocations should be know before Christmas with trading likely to commence before the year closes.
CAC 2000 public issue which was closed on Friday, is said to be over the amount by mid-day of Friday. The level of oversubscription was unknown earlier today, but seems not to be heavily over, with closer on the same day but ahead of the official closing date of Wednesday December 23.
JSE majors slip on Monday
Carreras traded at a new 52 weeks’ high of $60.75 on Monday
Trading ended on the Jamaica stock market with 10,283,114 units valued at $50,915,307 changing hands, in all market segments with 33 securities trading. The junior market accounted for 1,290,587 units, valued at $4,845,099. A total 11 stocks in the combined markets gained, 10 declined while 4 stocks closed at 52 weeks’ high and 1 traded at an intraday high.
138 Student Living had another day of with a large trade of 8,520,000 units at $4.50, valued at $38.34 million, much less than the 58,949,590 units valued at $265,273,155 traded on Friday.
At the close the JSE Market Index fell 38.30 points to 146,585.49, the all Jamaica Composite Index eased 42.80 points to end at 162,773.85 and the JSE combined index added 156.87 points to close at 153,500.13. The main market continues to face a test around the 165,000 points resistance level, on the all Jamaica composite index.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 9 stocks with bids higher than their last selling prices and 4 with lower offers.
In trading, Cable and Wireless gained 1 cents with 77,265 units changing hands to close at $1.31, Caribbean Cement fell 33 cents to end at $17.87 with 16,000 shares changing hands, Carreras gained 75 cents, in closing at a new 52 weeks’ high of $60.75, with 42,612 units changing hands. Gleaner rose 8 cents with 8,320 units changing hands at $1.34, Grace Kennedy fell 12 cents, with 1,230 units changing hands, to finish at $79.88. Jamaica Broilers price jumped $1.86 to $10.50 with 19,726 shares changing hands, Jamaica Producers traded 1,000 shares at $31.90, The Jamaica Stock Exchange share lost $2.25 with 28,610 units changing hands to close at $16.70, Kingston Wharves had trading in 9,509 shares at $11.35. Mayberry Investments had 65,011 shares trading 
at $4.35, for a loss of 35 cents, National Commercial Bank rose just 1 cent and ended at $39.01, with 29,432 units changing hands, Radio Jamaica traded 1,000 units early in the day at $2.25 and ended the day at $3 while 11,400 units changed hands. Sagicor Group closed with 61,827 units changing hands at $17.50, Salada Foods lost 51 cents in trading 51,562 shares at $8.50, Scotia Group declined by 1 cent with 8,741 shares changing hands at $30.98, Supreme Ventures rose 60 cents to end at $4.60, with 7,128 units changing hands and Proven Investments had 16,130 shares trading at 22 US cents, for a loss of 0.99 cents.
Another new record for juniors
The junior market closed at a record high on Monday
Trading ended with 11 securities trading of with 3 advanced and 3 declined with 1,290,587 units, valued at $4,845,099 changing hands as 2 stocks closed at 52 weeks’ highs. At the close there was 1 security ending with no bid to buy and 7 securities had no stocks being offered for sale. A total of 4 stocks closed with bids higher than their last traded prices while one closed with a lower offer.
In trading, AMG Packaging closed with 26,378 units changing hands at $7, Blue Power had 646 units changing hands to close at $13.10, Caribbean Producers closed at $4.45 to gain 5 cents with 290,856 units changing hands, Derrimon Trading ended with 10,000 shares changing hands at $3.80. Dolphin Cove closed at $17 with only 100 shares trading,
Honey Bun finished with 1,000 shares changing hands to close at a 52 weeks’ high of $6 after rising by 50 cents, KLE Group gained 15 cents to close at a 52 weeks’ high of $1.15, as 37,000 units changed hands. Lasco Distributors closed with 17,855 shares changing hands at $4.35 after declining by 15 cents, but it traded at an intraday 52 weeks’ high of $4.70. Lasco Financial fell 21 cents to closed at $3.12 with 461,995 shares changing hands as high as $3.50, Lasco Manufacturing rose 25 cents and closed at $3.55, with 443,813 shares trading and Sweet River ended with 944 units changing hands at $3.95.
Prices mostly steady on TTSE – Monday
Republic bank now trades as Republic Financial Holdings on the TTSE
At the close, the Composite Index ended with a fall of 0.19 points to 1,158.57, the All T&T Index declined 0.04 points to 1,949.42 and the Cross Listed Index slipped 0.04 points to 48.37.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than the last selling price and 7 stocks with offers that were lower.
Declines| Massy Holdings had 75 shares changing hands with a loss of 2 cents to end at a new 52 weeks’ low of $61.48.
Firm Trades| Clico Investments traded 2,100 units to close at $22.75, JMMB Group traded 42,050 shares to close at 51 cents, National Flour Mills traded 119 units to end at $2.70, National Commercial Bank ended with 130,000 units changing hands at $2.05. Republic Financial Holdings, the new entity holding shares in Republic Bank ended with 53,329 shares valued at $5,966,982 changed hands at $111.89, Scotia Investments had with 81,028 units changing hands at $1.50 and Trinidad and Tobago NGL traded at $21 with 89,826 shares for $1,886,346 changing hands, valued at $9,687,468.
Poor Carib capital market regulation
The glaring case of the abuse of power exercised by the Trinidad Cement board in the handling of the company’s right issue earlier this year, stands out as a clear case for regulatory action to protect investors. In this matter the company failed to properly inform shareholders of a strong improvement in the profit of the a for the first quarter and made it worse with Price Waterhouse Coopers signing a report that gave the impression that there was no profit for the quarter.
In Jamaica, we have a Financial Services Commission (FSC) that is said to be the regulator for the financial entities not regulated by Bank of Jamaica, much is lacking from them, their inaction in matters of critical import makes one wonder what taxpayers money given to them is really being used for?
When it comes to the FSC, one is reminded of a police station located across from a house of crime but does nothing, unless the neighbours complain about it. Here is a case be it small. One of the FSC regulated entities is late with its 2015 results, the company issued a statement to the stock exchange to say they would be late in releasing the audited statements and the audited figures would be released on December 4. They also had the lateness of the audited accounts in 2014, with December 5th being the promised date. Now the public is being told that Barita Investments Limited (BIL) the entity involved has advised that the Audited Financial Statements for the financial year-end 2014/2015 will be submitted to the Jamaica Stock Exchange (JSE)on or before December 29, 2015. That is a major shift in the time frame. No reason was given in the notice on the stock exchange site. The investing public has a right to know the reason for the lateness. The FSC that regulates the market, should be interested in knowing what the reasons are as well, but there is not even a peep out of them?
IC Insider spoke with Mrs Rita Humphries, Chairman of the company on Wednesday December 9, about the issues affecting the release and subsequently, the last posting was made on the JSE website. According to the Chairman, there were issues relating to reconciliation of a few accounts which required adjusting entries to be made. Barita had them reconciled and the auditors needed to go through the information and transactions to satisfy themselves that the end result is correct. Additionally, the auditors advised of none receipt of confirmation from clients some of which had already been sent on to the auditors we are advised. Last year the audit was held up by a difference of opinion between the auditors and the Barita over the issue of fully providing for the value of shares Barita held in Scotia Group on the basis the auditors said was the impairment of the investment. This was after they fully provided for the value of Barita’s investment in National Commercial Bank shares.
All this bring one back to the glaring errors in the audited accounts for Knutsford Express audited accounts for 2014 and 2015 for which there have been no request for revision of the reports, why? Are these regulators really serious in protecting investors? Take the most recent case of tTech. The prospectus for the company’s shares, made no mention of subscribers being asked to pay the JCSD fees. One day before the issue opens, a note is placed on the JSE website that the fee is to be paid by subscribers, even as the prospectus states that investors would not be paying any more than the $2.50, the shares were offered to the general public at. The JSE clearly did not intervene to prevent a chaotic situation from happening with some applicant including the fee and others did not as they were unaware of it. Thankfully, the management and brokers were sensitive to the issue and agreed to refund those who paid.
The FSC and the Stock Exchange police the system when companies are going to the public to raise money, but what happens after, very little? Goodyear was delisted from the JSE, shareholders got two payments form liquidation of the assets but about three years after, no information but there are no regulators dealing with the issue anymore, leaving many small investors to fend for themselves. That is not good enough.