Stocks eke out more gains – Thursday
The junior market accounted for 43,233,932 units, valued at $166,308,887 as 19 stocks in the combined markets gained, 14 declined, 5 stocks closed at 52 weeks’ high and 1 traded at an intraday high, but pulled back before the close.
While the main market indices rose, the gains were low at under 250 points with the JSE Market Index climbing 152.28 points to 144,410.21, the all Jamaica Composite Index rising 170.18 points to end at 160,342.85 and the JSE combined index adding 224.86 points aided by junior market gains, to close at 150,962.10. The main market faces a test at 165,000 points resistance level, on the all Jamaica composite index, but based on the churning of price movements in recent weeks, it is likely to take some more trading days to break through that level if the break takes place.
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 12 stocks with bids higher than their last selling prices and 5 with lower offers.
In trading, Berger Paints ended with 45,252 units trading with a decline of 15 cents to $3.15, Cable and Wireless rose 9 cents with only 198,570 units changing hands to close at $1.40, at the close, there were over 2 million units on the offer at $1.40 with bids not looking particularly strong at $1.30 and below. Caribbean Cement closed with a loss of 20 cents to end at $18, with 53,180 shares changing hands. Carreras fell 4 cents in closing at $59.01 with a mere 20,543 units trading, Ciboney traded at 27 cents with 65,000 units changing hands, Gleaner traded at $1.26 down 14 cents with 228,000 units trading, Grace Kennedy gained $1.50, with 10,581 units changing hands, to finish at $79.50. Jamaica Broilers price rose $1.90 to $10.50, with 71,366 shares changing hands, the stock was offered for sale at $9.90 at the close. The Jamaica Stock Exchange share traded 22,665 units and lost 5 cents to close at $18.95, Kingston Wharves saw trading in 15,000 shares at $11.35 as the price slipped 5 cents, National Commercial Bank rose 34 cents and ended at $38.70 with 173,608 units changing hands, Pan Jamaican Investment had 13,000 units changing hands at $92.11, having lost 89 cents. Pulse Investments traded 148,669 shares with a loss of 40 cents to end at $2.10, Radio Jamaica lost 60 cents to land at $3 with 12,900 shares trading, Sagicor Group closed with 24,780 units changing hands but the price gained 6 cents to end at $16.81. Scotia Group gained 89 cents with 94,242 shares changing hands at $29, Supreme Ventures fell 15 cents to end at $4.50 with 37,168 units changing hands. Proven Investments rose 0.99 US cents had 145,550 shares trading at 22.99 US cents, followed by Proven Investments 8% preference share with 17,675 units trading at $5.10 with a loss of 40 cents.
Related party sells 40m Derrimon shares
Information is that a former shareholder acquired 40 million shares from a connected party. The only connected parties with that amount of shares, are Derrick Cotterell with 110,000,000 and Monique Cotterell with 40,000,000. Monica Bell mother to Derrick Cotterell also owns 40,000,000 shares or just under 14.6 percent of the issued ordinary shares, but she is not listed as a director of the company but would be regarded as a connected party.
The junior market closed on Thursday with 12 securities trading of which 7 advanced and 2 declined and 3 closed at new 52 weeks’ high. The junior market index gained 9.08 points to 1,636.95 with 43,233,932 units, valued at $166,308,887 changing hands.
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 5 stocks closed with bids higher than their last traded prices while one closed with a lower offer.
In trading, Access Financial Services closed with a gain of 9 cents at $14.11 with 2,000 units changing hands, AMG Packaging traded 24,074 units at $7 but traded at a new high of $7.50 in the morning session. Caribbean Cream closed at $3.27 to gain 47 cents with only 3,000 units changing hands. The stock closed with a bid to buy 40,000 units at $3.50 after attempts were made to trade over 1 million shares at $3.80. The trades were cancelled as the price would exceed 15 percent permitted for the day, with less than an hour of trading remaining, to allow for the unfreezing of the stock. Caribbean Flavours rose 3 cents with 22,345 shares changing hands at a new 52 weeks’ high of $9 after hitting $9.30 earlier, General Accident ended with 62,300 shares changing hands at $1.94, for a loss of 10 cents, KLE Group traded at a new 52 weeks’ high of $1 after gaining a5 cents with 3,000 shares changing hands. Lasco Distributors closed with 206,600 shares changing hands at $4.35 after falling by 20 cents, Lasco Financial closed at $3, with 204,662 shares changing hands, Lasco Manufacturing gained 1 cent and closed at $3.31, with 2,652,146 shares trading. Paramount Trading ended with 2,000 shares changing hands at $9 and Eppley 10% preference share, ended with 300 units changing hands at $6.02.
Prices continue down on TTSE – Thursday
Activity ended with 108,171 shares changing hands valued at $1,521,787. One stock closed at 52 weeks’ low. At the close, the Composite Index ended with a fall of 1.53 points to 1,159.06, the All T&T Index fell 0.53 points to 1,949.43 and the Cross Listed Index slipped 0.34 points to 48.50.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with bids higher than the last selling price and 7 stocks with offers that were lower.
Gains| Guardian Holdings was the sole stock rising with 10,493 shares traded with a gain of 3 cents to end at $13.10.
Declines| First Citizens Bank lost 1 cents while 100 shares changing hands, at $34.98, Guardian Media traded 47,310 shares but lost 1 cent end at $19.75, Massy Holdings traded 200 units and lost 3 cents to end at a 52 weeks low of $61.50. National Commercial Bank lost 5 cents to end with 49,143 units changing hands at $2.05 and Unilever fell 10 cents with 4,533 units changing hands at $68.15
Firm Trades| Clico Investments traded 6,835 units to close at $22.75 and West Indian Tobacco closed at $126 with 50 shares changing hands.
JSE inches up in early trading
The Jamaica stock market recorded small gains in early trading, in the main and junior markets. A total of 27 securities traded with 9 stocks rising and 8 declining as 1,112,484 units traded.
At 10:45 am, the all Jamaica Composite Index gained 7.16 points to 160,179.83, the JSE Market Index gained by 6.41 points to 144,264.34, the JSE combined index gained 20.50 points to 150,757.74 and the junior market index is up 1.62 points to 1,629.49.
Interesting trades, with 75 minutes having elapsed are, Gleaner that fell to $1.25 cents with 202,000 units trading, the decline in the stock is a sign that a number of investors are not sold on the merger of the Gleaner Media and Radio Jamaica. Jamaica Broilers added $1.90 to the last price on Wednesday to be at $10.50, National Commercial Bank had traded 111,750 shares up to $39.70, but with 2,000 additional shares traded, the price was down to at $38.51. In the junior market AMG Packaging and Caribbean Flavours traded at a new highs of $7.50 and $9.30 respectively.
tTech IPO JCSD fee breaches prospectus terms
The imposition of JCSD processing fee is not only untidy, it is in breach of the terms of the prospectus and must be returned to those investors who paid it. There are no references to JCSD processing fee in the prospectus and under the heading of Statutory and General Information items 6 of the prospectus states, “All Applicants (including Reserved Share Applicants) will be required to pay in full the Subscription Price of $2.50 per Share, subject to discounts, where applicable. No further sum will be payable on allotment”. Most junior market IPOs, are highly anticipated, with several issues closing shortly after opening, leading most investors to apply for shares ahead of the opening day and so ensure that their application are on a timely basis. On Tuesday ahead of the opening of the tTech issue, a statement appeared on the website of the Jamaica Stock Exchange, to indicate that the “application form found in Appendix 1 of IPO Prospectus did not include any mention of the JCSD processing fee of J$134.00 (inclusive of GCT) that each application would be subject to. As such, the application form has been updated to include such commentary”.
Most persons would not have been aware of the charge and so put in their applications without it while some included it, having seen the change. This places some applicants at a disadvantage small though it may be. Some investors are shocked that, the company and the broker did not absorb the charge for the cess and that the Financial Services Commission and the Jamaica Stock Exchange have permitted the late imposition of it. The charging of the JCSD processing fee inclusive of GCT is an irritant for investors and there are few solid reasons why companies are not treating the cess as a part of the cost of listing rather than asking investors to pay for it directly.
Jamaican stocks churning forward
The junior market accounted for 2,721,358 units, valued at $9,118,051 as 11 stocks gained, 14 declined, 1 stock closed at a 52 weeks’ high and 2 traded at an intraday high but pulled back before the close.
While the main market indices rose, the gains were very low at under 300 points each with the JSE Market Index climbing just 53.41 points to 144,257.93, the all Jamaica Composite Index rose a mere 59.69 points to end at 160,172.67 and the JSE combined index added 287.46 points thanks to gains in the junior market to close at 150,737.24.
Notwithstanding today’s gains, the main market faces the next test at 165,000 points 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 good reading of 15 stocks with bids higher than their last selling prices and 3 with lower offers.
In trading, Cable and Wireless rose 1 cent with only 110,997 units changing hands to close at $1.31, Caribbean Cement closed trading at $18.20, with 25,936 shares changing hands. Carreras fell 85 cents in closing at $59.05 with a mere 250 units trading, Ciboney traded at 27 cents with 215,700 units changing hands, Grace Kennedy declined by $1, with 3,246 units changing hands, to finish at $78. Jamaica Broilers traded at a 52 weeks’ high of $10.50, by the close the price fell 65 cents in trading 65,576 shares, to close at $8.60, Jamaica Producers jumped $2.99 in trading 3,125 units at $31, the Jamaica Stock Exchange shares traded 23,288 units at $19, but traded at a new intraday 52 weeks’ high of $19.05. Kingston Wharves saw trading in 5,500 shares at $11.40 as the price slipped 10 cents, Mayberry Investments gained 30 cents with 400,114 units changing hands to end at $5, National Commercial Bank fell 14 cents and ended at $38.36 with 17,175 units changing hands, Pan Jamaican Investment had 4,581 units changing hands at $93. Radio Jamaica rose by 60 cents and landed at $3.60 with 24,000 shares trading, Sagicor Group closed with 1,867,437 units changing hands but the price fell by 25 cents to end at $16.75, Scotia Group dropped $1.89 with 55,916 shares changing hands at $28.11. Seprod traded 5,000 shares at $20.50, Supreme Ventures fell 30 cents to end at $4.35 with 61,988 units changing hands and Proven Investments fell 0.9 US cent as 37,468 shares traded to close at 22 US cents.
Junior market rises on Wednesday
At the close there was 1 security ending with no bid to buy and 8 securities had no stocks being offered for sale. A total of 7 stocks closed with bids higher than their last traded prices while none closed with a lower offer.
In trading, Access Financial traded 1,010 units at $14.02, to record a gain of 1 cent, Caribbean Flavours jumped 90 cents with 21,250 shares changing hands at a new 52 weeks’ high of $9, Caribbean Producers lost 35 cents in trading 18,509 units, to close at $4.25. General Accident ended with 1,000 shares changing hands at $2.04, for a gain of 13 cents, Knutsford Express climbed 80 cents to $11.30 with 5,267 shares changing hands. Lasco Distributors closed with 17,050 shares changing hands at $4.55 after rising by 5 cents, Lasco Financial fell 10 cents ended at $3, with 97,827 shares changing hands. Lasco Manufacturing (LASM) gained 25 cents and closed at $3.30, with 2,553,756 shares trading. At the close the overhand of 2,536,706 units of LASM offered for sale at $3.30 by Stocks and Securities as broker for a client was cleared. Medical Disposables lost 30 cents and ended with 5,000 shares changing hands at $3.25 and Eppley 10% preference share, ended with 689 units changing hands at $6.02.
FX intake still elevated – Wednesday
Flows into the Jamaican foreign exchange market remains above the $40 million level as dealers bought the equivalent of US$40,443,682 and sold US$38,941,809, compared with US$43,117,589 and US$51,950,671 respectively on Tuesday.
Purchase of US dollars , was below the amount sold by dealers by just over US$1 million with dealers buying US$36,794,485 compared to US$36,930,693 on Tuesday. The buying rate for the US dollar rose 1 cent to $119.69. A total of US$37,917,698 was sold versus US$45,466,315 on Tuesday, the selling rate moved up 4 cents to $120.38. The Canadian dollar buying rate dropped $2.41 to end at $84.20 with dealers buying C$1,367,212 and selling C$607,368, at an average rate that dived $1.97 to $85.81. The rate for buying the British Pound rose 17 cents to $178.71 for the purchase of £1,716,642, while £310,227 was sold, with the rate falling $1.37 to $178.56. At the end of trading, it took J$131.43 to purchase the Euro, a fall of $1.21 from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.74 for a decline of $1.24 from Tuesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$124,217 being bought, while US$130,987 was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 40 cents to $120.55, the lowest buying rate was unchanged at $98.78, the highest selling rate rose 5 cents to $126.63 and lowest selling rate rose 8 cents to $98.78. The highest buying rate for the Canadian dollar fell $1.40 to $87.20, the lowest buying rate remained at $69.97, the highest selling rate fell 40 cents to $90.20 and the lowest selling rate slipped 50 cents $83. The highest buying rate for the British Pound, declined 40 cents to end at $181.60. The lowest buying rate gained 17 cents to $146.08, while the highest selling rate declined $2.43 to end at $185.68 and the lowest selling rate stayed at $174.
Falling TTSE stocks still dominant – Wednesday
At the close, the Composite Index ended with a fall of 1.54 points to 1,160.59, the All T&T Index fell 2.99 points to 1,949.96 and the Cross Listed Index slipped just 0.01 points to 48.84.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with bids higher than the last selling price and 7 stocks with offers that were lower.
Gains| First Citizens Bank gained 1 cents while 150 shares changed hands, at $34.99, Guardian Holdings traded 10,493 shares with a gain of 3 cents to end at $13.10 and Unilever rose 5 cents with 1,146 units changing hands at a 52 weeks’ high of $68.25.
Declines| Agostini’s traded 18,360 shares with a value of $314,679 but lost 20 cents, to end at a 52 weeks’ low of $17, Massy Holdings traded 80,589 units with a value of $4,958,715 but lost 7 cents to end at a 52 weeks low of $61.53. National Enterprises closed with 2,510 shares changing hands, lost 2 cents, to close at a 52 weeks’ low of $16.37, Sagicor Financial lost 1 cent to close with 200 shares changing hands at $6.15. Scotiabank with 3,615 shares closed at $61.99, Trinidad and Tobago NGL slipped 11 cents in trading 1,500 units to close at a 52 weeks low of $21 and West Indian Tobacco suffered a loss of 22 cents to close at $126 with 6,006 shares valued at $758,092 changing hands.
Firm Trades| Clico Investments traded 18,172 units valued at $413,417 to close at $22.75, National Commercial Bank ended with 39,202 units changing hands at $2.10, National Flour had 8,995 shares changing hands, to close at $2.70, One Caribbean Media traded 50 shares at $22 and Trinidad Cement closed at $4.20 with 15,850 shares changing hands.