Two areas of major fall out for income in 2015 pushed profits sharply down for Scotia Investments (SIJL) for the year to July 2015. Gains from financial assets fell in a big way from $266 million in 2014 to only $24 million in the July 2015 quarter and from $576 million in the nine months period last year, to just $173 million.
Net interest income declined by $300 million in the July 2014 quarter and fell $750 million for the year to July, contributing to a disappointing year.
SIJL reported net income of $736 million for the period ended July, 2015, a huge decrease of $629 million, when compared with the net income of $1.36 billion for the period to July 2014. Net income for the quarter was $283 million, down $34 million or 11 percent below the $317 million earned in the April quarter but is down 48 percent on July 2014 profit of $541 million. Earnings per share of $1.74 and for the July quarter, earnings per share of 67 cents.
Total revenues, comprising net interest and other income for the period was $2.43 billion, a reduction of $757 million or 24 percent below the corresponding period last year and $761 million for the quarter, down $95 million or 11 percent compared to the previous quarter.
Total operating expenses for the period amount to $1.34 billion, up $102 million or 8 percent over the corresponding period last year, due partly to the increase in the asset tax rate from for regulated financial institutions and higher salaries and staff related costs. The operating expenses for the quarter were $366 million, down $45 million or 11 percent lower compared to the last quarter.
SIJL will clearly end the financial year below $3 per share to October this year with profits well below the $1.79 billion or earnings per share of $4.23 generated for the 2014 fiscal year.
An interim dividend of 45 cents per stock unit payable on October 15, 2015, to stockholders on record at September 23, 2015 was approved.
Lower income mauls Scotia Invest profit
J$ falls lower on Thursday
The selling rate for the Jamaican dollar continues to decline against the US dollar on Thursday. Purchases by dealers of foreign currencies on Thursday, resulted in the Jamaican currency selling rate also slipping against the British Pound and rising moderately against the Canadian dollar.
The market closed with dealers buying the equivalent of US$26,547,793 in contrast to US$31,823,526 on Wednesday, while they sold the equivalent of US$29,211,572, previously US$35,037,208.
In US dollar trading , dealers bought US$23,903,351 compared to US$28,564,957 on Wednesday. The buying rate for the US dollar rose 9 cents to $117.45 and US$27,572,536 was sold versus US$33,039,394 on Wednesday, the selling rate gained 13 cents to close at $118.15.
The Canadian dollar buying rate rose 13 cents to $87.48, with dealers buying C$1,242,365 and selling C$626,370, at an average rate that fell 6 cents to $88.89. The rate for buying the British Pound declined by $1.25 to $176.95 for the purchase of £955,925, while £664,231 was sold, at an average rate that rose 94 cents to end at $180.30. At the end of trading, it took J$132.54 to purchase the Euro, down 23 cents on Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.83, a decline of 17 cents on Wednesday’s rate. Other currencies bought, amounted to the equivalent of US$278,949, while the equivalent of US$154,191 was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 22 cents to $118.70, the lowest buying and the highest selling rates remained at $96.53 and $123.69 respectively. 
The lowest selling rate rose $16.44 to $114.70. The highest buying rate for the Canadian dollar lost 5 cents to $89.80, the lowest buying rate lost 50 cents to $70.47 and highest selling rate fell 90 cents to $91.10. The lowest selling rate decline $1.20 to end at $84. The highest buying rate for the British Pound, fell $1.12 to $180.70, the lowest buying rate fell 33 cents to $144.75, the highest selling rate dropped $3 to $184.04 and the lowest selling rate rose by $1.60 to $175.
Cable & Wireless jumps 11% on JSE
C&W which just ditched the Lime brand for Flow, gained nearly 11% in trading on Thursday
The Jamaica Stock Exchange closed trading with all active indices falling with advancing and declining stocks being evenly matched as was the case on Wednesday. A total of 31 securities changed hands, resulting in 7,916,489 units trading, valued at $29,539,131, with 8 stocks rising, 8 declining in all market segments. The JSE Market Index fell 245.83 points to 97,783.73. The JSE All Jamaican Composite index declined 274.77 points to 108,234.94 at support level on the downside and the JSE combined index fell 50.41 points to end at 101,002.73.
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 8 stocks with bids higher than their last selling prices and 8 with offers that were lower.In trading, Cable and Wireless rose 5 cents with 4,748,662 units and closed at 52 cents. At the close, visible bids exist for 41,500 shares at 45 cents and ranging between 40 cents and 44 cents, a total of 397,000 units, well down on amount on Wednesday’s bids of 2.46 million units at 40 cents and above. On offer between 52 and 55 cents, are 6 visible offers to sell 2.58 million shares. Caribbean Cement had 11,300 shares changing hands stock for a loss of 5 cents to $7.85, Carreras closed at $50 for a loss of 30 cents while 274,344 units traded. Jamaica Broilers closed unchanged at $5.60 with 50,174 shares changing hands, National Commercial Bank traded just 3,200 shares and closed with a fall of $1.94 at $28.06. Sagicor Group with 179,796 shares changing hands, closed unchanged at $12.57,
Sagicor Real Estate Fund landed 33,271 shares for a gain of 10 cents to end at $8, Scotia Group traded 22,000 units to close with a loss of 20 cents at $23.80, Scotia Investments ended at $27 while only 159,004 units traded. Proven Investments ordinary share, traded 15,346 units at 21 US cents, Supreme Ventures added 50 cents to end at $4 with 23,022 units changing hands, Jamaica Money Market Brokers 7.50% preference share traded 50,000 units at $2 and Proven Investments 8% preference share traded 110,400 units at $4.90 after trading at a 52 weeks’ low of $4.85.
Lasco Manufacturing dominates juniors
Bottle heating machine at Lasco Manufacturing. The company traded 1.6m shares on Thursday.
At the close, 5 securities ended with no bids to buy, while 4 had no stocks being offered for sale and 4 stocks closed with bids higher than the last traded prices and 2 with lower offers.
Stocks trading are, Access Financial traded 7,670 shares to close with a 20 cents increase at $12.20, Cargo Handlers ended with 1,256 shares changing hands and closed at $31, Caribbean Cream ended with 245,000 shares changing hands at $1.71 for a 69 cents decline, Caribbean Producers traded 15,000 units at $2.40, after losing 10 cents. Consolidated Bakeries traded 3,149 shares at $1.20, General Accident Insurance ended with 20,000 shares trading unchanged at $1.42 at the close.
Jamaican Teas had 7,000 shares trading at $3.25 and gained 15 cents, KLE Group traded unchanged at 50 cents with 10,000 units changing hands, Lasco Distributors fell 3 cents to $1.91, with 6,000 units changing hands. Lasco Financial ended with 216,000 shares changing hands at $1.87, for a rise of 21 cents after trading earlier at $1.70, Lasco Manufacturing ended with 1,595,585 shares changing hands at $1.80, but traded as high as $1.95 and Eppley cumulative preference share 2019, ended with 69,175 units changing hands at $6.05.
3 stocks gained 3 fell on TTSE
National Four rose in trading on Thursday
At the close, the Composite Index fell by 0.05 points to 1,144.56, the All T&T Index gained 0.31 points at 1,947.49 and the Cross Listed Index fell 0.06 points to 44.81.
Gains| National Flour Mills with 4,154 shares changing hands, ended at $2.06 after adding 1 cent, Scotiabank closed with 3,195 shares changing hands to gain 9 cents and end at $62.49 and West Indian Tobacco traded just 102 shares to close with a gain of 6 cents back at $125.42.
Losses| Agostini’s ended at $17.25 with a loss of a cent, after trading 749 units, JMMB Group ended with a loss of 1 cent in trading 8,800 shares at 42 cents and Republic Bank closed with a fall of a cents to $112.99, with 2,077 shares changing hands.
Firm Trades| Angostura Holdings ended with 12,645 shares changing hands at $14,
Ansa Merchant Bank traded 200 units to end at $38.94, Guardian Holdings added 4,052 shares to close at $12.90, First Citizens Bank had only 3,078 shares changing hands to end at $35. National Commercial Bank traded 17,882 shares to close at $1.60, Sagicor Financial Corporation closed with 18,383 shares changing hands at $6 and Scotia Investments closed with 150 shares changing hands at $1.60.IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than their last selling prices and 6 stocks with offers that were lower.
JSE gains on Thursday morning
After trading for 100 minutes of the market’s opening, on Thursday 22 securities traded with a volume of 1,953,223 units, with 4 stocks declining and 6 rising.
Trading activity resulted in mixed fortunes for the indices with the main market ones rising and the junior market easing a bit.
The JSE Market Index rose 612.43 points to 98,396.16.22. The JSE All Jamaican Composite index gained 684.53 points to 108,919.47 and the JSE combined index added 559.60 points to be at 101,562.33. The junior market fell 1.97 points to 970.20.
The notable trades are Cable & Wireless with 876,220 shares at 49 cents, for a gain of 2 cents, Caribbean Cream had 245,000 units trading at $1.71, down 69 cents, Carreras traded 274344 at $50, Sagicor Group saw 178,396 units changing hands at $13, while Scotia Investments put through 42,000 shares at $27.70.
J$ hits landmark record low vs US
The selling rate for the Jamaican dollar fell to a new all-time low of 118.02 to buy the US dollar on Wednesday. Purchases by dealers of foreign currencies on Wednesday, resulted in the Jamaican currency selling rate slipping against the US and the Canadian dollars while making gains against the British Pound.
The market closed with dealers buying the equivalent of US$31,823,526 in contrast to US$28,520,235 on Tuesday, while they sold the equivalent of US$35,037,208, previously US$33,369,834. In US dollar trading , dealers bought US$28,564,957 compared to US$26,230,782 on Tuesday. The buying rate for the US dollar rose 13 cents to $117.36 and US$33,039,394 was sold versus US$31,982,978 on Tuesday, the selling rate gained 9 cents to break into the 118 level for the first time when it closed at $118.02. 
The Canadian dollar buying rate rose 18 cents to $87.35, with dealers buying C$1,478,986 and selling C$1,046,668, at an average rate that climbed 30 cents to $88.95. The rate for buying the British Pound rose 20 cents to $178.20 for the purchase of £1,215,513, while £541,495 was sold, at an average rate that fell $1.02 to end at $179.36. At the end of trading, it took J$132.77 to purchase the Euro, with a rise of 71 cents on Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130, an increase of 67 cents on Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$312,158, while the equivalent of US$386,017 was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 3 cents to $118.48, the lowest buying and the highest selling rates remained at $96.53 and $123.69 respectively. 
The lowest selling rate gained 16 cents to $98.26. The highest buying rate for the Canadian dollar added 55 cents to $89.85, the lowest buying rate rose 42 cents to $70.97 and highest selling rate remained at $92. The lowest selling rate rose 20 cents to end at $85.20. The highest buying rate for the British Pound, rose $1.32 to $181.82, the lowest buying rate fell 75 cents to $145.08, the highest selling rate dropped 96 cents to $187.04 and the lowest selling rate declined by $1.60 to $173.40.
See-saw action continues on JSE
Cable & Wireless HQ – the stock is in demand with the merger of Flow and C&W gathers pace.
At the close, the JSE Market Index fell 245.83 points to 97,783.73. The JSE All Jamaican Composite index declined 274.77 points to 108,234.94 at support level on the downside and the JSE combined index fell 50.41 points to end at 101,002.73.
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 7 stocks with bids higher than their last selling prices and 9 with offers that were lower.In trading, Cable and Wireless rose just 1 cent with 2,882,269 (Tuesday 2,494,634) units and at 47 cents. At the close, visible bids exist for 1 million units at 46 cents, and ranging between 40 cents and 45 cents a total of 1.46 million units. On offer between 48 and 55 cents, are 11 visible offers to sell 3.3 million shares. Caribbean Cement had 797,607 shares changing hands for a loss of 10 cents to $7.90, Carreras closed at $50.30 as the price gained 80 cents while 7,380 units traded. Desnoes & Geddes traded 50,000 shares but lost 40 cents in closing at $6, Grace Kennedy had 38,552 units changing hands at
$64, Jamaica Broilers closed at $5.60 with 43,741 shares changing hands as the stock lost 80 cents. Sagicor Group with 40,000 shares changing hands, closed with a loss of 43 cents at $12.57, Scotia Group traded 14,800 units to close with a gain of 26 cents at $24, Scotia Investments ended at $27 while only 8,000 units traded but the stock traded in Trinidad at the equivalent of J$29.50 and with a bid to buy over 320,000 units at the same price. Proven Investments ordinary share, traded 15,346 units at 21 US cents, Jamaica Money Market Brokers 7.50% preference share traded 53,016 units at $2 and Proven Investments 8% preference share traded 135,594 units at $4.90.
Carib Flavours dominates juniors
Caribbean Flavours dominated junior market
At the close, 5 securities ended with no bids to buy, while 5 had no stocks being offered for sale and 4 stocks closed with bids higher than the last traded prices and 2 with lower offers.
Stocks trading are, Caribbean Flavours traded 1,221,984 units firm at $2.70 in three trades, Caribbean Producers traded 159,738 units at $2.50, after the company reported good full year’s
results on Tuesday. Dolphin Cove traded 2,100 shares at $12.90, a fall of 10 cents, General Accident Insurance ended with 81,279 shares trading unchanged at $1.42 at the close. Honey Bun had 17,080 shares trading at $3.95 but lost 30 cents, Lasco Distributors was up 14 cents to $1.94, with 9,030 units changing hands, after trading at $2 and Medical Disposables traded 137,035 shares to close unchanged at $2.50.
Just 4 TTSE stocks trade
The Trinidad & Tobago Stock Exchange closed with only 4 securities changing hands, the price of 2 stocks rose, while 1 declined and 1 traded with price unchanged. A total of only 31,940 units traded, valued at $603,353.
At the close, the Composite Index advanced by 0.23 points to 1,144.61, the All T&T Index remained at 1,947.18 and the Cross Listed Index gained 0.06 points to 44.87.
Gains| Massy Holdings had 3,170 shares trading at $62.50 with a gain of 1 cent, Scotia Investments closed with 17,770 shares changing hands with the price rising 7 cents to close at a 52 weeks’ high of $1.60, at the close the bid was at $1.60 to buy 321,342 units, there were no stock on offer. Clico Investment Fund ended at $22.51 with a loss of a cent, after trading 16,700 units and First Citizens Bank had only 300 shares changing hands to end at $35.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with the bid higher than their last selling prices and 4 stocks with offers that were lower.
