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Increased activity on junior market

August 20, 2015 by IC Insider.com

Access fell $2.99 to $15.51on Thursday

The JSE junior market fell on Thursday while 4 stocks declined and 4 advanced out of 13 securities that traded, resulting in 943,066 units, valued at $2,382,692 changing hands. The market lost 12.27 points to close at 1,007.58.
At the close 4 securities ended with no bids to buy, while 3 had no stocks being offered for sale and 3 stocks closed with bids higher than the last traded prices and 3 with the offers being lower.
Stocks trading are, Access Financial Services traded 200 shares to close at $15.51 with a fall of $2.99, AMG Packaging closed at a 52 weeks’ high of $3.95 with 31,398 units changing hands 30 cents higher, Cargo Handlers ended with 950 shares changing hands and closed at $31, Caribbean Cream traded 10,100 units at $1.99, after gaining 19 cents. Dolphin Cove traded 150 shares and closed at $13, General Accident Insurance traded 2,150 units with the price closing 15 cents lower to a 52 weeks’ low of $1.30, Honey Bun with 46,734 shares

changing hands, closed with a loss of 30 cents at $3.70, Knutsford Express had 518 shares trading to close at $6. Lasco Distributors closed with 283,526 units trading, 15 cents higher at $1.95, Lasco Financial ended with 85,300 shares changing hands to end at $1.80. Lasco Manufacturing with 291,740 units changing hands, closed at $1.84 after dropping a cent, Medical Disposables traded 102,000 shares to close with a gain of 25 cents at a 52 weeks’ high of $2.50 but closed with the offer at $2.30 to sell 13,085 units and Derrimon Trading preference share ended with 88,300 units changing hands at $6.05.

Filed Under: JSE Junior Market, Stock Market Tagged With: AMG Packaging, Cargo Handlers, Daily Trading, Derrimon Trading, Dolphin Cove, General Accident, Honey Bun, Knutsford Express, Lasco, Lasco Distributors, Lasco Financial, Lasco Manufacturing, Medical Disposables

JSE up slightly juniors drop Thursday morning

August 20, 2015 by IC Insider.com

The Jamaica Stock market has started the morning session up to 10.30 am on a slow pace, in the process the All Jamaica Index trades at 109,785.04 to gain 79.64 points, JSE Market Index rose 71.26 points to 99,170.57. The combined index fell 97.47 points to be at 102,577.41 and the junior market index 1,001.67, down 18.18 points.
In trading, Cable & Wireless rose back to 45 cents with only 88,317 units, Gleaner slipped to $1.80 from $2 while trading 17,000 shares, JMMB Group traded only 38,3750 units at $7.95 and Proven Investments Limited contributed 120,000 shares at 19 US cents.
A total of 19 securities with a volume of only 820,481 units have traded with 6 stocks declining versus 5 that rose.

Filed Under: JSE Main Market, Stock Market Tagged With: C&WJ, Gleaner, JMMB, Proven

Treasury bill rates continue slide

August 20, 2015 by IC Insider.com

Interest rates fell in the latest issues of Treasury bill that were on offer on Wednesday continuing a slow decent since the start of 2015 but a much steeper decline form March last year. The two offerings for $400m each, attracted bids for over $940 million each with a total of 1.93 billion.
The 91 days instrument cleared at an average of 6.352 percent down from July’s average of 6.44 percent with bids between 5.93 percent to 6.4304 percent were fully accepted while the 182 days yielded an average 6.49 percent a decline from July’s average of 6.60 percent with bids between 6.2 to 6.55 percent being fully allotted.
The declines come against the back ground of Bank of Jamaica (BOJ) 0.25 percent cut in its 30 days CD rates effective on Tuesday. There is no indication in the Treasury bill average rate that the BOJ move had any noticeable impact, although the rate of decline this time around is steeper than the previous three.

Filed Under: Breaking News, Economy Tagged With: Bank Of Jamaica, treasury bill

KLE and C2W Music burnt up cash

August 19, 2015 by IC Insider.com

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Junior market entertainment companies, KLE Group and C2W Music continue to burn cash with relatively large losses in the in the quarter and six months to June with one having shredded shareholders capital and the other on the edge of doing so.
C2W Music reported revenues of just US$4,976 in the June quarter and US$6,028 for the half year but cost rose in the quarter over that of 2014 with US$16,000 versus $12,193 and for the half year US$28,866 versus US$93,605. Finance cost ended at US$1,381 for the quarter and US$2,762 for the year to June. The company reported a loss of US$12,297 and for the six months and US$25,649 in 2014.
The cash burn for the company has virtually wiped out the share capital with only US$17,402 left out of US$1,286,619 raised when it went public, forcing them to seek loan funding which amounted to US$80,950 at June. The results are well off track from what investors were promised when the company had its IPO.
Over at KLE Group the focus is said to be on cost containment and the launching of franchising of the Tracks and Records concept as well as some new income stream.
For the quarter to June revenues amounts to $54 million with a loss of$12.85 million versus $8.3 million in 2014. For the six months, revenues was $103 million compared with $128 million with losses of $34.6 million and $20.9 million in 2014.
The company has burn through all the equity is raised and more and ended up with negative equity of $10.56 million at June and borrowings of $99 million. While borrowings have grown and payables have fallen from $116 million in June 2014 to $84 million, the composition of the amount tells the story of a company with serious challenges, with GCT due of $7.34 million versus just $146,000 in 2014 and Statutory payables of $10.7 million up from $2.3 million in June 2014 and credit card payables of $9.8 million, at the end of last year June the amount was at $7.2 million.
The lack of capital is driving the nail in the coffins of both companies as revenues are just not there at least currently, to allow for survival.

Filed Under: Company News, Company Results Tagged With: C2W Music, Tracks and Records

J$ falters on Wednesday

August 19, 2015 by IC Insider.com

Purchases by dealers of foreign currencies on Wednesday, resulted in the Jamaican currency selling rate slipping against the three main traded currencies. The market closed with dealers buying the equivalent of US$32,445,592 in contrast to US$30,886,074 on Tuesday, while they sold the equivalent of US$36,993,445, previously US$46,140,237.
In US dollar trading , dealers bought US$28,613,770 compared to US$27,806,629 on Tuesday. The buying rate for the US dollar fell 6 cents to $116.84 and US$35,596,264 was sold versus US$44,707,607 on Tuesday, the selling rate increased 3 cents to $117.51. The Canadian dollar buying rate dropped 49 cents to $87.25 with dealers buying C$856,525 and selling C$474,844, at an average rate that rose 9 cents to $89.46. The rate for buying the British Pound declined 31 cents to $180.71 for the purchase of £2,014,694, while £473,498 was sold, at an average rate that climbed $1.72 to $184.13. At the end of trading, it took J$129.63 to purchase the Euro, with a decline of 41 cents from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.06 for a fall of 32 cents off Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$76,201, while the equivalent of US$293,772 was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 5 cents to $117.70 while the lowest buying and the highest selling rates were unchanged at $96.19 and $123.26 respectively, the lowest selling rate jumped $18.81 to $115. The highest buying rate for the Canadian dollar dropped $1.80 to $89.70. The lowest buying rate gained 66 cents to $71.63, the highest selling rate dipped 30 cents to end at $92.20 and the lowest selling rate rose 90 cents to $86.60. The highest buying rate for the British Pound, dropped 30 cents to $183.70, the lowest buying rate rose 62 cents to $148.07, the highest selling rate dipped $2.58 to $187.51 and the lowest selling rate inched up 35 cents to $178.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, FX Market, J$ vs euro, Jamaica dollar, US Dollar

JSE drops sharply on Wednesday

August 19, 2015 by IC Insider.com

The Jamaica Stock Exchange on Wednesday closed with main market indices recording big losses, cancelling out the gains made in yesterday’s trading. The market closed with a fairly high participation rate of 33 securities changing hands accounting for 3,862,624 units trading, valued at $45,895,747 with 9 stocks rising, 16 declining with 1 stock closing at 52 weeks high, in all market segments.
At the close, the JSE Market Index fell 2,316.03 points to 99,099.31, the JSE All Jamaican Composite index dived 2,588.67 points to close at 109,705.40 and the JSE combined index dropped 2,164.74 points to end at 102,674.88.
The eve of and the actual Treasury bill auction days, historically have not been good for the local stock market. Stockbrokers main focus is on the outcome of the auction and interest rates out turn as well as how successful their bidding was. Wednesday’s sluggishness and pull back in prices could be related to this development with today being the day when Treasury bill bids are opened. At the close of trading on Tuesday the signals were for a weaker market on Wednesday as such today’s declines should come as no great surprise.
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 that is better than Tuesday’s reading, with only of 3 stocks with bids higher than their last selling prices and 9 with offers that were lower. Today’s reading is 4 stocks with bids higher than their last selling prices and 6 with offers that were lower, a reading that still carries some negative undertone.
In trading, Cable and Wireless had 306,499 shares changing hands with a loss of 3 cents, to end at 40 cents, Caribbean Cement had 19,000 units changing hands at $8, Gleaner closed with 23,326 shares and fell 17 cents to $2. Grace Kennedy traded firm at $64 with 54,439 shares, Jamaica Broilers traded at $6.05 with 42,876 shares changing hands, Jamaica Producers traded at $18.25 with 4,000 shares changing ownership with a loss of 25 cents. JMMB Group traded 5,909 shares at $7.95 to add 22 cents, with the company reporting strong increase in profit for the first quarter. Jamaica Stock Exchange lost altitude and traded with a decline of $1.50 to $7.50 with only 7,100 shares changing hands. Mayberry Investments had 242,254 shares trading down 26 cents to $3.14, National Commercial Bank traded 421,180 shares to end at $30, Palace Amusement gained $10 in trading 2,500 shares to end at $75, Pan Jamaican Investment closed at $60.70 after trading 1,539 shares with a loss of $1.30. Sagicor Group with 1,077,602 shares changing hands, closed 50 cents up, at $13.50, Sagicor Real Estate Fund gained 95 cents to close at $8.75 while trading 10,095 units, Scotia Group traded 471,710 units to close at $23.70, down 80 cents, Supreme Ventures ended at $3.50 with 56,004 units to be down by $1 and Jamaica Money Market Brokers 7.50% preference share traded 150,200 units at $2.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: Cable & Wireless, Caribbean Cement, Daily Trading, Desnoes and Geddes’, Gleaner, Grace Kennedy, Jamaica Broilers, JMMB, Mayberry, National Commercial Bank, Palace Amusement, Pan Jam, Sagicor Group, Sagicor Real Estate Fund, Scotia Group, Supreme Ventures

Moderate trading on junior market

August 19, 2015 by IC Insider.com

The JSE junior market fell on Wednesday with 2 stocks declining and 1 advancing, only 7 securities traded, resulting in 931,475 units, valued at $2,060,574 changing hands. The market regained 2.10 points to close at 1,019.85.
The market ended with 4 securities closing with no bids to buy, while 4 had no stocks being offered for sale and 3 stocks closed with bids higher than the last traded prices and only 2 with the offers being lower.
Stocks trading are, Caribbean Flavours traded 28,657 units at $2.82, after falling 18 cents, Derrimon Trading ended with 11,054 shares changing hands to end 10 cents higher at $2.60, for a new 52 weeks’ high, the stock traded earlier at $2.70. Dolphin Cove traded 1,000 shares and closed at $13, General Accident Insurance traded 15,000 units with the price closing at $1.45, Jamaican Teas had 244,745 shares trading to close at $3.10, Lasco Distributors closed with 316,929 units trading, 1 cent lower at $1.80 and Lasco Manufacturing with 314,090 units changing hands, closed at $1.85.

Filed Under: JSE Junior Market, Stock Market Tagged With: Caribbean Flavours, Daily Trading, Derrimon Trading, Dolphin Cove, General Accident, Lasco, Lasco Distributors, Lasco Manufacturing

2 up 3 down on TTSE

August 19, 2015 by IC Insider.com

In overall trading on the Trinidad & Tobago Stock Exchange on Tuesday,13 securities changed hands, 2 stocks rose, 3 declined and 8 traded with prices unchanged as a total of 157,041 shares traded, valued at $3,411,444.
At the close of the market, the Composite Index slid 1.54 points to 1,147.67, the All T&T Index remained unchanged at 1,957.29 and the Cross Listed Index fell 0.41 points to close at 44.33.
Gains| ANSA McAL contributed 1,203 shares and closed at $67.26 with a gain of a cent and Scotiabank had 4,550 shares changing hands at $62.32, up 1 cent.
Losses| Agostini’s traded 1,470 units at $17.25 down 1 cents, Massy Holdings traded 18,284 shares valued at to close at $67.02 after declining by 6 cents, National Commercial Bank also fell but by 6 cents to end at $1.52 with 7,000 shares changing hands.
Firm Trades| Angostura Holdings with 1,940 shares changing hands, to close at $14, Clico Investment Fund traded 26,590 shares valued at $598,395 and closed at $22.50, First Citizens Bank with 10,434 shares changing hands for a value of $365,190 and closed at $35 while Guardian Holdings added 18,284 shares valued at $515,124, to close at $12.90. National Enterprises with 3,500 shares changing hands, closed at $17.09, National Flour Mills with 2,056 shares traded closed at $2.20, Sagicor Financial Corporation added 39,682 shares valued at $238,092 to end at $6, and West Indian Tobacco traded 400 shares to close at $126.
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 4 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market Tagged With: Agostini's, Angostura Holdings, Ansa Mcal, clico, Daily Trading, First Citizens, Guardian Holdings, National Enterprises, National Flour Mills, NCB, Sagicor, Scotia, West Indian Tobacco

Big drop for JSE Wednesday morning

August 19, 2015 by IC Insider.com

The Jamaica Stock market suffered large losses in the morning session up to 11 am, in the process the All Jamaica Index trades at 110,281.78 to fall by 2,012.29 points, JSE Market Index declined 1,800.35 points to 99,614.99. The combined index fell 1,738.30 points to be at 103,101.32 and the junior market index 1,013.25, down 4.50 points.
Today the Treasury bill bid in the monthly auction is opened. This is a day when investors’ minds are historically not focused on the stock market as they await the outcome of interest rates, as well as how successful their bidding turn out to be. The sluggishness in trading in the morning session, could be related to this development. At the close of trading on Tuesday the signals were for a weaker market on Wednesday, today’s slowness should come as no great surprise.
On a day when there were few stocks rising, Cable & Wireless buck the trend with a rise to 45 cents with only 88,668 units, Caribbean Cement traded only 1,011 units at $8.20 for a 20 cents rise, Scotia Group fell back from $24.50 to $24.01 with just 5,000 shares and contributed a large portion of the fall in the indices, Jamaica Stock Exchange that traded at a new high of $9 on Tuesday traded just 2,000 shares at $8.50 but the stock has an offer at $8.20. Mayberry fell 55 cents to $2.85, with 42,467 shares, Radio Jamaica traded 2,500 shares with a loss of 99 cents to $3.01 and Supreme Ventures traded at 11,600 shares and fell $1 to $3.50.
A total of 21 securities with a volume of only 2,160,851 units have traded with 10 stocks declining versus 3 that rose.

Filed Under: JSE Main Market, Stock Market Tagged With: C&WJ, Caribbean Cement, Jamaican Stock, JSE Company, Mayberry, Radio Jamaica, Scotia, Supreme Ventures, treasury bill

J$ slips on Tuesday

August 18, 2015 by IC Insider.com

Purchases by dealers of foreign currencies on Tuesday, resulted in the Jamaican currency selling rate mostly slipping. The market closed with dealers buying the equivalent of US$30,886,074 in contrast to US$47,062,033 on Monday, while they sold the equivalent of US$46,140,237, previously US$45,274,288.
In US dollar trading , dealers bought US$27,806,629 compared to US$42,791,535 on Monday. The buying rate for the US dollar rose 13 cents to $116.90 and US$44,707,607 was sold versus US$42,919,455 on Monday, the selling rate increased 5 cents to $117.48. The Canadian dollar buying rate gained 32 cents to $87.74 with dealers buying C$1,368,158 and selling C$831,468, at an average rate that rose 2 cents to $89.37. The rate for buying the British Pound climbed 93 cents to $181.02 for the purchase of £1,223,641, while £391,072 was sold, at an average rate that dipped 1 cent to $182.42. At the end of trading, it took J$130.04 to purchase the Euro, with a decline of 45 cents from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.38 for a fall of 48 cents off Monday’s rate. Other currencies bought, amounted to the equivalent of US$157,751, while the equivalent of US$192,856 was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 17 cents to $117.75 while the lowest buying, the highest and lowest selling rates were unchanged at $96.19, $123.26 and $96.19 respectively. The highest buying rate for the Canadian dollar jumped $1.50 to $91.50. The lowest buying rate lost 49 cents to $70.97, the highest selling rate added 16 cents to end at $92.50 and the lowest selling rate declined 40 cents to $85.70. The highest buying rate for the British Pound, dropped $4.06 to $184, the lowest buying rate fell 17 cents to $147.45, the highest selling rate dipped 21 cents to $190.09 and the lowest selling rate fell 20 cents to $177.65.