Trading activity on the junior market ended on Friday with the market closing almost unchaged but Caribbean Cream gained 15 cents in trading 1,724,000 shares to close at $2.15. At the close there was activity in 9 securities with 2,328,061 units changing hands, valued at $4,669,631. The JSE Junior Market Index gained just 0.38 points to close at 846.56 as the market ended with the prices of 3 stocks rising and 2 declining.
At the close, the junior market had 4 stocks having bids higher than their last selling prices, 3 with lower offers and 6 securities closing with no bids to buy, while 9 had no stocks offered for sale.
Other stocks trading, Access Financial Services with 100 shares changing hands unchanged at $12.76, AMG Packaging with 14,100 units changing hands fell 5 cents to $3.45, Caribbean Flavours saw trading in 8,000 shares at $3, Caribbean Producers ended with 61,593 shares changing ownership at $2.50, Lasco Distributors traded 178,983 shares at $1.45, down 5 cents. Lasco Financial Services had 178,767 shares changing hands while gaining 7 cents to end at $1.40, Lasco Manufacturing with 157,718 shares closed unchanged at $1.30 and Paramount Trading ended with 4,800 shares changing hands to close $5.50 with a 2 cents gain.

West Indian Tobacco was the dominant traded stock on the Trinidad & Tobago Stock Exchange on Friday accounting for $3,133,750 of the total transaction value for the day. Trading for the overall market ended with 14 securities trading on Thursday with 3 stocks gaining, 4 declining and 7 traded with the price unchanged. A total of only 229,574 shares traded, valued at $5,247,844 well down on Thursday’s $11,044,468.
At the close of the market, the Composite Index rose 0.19 points to close at 1,155.36, the All T&T Index advanced by 0.38 points to 1,964.91 and the Cross Listed Index lost 0.01 points to end at 45.36.
Gains| In trading, Firstcaribbean Bank closed with 587 shares trading at $5.01 for an increase of 1 cent, National Flour closed with a gain of 20 cents to end at $2 with 80,250 shares changing hands. The company posted higher profit for the six months to June of $20.57 million versus only $6.79 million in 2014 or earnings per share of 17 cents for the half year and Unilever Caribbean ended with 1,040 shares changing hands 1 cent higher at $66.68 for a new 52 weeks’ High.
Declines| Clico Investment Fund stock price lost 5 cents to $22.65 with 26,925 shares trading at a value of $610,073. JMMB Group with a loss of a cent, closed at 44 cents with 63,200 shares, Republic Bank ended with 6,938 shares valued at $797,801 changing hands at $114.99, after slipping 1 cent and West Indian Tobacco closed with 25,000 shares valued at $3,133,750 to close with a loss of 5 cents at $125.35.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings with 1,188 shares at $14, Ansa Merchant Bank traded just 56 shares unchanged at $38.95, Flavorite Foods trading 100 shares at $4.80, Guardian Holdings with 21,951 shares with a value of $285,363 changing hands, closed at $13, Massy Holdings traded 1,699 shares at $64.30 and One Caribbean Media traded 200 shares at $22.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with the bid higher than their last selling prices and 3 stocks with offers that were lower.

West Indian Tobacco was the dominant traded stock on the Trinidad & Tobago Stock Exchange on Friday accounting for $3,133,750 of the total transaction value for the day. Trading for the overall market ended with 14 securities trading on Thursday with 3 stocks gaining, 4 declining and 7 traded with the price unchanged. A total of only 229,574 shares traded, valued at $5,247,844 well down on Thursday’s $11,044,468.
At the close of the market, the Composite Index rose 0.19 points to close at 1,155.36, the All T&T Index advanced by 0.38 points to 1,964.91 and the Cross Listed Index lost 0.01 points to end at 45.36.
Gains| In trading, Firstcaribbean Bank closed with 587 shares trading at $5.01 for an increase of 1 cent, National Flour closed with a gain of 20 cents to end at $2 with 80,250 shares changing hands. The company posted higher profit for the six months to June of $20.57 million versus only $6.79 million in 2014 or earnings per share of 17 cents for the half year and Unilever Caribbean ended with 1,040 shares changing hands 1 cent higher at $66.68 for a new 52 weeks’ High.
Declines| Clico Investment Fund stock price lost 5 cents to $22.65 with 26,925 shares trading at a value of $610,073. JMMB Group with a loss of a cent, closed at 44 cents with 63,200 shares, Republic Bank ended with 6,938 shares valued at $797,801 changing hands at $114.99, after slipping 1 cent and West Indian Tobacco closed with 25,000 shares valued at $3,133,750 to close with a loss of 5 cents at $125.35.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings with 1,188 shares at $14, Ansa Merchant Bank traded just 56 shares unchanged at $38.95, Flavorite Foods trading 100 shares at $4.80, Guardian Holdings with 21,951 shares with a value of $285,363 changing hands, closed at $13, Massy Holdings traded 1,699 shares at $64.30 and One Caribbean Media traded 200 shares at $22.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with the bid higher than their last selling prices and 3 stocks with offers that were lower.

Trading crawls in JSE’s morning session on Friday morning, especially in the main market, but Cable and Wireless and others were the exception with the former trading 2,582,058 units down to 39 cents, for a loss of 3 cents, Jamaica Broilers with 2,936,193 shares changing hands at $5.61, National Commercial Bank traded 48,300 shares at $29.38 and Supreme Ventures with 2,239,896 units with a gain of 32 cents to $3.60, are the dominant trades after an hour and 45 minutes, of the opening.
Activity resulted in 8,221,055 units changing hands as 16 securities traded with 7 coming from the junior market, so far 6 stocks gained in price and 6 declined.
The all Jamaican Composite index gained 254.27 points to 108,206.82 points, JSE Combined Index gained 230.53 points to 99,852.18, JSE Index trades at 97,758.63 points after rising 227.48 points and Junior Market Index increased 1.77 points to 847.95.

Trading crawls in JSE’s morning session on Friday morning, especially in the main market, but Cable and Wireless and others were the exception with the former trading 2,582,058 units down to 39 cents, for a loss of 3 cents, Jamaica Broilers with 2,936,193 shares changing hands at $5.61, National Commercial Bank traded 48,300 shares at $29.38 and Supreme Ventures with 2,239,896 units with a gain of 32 cents to $3.60, are the dominant trades after an hour and 45 minutes, of the opening.
Activity resulted in 8,221,055 units changing hands as 16 securities traded with 7 coming from the junior market, so far 6 stocks gained in price and 6 declined.
The all Jamaican Composite index gained 254.27 points to 108,206.82 points, JSE Combined Index gained 230.53 points to 99,852.18, JSE Index trades at 97,758.63 points after rising 227.48 points and Junior Market Index increased 1.77 points to 847.95.

National Commercial Bank (NCB), released nine months results after trading closed, showing net profit of $8.554 billion, compared to restated net profit of $8.97 billion for the prior year. Profit also slipped in the June quarter, to $3.15 billion from the net profit for the three months to June 2014 of $3.4 billion, even as wages fell to $2.7 billion from $2.86 billion in 2014 and $3.3 billion in March.
Earnings per share ended at $1.29 cents for the quarter and $3.48 for the nine months, full year earnings should be around the $5 region.
Net interest income is up on both the March quarter this year and the June quarter last year growing to $6.42 billion from $6.40 billion in March and $6.13 in June 2014. Gross interest income contracted to $9.17 billion from $9.33 billion in June 2014. Commission and fee income rose to $2.39 billion net, from $2.26 billion in March and $2.09 billion in 2014.
Foreign exchange and investment income fell sharply to $827 million from $1.08 billion in March and $1.13 billion in 2014. All income net of interest and commission cost climbed to $11.68 billion in the latest quarter from $11.67 billion in March and $11.1 billion, in last year’s June quarter. Loan loss provisions climbed to $472 million in the latest quarter from $353 million In March and $357 million in the June 2014 quarter. Policyholders’ and annuitants’ benefits and reserves jumped sharply in the June 2015 quarter to $1.32 billion from only $696 million in March and $1.1 billion last year.
Profit before associated company results, came in at $4.22 billion versus $4.27 billion in the March quarter, and $4.36 billion in the June 2014 quarter. Earnings from associated companies declined from $151 million in the March quarter, to a mere $6 million, thanks to a poor March quarter at JMMB Group, a company in which it owns a large block of shares. Last year NCB booked $311 million in this category, including their share of profits at Kingston Wharves which was sold in the September quarter, last year.
For the nine months period, net income rose from $31.9 billion to $35.32 billion but cost climbed as well hitting $24.08 billion from $21.56 billion, mostly as a result of other operating expenses that moved from $7.1 billion to $9.17 billion. Corporation taxes jumped from $2.37 billion to nearly $3 billion pushing pretax profit of $11.55 after tax, below that of the prior year that had pretax profit of $11.34 billion.
Loans have grown by 6.7 percent since June 2014 to reach $162.26 billion while investments funds declined to $259 billion from $264 billion over the same period.
The Board of Directors, declared an interim dividend of $0.45 per ordinary stock unit. The dividend is payable on August 21, 2015 for stockholders on record as at August 10, 2015.
The stock which is listed on the Jamaica Stock Exchange last traded at $29.30 for a PE ratio of less than 6.

National Commercial Bank (NCB), released nine months results after trading closed, showing net profit of $8.554 billion, compared to restated net profit of $8.97 billion for the prior year. Profit also slipped in the June quarter, to $3.15 billion from the net profit for the three months to June 2014 of $3.4 billion, even as wages fell to $2.7 billion from $2.86 billion in 2014 and $3.3 billion in March.
Earnings per share ended at $1.29 cents for the quarter and $3.48 for the nine months, full year earnings should be around the $5 region.
Net interest income is up on both the March quarter this year and the June quarter last year growing to $6.42 billion from $6.40 billion in March and $6.13 in June 2014. Gross interest income contracted to $9.17 billion from $9.33 billion in June 2014. Commission and fee income rose to $2.39 billion net, from $2.26 billion in March and $2.09 billion in 2014.
Foreign exchange and investment income fell sharply to $827 million from $1.08 billion in March and $1.13 billion in 2014. All income net of interest and commission cost climbed to $11.68 billion in the latest quarter from $11.67 billion in March and $11.1 billion, in last year’s June quarter. Loan loss provisions climbed to $472 million in the latest quarter from $353 million In March and $357 million in the June 2014 quarter. Policyholders’ and annuitants’ benefits and reserves jumped sharply in the June 2015 quarter to $1.32 billion from only $696 million in March and $1.1 billion last year.
Profit before associated company results, came in at $4.22 billion versus $4.27 billion in the March quarter, and $4.36 billion in the June 2014 quarter. Earnings from associated companies declined from $151 million in the March quarter, to a mere $6 million, thanks to a poor March quarter at JMMB Group, a company in which it owns a large block of shares. Last year NCB booked $311 million in this category, including their share of profits at Kingston Wharves which was sold in the September quarter, last year.
For the nine months period, net income rose from $31.9 billion to $35.32 billion but cost climbed as well hitting $24.08 billion from $21.56 billion, mostly as a result of other operating expenses that moved from $7.1 billion to $9.17 billion. Corporation taxes jumped from $2.37 billion to nearly $3 billion pushing pretax profit of $11.55 after tax, below that of the prior year that had pretax profit of $11.34 billion.
Loans have grown by 6.7 percent since June 2014 to reach $162.26 billion while investments funds declined to $259 billion from $264 billion over the same period.
The Board of Directors, declared an interim dividend of $0.45 per ordinary stock unit. The dividend is payable on August 21, 2015 for stockholders on record as at August 10, 2015.
The stock which is listed on the Jamaica Stock Exchange last traded at $29.30 for a PE ratio of less than 6.

Pan-Jamaican Investment Trust (Pan-Jam) has raised $3 billion through an issue of corporate bonds, exceeding its initial target of $2.75 billion. Proceeds from the seven-year bond will be used, in part, to pay down existing debt, while the remainder will be put towards general investments. The bond issue was arranged and brokered by Sagicor Investments.
The group had loans payable at the end of March amounting to $4.4 billion carrying rates on the local instruments of approximately 10 percent and as high as 10.5 percent. Just over $1.5 billion was denominated in United States dollars with $1.1 billion carrying a rate of 4.36 percent and others at around 6.5 percent. The group has cash and equivalent of $2.7 billion at March.
“The interest rate payable on the bond is has not been disclosed as it was a private placement and was the subject of a non-disclosure clause in the agreement” was the response IC Insider received when we spoke with Stephen Philbert of Pan Jamaican. Phibert stated that the move to raise the funds was not to focus on interest cost savings but to change the profile of the debt, including reducing the exposure to overseas funding. We will not incur any cost for early repayment. What IC Insider gleaned is that the rate seems to be above 7.5 percent and could well be around 8 to 8.5 percent.

Pan-Jam’s Chairman and CEO Stephen Facey remains optimistic about the future of the conglomerate. “In the context of the government’s continued delivery of successes in relation to the IMF programme and the resulting improvement that can now be seen in several key macro-economic indicators, we at Pan-Jam see an increasingly attractive environment for investment. We are actively seeking opportunities and have taken this deliberate step in order to better position ourselves to capitalize on them.”
Jermaine Deans, Senior Manager, Treasury, Stockbrokerage and Capital Markets at Sagicor Investments noted. “This was the right time because the local market is seeking medium term investments in Jamaican dollars from quality corporates, given the Government of Jamaica continued absence from the capital markets and the Bank of Jamaica limited offerings. As such, pension funds and other investors have had a build-up of Jamaican dollars seeking an attractive home. ”
For the quarter ended March 2015, Pan-Jam recorded an increase in net profit of 35 per cent, up from $403 million during the comparative period last year to $544 million. Earnings per stock unit were $2.59 compared to $1.90 for the same period in 2014. The performance for the quarter was largely impacted by an increase of $129 million in share of results of associated and joint-venture companies. Profit before taxes from the group’s regular operations only grew from $130 million to $134 million as investment income fell sharply from $135 million in 2014 to $35 million in the 2015 period. Additionally, the associated companies’ results benefitted from one off income at Sagicor Group.
Pan-Jam’s real estate investments are significant. With its history in high-quality developments, the company will open doors to the 129 room Courtyard by Marriott in New Kingston this October. Earlier this year, Pan-Jam along with a Canadian partner completed the purchase of the old Oceana building on the Kingston waterfront and secured a long-term lease for the adjacent parking garage. Development of these properties is in progress.
Pan-Jam which celebrates its 50th anniversary this year, is a multi-faceted holding company and private equity investor in businesses across a range of industries, and ranks among the largest publicly listed companies in the Caribbean. Through its subsidiaries and associated companies, it engages in property development and management, insurance and banking, food manufacturing and distribution, hardware and home goods retail and wholesale, and tourism and attractions.
The company’s trades on the Jamaica Stock Exchange with the last price being $60.55.

Pan-Jamaican Investment Trust (Pan-Jam) has raised $3 billion through an issue of corporate bonds, exceeding its initial target of $2.75 billion. Proceeds from the seven-year bond will be used, in part, to pay down existing debt, while the remainder will be put towards general investments. The bond issue was arranged and brokered by Sagicor Investments.
The group had loans payable at the end of March amounting to $4.4 billion carrying rates on the local instruments of approximately 10 percent and as high as 10.5 percent. Just over $1.5 billion was denominated in United States dollars with $1.1 billion carrying a rate of 4.36 percent and others at around 6.5 percent. The group has cash and equivalent of $2.7 billion at March.
“The interest rate payable on the bond is has not been disclosed as it was a private placement and was the subject of a non-disclosure clause in the agreement” was the response IC Insider received when we spoke with Stephen Philbert of Pan Jamaican. Phibert stated that the move to raise the funds was not to focus on interest cost savings but to change the profile of the debt, including reducing the exposure to overseas funding. We will not incur any cost for early repayment. What IC Insider gleaned is that the rate seems to be above 7.5 percent and could well be around 8 to 8.5 percent.

Pan-Jam’s Chairman and CEO Stephen Facey remains optimistic about the future of the conglomerate. “In the context of the government’s continued delivery of successes in relation to the IMF programme and the resulting improvement that can now be seen in several key macro-economic indicators, we at Pan-Jam see an increasingly attractive environment for investment. We are actively seeking opportunities and have taken this deliberate step in order to better position ourselves to capitalize on them.”
Jermaine Deans, Senior Manager, Treasury, Stockbrokerage and Capital Markets at Sagicor Investments noted. “This was the right time because the local market is seeking medium term investments in Jamaican dollars from quality corporates, given the Government of Jamaica continued absence from the capital markets and the Bank of Jamaica limited offerings. As such, pension funds and other investors have had a build-up of Jamaican dollars seeking an attractive home. ”
For the quarter ended March 2015, Pan-Jam recorded an increase in net profit of 35 per cent, up from $403 million during the comparative period last year to $544 million. Earnings per stock unit were $2.59 compared to $1.90 for the same period in 2014. The performance for the quarter was largely impacted by an increase of $129 million in share of results of associated and joint-venture companies. Profit before taxes from the group’s regular operations only grew from $130 million to $134 million as investment income fell sharply from $135 million in 2014 to $35 million in the 2015 period. Additionally, the associated companies’ results benefitted from one off income at Sagicor Group.
Pan-Jam’s real estate investments are significant. With its history in high-quality developments, the company will open doors to the 129 room Courtyard by Marriott in New Kingston this October. Earlier this year, Pan-Jam along with a Canadian partner completed the purchase of the old Oceana building on the Kingston waterfront and secured a long-term lease for the adjacent parking garage. Development of these properties is in progress.
Pan-Jam which celebrates its 50th anniversary this year, is a multi-faceted holding company and private equity investor in businesses across a range of industries, and ranks among the largest publicly listed companies in the Caribbean. Through its subsidiaries and associated companies, it engages in property development and management, insurance and banking, food manufacturing and distribution, hardware and home goods retail and wholesale, and tourism and attractions.
The company’s trades on the Jamaica Stock Exchange with the last price being $60.55.

Trading on the Jamaica Stock Market closed on Thursday with 6 stocks rising, 7 declining as 28 securities changed hands with 14,651,936 units trading, valued at just $107,442,438, in all market segments including more than 8.7 million units of JMMB Group.
At the close, the JSE Market Index inched up 55.21 points to 97,531.16, the JSE All Jamaican Composite index rose 61.71 points to 107,952.55 and the JSE combined index lost 95.48 points to end at 99,621.65.
IC bid-offer Indicator| At the end of trading in the main and junior markets, the Investor’s Choice bid-offer indicator showed a reading of 11 stocks with bids higher than their last selling prices and 4 with offers that were lower. In trading, Cable and Wireless had 212,226 units changing ownership at 42 cents, at the close 1,859,247 units are offered for sale at 45 cents. Caribbean Cement traded 48,097 shares and lost 89 cents to close at $8, Jamaica Broilers ended trading with 92,268 units at $5.60, for a rise of 20 cents. JMMB Group had 9,747,036 shares changing hands, to close 50 cents higher at $7.50, the bulk of the shares were sold through JMMB Securities and bought through Scotia Investments.
National Commercial Bank traded 127,790 shares to end at $29.30, for an increase of 12 cents. The banking group, released nine months results after trading closed, showing net profit of $8.554 billion compared to restated net profit of $8.97 billion for the prior year. Profit also slipped in the June quarter, to $3.15 billion from the net profit for the three months to June 2014 of $3.4 billion, even as wages fell to $2.7 billion from $2.86 billion in 2014. Sagicor Group ended trading with 1,815,420 units at $13.49, up 49 cents, Scotia Group had only 33,200 units trading unchanged at the end at $23.65, Supreme Ventures with 131,000 shares traded at $3.28 and Jamaica Money Market Brokers 7.50% preference share traded 96,000 units at $2.