Trading after two hours of trading saw heavy trading in a number of stocks with 21 securities trading and accounting for 26.76 million units valued at $158,387,841.
The big trades are Caribbean Cement traded 4,500,000 at $5, Caribbean Producers 7,600,000 units, Carreras 497,040 units, Jamaica Broilers 3 million units, Scotia Group 852,912 shares with the price rising as Scotia Investment bought most of those to trade and Supreme Ventures 8.5 million shares.
The prices of 14 stocks are up so far with only 3 declining. The junior market is up 13.71 to 914.46, the all Jamaica composite Index gained 1,442.36 to 110,386.11 and the combined index is up 1,340.89 to 102,278.30.
Heavy trading in morning session
Junior market at new high at 10am
J$ stable against US$ on Wednesday
Purchase of all currencies by dealers, amounted to the equivalent of US$23,652,668 on Wednesday compared with US$29,566,209, on Tuesday. Dealers sold the equivalent of US$30,343,409 versus US$34,947,602 previously, as the Jamaican dollar was stable against the US dollar but fell in value versus the Pound and Canadian dollar at the end of trading.
In US dollar trading, dealers bought US$21,643,631 compared to US$24,221,951 on Tuesday. The buying rate for the US dollar fell 10 cents at $115.43 and US$27,817,822 was sold versus US$32,246,014 on Tuesday, the selling rate remained at $116.12. The Canadian dollar buying rate fell 59 cents to $90.84 with dealers buying C$712,047 and selling C$1,155,983, at an average rate that climbed $1 to $93.82. The rate for buying the British Pound declined $1.19 to $174.71 for the purchase of £915,729, while £815,969, was sold, at an average rate that climbed 66 cents to $177.78. At the end of trading it took J$129.23 to purchase the Euro, $2.68 more than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$126.64 for $2.58 more Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$62,758, while the equivalent of US$342,336, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 5 cents t0 $116.35, the lowest buying rate jumped $5.84 to $95.19. The highest selling and the lowest selling rates remained unchanged $121.98 and $113.30 respectively. The highest buying rate for the Canadian dollar declined 15 cents to $93.50. The lowest buying rate fell 54 cents to $73.16, the highest selling rate declined 30 cents to $96.20 and the lowest selling rate rose 50 cents to $89.30. The highest buying rate for the British Pound, fell 44 cents to $178.36, the lowest buying rate closed at $142.88, up 87 cents, the highest selling rate rose $1.40 to $184.20 with the lowest selling rate jumping $8.80 to $173.80.
Scotia Investments disappoints.
Scotia Investments today reported another quarter of disappointing results, with profit after tax of $453 million for the half year to April, this year, representing a decrease of $371 million, when compared with the net income of $824 million for the period ended April last year.
For the quarter, profit after tax amounted to $316 million down from $468 million last year. The reduction in profit is partly attributable to the adoption of IFRIC 21, Levies, which requires a change in the accounting treatment for Asset Tax, as well as the increase in the asset tax rates imposed by the Government of Jamaica in May 2014, to be booked in full when due.
Total revenues for the six months of net interest and other income, was $1.67 billion, a reduction of $389 million or 19 percent below the corresponding period last year; and $856 million for the quarter was 5 percent or $41 million higher than for the comparative quarter in 2014.
Net interest income|Net interest income after impairment losses for the half year, was $929 million, a reduction of $284 million or 23 percent versus the corresponding period last year; and $459 million for the quarter, down $118 million or 20 percent below the April 2014 quarter.
Other revenues, which includes fee income, securities trading gains and net foreign exchange trading income, was $742 million for the period, $104 million or 12 percent below the corresponding period last year; and $397 million for the quarter, down $98 million from the April 2014 quarter.
Operating expenses for the quarter were $411 million, up from the $389 million over the 2014 quarter, due partially to a reduction in the Asset Tax. For the half year the operating expenses for the six months were $973 million, up from the $878 million over the 2014 period, due in part to the imposition and treatment of the Asset Tax which had to be booked in full up front. The asset tax in 2014 amounted to $86 million versus $148 million in 2015.
With the rebound in the local stock market, the company will enjoy increased trading fees from handling stock market trades as well as from unit trust activities, but they had a fall-off in gains on financial assets and foreign exchange gains during the quarter compared with 2014, this reduced the income by $164 million and $199 million for the half year.
Earnings per share ended at 75 cents for the quarter and $1.07 for the six months and should end up around $3 for the full year, which would be well down on last year’s results. The stock is listed on the Jamaica Stock Exchange and traded at $26.28 on Thursday.
The investment bank approved a second interim dividend of 45 cents per stock unit payable on July 16, 2015, to stockholders on record at June 23, 2015.
3 new highs on TTSE
At the close of the market, the Composite Index fell by 1.56 points to close at 1,159.15, the All T&T Index rose by just 0.62 points to close at 1,969.84 and the Cross Listed Index decreased by 0.50 points to end at 45.72.
Gains| Stocks increasing in price at the close are, Ansa McAL traded 900 shares to close with a gain of 1 cent at $67.06, Massy Holdings ended up with 380 units changing hands 15 cent higher at $64.25. Mora Ven Holdings, with 200 shares trading closed at a 52 weeks’ high of $14.98 as the price gained a cent. The stock was traded for the first time since April last year, according to data on the Trinidad & Tobago Stock Exchange. National Flour Mills with 1,500 shares changing hands, closed with a gain of 10 cents at $2, for a new 52 weeks’ high. Point Lisas gained 1 cent to end at $3.81 with just 300 shares trading, Unilever Caribbean contributed 3,839 shares with a value of $254,724 and gained 21 cents to end at $66.36 for another r52 weeks’ high and West Indian Tobacco closed 2 cents up to $125.33 with 94 shares trading.
Declines| The stocks declining at the end of trading are, Clico Investment Fund which lost 5 cents to close at $22.50 with 7,150 shares trading, valued at $160,888. Grace Kennedy added 1,900 shares to close 2 cents lower at $3.55, National Commercial Bank contributing just 120 shares, 5 cents lower at $1.70 and JMMB Group with a volume of 100,000 shares being traded 3 cents lower, at 47 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Agostini’s ending with 1,100 shares trading, in closing at $17.25. First Citizens Bank trading 9,781 shares valued at $350,181 closed at $35.80, National Enterprises with 250 shares closed at $17.20, Prestige Holdings ended with just 10 shares changing hands at $9.90 and Scotiabank traded 50 units at $62.54.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.
All-time high of 900 for Junior Market
At the close of the market, there were 6 stocks with bids higher than their last selling prices and only 2 with lower offers. The junior market ended with 3 securities closing with no bids to buy and 9 securities that had no stocks being offered for sale.
In trading ended with three stocks closing at 52 weeks’ highs while, Access Financial traded just 350 units at $17 but the offer closed at $16.98. Cargo Handlers finished trading with 102,900 units, to close with a gain of 19 cents at a new all-time high of $22.48, the stock closed with a bid at $23 to purchase 100,000 units, Caribbean Cream ended with 237,955 units trading at a new 52 weeks’ high of $2.35. Caribbean Flavours ending with 155,333 shares at $2.08 to gain 8 cents, Caribbean Producers with only 9,671 shares trading lower by 2 cents to $2.78, General Accident Insurance concluded trading with 24,200 shares changing hands to close at $2, Lasco Distributors traded 73,366 shares, 4 cents higher at $1.70, Lasco Financial Services finished trading with 277,000 units, the price rose 16 cents to $1.81, for a new all-time high. There was dealing in 43,000 Lasco Manufacturing’s shares as the stock closed unchanged at $1.40, Medical Disposables contributed 143,000 shares with the price rising 5 cents, to $2, Paramount Trading ended with 15,916 shares to increase of 2 cents to $3.97.
Declining stocks outpace advancers
Activity on the Jamaica Stock Exchange, resulted in the prices of 10 stocks rising, 13 declining as 33 securities changed hands, ending in 9,407,399 units trading, valued at $83,136,775, with 4 stocks closing at 52 weeks’ high, in all market segments.
The JSE Market Index lost 787.71 points to 98,401.83, the JSE All Jamaican Composite index declined 880.45 points to close at 108,925.75 and the JSE combined index dropped by 631.19 points to end at 100,937.41.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 15 stocks with bids higher than their last selling prices and 9 with offers that were lower. The indication is for fluidity in price movements on Thursday and the likelihood of declining stocks out numbering advancing ones.
In trading, Berger Paints traded 71,289 units at $3, Caribbean Cement had 201,560 units trading at $5 after dropping 10 cents. Interestingly, even as Cable & Wireless posted a large loss after taking a $7 billion one off extra ordinary expense hit, the stock traded 649,000 units between 50 cents and the closing price of 48 cents, the same as on Tuesday. Carreras traded 483,380 units at $50, after falling $1.50, Gleaner Company had 219,403 shares trading at $1, Hardware & Lumber closed with 38,638 shares trading unchanged at $18, Jamaica Broilers having 2,428,147 units trading with the price holding at $5.18 after slipping from $5.50 earlier in the day, to end the day down 7 cents. JMMB Group lost 79 cents while it traded 1,130,033 units as the price closed at $7.71, following poor profit results in the final quarter of the fiscal year to March. Mayberry Investments had 1,099,821 units trading 4 cents lower at $3.05. One million units of the stock were sold by JMMB Securities and Mayberry bought them for in house purposes. National Commercial Bank ended with 81,153 units changing hands 35 cents down at $29.55, Pan Jamaican Investment traded 4,078 units 2 cents higher for a new 52 weeks’ high of $60.52. Sagicor Group had 1,199,248 shares trading at $12, after slipping 5 cents, Scotia Group had 315,085 units changing hands to end 250 cents higher at $25.50 and Jamaica Money Market Brokers 7.50% preference shares closed with 295,000 units trading to end at $2.11.
All Jamaica below 110,000 at 11:30am
The Jamaica Stock Exchange is trading with some fair volume with Jamaica Broilers having 1,568,877 units trading with the price holding at $5.50 and JMMB Group with 1,126,033 units but the price slipped to $8, following poor profit results in the final quarter of the fiscal year to March. Mayberry Investments had 1,000,000 units trading at $3.15, the stock was sold by JMMB Securities and Mayberry bought them for in house purposes. Carreras traded 300,000 units at $50, Sagicor Group had 485,070 shares trading at $12.15, Scotia Group had 255,085 units changing hands at $25.50. Interestingly, even as Cable & Wireless posted a bad loss after taking a $7 billion one off extra ordinary expense hit the stock traded 327,000 at 50 cents. Cargo Handlers trades at a new high of $22.48 by adding 19 cents in trading 102,900 units and Caribbean Cream traded 100,000 units at a new high of $1.35.