Trading is off to a fairly robust start on the Jamaica Stock Exchange so far on 
Friday with the all Jamaica Composite index up 653.67points to 108,085.44 and the JSE index put on 584.65 to 97, 819.86 and the junior market index is up 4.23 points to 828.82.
Nineteen stocks traded with a volume of 2.8 million shares. Noticeable traded took place in Jamaica Stock Exchange with 207,500shares at $2.93, JMMB Group 310,292 at $9, Scotia Group with 895,858 shares at $25.50 with a gain of 50 cents from Thursday last traded price. In the junior market Caribbean Cream traded 1,020,000 at 96 cents but traded as high as $1.05 and Lasco Distributors traded 128,345 units at $1.50.
If the main market closes around the level the above levels it would be the \highest the market has closed ta since 28th of August 2008.
JSE is now back to 2008 levels
Six up 1 down on TTSE
Trading on the Trinidad Stock Exchange ended on Thursday with 11 securities changing hands of which 6 advanced, 1 declined and 4 traded firm with a total of 149,740 units, valued at $857,089.
At the close of the market, the Composite Index rose 1.09 points to close at 1,154.50, the All T&T Index remained unchanged at 1,968.83 points and the Cross Listed Index fell / increased by 0.29 points to end at 44.61.
Gains| Stocks increasing in price at the close are, Grace Kennedy with 49,642 shares trading for $173,727, closing at $3.50 with a 1 cent increase. JMMB Group contributed 36,565 shares while increasing by 6 cents to end at 56 cents, had 1,564 units trading, 2 cents higher to $1.62, while Prestige Holdings with 50,000 shares changing hands for a value of $500,000, closed with an increase of 12 cents to $10. Sagicor Financial Corporation added 7,293 shares and gained 1 cent to end at $5.91 and Scotia Investments ended with just 186 units changing hands but the price climbed 5 cents to $1.50.
Declines| Guardian Holdings declined 1 cent to end at $14.25 with 3,000 shares changing hands and was the only stock declining.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, First Citizens Bank trading 1,090 shares to close at $35.78, Massy Holdings trading just 50 shares at $63.43, Republic Bank traded 200 shares at $115 and Scotiabank traded 150 shares and ended at $62.43.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.
Trinidad Stock Exchange pockets $2.74M
The year 2014 saw the stock exchange in the Southern Caribbean, struggling to hold its own against profits made in 2013, with 39 percent fall to $2.74 million.
Revenue excluding investment income totalled $14.07 million, and was only 5.6 percent less than the $14.9 million in 2013 as reductions in transaction charges and bond trading Income were mitigated by increases in registrar and other Income.
Investment Income of $2.015 million was marginally less than the $2.021 million booked in 2013 as lower interest rates dampened the effect of higher investment balances. Total revenue, including investment income, was $16 million, 5.0 percent lower than the $16.92 million generated in 2013. Operating Expenses totalled $12.4 million, an increase of 11 percent from the corresponding charges for 2013 with consultancy and legal expenses contributing to most of the increase as the organisation completed a human resources review and also increased its regulatory activities. Consolidated total assets closed 2014 at $72.3 million, Shareholder’s equity $68.9 million and retained earnings at $54.6 million.
The stock exchange may be holding its own financially, but they have hiked fees to investors as stayed away from stock investments the same has been happening Jamaica, suggesting that there should be a push for the two exchanges to start merger discussion probably starting with back room operations.
Junior market inches up
Caribbean Cream traded at a 52 weeks high on Thursday of 95 cents in response to improved full year results.
At the close of the market, there were 5 stocks with bids higher than their last selling prices and only 1 with a lower offer. The junior market ended with 3 securities closing with no bids to buy and 6 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, AMG Packaging ending with 30747 shares changing hands, 5 cents higher at $3.30, Cargo Handlers finished with 1,500 units with a gain of 25 cents to a new all-time high of $22, Caribbean Cream ended trading with 500,000 shares with an increase of 10 cents at a 52 weeks’ high of 95 cents. Consolidated Bakeries with 100,000 shares traded 6 cents higher at $1, Knutsford Express finished trading with 8,000 shares to closed unchanged at $6. Lasco Distributors traded 235,030 shares trading, 1 cent higher, at $1.47, Lasco Financial Services finished trading with 24,030 units as the price regained 7 cents to $1.30. There was dealing in 52,425 Lasco Manufacturing’s shares as the stock traded lower by 4 cents to $1.30 and Eppley 2019 preference share closed trading 48,700 units at $6.
JSE climbs to 3 ½ year high
JMMB Group closed at a new 52 weeks’ high of $9
The JSE Market Index gained 483.17 points to 97,235.21, the JSE All Jamaican Composite index rose 540.21 points to close at 107,431.77, a 3 ½ year high and the JSE combined index gained 455.12 points to close at 99,137.58.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 11 stocks with bids higher than their last selling prices and 3 with offers that were lower.
In trading, Barita Investments ended trading with 15,380 shares trading to close 5 cents higher at $2.30 as demand chips in for the stocks with the company releasing half year results, showing profits of $130 million versus $105 million in 2014. Desnoes & Geddes closed with 520,891 shares trading to close unchanged at $7, Grace Kennedy finished trading with 31,762 units 50 cents higher at a new 52 weeks’ high of $65.50, JMMB Group saw trading in 243,133 shares and rose 70 cents to a new 52 weeks low of $9. Mayberry Investments ended with the price slipping 15 cents to $2.65 with 501,020 shares changing hands. Mayberry released first quarter result after trading showing earnings of $82 million or 7 cents per shares, after booking the full amount of asset tax in the quarter.
National Commercial Bank closed unchanged with 575,063 shares at $30, Sagicor Group finished trading with 89,919 units and gained 14 cents to end at $12. Scotia Group concluded trading with 30,700 shares changing hands unchanged at $25, Supreme Ventures completed trading in 20,000 shares at $3.90 and gained 30 cents in the process, Proven Investments had dealing in 23,600 ordinary share at 21 US cents and Jamaica Money Market Brokers 8.75% preference share contributed 389,300 units at $3.
FX levels drop sharply Thursday
Trading in the foreign exchange market declined on Thursday. On Thursday the Jamaican dollar slipped slightly against the US dollar but gained against the British pound and Canadian dollar as purchases of all currencies by dealers amounted to the equivalent of US$22,936,813, compared with US$30,557,484, on Wednesday and selling of the equivalent of US$23,541,033 versus sale of US$32,121,997, previously.
In US dollar trading, dealers bought US$21,139,764 compared to US$26,518,924 on Wednesday. The buying rate for the US dollar remained stable at $115.21 and US$22,178,470 was sold versus US$30,223,008 on Wednesday, the selling rate was up 1 cent to $115.81. The Canadian dollar buying rate fell 84 cents to $93.07 with dealers buying C$617,645 and selling C$513,762, at an average rate that fell 21 cents to $95.98. 
The rate for buying the British Pound dropped $1.41 to $172.84 for the purchase of £818,194, while £529,793, was sold, at an average rate that fell $1.41 to $175.48. At the end of trading it took J$131.48 to purchase the Euro, $1.97 more than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.85 for a rise of $1.53 on Wednesday’s rate. Other currencies bought, amounted to the equivalent of US$70,686, while the equivalent of US$134,057, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 5 cents to $116.05. The lowest buying rate advanced by $3.11 to $94.61 and highest selling rate remained at $121.23, while the lowest selling rate dropped $1.86 to $94.61. The highest buying rate for the Canadian dollar fell 80 cents to $96. 
The lowest buying rate rose 37 cents to $76.36, the highest selling and the lowest selling rates remained at $98.78 and $92 respectively. The highest buying rate for the British Pound, dropped 30 cents to $176.50, the lowest buying rate remained at $140.69, the highest selling rate fell $8.63 to $181.37 with the lowest selling rate falling $2.50 to $169.50.
NCB trades 400K
Trading is off to a sedate start on the Jamaica Stock Exchange so far on Thursday.
Nineteen stocks traded with six junior market stocks have traded with Cargo Handlers reach an all-time high of $22 or rising 25 cents. Grace Kennedy traded at a high and if the stock was to close at the current price of $65.50 would result in a new 52 closing high.
Noticeable traded took place in National Commercial Bank with 410,023 units trading at $30 and JMMB 8.75% with 389,300 units at $3.
Currency volumes normalize Wednesday
Trading in the foreign exchange market return to normal levels on Wednesday after a big jump in the buying and selling volumes on Tuesday. On Wednesday the Jamaican dollar slipped against all it major peers as purchases of all currencies by dealers amounted to the equivalent of US$30,557,484, compared with US$78,256,318, on Tuesday and selling of the equivalent of US$32,121,997 versus sale of US$81,132,131, previously.
In US dollar trading, dealers bought US$26,518,924 compared to US$75,998,214 on Tuesday. The buying rate for the US dollar declined 33 cents to $115.21 and US$30,223,008 was sold versus US$79,709,830 on Tuesday, the selling rate was up 4 cents to $115.80. The Canadian dollar buying rate rose 48 cents to $93.91 with dealers buying C$907,443 and selling C$707,284, at an average rate that rose 64 cents to $96.19. The rate for buying the British Pound gained $1.93 to $174.25 for the purchase of £2,102,100, while £825,265, was sold, at an average rate that crept up 94 cents to $175.75. 
At the end of trading it took J$129.51 to purchase the Euro, 33 cents more than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.33 for a rise of 70 cents on Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$119,641, while the equivalent of US$58,947, was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 20 cents to $116. The lowest buying rate declined by $2.86 to $91.50 and highest selling rate remained at $121.23, while the lowest selling rate dropped back by $16.83 to $96.47. The highest buying rate for the Canadian dollar gained 80 cents to $96.80. 
The lowest buying rate rose 63 cents at $75.99, the highest selling rate climbed 60 cents to $98.78 and the lowest selling rate gained $1 to $92. The highest buying rate for the British Pound, climbed $1.30 to $176.80, the lowest buying rate rose 25 cents to $140.69, the highest selling rate jumped $11.17 to $190 with the lowest selling rate jumping $2.80 to $172.
Bulls reign for now on JSE
D&G traded at a new 52 weeks’ high of $7
Main Market| The JSE Market Index gained 1,258.19 points to 96,752.04, the JSE All Jamaican Composite index rose 1,406.71 points to close at 106,891.56 and the JSE combined index put on 1,082.65 points to close at 98,682.46. The All Jamaica Index is now at the highest level since November 10, 2011.
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 only 3 with offers that were lower.In trading, after a long period of drought, Barita Investments closed with 6,729,389 shares changing hands with as the price ended at $2.07 after trading as high as $2.25. Mayberry Investments bought 2,589.737 units from Barita’s clients for in house inventories and Barita bought 4 million units from the company’s clients for in house inventories. Caribbean Cement finished trading with 119,456 shares as the price ended unchanged at $5, Carreras concluded trading with 33,390 shares, $2.50 lower at $47.50. Ciboney ended trading 500,000 units and put on 1 cent to close at 10 cents, Desnoes & Geddes ended trading 330,611 shares to close higher by 49 cents at a 52 weeks high of $7, Grace Kennedy contributed 41,191 shares to close $1.38 higher, at a 52 weeks’ high of $65, after trading at $65.50.
Hardware & Lumber ended trading with 20,600 units to gain of 85 cents at $11, Jamaica Stock Exchange finished trading with 101,000 shares at $2.93 to record a 3 cents rise, National Commercial Bank while exchanged 193,050 units with a decline of 50 cents, to $30. Sagicor Group closed with 24,900 shares and fell 34 cents, to $11.86, Scotia Group had 52,719 shares trading, with the price ending unchanged at $25, Scotia Investments finished trading with 2,285 shares with a gain of 22 cents, to $24.50. Supreme Ventures closed with 120,624 units trading for 30 cents lower at $3.60, Proven Investments concluded trading with 97,144 ordinary shares at 21 US cents, after gaining moderately. IC Insider has confirmed that the company along with National Commercial Bank will be acquiring around 36 percent of Guardian Holdings a Trinidad Based Life assurance company. Jamaica Money Market Brokers 7.50% preference share traded with 87,000 shares at $2.10 and Jamaica Money Market Brokers 8.75% preference share traded closing with 45,000 units changing hands at $3.
Are Proven & NCB buying 36% of Guardian?
Investment banker Proven Investments and National Commercial Bank, Jamaica’s number one banking group, are lining up to acquire some large blocks of shares in Guardian Holdings, the Trinidad & Tobago company. 
IC Insider has confirmed that the targets are – Tenetic Limited block of 35.84 million, which, amounts to 15.46 percent of the company and Arthur Lok Jack’s direct holding of 6.29 percent or 14.59 million units. Arthur Lok Jack’s is listed as having a beneficial interest in Tenetic. Royal Insurance Trinidad holds 22.33 million units or 9.63 percent and RBC Trust T&T controls 4.99 percent or 11.57 million shares.
Lok Jack wants out, as various sources indicate that his holdings were partially funded by borrowings and he now needs to liquidate the debt. Royal Bank, according to our sources, is moving completely out of the Caribbean region. This sale would be another aspect of their exiting. RBC sold the Jamaica operations last year to Sagicor Group and the Suriname operation to Republic Bank of Trinidad, slated to be sold the Cayman operation.
The acquisition of Guardian would be a complete reversal, returning the company to its Jamaican roots. Guardian was once majority owned by Jamaica Mutual life, but Mutual sold out their holding sometimes before they ran into Jamaica’s problems and folded. The Jamaican entities consider the company to be clean, well run and considerably undervalued. Part of the plan is to increase the dividend payments, which is just a third of profits and relist the shares on the Jamaica Stock exchange once more. No time frame was given when the deal will be sealed, but Proven has just raised approximately US$30 million in a rights issue of shares, so they are well prepared to take up their share with borrowings being a part it of the funding.
Guardian traded in Trinidad at TT$14.26 or U$2.23 on Wednesday. This would mean that the sale to Proven and NCB stands at a whopping U$$188 million, representing approximately 84.33 million units or 36.37 percent of the current share capital of 231.9 million units.
Guardian is primarily a Life Insurance company but also owns a general insurance arm. NCB operates the well known OMNI Life Insurance Company. Part of the likely synergy in future would be a merger of general insurance companies with Omni to be sold to the Life Insurance arm, enjoying economies of scale. The possibility exists that and the expanded general Insurance company could be listed on the stock exchanges within the Caribbean, thus spreading the risk associated therewith.
Guardian reported total revenues of TT$4.8 billion in 2014 and profit to shareholders of TT$401 million. Total shareholder equity stood at TT$2.9 billion and net asset per share TT$2.65. Dividends paid was 57 cents, covered by profits to the tune of just over three times.
Last year Proven acquired a block of shares in Knutsford Express bring their total holdings to 20,000,002 units or 20 percent of the company and 49 percent of Access Financial Services.Proven Investments is chaired by the leading Jamaican Lawyer, Hugh Hart, a former senator and minister of government under the Jamaica Labour Party regime of the 1980s. Some of the top shareholders include directly, or through companies they are connected to are Hugh Hart, Garfield Sinclair, CEO of Cable & Wireless Jamaica, Christopher Williams, President, Proven Investments and former manager of NCB Capital Markets, an NCB subsidiary; Senator Mark Golding, Justice Minister; Peter Bunting, Security Minister and Paula Kerr-Jarret. Transport and Works Minister Omar Davies is also a holder of shares in the company.
Patrick Hylton, President of NCB, is a director of Massy Holdings, of which Lok Jack is the Chairman.
