Revenues surged at the pharmaceutical Junior Market listed Indies Pharma by 30 percent for the April quarter driving profits to more than double in the quarter and helping the half year results to rise a solid 66 percent after tax, above the same period in 2023.
Sales of $301 million were generated in the second quarter, were up 30 percent from $231 million in the prior year and jumped 17 percent to $571 million for the half year from $487 million in the same period last year.
Net profit grew a robust 147 percent to $70 million from $28.4 million in 2023 for the second quarter while growing a strong 66 percent for the six months from $88 million in 2023 to $134 million after tax of $18 million.
Gross profit for the quarter increased 27.3 percent slightly slower than sales to $208 million from $163 million in the prior year and $398 million for the half year, up 17.4 percent marginally higher than the increase in sales, moving from $339 million in 2023.
Administrative and other Expenses were steady in the second quarter at $119 million up slightly from $118.7 million in 2023 but rose 13.8 percent to $247.5 million from $217.4 million in 2023 for the six months. Finance Cost declined from $16 million in the April quarter to $14 million and $28 million for the half year from $33 million in 2023.
The operations generated $185 million in cash inflows that funded working capital needs. Capital spending utilised $17 million of the $252 million of cash on hand at the start of the year.
Current assets stood at $830 million at the end of April and Current liabilities at just $112 million. Inventories jumped sharply from a year ago to $315 million from $164 million and are up from $250 million at the end of the first quarter.
Inventories represent 3.4 months of the cost of sales, suggesting that there are adequate supplies to fuel continued high levels of sales. Cash and bank balances ended at $235 million, down from $350 million in 2023. Shareholders’ Equity amounts to $1.35 billion and long term liabilities at $835 million.
The profit performance resulted in earnings of 5.3 cents per share for the quarter and 10 cents for the half year.com projects earnings for the current year ending October at 19 cents per share. The stock traded on the Junior Market at $2.50 on Friday with a PE ratio of 13.2, with a slight premium to the market average of 12.
Profit surged at Indies Pharma
Junior Market trading rises, prices slip
Trading activity climbed on the Junior Market of the Jamaica Stock Exchange on Monday, with a 28 percent rise in the volume of stocks traded, with an 18 percent greater value than on Friday following trading in 41 securities similar to Friday and ended with prices of 13 rising, 16 declining and 12 closing unchanged.
Trading ended with an exchange of 8,781,829 shares for $14,225,827 up from 6,835,444 units at $12,027,661 on Friday.
Trading averaged 214,191 shares at $346,971 up from 166,718 units at $293,358 on Friday with trading for the month to date, averaging 356,375 stock units at $477,189 compared with 365,777 stock units at $485,801 on the previous day and July with an average of 358,542 units at $736,760.
EduFocal led trading with 1.82 million shares for 20.8 percent of total volume followed by Stationery and Office Supplies with 1.13 million units for 12.9 percent of the day’s trade and Spur Tree Spices with 547,915 stocks for 6.2 percent market share.
At the close of trading, the Junior Market Index sank 17.62 points to 3,556.92.
The Junior Market ended trading with an average PE Ratio of 12, based on last traded prices in conjunction with earnings projected by ICInsider.com for financial years ending around August 2025.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Access Financial dropped 34 cents to finish at $21.50 with just 2 stock units crossing the market, AMG Packaging rose 20 cents and ended at $2.81 in an exchange of a mere 300 shares, Consolidated Bakeries climbed 5 cents to $2.25 after closing with an exchange of 176,587 units. Dolphin Cove popped 5 cents to close at $22.90 after a transfer of 9,066 stocks, Fontana fell 10 cents to end at $8.24 with investors trading 38,736 shares, Honey Bun increased 10 cents in closing at $8.40 with 4,851 stocks clearing the market. Jamaican Teas dipped 5 cents to $2.10 with investors swapping 349,044 units, KLE Group sank 20 cents to end at $2 in switching ownership of 866 stock units, 
Knutsford Express advanced 6 cents in closing at $10.57 with investors trading 9,133 shares. Lasco Financial fell by 15 cents to finish at $1.60 after an exchange of 470,690 units, Limners and Bards gained 7 cents and ended at $1.30 in trading 30,359 stocks, Main Event lost 40 cents to close at $10 after an exchange of 15,648 stock units. Omni Industries slipped 7 cents to $1.01 in trading 43,571 shares, Spur Tree Spices sank 14 cents to close at $1.68 after 547,915 stock units passed through the market and tTech rallied 5 cents to finish at $2.10 with traders dealing in 1,596 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big declines for Guardian & Massy
Seprod and Eppley gained $3 at the close on Monday, Guardian Holdings dropped $15.40 and Massy Holdings $6 and were the major movers on the Jamaica Stock Exchange Main Market, following activity in 59 securities as was the case on Friday, with prices of 18 stocks rising, 22 declining and 19 ending unchanged, with the volume of stocks traded dropping 50 percent with a 50 percent lower value than Friday’s trades.
The market closed with 15,366,921 shares trading for $40,907,311 down from a total of 30,657,259 units at $81,703,584 on Friday.
Trading averaged 260,456 shares at $693,344 compared to 519,615 units at $1,384,807 on Friday and month to date, an average of 310,438 stocks at $2,354,341 compared with 313,863 shares at $2,468,161 on the previous day and July that closed with an average of 602,415 stocks at $5,405,031.
Radio Jamaica led trading with 10.51 million shares for 68.4 percent of total volume followed by Transjamaican Highway with 1.11 million units for 7.2 percent of the day’s trade and JMMB 9.5% preference share with 859,789 stocks for 5.6 percent market share.
The All Jamaican Composite Index dropped 1,178.41 points to finish at 349,832.54, the JSE Main Index plunged 3,382.53 points to 304,809.02 and the JSE Financial Index slipped 0.70 points to settle at 64.52.
The Main Market ended trading with an average PE Ratio of 14. The JSE Main and USD Market PE ratios are based on last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2025.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and four with lower offers.
At the close of trading, AS Bryden sank $3.33 to $33.62 with a transfer of 3,744 shares, Berger Paints skidded 50 cents to end at $6.35 with investors dealing in 5,275 stocks, Caribbean Cement increased 51 cents in closing at $64.49 after a transfer of 10,663 shares. Eppley popped $3 to finish at $38 with traders dealing in 304 stock units, Eppley Caribbean Property Fund sank $1.19 and ended at $40.80 after closing with an exchange of 5,725 shares, First Rock Real Estate rallied 62 cents to close at $10.92 after a swapping of 34,734 units. General Accident shed 80 cents to $5.50 with investors trading 5,106 stocks, GraceKennedy rose $1.50 and ended at $73.50 with an exchange of 14,661 stock units, Guardian Holdings dropped $15.40 to end at $301, with 203 shares changing hands. 
JMMB Group advanced 58 cents in closing at $21.68 after an exchange of 24,459 stocks, Key Insurance climbed 60 cents to finish at $3 after investors traded 4,000 units, Massy Holdings fell $6 to close at $70 in an exchange of 10,286 stock units. Mayberry Jamaican Equities gained $1.20 to end at $10.20, with 35,350 shares crossing the market, NCB Financial rose 50 cents to end at $53 in an exchange of 45,046 units and Seprod gained $3 in closing at $85 after 14,250 stocks passed through the market.
In the preference segment, 138 Student Living preference shares dropped $49 to close at $160 with 125 stock units crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up on JSE USD market
The US dollar market of the Jamaica Stock Exchange closed on Monday, with the volume of stocks traded jumping 223 percent with a 775 percent greater value than on Friday, resulting in an exchange of six securities, compared to seven on Friday with prices of two rising, three declining and one ending unchanged.
The market closed with an exchange of 281,668 shares for US$68,578 compared to 87,202 units at US$7,834 on Friday.
Trading averaged 46,945 stock units at US$11,430 versus 12,457 shares at US$1,119 on Friday, with a month to date average of 229,721 shares at US$7,373 compared with 242,327 units at US$7,093 on the previous day and July with an average of 30,304 units for US$2,118.
The US Denominated Equities Index fell 1.55 points to finish at 219.34.
The PE Ratio, the popular measure in determining stock values, averages 7.8. The PE ratio is calculated based on last traded prices divided by projected earnings computed by ICInsider.com for companies with financial year ending and or around August 2025.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and one with a lower offer.
At the close of the market, First Rock Real Estate USD share rallied 0.2 of a cent in closing at 4 US cents after an exchange of 255 stocks, Proven Investments shed 0.2 of a cent to end at 9.8 US cents as 155,866 units passed through the market and 
Transjamaican Highway fell 0.08 of one cent to close at 1.9 US cents as investors exchanged 85,770 shares.
In the preference segment, JMMB Group US8.5% preference share ended at US$1.20 after trading of 32,242 stock units, JMMB Group 5.75% skidded 27.75 cents and ended at US$1.5725 after an exchange of 7,500 shares and Sygnus Credit Investments E8.5% rose 15 cents to end at US$10.15 with investors swapping 35 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Decline for the Jamaica Stock Exchange
All three markets of the Jamaica Stock Exchange declined at the close of trading on Monday following a drop in the number and the value of stocks changing hands, compared with trading on Friday, resulting in prices of 26 shares rising and 35 declining.
At the close of trading, the JSE Combined Market Index dropped 3,362.83 points to 316,989.43, the All Jamaican Composite Index shed 1,178.41 points to 349,832.54 and the JSE Main Index slipped 3,382.53 points to 304,809.02. The Junior Market Index lost 17.62 points to end at 3,556.92 and the JSE USD Market Index lost 1.55 points to close at 219.34.
At the close of trading, 24,430,418 shares were exchanged in all three markets, down from 37,579,905 units on Friday, with the value of stocks traded on the Junior and Main markets amounted to $55.13 million, well below the $93.73 million on the previous trading day and the JSE USD market closed with an exchange of 281,668 shares for US$68,578 coup sharply from 87,202 units at US$7,834 on Friday.
In Main Market activity, Radio Jamaica led trading with 10.51 million shares followed by Transjamaican Highway with 1.11 million units for 7.2 percent of the day’s trade and JMMB 9.5% preference share with 859,789 stock units.
In Junior Market trading, EduFocal led trading with 1.82 million shares followed by Stationery and Office Supplies with 1.13 million units and Spur Tree Spices with 547,915 stock units.
In the preference segment, 138 Student Living preference shares dropped $49 to close at $160.
The market’s PE ratio, the most popular measure used to value stocks, ended at 19 on 2023-24 earnings and 13 times those for 2024-25 at the close of trading. ICInsider.com PE ratio chart and more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons within a sector and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The ICInsider.com PE ratio chart and more detailed daily charts provide investors with regularly updated information to help decision-making.
The chart should be used in making rational decisions when investing in stocks close to the average for the sector, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends that are paid or are due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.
More Guardian slippage but help at hand
Guardian Holdings continued it August decline and closed at a 52 weeks’ low with the price dropping 40 cents and Endeavour Holdings lost $2 in a moderate trading session on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks traded declining 94 percent valued 80 percent lower than on Friday, resulting in 14 securities trading down from 19 on Friday and ending with prices of two stocks rising, five declining and seven ended firm.
Trading ended with an exchange of 60,375 shares for $776,650 down from 945,555 stocks at $3,878,705 on Friday.
An average of 4,313 shares were traded at $55,475 compared with 49,766 units at $204,142 on Friday, with trading month to date averaging 18,044 stocks at $125,844 compared with 18,704 shares at $129,229 on the previous day and an average for July of 12,380 shares at $139,960.
The Composite Index dipped 0.80 points to end the day at 1,066.36, the All T&T Index rose 1.22 points to 1,604.03, the SME Index remained at 78.26 and the Cross-Listed Index slipped 0.41 points to settle at 68.73.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and five with lower offers.
At the close of the market,
Calypso Macro Investment Fund popped 40 cents to close at $24 with investors trading 804 stocks, Endeavour Holdings lost $2 to end at $15, with 500 stock units changing hands, First Citizens Group ended at $45 after investors traded 767 shares. FirstCaribbean International Bank shed 8 cents to $6.95 with investors trading 2,500 stocks, GraceKennedy slipped one cent in closing at $3.40 after a transfer of 10,800 shares, Guardian Holdings skidded 40 cents to end at a 52 weeks’ low of $12.50, and is down from $15.25 at the start of August after investors exchanged 10,262 stock units. At the close, there were 75,297 shares posted on the bid at $12.50 with only 118 units on offer at $13.80. 
JMMB Group climbed 5 cents to $1.05 and closed after an exchange of 633 stocks, Massy Holdings closed at $3.60 with investors trading 9,859 shares, National Enterprises closed at $3.14 in with trading of 1,287 shares. Prestige Holdings ended at $10.50 with 509 stock units passing through the market, Republic Financial sank 35 cents to $112.61, with 2,409 stocks crossing the exchange, Scotiabank ended at $55.50 with investors trading 2,293 stock units. Trinidad & Tobago NGL remained at $5 with 17,452 shares crossing the market and West Indian Tobacco ended at $6.50 with an exchange of 300 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Flat remittance flows to Jamaica
Remittances grew by a mere 0.1 percent for the first six months of 2024 over 2023 to Jamaica, with inflows of US$1.651 billion, from $1.649 billion in 2023.
Total inflows for June, this year fell 2.8 percent to US$278 million from $286 million in 2023 and is worse than the one percent fall in May, with inflows of $287 million, down from $290 million in 2023.
Barring a major pick up in inflows in the last six months of the year, inflows are likely to result in 2024 being the third year of decline since inflows peaked at $3.497 billion in 2021, and yet inflows would be well ahead of $2.9 billion achieved in 2020 and $2.4 billion in 2019.
Big price moves in ICTOP10
Markets were relatively calm this past week with the Main Market index rising and the Junior Market index slipping mildly, but that only misses some meaningful price moves in the TOP10. The effect on the ICTOP10 was mixed, with the All JSETOP10 seeing two changes and none for the Main and Junior Market TOP10. Price changes were limited in the Junior Market but pronounced in the Main Market TOP10.
At the close of the week, the mercurial price mover that trades as Kremi (Caribbean Cream) with delayed quarterly results, climbed 13 percent in closing at $3.45. Investors could be missing out on bargain prices currently. The company’s November quarter revenues rose a solid 9.5 percent, followed by a further rise by 13 percent in the 2024 fourth quarter, compared to just 2.6 percent for the nine months to November last year, suggesting a big increase of revenues and profit for the current fiscal year. AMG Packaging fell 7 percent to $2.61.
In the Main Market, Berger Paints and 138 Student Living gained 8 percent to $6.85 and $4.30 respectively and Pulse Investments rose 5 percent to $1.60. Stocks declining include Guardian Holdings and Margaritaville with a 10 percent fall to $316.40 and $12.50 respectively and Key Insurance lost 7 percent to $2.40. By the end of the week, Guardian Holdings recovered from a fall to $288.
The All JSE TOP10 includes ten stocks on the Jamaica Stock Exchange with the highest potential gains in the market currently, based on projected 2024 earnings. The chart now shows Pulse Investments and Elite Diagnostic entering the All JSE TOP10 list as Access Financial and Iron Rock Insurance dropped out.
There were no changes to the Main Market and Junior Market TOP10 listings.
The average PE for the JSE Main Market ICTOP 10 stands at 4.8, well below the market average of 14 and the Junior Market TOP10 sits at 5.9, just over half of the market, with an average of 12.
The Main Market ICTOP10 is projected to gain an average of 331 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 267 percent over the same period.
In the Main Market ICTOP 10, a total of 17 of the most highly valued stocks representing 33 percent of the Main Market are priced at a PE of 15 to 102, with an average of 29 and 20 excluding the highest PE ratios, and a PE of 23 for the top half and 17 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 7 stocks, or 15 percent of the market, with PEs ranging from 15 to 22.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns on or around May 2025 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
JSE Main Market rises with volume surge
Trading on the Jamaica Stock Exchange Main Market ended on Friday, with the volume of stocks changing hands rising 393 percent valued 66 percent less than on Thursday, following activity in 59 securities as was the case on Thursday. The market closed with prices of 15 stocks rising, 28 declining and 16 ending unchanged and yet the main indices popped higher.
The market closed with 30,657,259 shares being trading for $81,703,584 compared with 6,224,611 stock units at $239,670,235 on Thursday.
Trading averaged 519,615 shares at $1,384,807 compared with 105,502 units for $4,062,207 on Thursday. Trading for the month to date, averages 313,863 stock units at $2,468,161 compared with 298,727 units at $2,547,859 on the previous day and July with an average of 602,415 units at $5,405,031.
Radio Jamaica led trading with 15.48 million shares for 50.5 percent of total volume followed by Sagicor Select Financial Fund with 8.70 million stock units for 28.4 percent of the day’s trade, Wigton Windfarm ended with 1.86 million units for 6.1 percent of market share, Transjamaican Highway with 1.60 million stocks for 5.2 percent market share and Jamaica Broilers with 1.02 million shares for 3.3 percent of total volume.
The All Jamaican Composite Index popped 1,212.91 points to settle at 351,010.95, the JSE Main Index rallied 2,491.45 points to 308,191.55 and the JSE Financial Index rose 0.90 points to conclude trading at 65.22.
The Main Market closed with an average PE Ratio of 14. The JSE Main and USD Market PE ratios are based on last traded prices and forecasted earnings computed by ICInsider.com for companies with the financial year ending around August 2025.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and three with lower offers.
At the close of trading, Barita Investments declined 70 cents to $73.26 as investors exchanged 6,292 stocks, Eppley Caribbean Property Fund rallied $1.05 to $41.99 with a transfer of 3,076 shares, General Accident shed 69 cents to close at $6.30 after an exchange of 17,138 units. GraceKennedy lost $2.90 and ended at $72 with investors trading 37,826 stocks, Guardian Holdings popped $26.40 in closing at $316.40 in switching ownership of 1,400 shares, Jamaica Producers fell $1 to finish at $20 as 15,657 stocks passed through the market. Jamaica Stock Exchange skidded 72 cents and ended at $10.03 with investors trading 107,795 units, JMMB Group fell 60 cents to $21.10 in an exchange of 64,702 stock units, Kingston Wharves gained 40 cents to end at $27.90 trading 3,140 shares. Margaritaville dropped $1.30 in closing at a 52 weeks’ low of $12.50 with an exchange of 35,001 units, Massy Holdings rose 50 cents to finish at $76, with 8,000 stocks crossing the market, MPC Caribbean Clean Energy climbed $8.80 to close at $96.80 in an exchange of 25 stock units. 
NCB Financial rose 50 cents to $52.50 with investors dealing in 39,649 shares, Proven Investments sank $1.05 to finish at $16.30 after a transfer of 15,884 stocks, Salada Foods advanced 65 cents and ended at $3.85 in trading 1,004 units. Scotia Group dipped 95 cents to $44.01, with 8,307 stock units crossing the exchange, Seprod rose $1.99 to end at $82 with investors swapping 2,174 shares and Sygnus Real Estate Finance dropped 54 cents to close at $10 closed after an exchange of 5,599 stock units.
In the preference segment, Eppley 7.25% preference share jumped $3.46 to $18.60 after an exchange of 23,369 stocks, 138 Student Living preference share sank $1 in closing at $209 after 59 units changed hands and Sygnus Credit Investments C10.5% dipped $8.11 to close at $101.39 with traders dealing in 400 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading dips on Junior Market on Friday
Trading activity closed on the Junior Market of the Jamaica Stock Exchange Friday, with a 23 percent decline in the volume of stocks traded, with a 14 percent lower value than Thursday following trading in 41 securities compared with 43 on Thursday, with prices of 13 rising, 15 declining and 13 closing unchanged.
Trading of 6,835,444 shares with a value of $12,027,661 changed hands compared with 8,871,799 units at $13,943,128 on Thursday.
Trading averaged 166,718 shares at $293,358 compared with 206,321 stock units at $324,259 on Thursday with the month to date, averaging 365,777 units at $485,801 compared to 379,873 shares at $499,428 on the previous day and July averaging 358,542 units at $736,760.
EduFocal led trading with 1.10 million shares for 16.1 percent of total volume followed by Omni Industries with 975,120 units for 14.3 percent of the day’s trade and Dolla Financial with 901,467 stock units for 13.2 percent market share.
At the close of trading, the Junior Market Index rose 5.01 points to close at 3,574.54.
The Junior Market ended trading with an average PE Ratio of 12, based on last traded prices in conjunction with earnings projected by ICInsider.com for financial years ending around August 2025.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and three with lower offers.
At the close of trading, Access Financial climbed $2.84 to close at $21.84 with traders dealing in 235 stock units, Blue Power increased 8 cents to $3.98, with 474 shares crossing the exchange, Cargo Handlers popped 38 cents to end at $10.38 in trading 966 units. Caribbean Assurance Brokers declined 15 cents to $3.45 after an exchange of 16,030 stocks, Consolidated Bakeries rallied 16 cents to finish at $2.20 with investors trading 610,464 shares, Dolla Financial rose 17 cents and ended at $2.99, with 901,467 stocks crossing the market. Elite Diagnostic sank 17 cents to $1.55 with investors trading 8,641 units, Express Catering shed 15 cents to finish at $3.81 in an exchange of 597 stock units, Fontana advanced 7 cents and ended at $8.34 with investors swapping 14,218 shares. 
Future Energy lost 7 cents to close at $3.28 with an exchange of 75,413 stock units, Honey Bun dipped 16 cents to $8.30 and closed with 74,479 units changing hands, iCreate lost 3 cents in closing at a 52 weeks’ low of $0.37 after an exchange of 51,974, Image Plus gained 7 cents to close at $1.62 as investors exchanged 19,786 stock units. Knutsford Express fell 36 cents to $10.51, with 2,850 shares crossing the market, Limners and Bards dropped 12 cents to finish at $1.23 with investors dealing in 87,555 units and Omni Industries rose 6 cents and ended at $1.08 with 975,120 stocks clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
