Trading on the Jamaica Stock Exchange, on Wednesday was extend by an hour, to close at 2 PM, instead of the usual 1 PM close, problem with the stock exchange computer system, prevented some brokers from logging on to the system during the regular hours, hence the extension.
At the conclusion of trading the prices of 8 stocks rising and 6 declining as 25 securities changed hands, ending in 6,166,523 units trading, valued at $52,443,460, in all market segments. Of the total amount traded Carreras and National Commercial Bank that reported improved results for the period to September this over 2013 had $26,045,350 and $18,446,572 being invested in their stocks respectively.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 3 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower.
Main Market| The JSE Market Index gained 475.78 points to 74,488.38, the JSE All Jamaican Composite index rose 531.99 points to close at 81,999.67 and the JSE combined index gained 506.05 by points to close at 76,389.41.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Cable & Wireless finished trading with 2,623,534 shares to close with an 8 cents gain to 50 Cents, Carreras concluded trading with 723,500 shares, and climbed $1 to $36, Desnoes & Geddes exchanged 29,700 shares to gain 5 cents at $4.90, Jamaica Broilers dealt in 34,809 shares as the price ended at 1 cents up to $4.01. Jamaica Money Market Brokers contributed 4,534 ordinary shares with the price moving 3 cents higher at $6.60 and National Commercial Bank finished trading with 969,173 shares, to end with an increase of 54 cents at $19.05.
Firm| The stocks in the main market to close without a change in the last traded prices are, Ciboney with 1,600 shares changing hands, closed at 7 cents, Hardware & Lumber concluded trading with 9,100 shares, at $6.50. Mayberry Investments finished trading with 258,123 shares changing hands at $1.50, Radio Jamaica with 6,005 shares changing hands, ended at $1.18 and Supreme Ventures ended trading, with only 1,900 shares, at $1.76.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Gleaner closing with 10,000 units, the price slipped 5 cents to a new l52 weeks’ low $1. Jamaica Stock Exchange finished with 10,000 shares trading, 29 cents lower to an all-time low of $1.55, Pan Jamaican Investment with 2,155 shares trading, lost 1 cent to end at $50.26, Scotia Group finished trading with 60,649 shares changing hands, 22 cents down, at $19.40 and Seprod shed 38 cents in trading 273,005 units, to close at $11.50.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 34,600 units at $3.
NCB & Carreras dominant on JSE
Lasco Manufacturing trades 1m shares
Trading in the Junior Market was dominated by Lasco Manufacturing with 1 million shares at $1 each. Trading ended with 1,084,716 units valued at $1,128,267. The JSE Junior Market Index rose 6.28 points to close at 679.35. A total of 7 securities traded, with the price of 1 advancing and 1 declining.
At the close, there were 2 stocks with bids higher than their last selling prices and 2 stocks with offers that were lower. The junior market continues to be weak with 8 securities closing with no bids to buy. There were 5 securities that had no stocks being offered for sale.
Lasco Distributors ended trading with 53,804 shares changing hands as the price climbed 4 cents rise to $1.39 and Lasco Manufacturing with 1,000,000 units gained on 3 cents to end at $1.
Caribbean Producers ended trading 11,152 units to close with a 1 cent loss, at $2.25, Consolidated Bakeries finished trading with 8,000 shares trading at 82 cents, Jamaican Teas had dealing in only 3,860 shares at $3.40. The company reported a small loss in the September quarter and a profit of 35 cents for the full year, versus 58 cents in 2013. Lasco Financial contributed 6,500 shares at 95 cents and Medical Disposables with 1,400 shares trading at $1.94.
No stocks rose 2 declined on TTSE
Trading on the Trinidad Stock Exchange ended Wednesday with 10 securities changing hands. There were no advancing stocks while, 2 declined and 8 traded firm with a total of 136,262 units, valued at $1,492,123. The market closed with slight bullish tendency as shown by the positive bid offer indicator below.
At the close of the market, the Composite Index lost 0.17 points to close at 1,140.74, the All T&T Index fell by 0.28 points to close at 1,960.98 and the Cross Listed Index lost 0.01 points to end at 41.98.
Declines| The stocks declining at the end of trading are, Massy Holdings added 8,158 shares valued at $558,800 and lost 6 cents, to close at $68.49, followed by National Enterprise in trading 700 shares to end at a new 52 weeks’ low of $17.45, by shedding a cent.
Firm Trades| Stocks closing with prices unchanged, at the end of trading are, ANSA McAL with 41 units and ended at $66.17, First Citizens Bank traded 5,929 shares at $36.75, Grace Kennedy had 3,042 units trading, at $3.83, Guardian Holdings had 145 units trading at $13.50, Jamaica Money Market with 50,741 shares changing hands, closed at 45 cents. National Commercial Bank traded 5,400 shares at $1.15, One Caribbean Media contributed 14,951 shares with a value of $375,270, to end at $25.10 and Sagicor Financial Corporation with a volume of 47,155 shares traded for $282,580 to close at $6.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.
Only one stock gained on TTSE
Trading on the Trinidad Stock Exchange ended with 12 active securities, 1 advanced, 6 declined and 5 traded firm, with a total of 500,289 units changing hands, valued at $3,727,033.
At the close of the market, the Composite Index lost 0.43 points to close at 1,140.91, the All T&T Index fell by just 0.26 points to close at 1,961.26 and the Cross Listed Index dipped by a 0.08 points to end at 41.99.
Gains| Guardian Holdings closed trading with 11,450 shares valued at $154,575 and advanced by 1 cent, to end at $13.50.
Declines| The stocks declining at the end of trading are, ANSA Mcal that fell 1 cent to $66.17, after trading 9,540 shares, Clico Investment Fund with 55,033 shares valued at $1,239,144 fell 1 cent to end at $22.50, Grace Kennedy with 110,700 shares changing hands for a value of $423,981, ended at $3.83 after falling by a cent. National Commercial Bank traded 43,478 shares at $1.15, down 1 cent, National Enterprises traded 550 units at a new 52 weeks’ low of $17.46 with a 2 cents decline and Point Lisas Industrial Port Development lost 5 cents, to close at $4 while trading 29,000 shares.
Firm Trades| Stocks closing with prices unchanged, at the end of trading are, First Citizens Bank with 6,438 shares to close at $36.76, while Jamaica Money Market Brokers added 50,000 shares to close at 45 cents. One Caribbean Media traded 2,000 shares at $25.10, Sagicor Financial Corporation with a 107,100 shares being traded for $642,600, ended at $6 and Trinidad Cement contributed 75,000 shares with a value of $150,000 to end at $2.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 1 stock with offer that is lower.
8 up 9 down on JSE
Tuesday’s activity on the Jamaica Stock Exchange, resulted in the prices of 8 stocks rising and 9 declining as 27 securities changed hands, ending in 4,235,650 units trading, valued at $51,526,408, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 3 stocks with bids higher than their last selling prices and 8 stocks with offers that were lower.
Main Market| The JSE Market Index fell 194.52 points to 74,012.60, the JSE All Jamaican Composite index declined 217.50 points to close at 81,467.68 and the JSE combined index dropped 146.86 points to close at 75,883.36.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Jamaica Money Market Brokers, finishing trading with 50,000 ordinary shares, 7 cents higher at $6.57. National Commercial Bank finished trading with 49,500 shares while gaining 1 cent to $18.51, Pan Jamaican Investment saw trading in 4,039 units, to close with a gain of 1 cent to $50.27, Scotia Group 108,965 shares traded at 22 cents higher to close at $19.62 and Supreme Ventures with 74,000 shares changing hands, gained 1 cent to $1.76.
Firm| The stocks in the main market to close without a change in the last traded prices are, Gleaner with 110 shares at $1.05, Jamaica Broilers closing with 501,266 shares changing hands at $4, Jamaica Producers concluded trading with 5,000 shares at $15.50. Kingston Wharves had 4,285 shares changing hands $6, Mayberry Investments ended trading with 74,610 shares changing hands to close at $1.50 and Scotia Investments closed with 30,000 shares at $22.51.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Cable & Wireless finished trading with 1,670,678 units and fell 7 cents to 42 cents, Caribbean Cement concluded trading with 10,728 units with a decline of 1 cent to $2.40, Carreras exchanged 1,128,573 shares in trading, with a loss of $2 to close at $35, for Desnoes & Geddes there was dealing in 145,000 units, to close with a 5 cents fall to $4.85. Grace Kennedy contributed just 1,520 shares to trading but lost of 50 cents to end at $60.50, Palace Amusement concluded trading with 100 units to fall $13 to a 52 weeks’ low of $77, Proven Investments exchanged 80,033 units with a decline of 0.49 cent to 17.5 US cents and Sagicor Group ended trading with 145,000 units, with a decline of 1 cent to $9.99.
Preference| Jamaica Money Market Brokers 8.75% preference share traded with 155 units changing hands with a gain of 1 cent to $3 and Jamaica Money Market Brokers 7.50% finished trading with 14,500 shares trading at $2.
Caribbean Producers leads junior
Caribbean Producers was the leading stock to trade on the junior market, on Tuesday. Trading closed with 137,588 units, valued at $255,914 changing hands. The JSE Junior Market Index rose 3.85 points to close at 673.07, while only 6 securities traded, with the price of 2 advancing and 1 declining.
At the close, there were 2 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower. The junior market continues to exhibit weakness with 8 securities closing with no bids to buy. There were 5 securities that had no stocks being offered for sale.
Lasco Financial ended trading with 3,000 shares changing hands, 8 cents higher to 95 cents, Lasco Manufacturing closed with 15,000 shares trading with a gain of 2 cents to 97 cents. Caribbean Cream closed with 17,500 shares at 71 cents, Caribbean Producers finished trading with 96,978 shares changing hands at $2.26, General Accident saw trading in 110 shares trading at $1.53 and Lasco Distributors finished trading with 5,000 shares, the price dipped 1 cent to $1.35.
J$ gains on pound loses against others
The Jamaican dollar recorded gains against the British Pound but lost value versus the US and Canadian dollars on Tuesday. Authorized dealers purchased the equivalent of US$31,456,476 versus US$41,860,767 on Monday, and sold the equivalent of US$34,496,767 compared with US$35,129,589 on Monday.
In US dollar trading, dealers bought US$27,663,380 compared to US$36,285,855 on Monday. The buying rate for the US dollar climbed 17 cents to $112.70 and US$31,954,441 was sold versus US$32,952,884 on Monday. The selling rate inched up 7 cents to end at $113.23. The Canadian dollar buying rate climbed $1.45 to $98.72 with dealers buying C$2,227,276 and selling C$1,784,742, at an average selling rate that was up 27 cents, to $99.61. The rate for buying the British Pound dropped $1.29 to $174.46, for the purchase of £1,044,071, while £424,070 was sold, at $176.43, a fall of 37 cents. Other currencies bought, amounted to the equivalent of US$225,880, while the equivalent of US$311,426, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed unchanged at $113.45, the lowest buying rate gained 17 cents to $92.69. The highest selling rate was unchanged at $118.77 but the lowest selling rate rose $2.33 to $94.34. The highest buying rate for the Canadian dollar fell 80 cents, to $100.20, the lowest buying rate rose 75 cents to $79.85, the highest selling rate closed 37 cents higher at $102.72. The lowest selling rate rose 70 cents to $96. The highest buying rate for the British Pound, dipped $1.35 to $178.75. The lowest buying rate gained 50 cents to $142.26, the highest selling rate moved up by $2.89 to $185.65 and the lowest selling rate, increased 60 cents to $171.40.
Profit up at General Accident but just
Profit for General Accident rose only 8 percent, for the nine months ending September this year, to $241 million or 23 cents per share.
For the similar period last year, the company reported a net profit of $223 million, putting them on target to exceed 30 cents per share for the full year to December. Profit for the September quarter amounted to $54 million and is up 20 percent over the 2013 results. Premium income grew 91 percent in the quarter and 19 percent for the year to date period, but commission income was up 15 percent in the quarter, and 38 percent for the nine months to September. Underwriting profit climbed 57 percent in the quarter and 39 percent for the year to date. Investment income declined sharply due to slower exchange rate movement in 2014, versus 2013. Administrative expenses climbed 13 percent in the quarter and 20 percent for the nine months to September. The sharp increase in premium income in the September quarter should lead to higher income in the December quarter and raise earnings beyond the level enjoyed in the period to date.
“The company ended the quarter with a book value of $1.62 billion and generated a return on average equity for shareholders for the nine months period of 21 percent,” management stated in a release with the results. Equity at end of September last year was $1.35 billion.
Insurance reserves at the end of the period, stood at $2.1 billion, and is covered by cash and investments, of just over $2 billion.
With the stock trading at $1.53, on the junior market of the Jamaica Stock Exchange it is severely undervalued and has lots room to run accordingly, remains IC Insider BUY RATED.
Sagicor Group bounced head in Q3
Banking profit fell to a loss of $16 million this year so far, from a profit of $271.8 million for the nine-month period to September last year, helping to pressure Sagicor Group’s profit for the third quarter and year to date.
The financial group saw a sharp fall in profit in the quarter, from $1.56 billion to $1.1 billion. “Post-acquisition losses relating to the RBC Jamaica acquisition that was completed effective June 2014 amounted to $231 million, including rebranding and restructuring costs” the Sagicor management said in a release with the result.
The Group produced net profits of $3.84 billion, with $3.79 billion available to stockholders, for the nine months to September. This outcome was better than last year by a mere 2.5 percent. Earnings per stock unit came out at $0.99. Profit for third quarter amounted to $1.08 billion compared with $1.52 billion for 2013 after minority interest. The current period results and the nine months profits were impacted by costs for rebranding and rationalizing operations, following the RBC Jamaica acquisition, higher taxes and lower unrealised FX gains in 2014 compared to 2013. The 2013 results included the negative impact of the Government of Jamaica NDX debt swap.
Segments| The group’s performance for the nine months disguises what has taken place in the segments. Individual insurance generated 20.5 percent more profit than it did in 2013, to reach $1.3 billion, employees’ benefit jumped 26.3 percent to $2.3 billion and investment banking climbed 83 percent to $569 million, this segment would have had the negative impact of the NDX in 2013. The category, All Other fell sharply, from $272 million to $79 million.
Revenues and Expenses| Revenue grew 9.6 percent above prior year, to hit $34.2 billion. The 2013 revenue included the realised capital losses as a result of the debt exchange. “2014 Net Premium Income, in aggregate, was slightly below that for 2013. Net Investment income was higher than in the prior year, reflecting business growth and units’ appreciation in the Segregated Funds. The 2013 Net investment Income number also includes capital losses from the NDX and PDX,” the manager’s statement said.
“Group administration expenses of $7.52 billion were 35 percent more than in 2013. The significant increase includes post acquisition expenses for the RBC portfolio and one-time costs for re-branding the RBC portfolio and rationalization of operations. The Banking Group also had operating costs associated with the new flagship Hope Road branch which was opened in December 2013,” management explained in their report to shareholders.
The increased administration cost which was $3.4 billion in the third quarter was $1.6 billion more than the amount incurred in 2013 due to the added ongoing cost associated with running the RBC banking operation. The results for the December quarter should see a sharp reduction in this category of expense and therefore help improve the profit to what would normally be expected.
Assets| With the acquisition of RBC Jamaica operations the total group assets now sits at $262 billion up from $189 billion at September 2013 and equity stands at $42 billion.
50% dividend hike at Pan-Jamaican
Pan-Jamaican Investment declared a dividend of 75 cent per stock unit payable in December and is 50 percent higher than the 50 cents per share, paid at the same time in 2013.
The fourth interim dividend for 2014 is payable on December 22, to stockholders on record at November 28. The ex-dividend date is November 26. Previously, the company hiked the interim dividend paid on September 26 to 70 cents per stock unit. Interim dividends of 60 cents per share were paid on June 20 and on March 31, this year. The payments for the year translate to a yield of just over 5 percent.
