The Jamaican dollar lost further value against the US dollar, on Friday but gained against the Canadian dollar and the British Pound. Authorized dealers purchased the equivalent of US$35,659,548 versus US$26,064,042 on Thursday, and sold the equivalent of US$29,494,019, compared with US$24,932,112 on Thursday.
In US dollar trading, dealers bought US$32,605,602 compared to US$23,625,487 on Thursday. The buying rate for the US dollar rose 6 cents to $112.66 and US$27,680,260 was sold versus US$23,263,499 on Thursday. The selling rate inched up 5 cents to end at $113.18. The Canadian dollar buying rate, remained unchanged at $97.46 with dealers buying C$1,296,781 and selling C$686,153, at an average selling rate that slipped 11 cents, to $99.37. The rate for buying the British Pound declined $1.16 to $174.98, for the purchase of £678,082, while £313,710 was sold, at $177.22, a fall of $1.28. Other currencies bought, amounted to the equivalent of US$878,919, while the equivalent of US$720,097, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 5 cents up to $113.40, the lowest buying and highest selling rates were unchanged at $92.52 and $118.56 respectively and the lowest selling rate fell back $18.49 to $92.01. The highest buying rate for the Canadian dollar rose 90 cents, to $100.75, the lowest buying rate fell 4 cents to $79.39, the highest selling rate closed 50 cents lower at $101.95. The lowest selling rate slipped $1.79 to $95.21. The highest buying rate for the British Pound, dropped $3.97 to $177.80. The lowest buying rate dipped 79 cents to $142.88, the highest selling rate slipped 83 cents to $181.39 and the lowest selling rate, fell 95 cents to $172.15.
J$ gains against Pound and Canadian
Junior stocks still struggling
Trading in the Junior Market closed with very little activity on the final day of the week. Trading ended with 39,536 units valued at $53,270. The JSE Junior Market Index fell 6.07 points to close at 656.62, only 4 securities traded, with the price none advancing and 3 falling.
At the close of the market, 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 exhibit weakness with 8 securities closing with no bids to buy. There were 5 securities that had no stocks being offered for sale.
Caribbean Flavours had 11,936 shares changing hands to close at $2.35, Caribbean Producers concluded trading with 1,600 shares at $2, and Consolidated Bakeries exchanged 12,000 shares at 82 cents. Lasco Financial finished trading with 14,000 units to fall 8 cents to 87 cents.
7 stocks rose 4 fell on TTSE
FirstCaribbean fell 9% on Friday
At the close of the market, the Composite Index lost 8.08 points to close at 1,137.74, the All T&T Index fell by just 0.53 points to close at 1,961.74 and the Cross Listed Index fell by 2.08 points (4.82%) to close at 41.08.
Gains| Stocks increasing in price at the close are, Clico Investment Fund with 20,611 units, valued at $463,448, advancing by 25 cents, to end at $22.50. Jamaica Money Market Brokers with 2,000 shares at 46 cents and gained 1 cent, National Commercial Bank (NCB) gained a cent, to end at $1.01 with 121,350 shares changing hands, valued at $122,564. At the close there was no NCB stock on offer for sale. Prestige Holdings with 138 units gained 1 cent and closed at a new 5 weeks’ high of $9.56, Scotiabank with 1,832 shares traded at $58.17 to gain 1 cent, Scotia Investments in contributing 17,042 shares put on a cent in closing at $1.41 and Trinidad Cement had trading in 5,000 shares at $2 to gain 1 cent.
Declines| The stocks declining at the end of trading are, Firstcaribbean International Bank lost 50 cents to end at $5, in trading 2,350 shares, Flavorite Foods fell 60 cents to close at a new 52 weeks’ low at $4.90, while Guardian Holdings added 13,465 shares valued at $181,855 but lost 5 cents to $13.50. Republic Bank traded 545 shares, lost 10 cents to $119.90.
Firm Trades| Stocks closing with prices unchanged, at the end of trading are, Ansa McAl with 308 units, ended at $66.18, First Citizens Bank traded 1,000 shares, to close at $36.76, Grace Kennedy traded 6,336 shares at $3.84, Massy Holdings had 614 shares changing hands at $68.55 and Sagicor Financial with a volume of 38,100 shares, traded for $228,671 to close at $6.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 1 stock with the offer that was lower.
NCB shoots to $19 falls back to $18.15
Investors responded well to the National Commercial Bank’s year end results, showing earnings of $4.73 per share and with a surprise announcement, of a final dividend, of 96 cents per share.
The stock immediately traded at $17.75 at the opening of the market, and at $17.99 with the purchase of 448,385 shares. Later it traded just 12,412 units at $18.75 and 1,700 at $19 and then fell back to $18.15. Bids to buy start at $18.20 at the high end then $18.15, then $18.10 with a small amount at $18.05 then at $18, an amount of 147,000 units. The lowest offer is now at $20 with 29,918 units then the next serious offer is at $24. The total amount to trade so far is 475,780 units. The stock has room to move much further over the next twelve months with IC Insider’s forecast of $5.50 earnings per share for 2015 and the PE of the stock at 3.8 based on this year’s results. that is one reason why IC Insider gave the stock a Buy Rated status.
The price gain helped to move the All Jamaica Composite index up 521.71 to 81,121.66.
Witco sales down, profits up
West Indian Tobacco reported profit before taxation of TT$436.4 million for the nine months ended September, 2014, an increase of 13 percent over the corresponding period in 2013.
Profit after taxation for the period amounted to TT$329.3 million, 16 percent increase. For the quarter, profit of $106 million was achieved, versus $97 million, in 2013, but revenues fell to $282 million from $287 million, in the 2013 quarter. Revenues increased from $843 million to $872 million for the nine months.
Cost of sales improved in the 204 quarter, and raised gross profit to $714 million versus $171 million and for the nine month, to $542 million from $496 million. Cost was mostly down with distribution cost falling from $14 million to $11.4 million and administrative expenses reaching $70.45 million in 2014 compared with $74.93 million in 2013. Other Operating Expenses rose to $23.55 million from $21.15 million.
The company seems on target to hit $6 per share for the year to December. For the coming year the recent price adjustment, is set to help push dollar sales and move profits up for 2015.
The Board approved the payment of a third interim dividend of $1.39 per ordinary share payable on 13 November. For the year to date Witco would have paid $3.57 inclusive of the November payment, compared with $2.93 last year.
The company is a subsidiary of BATCO and is listed on the Trinidad Stock Exchange.
J$ down more against US
The Jamaican dollar lost further value against the US dollar, on Thursday but gained against the Canadian dollar and the British Pound. Authorized dealers purchased the equivalent of US$26,064,042 versus US$41,244,538, on Wednesday, and sold the equivalent of US$24,932,112, compared with US$37,325,070 on Wednesday
In US dollar trading, dealers bought US$23,625,487 compared to US$36,644,475 on Wednesday. The buying rate for the US dollar dipped 1 cent to $112.60 and US$23,263,499 was sold versus US$33,587,915 on Wednesday. The selling rate inched up 4 cents to end at $113.13. The Canadian dollar buying rate, fell $1.70 to $97.46 with dealers buying C$1,049,940 and selling C$769,261, at an average selling rate that slipped 24 cents, to $99.48. The rate for buying the British Pound declined 19 cents to $176.14, for the purchase of £916,803, while £487,219 was sold, at $178.50, a fall of 52 cents. Other currencies bought, amounted to the equivalent of US$95,613, while the equivalent of US$223,393, was sold.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying and the highest selling rates were unchanged at $113.35, $92.52 and $118.56 respectively and the lowest selling rate rose $16.48 to $110.50. The highest buying rate for the Canadian dollar declined by 35 cents, to $99.85, the lowest buying rate rose 50 cents to $79.43, the highest selling rate closed unchanged at $102.45. The lowest selling rate jumped $1.90 to $97. The highest buying rate for the British Pound, climbed $2.57 to $181.77. The lowest buying rate dipped $7.71 to $143.67, the highest selling rate slipped 51 cents to $182.22 and the lowest selling rate, fell 50 cents to $173.10.
Q3 profit up 20% at Hardware & Lumber
Hardware & Lumber recovered somewhat from the poor results in the second quarter, with sales revenue of $1.72 billion for both quarters, with the latest quarter just slightly higher than the same period last year, with sales of $1.71 billion.
Hardware and Lumber reported a 20 percent increase in profit for the September quarter to $44 million or $0.54 per stock unit, compared to last year’s $37 million or $0.46 per stock unit. The latest result is in contrast to a 34 percent fall in profit for the June quarter, year over year. Profit after tax for the nine months was $113 million, or 26 percent more than the $90 million, for the same period in 2013. Earnings per stock unit for the nine to September months is $1.40, up from $1.11 for the comparative period in 2013.
Gross profit for the nine-month period, fell to $1.22 billion compared to $1.3 billion for the comparative period last year, but for the latest quarter, it ended at $422 million, just slightly lower than the $435 million in 2013. Gross margin fell to 32.5 percent from 34.17 percent, in 2013, for the quarter and for the 9 months period 30.4 percent and 35.1 percent in 2013. Total revenues for the nine months is $5.25 billion, an increase of 5 percent ahead of $5 billion achieved in the same period last year.
Operating cost for the quarter was down to $370 million from $380 million in 2013 and for the nine months, cost fell to $1.123 million from $1.17million in 2013.
Looking ahead, the company increased inventories to $1.6 billion, from $1.1 billion in 2013 and reduced cash to $257 million from $388 million while borrowings fell from $494 million in September 2013 to $320 million, helping to reduce finance cost from $36 million down to $23 million for the nine months. For the latest quarter finance cost was slashed from $12 million down to $7 million.
The company results recovered from the poor June quarter and puts them on track to post $4.35 per share for the full year, with the December quarter being their biggest, for revenues and profits.
The stock remains Buy Rated with the price at $6.50 with much upside gains ahead.
NCB books $1B loan loss in Q4
National Commercial Bank pushed provision for loan losses to $988 million in the September quarter, well up from $357 million in the June quarter and $283 million for September 2013, to reach $2.2 billion for the year, compared to $2.07 billion.
Despite the losses in this area NCB reported profit after tax of $2.9 billion, for the September quarter and $11.6 billion for the fiscal year.
Non-performing loans totalled $8.7 billion as at September 2014 versus $7 billion at September, 2013, representing 5.4 percent of the gross loans compared to 4.8 percent as at September 2013. The total provision for the year amounts to a high 8 percent of total interest income, for the segments that lend and would be much higher as a percentage of loan income.
After the provision for credit losses, loans and advances, totaled $157.6 billion at September this year and grew by 12 percent, or $16.5 billion, compared to the loan portfolio, at September 2013.
NCB hikes dividend, profit up 36%
National Commercial Bank has hiked the final for this year to 96 cents per share to stockholders on Thursday December 11, from only 16 cents last year December.
The dividend will be due to Stockholders on record at November 28. The banking group paid 16 cents per share in December, last year. NCB reported net profit of $11.6 billion, an increase of 36 percent or $3.1 billion to generate earnings per stock unit of $4.73 for the year to September.
The final payment for 2014, brings the total dividends, for the year to $1.98. National Commercial Bank made dividend payment of 35 cents per share in August 25, on May 22, the payment was 35 cents per share and 32 cents per share on February 20 this year.
C&W & declining stocks dominate
Thursday’s activity on the Jamaica Stock Exchange, resulted in the prices of 5 stocks rising and 7 declining, as 19 securities changed hands, ending in 10,308,932 units trading, valued at $11,431,758, in all market segments. Cable & Wireless, continuing to trade in higher than normal volumes this year, accounted for 9.77 million of the volume.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator showed 5 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower, a neutral situation.
Main Market indices| The JSE Market Index gained 153.62 points to 73,236.56, the JSE All Jamaican Composite index rose 171.76 points to close at 80,599.95 and the JSE combined index gained 115.71 points to close at 75,056.62.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Carreras finishing trading with 66,822 shares changing hands, to gain 55 cents at $35.55, Desnoes & Geddes concluded trading with 60,000 shares, 3 cents higher to $4.95, National Commercial Bank ended with 30,960 shares while gaining 10 cents to $17.11, Sagicor Group closed with 10,233 units with a gain of 20 cents to $9.80 and Seprod finished trading with 16,528 units, the price rose 63 cents to $11.88.
Firm| The stocks in the main market to close without a change in the last traded prices are, Berger Paints having 6,363 shares changing hands, to close at $1.60, Grace Kennedy concluded trading with 5,000 shares at $62, Jamaica Broilers exchanged 27,954 shares at $4, Radio Jamaica contributed 5,478 shares, in trading at $1.18 and Supreme Ventures ended trading with 3,000 shares at $1.75.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Cable & Wireless ending with 9,771,352 units, trading between 60 cents and 50 cents, at the close the price slipped 1 cent to 50 cents, as selling increased from Wednesday. The stock traded mostly above 56 cents, but traded 476,700 units at 51 cents and 445,000 units at 50 cents less than 2 minutes from the close, to pull the price down and the end.
Jamaica Money Market Brokers ordinary share, closed with 101,200 units trading to fall 20 cents to $6.80, Jamaica Producers finished with 2,000 shares, loss 1 cent to $15.50 and Scotia Group ended trading with 36,844 units to fall 57 cents to $19.40.
Preference| Jamaica Money Market Brokers 8.75% preference share had 66,000 units changing hands at $3.
