The Eppley preference share issue, successfully raised the minimum capital sought by the company, the Jamaica Stock Exchange was informed. The preference share issue, maturing in 2019 in respect of 41,666,667 cumulative redeemable preference shares priced at J$6, closed as scheduled on Tuesday, 11 November 2013.
The issue was oversubscribed and the Company intends to exercise the right, to issue further preference shares, up to a total of 58,333,334 units. The basis of allotment will be announced today.
Trading in the Junior Market closed with activity in just 99,198 units, valued at $231,017. The JSE Junior Market Index declined 3.07 points to close at 662.69. Only 4 securities traded, with no stock advancing and 3 declining.
At the close of the market, there were 2 stocks with bids higher than their last selling prices and 1 stock with the offer that is lower. The junior market continues to exhibit weakness with 9 securities closing with no bids to buy. There were 5 securities that had no stocks being offered for sale.
Access Financial Services traded 900 shares at $10.01, Caribbean Producers finished trading with 93,000 shares while losing 20 cents to $2, Knutsford Express traded down 4 cents to $5.45 with 4,450 units and Lasco Financial traded only 848 units, losing 3 cents to 95 cents.
Eppley preference share closes over
2 stocks rose none fell on TTSE
Trading on the Trinidad Stock Exchange ended with 10 securities changing hands, of which 2 advanced, none declined and 8 traded firm, with a total of 161,827 units, valued at $5,879,498.
At the close of the market, the Composite Index lost 0.29 rose points to end at 1,145.82, the All T&T Index fell by 0.58 points to 1,962.27 and the Cross Listed Index remained at 43.16.
Gains| Stocks increasing in price at the close are, Clico Investment Fund that posted a volume of 67,578 shares valued at $1,502,695 and advanced by 10 cents to $22.25 and West Indian Tobacco with only 120 shares, advanced by 1 cent to end at $119.04.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings ending at $12.76 with 4,266 shares valued at $54,425.62, trading, First Citizens Bank traded 2,613 shares to close at $36.76, Grace Kennedy traded 100 shares at $3.84, Massy Holdings with 36,715 shares changing hands for a value of $2,516,813, closed at $68.55, followed by National Enterprise that contributed 550 shares and closed unchanged at $17.49, National Flour Mills with a volume of 34,921 shares valued at $38,762, ended at $1.11, Republic Bank contributed 12,551 shares with a value of $1,506,120 to close at $120 and Scotiabank traded 2,413 shares and closed unchanged at $58.16.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than their last selling prices and 1 stock with the offer lower.
J$ slipped further against US
The Jamaican dollar lost further value against the US dollar, on Wednesday and also fell against the Canadian dollar but gained value against the Pound. Authorized dealers purchased the equivalent of US$41,244,538 versus US$26,093,184, on Tuesday, and sold the equivalent of US$37,325,070, compared with US$27,960,599 on Tuesday
In US dollar trading, dealers bought US$36,644,475 compared to US$18,535,552 on Tuesday. The buying rate for the US dollar rose 25 cents to $112.61 and US$33,587,915 was sold versus US$24,597,836 on Tuesday. The selling rate inched up 8 cents to end at $113.09. The Canadian dollar buying rate, jumped 37 cents to $99.16 with dealers buying C$3,595,657 and selling C$3,070,725, at an average selling rate that climbed 36 cents, to $99.72. The rate for buying the British Pound declined $1.59 to $176.33, for the purchase of £789,531, while £546,917 was sold, at $179.02, a fall of 70 cents. Other currencies bought, amounted to the equivalent of US$197,664, while the equivalent of US$163,634, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 10 cents to $113.35, the lowest buying rate was unchanged at $92.52. The highest selling rate climbed 86 cents to $118.56 and the lowest selling rate rose $2 to $94.02. The highest buying rate for the Canadian dollar grew by 50 cents, to $100.20, the lowest buying rate fell 54 cents to $78.93, the highest selling rate inched up 30 cents to close at $102.45. The lowest selling rate lost 65 cents to $95.10. The highest buying rate for the British Pound, dipped 80 cents to $179.20. The lowest buying rate leapt $6.96 to $151.38, the highest selling rate dropped 75 cents to $182.73 and the lowest selling rate, fell 40 cents to $173.60.
Carreras, C&W and Grace dominate JSE
With technical indicators pointing to growth ahead, in the prices main market stocks, trading activity on the Jamaica Stock Exchange, on Wednesday, showed signs of trading picking up, in keeping with what has been known, as the usual year-end rally.
The three main trades today are Cable & Wireless with nearly 23 million shares, in 95 trades, Carreras with 1.7 million shares in 22 trades and Grace with 1.3 million shares with only 3 trades.
At the close, the prices of 5 stocks rose and 5 declined, as 18 securities changed hands, ending in 26,947,786 units trading, valued at $158,583,174, 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 4 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower.
Main Market| The JSE Market Index lost a mere 9.89 points to 73,082.94, the JSE All Jamaican Composite index slipped 11.05 points to close at 80,428.19 and the JSE combined index declined by 10.68 points to close at 74,940.91.
Gains| Stocks recording gains at the last traded prices, at the end of trading in the main market are, Grace Kennedy trading 1,314,690 shares while gaining $3.90 to end at $62 for total consideration of $480,860,780, Kingston Wharves closed with 500 units to close with a gain of 11 cents to $5.41, National Commercial Bank finished trading with 28,822 shares, rising 1 cent to $17.01, Scotia Group saw trading in 2,990 units and put on 22 cents, to $19.97 and Scotia Investments ended with 32,000 shares trading 49 cents higher to $22.
Firm| Stocks in the main market closing without a change in the last traded prices are, Desnoes & Geddes that had 126,100 shares changing hands at $4.92, Jamaica Broilers concluded trading with 81,800 shares, trading at $4, Jamaica Money Market Brokers exchanged 518,134 ordinary shares at $7, Mayberry Investments ended trading in 96,890 shares at $1.50, Pan Jamaican Investment finished trading with 865 shares changing hands at $50.15 and Supreme Ventures finished trading with 2,000 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 closing with 22,917,657 shares trading, 1 cent lower at 53 cents, after opening at 64 cents, Carreras finished with 1,665,948 shares valued at $58,334,031 with a loss of 99 cents to $35, Proven Investments with 12,870 units, declined 0.01 cent to 17.99 US cents and Sagicor Group finished trading with 54,130 units, and declined by 5 cents to $9.60.
Low junior market trading
Blue Power slipped to a new 52 weeks’ low, of $6.80.
Trading in the Junior Market closed with very little activity, on a day when trading picked up in the Jamaican Stock Exchange main market. Trading ended with 665.76 units valued at $131,655.
The JSE Junior Market Index barely slipped 0.15 points to close at 665.76. Only 3 securities traded, with the price none advancing and one falling. At the close of the market, there is 1 stock with the bid higher than the last selling price and 1 stock with offer that is lower. The junior market continues to exhibit weakness with 8 securities closing with no bids to buy, but this is an improvement over a more pronounced 10-11 in recent weeks. There were 5 securities, that had no stocks offered for sale.
There was dealing in 58,600 Lasco Distributors’ shares at $1.32 and Lasco Manufacturing contributed 30,000 shares in trading to end at 95 cents. Blue Power ended trading with 3,790 units as the price slipped 10 cents to a new 52 weeks’ low of $6.80.
5 stocks gained on TTSE
Trading on the Trinidad Stock Exchange ended Wednesday, with 13 securities changing hands, of which 5 advanced, 2 declined and 6 traded firm, with a total of 615,996 units, valued at $2,542,410.
At the close, the Composite Index rose 0.50 points to end at 1,146.11, the All T&T Index gained just 0.09 points to finish at 1,962.85 and the Cross Listed Index increased by 0.12 points to end at 43.16.
Gains| Stocks increasing in price at the close are, ANSA McAL with 770 shares to close with a gain of 1 cent, to end at $66.18, National Commercial Bank with 335,266 shares changing hands for a value of $335,266, closed at $1 after putting on 2 cents, National Flour traded 16,068 shares to close with a gain of 1 cent, at $1.11. Scotia Bank with 8,565 shares traded, valued $497,969 to close 3 cent higher at $58.16 and Unilever Caribbean gained 3 cents to end the day at $64.25, a new 52 weeks’ high.
Declines| Stocks declining at the end of trading are, Flavorite Foods as the price lost 20 cents to close at $5.50, for a 52 weeks’ low and Sagicor Financial Corporation with 223,815 shares traded for $1,343,623, lost 1 cent in closing at $6, for a new 52 weeks’ low.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Clico Investment Fund trading 400 shares and remained at $22.15, First Citizens Bank traded 700 shares at $36.76, Grace Kennedy contributed 25,000 shares with a value of $96,000, in closing at $3.84, Guardian Holdings traded 3,586 units to close at $13.55, Massy Holdings traded 824 shares to close at $68.55 and West Indian Tobacco had 27 units trading at $119.03.
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 is lower.
Republic’s flat year
Operating expenses rose 20.5 percent for Trinidad’s Republic Bank and loans loss provisions more than doubled to $119 million from $57 million in 2013, to help keep profit virtually flat, for the 2014 financial year ending September.
These expenses, grew at a much faster pace than the 11 percent increase in revenues of $3.75 billion. In the end, profit after tax crawled to $1.2 billion from $1.15 billion in 2013. Republic declared a dividend of $3 per share which will results in a total payment for the year of $4.25. Earnings share for the year is $7.39 the stock traded last at TT$120, putting the PE to 16. increased profit going forward will be needed to make a major he stock price at this PE ratio.
Republic increased loan provisions in Guyana but suffered from weak economic conditions in Grenada and Barbados. The bank closed the year with total assets amounting to $59.4 billion and equity of $8.7 billion.
While on the surface 2015 should show improved results, the sharp drop in the price of oil below 80 per barrel, could create uncertainty for investors, who may want to be cautious in taking on debt in the Trinidad economy and it could create economic problems for the oil dependent nation if it remains low for a prolonged period.
Heavy trading in C&WJ shares
In early trading on the Jamaica Stock Exchange, Cable & Wireless was the most active stock trading with more than 9.6 million shares changing hands.
Investors stepped up and bought the stocks as high as 64 cents at the opening of the market, inducing sellers to enter the market at lower levels, pushing the price back down to 54 cents. Increased offers are currently posted for 4.45 million units between 58 and 65 cents. Bids to buy, remain mostly in the low 40 cents region.
Elsewhere Grace traded 1.3 million shares as high as $62, the price is up $3.90 from Tuesday’s close and National Commercial Bank traded 4,848 shares at $17.50 up by 50 cents. Carreras fell 99 cents with 17,680 shares trading, to $35.
The price movements helped to push the All Jamaica Composite index up by 283.67 points, to 80,722.91 at 10.30.
Record take – Jamaica’s remittances
Jamaica enjoyed record inflows of remittances, between January and July this year. The critically important flow of funds, reached $1.238 billion, representing an increase of US$47.6 million or 4 percent to be the highest inflows ever, according to the latest data on remittances, released by the country’s central bank.
The 2014 inflows, bettered the previous high of US$1.195 billion, in 2012 and the next highest, $1.192 billion in 2008. Net remittances for 2014 to-date, is US$1.109 billion, a growth of US$61 million or 5.8 percent relative to 2013. The out-turn for the period reflects an increase in gross inflows and a reduction in outflows.
Net remittances for July this year were US$160.5 million, an increase of US$10.9 million or 7.3 percent over the July 2013. The growth in net remittance inflows reflect an increase in gross remittance, which was partially offset by an expansion in remittance outflows.
Gross remittance inflows for the month were US$183.2 million, an increase of US$12.6 million or 7.4 percent compared to July 2013.
J$ lost value against US & Pound
On Tuesday, the Jamaican dollar lost value against the US dollar and the Pound but gained value against the Canadian, as authorized dealers purchased the equivalent of US$26,093,184 versus US$47,873,352, on Monday and sold the equivalent of US$27,960,599 compared with US$42,619,796 on Monday
In US dollar trading, dealers bought US$18,535,552 compared to US$41,018,591 on Monday. The buying rate for the US dollar fell 5 cents to $112.36 and US$24,597,836 was sold versus US$36,753,282 on Monday, the selling rate rose 11 cents to end at $113.01. The Canadian dollar buying rate, jumped 10 cents to $98.79 with dealers buying C$4,007,103 and selling C$1,735,342, at an average selling rate fell 8 cents, to $99.36. The rate for buying the British Pound climbed $1.72 to $177.93, for the purchase of £2,380,812, while £1,104,687 was sold, at $179.72, a rise of 66 cents. Other currencies bought, amounted to the equivalent of US$3264,45, while the equivalent of US$80,331, was sold.
Highs & Lows| The highest buying rate for the US dollar, declined 26 cents to $113.25, the lowest buying rate gained 50 cents to $92.52. The highest selling rate fell 21 cents to $117.70 and the lowest selling rate rose 17 cents $92.02. The highest buying rate for the Canadian dollar declined 15 cents, to $99.70, the lowest buying rate climbed $1.03 to $79.47, the highest selling rate inched up 50 cents to close at $102.15. The lowest selling rate gained 75 cents to $95.75. The highest buying rate for the British Pound, rose 70 cents to $180. The lowest buying rate rose $1.24 to $144.42, the highest selling rate dropped $1.10 to $183.48 and the lowest selling rate jumped $1.50 to $174.
