Massy Group traded at new 52 weeks high at the end of trading for the week as the stock continues to eke away at its severe undervaluation. Overall trading on the Trinidad stock market on Friday resulted in 14 securities changing hands of which 2 advanced, 3 declined and 9 traded firm with 256,628 stocks changing hands, with a value of $3,495,856.
The Composite Index lost 0.90 points to close at 1,164.59, the All T&T Index fell by just 0.54 points to close at 2,009.28 and the Cross Listed Index eased by a mere 0.17 points to end at 41.88 points.
Gains| Stocks increasing in price at the close are, Grace Kennedy which saw just 735 units changing hands, 4 cents higher, at $3.45 and Massy Group gained 18 cents to end the day at a new 52 weeks high of $69.25 but with only 300 units trading.
Declines| The stocks declining at the end of trading are Clico Investment Fund in posting 65,241 shares valued at $1,412,468, the price fell a cent to end at $21.65, National Commercial Bank contributed 35,633 shares with a value of $39,356 and dropped 3 cents in closing at $1.10, while Scotiabank suffered a loss of 25 cents to close at $69 with 100 units traded at a new 52 weeks low.
Firm Trades| Stocks closing with prices unchanged at the end of trading are ANSA Mcal with 9,352 units to close at $66.29, Firstcaribbean International Bank 4,403 shares to close at $5, First Citizens Bank 10,106 shares at $35, Guardian Holdings with 48,043 shares traded for $687,015, closed at $14.30 while National Enterprises with 5,905 units ended at $18.25, Republic Bank with 474 shares to close at $122, Scotia Investments added 21,266 shares valued at $32,962, to close at $1.55, Trinidad Cement had 54,853 shares changing hands for a value of $106,963 to close at $1.95 and West Indian Tobacco with 217 shares closed at $118
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with bids higher than their last selling price and 3 stocks with offers that were lower.
Massy Group at new high
Carreras declared $1.34 capital dividend
Carreras declared a special capital cash distribution of $1.34 per stock unit to be paid on July 31, 2014 to stockholders on July 18, 2014. Ex-dividend date July 16, 2014. The funds out of which the payment is being made come from proceeds received from the liquidation of a subsidiary, pending the granting of a transfer tax exemption pursuant to the Transfer Tax Act the company said in a release to the Jamaica Stock Exchange. The special capital cash distribution will brings the total payments the company made to shareholders since August last year to $8.89.
A special capital cash distribution of $1.18 was paid in January this year, the company also paid an interim dividend of $1.75 per stock unit on June 26, $1.62 per share. On March 13 they paid a dollar per share as well as in August and November last year.
New Transport paid| New Transport paid $6.90 per share capital dividend on the June 30 to its shareholders. New transport was the company formed after Lascelles’ shares were sold to Campari in 2012. The company was formed to hold the assets that were not sold at the time with previous Lascelles’ shareholders getting shares in the company in proportion to what they held before. The company also received some distributions from Campari based on the agreement that was struck. It’s unclear if this latest payment comes from sale of the assets taken over by the company or from Lascelles.
Businesses more optimistic
Perception of in the most recent survey done in May of this year showed improvement in present business conditions by the business sector, compared to the previous survey done in April. The Bank of Jamaica commissioned survey, shows the index moving from 95.8 in April to 102.5 in May. The results are well off the 158 achieved in December 2011 or 135 reached in March 2013.
Expectations about future business conditions, however, were largely unchanged. Of note, both indices remained below the levels recorded in Fiscal year 2011/12, nonetheless, the perceptions of present and future business conditions have displayed a general upward trend since the April 2013 survey.
Inflows out strip sales but J$ slips
In Forex trading, the total inflows of funds was more than outflows, with the equivalent of S$38,577,518 purchased to US$32,619,871 sold compared to the equivalent of US$25,437,601 bought and $28,097,173 sold on the previous trading day.
In US dollar trading, dealers bought US$33,538,397 compared to US$22,803,724 on Wednesday as the buying rate for the US dollar increased by 20 cents to $111.95 and sold US$29,180,481 versus US$25,704,876 on Wednesday, with the rate rising 8 cents to $112.39.
The Canadian dollar buying rate was up 90 cents to $103.41 with dealers buying C$1,258,480 and selling C$1,132,601 as the rate fell by 30 cents to end at $105.66.
The Pound closed at $190.12 for the purchase of £2,233,157, the rate increased by 39 cents, while £1,353,848 was sold, with the rate climbing by $1.16 to $193.28. Other currencies bought, amounted to the equivalent of US$84,491 while selling accounted for the equivalent of just US$46,361.
Highs & Lows| The highest rate for buying the US dollar fell 2 cents to $112.90, the lowest buying rate was unchanged at $91.43, the highest selling rate was up 53 cents to $117.70 but the lowest selling rate was unchanged at $91.02.
The highest buying rate for the Canadian dollar rose 45 cents to $105.95, the lowest buying rate was unchanged at $83.29, the highest selling rate rose by 43 cents to $108.07 and lowest selling rate fell $1.50 to $100.
The highest buying rate for the British Pound gained 45 cents to $193.50 while the lowest buying rate increased 83 cents to $154.01. The highest selling rate increased $3.88 to $199.72 and the lowest selling rate was up by 97 cents to $186.
Scotia Group dominates with $83M on JSE
In Thursday’s trading on the Jamaica Stock Exchange the prices of 3 stocks rose and 8 declined as 27 securities changed hands resulting in 8,283,873 shares trading valued at $115,640,825.
Main Market| The JSE Market Index inched up by 10.40 points to 70,492.27 and the JSE All Jamaican Composite index moved up 11.64 points to close at 77,531.37, after being up by 1,658 points to 79,177.73 at 10.12 AM, in early trading, with Scotia Group traded as high as $21.70.
Gains| Only one stock gained at the end of trading, in the main market with National Commercial Bank trading 61,078 units to close with an increase of 40 cents at $18.
Firm| Stocks in the main market to close without a change in price are Berger Paints with 5,000 units to close at $1.65, Cable & Wireless 16,000 units to close at 29 cents, Caribbean Cement 6,820 shares to close at $2.20, Gleaner 163,282 units to close at$1.10, Jamaica Broilers with 23,170 shares in closing at $4.57, Kingston Wharves 650 units to close at $5.20, Pan Jamaican Investment 100,000 shares to close at $49, Proven Investments 280 units to close at 18 US cents, Radio Jamaica 2,814 units to close at $1.29 and Scotia Group with 4,310,653 units valued at $82,811,277 to close at $19. The bulk of the trades were conducted by stockbroker, Scotia Investments.
Preference| Jamaica Money Market Brokers 7.50% preference share traded 1,297 units to close at $2, and the Jamaica Money Market Brokers 8.75% preference share, 431,000 units to close at $3.02.
Declines| The stocks that declined in the main market are Carreras with 200,000 units while losing 75 cents to end at $34.50, Grace Kennedy with 100 shares, declined by $3.75 to $54.05, Jamaica Money Market Brokers 1,002,596 ordinary shares traded but the price declined 12 cents to $6.88, Jamaica Producers had 13,114 shares changing hands, the price declined by a cent to $18.24, Sagicor Group had 1,030,623 units changing hands to close 10 cents lower at $8.90, Scotia Investments with 7,800 units close 40 cents down to a new 52 weeks low of $21.10.
Junior Market| The JSE Junior Market Index declined by 8.32 points to close at 708.27 points as 8 stocks traded with 2 advancing and 2 declining.
Gains| Stocks recording gains at the end of trading in the junior market are General Accident Insurance with 147,000 units, closing with a gain of 3 cents at $1.40 and Lasco Manufacturing with 14,500 shares to close a cent higher at $1.06.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before are Access Financial Services with 1,925 units to close at $13.50, Blue Power with 100,000 shares to close at $9.01, Consolidated Bakeries with 458,761 units to end at 80 cents and Lasco Financial 10,000 shares to close at $1.
Declines| Stocks declining in the junior market at the end of trading are Lasco Distributors 169,410 shares, declined by 12 cents to $1.18 and Medical Disposables with 6,000 shares changing hands declined by 5 cents $2.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bids higher than the last selling prices and 4 stocks with offers that were lower.
Statin confirms 1.6% growth in Q1
The Jamaican economy grew by 1.6 percent in the first quarter of this year over the similar 2013 period but it is lower than the growth in the December quarter and only just moves the country ahead of where it was in 2012 as the latest growth figure places the country at 0.50 percent ahead of the first quarter of 2012. This is the third straight quarter that the economy is said to have grown. Statin previously confirmed that the Jamaican economy grew 1.8 percent in last year’s fourth quarter, 0.5 percent in the third quarter of 2013 when compared to the similar quarter of 2012 versus a decline of 0.1 per cent in the second quarter and declined by 1.3 per cent in the first quarter of 2013.
In contributing the overall growth in 2014, Goods producing industries grew by 5.5 percent and Services industries by 0.3 percent. Agriculture, Forestry & Fishing grew by 17.7 percent, Mining & Quarrying 8.5 percent and Construction 1.2 percent. Manufacture declined by 1.2 percent.
“Higher output levels in Construction was impacted largely by continued expansion in hotels and increased spending on work under the Jamaica Development Infrastructure programme”, Statin stated.
“Higher output was recorded for all industries within the Service sector with the exception of the Government Services which declined by 0.2 percent. Higher output was recorded for Transport, Storage & Communication (0.7 percent), Real Estate, Renting and Business Activities (0.6 percent), Electricity & Water Supply (0.5 percent), Other Services (0.4 percent), Hotels & Restaurants and Finance & Insurance Services (0.2 percent) and Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment grew by (0.1 percent)”, the report stated.
Two new highs on T&TSE
Trading levels on the Trinidad stock market was moderate on Thursday. 14 securities traded of which 3 advanced, 2 declined and 9 traded firm with two new highs at the end of trading as 226,207 units changed hands, with a value of $4,965,200.The Composite Index lost 3.53 points to close at 1,165.49, the All T&T Index fell by 6.34 points to close at 2,009.82 points and the Cross Listed Index fell by 0.09 points to close at 42.05.
Gains| Stocks increasing in price at the close, are Clico Investment Fund trading 79,033 shares valued at $1,710,341, the price advanced by 9 cents to end at $21.64, buy rated Massy Group, traded 618 units at $69.07 as the price gained 2 cents to land it at a new 52 weeks high and One Caribbean Media traded 394 shares to close $23.13 with a 2 cents gain at a new 52 weeks high.
Declines| The stocks declining at the end of trading are National Enterprises that suffered a loss of 51 cents to close at $18.25 while trading only 100 shares and Sagicor Financial Corporation with 52,420 shares trading for $343,129 and lost 11 cents to close at $6.55.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Agostini’s with 79 units in closing at $17.48, ANSA Mcal 20 shares to close at $66.29, First Citizens Bank 4,539 shares changing hands to close at $35, Guardian Holdings with 3,670 shares traded, to close at $14.30, Flavorite Foods 100 units at $5.75, Angostura Holdings with 100 shares at $13, Jamaica Money Market Brokers added 10,000 shares as the price closed at 45 cents followed by Republic Bank that contributed 20,837 shares with a value of $2,542,114 and closed at $122, while Trinidad Cement with 54,297 shares changing hands for a value of $105,880, closed at $1.95.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed 2 stocks with bids higher than the last selling price and 2 stocks with offers that were lower.
Scotia Group trades at $21.70
Scotia Group traded as high as $21.70 in early trading this morning as more than 1 million shares traded. Stockbroker, Scotia Investment bought the bulk of the amount that traded at $21.70 some of which were crosses. The price drifted down to $19.80 with 2,500 units, there was 100,000 units on offer at $19.80. The opened trading at $19.43. The trades helped push the all Jamaican index up by 1,658 points to 79,177.73 at 10.12am.
other noticeable trades were 500,000 Sagicor Group shares at $8.80 and Pan Jam 100,000 units, at $49.
Lasco Distributors prevails against Pfizer
Lasco Distributors has prevails against Pfizer in a law suit that Pfizer brought against Lasco. The local company had won the case in the local courts but Pfizer appealed the judgement to the Privy Council in 2012.
Lasco Distributors has now advised, that the Privy Council has dismissed the Appeal by Pfizer Limited and has affirmed the decision of the Court of Appeal.
“Lasco Distributors Limited’s (LDL) objection to grant Pfizer Limited a stay of the judgment of the Court was accepted by the Court of Appeal. This means that LDL is permitted to continue to trade in the product Las Amlodipine which it had been barred from distributing and to proceed to have the Supreme Court assess the damages caused by the issue of the injunction and to tax the cost payable by Pfizer,” the company reported in 2012.
Lasco ceased selling Las Amlodipine by an injunction granted in March, 2005, however, Lasco contended that under the provisions of the Patent Act of Jamaica, the Jamaican Patent was not in force when the Company started to market its own product, Las Amlodipine since an earlier patent No. 18266 granted to Pfizer in Egypt had expired in March 1997.
The matter was heard in the courts which found that the case for Pfizer for an infringement of Jamaican Patent No. 3247 failed. The court gave judgment for the Company with costs to be agreed or taxed and directed that there should be an enquiry as to damages suffered by the Company as a result of the interlocutory injunction granted to Pfizer under their undertaking in damages.
It is the expectation of the Company, based on legal advice it has received, that its lost sales of the product to date (estimated to be $400 million) are likely to be recovered in the event that it succeeds in this matter but it is difficult to quantify the amount of damages that could potentially be awarded to the Company as they will continue to accrue until the matter is decided. With the passage of time, the cost of money in Jamaica since 2005, lost sales from 2005 until they were permitted to start selling in 2012 and legal cost involved in the case Lasco distributors should end up with well over $1 billion from the case.
It’s now J$112.31 to buy the US dollar
In Forex trading the total inflows of funds was lower than outflows, with the equivalent of US$25,437,601 purchased to US$28,097,173 sold compared to the equivalent of US$34,797,225 bought and $33,786,541 sold on the previous trading day.
In US dollar trading, dealers bought US$22,803,724 compared to US$30,303,191 on Tuesdayas the buying rate for the US dollar increased by 9 cents to $111.75 and sold US$25,704,876 versus US$31,522,303 on Tuesday with the rate closing up 6 cents at $112.31.
The Canadian dollar buying rate fell 85 cents to $102.51 with dealers buying C$755,402 and selling C$1,353,473 as the rate increased by 94 cents to end at $105.96.
The Pound closed at $189.12 for the purchase of £1,101,929, the rate fell 39 cents, while £495,945 was sold, with the rate climbing by 10 cents to $192.12. Other currencies bought, amounted to the equivalent of US$76,115 while selling accounted for the equivalent of just US$267,122.
Highs & Lows| The highest rate for buying the US dollar rose 12 cents to $112.92, the lowest buying rate was up 41 cents at $91.43, the highest selling rate was unchanged at $117.17 but the lowest selling rate dropped by $18.48 to $91.02.
The highest buying rate for the Canadian dollar fell 20 cents to $105.50, in the meantime the lowest buying rate was unchanged at $83.29, the highest selling rate rose by 27 cents to $107.64 and lowest selling rate climbed $1.15 to $101.50
The highest buying rate for the British Pound dipped 95 cents to $193.05 while the lowest buying rate was unchanged at $153.18. The highest selling rate fell $1.63 to $195.84 and the lowest selling rate was up by 47 cents to $185.03.
