Trading levels on the Trinidad Stock Exchange on Monday saw two new 52 weeks high reached as ANSA Merchant Bank and Point Lisas Industrial Port Development reached new highs following two days of closure for holidays. Trading level was low, with 12 securities changing hands, 2 advanced 4 declined and 6 traded firm with 146,365 stocks changing hands with a value of $984,838.
The Composite Index lost 2.75 points to close at 1,178.35, the All T&T Index fell by 5.29 points to close at 2,021.39 and the Cross Listed Index fell by a mere 0.03 points to end at 43.93.
Gains| Stocks increasing in price at the close are ANSA Merchant Bank gained a cent to close at $39.03 and Point Lisas Industrial Port Development with 150 shares gained 15 cents to end the day at $4.15.
Declines| The stocks declining at the end of trading are First Citizens Bank that lost 93 cents, to close at $36.50 with 2.036 shares, Guardian Holdings added 10,902 shares valued at $155,899 to close down by 45 cents at $14.30, Jamaica Money Market Brokers with 69,634 shares changing hands for a value of $31,335, closed at 45 cents, Neal & Massy traded 2,000 units but declined by 7 cents to close at $68.88 and Sagicor Financial Corporation with a volume of 35,515 units, traded for $237,611 to close 3 cents lower at $6.69.
Firm Trades| Stocks closing with prices unchanged at the end of trading are Angostura Holdings with 21,500 shares with a value of $274,153 to close at $12.75, Clico Investment Fund that posted a volume of 455 shares valued at $9,828 to close at $21.60, Grace Kennedy 200 shares to close at $3.45, National Flour Mills 700 units closing at $1 and Prestige Holdings 2,245 shares to end at $9.40.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 1 stock with the offer that were lower.
Two new highs but 4 stocks fall
J$ loses against US & Canadian
The local dollar lost ground against the US and Canadian dollar and lost value versus the Pound sterling, in Friday’s forex trading as inflows were slightly more than outflows with the equivalent of $37,187,229 being bought, to $34,329,485 sold. On Thursday dealers bought the equivalent of US$23,475,190 to $22,721,583 sold. In US dollar trading,
dealers bought US$32,014,992 compared to US$19,582,408 on Thursday as the buying rate for the US dollar rose 23 cents to $111.32 and sold US$31,747,005 versus US$19,642,222 on Thursday with the rate closing up 10 cents at $111.86.
The Canadian dollar buying rate rose $1.37 to end at $102.47 with dealers buying C$2,142,994 and selling C$1,618,928 as the rate rose 25 cents to end at $103.52.
The Pound closed at $187.91, for the purchase of £1,824,361, the rate fell 70 cents, while £580,004 was sold, with the rate dipping 8 cents to $190.24. Other currencies bought, amounted to the equivalent of US$120,109 while selling accounted for the equivalent of just $97,794.
High & Lows| The highest rate for buying the US dollar gained 15 cents to $112.20, the lowest buying rate remained unchanged at $90.81, the highest selling rate closed down by 6 cents at $116.36 but the lowest selling rate dipped back $17.29 to $90.81.
The highest buying rate for the Canadian dollar increased by 80 cents to $104, the lowest buying rate moved up 25 cents to $81.59, the highest selling rate was down by 6 cents to $105.66 and lowest selling rate gained 30 cents to $98.30.
The highest buying rate for the Pound dipped 30 cents to $190.30 while the lowest buying rate grew by 78 cents to $152.01. The highest selling rate lost 95 cents to $194 and the lowest selling rate was up $2.15 to $183.15.
Sagicor and NCB inside trades
Inside trades continue for companies on the Jamaica Stock Exchange, the latest such trades are in two of the country’s largest companies and may well be indicative of the short term fortunes of both entities, with six months results for NCB suggesting a good year for them while Sagicor Group could get hit with the acquisition of loss making RBC Royal Bank Jamaican operation that could negatively affect the groups results for the second half of 2014.AIC (Barbados) Limited purchased 2,400,000 National Commercial Bank shares on June 18, this year and an Executive of Sagicor Group sold 1,200,000 of the group’s shares under the Executive Long Term Incentive Scheme during on June 18, 2014 a release from the companies to the Jamaican Stock Exchange stated.
On June 17, a senior manager also sold 1,820,000 shares of Sagicor Group under the group’s Executive Long Term Incentive Scheme.
JSE gets Canadian tax exemption
Jamaica Stock Exchange (JSE) has obtained approval as a Designated Stock Exchange under the Income Tax Act of Canada. The approval was authourised by Canada’s Finance Minister Joe Oliver. A Designated Exchange provides that persons in Canada who purchase stocks on the Main JSE market will be exempt from taxes on income derived from these purchases in that country. The stocks on the JSE’s Main Market will become more attractive to Canadian Pension Fund, Investment Managers and Investors on a whole as a result of the tax exemption. If Jamaican Diaspora Bonds are listed on the JSE Main Market it will now be more attractive to the Jamaicans in Canada as they will not be required to pay income tax when trading these bond, a release from the Jamaica Stock Exchange suggest.
The JSE had to meet certain standards to have been recognized as a Designated Exchange, including adherence to rules and regulations, maintain a reasonable level of liquidity and offer a range of product on the Exchange.
“This is a significant milestone in our history, when the Canadian Government recognized the JSE as a Designated Exchange. This seeks to further solidify the relationship between Jamaica and Canada, a country which was instrumental in assisting the JSE with its first sets of Rules and the JSE’s Securities Course” Marlene Street Forrest, General Manager of the JSE, stated.
Declining stocks more than advancing
In Friday’s trading on the Jamaica Stock Exchange the prices of 5 stocks rose and 7 declined as 19 securities changed hands resulting in 8,662,257 shares trading, valued at $48,043,196 sparking a moderate gain in the main indices as well as the Junior market Index.
Main Market| The JSE Market Index inched up 78.18 points to 69,741.08 and the JSE All Jamaican Composite index moved up by 87.42 points to close at 76,691.40.
Gains| Stocks recording gains at the end of trading in the main market are Desnoes & Geddes with 304,463 units changing hands and the price gained 20 cents to close at $4.50, Jamaica Money Market Brokers with 4,600 shares to close with a gain of 4 cents to close at $6.65, Proven Investments with 7,700 ordinary shares to close with a gain of 0.0001 US cents to close at 18 US cents and Sagicor Group with 18,919 shares to close with a gain of 10 cents at $8.90.
Firm| The stocks in the main market to close without a change in price are Cable & Wireless which traded 609,766 shares to close at 30 cents, Gleaner with 3,759,161 shares to close at $1.10, Grace Kennedy traded 464,183 units valued at $25 million, just over half of the value of trade in the market, to close at $54, Jamaica Money Market Brokers 7.50% preference share, traded 14,400 units to close at $2 and Seprod with 234,532 units to close at $10.50.
Declines| The number of stocks that declined in the main market are Carreras with 141,077 shares, declined by 1 cent to end at $33.50, Pan Jamaican Investment 2,000 units to decline by 4 cents to end at $48.01, Sagicor Real Estate Fund 30,000 shares as the price fell by a cent to close at $6.0, Scotia Group with 11,365 units as the price drifted down by 19 cents to end at $19.01, Scotia Investments with only 2,750 units to close with a 50 cents loss at $21.50, a new 52 weeks low and Supreme Ventures with 3,051,100 shares as the price slipped 9 cents to end at $1.90.
Junior Market| The JSE Junior Market Index gained 1.25 points to close at 719.35 as 3 stocks traded with 1 advancing and 1 declining and a debenture.
Gains| The only stock recording gains at the end of trading in the junior market was Lasco Distributors with a mere 1,490 shares to close with a gain of 2 cents at $1.20.
Firm Trades| Jamaican debenture notes traded 34,000 units at par of $100 each, valued at $3,400,000 and Medical Disposables 2,000 units to close at $1.95 were the only securities in the junior market that traded to close at the same price as the prior trading day.
Declines| The only stock declining in the junior market at the end of trading is AMG Packaging with 2,751 shares to close with a loss of 20 cents at $3.10, for a new 52 weeks low.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with the bid higher than the last selling price and 5 stocks with offers that were lower. This suggest continued sideways movement for the market in the short term.
J$ makes gain versus US
The local dollar lost ground against the Pound sterling, was mixed against Canadian dollar but gained against the US dollar in Thursday’s forex trading as inflows were slightly more than outflows with the equivalent of $23,475,190 being bought, to $22,721,583 sold. On Wednesday dealers bought the equivalent of US$31,876,372 to $34,108,329 sold.
In US dollar trading, dealers bought US$19.58 million compared to US$24.57 million on Wednesday as the buying rate for the US dollar declined 3 cents to $111.09 and sold US$19,642,222 versus US$29,670,705 on Wednesday with the rate closing down 3 cents to $111.76.
The Canadian dollar buying rate fell 73 cents to end at $101.10 with dealers buying C$748,328 and selling C$755,327 as the rate rose 77 cents to end at $103.27.
The Pound closed at $188.61, for the purchase of £1,815,425, the rate is up $2.15, while £1,089,821 was sold, with the rate rising $1.79 to $190.32. Other currencies bought, amounted to the equivalent of US$129,641 while selling accounted for the equivalent of just $525,516.
Highs & Lows| The highest rate for buying the US dollar gained 15 cents to $112.05, the lowest buying rate remained unchanged at $90.81 as well as the highest selling rate at $116.42 but the lowest selling rate was up $17.29 to $108.10.
The highest buying rate for the Canadian dollar increased by 30 cents to $103.20, the lowest buying rate moved down 12 cents to $81.34, the highest selling rate was unchanged at $105.72 and lowest selling rate fell 15 cents to $98.
The highest buying rate for the Pound climbed $1.10 to $190.60 while the lowest buying rate inched down 8 cents to $151.23. The highest selling rate gained $2.44 to $194.95 and the lowest selling rate fell $1.30 to $181.
Grace, Sagicor & NCB dominate trades
On another day when stock broker Scotia Investment was involved in the sale of large trades in Grace Kennedy valued at $82,709,830, National Commercial Bank with a value of $43,035,978 and Sagicor Group with a value of $41,176,293, the volume continues on a high note. In today’s trading on the Jamaica Stock Exchange Mayberry Investments and Scotia Investments hit new 52 weeks lows at $1.45 and $22 respectively, for Mayberry it also it is the lowest price since it was listed on the exchange back in 2005. In trading activities elsewhere the prices of 5 stocks rose and 7 declined with only 16 securities changing hands resulting in 9,181,583 shares trading valued at $172,160,099.
Main Market| The JSE Market Index fell by 277.89 points to 69,662.9 and the JSE All Jamaican Composite index lost 310.73 points to close at 76,603.98.
Gains| Stocks recording gains at the end of trading in the main market are Cable & Wireless with 145,500 units changing hands gained 3 cents to close at 30 cents, Caribbean Cement 3,386 to close with an increase of 15 cents to close at $2.25 and Jamaica Money Market Brokers with 5,000 shares to gain a cent in closing at $6.61.
Firm| There were only stocks in the main market to close without a change in price as Grace Kennedy saw trading in 1,531,645 shares valued and closed at $54, Jamaica Broilers with only 1,864 units to end at $4.57, Sagicor Real Estate Fund traded 40,765 units to close at $6.09 and Scotia Group with 132,799 shares valued at $2,543,287, closed at $19.20.
Declines| The number of stocks that declined in the main market are Carreras with 11,958 while losing 44 cents to end at $33.51, Kingston Wharves with 6,802 shares to close 5 cents down at $5, Mayberry Investments with 25,000 units closed with a 5 cents fall at $1.45, National Commercial Bank with 2,487,460 units and closed 5 cents down at $18.50 with the vast majority trading around $17.20, Sagicor Group traded 4,672,227 units to close with a loss of 10 cents at $8.80 and Scotia Investments with 83,647 shares with a $1.10 loss at $22.
Junior Market| The JSE Junior Market Index advanced by 7.95 points to close at 718.10 as only 3 stocks traded with2 advancing and 1declining.
Gains| Stocks recording gains at the end of trading in the junior market are Lasco Financial traded 1,530 shares to close with a gain of 2 cents at $1.15 and Lasco Manufacturing gained 7 cents to close at $1.12 with 30,000 units.
Firm Trades| There were no stocks in the junior market stocks that traded to close at the same price as the day before.
Declines| Stocks declining in the junior market at the end of trading are Medical Disposables with only 2,000 closed with a 5 cents loss at $1.95, the lowest price since it was listed but still above the IPO price of $1.83.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with the bid higher than the last selling price and 6 stocks with offers that were lower.
WI closing in on with a win
the West Indies now need to take 2 more wickets to claim victory in the second test against New Zealand in Port of Spain, Trinidad. New Zealand trail by 18 runs with 8 second innings wicket down. Scores in the match New Zealand 221 and 221 for 8 in their second innings and WI 460 all out in their first innings. New Zealand lead the series 1 nil at this stage.
Inside trades at Sagicor & General Accident
A senior manager sold 1,820,000 shares of Sagicor Group under the group’s Executive Long Term Incentive Scheme on June 17, 2014. A director and a connected party of General Accident Insurance Company purchased 200,198 of the company’s shares on May 26, 2014.
Dividend at Kingston Wharves
Kingston Wharves approved the an interim dividend of 10 cents per stock unit payable on July 30, 2014, to shareholders on record at July 16 and the ex dividend date is July 14.
The company paid an interim dividend of 8 cents per share payable on December 20, last year. The company also paid a final dividend of 2 cents per share in respect of the financial year ended December 2012 and an interim dividend of 8 cents per share in respect of the 2013, on March 28 last year.
