Plenty buys says Market Watch
More inflows than outflows again
The Jamaican dollar was virtually stable against the US dollar but lost ground against the Canadian dollar and the Pound sterling in Tuesday’s trading as the purchase of foreign currency by dealers exceeded selling for the third day in a row.
Trading levels on the market on Tuesday were below Monday’s which is usually the norm, with dealers buying the equivalent of US$33,917,829 compared to US$44,386,802 on Monday and they sold the equivalent of US$28,025,802 versus US$50,757,616
In US dollar trading, dealers bought US$26,384,980 compared to US$46,175,243 on Monday as the buying rate for the US dollar fell 2 cents to $110.84 and sold US$22,336,540 versus US$40,725,949 on Monday with the rate closing up a cent at $111.40.
The Canadian dollar buying rate rose by 45 cents to end at $101.17 with dealers buying C$3,129,699 and selling C$3,127,180 with the rate rising 19 cents to end at $102.20.
The Pound closed at $184.47 for the purchase of £1,952,762 as the rate gained 8 cents while £806,732 was sold with the rate gaining 59 cents to $187.18. Other currencies bought amounted to the equivalent of US$1,426,083 while selling accounted for the equivalent of $1,465,144.
Highs & Lows| The highest and the lowest buying rates along with the highest selling for the US dollar remained unchanged at $111.60, $90.60 and $116.09 respectively but the lowest buying rate gained 42 cents to $90.60.
The highest buying rate for the Canadian dollar rose 2 cents to $102.15, the lowest buying rate increased by 17 cents to $80.68, the highest selling rate inched up 10 cents to $104.10 and lowest selling rate was up by a mere 20 cents to $97.20.
The highest buying rate for the Pound fell 15 cents to $187 while the lowest buying rate climbed just 4 cents to $149.40. The highest selling rate declined by $1.01 to $191.54 while the lowest rate fell 50 cents to $179.45.
Jamaica Producers top inside trades
Jamaica Producers Group advises that a director purchased 433,941 shares in the company on June 6, 2014 while the Gleaner Jamaica advises that a senior manager sold 100,000 shares on June 3, 2014 and National Commercial Bank advises of the purchase of shares by Directors on May 30, 2014 and June 3, 2014 amounting to 37,208 units.
Market gives up all of Friday’s gains
In Tuesday’s trading on the Jamaica Stock Exchange the prices of 7 stocks rose and 6 declined as 25 securities traded resulting in 3,716,481 shares trading valued at $33,409,503.
Main Market| 6 companies in the main market declined as the indices fell with the JSE Market Index having slipped by 387.98 points to 70,095.51 and the JSE All Jamaican Composite index fell 433.82 points to close at 77,087.72, in the process along Monday losses, both indices gave back all the gains enjoyed on Friday in just two trading sessions.
Gains| Stocks recording gains at the end of trading in the main market are Jamaica Broilers while gaining 2 cents in trading 55,620 shares to close at $4.57, Kingston Wharves with 13,256 shares to close with a gain of 5 cents at $5.10, National Commercial Bank with 1,658,183 units changing hands as the price gained $1 to close at $18.50, Pan Jamaican Investment with 10,000 shares gained 45 cents to close at $48.50, Scotia Investments 1,667 units with a 10 cents increase to close at $23.10 and Supreme Ventures with 3,000 shares as it gained 5 cents to close at $1.95.
Firm| There were only 5 stocks in the main market and one in the US dollar market to close without a price change with Caribbean Cement trading 3,080 shares in closing at $2.40, Desnoes & Geddes 1,666 shares to close at $4.25, Gleaner with 53,000 units to close at $1.10, Jamaica Money Market Brokers 4,169 ordinary shares in closing at $6.70, Kingston Properties 52,680 shares to close at $4 and Proven Investments with 10,000 ordinary shares, closed at US$0.18.
Declines| The number of stocks that declined in the main market are Cable & Wireless with 521,644 shares while losing 2 cents to end at 27 cents, Carreras with 27,672 to close down 45 cents at $33.01 as the stock traded ex-dividend today with the dividend payment of $1.75 payable on June 26, Hardware & Lumber traded 26,029 units, 50 lower at $10, Sagicor Group traded 5,000 shares for 11 cents less at $9 and Scotia Group closed with a 70 cents loss to $19.30 with 34,138 shares changing hands.
Junior Market| The JSE Junior Market Index inched up by 0.11 points to close at 712.04 as 6 securities traded with 1 advancing and 1 declining.
Gains| Lasco Distributors with 246,510 shares traded with a one cent gain to close at $1.19 was the sole stock to record a gain at the end of trading in the junior market on Tuesday.
Firm Trades| The 4 stocks in the junior market that traded to close at the same price as the day before are Access Financial with 500 units to close at $13.50, Consolidated Bakeries 270,000 shares to end at 90 cents, General Accident 190,221 units to close at $1.50 and Lasco Financial with 51,800 shares in closing at $1.15.
Declines| The only stock declining in the junior market at the end of trading is Lasco Manufacturing with 155,610 shares and closed a cent lower at $1.
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.
Only 6 stocks traded on TTSE
Trading levels on the Trinidad stock market on Tuesday was low with just 6 securities changing hands of which 3 advanced none declined and 3 traded firm with 48,447 stocks trading, valued at $737,074. Two stocks closed at 52 weeks high at the end of trading. The Composite Index lost 0.89 points to close at 1,183.81, the All T&T Index rose by just 1.77 points to close at 2,032.08 and the Cross Listed Index remained unchanged at 43.96. Firstcaribbean International will pay US$0.015 per share dividend on June 27 and Jamaica Money Market will pay J$0.17 cents on June 26 went x dividend today. Firstcaribbean reported a loss of US$196 million compared with a small profit of US$35.4 million in the first six months to April of 2013. Scotiabank went ex-dividend on the 9th of June and will pay $0.40 per share on July 10.
Gains| Stocks increasing in price at the close are Ansa Merchant Bank that added 1,168 shares valued at $45,132 to close at $38.64, National Enterprises ended at a new 52 weeks high with 3,300 shares valued at $63,006 and closed at $19.10 with a 14 cents gain and One Caribbean Media with a volume of 10,100 shares being traded for $228,966 gained 7 cents to close at $22.67 for a new 52 weeks high.
Declines| There were no stocks declining at the end of trading on Tuesday.
Firm Trades| Stocks closing with prices unchanged at the end of trading are First Citizens Bank with 250 units to close at $37.99, Guardian Holdings with 24,329 shares changing hands for $358,853 closed at $13.75, Infrequent trader Praetorian Property Mutual Fund saw 9,300 shares changing hands valued at $31,620 to close at $3.40.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had only 2 stocks with the bid higher than the last selling price and 5 stocks with offers that were lower.
JIIC Profit almost drowns
Grace Kennedy’s subsidiary Jamaica International Insurance (JIIC) was almost fully drowned by sharply increased claims losses in 2013 of $1.89 billion, up from $1.34 billion in 2012 resulting in a small profit of only $17 million as gross premium income rose from $4.18 billion to $4.3 billion and investment income rose by $130 million to $542 million, mainly due to foreign exchange gains of $114 million that increased by $65 million. In 2012 the company made profit after tax of $180 million.
During the year the company reviewed its claims provisioning and increased the provision for claims in the third quarter of the year resulting in losses up to the quarter.
Profit in 2013 fell even as administrative cost was held steady at $813 million in both years.
At year end JIC boast total assets of $7.5 billion a slight increase over the $7.24 billion at the end of 2012, at the end of 2011 assets stood at $6.5. Shareholders’ equity stands at $2 billion at December 2013. The asset base put JIIC just below Guardian General with assets of $8.65 billion at the end of 2013 but almost twice the size of General Accident with assets of $4.26 billion.
Small profit for JN Life
A relatively new kid on the block in the life insurance industry – JN Life Insurance recorded increased policy holder liabilities of $35.6 million last year that helped push assets of this fledgling entity to $253 million according to the 2013 audited financial statements of the company, up from $198 million in 2012. Shareholders’ equity of $203 million is backed up mostly by cash and investments.
Income for 2013, came mostly from premium of $51 million which was inadequate to make an underwriting profit leaving an underwriting loss of nearly $5 million. Investment income and foreign exchange gains of $15 million helped to land a profit after tax of $3.8 million compared with a profit of $4 million in 2012.
JN Life is fully owned by Jamaica National Building Society, it started underwriting insurance in July last year, the audited financial statements stated, having obtained license from the Financial Securities commission in December 2012 to conduct ordinary life business and group mortgage blanket protection policy.
More inflows than outflows but Ja$ slips
The Jamaican dollar lost further ground against the US dollar with the selling rate rising as well as against the Canadian dollar but gained against the Pound sterling in Monday’s trading.
Trading levels on the market on Monday were above Friday’s as dealers bought the equivalent of US$50,757,616 compared to US$44,386,802 on Friday and sold the equivalent of US$43,628,758 versus US$41,450,934.
In US dollar trading, dealers bought US$46,175,243 compared to US$41,028,885 on Friday as the buying rate for the US dollar fell 15 cents to $110.85 and they sold US$40,725,949 versus US$38,828,427 on Friday with the rate closing up by 3 cents at $111.40.
The Canadian dollar buying rate rose by 22 cents to end at $100.72 with dealers buying C$2,113,617 and selling C$1,742,238 with the rate rising 27 cents to end at $102.01.
The Pound closed at $184.39 for the purchase of £1,519,322 as the rate fell 17 cents while £679,265 was sold with the rate falling by 61 cents to $186.59
Other currencies bought amounted to the equivalent of US$134,869 while selling accounted for the equivalent of $169,598.
Highs & Lows| The highest buying rate for the US dollar declined 40 cents to $111.60 but the lowest buying rate gained 42 cents to close at $90.60, the highest selling remained unchanged at $116.09 and the lowest fell by $18.32 to be back at $90.18.
The highest buying rate for the Canadian dollar rose 23 cents to $102.13, the lowest buying rate increased by 4 cents to $80.51 but the highest selling rate inched up 21 cent to $104 and lowest selling rate was up by a mere 5 cents to $97.
The highest buying rate for the Pound fell 35 cents to $187.15 while the lowest buying rate climbed $1.08 to $149.36. The highest selling rate declined by $1.90 to $192.55 while the lowest rate remained unchanged at $179.95.
Market gives back much of Friday’s gains
In Monday’s trading on the Jamaica Stock Exchange, the prices of 5 stocks rose and 9 declined as 25 securities traded, resulting in 4,449,542 shares trading valued at $16,025,184. At the end of trading a large portion of the gain the market enjoyed on Friday was given back and two stocks closed at 52 weeks low.
Main Market| The prices of 4 companies in the main market rose and 6 declined as the indices fell as the JSE Market Index dropped 1,509.52 points to 70,483.49 and the JSE All Jamaican Composite index fell 1,687.91 points to close at 77,521.54.
Gains| Stocks recording gains at the end of trading in the main market are Grace Kennedy with 17,745 shares to close with a 50 gain at $54, Mayberry Investments 5,000 shares to close with a gain of 6 cents at $1.87, Sagicor Group with 490,713 units, closed 6 cents higher at $9.11 and Scotia Group with only 1,802 shares closed with a 90 cents gain at $20.
Firm| There were only 5 ordinary stocks in the main market to close without a price change with Berger Paints having 3,799 shares changing hands at $1.70, Desnoes & Geddes 100,000 shares closing at $4.25, Gleaner 210,666 shares closing at $1.10, Jamaica Money Market Brokers with 224,000 shares closing at $6.70 and National Commercial Bank 45,354 shares closing at $17.50.
Preference| The fixed income market saw trading in Jamaica Money Market Brokers 7.50% preference share with 2,320 units closing at $2, Jamaica Money Market Brokers 8.75% preference share 173,050 units in closing at $3.03, Eppley 9.5% preference share 52,600 units to close at $6.10, Proven Investments 8% preference share, 4,000 units to close at $5.09 and in the bond market, Jamaican Teas secured debenture 13,000 units at $100 each.
Declines| The number of stocks that declining in the main market are Caribbean Cement with 121,833 units and closed at 30 less at $2.40, Carreras 50,108 units and closed at down $1.79 at $33.46 the day before the stock traded X dividend with the payment of $1.76, Ciboney 44,000 shares as it closed with a 3 cent loss at 7 cents, Jamaica Broilers 37,273 units and closed at a cent lower at $4.55, Pan Jamaican Investment, 7,400 shares to close down 45 cents at $48.05, Supreme Ventures 55,350 units and closed 10 cents down at $1.90 for a 52 weeks low.
Junior Market| The JSE Junior Market Index declined by 16.48 points to close at 711.93 as 5 stocks traded with 1 advancing and 3 declining and one bond traded.
Gains| Lasco Manufacturing was the sole stock trading in the junior market with 1,635,481 units to close at $1.01 as the price inched up by a cent.
Firm Trades| Consolidated Bakeries with 610,177 units closed at 90 cents as the only stocks in the junior market stocks that traded unchanged in price at the close of trading.
Declines| Stocks declining in the junior market at the end of trading are Caribbean Cream with 266,000 units to close at 70 cents, 5 cents lower at the close, Caribbean Producers traded 72,871 shares and closed 20 cent lower at $2.65 and Lasco Distributors 218,000 units, 14 cents lower at $1.18 a new 52 weeks low.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 10 stocks with the bid higher than the last selling price and 5 stocks with offers that were lower.
Easy Monday as 1 stock rose 4 fell
Only one stock recorded gain in trading levels on the Trinidad stock market on Monday with 14 securities changing hands. The prices 5 stocks declined and 9 traded firm with 648,623stocks trading with a value of $2,283,252. The Composite Index lost 0.28 points to close at 1,182.92, the All T&T Index declined by 0.56 points to close at 2,030.31 and the Cross Listed Index remained at 43.96.
Gains| The only stocks increasing in price at the close is Point Lisas Industrial Port Development that climbed 14 cents to end the day at $4 as 539 units traded.
Declines| The stocks declining at the end of trading are ANSA McAL with 2,300 units with the loss of a cent to close at $66.29, First Citizens Bank closed at $37.99 in trading 1,314 shares as the price slipped by a cent, Scotiabank fell 10 to close at $69.80 as 4,785 of the banks shares were traded and Trinidad Cement had only 100 units changing hands as the price slipped to $1.95 after falling by 4 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are Angostura Holdings with 3,000 units to end at $12.75, Clico Investment Fund 5,124 shares valued at $110,869 to end at $21.64, Grace Kennedy 470 shares to close at $3.45, Guardian Holdings 6,500 with a value of $95,875 shares to close at $14.75, Guardian Media 128 shares to close at $19.75, National Commercial Bank with 597,239 shares changing hands for a value of $627,101 to close at $1.05, Sagicor Financial Corporation with 20,750 shares traded for $140,063’ closed at $6.75, Prestige Holdings 370 units in closing at $9.40, while Republic Bank added 6,004 shares valued at $724,683 to close at $120.70.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than the last selling price and 2 stocks with offers that were lower.
