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JSE: JMMB leads trading

August 16, 2013 by IC Insider.com

Friday, 16th August 2013 | There was trading for 6,702,939 units priced at $53,276,771 as 5 stocks increased in price while 8 fell. Jamaica Money Market Brokers was the volume leader with 4,278,813 shares valued at $34.658 million.

JSE All Jamaican Composite closed at 85,330.76 down 561.93 points, the JSE Market Index closed at 85,299.89 a decline of 319.37 points and the Junior Market increased 5.41 to 802.84.

Main Market | Cable & Wireless lost a cent in trading 676,677 units as the stock closed at 17 cents, responding to higher loss in the June results than was generated in the June quarter 2012. Carreras declined further to $48.50 losing 50 cents in trading 26,875 units, reflecting investors’ negative reaction to the June quarter results which had a 41 percent reduction in profits and a cut in the dividend payment. There is little demand in the market currently for the stock.

Grace Kennedy traded 12,200 units at $56 down $1, Jamaica Broilers Group traded 116,150 units at $4.98, Jamaica Money Market Brokers traded a large volume of 4,278,813 as the stock traded at $8.10 with a value of $34.658 million, Jamaica Producers Group traded 25,789 share at $17.52 and lost 73 cents. Kingston Wharves traded 80,000 units at $7.60, National Commercial Bank Jamaica chipped in with 84,588 shares at $18.50 a decline of 54 cents, Sagicor Life Jamaica Limited lent support with 106,833 units closing at $8.50, Scotia Group Jamaica traded a nice volume of 300,734 shares and closed at $21.08, down 42 cents on the day. Scotia Investments traded 10,953 and closed at $26.01, off a $1.99, Proven Investments 8% traded 75,000 units at $5.09.

Junior market | In the junior market just 4 securities traded on the final day of the week, same as yesterday. KLE Group contributed a mere 1,549 as the stock declined by 10 cent to $1.70, Lasco Distributors put in 141,400 units as the stock closed firm at $1.50, Lasco Financial Services contribution was 30,000 units, the stock closed firm at $1.50 and Lasco Manufacturing 103,300 units, closing firm at $1.65. Friday’s trading in the Lasco stocks suggest that profit taking is ending and the way could be paved soon for more gains in the prices of all three companies.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks was higher than the last selling price with 1 stock having an offer that was lower.

TTSE: PE Ratio green lights TCL

August 16, 2013 by IC Insider.com

When we highlighted the stocks with the best potential for gains in the Trinidad Stock Market for the week ending June 28th, Trinidad Cement showed a potential to gain 900% with a PE of 3.17. and a stock price of 95 cents.

Since then, the stock has appreciated to $1.76 at August 16th,reducing the potential gain to 650%. Since July 1st, the stock is up 85% from when it traded at 95 cents. No other stock has appreciated close to that of TCL and the potential gains remain the same as was projected last week. TCL looks as if it will continue to increase in price over the coming week as the bid at the close on Friday was a bit higher than the last selling price of the stock.

The PE Chart continues to reflect good buying opportunities for a number of the stocks apart from TCL.

Filed Under: Company News, Stock Market, TTSE Market Tagged With: PE Ratios, TCL, TTSE

TTSE: Unilever dominates

August 16, 2013 by IC Insider.com

Friday, 16th August 2013 | Jamaica Money Market Brokers was leading stock trading on the Trinidad & Tobago Stock Exchange on Friday with 1,350,000 shares changing hands for a value of $675,000. This was the second big trading day for the stock as 834,646 units were traded on Thursday clearly benefiting from a big jump in the company’s first quarter profits of J$753 million compared to J$470 million in 2012 from ongoing business. However, Unilever Caribbean stole the show for the value of trade at $1,975,823 for 35,911 shares traded.

In a market that is in the process of consolidating, only 11 securities of which 3 advanced, 5 declined and 3 traded firm with price movements being moderate. The market registered a volume of 1,588,442 shares crossing the floor of the Exchange valued at $3,665,771.

Trinidad Cement with a volume of 102,000 shares traded for a total value of $179,520. The stock price increased by 6 cents to end the day at $1.76 and is now up 85 percent since July 3 of this year when it then traded at 95 cents. Grace Kennedy accounted for 29,000 units valued at $98,333.

Sagicor Financial Corporation suffered the day’s greatest loss, falling $0.32 to close at $6.30 as 13,520 of the company’s stock traded. Clico Investment Fund was the only active security on the Mutual Fund Market, posting a volume of 22,031 shares valued at $473,667 and trading firm at $21.50.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 2 stocks was higher than the last selling price, with 2 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

JSE: JMMB dominant in an up market

August 15, 2013 by IC Insider.com

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Thursday, 15th August 2013 | Trading accounted for 15,667,671 units with a value of $102.95 million as 5 stocks increased in price while 8 fell. Jamaica Money Market Brokers was the dominant trade with 9,526,181 units valued $77.16 million as the price closed at $8.10, up 10 cents. However, Caribbean Cement was the star having made major moves over the last two weeks and closed up a cent at $2, after trading as high as $2.20 on the day with 242,535 units. The stock price responded to return of the company to profit in the June quarter.

JSE All Jamaican Composite closed at 85,892.69 an increase of 146.20 points, the JSE Market Index closed at 85,619.26, up 55.10 points and the junior market increased 2.02 to 797.43.

Junior Market | Only 4 stocks traded on the junior market as Jamaican Teas traded moderate volume of 14,432 shares at $4.39, 1 cents less at the end of trading, Lasco Distributors 255,734 units as the stock closed down 9 cents at $1.46, Lasco Financial Services 112,100 shares as the stock closed up 5 cents at $1.50, Lasco Manufacturing just 2,300, closing firm at $1.58.

Main Market | Cable & Wireless lost 2 cents while trading 4.57 million units as the stock closed at 17 cents. The stock is responding to higher loss in the June results than was generated in the year ago quarter. Carreras declined further to $49 losing $1 in trading 24,752 units. The stock continues to reflect investors’ negative reaction to the June quarter results. Grace Kennedy traded 33,682 units at $57 as the stock traded firm, Jamaica Broilers Group traded 76,710 units at $4.96, down 4 cents, Jamaica Producers Group contributed 250,200 units valued at $4.57 million at $18.25 and gained 10 cents. Kingston Wharves traded 82,996 units at $7.70, down 20 cents, National Commercial Bank Jamaica chipped in with 184,224 shares at $19.04, up 54 cents, Pan Jamaican Investment Trust traded 100,277 units at $51.10 as the price slipped 40 cents, Sagicor Life Jamaica Limited lent support with 39,346 units closing at $8.50, Scotia Group traded 266,400 shares as the stock traded and closed at $21.50 up 43 cents, Seprod traded 57,000 units firm at $13.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks was higher than the last selling price, with 1 stock with an offer that was lower.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

JMMB big bump in profits

August 15, 2013 by IC Insider.com

JMMB reported a big jump in profits from ongoing operations for the first quarter to June this year with profit after tax and due to shareholders of J$753 million and earnings per share of 46 cents for the quarter ending June 2013 compared to $470 million in 2012. The investment bank now looks set to rake in profits of around $2 per share for the year to March 2014, which makes the stock cheap at the last selling price of $8.

Last year, JMMB acquired all the shares of Capital & Credit Group. The 2013 figures are a combination of both entities, unlike 2012 when there was only a few days results included of both. Hence, the comparison with each year’s figures may appear distorted. For the current year, net interest income grew to $1.178 billion from $984 million in 2012. Gains on securities trading jumped more than 100 percent to $674 million from $300 million. Overall, net operating income was up strongly to $2.06 billion from $1.39 billion. Operating expenses also moved up from $837 million to $1.13 billion, a 35 percent increase that is mostly related to the CCFG acquired entities. Last year’s results had a one-off gain of $1.57 billion resulting from the CCFG acquisition, which was a surplus of assets acquired over the purchase price.

Regionally, Dominican Republic contributed J$390.9 million to Group profits. The Trinidad & Tobago based IBL Group, an associated company, contributed a loss of J$25.5 million due mainly to additional provisioning for loans. The Group has already stated that they have agreed to acquire the shares held by the other shareholder in the bank.

Shareholders’ equity stands at $18.7 billion at the end of June and the group has total assets under management of $175.5 billion and increase of $20 billion since last year June, a growth of 14 percent. JMMB has placed focus on lending with loans having increased by 17 percent to $12 billion since March or 69 percent annualised. While loans are a relatively small part of the assets, it could be one of the more profitable areas if lending is done smartly to minimize losses. If growth continues at the current pace, in a few years it could be a major part of the group’s assets and add much to profits. More importantly, when the IBL shares are fully owned the total loans will effective increase sharply over what is being shown now.

For the quarter, banking and related services only contributed revenues of $487 million out of a total revenues of $3.77 billion and profit of only $77 million.

JMMB is a financial conglomerate with the principal activities are securities brokering, securities trading, merchant banking, dealing in money market instruments, operating a foreign exchange cambio and managing funds on behalf of clients.

Insider call | JMMB is an IC Insider Buy Rated stock.

Filed Under: Company News, Company Results Tagged With: JMMB, JSE Company

TTSE: JMMB moves up

August 15, 2013 by IC Insider.com

Thursday, 15th August 2013 | Today’s market activity resulted in 12 securities trading as the prices of 4 stocks advanced, 4 declined and 4 traded firm.

Trading activity on the market registered a volume of 1,246,781 shares crossing the floor of the Exchange valued at $3,420,965. Jamaica Money Market Brokers after struggling to maintain its price for weeks came into its own with 834,646 shares trading for a value of $417,273 as the investment house reported strong profits for the first quarter to June. The stock traded up 5 cents to close at 50 cents.

National Flour Mills with a volume of 148,124 traded at a value of $103,687. Trinidad Cement contributed 140,000 shares with a value of $238,000 with the price increasing 19 cents to end the day at $1.70. The stock continues to respond positively to the company’s return to profitability. Sagicor Financial Corporation added 41,091 shares valued at $272,099 as the price fell 28 cents to close at $6.62. ANSA McAL traded 11,834 closing firm at $66.29, National Commercial Bank saw 21,186 units changing hands for $1.17, off a cent at the close. Scotia Investments gained 2 cents to $2.02 at the close while trading 34,000 units. West Indian Tobacco added 9,500 units at $117.05. The stock has been struggling to maintain its recent rapid rise in price since Carreras, a stock trading on the Jamaica stock Market and who imports the bulk of its cigarettes from WITCO, reported a 30 percent drop in sales which coincided with Jamaica’s introduction of a smoking ban in public.

Clico Investment Fund in posting a volume of 21,396 shares valued at $460,014 closed firm at $21.50.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 1 stock was higher than the last selling price while 4 stocks had offers that were lower.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

JMMB to raise $750M

August 15, 2013 by IC Insider.com

Jamaica Money Market Brokers is going to the public to raise $750 million in August by way of two sets of preference shares. The investment banking house lodged a prospectus with the Jamaica Stock Exchange (JSE) today with the offer.

The offer which opens on Wednesday, August 21 is for 313 million 7.5% preference shares maturing in August 30, 2018 at an issue price of $2 and a 7.25% preference share priced at $2.50 for 50 million units. The shares will be listed on the JSE. Dividends will be paid monthly on both issues.

JMMB is a listed company on the JSE as well as on the Trinidad & Tobago Stock Exchange. It currently has two preference shares listed on the JSE.

In it’s latest audited accounts to March this year JMMB reported profits of $3.85 billion after tax. The June first quarter results is slated for release this week.

Filed Under: Company News, General Business News, JSE Main Market, Stock Market Tagged With: JMMB, JSE Company

Profits up at Cargo Handlers

August 15, 2013 by IC Insider.com

The latest quarterly results for Cargo Handlers may not look impressive when compared with the 2012 figures, but the numbers actually beat last year’s by nearly 16 percent when it hit $22.6 million for the quarter to June. For the nine months to June, profits which are at $63.6 million, are up 29.6 percent over the $49 million generated in 2012. Revenues from the main operations is up to $115 million for the nine months from $95 million in 2012, a gain of 21.6 percent and for the quarter to June, revenues are $40 million from $34.6 million in 2012, a gain of 15.6 percent, slower than the nine months growth.

Earnings per share is 54 cents for the quarter and $1.53 year to date and looks as if earnings for the full year will top $2. For 2012, earnings came in at $1.73 per share. While profits are up, this company seems more like a dividend stock than one for great capital gains. Nevertheless, with the price around $13 for the stock and earnings in the $2 range there is room for price appreciation.

Administrative expenses didn’t move by much, from $6.16 million to $6.4 million year to date but other operating expenses are up 19 percent in the latest quarter and for the nine months, the increase was 29.4 percent.

At end of June, cash stood at $89 million, current assets at $123 million and current liabilities at just $20 million and is well covered. Shareholders’ equity stands at $108 million.

Dividend | Last year the company paid $1 per share in two dividends. So far they have made a dividend payment of $1 earlier in the year. No more should be expected, but you will never know.

Cargo Handlers operates out of Montego Bay and carries out stevedoring services.

Related Posts | Cargo Handlers profits up 38%

Filed Under: Company News, Company Results Tagged With: Cargo Handlers, JSE Company

JSE: Low trading activity

August 14, 2013 by IC Insider.com

Wednesday, 14th August 2013 | Activity was very moderate on the local stock market as just $15.7 million of stocks traded, accounting for 4 million units. 8 stocks advanced in price and 6 declined. All the indices fell marginally with the exception of a rise in the US index. The all Jamaica Composite index shed 153.81 closing at 85,746.49, the main Market Index fell by 87.42 to close at 85,565.16 and the Junior Market Index dipped 2.60 to 795.41.

Cable & Wireless accounted for the bulk of the shares traded with 2.5 million units at 19 cents. Jamaica Producers released results for the June quarter and accounted for the bulk of the amount traded of $5.48 million as the stock gained $1.06 to close at $18.25. Other stocks to trade with reasonable volumes or price changes were, Carreras with 37,751 units to close at $50, off 3 cents but the stock traded as low as $49.25. Desnoes & Geddes traded 41,553 units at $4.61, off 9 cents. Grace Kennedy 25,300 units, firm at $57, National Commercial Bank with 29,962, dropping 70 cents to close at $18.50 but traded as high as $19.20. Scotia Bank 89,729 units at $21.07 and Scotia Investments 66,000 units to close at $28 having traded as low as $27.

Junior market | Activity has moderated since the hectic trading before the end of July with the stock split of the Lasco companies. Eight companies traded in this market as Caribbean Cream traded 154,958 units at $1.07, Lasco Distributors put in 350,600 shares at $1.55, gaining 4 cents, Lasco Financial Services had 46,000 units changing hands, with a closing price of $1.45 and Lasco Manufacturing had 63,108 units trading and closed at $1.58.

One stock C2W Music reached $1, a new low since listing. The company reported results today showing continued losses.

There still has been no trading in Eppley shares since listing, the stock now has a bid at $350 for 449 units.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 5 stocks were higher with 1 stock with an offer lower than their last selling price.

After the bell | Pan Jam released lower profits for both the June quarter and year to June. Profit for the June quarter was $486 million attributable to shareholders, compared to $468 million in the 2012 quarter, an increase of 4 percent. For the 6 months ended June this year, profit was $710 million compared to $970 million for 2012, a decrease of 27 percent.

JMMB first quarter results to June show a big jump in profits from ongoing operations of J$832 million and earnings per share of J$0.46 for the quarter ending June 2013, compared to $470 million in 2012.

Seprod enjoyed a bump in profit in the June quarter of $312 million versus $161 million in 2012 and year to June $542 million versus $453 million in 2012. Both periods in 2013 were boosted by a $107 million gain from sales of equities.

Monetgo Ice reported improved results for 2013 of $3.5 million versus a loss of $590,000. Gains from foreign exchange earnings that increased by $3.5 million played a big role in the improvement.

Cable & Wireless reported increased loss for the first quarter to June amounting to $826 million compared to $430 million in 2012. The worsening position is due to increased spend in certain areas and reduced revenues offset by some areas of cost savings.

Jamaica Producers reported after tax profit due to the company’s stockholders of $73 million in the June quarter against $46 million in the 2012 period and for the six months $158.5 million versus $112 in 2012.

Dolphin Cove reported profit for the six months to June of $221 million compared to $195 million in 2012 and for the three months to June $103 million versus $84 million.

Proven Investments net profit after tax grew to US$1,033,815 from US$845,876 in 2012 June quarter.

KLE Group is reporting a worsened loss position for both the June quarter and year to date with a loss of $36 million in six months while in the 2012 period the loss was $9 million.

C2W Music reported a loss of US$345,855 for the six months to June 2013. For the similar period in 2012, the loss was US$131,284. There was just US$1,803 income for the period.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

FX: Market stable

August 13, 2013 by IC Insider.com

Tuesday, 13th August 2013 | The forex market returned to normality with sales and purchasing of foreign currency almost equal but with a slight bias to selling over buying by a million dollars as US$31 million was bought and US$32 sold. The market may well be settling down as can be seen from the fairly stable rates this week and may remain that way for the rest of August. Thereafter it will depend on the central bank and what it plans to do in providing liquidity from September to November, a historic period of less foreign currency inflows.

Just as was the case on Monday, rates for changing the currencies remained fairly settled as 16 cents was added to the buying rate for the US dollar which ended at $101.29 with only a cent increase for the selling rate of $101.87. The Canadian dollar rate dropped by 51 cents on the buy side to end at $96.66 and 56 cents on the selling rate to close at $98.23. It took 42 cents less for dealers to purchase the Pound at $155.03 and 9 cents less when they sold it at an average of $157.88.

Highest lowest | Movements in the highs and lows were mixed and were well contained except for the lowest selling rate for the pound which increased by $2.50 and closed at $152.50. The highest buying rate for the Pound was lower by 35 cents to $157.75 and the highest sell rate fell by 48 cents to reach $164.73. The lowest buy rate slipped by 37 cents to $127.78.

Buying of the US dollar was as much as $102.15, a decrease of 35 cents over the prior rate but the lowest rate paid by them inched up by 8 cents at $83.75. Selling took place as high as $107.32, while they sold the dollar as low as $83.67, the same rates as on Monday.

The Canadian currency fetched as high as $99, just 10 cents lower than on Monday but the lowest rate was $79.76, up just 8 cents. It took 11 cents more when selling at the highest rate of $102.83 and 80 cents less for the lowest sell rate of $95.20.