Blog Page — Page 1447

JSE: 17 stocks advanced to 6 declining

August 13, 2013 by IC Insider.com

Tuesday, 13th August 2013 | The market turned around today at the close as 17 stocks advanced to 6 declining with all the indices with trades enjoying gains, a respite from two days of healthy declines. Cable & Wireless was the dominant trade in terms of volume as stocks of 27 companies traded 11 million units valued at $39.16 million.

Main market trades of note | The all Jamaica Index gained 529.59 points closing at 85,900.30, the JSE market index gained 300.99 to close at 85,651.58. Investors gobbled up 8.35 million Cable & Wireless shares as the stock price closed 3 cents up at 19 cents. At the end of trading there were just over a 12 million units on offer at 20 cents each while bids are in for 7 million units at 18 cents. Caribbean Cement Company exchanged 78,372 units at $1.85 as the price gained 19 cents. Demand for Carreras has faded and only 18,000 units traded with price closing at $50 but there is only about 30,000 units on the bid side at the end of trading. Kingston Wharves traded 103,302 units at $7.60 closing up 8 cents. Mayberry Investments traded 183,686 shares at $2.60. National Commercial Bank had a big trade with 1.63 million units between $1920 and $19.52 but the price settled at $19.20 at the end up 65 cents. Sagicor Life traded 56,000 at $8.50.

Jamaica Money Market lost 65 cents while trading 5,173 units and closed at $7.85, Grace Kennedy gained 50 cents while trading 11,794 units to close at $57.

Junior market | It was a very light day for trading on the junior market with just 8 companies trading. Access financial lost 31 cents as the stock closed at $8.20 with 87,732 units. Caribbean Producers had 89,564 shares trading to close at $2.04. Lasco Financial Services dropped 6 cents to close at $1.43. Honey Bun traded a small volume but the price slipped back 50 cents to close at $3.50.

There still has been no trading in Eppley shares since listing and the stock has no bids or offers at the close of trading.

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 3 stocks having offers lower than their last selling price.

Palace triples profit

August 13, 2013 by IC Insider.com

Palace Amusement Company has reported profits that has more than tripled the results for the June quarter last year. Profit after tax came in at $26.6 million in the latest quarter versus $9 million in June 2012.

The company made $18.5 million for the 12 months to June 2013, up from the $14.7 million made for the year to June 2012, a 26 percent increase. The results completely erased the poor March quarter when revenues fell sharply and took profits with it. Year to date revenues are up to $862 million coming from $842 million in 2012 and in the last quarter revenues were $278 million versus $243 million in the same quarter in 2012 for a 14 percent increase, much better than the 2 percent increase for the entire year.

March quarter | Profit for the March quarter fell sharply compared to the March 2012 quarter to a loss of $22 million from $2.66 million in 2012. IC Insider reported in our analysis of the first quarter, that the fall in revenues was due primarily to a shift in a particular brand of film, which would normally be shown in the March quarter, but was shifted to the June quarter. The latest results are confirmation of this.

In the three months to March, operating cost fell by $16 million or 10 percent, while administrative cost was up 11 percent to $34 million. In the 2012 quarter, Palace generated income of $193.5 million, this was down 21 percent or $41 million to $152.3 million in the 2013 quarter. The fall-off in 2013 comes against the background of the company introducing a new product, the showing of live operas on screen and an encore season of opera’s best in the summer. Without them, revenues would have been lower.

June quarter | Gross margin climbed in the June quarter compared with 2012, but year to date, it just barely moved. Administrative cost was kept under raps for the year, moving from $138 million to $147 million, less than 6 percent but for the latest quarter it is up by a much larger 23 percent.

Palace had cash funds and investments of $124 million million at the end of the financial year, which is up from $80 million last year. Working capital would appear to be tight with current assets at $195 million and current liabilities of $173 million. Loans amount to $40 million with equity of $300 million.

Related posts | Palace’s $22m 3rd Qtr hit

Photo via: www.PalaceAmusement.com

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

TTSE: It’s Clico’s day

August 13, 2013 by IC Insider.com

Tuesday, 13th August 2013 | Clico Investment Fund traded 49,307 shares at $21.51 valued at $1,060,701 to be the dominant trade on the Trinidad & Tobago Stock Exchange today. A mere 136,296 units traded at a value for $2.43 million as only 7 securities traded but no stocks advanced, 2 declined with just a cent off each and 5 traded firm.

The main stocks trading were National Enterprises with 80,389 shares valued $1,286,224, One Caribbean Media with a volume of 1,000 shares for $18,000, Grace Kennedy just 1,000 shares with a value of $3,400, ANSA McAL 500 shares valued at $33,145.

Praetorian Property Mutual Fund remained at $3.41while trading 4,000 units.

There was only 1 stock, Trinidad Cement, with a bid that was higher than the last sale and 1 with an offer less than the last price; sign that the market has cooled off for the time being.

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

FX: Huge sell day

August 12, 2013 by IC Insider.com

Add your HTML code here...

Monday, 12th August 2013 | Today was characterised by large selling of US dollars by authorised dealers as the equivalent of US$60.6 million was sold against US$45.5 million bought. The rates for changing the currencies remained fairly settled as just 8 cents was shaved off the buying rate for the US dollar with no change for the selling rate. The Canadian dollar increased by 19 cents on the buy side and 13 cents on the selling rate. It took 44 cents more for dealers to purchase the Pound but sales were done at 54 cents less.

Highest lowest | Buying of the US dollar took place as much as $102.50, an increase of 35 cents over the prior rate but the lowest rate paid by them remained unchanged at $83.67. Selling took place as high as $107.32, which is an 11 cents increase while they sold the dollar as low as $83.67, off by $1.98.

The Canadian currency fetched a high of $99.10 when bought by dealers, just 5 cents lower than on Friday but the lowest the dealers bought the Maple leaf currency for was $79.68 up $1 and it took 64 cents more for selling at the highest rate of $102.72 and $1.60 more for the lowest sell rate of $96.

The rates for the Pound were mostly lower except for the highest buying rate, which climbed by 96 cents to $165.21 and the lowest sell rate that fell by $1.95 to reach $150. The highest buy rate slipped by 40 cents and the lowest by 13 cents.

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

Salada June profits down

August 12, 2013 by IC Insider.com

Salada Foods, producers of Mountain Peak instant coffee, reports lower profit in the June quarter, a continuation of lower profit in the March quarter versus the same periods last year. Profit came in at $42 million after tax for the latest quarter and $95.4 million year to date versus $52.49 million and $106.6 million respectively to June. Profit for the March quarter was $29.3 million, down from $35 million in 2012.

The lower profits for the March 2013 quarter occurred as sales were lower, emanating from price reductions in the quarter implemented to stimulate sales and market penetration as well as increased cost associated with the new brands being produced by Mountain Peak Ltd. The reduction resulted in sales in monetary terms for the quarter falling 15.6 percent to $141 million, a $26 million decline. Sales for the June quarter were down to $198 million compared to $246 million in 2012, off 21 percent and year to date, $491 million and $532 million in 2012, an 8 percent decline. The level of sales would have been expected to result in worse performance in profits, but better margins helped negate the effects of the fall off.

IC Insider has been reliably advised that the reduced sales is not an indication that demand by consumers have declined but it is more tied to excess inventory being held in the trade that is affecting demand directly from Salada. Translated, sales in the past was inflated to the extent that the trade was building up inventories and the needed adjustment is now taking place.

Expenses | Selling and Promotional expenses rose 29 percent to $15.6 million in the quarter and 24 percent to $29.6million. Administrative expenses rose 24 percent to $25.3 million in the quarter and 23 percent to $75.4 million for the six month.

The increase is attributed primarily with the commencement of operations for Mountain Peak Foods Ltd under which the acquired Roberts brands of processed condiments are being processed and marketed. In addition to this brand, the group is marketing under the Mountain Peak brand as well.

Finances | Salada is clearly very conservatively managed, as can be seen from some of the financial ratios. The company has a large current asset ratio of 9 to 1, well above accepted norms, with cash and investments of $207 million. There was no interest bearing debt on the books, and equity was a high $711 million.

The earnings for the year to September should exceed a $1.40 per share. This could mean that the stock may not have much room to climb in the current market environment. Interest ought to be focusing on 2014 when the new products being produced by the Mountain Peak boost sales and hopefully profit. There are limited supplies of the company’s stocks to trade, so anything is possible with the stock price if demand comes in for them.

Related Post | Salada’s stock price may be stuck

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

JSE: Cable & Wireless again

August 12, 2013 by IC Insider.com

Monday, 12th August 2013 | Investors not only snapped up a large portion of Cable & Wireless on Friday but took out the remnants of the stock that was on offer on Friday at 15 cents and drove the price to 16 cents at the end of trading. Investors bought 12,506,365 shares, most of it the moment the market opened, valued at $2 million. Demand that was non-existent from June 26 suddenly came alive last week. From Wednesday to Friday, 15.8 million shares traded with buyers picking up 11.5 million on the last day of the week.

Unlike Friday when there were not a great deal of bids, at the end of trading today there were 5.8 million units on bid at 17 cents while offers were around 19 cents. At the end of trade, there were bids for 23.6 million units at 15-17 cents and 9.4 million shares on offer at 19 cents where some volume can be found.

Look behind C&W | Part of the stimuli for the sudden interest could be tied to the release of information by Cable & Wireless Communications on the 25th of July indicating that whilst it is early days, they have seen a pick-up in customer numbers in Jamaica following the launch of a competitive new price plan. As noted at the release of the full year figures, market conditions in the rest of the Caribbean remain difficult, particularly in the Eastern Caribbean and Barbados. Interestingly, no mention was made of the difficulties in Jamaica. The major cost reduction plan announced at the full year is proceeding as anticipated and they are already seeing the benefits of the restructuring performed last year with operating expenses in the Caribbean down 5 percent against the first quarter in the prior year. Following the outsourcing of certain field force functions in Jamaica, they have seen an improvement in installation and repair times.

Other big trades | The next big trade was National Commercial Bank with 3 million units changing hands valued at $57.5 million as the price closed at $18.55, down 55 cents. Interestingly, NCB Capital Markets sold the bulk of the stocks with several brokers buying. Carreras came in with 240,000 units at a value of $12 million as the stock lost to close at $50.10, down 42 cents.

A total of 21.29 million units traded in the market at a value of $106.3 million as the price of 9 stocks advanced and 13 declined.

Main market trades of note | The all Jamaica Index shed 978.24 points (Friday 542.03) to close at 85,370.71 and the JSE market index fell 555.98 (Friday 308.06) to close at 85,906.57.

Caribbean Cement traded 65,500 shares and gained 15 cents to close at $1.66, a 52 weeks high. The bid closed at $1.66 for 17,000 units after trading as high as $1.85 and had an offer of 500 shares at $2.12, but there is virtually no supply in the market close to the offer price and only a few close to $3. Gleaner Company traded 1,853,251 units at $1.19, an increase of 3 cents for a value of $2.2 million. Jamaica Money Market Brokers traded 423,340 units valued at $3.6 million, the last traded price was $8.50, a gain of 50 cents. Pan Jam lost 63 cents to close at $51.12 with only 801 units changing hands. Sagicor Life traded 70,333 units to close at $8.40 down 30 cents and Scotia Group traded 51,680 to close at $21.06, off by 2 cents. Seprod fell $1.75 to $13 with only 1,100 shares trading.

Junior market | Stocks of 9 junior market companies traded as 2 advanced and 3 declined. Access Financial Services traded 67,570 units at $8.51 but traded as high as $9. Caribbean Creams traded 34,000 at $1.05 at the close but had a bid of $1.07 for 200,000 units at the end of trading. Caribbean Producers produced a volume of 154,958 units and closed trading at $2.03. Jamaican Teas traded 175,538 units at $4.35, slipping 5 cents on the day. Lasco Financial traded 114,784 shares firm at $1.49, down 3 cents. Lasco Manufacturing closed at $1.53, down 3 cents while trading 331,850 units.

Eppley shares that were listed on July 29, have still not traded and have no bids or offers at the close of trading.

Proven Investment ordinary shares traded 2,007,350 units valued at US$233,882, at 12 cents each.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer sentiment indicator shows that bids for 6 stocks were higher and offers of 2 were lower than their last selling price.

After the bell | Proven Investments posted net profit after tax of US$1,033,815 for the June quarter versus US$845,876 in 2012. Earnings per share was 0.35 US cents.

Guardian Holdings reported TT$36.571 million compared to TT$98.7 million and for the six months TTS$106.4 million down from $195.6 million in 2012.

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

TTSE: Not much trading

August 12, 2013 by IC Insider.com

Monday, 12th August 2013 | Trading on the Trinidad & Tobago Stock Exchange was low on the first trading day after Friday’s public holiday. Only 5 securities traded 3 declined, 2 traded firm and there were no stocks that advanced in price.

Trading accounted for 70,176 shares valued at $934,423. Our source in Trinidad suggest that the low volume in today’s trading may be due to Friday’s holiday as well as funds going into the Citizens Bank IPO with brokerage staff being tied up dealing with applications for the IPO.

National Enterprises had 30,363 shares changing hands for a value of $485,808, followed by Sagicor Financial Corporation with 28,763 shares traded for $198,465 and shedding 9 cents to close at $6.90. Scotiabank Trinidad & Tobago had a mere 200 shares trading valued at $14,000, while Republic Bank exchanged just 30 shares valued at $3,300.

Clico Investment Fund in posting a volume of 10,820 shares valued at $232,850 lost a cent to at $21.52.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator shows no stocks with bids that were higher and 1 stock with an offer lower than the last selling price.

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

T&T Citizens Bank IPO oversubscribed

August 12, 2013 by IC Insider.com

Word out of the Twin Island state of Trinidad & Tobago indicates that the Citizens Bank of Trinidad IPO, which went on sale July 15th and should have closed on Friday, August 9, is to be closed today. The new closing date is due to Friday being a public holiday in Trinidad.

The stock, which was priced at $22 per share for the IPO, is said by our sources to heavily oversubscribed from last week. The oversubscription is in line with comments heard by IC Insider out of Trinidad prior to the opening of the public offer suggesting that the shares will be avidly taken up. The stock, which has a PE of 11 times earnings at the IPO price, is expected to jump in price when listed later this month.

The government of Trinidad & Tobago is expected to benefit from the proceeds of $1.1 billion from the issue.

The take up of the issue is welcomed news for the Trinidad & Tobago stock exchange. Not only will the number of companies be increased but the new issue will generate additional revenue from annual listing fees as well as fees when the shares are traded.

The exchange is set to collect an annual listing fee of TT$130,000 plus TT$25,000 for the trading symbol and a fee for each trade amounting 0.30 percent of the consideration. The Central Depository will also garner fees for each trade as well.

Related Posts | First Citizens’ $1B IPO opens today

Filed Under: Company News, General Business News, Initial Public Offers, Stock Market, TTSE Market Tagged With: First Citizens, Trading Activity, TTSE

Keep an eye out and buy!

August 12, 2013 by IC Insider.com

Monday, 12th August 2013 | With the Emancipendence Holiday season over, will the markets be back on track? Our ‘Stocks to Watch‘ list previews some of the action expected in the markets this week.

Buy Rated Stock | New to our Buy Rated list is Sagicor. Our analysts were quite impressed by their recent quarterly report and will publish their reasons why in the upcoming days. Meanwhile, we reviewed the latest quarterly report from another Buy Rated stock, Barita Investments. In our opinion “At the current price in the $2.32 range . . . investors could reap good returns from this stock in 2014, if not before.”

Better than a broker’s ‘buy’ recommendation, IC Insider has no vested interest in any stock transaction or conflict of interest. Our research is backed by published reports of the company’s performance and insights of future earnings that can be found at ICInsider.com. The final decision to buy, or not, is your personal choice.

To find published reports for a Buy Rated stock on IC Insider, please use category ‘Buy Rated’ under Company News or enter the company name, in full or part at ‘Search IC Insider’.

Filed Under: Company News, JSE Main Market, Stock Market, TTSE Market Tagged With: JSE Company, TTSE

TTSE: PE Ratio bargins abound

August 12, 2013 by IC Insider.com

Friday, August 9th 2013 | There is not much change in the PE chart over the past week from the chart dated August 2nd, 2013 and investment bargins on the Trinidad Stock Exchange remain the same.

Top 4 stocks | Trinidad Cement Limited, which had a bid at the start of the week of $1.51 was well ahead of the actual price movement that ended the week at $1.51. The stock now has a bid of $1.54 but seems to be heading much higher as the PE is still so low with a huge potential upside.

National Flour, a company that has reported inconsistent results in the past, has room to grow based on profit numbers available. Guardian Holdings has never really garnered much following in the Twin Isle has lots of room to grow and Berger, which is on the mend should pick up interest in the future along with Neal & Massy, Citizens bank (after it lists), One Caribbean Media and Republic Bank.