The Main Market of the Jamaica Stock Exchange rose on Friday, for the 4th time this week and ended with rising stocks outpacing those declining by almost 2 to 1 after the volume and value of stocks traded were marginally different than market activity on Thursday and ended with trading in 60 securities compared with 55 on Thursday, with prices of 26 stocks rising, 15 declining and 19 ending unchanged.
The market closed with 13,604,571 shares being traded for $65,580,443 compared with 12,877,172 units at $69,293,990 on Thursday.
Trading averaged 226,743 shares at $1,093,007 compared to 234,130 units at $1,259,891 on Thursday and month to date, an average of 659,733 stocks at $6,104,693 compared with 685,922 units at $6,407,819 on the previous day and June with an average of 246,425 shares at $1,945,941.
Sagicor Select Financial Fund led trading with 5.81 million shares for 42.7 percent of total volume followed by Transjamaican Highway with 3.82 million units for 28 percent of the day’s trade and Wisynco Group with 1.01 million stocks for 7.4 percent of the day’s trade.
The All Jamaican Composite Index rose 1,682.41 points to 356,592.46, the JSE Main Index rallied 1,044.59 points to settle at 314,466.93 and the JSE Financial Index increased 0.42 points to end trading at 66.26.
The Main Market ended trading with an average PE Ratio of 13.7. The JSE Main and USD Market PE ratios are based on last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2025.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and five with lower offers.
At the close of the market, Berger Paints shed $1.90 to end at $6 with investors trading 4,340 stock units, Caribbean Cement rose 30 cents in closing at $64.50 after an exchange of 6,868 shares, First Rock Real Estate climbed 40 cents to $10.50 after closing with an exchange of 15,815 stocks. GraceKennedy popped 72 cents to close at $74.22 in an exchange of 39,133 units, Jamaica Producers gained 50 cents and ended at $24.50, with 2,030 stocks crossing the market, Jamaica Stock Exchange advanced 30 cents to finish at $11.40 in an exchange of 177,035 units. Kingston Wharves increased $1.42 and ended at $28.42 with traders dealing in 13,546 shares, Pan Jamaica rallied 50 cents to $50.50 after a transfer of 30,379 stock units, Portland JSX rose 35 cents to close at $9.55 in switching ownership of 113,515 shares. Proven Investments rallied 35 cents in closing at $18.85, with 7,100 stocks crossing the exchange, Sagicor Group popped 80 cents to finish at $40.80 with a transfer of 20,720 units and Wisynco Group advanced 48 cents to end at $20.98 with 1,012,767 stock units clearing the market.
In the preference segment, 138 Student Living preference share climbed $27.15 in closing at $155.25 with an exchange of 92 shares and Sygnus Credit Investments C10.5% increased $7.98 to $107.98, with jsut 1 unit crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Steady as they go on the JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks changing hands declining 76 percent with a 73 percent lower value than on Thursday, resulting in activity in five securities, down from nine on Thursday and ended with all five stocks ending unchanged.
The market closed with an exchange of 47,268 shares for US$3,703 down from 200,309 stock units at US$13,942 on Thursday.
Trading averaged 9,454 stock units at US$741 down from 22,257 shares at US$1,549 on Thursday, with a month to date average of 32,875 shares at US$2,402 compared with 34,001 units at US$2,482 on the previous day and June that ended with an average of 53,325 units for US$3,682.
The US Denominated Equities Index dropped 0.70 points to conclude trading at 224.17.
The PE Ratio, a most used measure for computing appropriate stock values, averages 8.1. The PE ratio is computed based on last traded prices divided by projected earnings done by ICInsider.com for companies with financial year ending and or around August 2025.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, AS Bryden remained at 22.49 US cents with a transfer of 5,139 stock units, MPC Caribbean Clean Energy ended at 70 US cents with investors exchanging 199 shares, Proven Investments remained at 11 US cents in switching ownership of 15,163 units. Sygnus Credit Investments ended at 7 US cents after a transfer of 4,093 stocks and Transjamaican Highway remained at 2 US cents with 22,674 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Tropical Battery to migrate
Tropical Battery, the energy storage and power generation company is heading to the Jamaica Stock Exchange (JSE) Main Market by the end of this year, the company reported in a release to the JSE.
Tropical currently has operations in Jamaica, the Dominican Republic and the United States.
According to the company directors, “Since our listing on the Junior Market in September 2020, Tropical Battery has experienced substantial growth and is now surpassing the junior market’s $500 million capital requirement. This strategic move to the Main Market reflects our commitment to continuing this trajectory of success and delivering enhanced value to our shareholders.” They go on to further state “Since our listing, revenue has grown more than threefold, from $1.8 billion to $5.7 billion forecasted for this fiscal year ending September 30, 2024.”
The company incurred a large amount of debt in funding recent acquisitions, with long term loans amounting to $2.9 billion and shareholders’ equity of only just $1.14 billion, in addition, the group has short term loans amounting to $1.8 billion. With gross cash flows from operations in 2023 amounting to $260 million and cash on hand of $429 million in March this year, funds on hand and to be generated over twelve months are not likely to be able to pay off the short term borrowings. Regardless, the heavy debt load is unhealthy and the company will need to bring the debt down to be in line with total equity. Accordingly, they will need the avenue of the Main Market to raise around $2 billion in equity to rebalance the financial position.
For the six months to March, the company reported revenues of $2.36 billion with $1.55 billion generated in the March quarter, with the operations producing $100 million in profit before minority interest and $164 million for the half year, excluding $77 million that was expensed relating to the acquisition of a subsidiary.
Economic uncertainty hitting Trinidad stocks
The Trinidad and Tobago Stock Exchange All Trinidad Index fell 12.49 points to close at 1,673.86 for the week ending on Friday, even as Ansa McCal jumped $4.48 to close the week at $63 but Scotiabank drop $1 during the week to be the stock with the biggest decline.
The market closed with eight stocks declining and six rising with Ansa McCal being by far the biggest price mover in a week that saw Republic Financial, Guardian Holdings and JMMB Group closing at 52 weeks’ low and Endeavor closing at a 52 weeks’ high of $17.
The market continues to decline for 2024 to date. This comes with tightness in the financial market in the country. The latest move by the central bank flowing from an unscheduled monetary policy meeting was the lowering of reserves of banks held at the central banks, from 14 percent to 10 percent of prescribed liabilities with effect from the reserve week beginning July 24, 2024. While the central bank kept their repo rate at 3.5 percent they indicate the Treasury bill rates have steadily declined by 27 basis points since February. At the last auction in July the average rates came out at 1.40 percent.
“Production indicators monitored by the Central Bank during the fourth quarter of 2023 and into the first three months of 2024, such as local sale of cement and new motor vehicle sales, point to vibrancy in some non-energy sectors. Meanwhile, data from the Ministry of Energy and Energy Industries indicate that output of crude oil and natural gas from the mature fields continued to slip over this period.”
PE ratios still show several stocks listed on the Trinidad and Tobago to be undervalued.
Heavy stock losses on Trinidad Exchange
Winning stocks were absent from the Trinidad and Tobago Stock Exchange on Friday, except for one as declining stocks continue to dominate market that has been in continuous decline for years that closed with a 52 percent drop in the volume of stocks traded, with a 33 percent lower value than on Thursday, resulting in 16 securities trading, down from 20 on Thursday and ending with prices of one stock rising, eight declining and seven ended firm.
The market closed with trading of 356,474 shares for $2,045,458 compared to 738,069 stock units at $3,061,906 on Thursday.
An average of 22,280 shares were traded at $127,841 compared with 36,903 units at $153,095 on Thursday, with trading month to date averaging 11,550 shares at $144,483 compared with 11,026 units at $145,296 on the previous day and an average for June of 9,110 shares at $119,497.
The Composite Index slipped 2.26 points to 1,118.49, the All T&T Index dropped 3.18 points to wrap up trading at 1,673.86, the SME Index remained unchanged at 78.26 and the Cross-Listed Index dipped 0.18 points to close at 73.37.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Ansa McAl remained at $63 after an exchange of 45 stocks, Calypso Macro Investment Fund ended at $24.25, with 1,569 units crossing the market, investors traded 540 shares of First Citizens Group at $44.05 each. FirstCaribbean International Bank ended at $6.86 with an exchange of 10,005 stock units, Guardian Holdings fell 10 cents in closing at a 52 weeks’ low of $15.45 with 100 shares clearing the market, JMMB Group ended at $1.10 with a transfer of 2,095 units. Massy Holdings gained 2 cents in closing at $3.60 following the trading of 318,218 stocks, National Enterprises remained at $3.19 after an exchange of 1,560 stock units, National Flour Mills dipped 3 cents to finish at $2 with investors trading 89 shares. One Caribbean Media sank 52 cents and ended at $3.14 in switching ownership of 75 units, Prestige Holdings fell 40 cents to end at $11.50 with traders dealing in 1,743 stocks, Republic Financial shed 10 cents to close at a 52 weeks’ low of $115 in an exchange of 4,285 stock units. Scotiabank declined $1 to $63 after 3,250 shares crossed the market, Trinidad Cement lost 13 cents to finish at $2.51 after a transfer of 10,000 stocks, Unilever Caribbean skidded 24 cents and ended at $10.75 as investors exchanged 1,080 units and West Indian Tobacco remained at $8.50 after it closed with 1,820 stock units changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading broadens on the JSE USD Market
Trading climbed on the Jamaica Stock Exchange US dollar market on Thursday, with a 696 percent jump in the volume of stocks exchanged along with a 565 percent climb in value trading on Wednesday, resulting from trading in nine securities, compared to six on Wednesday with prices of four rising, three declining and two ending unchanged.
The market closed with an exchange of 200,309 shares for US$13,942 well above the 25,171 units that traded at US$2,096 on Wednesday.
Trading averaged 22,257 stock units at US$1,549 versus 4,195 shares at US$349 on Wednesday, with a month to date average of 34,001 shares at US$2,482 compared with 35,114 units at US$2,571 on the previous day and June that ended with an average of 53,325 units for US$3,682.
The US Denominated Equities Index dipped 3.15 points to conclude trading at 224.87.
The PE Ratio, a most used measure for computing stock values, averages 8.1. The PE ratio is calculated based on last traded prices divided by ICInsider.com’s projected earnings for companies with financial year ending and or around August 2025.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last prices and one with a lower offer.
At the close of trading, AS Bryden ended at 22.49 US cents with investors trading 2,448 units, First Rock Real Estate USD share rallied 0.44 of one cent to 4.47 US cents and closed with an exchange of 7,469 stocks, MPC Caribbean Clean Energy popped 1 cent to finish at 70 US cents as investors exchanged a mere one share. Proven Investments lost 0.9 of one cent and ended at a 52 weeks’ low of 11 US cents after the trading of 84,198 stock units, Sterling Investments advanced 0.34 of a cent in closing at 1.83 US cents in an exchange of 322 shares, Sygnus Credit Investments remained at 7 US cents with investors trading 10,199 units and Transjamaican Highway declined 0.08 of a cent to 2 US cents with an exchange of 95,546 stocks.
In the preference segment, JMMB Group US8.5% preference share shed 14.99 cents to close at US$1.0501, with 30 stock units crossing the market and Sygnus Credit Investments E8.5% rose by 60 cents in closing at US$11 after an exchange of 96 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.