Stocks mostly gained on the Trinidad and Tobago Stock Exchange on Monday, but that did not prevent the two major market indices from falling following an 18 percent decline in the volume of stocks traded with a 10 percent greater value than on Friday and resulting in the trading of 14 securities down from 17 on Friday and ending with prices of seven stocks rising, three declining and four ended firm.
The market closed with trading of 35,422 shares for $461,124 compared to 43,150 stock units at $420,035 on Friday.
An average of 2,530 shares were traded at $32,937 compared with 2,538 units at $24,708 on Friday, with trading month to date averaging 9,030 shares at $152,034 compared with 9,376 units at $158,374 on the previous day and an average for June of 9,110 shares at $119,497.
The Composite Index dipped 2.39 points to close at 1,118.43, the All T&T Index dropped 4.62 points to finish at 1,681.73, the SME Index closed unchanged at 87.78 and the Cross-Listed Index remained at 72.18.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Angostura Holdings lost 81 cents to finish at $17.25 with a transfer of 8 shares, First Citizens Group popped 1 cent to $44.06 with an exchange of 484 stock units, FirstCaribbean International Bank ended at $6.86 with an exchange of 151 shares. Guardian Holdings dipped 15 cents in closing at a 52 weeks’ low of $15.60 with investors trading 150 stock units, JMMB Group remained at $1.10 after an exchange of 140 shares, Massy Holdings popped 10 cents to close at $3.70 with investors trading 11,760 stocks. National Enterprises ended at $3.21 after a transfer of 3,570 units, Prestige Holdings rallied 50 cents to close at $12 in switching ownership of 1,149 stock units, Republic Financial rose 25 cents tot $115 after an exchange of 2,855 shares. Scotiabank remained at $64 in trading just 1 stock unit, Trinidad & Tobago NGL climbed 25 cents to end at $7, with 92 stocks crossing the exchange, Trinidad Cement sank 5 cents to finish at $2.60, with 15,000 stock units being traded. Unilever Caribbean increased 40 cents and ended at $11 in an exchange of 12 shares and West Indian Tobacco advanced 5 cents to $8.50, with 50 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Fall for Trinidad Exchange
ICTOP10 reshuffle with one new stock
The Main Market of the Jamaica Stock Exchange slipped 2.3 percent in value in the past week while the Junior Market lost 2.2 percent, primarily due to declines in prices of Cargo Handlers, Caribbean Cream, Express Catering and Indies Pharma. The Main Market was hit with a 13 percent drop in the value of NCB Financial Group shares.
With the decline in the price of NCB Financial, the stock is so close to the TOP10 and is now peeping in but could be a struggle before moving sustainably upwards. The demand for the stock is weak currently and the price could be trading in the $40 region. Technical reading suggests a $45 price is not far-fetched before in finding a bottom.
At the end of the week, Dolla Financial rose 12 percent to $2.80 followed by Access Financial closing at $21.96 after gaining 10 percent and tTech up 8 percent to $2.70.
Caribbean Cream and Consolidated Bakeries lost 11 percent each to close at $3.35 and $2.00 respectively and AMG Packaging declined by 5 percent to $3.02. In the Main Market, Berger Paints rose 7 percent to $8.40 to be the leading mover followed by 138 Student Living up 6 percent to $4.09. There are no major declining stocks in the ICTOP10.
Guardian Holdings moved up on the JSE TOP10 listing, with earnings per share revised from $71 to $92 helped by a fall in the price at the close of the week. Price gain for Access Financial resulted in it moving from the 5th spot last week out of the list this week and Caribbean Assurance Brokers moved into the listing, following price slippage during the week.
Lasco Financial Services returns to the Junior Market TOP10, replacing Dolla Financial rising appreciably during the week. The Main Market had no changes.
The average PE for the JSE Main Market ICTOP 10 stands at 4.9, well below the market average of 13.9 and the Junior Market TOP10 sits at 6.9, just over half of the market, with an average of 12.5.
The Main Market ICTOP10 is projected to gain an average of 319 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 211 percent over the same period.
In the Main Market ICTOP 10, a total of 17 of the most highly valued stocks representing 33 percent of the Main Market are priced at a PE of 15 to 92, with an average of 29 and 19 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 10 stocks, or 21 percent of the market, with PEs ranging from 15 to 20, averaging 18, well above the market’s average. The average PE for the top half of the market is 17, possibly the lowest fair value measure for stocks currently.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns on or around May 2025 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Trading drops on JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with a 78 percent fall in the volume of stocks exchanged and an 85 percent lower value than on Thursday, resulting in trading in six securities, compared to four on Thursday with prices of two rising, two declining and two ending unchanged.
The market closed with an exchange of 54,388 shares for US$1,299 compared to 243,125 units at US$8,678 on Thursday.
Trading averaged 9,065 stock units at US$216 versus 60,781 shares at US$2,169 on Thursday, with a month to date average of 38,205 shares at US$2,673 compared with 40,815 units at US$2,892 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 0.63 points to close at 226.42.
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 three 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 investors dealing in 102 stocks, First Rock Real Estate USD share ended at 4.03 US cents in an exchange of 3,016 shares, Margaritaville sank 0.5 of a cent and ended at 8 US cents after just 1 stock passed through the market. MPC Caribbean Clean Energy rose 1 cent to close at 70 US cents as investors exchanged a mere 1 stock unit and Transjamaican Highway lost 0.09 of a cent in closing at 2 US cents with 51,165 shares clearing the market.
In the preference segment, JMMB Group US8.5% preference share climbed 24.99 cents to end at US$1.2499 with investors trading 103 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Declining stocks dominate Trinidad Exchange
Falling stocks outdistanced those gaining on the Trinidad and Tobago Stock Exchange on Friday, resulting from trading in 17 securities compared with 15 on Thursday and ending with prices of five stocks rising, nine declining and three ending unchanged with two declining stocks traded at 52 weeks’ low.
The volume of stocks traded declined by 67 percent with a 60 percent lower value than on Thursday, with trading of 43,150 shares for $420,035 compared to 129,847 stock units at $1,051,586 on Thursday.
An average of 2,538 shares were traded at $24,708 compared with 8,656 units at $70,106 on Thursday, with trading month to date averaging 9,376 shares at $158,374 compared with 9,848 stock units at $167,611 on the previous day and an average for June of 9,110 shares at $119,497.
The Composite Index rallied 0.08 points to wrap up trading at 1,120.82, the All T&T Index popped 3.02 points to close at 1,686.35, the SME Index remained unchanged at 87.78 and the Cross-Listed Index declined 0.43 points to end the day at 72.18.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Angostura Holdings increased 6 cents to end at $18.06 with investors swapping 1,000 stock units, Ansa McAl dropped $4.98 in closing at $58.52 after just one share passed through the market, Calypso Macro Investment Fund climbed 55 cents to $24.25 with investors dealing in 800 units. First Citizens Group remained at $44.05 after an exchange of 2,905 stock units, FirstCaribbean International ended at $6.86 with investors trading 647 shares, Guardian Holdings rose 15 cents to $15.75 with an exchange of 1,000 stock units. JMMB Group sank 4 cents to a 52 weeks’ low of $1.10 with 908 units changing hands, Massy Holdings skidded 10 cents in closing at $3.60 with traders dealing in 12,935 stocks, National Enterprises remained at $3.21 after an exchange of 11,045 units. National Flour Mills fell 2 cents to close at $2.10 with investors trading 5,015 stocks, Point Lisas declined 18 cents to end at $3.10 in an exchange of 100 shares, Prestige Holdings shed $1.20 to finish at $11.50 after trading of 1,777 stock units. Republic Financial sank 25 cents to $114.75 as investors exchanged 353 shares, Scotiabank advanced 1 cent to end at $64 with a transfer of 610 stocks, Trinidad & Tobago NGL slipped 25 cents in closing at a 52 weeks’ low of $6.75, with 100 stock units crossing the exchange. Unilever Caribbean lost 40 cents and ended at $10.60 in switching ownership of 1,584 stock units and West Indian Tobacco popped 15 cents to finish at $8.45 crossing the market 2,370 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Jamaican workers not as scarce as thought
Jamaica’s labour market is not as tight as previously thought, according to data on the employed labour force released by the Statistical Institute of Jamaica, this week.
The number of persons in the labour force jumped by 109,000 since October last year to 1.486 million up from 1.378 million last year, even as persons under 15 years old are now excluded from the data. The unemployment rate climbed to 80,700 persons for an unemployment rate of 5.4 percent compared to 57,300 or 4.2 percent last October, with 29,000 more persons employed in January this year, with a participation rate of 68.9 percent compared to 65.5 percent based on the October 2023 report.
“The changes reflect the latest international standards and approved guidelines in labour statistics proposed by the ILO, ensuring that the More data provided by the Institute remains relevant and comparable nationally and internationally,” Statin stated.
To be classified as unemployed, an individual must now meet the following three conditions: Absence of employment, Active job-seeking and Availability for work.
“Employment in this new framework is more narrowly defined as work performed for pay or profit. As a result, activities such as own-use production work, volunteer work and unpaid trainee work are now excluded,” Statin said. Persons under 15 years old are no longer included in the workforce, with the base now 15 years and over.
There were 100,700 young persons in the 15 to 24 age group who were not employed, not enrolled in educational activities or currently in training.
The number of persons outside the labour force declined to 669,400 compared to 725,000 in October last year.
While the labour force increased in 2024, the population used to compute the employment rate is down to 2.733 million in 2024 versus 2.746 million in October last year.
The reference week for the survey has moved from the last full week of the previous quarter to the first full week of the current quarter.