All three Markets of the Jamaica Stock Exchange declined in trading on Tuesday with moderately trading, with the number of stocks changing hands falling, with the value of stocks traded rising modestly higher over the previous trading day, resulting in prices of just 23 shares rising and 46 declining.
At the close of trading, the JSE Combined Market Index declined 1,567.79 points to 331,742.67, the All Jamaican Composite Index slipped 361.32 points to end at 357,487.01, the JSE Main Index skidded 1,288.58 points to close trading at 319,217.40. The Junior Market Index dropped 47.71 points to finish at 3,692.54 and the JSE USD Market Index declined 2.56 points to conclude trading at 236.00.
At the close of trading, 14,746,118 shares were exchanged in all three markets, up from units on 17,563,944 Monday, with the value of stocks traded on the Junior and Main markets amounted to $80.45 million, just above the $75.2 million on the previous trading day and the JSE USD market closed with an exchange of 151,001 shares for US$8,136 compared to 98,295 units at US$9,105 on Monday.
In Main Market activity, Wigton Windfarm led trading with 4.83 million shares followed by Transjamaican Highway with 2.25 million units and Lasco Distributors with 683,042 stock units.
In the Junior Market, EduFocal led trading with 1.16 million shares followed by Dolla Financial with 409,370 stock units and One Great Studio with 359,377 shares.
In the preference segment, Eppley 7.75% preference share dropped $2.95 to close at $17.05.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.1 on 2023-24 earnings and 13.1 times those for 2024-25 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons within a sector and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
The chart should be used in making rational decisions when investing in stocks close to the average for the sector, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors.
Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is reported as a guide for investors to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.
Winners beat losers on Trinidad Exchange
Winning stocks had the upper hand over those declining on the Trinidad and Tobago Stock Exchange on Tuesday, with the volume of stocks traded jumping 387 percent and valued 55 percent more than on Monday and ended with trading of 17 securities, the same number as on Monday, with prices of seven stocks rising, three declining and seven remaining unchanged.
The market closed with an exchange of 682,766 shares for $3,187,606 compared with 140,119 stock units at $2,059,518 on Monday.
An average of 40,163 shares were traded at $187,506 compared with 8,242 units at $121,148 on Monday, with trading month to date averaging 17,721 shares at $146,997 compared with 16,271 units at $144,375 on the previous day and an average for April of 17,642 shares at $178,724.
The Composite Index fell 6.97 points to end the day at 1,132.88, the All T&T Index lost 4.47 points to conclude trading at 1,715.03, the SME Index remained unchanged at 78.90 and the Cross-Listed Index dropped 1.35 points to wrap-up trading at 71.37.
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 of the market, Agostini’s dropped 15 cents to finish at $68.60 with investors trading 440 stock units, Ansa McAl ended at $57, with 8,026 shares crossing the exchange, Calypso Macro Investment Fund ended at $24 with investors dealing in 125 stocks. First Citizens Group sank $3.99 in closing at $42.01 in switching ownership of 275 units, GraceKennedy ended at $3.90 with investors swapping 160 stocks, Guardian Holdings advanced 1 cent to close at $16.91 in an exchange of 380 shares. Guardian Media ended at $1.80, with 20,260 stock units crossing the market, JMMB Group rose 2 cents in closing at $1.28 with an exchange of 10,000 units, Massy Holdings ended at $4.19 after investors ended trading of 99,853 shares. National Enterprises remained at $3.50 after 140 units passed through the market, National Flour Mills gained 5 cents to close at $2.30, with 51 stocks changing hands,
NCB Financial ended at $2.70 with investors trading 515,941 stock. Prestige Holdings popped 29 cents to end at $13 with 324 shares being traded, Republic Financial dipped 81 cents to $117.05 as investors traded 3,522 stocks, Scotiabank rallied $4.41 to finish at $69.41 with a transfer of 5,064 units. Trinidad & Tobago NGL increased 5 cents in closing at $7.55 with 17,395 stock units changing hands and Unilever Caribbean climbed 20 cents to end at $12.20 after an exchange of 810 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Lumber Depot buys 35% of Atlantic Hardware
Lumber Depot announced the acquisition of a 35 percent in Atlantic Hardware & Plumbing Company Limited, a 30 year old Jamaican company, engaged in the wholesaling and distribution of hardware, building materials, plumbing, electrical, tools, and supplies to hardware stores, contractors, and developers across Jamaica.
Lumber Depot acquisition announcement.
The business located on “Ashenheim Road in Kingston is led by Managing Director, Deanall Barnes, an experienced business leader in the trading and distribution of building materials”, the release from Lumber Depot states.
There will be no change to the business strategy of Atlantic. Accordingly, it will continue to operate as a dedicated hardware wholesaler and distributor. The acquisition’s purchase price is $210 million and was funded with internal funds.
The investment will account for from May 1, 2024 by Lumber Depot. The majority shareholder of Atlantic is Construct Group, a private investment company.
Lumber Depot did not disclose either revenues nor profitability of the company in which the shares were acquired. ICInsider.com projects the company to get a boost in profits as a result of the investment, that should exceed the returns they were getting on the liquid funds they held. The Lumber Depot netted a 25 percent per annum return on equity up to the February quarter as such, it is unlikely that they did not pay much more than 4 time earnings for the 35 percent acquired and that would boost profit for Lumber Depot around $70 million and earnings per share in the region of 36 cents for the current fiscal year. There are also prospects for economies of scale, particularly in the purchase and importation of goods for resale that could result in cost savings, in the future.
Trading drops on JSE USD Market
The Jamaica Stock Exchange US dollar market ended trading on Monday, with a 65 percent decline in the volume of stocks exchanged having a 72 percent lower value than on Friday, after trading in five securities, similar to Friday and ended with prices of four rising, one declining leaving none unchanged.
The market closed with an exchange of 98,295 shares for US$9,105 compared to 280,988 units at US$32,878 on Friday.
Trading averaged 19,659 units at US$1,821 versus 56,198 shares at US$6,576 on Friday, with a month to date average of 34,445 shares at US$2,994 compared with 35,336 units at US$3,065 on the previous day and April that ended with an average of 35,401 units for US$2,453.
The US Denominated Equities Index gained 1.51 points to end at 238.56.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.7. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows one stock ending with a bid higher than the last selling price and one with a lower offer.
At the close, Margaritaville rose 0.2 of a cent to 10.01 US cents after exchanging 97 stock units, MPC Caribbean Clean Energy rose 1 cent to 61 US cents after 14 shares were traded, Proven Investments dropped 0.01 of a cent to close at 13.08 US cents after 12,602 stock units were exchanged. Sygnus Credit Investments popped 1.52 cents to end at 10 US cents, with 76,442 stocks changing hands and Transjamaican Highway climbed 0.05 of a cent in closing at 2.1 US cents after an exchange of 9,140 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
BOJ’s overnight rate held at 7%
Following the May meetings that concluded Monday of the Monetary Policy Committee (MPC) Bank of Jamaica held its overnight policy rate at 7 percent, although sighting lower inflation than projected, the rate has been at this level since November 2022, but the bank maybe signalling rate reduction in late summer.
According to the Central Bank Jamaica, the “headline inflation rate at April 2024 was 5.3 percent, which was within the Bank’s target of 4 to 6 percent and 0.3 percentage point lower than the rate recorded at March 2024. It was also lower than the Bank’s most recent forecast, mainly due to a faster-than-projected deceleration in agricultural food inflation. Core inflation (which excludes food and fuel prices from the Consumer Price Index (CPI)) was 5.7 percent in April 2024, marginally lower than the 5.9 percent in March 2024.”
BOJ cautioned that ‘while some key drivers of headline inflation, such as international grain prices and inflation expectations, continued to decline, international oil prices have increased. Inflation in the economies of Jamaica’s main trading partners has continued to moderate albeit at a slower-than-projected pace. The exchange rate has remained generally stable, given Bank of Jamaica’s (BOJ) monetary policy actions as well as strong tourism and remittance inflows.”
Jamaica’s Central Bank
BOJ went to further state, “the moderation in inflation is expected to be interrupted temporarily as inflation is projected to breach the upper end of the target range towards the end of the June 2024 quarter, mainly reflecting seasonally higher agricultural food inflation, a normalisation in electricity rates following significant declines in the same quarter of 2023, as well as higher transport costs due to an uptick in international oil prices. Inflation thereafter is projected to return to the target range and generally remain there over the next eight quarters except for a few months in 2025. The projected breaches in 2025 largely reflect a normalisation of agricultural prices following sharp declines in March 2024, which are not projected to re-occur.”
Main Market trading dives on Monday
Market activity fell sharply Monday on the Jamaica Stock Exchange Main Market, with the volume of stocks traded declining 72 percent valued 88 percent lower than on Friday, with trading taking place in 59 securities up from 57 on Friday, with prices of 23 stocks rising, 17 declining and 19 unchanged.
Trading accounted for an exchange of 7,531,690 shares for $58,984,158 down from 26,822,609 stock units at $484,009,143 on Friday.
Trading averaged 127,656 shares at $999,731 compared to 470,572 units at $8,491,388 on Friday and month to date, an average of 412,263 stocks at $2,609,321, down from 434,071 units at $2,732,653 on the previous trading day and April that closed with an average of 680,802 stock units at $3,619,595.
Wigton Windfarm led trading with 2.38 million shares for 31.6 percent of total volume followed by Transjamaican Highway with 1.11 million stocks for 14.7 percent of the day’s trade and Lasco Distributors with 1.10 million units for 14.6 percent of stock traded.
The All Jamaican Composite Index sank 551.92 points to end trading at 357,848.33, the JSE Main Index fell 811.24 points to settle at 320,505.98 and the JSE Financial Index slipped 0.41 points to close trading at 67.86.
The Main Market ended trading with an average PE Ratio of 13.5. The JSE Main and USD Market PE ratios are based on the 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 14 stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Berger Paints skidded $1.17 to close at $7.33 crossing the market 806 units, Caribbean Cement popped $1.10 to $64 in an exchange of 39,266 stocks, Caribbean Producers fell 75 cents and ended at $8.55 closed at 6,430 shares. Eppley shed 50 cents to end at $39 clearing the market with 29 stock units, Eppley Caribbean Property Fund shed 90 cents in closing at $38.60 trading 882 shares, GraceKennedy lost $2 to finish at $73.50 changing hands 110,782 stocks. Guardian Holdings slipped $9 and ended at $360 with an exchange of 13,197 units, Jamaica Broilers increased 50 cents to $31.50 passed through the market 76,485 stock units, Jamaica Stock Exchange climbed $1.25 to end at $10.50 with investors swapping 91,493 shares. JMMB Group rose $1.22 in closing at $24.72 after a transfer of 55,524 units, 
Lasco Manufacturing advanced 32 cents to finish at $5.70 as investors exchanged 537,047 stocks, Pan Jamaica sank $1.50 to close at $46 in trading 2,087 stock units. Sagicor Group dipped 40 cents to $40 after an exchange of 71,182 shares, Scotia Group dropped $1.35 to close at $41.90 with investors dealing in 23,949 units, Seprod gained 59 cents to finish at $78.59 after exchanging 52,091 stocks. Supreme Ventures shed 40 cents and ended at $24.60 with investors trading 16,871 stock units, Sygnus Real Estate Finance rallied 39 cents in closing at $11 in an exchange of 27 shares and Wisynco Group increased 75 cents to end at $21.25 with traders dealing in 91,445 stocks.
In the preference segment, 138 Student Living preference share popped 54 cents to $214.54 crossing the exchange 1 unit and Sygnus Credit Investments C10.5% gained $1 to end at $109 in switching ownership of 14 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market price changes evenly split
Trading closed on the Junior Market of the Jamaica Stock Exchange Monday, following a 93 percent rise in the volume of stocks traded, valued 19 percent more than Friday with trading in all 45 securities available to trade well up from just 36 on Friday and ending with price movements evenly split at 15 each between stocks rising, declining and closing firm.
Trading closed with 9,933,959 shares for $16,224,087 up from 5,151,901 units at $13,657,450 on Friday.
Trading averaged 220,755 shares at $360,535 compared to 143,108 stock units at $379,374 on Friday with the month to date, averaging 605,840 stocks at $1,281,092 compared with 637,462 stock units at $1,356,686 on the previous trading day and April with an average of 204,118 units at $439,599.
ONE on ONE Educational led trading with 4.37 million shares for 44 percent of total volume followed by Stationery and Office Supplies with 2.01 million units for 20.2 percent of the day’s trade and Everything Fresh with 908,181 units for 9.1 percent market share.
At the close of trading, the Junior Market Index increased 13.66 points to culminate at 3,740.25.
The Junior Market ended trading with an average PE Ratio of 12.8, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending around August 2025.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Access Financial jumped on the $3.10 to close at $21.10 in trading 3,450 shares, AMG Packaging spiked 61 cents to $3.50, with 305 stocks changing hands, Caribbean Assurance Brokers skidded 41 cents to finish at $2.79 after trading as low as $2.24 shortly after opening with an exchange of 33,315 shares. Dolphin Cove popped $1.19 and ended at a 52 weeks’ high of $22.69 after investors ended trading 89,551 stock units, Everything Fresh gained 10 cents to end at $1.80 in an exchange of 908,181 shares, Fosrich fell 7 cents in closing at $2.13 with investors transferring 12,894 stock units.
Future Energy shed 9 cents to close at $3.30 in an exchange of 75,815 units, Indies Pharma rose 34 cents and ended at $2.70 with 3,191 stocks clearing the market, Jetcon Corporation advanced 12 cents to close at 99 cents with an exchange of 416 units. KLE Group rallied 19 cents to finish at $2.09, with 556 stocks crossing the market, Limners and Bards declined 20 cents to end at $1.56 with investors trading 770 shares, Lumber Depot rose 9 cents in closing at $2.64 after a transfer of 53,042 stock units. MFS Capital Partners lost 14 cents to end at $1.30 as investors exchanged 10,351 shares and Spur Tree Spices gained 13 cents in closing at $2.35 with a transfer of 168,232 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading dives on the Jamaica Stock Exchange
Rising stocks outclassed those declining on the Main Market of the Jamaica Stock Exchange on Monday but the market indices dropped at the end of trading, the Junior Market rose while the JSE USD market closed moderately higher as trading ended with the number and the value of stocks changing hands falling from the previous trading day, resulting in prices of 35 shares rising and 32 declining.
At the close of trading, the JSE Combined Market Index climbed 682.46 points to 333,310.47 and the All Jamaican Composite Index fell 551.92 points to 357,848.33. The JSE Main Index shed 811.24 points to settle at 320,505.98. The Junior Market Index rose 13.66 points to 3,740.25 and the JSE USD Market Index gained 1.51 points to close at 238.56.
At the close of trading, 17,563,944 shares were exchanged in all three markets, down from 32,255,498 units on Friday, with the value of stocks traded on the Junior and Main markets amounted to $75.2 million, well below the $497.67 million on Friday and the JSE USD market closed with an exchange of 98,295 shares for US$9,105 compared to 280,988 units at US$32,878 on Friday.
In Main Market activity, Wigton Windfarm led trading with 2.38 million shares followed by Transjamaican Highway with 1.11 million stocks and Lasco Distributors with 1.10 million units.
In the Junior Market, ONE on ONE Educational led trading with 4.37 million shares followed by Stationery and Office Supplies with 2.01 million stock units and Everything Fresh with 908,181 units.
In the preference segment, Sygnus Credit Investments C10.5% gained $1 to end at $109.
The market’s PE ratio, the most popular measure used to determine the value of stocks, sits at 21.3 on 2023-24 earnings and 13.3 times those for 2024-25 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons within sectors and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
The chart should be used in making rational decisions when investing in stocks close to the average for the sector, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. 
Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is reported as a guide for investors to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.
Trinidad stocks falter to start week
Market indices declined as trading dived on the Trinidad and Tobago Stock Exchange on Monday, with a 72 percent fall in the volume of stocks traded that is valued at 27 percent less than Friday’s outcome, resulting in the trading of 17 securities compared with 20 on Friday and ending with prices of five stocks rising, eight declining and four closed unchanged.
Trading ended with an exchange of 140,119 shares for $2,059,518 down from 500,062 stock units at $2,826,343 on Friday.
An average of 8,242 shares were traded at $121,148 down from 25,003 units at $141,317 on Friday. Trading for the month to date averaged 16,271 shares at $144,375 compared with 16,825 units at $145,979 on the previous day and an average for April of 17,642 shares at $178,724.
The Composite Index dipped 1.37 points to settle at 1,139.85, the All T&T Index skidded 6.26 points to conclude trading at 1,719.50, the SME Index remained at 78.90 and the Cross-Listed Index rose 0.54 points to 72.72.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Angostura Holdings slipped 80 cents to finish at $18 with investors trading 125 shares, First Citizens Group fell 25 cents to end at $46 with an exchange of 20,000 units, FirstCaribbean International Bank rose 3 cents to $6.93 after 4,559 shares were traded. GraceKennedy ended at $3.90 with investors dealing in 3,915 stocks, Guardian Holdings dipped 1 cent to end at $16.90 in switching ownership of 2,711 shares, JMMB Group sank 8 cents to end at $1.26 and closed with an exchange of 5,115 stocks. Massy Holdings popped 18 cents in closing at $4.19 after an exchange of 6,036 units, NCB Financial remained at $2.70, with 850 stock units crossing the market, One Caribbean Media ended at $3.70 after investors closed trading of 1,010 shares.
Point Lisas ended at $3.50 after an exchange of 100 stocks, Prestige Holdings skidded 29 cents to end at $12.71 with a transfer of 1,615 units, Republic Financial lost 13 cents to close at $117.86 following 297 stock units changing hands. Scotiabank dropped $2.50 to $65 in an exchange of 7,480 shares, Trinidad & Tobago NGL shed 25 cents to finish at a 52 weeks’ low of $7.50 with traders dealing in 1,659 stocks, Trinidad Cement rallied 5 cents and ended at $2.60, with 48,852 units crossing the exchange. Unilever Caribbean increased 24 cents to close at $12 with investors transferring 1,211 stock units and West Indian Tobacco rose 1 cent in closing at $9.01, with 34,584 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
3 new additions to ICTOP10
In a week when most results for the 2024 first quarter were released, the JSE Jamaica Stock Exchange junior market had major swings while the Main Market continued to record gains. Only three stocks in the IC TOP10 recorded notable gains while 4 suffered sizable declines, the impact was that 3 new stocks entered the TOP10.
Dropping from the ICTOP10 this week are ISP Finance from the Junior Market and from the Main Market General Accident and Scotia Group. Earnings for ISP Finance were adjusted to $1.60 per share to reflect what the first quarter results suggest. Prices of General Accident and Scotia Group moved up slightly and were replaced by stocks that had lower prices by the end of the week.
tTech gained 9 percent to close at $2.20 following the company reporting earnings for the first quarter. Based on the report and other data, earnings for the current year have expanded to 35 cents per share, up from 30 cents originally projected. This is the only major upward price move in the week, for the Junior Market ICTOP10 as AMG Packaging, fell 17 percent $2.89, followed by Access Financial and Caribbean Assurance Brokers each down 9 percent to close at $18.00 and $3.20 respectively and ISP Finance chipped in with a 5 percent fall to $28.01 had your full cup chopped 4 percent to $0.90.
In the Main Market, Berger Pant, added to the list last week, jumped 17 percent to close at $8.50. Compared to last week, more sellers came into the market than at the close the previous week, but that did not prevent the stock from posting gains of 70 percent just before the company released results during the last week. selling in the stock is moderate below $12. Palace Amusement rose 6 percent to $1.08, while there were no major losses in the market during the week.
Dolla Financial is the only new listing for the ICTOP10 Junior Market for the week. In the Main Market, Pulse Investments and Lasco Manufacturing which dropped out of the list last week, are now in the ICTOP10.
The average PE for the JSE Main Market ICTOP 10 stands at 5.2, well below the market average of 13.3 and the Junior Market TOP10 sits at 7.3, just over half of the market, with an average of 12.6.
The Main Market ICTOP10 is projected to gain an average of 288 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 220 percent over the same period.
In the Main Market ICTOP 10, a total of 15 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 79, with an average of 32 and 20 excluding the highest PE ratios, and a PE of 20 for the top half and 16 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 12 stocks, or 26 percent of the market, with PEs ranging from 15 to 41, averaging 20, well above the market’s average. The average PE in the top half of the market is 17, possibly the lowest fair value 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.
