Trading on the Jamaica Stock Exchange Main Market ended on Tuesday, with the volume of stocks changing hands declining 26 percent and the value 22 percent lower than on Monday, with activity in 61 securities compared with 61 on Monday and ended with prices of 19 stocks rising, 24 declining and 18 ending unchanged.
The market closed with 8,127,453 shares trading for $68,683,585 down from 11,028,594 units at $88,599,929 on Monday.
Trading averaged 133,237 shares at $1,125,960 compared to 180,797 units at $1,452,458 on Monday and month to date, an average of 174,614 units at $1,135,795 compared with 185,174 units at $1,138,305 on the previous day and April that closed with an average of 680,802 units at $3,619,595.
Wigton Windfarm led trading with 2.65 million shares for 32.6 percent of total volume followed by Transjamaican Highway with 1.19 million units for 14.6 percent of the day’s trade and QWI Investments with 1.03 million units for 12.7 percent market share.
The All Jamaican Composite Index shed 1,855.81 points to close at 356,728.41, the JSE Main Index lost 1,104.98 points to finish at 319,557.13 and the JSE Financial Index skidded 0.32 points to 67.67.
The Main Market ended trading with an average PE Ratio of 12.8. 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 13 stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Barita Investments dipped 98 cents to $71.02 after an exchange of 25,437 shares, Caribbean Cement sank $2.60 in closing at $65, with 103,908 stocks crossing the market, Caribbean Producers rose 73 cents to close at $8.73 with an exchange of 19,810 shares. General Accident advanced 67 cents and ended at 52 weeks high of $7.57, with 103,656 stock units crossing the market, Guardian Holdings popped $9.90 to finish at $370 with investors trading 22 shares, Jamaica Stock Exchange dropped 63 cents to close at $10.27 after a transfer of 15,024 stock units. JMMB Group rallied $1.10 to $25.50 in trading 158,327 units, Kingston Properties fell 67 cents and ended at $7.81 with 1,314 stocks clearing the market, Lasco Manufacturing increased 38 cents to finish at $5.48 with investors dealing in 108,774 shares. Mayberry Jamaican Equities climbed $1.20 to close at $10.80 with investors trading 9,795 stock units, NCB Financial gained $1.50 in closing at $62.50 as investors exchanged 66,221 stocks, 138 Student Living skidded 87 cents to end at $3.01 with a transfer of 26,331 units. Pan Jamaica lost $2.78 in closing at $44.72 after 2,684 stocks passed through the market, Portland JSX declined 50 cents to $9 in an exchange of 3,201 units, Proven Investments shed 40 cents to close at $20.90 and closed after an exchange of 5,082 shares. Sagicor Group rose 93 cents and ended at $41.93 in switching ownership of 80,103 stock units, Scotia Group slipped 75 cents to finish at $41.25 with investors swapping 22,101 shares, Seprod sank 40 cents to end at $76.60 in an exchange of 13,086 stocks and Wisynco Group dipped 51 cents in closing at $20 with traders dealing in 571,693 units.
In the preference segment, Jamaica Public Service 7% fell 93 cents to $48, with 234 stock units crossing the exchange and Sygnus Credit Investments C10.5% dropped $1 to finish at $109 with investors transferring 3,350 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks dominate TTSE for a 5th day
The dominance of declining stocks in May continued on Tuesday in trading ended on the Trinidad and Tobago Stock Exchange, following a drop in the volume and the value of stocks traded and resulted in 20 securities trading compared with 16 on Monday and ending with prices of three rising, nine declining and eight remaining firm as the volume traded declining 80 percent and the valued 51 percent lower than on Monday.
The market closed trading with an exchange of 185,374 shares for $3,535,845 compared to 919,495 stock units at $7,213,577 on Monday.
An average of 9,269 shares were traded at $176,792 down from 57,468 units at $450,849 on Monday, with trading month to date averaging 20,877 shares at $208,588 compared with 24,194 units at $217,672 on the previous day and an average for April of 17,642 shares at $178,724.
The Composite Index increased 0.27 points to finish at 1,162.43, the All T&T Index rose 1.35 points to settle at 1,758.74, the SME Index climbed 1.19 points to lock up trading at 78.90 and the Cross-Listed Index dipped 0.12 points to 73.38.
Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Agostini’s ended at $69.03, with 20 shares changing hands, Angostura Holdings remained at $20.10 with investors transferring 124 units, Ansa McAl remained at $57 after 1,116 shares crossed the market. Calypso Macro Investment Fund increased 19 cents to end at $23 with a transfer of 15 stock units, Endeavour Holdings lost $1.25 to finish at $15 with 7,497 shares clearing the market, First Citizens Group dipped 1 cent and ended at $47.50 after it closed with an exchange of 15,631 stock units. FirstCaribbean International Bank slipped 11 cents to $6.93 with 824 units changing hands, GraceKennedy fell 15 cents to close at $3.90 with traders dealing in 45,990 stocks, Guardian Holdings skidded 27 cents in closing at $17.50 in an exchange of 1,852 units. JMMB Group ended at $1.35, with 16,400 stocks crossing the market, Massy Holdings popped 2 cents to $4.25 after a transfer of 21,765 shares, National Enterprises shed 2 cents and ended at $3.70 in trading 767 stock units. National Flour Mills ended at $1.94 after 1,200 shares passed through the market, NCB Financial declined by 5 cents to finish at $2.70 after investors traded 29,038 stocks, One Caribbean Media remained at $3.70 with investors dealing in 320 units. Republic Financial dipped 50 cents to close at $118 after an exchange of 11,642 stock units, Scotiabank rose $1.25 to end at $66.25 with investors swapping 9,748 shares, Trinidad & Tobago NGL dropped 13 cents in closing at $8 in switching ownership of 16,157 units. Trinidad Cement ended at $2.60 after an exchange of 1,275 stocks and West Indian Tobacco remained at $10 with investors trading 3,993 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on JSE USD Market
Trading jumped on the Jamaica Stock Exchange US dollar market ended on Monday, with a 359 percent surge in the volume of stocks exchanged, with a 552 percent jump in value compared to Friday’s activity, resulting in the trading of 11 securities, up from seven on Friday with prices of two rising, five declining and four ending unchanged.
The market closed with an exchange of 492,062 shares for US$57,344 compared to 107,250 units at US$8,800 on Friday.
Trading averaged 44,733 units at US$5,213 versus 15,321 shares at US$1,257 on Friday, with a month to date average of 28,230 shares at US$3,914 up from 18,676 units at US$3,162 on the previous trading day and April with an average of 35,401 units for US$2,453.
The US Denominated Equities Index popped 0.01 points to end trading at 236.41.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.3. The PE ratio is computed using 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 ended with a bid higher than the last selling price and none with a lower offer.
At the close, AS Bryden ended at 22.49 US cents after investors ended trading 82,768 shares, First Rock Real Estate USD share climbed 0.01 of a cent to 4.94 US cents in switching ownership of 570 units, Margaritaville remained at 10.03 US cents, with 37 shares crossing the exchange. Proven Investments sank 0.48 of one cent and ended at 13.09 US cents after a transfer of 41,578 stock units, Sterling Investments dipped 0.09 of a cent to finish at 1.51 US cents as investors exchanged 6,400 shares, Sygnus Credit Investments remained at 7.6 US cents, with 237 units crossing the market. Sygnus Real Estate Finance USD share ended at 9 US cents with investors swapping 281 stocks and Transjamaican Highway shed 0.08 of a cent to finish at 2.03 US cents with an exchange of 340,039 stock units.
In the preference segment, JMMB Group US8.5% preference share lost 7 cents and ended at US$1.20 after an exchange of 20,000 stock units. Productive Business Solutions 9.25% preference share popped 59.56 cents in closing at US$11.6456 with traders dealing in 125 units and Sygnus Credit Investments E8.5% skidded 25 cents to close at US$10.15 in an exchange of 27 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks held upper hand in Trinidad
Stocks mostly fell at the close of trading ended on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks changing hands rising 226 percent and valued 158 percent more than on Friday and resulting in 16 securities trading similarly to trading on Friday and ending with prices of three stocks rising, nine declining and four remaining unchanged.
The market closed with an exchange of 919,495 shares for $7,213,577 up from 281,951 stocks at $2,799,468 on Friday.
An average of 57,468 shares were traded at $450,849 solidly up on the 17,622 units changing hands at $174,967 on Friday, with trading for the month to date averaging 24,194 shares at $217,672 compared with 14,335 stock units at $148,614 on the previous trading day and April with an average of 17,642 shares at $178,724.
The Composite Index dropped 4.31 points to end the day at 1,162.16, the All T&T Index skidded 5.33 points to finish trading at 1,757.39, the SME Index remained unchanged at 77.71 and the Cross-Listed Index shed 0.45 points to end at 73.50.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Agostini’s remained at $69.03 in an exchange of 871 shares, Ansa McAl ended at $57 with 19,926 units clearing the market, First Citizens Group dipped 49 cents to $47.51 after trading of 210 shares. GraceKennedy gained 5 cents and ended at $4.05 after an exchange of 50,864 stock units, JMMB Group remained at $1.35 with investors trading 47,117 shares, Massy Holdings lost 2 cents in closing at $4.23 after trading 497,504 stocks. National Flour Mills dropped 16 cents to close at $1.94 with an exchange of 4,930 units, NCB Financial fell 15 cents to end at $2.75, with 185,147 stock units crossing the market, Point Lisas skidded 20 cents in closing at $3.70 after an exchange of 263 shares. Prestige Holdings popped 3 cents and ended at $11.23 with investors trading 4,100 stocks, Republic Financial sank $1.25 to close at $118.50 in switching ownership of 16,093 units, Scotiabank slipped 99 cents to finish at $65 with investors swapping 4,829 stock units. Trinidad & Tobago NGL shed 22 cents and ended at a 52 weeks’ low of $8.13 after an exchange of 127 shares, Trinidad Cement ended at $2.60 and closed after an exchange of 4,000 stocks, Unilever Caribbean rose 2 cents to $end at 11.14 after 3,172 stocks passed through the market and West Indian Tobacco slipped 10 cents to finish at $10 with investors dealing in 80,342 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks to watch with explosive potentials
Better than expected reported profits compared with the prior period has been the driver of local stock prices since last year into the current year. Late last year, Transjamaican Highway and Scotia Group reported a surge in profits over the previous year and investors rewarded them with a jump in their price and they did that for Caribbean Cement that released results early last week.
Last week, investors drove up General Accident shares to a new 52 weeks’ high and so too Caribbean Cement. The above are clear messages that profit growth outweighs interest rates as the driver of stock prices.
Three companies reported above average profits that should help lift prices over the coming days or weeks and are worth watching.
Caribbean Cement rose from $58 last week to trade as high as a new 52 weeks’ high of $69.90 in response to profits in the first quarter to March this year, from an increase of nearly 12 percent in revenues to $7.6 billion from $6.8 billion in 2023 with profits jumping 546 percent to $1.9 billion compared to a mere $289 million in last year first quarter.
Based on closing quotes buying interest is at the $60 level with a few shares at $61 but offers are at $69 to $70 levels and above. The gap could result in a standoff for a few days, with the stock popped strongly already.
General Accident reported earnings of $0.39 per share in its interim financial report for 2023 but released audited accounts with $0.52 per share earnings instead. The audited accounts show profit revised to $0.71 from $0.53 previously reported in 2022, based on the new accounting standard – IAS17 which requires insurance companies to report income and expenses dramatically differently from the previously used format.
ICInsider.com forecast earnings of $1.10 for the 2024 fiscal year. In the past two months, there was heavy buying in the stock, with 223,053 traded on Friday with the price closing at $6.50. A total of 1,026,154 units were traded during the week. In April, trading amounted to 19.77 million units and 23.8 million shares in March. These numbers suggest that Mayberry Investment disposed of the majority of shares they previously owned. At the close on Friday, there were only 8 offers on the board, amounting to less than 20,000 shares, up to a price of $9.57. There are 300,000 units on the bid over $5.95.
Caribbean Assurance Brokers reported solid gains in profit for 2023 compared to 2022. The latest audited results show the company earning $0.47 per share, in line with ICInsdier.com’s projection before the release of the third quarter results that showed a fall in revenues and profit. The company reported earnings of $0.30 per share in the previous year. ICInsdier.com projects earnings of $0.65, for 2024.
Buying is strong at the $2-2.20 level but with the results, many of these bids will move up to meet supply, mostly at $2.55 and above. With the latest results, released after trading on Friday, there should be major adjustments to bid and offer prices at the start of trading on Monday.
Dolphin Cove closed at a 52 weeks’ high of $20.03 and seems to be grudgingly moving higher, with bids mostly under $20 for small amounts. Offers are drying up with just 14 on the board, between $21 and $25, amounting to 144,000 shares. The trendline indicates the price slowly moving towards $23 in the weeks ahead. With the first quarter results due in days, the trajectory could accelerate with tourist traffic and the recently increased dividend payment suggests that profit should be seeing a bounce.
Also to be watched is Caribbean Producers with just 4 bids at the close on Friday, but sellers are overwhelming buyers at the close. The price looks set to fall below $8, before too long.
JMMB Group is another stock under pressure with more sellers than buyers. NCB Financial releases results on Thursday and is expected to declare an interim dividend.