The Statistical Institute of Jamaica reported negative inflation of 0.6 percent for March, for a second consecutive month and point to point inflation of 5.6 percent to the year to date and follows and negative inflation of 0.6 percent in February and negative 0.10 in January.
With most businesses having granted healthy wage increases in 2022 and 2023, this publication does not expect there to be much wage pressure on inflation this year. With the inflation rate for the first three months of the year now at negative1.3 percent, which could climb even more in April, the increases in the summer months that usually flow from farm produces is likely to wipe out the gains in the early months but that should set the stage for the point to point to continue to trend to the lower end of BOJ’s mandate of 4 to 6 percent.
Bank of Jamaica has taken note of the inflation outturn in March 2024. According to a released by the central bank, “the 12-month point-to-point inflation (March 2023 to March 2024) was 5.6 per cent, which is within the Bank’s target range. The Bank welcomes the reduction in headline inflation, which was 0.6 percentage points lower than the 6.2 per cent point-to-point inflation rate for the period February 2023 to February 2024 and also lower than our most recent forecast”.
“The Bank notes that this is the second consecutive month of decline in headline inflation, which is a positive development, and the first time that the inflation outturn was within the Bank’s target range since October 2023.”
The bank went on to state “the analysis of the inflation numbers shows that the downward movement in the Consumer Price Index, for March 2024 was largely influenced by a 1.8 per cent decline in the index for the heaviest weighted division, Food and Non-Alcoholic Beverages. While the Bank had anticipated a decline for this division, the contraction was larger than expected and reflected reductions in the prices of some agricultural produce, such as tomato, yam, sweet potato, cabbage and carrot.”
“The Bank’s Monetary Policy Committee will continue to closely watch the inflation numbers and other incoming data over the ensuing months to assess the extent to which the current level of inflation will be sustained, before making a determination on whether to change the Bank’s monetary policy stance’ the statement concluded.
Jamaica’s NIR at record US$5.14 billion
Jamaica’s Net Internal Reserves surged to a record US$5.14 billion at the end of March buoyed by a hefty US$438 million inflows in March, moving the reserves from US$4.7 billion at the end of February this year. The surge follows a US$770 million build in the reserves in 2023 that saw the total rising to $4.76 billion at the end of 2023.
An examination of the financial statement of Jamaica’ central bank the inflows came from funds received mainly by the government of Jamaica.
ICInsider.com gather that the government was in the process of selling forward 20 years rental income for the two main international airports as such the inflows could well be related to this. The Minister of Finance in his budget presentation alluded to this.
Tepid Main Market trading
Trading activity dipped on the Jamaica Stock Exchange Main Market on Monday, with a 44 percent drop in the volume of stocks traded, with an 82 percent lower value than on Friday, following trading in 61 securities as was the case on Friday, with prices of 15 stocks rising, 28 declining and 18 unchanged.
The market ended trading of 6,145,603 shares at $29,633,029 compared to 10,926,398 units at $160,297,742 on Friday.
Trading averaged 100,748 shares at $485,787 compared to 179,121 units at $2,627,832 on Friday and month to date, an average of 1,117,606 units at $4,292,885 compared with 1,231,003 units at $4,717,442 on the previous day and March with an average of 828,473 units at $2,341,254.
Transjamaican Highway led trading with 2.33 million shares for 37.9 percent of total volume followed by Wigton Windfarm with 1.53 million units for 25 percent of the day’s trade and Sagicor Select Manufacturing & Distribution Fund with 541,191 stocks for 8.8 percent market share.
The All Jamaican Composite Index lost 64.70 points to close at 366,436.25, the JSE Main Index rose 255.28 points to end the day at 327,010.52 and the JSE Financial Index shed 0.11 points to end at 70.08.
The Main Market ended trading with an average PE Ratio of 13.1. 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 10 stocks ended with bids higher than their last selling prices and eight with lower offers.
At the close, AS Bryden increased $1.02 and ended at $40 with investors trading 4,641 shares, Barita Investments shed 50 cents to $72.50 in an exchange of 5,198 shares, Caribbean Cement lost $2.25 in closing at $57.24 with investors swapping 3,071 units. Eppley climbed $4 to close at $40 with a transfer of 2,500 stocks, Guardian Holdings sank $9.50 to finish at $360 after exchanging 347 units, Jamaica Stock Exchange rose 53 cents to end at $12.11 in switching ownership of 31,956 stocks. Kingston Wharves advanced 30 cents to $30.70 after a transfer of 7,584 shares, Mayberry Jamaican Equities fell 85 cents to finish at $10, with 9,216 stock units crossing the exchange, NCB Financial dropped $1.25 and ended at $65.25 with traders dealing in 25,786 shares. 
Scotia Group declined $2.93 to end at $44 in an exchange of 3,421 units, Seprod dipped $5.77 in closing at $77.58 with 9,441 stocks clearing the market, Stanley Motta slipped 75 cents to close at $6.05 with an exchange of 4,597 stock units. Supreme Ventures skidded $1 to $24 after 126,649 shares crossed the market and Wisynco Group dropped $1.39 to finish at $20.61 as investors exchanged 51,035 units.
In the preference segment, Jamaica Public Service 7% slipped $1.01 and ended at $46.99, with 110 stocks crossing the market, 138 Student Living preference share lost $3 to end at $210 after an exchange of 6 stock units, Productive Business Solutions 9.75% preference share popped $23.37 in closing at $118.45 with investors transferring 8 shares and Sygnus Credit Investments C10.5% dipped $6 to close at $104 after 379 stock units passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading climbs on JSE USD Market
Trading jumped sharply on Monday over the miniscule amounts traded on Friday on the Jamaica Stock Exchange US dollar market, with the volume of stocks exchanged rising 1,470 percent after 223 percent more US dollars entered the market than on Friday, resulting in trading in 10 securities, compared to six on Friday with prices of one rising, seven declining and two ending unchanged.
The market closed with an exchange of 152,339 shares for US$5,545 compared to 9,705 units at US$1,717 on Friday.
Trading averaged 15,234 units at US$554 up from 1,618 shares at US$286 on Friday, with a month to date average of 32,963 shares at US$2,123 compared with 35,733 units at US$2,368 on the previous day and March that ended with an average of 49,394 units for US$3,593.
The US Denominated Equities Index sank 0.73 points to conclude trading at 241.42.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.2. 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 seven stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, AS Bryden rose 0.47 of a cent to end at 22.49 US cents after an exchange of 2,250 shares, First Rock Real Estate USD share declined 0.08 of a cent in closing at 4.02 US cents after 1,946 stocks passed through the market, 
MPC Caribbean Clean Energy fell 1 cent to 61 US cents with an exchange of 16 shares. Productive Business Solutions remained at US$1.59, with one stock unit crossing the market, Proven Investments dipped 0.18 of a cent to end at 13.73 US cents in swapping 3,455 shares, Sterling Investments lost 0.09 of a cent to close at 1.51 US cents with 301 stocks clearing the market. Sygnus Credit Investments slipped 0.27 of one cent to 7.6 US cents with investors swapping 7,851 units, Sygnus Real Estate Finance USD share ended at 9 US cents after a transfer of 540 stock units and Transjamaican Highway slipped 0.02 cent in closing at 2.2 US cents, with 135,904 shares changing hands.
In the preference segment, Sygnus Credit Investments E8.5% skidded 10 cents to finish at US$10.70 in an exchange of 75 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
More decline for Junior Market
Trading closed on the Junior Market of the Jamaica Stock Exchange Monday, with a 52 percent rise in the volume of stocks traded, with 82 percent more value than Friday, with trading in 45 securities compared with 44 on Friday and ending with prices of 14 rising, 20 declining and 11 closing unchanged as Honey Bun closed at a new 52 weeks’ high and EduFocal traded at an intraday 52 weeks’ low of 90 cents.
The market closed trading of 4,798,812 shares for $10,594,590 compared with 3,153,277 units at $5,829,829 on Friday.
Trading averaged 106,640 shares at $235,435, compared with 71,665 units at $132,496 on Friday with the month to date, averaging 264,995 units at $607,255 compared to 283,220 stock units at $650,048 on the previous day and March with an average of 221,659 units at $464,382.
Spur Tree Spices led trading with 1.47 million shares for 30.6 percent of total volume followed by EduFocal with 536,957 units for 11.2 percent of the day’s trade and Stationery and Office Supplies with 517,761 units for 10.8 percent market share.
At the close of trading, the Junior Market Index declined 20.07 points to lock up trading at 3,783.95, with indications that it could fall further on Tuesday.
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 three stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Access Financial increased $1.12 and ended at $21.13 with investors trading just one share, AMG Packaging climbed 17 cents to $3.37, with 126,389 units crossing the exchange, following the release of b six months results with profit up 79 percent, Caribbean Assurance Brokers dipped 12 cents to end at $2.20, in switching ownership of 9,954 shares. Caribbean Flavours popped 12 cents in closing at $1.70 with an exchange of 7 stock units, EduFocal rallied 7 cents to finish at $1 with traders dealing in 536,957 shares, but only after hitting an intraday 52 weeks’ low of 90 cents, Express Catering fell 55 cents to close at $3.90 after a transfer of 29,969 units, following release of increased earnings for the nine months. But with a slightly lower profit in the third quarter, Fontana shed 10 cents to $8.90 as investors exchanged 18,527 stocks, Honey Bun rose 48 cents to finish at a new 52 weeks’ high of $8.40 after 65,847 stock units passed through the market, Iron Rock Insurance gained 22 cents and ended at $2.42, with 3 shares changing hands. 
ISP Finance dropped 49 cents to close at $30.51 with investors swapping 4 stocks, Jamaican Teas advanced 24 cents to end at $2.67 with a transfer of 16,616 units, Jetcon Corporation lost 7 cents in closing at 88 cents, with 54 stock units crossing the market. KLE Group skidded 50 cents to $1.90 with investors transferring 10 shares, Limners and Bards sank 26 cents to close at $1.45 with 44,863 units clearing the market, Mailpac Group declined 19 cents in closing at $1.90 after trading 327,193 stocks. Main Event slipped 40 cents and ended at $13.60, with 8,274 stock units crossing the market, MFS Capital Partners sank 7 cents to finish at $1.80 with an exchange of 38,315 shares and tTech rose 7 cents to end at $2.27 in trading 2 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Subdued Jamaica stock market trading
Investors shunned trading activity on the Jamaica Stock Exchange on Monday resulting in just $40 million being exchanged in the Main and Junior Markets as trading in the JSE USD market climbed sharply above Friday’s extremely low level and helped push prices of 28 stocks higher and 43 lower, at the close of trading.
At the end of trading, the JSE Combined Market Index gained 104.84 points to close at 339,850.42, the All Jamaican Composite Index skidded 64.70 points to 366,436.25, but the JSE Main Index gained 255.28 points to end at 327,010.52. The Junior Market Index skidded 20.07 points to conclude trading at 3,783.95 and the JSE USD Market Index sank 0.73 points to 241.42.
At the close of trading, 11,094,504 shares were exchanged in all three markets, down from 14,089,380 units on Friday, with the value of stocks traded on the Junior and Main markets amounted to a mere $40.23 million, well below the $166.13 million on the previous trading day and the JSE USD market closed with an exchange of 152,339 shares for US$5,545 compared to 9,705 units at US$1,717 on Friday.
In Main Market activity, Transjamaican Highway led trading with 2.33 million shares followed by Wigton Windfarm with 1.53 million stocks and Sagicor Select Manufacturing & Distribution Fund with 541,191 units
At the close of the Junior Market, Spur Tree Spices led trading with 1.47 million shares followed by EduFocal with 536,957 units and Stationery and Office Supplies with 517,761 units.
In the preference segment, Jamaica Public Service 7% slipped $1.01 and ended at $46.99, 138 Student Living preference share lost $3 to end at $210, Productive Business Solutions 9.75% preference share popped $23.37 in closing at $118.45 and Sygnus Credit Investments C10.5% dipped $6 to close at $104.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 20 on 2023-24 earnings and 13.4. 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.
Trinidad stocks mostly slide
Falling prices were the single most dominant feature of trading on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks traded rising 18 percent valued at 9 percent less than on Friday resulting from 17 securities that were traded compared with 16 on Friday and ending with prices of three stocks rising, eight declining and six remaining unchanged.
The market closed with an exchange of 176,997 shares for $1,850,702 versus 149,549 stock units for $2,042,881 on Friday.
An average of 10,412 shares were traded at $108,865 up from 9,347 units at $127,680 on Friday, with trading month to date averaging 14,389 shares at $161,398 compared to 14,811 units at $166,980 on the previous trading day and an average for March of 28,236 shares at $236,496.
The Composite Index lost 4.60 points to conclude trading at 1,213.43, the All T&T Index skidded 6.57 points to lock up trading at 1,829.16, the SME Index remained at 77.71 and the Cross-Listed Index fell 0.35 points to end at 77.61.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, Agostini’s rose 12 cents to $68.75 with 305 shares passing through the exchange, Angostura Holdings climbed 21 cents in closing at $22.95 with investors trading 7,818 units, Ansa McAl ended at $57 with an exchange of 30 stocks. First Citizens Group ended trading of 7,186 units $48.10, FirstCaribbean International Bank slipped 6 cents to finish at $6.95 with a transfer of 13,820 stocks, GraceKennedy ended at $3.90 after 165 shares were traded. Guardian Holdings dipped 25 cents to $18.75 in trading 30 units, JMMB Group dipped 1 cent to $1.49, with 5,381 stock units changing hands, Massy Holdings slipped 7 cents to finish at $4.30 as investors exchanged 17,973 shares. National Enterprises fell 8 cents and ended at $3.80 after trading in 57,673 stock units,
Prestige Holdings closed trading of 19,422 units at $14, Republic Financial ended at $119 with investors swapping 1,513 stocks. Scotiabank declined 5 cents in closing at $69.95 after 2,237 units passed through the market, Trinidad & Tobago NGL popped 46 cents to $8.96 with traders dealing in 15,517 stocks, Trinidad Cement ended at $2.71 with 20,000 shares clearing the market. Unilever Caribbean shed 94 cents and ended at $11.56 with investors dealing in 2,615 stock units and West Indian Tobacco skidded $1.48 to end at $14 after a transfer of 5,312 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Scotia & Express Catering depart ICTOP10
In a week of the market ups and downs with Scotia Group and Express Catering dropping out of the ICTOP10 listing. Price movements in the TOP10 have been notable, with Express Catering at long last making a move higher in adding 10 percent, to close at $4.45, but the potential of the stock is held back by the company’s poor corporate governance practices highlighted by the fact that loan funding is used to on-lend to related group companies, with no benefit to the company’s to the company, with the company giving up more than US$1 million per year.
In a review of the ICTOP10, the earnings for the current year were confirmed at 45 cents for AMG Packaging, following the release of six months’ results on Friday, showing profit up 78 percent for the latest quarter and the half year while tTech earnings were projected for the current year at 30 cents per share pushing the stock in the TOP10.
In market activity during the week, Caribbean Cream climbed 9 percent to $3.90, but Iron Rock Insurance fell 12 percent to $2.20 followed by Edufocal, down 10 percent to an all time low of 93 cents while Consolidated Bakeries slipped 8 percent to $2.01. In the Main Market, Key Insurance rose 12 percent to $2.48 and 138 Student Living rose 6 percent to $4.18 while Margaritaville dropped 12 percent to $14.10.
tTech is a new addition to the Junior Market ICTOP10 with the increase in projected earnings for 2024, replacing Express Catering and in Main Market TOP10, Jamaica Broilers returns, edging out the undervalued Scotia Group. Jamaica Broilers another severely undervalued stock with good long term growth prospects returns to the TOP10.
It is worth noting that Honey Bun that was last in the TOP10 in the week ending March 8 and hit a 52 weeks’ high of $7.92 this week to be up 18 percent since it was added to the listing in mid-February at $6.69. The price should continue to increase throughout 2024.
The average PE for the JSE Main Market ICTOP 10 stands at 5.5, well below the market average of 13.2 and the Junior Market TOP10 sits at 7.4 over half of the market, with an average of 12.6.
The Main Market ICTOP10 is projected to gain an average of 273 percent by May 2025, based on 2024 forecasted earnings, providing better values than the Junior Market with the potential to gain 191 percent over the same period.
In the Main Market ICTOP 10, a total of 16 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 107, with an average of 32 and 23 excluding the highest PE ratios, and a PE of 25 for the top half and 19 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 9 stocks, or 20 percent of the market, with PEs ranging from 15 to 44, averaging 22, well above the market’s average. The top half of the market has an average PE of 17, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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.
ICTOP10 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 and result 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 climbs but falling prices dominate
More funds were pumped into trading on the Jamaica Stock Exchange Main Market on Friday, but the volume of stocks traded declined by 32 percent while the value surged 390 percent over market activity on Thursday, with the number of securities traded remaining the same as Thursday at 61 of which prices of 17 rose, 19 declined and 25 ended unchanged.
Trading closed with an exchange of 10,926,398 shares for $160,297,742 compared to 16,091,472 units at just $32,718,333 on Thursday.
Trading averaged 179,121 shares at $2,627,832 compared to 263,795 units at $536,366 on Thursday and month to date, an average of 1,231,003 units at $4,717,442 compared to 1,363,030 units at $4,979,719 on the previous day and March with an average of 828,473 units at $2,341,254.
Sagicor Group led trading with 3.08 million shares for 28.2 percent of total volume followed by Transjamaican Highway with 2.93 million stocks for 26.8 percent of the day’s trade and Wigton Windfarm with 2.60 million units for 23.8 percent of the day’s trade.
The All Jamaican Composite Index sank 1,102.99 points to close at 366,500.95, the JSE Main Index dropped 1,547.35 points to end trading at 326,755.24 and the JSE Financial Index slipped 0.36 points to finish at 70.19.
The Main Market ended trading with an average PE Ratio of 13.2. 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 10 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments dipped 70 cents in closing at $73 after an exchange of 3,889 shares, Caribbean Producers fell 40 cents to $9 after 14,680 units passed through the market, First Rock Real Estate sank 85 cents and ended at $8.15 in an exchange of 9,317 shares. Jamaica Broilers dropped $1.10 to end at $32.80 with 45,528 stock units clearing the market, Jamaica Stock Exchange rallied $1.52 to close at $11.58 after an exchange of 211,603 shares, JMMB Group lost 54 cents to finish at $25.45 with investors swapping 36,491 units. Kingston Properties increased 32 cents to $8.07 and closed after two stocks were traded, Margaritaville shed $1.40 to close at $14.10 with traders dealing in 1,004 stocks,
Mayberry Group popped 30 cents to end at $7.30 as investors traded 784 shares. NCB Financial climbed $1.50 to $66.50 in switching ownership of 7,884 units, Proven Investments declined by 33 cents to $22.10, with 17,399 stock units crossing the market, Sagicor Real Estate Fund skidded 52 cents to finish at $7.50 in an exchange of 74,563 stock units. Stanley Motta slipped 30 cents to end at $6.80 with investors dealing in 2,000 shares, Supreme Ventures rose 40 cents to finish at $25 with a transfer of 29,121 stocks and Wisynco Group climbed $1 and ended at $22, with 57,591 units changing hands.
In the preference segment, 138 Student Living preference share fell $3 to end at $213 in trading 14 stock units and Sygnus Credit Investments C10.5% gained $4 in closing at $110 after 116 shares crossed the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Muted trading on JSE USD market
Stocks hardly traded on the Jamaica Stock Exchange US dollar market ended on Friday, with a 97 percent plunge in the volume exchanged following a 90 percent fall in value compared with Thursday and resulted in trading in six securities, down from seven on Thursday with prices of two rising, four declining.
The market closed with an exchange of 9,705 shares for US$1,717 down sharply on 326,941 units at US$17,135 on Thursday.
Trading averaged 1,618 units at US$286 versus 46,706 shares at US$2,448 on Thursday, with a month to date average of 35,733 shares at US$2,368 compared with 39,263 units at US$2,583 on the previous day and March with an average of 49,394 units for US$3,593.
The US Denominated Equities Index dipped 0.26 points to finish at 242.15.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.4. 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 six stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share dipped 0.8 of one cent to end at 4.1 US cents with a transfer of 3,000 stocks, 
Proven Investments lost 0.09 of a cent in closing at 13.91 US cents, with 286 units crossing the market, Sygnus Credit Investments shed 0.09 of a cent to end at 7.87 US cents with trading of 426 shares and Transjamaican Highway declined 0.03 cent to finish at 2.22 US cents with 4,872 stock units clearing the market.
In the preference segment, JMMB Group US8.5% preference share advanced 0.85 of one cent and ended at US$1.1985 with traders dealing in 1,113 shares and Sygnus Credit Investments E8.5% rose 30 cents to close at US$10.80, with 8 units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
