Murders drop 17% in Jamaica

The pace at which murders in Jamaica are now being committed is progressing at an accelerated lower rate of 17 percent for the year to date, compared to the similar period in 2023 and a reduction of 16 percent at the end of August and 14.5 percent to July 6, according to data released by the Jamaica Constabulary Force up to the end of the first week of September.  
The report shows the period with 163 fewer murders than for the similar period in 2023 when 969 persons lost lives at the hands of criminals, resulting in 806 murders being recorded to date, holding the trend of less than 1,200 for the year.

Eric Solis trades up

Eric Solis Marketing that was listed on the SME market of the Trinidad and Tobago Stock Exchange on Monday had just two shares trading at $4.60, up 60 cents from the IPO price of $4. Trading activity in the overall market resulted in a mild fall in the volume of stocks traded with the value dropping 16 percent from Monday’s trades with 14 securities trading compared with 19 on Monday and ending with prices of four stocks rising, five declining and five ending firm.
The market closed with trading of 117,520 shares valued at $1,266,739 compared to 123,765 stock units at $1,510,113 on Monday.
An average of 8,394 shares were traded at $90,481 compared with 6,514 units at $79,480 on Monday, with trading month to date averaging 14,535 shares at $174,459 compared with 15,330 units at $190,372 on the previous day and for an average for August of 21,741 shares at $142,770.
The Composite Index shed 1.00 points to settle at 1,065.13, the All T&T Index sank 3.41 points to finish at 1,603.25, the SME Index remained at 87.78 and the Cross-Listed Index popped 0.22 points to wrap up trading at 68.48.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Citizens Group skidded 50 cents to finish at $43 after an exchange of 25 shares, FirstCaribbean International Bank ended at $6.90 with a transfer of 41,702 stocks, GraceKennedy fell 24 cents to $3.41 and closed after 3,000 shares changed hands. Guardian Media ended at $1.55 with 14 stock units crossing the market, JMMB Group popped 4 cents in closing at $1.05 after investors ended trading 100 shares, Massy Holdings closed at $3.50 after 29,147 stock units passed through the market. National Enterprises dipped 3 cents to $3.02 with 27,734 units changing hands, NCB Financial lost 2 cents and ended at $2.58 in an exchange of 3,000 stocks, Republic Financial remained at $112 with traders dealing in 1,726 units. Scotiabank slipped 1 cent to close at $53.54 after an exchange of 10,895 shares, Trinidad & Tobago NGL ended at $5 with 35 stocks being traded, Unilever Caribbean climbed 90 cents to end at $11.50 with 101 stock units crossing the market and West Indian Tobacco rose 27 cents to close at $8.31 with investors trading 39 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Jump in the JSE Main Market

The Jamaica Stock Exchange Main Market jumped on Monday, with the volume of stocks traded rising 154 percent and the value rising just 6 percent more than on Friday, with trading in 61 securities up from 57 on Friday, with prices of 28 rising, 16 declining and 17 ending unchanged.
The market closed with 18,204,801 shares being traded for $48,152,166 compared to 7,156,390 stocks at $45,293,210 on Friday.
Trading averaged 298,439 shares at $789,380 compared with 125,551 stocks at $794,618 on Friday and month to date, an average of 248,062 units at $3,996,417 compared with 237,646 units at $4,659,567 on the previous day and August that ended with an average of 290,511 units at $2,258,494.
Wigton Windfarm led trading with 9.13 million shares for 50.2 percent of total volume followed by Transjamaican Highway with 4.08 million stocks for 22.4 percent of the day’s trade, Sagicor Select Manufacturing & Distribution Fund with 1.94 million units for 10.6 percent market share and Transjamaican Highway 8% with 1.02 million shares for 5.6 percent of total volume.
The All Jamaican Composite Index advanced 2,790.40 points to conclude trading at 350,070.82, the JSE Main Index advanced 3,574.84 points to settle at 308,077.73 and the JSE Financial Index popped 0.61 points to 63.90.
The Main Market ended trading with an average PE Ratio of 14.3. 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 nine stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close of the market, Berger Paints advanced 74 cents and ended at $6.84 with just 226 shares crossing the market, Caribbean Cement rose $1.99 to $65 with an exchange of 44,951 stocks, Eppley climbed $2 to finish at $37 after trading in 15,155 shares. GraceKennedy increased $2.46 to end at $74.46 with investors dealing in 9,608 stock units, Guardian Holdings popped $3 in closing at $291 in switching ownership of 1,045 shares, Jamaica Producers rallied 50 cents to close at $21.50 after a transfer of 9,882 units. Massy Holdings gained 90 cents to $78.90 as investors exchanged 4 stocks, MPC Caribbean Clean Energy popped $8.80 in closing at $96.80 after just 2 stock units were traded, Pan Jamaica climbed $3.47 to close at $49.47 after an exchange of 4,396 shares. Seprod rose 51 cents and ended at $85 with investors trading 4,050 stocks and Wisynco Group lost 73 cents to finish at $21.02 in an exchange of 75,769 units.
In the preference segment, Eppley 7.50% preference share skidded 86 cents to end at $5.36 with 354 stock units changing hands. 138 Student Living preference share rallied $24.99 in closing at $199.99 in an exchange of only 1 share and Sygnus Credit Investments C10.5% sank $2 to $103 with investors swapping 796 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Mixed trading on the JSE USD Market

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The Jamaica Stock Exchange US dollar market closed modestly higher at the close on Monday, with the levels of market activity declining compared with Friday, with the volume of stocks traded dropping 35 percent valued at 523 percent more than on Friday, resulting in exchange of nine securities, compared to seven on Friday with prices of three rising, two declining and four ending unchanged.
The market closed with an exchange of 107,733 shares for US$45,990 compared to 166,468 units at US$7,387 on Friday.
Trading averaged 11,970 shares at US$5,110 compared to 23,781 shares at US$1,055 on Friday, with a month to date average of 171,852 shares at US$4,908 compared with 212,964 units at US$4,856 on the previous day and August that ended with an average of 297,880 units for US$8,245.
The US Denominated Equities Index increased just 0.70 points to end the day at 235.48.
The PE Ratio, one of the most popular measure to determine appropriate stock values, averages 8.1.The PE ratio is calculated based on last traded prices divided by projected earnings computed by ICInsider.com for companies with financial year ending 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 of the market, First Rock Real Estate USD share popped 0.1 of a cent to finish at 4.1 US cents after an exchange of 216 stocks, Margaritaville increased 2 cents to 10 US cents, with 218 units changing hands, Proven Investments ended at 10 US cents with investors trading 2,037 shares. Sterling Investments ended at 1.61 US cents after 547 stock units crossed the market, Sygnus Credit Investments ended at 7 US cents as investors exchanged 6,951 shares and Transjamaican Highway fell 0.12 of a cent to close at 2.13 US cents in switching ownership of 74,107 stock units.
In the preference segment, JMMB Group US8.5% preference share sank 8 cents to US$1.10 after an exchange of 1,800 units, JMMB Group 5.75% climbed 9 cents to finish at US$1.85 with investors dealing in 21,706 stocks and Sygnus Credit Investments US 8% ended at US$10 after an exchange of 151 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading jumps on Junior Market

Trading activity jumped on the Junior Market of the Jamaica Stock Exchange Monday, with a 109 percent rise in the volume of stocks traded, value 245 percent more than Friday following trading in 46 securities compared with 47 on Friday and ending with prices of 18 rising, 14 declining and 14 closing unchanged.
The market closed with trading of 12,112,942 shares for $27,337,385 solidly up from just 5,786,896 units at $7,913,746 on Friday.
Trading averaged 263,325 shares at $594,291 up robustly from 123,125 stock units at $168,378 on Friday with the month to date, averaging 794,636 units at $1,132,928 down from 900,898 stocks at $1,240,655 on the previous day and well above August with an average of 389,714 units at $570,529.
Future Energy led trading with 4.70 million shares for 38.8 percent of total volume followed by RA Williams with 3.03 million units for 25.1 percent of the day’s trade and JFP Ltd with 903,993 stock units for 7.5 percent market share.
At the close of trading, the Junior Market Index advanced by just 2.50 points to end trading at 3,665.51.
The Junior Market finished trading with an average PE Ratio of 12.5, based on last traded prices in conjunction with earnings projected by ICInsider.com for financial years ending around August 2025.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and five with lower offers.
At the close of trading, Access Financial slipped 8 cents to close at $18.95, with 3,875 shares changing hands, Cargo Handlers advanced $2.92 to $12 with an exchange of 100 stock units, Caribbean Assurance Brokers rose 10 cents to end at $3.20 with 29,941 shares crossing the market. Dolphin Cove fell 24 cents in closing at $22.50 after a transfer of 7,596 stock units, Everything Fresh climbed 21 cents and ended at $2.17 with a mere 2 shares crossing the exchange, Indies Pharma rallied 14 cents to finish at $2.80 with investors trading 196,742 stocks. Iron Rock Insurance popped 49 cents and ended at a 52 weeks’ high of $3.49 with a transfer of 233,000 stocks, JFP Ltd slipped 10 cents to 87 cents after 903,993 stock units passed through the market, Main Event rallied $1.60 to finish at $11.81 with investors trading 5,971 shares. Paramount Trading gained 23 cents to close at $1.38 with 20,001 stock units crossing the market and RA Williams rose 9 cents to end at 98 cents, the highest it traded at since listing as investor traded 3,034,856 units of the stock.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Gains for all JSE markets

Investors pushed the Jamaica Stock Exchange higher at the close of trading on Monday sending the main market solidly higher with the Junior and the JSE USD markets closed marginally higher, with trading ending with a greater volume of stocks changing hands sending the value traded higher than on the previous trading day, resulting in prices of 44 shares rising and 25 declining.
At the close of trading, the JSE Combined Market Index climbed solidly higher by 3,436.12 points to end at 320,893.47, the All Jamaican Composite Index popped 2,790.40 points to finish at 350,070.82 and the JSE Main Index climbed 3,574.84 points to 308,077.73. The Junior Market Index edged 2.50 points higher to 3,665.51 and the JSE USD Market Index rose 0.70 points to 235.48.
At the close of trading, 30,425,476 shares were exchanged in all three markets, up from 13,107,754 units on Friday, with the value of stocks traded on the Junior and Main markets amounted to $75.49 million, well over the $53.20 million on the previous trading day and the JSE USD market closed with an exchange of 107,733 shares for US$45,990 compared to 166,468 units at US$7,387 on Friday.
In Main Market activity, Wigton Windfarm led trading with 9.13 million shares followed by Transjamaican Highway with 4.08 million stocks, Sagicor Select Manufacturing & Distribution Fund with 1.94 million units and Transjamaican Highway 8% with 1.02 million stock units.
In Junior Market trading, Future Energy led trading with 4.70 million shares followed by RA Williams with 3.03 million units and JFP Ltd with 903,993 stocks.
In the preference segment, Eppley 7.50% preference share skidded 86 cents to $5.36, 138 Student Living preference share rallied $24.99 in closing at $199.99 and Sygnus Credit Investments C10.5% sank $2 to $103.
The market’s PE ratio, the most popular measure used to value stocks, ended at 19.8 on 2023-24 earnings and 13.3 times those for 2024-25 at the close of trading. ICInsider.com PE ratio chart and 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 more detailed daily 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 incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends that are paid or are due to be paid 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.

Eric Solis lists on Trinidad Exchange

Eric Solis Marketing following a successful Initial Public Offer, was listed on the SME market on the Trinidad and Tobago Stock Exchange on Monday with no trading activity but closed with buying interest for 103 units at $4 and selling of 2,500 shares at $4.60. Elsewhere the trading plunged, with the volume of stocks traded declining 74 percent with a 44 percent lower value than on Friday and ending with trading in 19 securities compared with 20 on Friday resulting in prices of five stocks rising, eight declining and six ending firm.
The market closed with trading of 123,765 shares valued at $1,510,113 compared with 469,652 stock units at $2,680,153 on Friday.
An average of 6,514 shares were traded at $79,480 compared to 23,483 units at $134,008 on Friday. Trading for the month to date averages 15,330 shares at $190,372 down from 17,324 units at $215,454 on the previous day and an average for August of 21,741 shares at $142,770.
The Composite Index gained 1.87 points to wrap up trading at 1,066.13, the All T&T Index climbed 9.90 points to cease trading at 1,606.66, the SME Index remained unchanged at 87.78 and the Cross-Listed Index shed 0.94 points to conclude trading at 68.26.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and two with lower offers.
At the close of the market, Agostini’s ended at $65 with an exchange of 3 stocks, Angostura Holdings declined 25 cents to $17.50 with 69 units changing hands, Ansa McAl sank 20 cents to end at $62.80 with investors swapping 1,010 shares. Ansa Merchant Bank remained at $41.50 in an exchange of 1,542 stock units, Calypso Macro Investment Fund climbed 62 cents and ended at $24.22 with traders dealing in 14 shares, First Citizens Group increased 50 cents to finish at $43.50 after an exchange of 5,627 stock units. FirstCaribbean International Bank ended at $6.90 with a transfer of 950 units, Guardian Holdings popped 50 cents to finish at $14 after an exchange of 10,032 stocks, JMMB Group lost 4 cents and ended at a new 52 weeks’ low of $1.01 with investors trading 1,701 shares. Massy Holdings skidded 8 cents to end at $3.50 with 16,662 stock units crossing the market, National Enterprises slipped 2 cents in closing at $3.05 after a transfer of 2,881 units, National Flour Mills shed 1 cent to close at $1.79 with 2,986 stocks crossing the market. NCB Financial dipped 10 cents to $2.60 as investors exchanged 9,467 units, One Caribbean Media edged 1 cent higher to finish at $3.01 and closed, with an exchange of 10,000 stock units, Prestige Holdings remained at $11.50 with 22 shares crossing the exchange. Republic Financial ended at $112 with investors dealing in 3,809 stock units, Scotiabank fell $1.45 in closing at $53.55 in an exchange of 2,813 shares, Trinidad & Tobago NGL remained at $5 with investors trading 51,121 units and West Indian Tobacco rose $1.04 to $8.04 after 3,056 stocks passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Profit slows in Q3 at Scotia Group

Profit grew just 7.5 percent in the July 2024 quarter even as revenues climbed nearly 19 percent, to $5.46 billion from $5.07 billion in 2023 at Scotia Group, increased provisions for loan losses and lower gains from foreign exchange trading helped to reduce the quarterly profit. For the nine months to July, profit popped 11.43 percent higher to $14 billion from $12.56 billion in 2023.
For the July 2024 quarter, other comprehensive income pushed total profit to $6.4 billion for the latest quarter versus $5.5 billion in 2023 and to $9.15 billion for the nine months after accounting for negative other comprehensive income of $4.85 billion and $9.17 billion in 2023 after negative other comprehensive income of $3.4 billion.
Total revenues climbed 18.7 percent for the quarter, to $17.3 billion from $14.49 billion and at a faster pace than the 15.65 percent increase for the year to date to $50.7 billion from $43.8 billion in 2024.
Net interest income rose a solid 18.5 percent to $11.85 billion in the third quarter of this year, from the same quarter in the prior year of $10 billion. For the nine months, Net interest income jumped 18.3 percent to $34.2 billion from $28.9 billion in 2023. Net fee and commission income inched from $1.65 billion in 2023 to $1.68 billion in the July 2024 quarter and from $4.94 billion in the nine months to July 2023 to $5.11 billion in the current year.
Net foreign exchange trading gains amounted to just $2.28 million in the July 2024 quarter, down from $2.47 billion in the previous year. The nine months came in at $6.84 million compared with $6.49 billion. Insurance activities delivered profits of $602 million for the latest quarter, up from $478 million in the previous year. For the nine months, it moved to $1.66 billion from $1.5 billion in the comparative period in 2023.

Scotia Group increased loan loss provision by 344% in July quarter.

Credit impairment losses jumped sharply to $858 million in the July quarter, from $480 million last year, but less than the $1 billion in the April quarter and $2.89 billion in the nine months, compared with $1.66 billion in 2023.
The various segments had mixed results for the nine months to July, with the Treasury banking generating a robust 29 percent increased revenues of $11.77 billion, up from $9.1 billion in 2023, with net results of $2.9 billion in 2024 compared with $2.64 billion in the prior year’s nine months to July. Retail Banking enjoyed a 12 percent increase in revenues to third parties of $16.8 billion contributing segment results of $2.64 billion, down from $3.4 billion from revenues of $15 billion in 2023. Corporate and Commercial banking had an 11.6 percent growth in revenues to $11.72 billion from $10.6 billion in 2023 with net segment results surging 25 percent to $10.5 billion in 2024 from $8 billion in 2023.
Investment Management had a moderate decline in revenues to $2.3 billion from $2.38 in 2023 and net results of $1.25 billion in 2024, down from $1.3 billion in 2023. Insurance Services delivered revenues of $3.25 billion in 2024, net results dropped to $3.2 billion compared with revenues of $3.48 billion in 2023 with net segment results of $3.1 billion.
Staff cost rose 12.5 percent to $2.97 billion from $2.64 billion and grew 12.8 percent to $8.88 billion for the nine months from $7.87 billion. Other operating expenses rose moderately to $3.4 billion in the quarter from $3.3 billion and inched up in the nine months from 9.7 billion to $10 billion. Total operating expenses increased by 11 percent to $7 billion from $6.39 billion for the latest quarter and 8.3 percent to $22.56 billion from $20.82 billion for the nine months to July.

Audrey Tugwell Henry Scotia group’s CEO

Loans, the most important contributor to income, grew 13.54 percent from $256.85 billion in July 2023 to $291.64 billion in 2024. The growth rate in the July quarter is consistent with that for the full year and should pick up with rates on Bank of Jamaica CDs now at the 7 percent level and well off for the peak earlier this year of nearly 12 percent. Investment securities moved by 12.7 percent from $157 billion to $177 billion this year. Customer deposits grew 6.4 percent to $472 billion. Shareholders’ equity ended the period at $132 billion, up from $113 billion at the end of July 2023, partially aided by reduced losses on investment securities from $3.2 billion to $687 million.
Earnings per share for the quarter were $1.75 and $4.50 for the year to date. IC Insider.com computation projects earnings of $6.50 per share for the fiscal year ending October 2024, with a PE of 6.6 times the current year’s earnings based on the last traded price of $43 on the Jamaica Stock Exchange.
The Group will be paying a dividend of 45 cents per share in October, an increase from 40 cents since last year, October and brings the total payment to $1.65 versus $1.45 for the similar period to October last year, for an increase of 13.8 percent.
Scotia Group is graded ICInsider.com BUY RATED with the stock currently severely undervalued, with good growth prospects going forward that will deliver an increasing flow of dividend income.

Scotia Group hikes dividend

Scotia Group increases dividend payment by 12.5 percent to 45 cents per share, to be paid in October. The payment brings to $1.65 the amount paid per share for the year to date amounting to a total of $5.134 billion.
The group increased the dividend payment to 40 cents in October last year, from 35 cents in July 2023. The increase is in line with profit for the nine months to July. Based on historical trends, the increase is consistent with payments of 45 cents per quarter until July 2025 with a likely increase in the October payment. That would put the dividend yield at more than 4 percent at $1.80 per annum.
Scotia reported earnings per share of $1.75 for the July quarter and $4.50 for the nine months to July, the dividends represent a pay out ratio of 28 percent versus 27 percent for 2023.

Big price moves with additions to ICTOP10

The Main Market lost 2 percent in value for the week while the Junior Market inched a few points higher, in a period of falling interest rates that will be beneficial to stocks in the coming months. The market movement did nothing to prevent some sizable price changes in the TOP10 lists.
The All JSE TOP10 had no new listing this week but Caribbean Cream which headed the list last week dropped to the eighth position, following a downward revision in projected earnings. The All JSE TOP10 includes ten stocks listed on the Jamaica Stock Exchange with the highest potential gains, based on projected 2024 earnings.
In the Junior Market TOP10, Cargo Handlers rose 14 percent to $9.08, followed by Caribbean Cream with a gain of 13 percent to $3.45 and Elite Diagnostic gained 10 percent to close at $1.75 and sits at the top of the ICTOP10 list, with both stocks in the All JSE TOP10.
Access Financial lost 12 percent to $19.03, Caribbean Assurance fell 10 percent to $3.10 as the price keeps bouncing around the $3.10 to $3.80 range, awaiting the approach of the next quarterly results. One Great Studio dropped 9 percent to 72 cents, Iron Rock Insurance and Stationery & Office Supplies shed 5 percent to close at $3 and $1.65 respectively.
Caribbean Cream released its first quarter results with revenues and profits surging as previously indicated. Revenues jumped a solid 26 percent to $764 million, with profit after tax more than doubling to $15 million from $7 million last year and almost tripling before tax to $20.4 million. The first quarter net profit represents 43 percent of 2024 full year earnings. ICInsider.com forecast is for earnings of 70 cents for the 2025 fiscal year results. The company stock is listed as the third most attractive one on the Junior Market.
In the Main Market, Key Insurance rose 7 percent to end at $2.98. Guardian Holdings dropped 10 percent to $288 and heads both the IC Main Market TOP10 and the All JSE TOP10. JMMB Group declined by 7 percent to $20.73 and Berger Paints slipped 4 percent to $6.10, with limited buying interest currently.
There were two changes to the Junior Market TOP10 listings for the week, with Image Plus and Lumber Depot coming in as Cargo Handlers and Access Financial dropping out.
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, just less than half of the market, with an average of 12.4.
The Main Market ICTOP10 is projected to gain an average of 333 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 240 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 have PEs between 15 to 107, with an average of 29 and 20 excluding the highest PE ratios, and a PE of 23 for the top half of the market with the highest values and 17 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 7 stocks, 15 percent of the market, with PEs ranging from 15 to 22 and a PE of 17 for half of the market with the highest values.
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.

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