Trading closed on the Junior Market of the Jamaica Stock Exchange Monday, with a 25 percent decline in the volume of stocks traded, with a 30 percent lower value than Friday and ended with trading in 42 securities compared with 40 on Friday and ending with prices of 14 rising, 15 declining and 13 closing unchanged.
The market ended trading on Monday as 11,955,696 shares changed hands at $25,250,753 down from 15,974,371 units at $35,900,988 on Friday.
Trading averaged 284,659 shares at $601,208 compared to 399,359 units at $897,525 on Friday with trading month to date, averaging 235,325 units at $560,921 up from 228,325 stock units at $555,204 that was previously traded and January with an average of 175,081 units at $401,738.
Derrimon Trading led trading with 5.46 million shares, Mailpac Group with 1.44 million units and One Great Studio with 1.10 million stock units for 9.2 percent of the day’s trade.
At the close of trading, the Junior Market Index dropped 14.17 points to lock up trading at 3,833.36.
The Junior Market ended trading with an average PE Ratio of 13.6, based on last traded prices in conjunction with earnings projected by ICInsider.com for their financial years ending around August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Cargo Handlers rose 9 cents in closing at $14.59 after 3,000 units passed through the market, Consolidated Bakeries sank 11 cents to $2.10 with investors dealing in 304 stocks, Dolla Financial fell 10 cents to end at $2.90 t with 175,289 shares clearing the market. Dolphin Cove fell 66 cents and ended at $18.32 after an exchange of 3,094 stock units, Elite Diagnostic rallied 17 cents to close at $1.81 with 541,872 shares crossing the market, Fontana shed 18 cents to $10.32 with investors transferring 123,834 stocks. Indies Pharma lost 11 cents in closing at $2.68 in switching ownership of 42,921 units, 
Knutsford Express gained $1 and ended at $12.38 after an exchange of 960 stock units, Lasco Distributors popped 8 cents to end at $3.98 in an exchange of 27,000 shares. Limners and Bards skidded 14 cents to close at $1.55, with investors trading 29,784 stocks, Main Event dropped 8 cents to $14.92 with a transfer of 5,780 units, MFS Capital Partners dipped 9 cents and ended at $2.20 with 18,441 stock units changing hands. Spur Tree Spices advanced 15 cents to close at $2.40 with investors trading 101,446 shares and Tropical Battery climbed 30 cents to end at $2.70 after a transfer of 378,410 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Two Lasco companies head to JSE Main Market
Lasco Distributors and Lasco Manufacturing will be graduating to the main market of the Jamaica Stock Exchange, effective Wednesday, March 27, 2024.
The companies state in their report to investors and posted on the Jamaica Stock Exchange stated that the exchange approved to graduate to the Main Market.
The Lasco companies were some of the early listings on the Junior Market in 2010, with a listing on October 12, 2010.
In the first year of listing on the Junior Market, Lasco Manufacturing generated revenues of $2.97 billion and a profit of $401 million after tax and reported for the nine months to December last year, revenues of $9.24 billion and profit of $1.7 billion, with Shareholders’ equity climbing to $12.3 billion from $830 million at the end of March 2011.
Lasco Distributors reported revenues of $6.76 billion and a profit of $306 million after tax for the year to March 2011 and generated revenues of $21.86 billion for the nine months to December last year and profit of $1.2 billion, with Shareholders’ equity climbing to $9.25 billion from $727 million at the end of September 2010.
Values slip on the Jamaica Stock Exchange
Trading closed on the Jamaica Stock Exchange on Monday, with slippage in values in all markets and ended with QWI Investments leading trading with nearly 38 percent of the volume traded that exceeded trading on Friday in the overall market with the jumping sharply over trading on Friday, resulting in prices of 31 shares rising and 32 declining.
At the close of trading on Monday, the JSE Combined Market Index dipped 563.01 points to close at 347,546.01, the All Jamaican Composite Index dropped 775.69 points to cease trading at 370,745.49, the JSE Main Index shed 467.96 points to culminate at 334,783.44. The Junior Market Index fell 14.17 points to conclude trading at 3,833.36 and the JSE USD Market Index skidded 0.80 points to 255.39.
At the close of trading, 47,975,821 shares were exchanged in all three markets, up from 31,165,012 units on Friday, with the value of stocks traded on the Junior and Main markets amounted to $164.28 million, up from $120.9 million yesterday and the JSE USD market closed with an exchange of 452,800 shares for US$59,221 compared to 72,092 units at US$2,833 on Friday.
Trading in the Main Market was dominated by QWI Investments led trading with 13.42 million shares followed by Wigton Windfarm with 8.98 million units for 25.3 percent of the day’s trade, Transjamaican Highway with 5.22 million units, Mayberry Group with 1.31 million stock units, Carreras with 1.26 million shares and Sagicor Select Financial Fund with 1.04 million units.
In the Junior Market, Derrimon Trading led trading with 5.46 million shares, Mailpac Group with 1.44 million units and One Great Studio with 1.10 million stocks.
At the close of trading on the Main Market, Barita Investments increased by 93 cents to $71.20, Kingston Wharves popped $2.50 to end at $30.50, Massy Holdings gained $1 and ended at $100
In the Main Market, Eppley declined $4.50 to end at $34, Guardian Holdings shed $8 to close at $360, Jamaica Producers dropped $1.45 in closing at $23.55, JMMB Group fell 94 cents to close at $25.44, Scotia Group lost $1 to end at $44.50, Supreme Ventures dipped $1.17 in closing at $24.53.
At the end of Junior Market trading, Knutsford Express increased $1 and ended at $12.38 and Tropical Battery climbed 30 cents to end at $2.70 but Dolphin Cove was down 66 cents to $18.32.
In the preference segment, Eppley 7.25% preference share increased 90 cents in closing at $18.90, Jamaica Public Service 7% popped $1.80 and ended at $48.80 and Productive Business Solutions 10.5% preference share advanced $210 to close at $1,300.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.5 on 2022-23 earnings and 14.2 times those for 2023-24 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 between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Investors need pertinent information 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.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and 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 assess the value of stocks based on this measure quickly. 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 pertaining to the highest bid and the lowest offer for each company.
Jamaica’s NIR slips in January but
Jamaica’s Net International Reserves (NIR) fell by US$79 million in January this year to US$4.679 billion from US$4.758 billion at the end of 2023 and is up US$703 million above US$3.976 billion at the end of 2022, but data indicates the country in a far better foreign exchange position than the previous two years.
The Bank of Jamaica NIR report, states that the reserves represent 23.6 weeks of Estimated Gross Official Reserves in weeks of Goods & Services Imports, down from 25.2 weeks in December 2022.
The decline follows the sale of $30 million to the market through the B-FXITT intervention on January 15th, $20 million on January 16th, $30 million on January 25 and US$20 million on January 26 totalling US$100 million and exceeding the reduction in the NIR in January, but the intervention seems to be on the decline since 2021. In January last year, the central bank intervened 5 times with sales of US$140 million and in January 2021 they pumped US$185.68 million into the system on six occasions.
ICTOP10 reaping from bullish market
The start of a bull market is appearing with the Jamaica Stock Exchange moving higher, partially helped by rising profits of some companies, as a result, the USD market is solidly in the black for 2024 to date, with a rise of 11 percent while the Main Market sits with a gain of 2.9 percent and the Junior Market is now back at the 2023 end of year level on Friday, but just below. At the same time two listings reported nine months results reflecting improving profit that should help the stock prices in the weeks ahead.
During the week new results were released to the market, with mostly positive profit outcomes that should aid the prices of stocks going forward as the results help to lay a foundation for prices in the short term as this provides investors with a better sense of valuations of these companies. There will be more releases this week as the deadline date for their release is this week for companies that have not opted for 60 days publication of audited accounts.
Earnings were revised downwards by a few cents for Lasco Distributors and Lasco Manufacturing, following the release of nine months results, that show continued growth in profits.
Last week IC Insider.com reported Scotia Group and TransJamaican Highway that traded at 52 weeks’ high they now seem to have topped out for a while, with both undervalued with quite some room to run for 2024. Scotia has an undisclosed amount on offer at $46.
The past week ended with minimal price changes for Junior Market stocks but the Main Market threw up a few, with General Accident rising 12 percent to close at $5.30, followed by JMMB Group up 10 percent to $26.38 and Caribbean Producers up 4 percent to $9.09 as Margaritaville dropped 15 percent to $14.86 and Palace Amusement lost 8 percent to close at $1.20.
As was the case for the previous week the markets closed with no addition to the ICInsider.com TOP 10 stocks.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts that now carry a column of the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.,5 just over half of the market, with an average of 13.6
The Main Market ICTOP10 is projected to gain an average of 287 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 169 percent over the same time frame.
In the Main Market ICTOP 10, a total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, or 27 percent of the market, with PEs ranging from 15 to 45, averaging 22, well above the market’s average. The top half of the market has an average PE of 18, 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.
IC TOP10 stocks will likely deliver the best returns on or around May 2024 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.
Jamaica’s visitor arrivals climb
Stopover visitor arrivals into Montego Bay through Sangster International Airport, rose nearly 10 percent in January this year versus last year while activity for the Norman Manley Airport just increased by 1.6 percent over 2023.
Tourists enjoying the Jamaican offerings and helping the sector to a near 9 percent jump in visitors in January 2024.
According to the data released by the operators of Jamaica’s two main international airports, Grupo Aeroportuario Del Pacifico, the Montego Bay based Sangster International Airport handled 9.6 percent more passengers in January this year than it did in 2023. The number of arriving and departing passengers climbed to 491,000 from 449,000 in January 2023, while the Kingston Norman Manley Airport had 1.6 percent more passengers using the airport in January this year, some 148,300, up from 146,000 in January 2023.
The increase is a positive development for Jamaica which relies heavily on the tourist industry for economic development and foreign exchange.
The JSE Main Market continues to rally
Trading on the Jamaica Stock Exchange Main Market ended on Friday, with a 42 percent rise in the volume of stocks traded with a value 158 percent more than on Thursday, with trading in 53 securities compared with 50 on Thursday, with prices of 23 stocks rising, 19 declining and 11 ending unchanged.
The market closed with the trading of 15,118,549 shares at $85,008,912 up from 10,666,602 units at $32,927,053 on Thursday.
Trading averaged 285,256 shares for $1,603,942 compared to 213,332 units at $658,541 on Thursday and month to date, an average of 207,372 units at $989,533 compared with 195,160 units at $893,191 on the previous day and January with an average of 265,804 units at $2,438,118.
JMMB 9.5% preference share led trading with 5.81 million shares for 38.4 percent of total volume followed by Wigton Windfarm with 4.47 million units for 29.6 percent of the day’s trade and Transjamaican Highway with 1.05 million units for 6.9 percent of stocks trading.
The All Jamaican Composite Index rose 2,908.19 points to finish at 371,521.18, the JSE Main Index popped 2,195.36 points to finish at 335,251.40, with a gain of 2.9 percent for 2024 to date and the JSE Financial Index climbed 0.89 points to finish at 72.02.
The Main Market ended trading with an average PE Ratio of 13.7. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with their financial year ending around August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, AS Bryden rallied 50 cents to in closing at $42 after 1,410 stocks were traded, Guardian Holdings lost $2 to end trading with 235 units at $368, Jamaica Broilers dipped 50 cents to $34 with investors trading 2,496 shares. Jamaica Producers popped $1.68 in closing at $25 with an exchange of 5,683 stock units, JMMB Group climbed 39 cents to end at $26.38 with 57,594 shares changing hands, Mayberry Jamaican Equities increased 59 cents to $9.53 with investors transferring 52,767 stock units. NCB Financial rose $2.85 in closing at $67.90 after exchanging 424,334 units,
Scotia Group rallied 50 cents to close at $45.50 with investors trading in 53,020 stocks, Seprod shed $3.50 to end at $82 in an exchange of 213,669 shares. Stanley Motta advanced 50 cents to end at $7, with 11,946 stock units crossing the market, Supreme Ventures rose 50 cents to $25.70 in an exchange of 5,297 units and Sygnus Credit Investments declined $1.21 in closing at $10.52 after 286,438 stock units crossed the market.
In the preference segment, Eppley 7.25% preference share rallied $1 to close at $18 after a transfer of 6,400 shares, Jamaica Public Service 7% fell $2.30 and ended at $47 with 193 stock units crossing the exchange and Productive Business Solutions 10.5% preference share popped $15 to end at $1,090 with a transfer of 300 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading drop on JSE USD Market on Friday
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks exchanged declining by 54 percent after 87 percent fewer US dollars changed hands compared to Thursday, resulting in trading in five securities, compared to seven on Thursday with price of one rising, one declining and three ending unchanged.
The market closed with an exchange of 72,092 shares for US$2,833 down from 157,614 stock units at US$22,646 on Thursday.
Trading averaged 14,418 units at US$567 compared with 22,516 shares at US$3,235 on Thursday, with a month to date average of 56,572 shares at US$6,228 compared with 62,268 units at US$6,993 on the previous day, but higher than January that ended with an average of 42,169 units for US$5,037.
The US Denominated Equities Index dropped 0.91 points to finish at 256.11.
The PE Ratio, a measure used in computing appropriate stock values, averages 10.8. 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 five stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Proven Investments ended at 13.49 US cents in switching ownership of 3,387 units, Sygnus Credit Investments remained at 8.9 US cents with traders dealing in 5 stocks, Sygnus Real Estate Finance USD share dipped 1 cent and ended at 7 US cents, with 987 shares crossing the market and Transjamaican Highway remained at 2.05 US cents with a transfer of 67,631 stock units were traded.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Near wipe out at Junior Market
Investors pushed the Junior Market of the Jamaica Stock Exchange solidly into the black in early morning trading Friday, but with the market pulled back in the dying moments of the afternoon session to close fractionally lower than the 2023 close after a 174 percent rise in the volume of stocks traded, 
after 204 percent more money entered the market than Thursday with trading in 40 securities compared with 42 on Thursday and ending with prices of 13 rising, 15 declining and 12 closing unchanged.
At the close, the Junior Market Index gained 15.02 points to lock up trading at 3,847.53 just below the 3,848.33 points close for 2023 and could be moving into positive territory sooner than later.
The market closed trading with an exchange of 15,974,371 shares for $35,900,988 up from 5,836,386 units at $11,800,314 on Thursday.
Trading averaged 399,359 shares at $897,525, compared with 138,962 units at $280,960 on Thursday with the month to date, averaging 228,325 units at $555,204 compared to 201,600 stock units at $501,717 on the previous day and up from January with an average of 175,081 units at $401,738.
Derrimon Trading led trading with 7.31 million shares for 45.7 percent of total volume followed by Dolla Financial with 2.62 million units for 16.4 percent of the day’s trade, 
Tropical Battery closed with 1.38 million units for 8.6 percent market share after the price hit an 52 weeks’ intraday high of $2.70 but closed the day lower and Mailpac Group with 1.18 million units for 7.4 percent of total volume.
The Junior Market ended trading with an average PE Ratio of 13.6, based on the last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending around August 2024.
Investor’s Choice bid-offer indicator shows just two stocks ending with bids higher than their last selling prices and one with a lower offer.
At the close, AMG Packaging increased 30 cents to end at $2.90, with 2,500 shares crossing the exchange, Caribbean Assurance Brokers climbed 33 cents to $2.42 in trading 4,084 shares, Caribbean Cream popped 40 cents to $3.90 after an exchange of 1,326 units. Derrimon Trading declined 9 cents and ended at $1.90 after 7,306,028 stocks passed through the market, Dolla Financial advanced 19 cents to close at $3 in an exchange of 2,620,637 shares, 
Fontana rose 25 cents to $10.50 with traders dealing in 11,370 stock units. Indies Pharma gained 9 cents in closing at $2.79 after a transfer of 82,718 stocks, Jamaican Teas fell 9 cents to close at $2.50 with 176,090 stock units clearing the market, KLE Group shed 17 cents and ended at $2.25 after an exchange of 3,459 shares. Knutsford Express dropped $1.01 to end at $11.38 with investors transferring a mere 145 units, Lasco Distributors lost 20 cents to close at $3.90 in switching ownership of 31,747 stocks, Limners and Bards rallied 39 cents to close at $1.69 as investors exchanged 30,459 stock units. Lumber Depot dipped 10 cents and ended at $2.50 with a transfer of 40,612 shares, Mailpac Group sank 9 cents in closing at $2.10 while exchanging 1,176,745 stock units, MFS Capital Partners increased 18 cents to end at $2.29 with investors dealing in 225,405 stocks and Spur Tree Spices skidded 20 cents in closing at $2.25, with 120,480 units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market gains, Juniors inch higher
The Main Market of the Jamaica Stock Exchange gained in trading on Friday as the Junior Market inched higher but the JSE USD market slipped moderately as trading ended with the volume and value of stocks changing hands rising over the previous trading day, resulting in prices of 32 shares rising and 31 declining.
At the close of trading Friday, the JSE Combined Market Index climbed 2,190.46 points to end at 348,109.02, the All Jamaican Composite Index jumped 2,908.19 points to close trading at 371,521.18 and the JSE Main Index popped 2,195.36 points to settle at 335,251.40. The Junior Market Index rose 15.02 points to close trading at 3,847.53. and the JSE USD Market Index skidded 0.83 points to 256.19.
At the close of trading, 31,165,012 shares were exchanged in all three markets, up from 16,660,602 units on Thursday, with the value of stocks traded on the Junior and Main markets amounted to $120.9 million, up from $44.73 million on the previous day and the JSE USD market closed with an exchange of
Trading in the Main Market was dominated by JMMB 9.5% preference share led trading with 5.81 million shares followed by Wigton Windfarm with 4.47 million units and Transjamaican Highway with 1.05 million stocks.
In the Junior Market, 15,974,371 shares for $35,900,988 compared with 5,836,386 units at $11,800,314 on Thursday.
At the close of trading on the Main Market, Jamaica Producers popped $1.68 in closing at $25, NCB Financial rose $2.85 in closing at $67.90, following the release of first quarter results.
The major declining Main Market stocks include Guardian Holdings down $2 to close at $368, Seprod shedding $3.50 to end at $82 and Sygnus Credit Investments declining $1.21 in closing at $10.52.
At the end of Junior Market trading, AMG Packaging increased 30 cents to end at $2.90, Caribbean Assurance Brokers climbed 33 cents in closing at $2.42, Caribbean Cream popped 40 cents to $3.90 and Limners and Bards rallied 39 cents to close at $1.69 with the major losing stock being Knutsford Express dropping $1.01 to end at $11.38.
In the preference segment, Eppley 7.25% preference share rallied $1 to close at $18, Jamaica Public Service 7% fell $2.30 and ended at $47 and Productive Business Solutions 10.5 % preference share popped $15 to end at $1,090.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.4 on 2022-23 earnings and 14.3 times those for 2023-24 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 between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Investors need pertinent information 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.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and 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 assess the value of stocks based on this measure quickly. 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 pertaining to the highest bid and the lowest offer for each company.
