Trading on the junior market declined sharply on Monday with just over 200,000 shares trading. The junior market index suffered a loss of 12.40 at the close at 3041.96.
At the close 5 advanced and 8 declined, with 227,531 units valued at $1,357,774 passing through the market, compared to 1,296,408 units valued at $ $5,940,417 on Friday. Trading ended with 5 stocks had bids higher than their last sale prices and 5 ended with lower offers, than the last sale. The junior market ended trading with an average of just 13,384 units for an average value of $79,869 traded, compared to 99,724 units for an average value of $456,955 on the previous trading day. The average volume and value for the month to date ended at 117,955 units and $697,441. On the immediate preceding trading day the average volume and value for the month to date, were 126,669 units with 
an average value of $748,905. The average volume and value for February, ended at 223,938 units and $1,379,459.
At the close of the market on Tuesday, Access Financial added $1.19 to close off its recent lows, to end at $34 with 6,160 units changing hands, AMG Packaging closed at $5.70 with 22,250 units changing hands after trading at a high for the day of $27.60, Blue Power closed with 383 units changing hands at $37 after adding 50 cents, CAC 2000 closed with a loss of 15 cents to end at $7.85 with 12,266 shares traded. Caribbean Producers fell 5 cents in trading 30,000 units at $3.65, Derrimon Trading rose by 20 cents and ended at a new high of $8.50 with 4,634 shares changing hands, General Accident lost 5 cents and closed trading with 25,000 shares at $3.25, Honey Bun closed with 1,219 shares changing hands to end at $7, 
Iron Rock Insurance traded 110 shares to end at $3.25 after falling by 15 cents, ISP Finance had 3,591 units changing hands to close with a gain of 25 cents at $12. Jetcon Corporation closed trading sharply lower with a fall of $2.40 with 4,604 shares being exchanged to end at $10.10, Lasco Distributors ended with 6,053 units trading at $6.80 after declining 20 cents, Lasco Financial gained 23 cents with 10,492 shares changing hands, to end at $4.23, Lasco Manufacturing closed with loss of 20 cents as a mere 4,470 units changed hands at $4.70, Main Event had 80,817 shares changing hands, to close with a fall of 29 cents at $4.60, Medical Disposables closed at $6 with 12,182 shares changing hands and Paramount Trading ended with 3,300 units changing hands, to end at $3.70.
Fall for juniors on Monday
Guardian Holdings leads TTSE
Guardian Holdings gained 21 cents to end trading at $16.01 with 94,330 units changing hands with a value of $1,509,520, ended as the dominant trade, on the Trinidad & Tobago Stock Exchange on Monday.
Market activity led to 16 securities trading compared to 9 on Friday with 6 advancing, 3 declining and 7 unchanged. The number of securities traded was 199,103 valued at $2,253,341 compared to Friday’s 181,011 shares valued at $1,947,353.
The Composite Index gained 1.08 points to 1,243.56, the All T&T Index rose 1.83 points to 1,828.89 and the Cross Listed Index added 0.04 points to 88.27.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 7 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| Angostura Holdings gained 1 cent to close at $15.01 with trades of 160 shares, One Caribbean Media traded at $16.48, after gaining 8 cents with 3,400 shares changing hands. Sagicor Financial added 1 cent to close at $9.01 trading 2,000 units, Scotia Investments closed with gains of 5 cents to a 52 weeks’ high of $2.25 exchanging 350 units and Trinidad & Tobago NGL gained 1 cent to close at $22.62 with 500 shares traded.
Losses| Agostini’s lost 2 cents to close at $18.50 with an exchange of 12,945 shares, Clico Investment lost 1 cent while closing at $22.51 trading 325 units and Trinidad Cement closed at $4.17, for a loss of 3 cents with 67,184 units changing owners.
Firm Trades| First Citizens traded 1,400 units at $32, First Caribbean International closed at $8.94 with trades of 1,090 units, Grace Kennedy exchanged 3,700 shares at $2.66 while JMMB Group was unchanged at $1.22 trading 8,120 units. Massy held firm at $53 with 55 units changing hands, Point Lisas closed at $3.65 with an exchange of 2,854 shares and Scotiabank closed at $59 with 690 units traded.
50% off sale for TOP 10 stocks
TOP 10 stocks are selling at a discount to the rest of the market of 50 percent, making them the stocks with the best appeal for investors looking for above average returns.
The best indicator that investors who want to beat the market is the be found in the TOP 10 or stocks close to them is the low valuation compared to the market average and ultimately targeted PE based on where the market is based on 2016 earnings.
At the close of the week the TOP 10 average PE ratio is 7.5 well off the average market PE of 12 for the junior market while the main market TOP 10 average at 6 is just half the average market PE of 12.
Quite a number of the TOP stocks pulled back in price during the week, with just a few moving higher, one ending at a 52 weeks’ high, another hit a new high and pulled back below the previous week’s ending price.
ISP Finance hit a new high during the past week of $12 and sits just below at $11.75. In the main market Berger Paints hit a new high of $15 during the week but selling pushed it down to $11 at the end of the week
The sharp movements resulted in Dolphin Cove moving out of the TOP 10 junior market list and let in Access Financial which fell in price during the week from $43.80 to as to a recent low of $32.81.
Access bounced back to close at $35.62, still low enough to push it back in the TOP 10.
The past week saw some volatility in prices similar to what occurred in the previous week as the thinness in the supply and demand for many stocks leaves prices more exposed than just a few weeks ago when demand was greater.
The 2017/18 budget was officially disclosed the week before, but had little negatively or positively for investors in the short run, longer term there may be winners with a large pool of workers having more disposable income and in the case of Carreras, the tax imposed will mean that the company will take advantage to increase prices and ensure continued growth in profits.
Scotiabank hits a high
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Trinidad & Tobago’s Scotiabank hits a 52 weeks’ high at the close of trading on the Trinidad & Tobago Stock Exchange on Friday but with limited volume. Market activity resulted in 9 securities being exchanged the same number as on Thursday.
At the close of the market, 5 stocks advanced, 2 declined and 2 were unchanged. Securities traded amounted to 181,011 at a value of $1,947,353 compared to Thursday’s 306,454 shares valued at $3,666,557.
The Composite Index gained 2.09 points to 1,242.48, the All T&T Index rose 3.83 points to 1,827.06 and the Cross Listed Index was up 0.05 points to 88.23.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 11 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| Clico Investment gained 2 cents to close at $22.52 with 218 shares changing hands, First Citizens Bank closed 49 cents higher trading 100 units and closed at $32, the price at which the block of shares are being sold by the government. Guardian Holdings closed at $15.80 with gains of 30 cents and 20,000 units exchanged at a value of $311,650, 
JMMB Group gained 2 cents to close at $1.22 with 7,000 shares traded and Scotiabank closed with gains of 20 cents to a 52 weeks’ high of $59 exchanging 218 units.
Losses| Ansa McAL lost 2 cents to close at $66.43 with an exchange of 3,300 shares and Trinidad Cement closed at $4.20, a loss of 10 cents with 1,039 units traded.
Firm Trades| Sagicor Financial was unchanged at $9 with trades of 146,509 units valued at$1,318,581 and Trinidad & Tobago NGL closed at $22.61 trading 2,500 shares.
Stocks continue wild swings Friday
Caribbean Cement stock price dived sharply on Friday.
Trading in the main market of the Jamaica Stock Exchange closed on Friday with stocks prices continuing to swing wildly as 22 securities changed hands the main market and 2 trading in the US dollar market. At the close, 7 stocks advanced and 11 declined in both markets.
Trading levels in main market ended at 13,300,572 units valued at $443,256,966 compared to 4,648,288 units valued at $125,237,837 at the close on Thursday. Trading in the US dollar market accounted for 8,744 units valued at US$2,692.
The All Jamaica Composite Index fell 1,975.38 points to close at 246,003.16 the JSE Market Index declined 1,766.34 points to finish at 224,136.77 and the JSE US dollar market index lost 0.83 points to close at 227.28.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 12 stocks with bids higher than their last selling prices and 4 with lower offers.
The main market ended trading with an average of 604,571 units on Friday, compared to an average of 248,178 units on the previous trading day. The average volume for the month to date ended at 416,933 units versus 229,294 units on the prior trading day. The average volume and value for February, ended at 223,938 units and $1,379,459.In market activity, Berger Paints closed lower at $11, losing $3.50 with trades of 91,830 shares, Cable and Wireless lost 4 cents to close at $1.35 with 273,290 shares changing hands, Caribbean Cement tumbled $4.79 to $31.20 trading 3,375 shares, Carreras traded 9,350 units at $68.60, Grace Kennedy advanced $1 to $43.50, with 18,936 units changing hands. Jamaica Broilers lost 30 cents to close at $14.20 with trades of 61,983 shares, Jamaica Producers closed $2.17 lower to $15.01, with an exchange 5,957,112 shares, Jamaica Stock Exchange closed at $8, with 179,123 units changing hands, JMMB Group gained 2 cents to close at $17.03 trading 110,362 units. Kingston Properties traded 500 shares at $16.35, Kingston Wharves closed $1 lower at $31 with 1,504 units changing owners,
NCB Financial Group closed at $63.02, but lost $1.88, after exchanging 4,114,559 shares, Pan Jamaican lost 10 cents to close at $35.90 trading 1,511,194 shares, Pulse Investments closed with a loss of $1.74 to $7.01 with 118,331 units exchanged, Radio Jamaica added 19 cents to close at $1.90, with 8,399 units traded. Sagicor Group closed with gains of 10 cents to $33.15 trading 283,210 shares, Sagicor Real Estate fund closed at $10.50 with trades of 9,981 units, Scotia Group fell to $38.61, losing 39 cents with 233,173 shares changing hands. Scotia Investments lost $1 to close at $35 trading 13,260 units, Sterling Investments closed at $16.75, with gains of 20 cents trading 1,000 shares, Supreme Ventures closed 47 cents higher to $6.37, with trades of 300,000 shares. Margaritaville Turks closed at 30 US cents with an exchange of 304 shares, Proven Investments traded 8,440 ordinary shares at 31 US cents and JMMB Group 7.5% preference share gained 11 cents to close at $1.20 trading 100 units.
NCB Group trades at J$76 in Trinidad
NCB stock traded at a high of TT$4 on the TTSE on Thursday.
The stock traded as high as TT$4 or the equivalent of J$76 but closed slightly lower at the close. The group traded in Kingston at J$65.
Trading levels on the Trinidad & Tobago Stock Exchange fell on Thursday leading to an exchange of just 9 securities, compared to 11 on Wednesday. At the close 3 stocks advanced, 4 declined and 2 were unchanged. Securities traded amounted to 306,454 units at a value of $3,666,557 in contrast to Wednesday’s 547,969 shares valued at $12,402,664.
The Composite Index gained 0.51 points to 1,240.39, the All T&T Index rose 1.45 points to 1,823.23 and the Cross Listed Index lost 0.06 points to 88.16.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 10 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| After several weeks closing with the demand for Agostini’s at a higher price than the last sale 2,658 units traded on Thursday with price gaining $1.02 to close at a 52 weeks’ high of $18.52, after it last traded in November last year. First Citizens Bank gained 1 cent trading 8,205 shares and closed at $31.51, still below the price of $32, the government block of 48 million shares are being sold and Trinidad Cement added 10 cents, closing at $4.30, with an exchange of 8,598 units.
Losses| Clico Investment closed at $22.50 with a loss of 10 cents as 126,509 units changing hands at a value of $2,846,453, First Caribbean International Bank lost 5 cents, closing at $8.94 with an exchange of 1,000 units, JMMB Group was down 2 cents to $1.20 with trades of 65,295 shares and Republic Financial Holdings closed at $105.99, after losing just 1 cent with 188 units traded.Firm Trades| National Commercial Bank Financial Group traded 91,588 shares to close with the last sale at $3.75 valued at $346,562 and Sagicor Financial held firm at $9 with trades of 2,413 units.
Jamaica’s Trade balance improves
Jamaica’s recorded an 8 percent improvement in its trade deficit in 2016 up to November with imports declining to US$3.2 billion compared to the US$3.48 billion 2015.
Export earnings for the similar period declined at a slower pace than imports by US$69 million to US$1.09 billion.
Total imports amounted to US$4.28 billion, 7.5 percent less than the US$4.63 billion in 2015.
Fuel, Manufactured Goods, Chemicals and Food were mainly responsible for this fall in spending for the 2016 review period.
Traditional Domestic Exports, valued at US$575 million, fell 18.7 per cent below the US$707 million recorded for January to November 2015 but Non–Traditional Domestic Exports for the 2016 period performed better than the traditional exports with growth of 2.4 percent to US$414 million.
Moderate inflation for Jamaica
Price increases in Jamaica for February this year was moderately up resulting in inflation over the past year to less than 4 percent. The Consumer Price Index for the month of February 2017 increased by 0.2 percent, following an upward movement of 0.4 percent in the previous month.
Price increases from a year ago is up 3.6 percent and for the fiscal year-to-date, 3.7 percent.
Two divisions mainly contributed to this increase. Prices for the Food and Non-Alcoholic Beverages division rose the most by 0.3 percent and the division of Housing, Water, Electricity, Gas and Other Fuels was up by 0.6 percent. Higher rates for water and sewage and increases in wages for carpenters, masons, painter, plumbers and electricians were the main factors that impacted the movement for the division Housing, Water, Electricity, Gas and Other Fuels. Lower prices for some petroleum products locally resulted in a decline in its index of 0.3 percent in Transportation.
Fall in the price of oil on the world market could impact ongoing inflation if the trend continues but recent tax increases locally with negate some of that.
Clico Investments dominates
Trades in Clico Investments, amounting to 516,609 units valued at $11,673,878 propped up activity on the Trinidad & Tobago Stock Exchange on Wednesday, with only 31,380 units trading by 10 other stocks.
At the close of trading 11 securities changed hands compared to 10 on Tuesday resulting in 547,969 units valued at $12,402,664 changing hands. On Tuesday, just 141,873 shares valued at $1,306,192 traded. A total of 5 stocks rose, 2 lost value and 4 remained unchanged.
The Composite Index lost 0.49 points to 1,239.88, the All T&T Index fell 0.64 points to 1,821.78 and the Cross Listed Index was down 0.04 points to 88.24.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 9 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Clico Investment gained 10 cents to close at $22.60, Guardian Holdings closed at $15.50 with gains of 39 cents and 8,468 shares changing hands, Scotiabank added 1 cent, closing at $58.80 with trades of 2,850 shares. Trinidad Cement closed at $4.20, gaining 3 cents with an exchange of 200 units and Trinidad & Tobago NGL traded 8 cents higher to close at $22.61 with 7,454 units trading.
Losses| First Citizens Bank dropped 50 cents to close at $31.50 with 657 shares switching owners and First Caribbean International Bank lost 1 cent in closing at $8.99 with an exchange of 876 units.
Firm Trades| JMMB Group traded 4,000 shares at $1.22, Massy Holdings held firm at $53 trading 4,097 units, Point Lisas closed at $3.65 with an exchange of 2,671 shares and Sagicor Financial was unchanged at $9 with of only 87 units.
Jamaica Broiler’s profit rises strongly
Jamaica Broiler’s profit from continuing operation climbed 25 percent to $721 million up from $579 million for the January quarter and rose just 4 percent to $1.55 billion compared to $1.49 billion for the nine months to January.
Sales of table eggs in Haiti, penetrated the market sharply for the group, with market share nearly doubling to 21 percent of the market up from 13 percent in 2015, the company reported in their latest fiscal quarterly, to January this year.
The strong growth in market share, helped profit in the Caribbean division to climb 161 percent from $115 million to $299 million from continuing operations, but profit in the Jamaican operations fell 20 percent to $1.9 billion while the US division recorded flat profits. Importantly, the Jamaican operations recorded an increase of 24 percent in segment results reversing the negative growth experience in the previous quarters. Gross profit margin for the year to date, fell slightly to 25.8 percent from 25.9 percent in 2016 but grew nicely in the January 2017 quarter, to 26.3 percent from 25.6 percent in the prior year. The improved margin enjoyed in the January quarter over the previous two quarters, translates to increased profit before tax of $200 million per year.
Earnings per share ended at 60 cents for the quarter and $1.29 for the nine months and should end up around $1.70 for the full year, from net profit of $2 billion. The 2018 fiscal profit is preliminarily forecasted by IC Insider at $2.
Revenue for the group climbed 12 percent, to $11.7 billion in the latest quarter, from $9.9 billion and $32 billion compared to $28 billion for the nine months to January.
Divisionally, revenues to third parties in the Caribbean division climbed 23 percent from $1.15 billion, the Jamaican operations rose 13 percent to $23.4 billion while the US division recorded an increase of 20 percent to $7.5 billion. Broilers produced positive cash flows of $2.4 billion in the nine months, but ended up with just $303 million more at the end of the period after a net inflows of loan proceeds, paying dividends and capital spend, as the group continues to expand.
The stock traded at $15 on Tuesday on the Jamaica Stock Exchange for a PE of 7.5 based on 2018 estimated earnings and is well below the market average of 12.6.
