Major moves in the past week in the main market indices of the Jamaica Stock Exchange saw the market indices climbing sharply on three days, with more than 8,000 points on Thursday, more than 5,000 points move on Tuesday and one with over 2,300 points on Monday.
By the close on Friday, the market rose more than 7 percent in the week.
Jamaica Stock Exchange jumped sharply during the week by 140 percent, to $13.50 and joined Cargo Handlers, Kingston Wharves and Jamaica Producers with PE in excess of 30 times 2017 projected earnings. During the past week of rapid gains in some stocks, Radio Jamaica, Barita Investments, JMMB Group, Berger Paints and Scotia Investments all recorded gains during the week, with each hitting new 52 weeks’ highs.
The week closed with the full slate of stocks remaining in the IS Insider’s TOP 10. During the week Pulse Investments released quarterly results to December, with slightly lower profit for the quarter than in 2015 but with improved six months numbers over 2015.
The target PE used in the projecting prices is based on the market’s PE for 2016 earnings, for 12 stocks in the junior market and 11 in the main market that are selling around this level, with some well over.
Advancing stocks edge decliners on TTSE
The market’s activity resulted in 5 stocks advancing, 4 declining and 6 holding firm as 371,231 shares were exchanged at a value of $6,085,335 compared to Thursday’s 675,112 shares valued at $4,134,604.
The Composite Index climbed 1.60 points to 1,238.89 points, the All T&T Index advanced 3.00 points to 1,831.22 points and the Cross Listed Index added 0.02 points to 86.64.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 7 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Angostura Holdings gained 25 cents to close at $15 with 20,394 shares changing hands at a value of $305,910, Clico Investment added 5 cents and closed at $22.55 trading 237,147 units valued at $5,338,262, Guardian Holdings closed at a 52 weeks’ high of $15 with gains of 24 cents, exchanging 3,590 shares. National Enterprises gained 13 cents to close at $11 with 2,855 units exchanged and Trinidad Cement closed trading 1 cent higher to $4.16 with 4,454 shares changing owners.
Losses| Grace Kennedy lost 1 cent to close at $2.63 after trading 30,000 units, One Caribbean Media closed at a 52 weeks’ low of $19.50, losing 40 cents trading 250 shares, Republic Financial Holdings closed at a 52 weeks’ low of $106.69, losing 5 cents with 206 units traded and Scotiabank exchanged 174 units, closing 5 cents lower to $58.70.
Firm Trades| First Citizens closed trading at $32.50 with 50 units changing hands, First Caribbean International closed at $8.85 with trades of 100 shares, JMMB Group closed at $1.20 with an exchange of 1,000 units. Massy Holdings exchanged 758 units to close at $52, Sagicor Financial was unchanged at $9.30 with 3,253 shares changing hands and Scotia Investments held firm at $2.21 trading 67,000 units.
Trinidad Stock Exchange inching higher
Trading closed on Thursday after 675,112 shares were exchanged at a value of $4,134,604 compared to only 152,664 shares valued at $2,299,065 traded on Wednesday.
The Composite Index climbed 6.74 points to 1,237.29, the All T&T Index advanced 3.99 points to 1,828.22, still leaving it slightly lower that at the close of 2016 and the Cross Listed Index gained 1.30 points to 88.62 and is up 10.81 percent for 2017.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 6 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| First Citizens advanced 49 cents, closing at $32.50 with an exchange of 195 shares, First Caribbean International closed at a 52 weeks’ of $8.85, gaining 32 cents with 3,414 units changing hands, Guardian Holdings closed at a 52 weeks’ high of $14.76 with gains of 4 cents, trading 34,800 shares valued at $513,383. Massy Holdings gained 60 cents to close at $52 with 15,759 units being exchanged at a value of $819,389, Sagicor Financial closed at a 52 weeks’ high of $9.30, gaining 18 cents trading 193,132 shares at a value of $1,783,021 and Trinidad & Tobago NGL closed trading 10 cents higher to $22.75 with 3,408 shares changing hands.
Losses| Grace Kennedy lost 1 cent to close at $2.64 with 3,690 units exchanged, JMMB Group closed 5 cents lower to $1.20, trading 262,106 shares valued at $315,277, Unilever Caribbean dropped 50 cents to close at $58 with 54 units traded and West Indian Tobacco closed at $126.99, losing 1 cent with an exchange of 35 shares.
Firm Trades| Ansa McAL closed trading at $66.45 with 19 units changing hands and National Commercial Bank remained at $3.60 with an exchange of 158,500 shares valued at $570,869, the stock closed with buying of 20,000 units at $4, the equivalent of J$75, the stock closed in Jamaica at J$64 on Thursday.
Profitable growth continues at Access
Profit for the nine months to December rose 67 percent to $494 million and should end up around $740 million for the full year or $2.75 per share.
Net operating income for the quarter ended December 2016 amounted to $378 million, an increase of $83 million, or approximately 28 percent, when compared to the corresponding 2015 period. For the nine months it moved from $917 million to $1.07 billion. Income from loans increased by $30 million or 10 percent to $312 million for the quarter and from $824 million to $931 million of the nine months for a 13 percent increase.
Operating expenses for the quarter, increased by only 4 percent or $8 million when compared to the corresponding period ended December 2015 as a result of an increase in staff cost and other operating expenses. The company recorded a reduction in provision for loan loss based on portfolio risk assessment which showed improved credit quality. For the nine months operating expenses fell to $526 from $581 as loan loss provisions drop sharply from $195 million to just $94 million in 2016. While other operating expenses grew from $145 million to $199 million.
The net loan portfolio continues to show growth, with an increase of $441 million or 20 percent for the quarter since December 2015 to $2.65 billion. The Asset base of the company grew by $443 million which represents an 18 percent increase over the comparative period.
Apology for JSE trade sheet
The Jamaica Stock Exchange has switched over trading to a new platform as of Monday. So far we have been unable to obtain the feed to be able to supply our trading sheet. Work is ongoing to get the system functioning.
The new system which was slated to have come on stream in October 2016 was challenging for user. In yesterday’s trading report that was first posted on the exchange’s website had a number of errors, which were later corrected. The initial data came from the new system and had to be manually corrected. Under the old system a stock could not trade over 30 percent in a day but the final trade sheet had Main Event trading at $2.61 when the maximum price should be $2.60.
The former system was compatible with Excel, the current one is not and currently is not a flexible either. A staff member of one of the brokerage house indicated that he spent a considerable amount of time identifying weaknesses in the system since the late last year, some of which are incorporated into the system.
Gains topped declines on TTSE
Trading activities fell sharply on the Trinidad & Tobago Stock Exchange on Wednesday with just 7 securities trading compared to 10 on Tuesday. Stocks rising continues to dominate with mild movements in the indices at the close of the market.
Trading ended with 4 stocks advancing, 2 declining and 1 holding firm, resulting in 152,664 shares changing hands at a value of $2,299,065 compared to Tuesday’s 197,505 shares valued at $1,350,912.
The Composite Index gained 0.07 points to end at 1,230.55, the All T&T Index declined 1.52 points to 1,824.23 and the Cross Listed Index gained 0.23 points to 85.32, to be up 9.15 percent for the year to date.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 8 stocks with bids higher than last selling prices and 9 with lower offers.
Gains| Guardian Holdings closed at a 52 weeks’ high of $14.72, gaining 11 cents with 22,086 shares changing hands at a value of $325,032, JMMB Group gained 5 cents to close at a 52 weeks high of $1.25 with 45,434 units being exchanged. Scotiabank closed at $58.75 with a gain of 5 cents and 1,750 shares traded and Trinidad & Tobago NGL advanced 10 cents, closing at $22.65 with 775 shares changing hands.
Losses| Clico Investment lost 3 cents to close at $22.50 with 16,946 units exchanged at a value of $1,230,292 and First Citizens closed at $32.01, losing 49 cents with 16,946 shares traded at a value of $542,272.
Firm Trades| Scotia Investments held firm at $2.21 with an exchange of 11,000 shares.