Falling prices dominate JSE majors – Monday

December 11, 2017 by

The price of NCB Financial climbed $2.50 on the JSE.

When the main market of the Jamaica Stock Exchange closed on Monday, 23 securities changed hands, 6 advanced, 10 declined and 6 traded firm with 3,390,479 units valued at $79,727,658 passing over the exchange.
The Main Market ended with the JSE All Jamaican Composite Index diving 2,600.36 points to close at 301,598.10 while the JSE Index dropped 2,369.22 points to 274,789.99.
In market activity, Berger Paints finished at $14.55, with 15,000 shares, Cable & Wireless settled with a loss of 15 cents at 94 cents, with 125,361 stock units, Carreras traded with a loss of 15 cents at $10.35, with 123,130 units, Ciboney Group finished trading at 35 cents, with 20,683 shares. Grace Kennedy closed with a loss of 1 cent at $42.99, with 1,000 units, Jamaica Broilers ended with a loss of 60 cents at $17.10, with 20,296 stock units, Jamaica Producers concluded trading at $15.10, with 3,746 units, Jamaica Stock Exchange finished at $7, with 464,604 shares. JMMB Group settled with a loss of 1 cent at $23.99, with 36,522 shares, Kingston Wharves traded with a loss of 70 cents at $32, with 69,604 units, NCB Financial Group closed $2.50 higher at $99.50, with 71,520 shares, 1834 Investments ended 5 cents higher at $1.20, with 12,961 stock units, PanJam Investment concluded trading 12 cents higher at $41.50, with 8,500 units. Pulse Investments settled at $1.50, with 950 shares, Radio Jamaica ended trading at $1, with 320,391 stock units, Sagicor Group traded with a loss of $3.30 at $34.80, with 1,594,318 units, Sagicor Real Estate Fund finished trading with a loss of 1 cent at $14.49, with 18,710 shares. Salada Foods Jamaica closed 50 cents higher at $9.50, with 5,000 shares, Scotia Group ended $1 higher at $52, with 147,734 stock units, Seprod concluded trading with a loss of 48 cents at $29.52, with 200 units and Supreme Ventures settled 20 cents higher at $10.20, with 8,220 shares. In the main market preference segment, Jamaica Money Market Brokers 7.25% traded 122,029 units but fell 5 cents to $1.85 JMMB Group 7.5% ended trading at $1.15, with 200,000 stock units.

 

Prices of securities trading for the day are those at which the last trade took place. For more details of market activities see report “JSE main market drops – Monday.”

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JSE main market drops – Monday

December 11, 2017 by

Trading on the Main Market of the Jamaica Stock Exchange ended with the JSE All Jamaican Composite Index declined by 2,600.36 points to close at 301,598.10 and the JSE Index declined by 2,369.22 points to close at 274,789.99.
The market finished on Monday with 23 securities changing hands, 6 advanced, 10 declined and 6 traded firm with 3,390,479 units valued at $79,727,658 compared to 581,428 units valued at $23,062,993 on Friday from 16 securities changing hands.
Trading ended with an average of 147,412 units for an average of $3,466,420 in contrast to 36,339 units for an average of $1,441,437 on Friday. The average volume and value for the month to date amounts to 145,056 units valued at $3,297,675 and previously, 144,699 units valued at $3,267,354. In contrast, November closed with average of 349,084 units at an average of $5,801,440 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and the US dollar markets, the Investor’s Choice bid-offer indicator reading shows 4 stocks ended with bids higher than their last selling prices and 3 with lower offers.
Proven Investments US ordinary share was the sole trade in the US dollar market, with 100,000 units valued at US$23,485 changing hands in closing 2 cents higher to 23.5 US cents, with the index rising 4.06 points to 176.96.
The major movers at the close, are Berger Paints falling $2.45, NCB Financial jumping $2.50 following last Friday’s announcement of a bid to acquire majority shares in Guardian Holdings, Sagicor Group fell $3.30 in trading 1,594,318 units, while Scotia Group rose $1.
For more details of market activities see report – Falling prices dominant for JSE major – Monday

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Junior Market rise moderately – Monday

December 11, 2017 by

The Junior Market of the Jamaica Stock Exchange gained moderate grounds on Monday, with the market index rising just 11.54 points to close at 2,630.22, as the prices of 4 securities advanced, 8 declined and 9 remained unchanged, on a day of modest trading.
Trading closed on Monday with 17 securities changing hands, resulting in an exchange of 1,018,603 units valued at $4,155,191 compared to 712,528 units valued at $3,394,119 from 14 securities on Friday.
Trading ended with an average of 59,918 units for an average of $244,423 in contrast to 50,895 units for an average of $242,437 on Friday. The average volume and value for the month to date amounts to 88,937 units valued at $358,933 and previously 129,298 valued at $491,038. In contrast, November closed with average of 107,477 units valued at $545,989 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 4 stocks ending with bids higher than the last selling prices and 2 with lower offers.
At the close of the market, CAC 2000 settled 50 cents higher at $6.50, with 27,786 shares, Caribbean Cream traded at $5.30, with 100 units, Caribbean Producers closed with a loss of 11 cents at $3.99, with 53,286 shares trading, Consolidated Bakeries ended with a loss of 5 cents at $1.85, with 100,000 stock units, Dolphin Cove finished at $17, with 100 shares. Express Catering ended trading 3 cents higher at $4.08, with 17,019 stock units, Jamaican Teas concluded trading with a loss of 34 cents at $3.50, with 71,150 units, Jetcon Corporation gained 30 cents at $4.70, with 47,000 shares, Key Insurance settled with a loss of 25 cents at $3.25, with 500 shares. Knutsford Express traded with a loss of 65 cents at $14.15, with 168 units, Lasco Distributors finished trading with a loss of 80 cents at $4.20, with 330,492 shares, Lasco Financial closed 10 cents higher at $4.75, with 65,368 shares, Lasco Manufacturing ended with a loss of 40 cents at $3.30, with 159,985 stock units. Main Event concluded trading at $5.09, with 3,180 units, Medical Disposables finished with a loss of 10 cents at $4.95, with 68,000 shares, Paramount Trading settled at $3.08, with 1,153 shares and Stationery and Office ended trading at $4.80, with 73,316 stock units changing hands.
Prices of securities trading for the day are those at which the last trade took place.

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NCB’s next stop Republic Holdings?

December 11, 2017 by

The price of US$2.45 offered by NCB Financial‘s for 32 percent more ownership in Guardian Holdings, is below the price the stock is trading at on the Trinidad and Tobago Stock Exchange of TT$18 or US$2.67. 
They need not worry, as they are virtually assured of getting the amount needed, based on the interest that Chairman Arthur Lock Jack has influence over in the Group. The acquisition of the added Guardian shares, will give the bigger NCB control over 2.6 million shares or just over 1.6 percent in Republic Financial Holdings, up from 2.17 million units in 2016, in Trinidad’s largest banking group. But that would be the start of a much bigger prize, that of control over Republic Holdings. Acquiring control of Republic while much more costly that the case of Guardian, will not be too difficult, as the Government of Trinidad and Tobago has directive over a large portion of Republic.
Clico Trust holds 40 million shares or 24.69 percent of Republic, the trust has a finite life of 10 years ending in 2021, while an addition 9.98 percent is held by CLICO Investment Bank (In liquidation) and Colonial Life owns 11.786 million units or 7.26 percent. All three amounts are subject to the direction of the Government of Trinidad who will be willing to sell to the right candidate, but the Colonial Group held 51 percent prior to the Government taking over some of the assets of the group.
The early target would be the Clico’s holdings, an amount set aside to compensate creditors in the Colonial Group. Sale of the Republic shares would allow for liquidation of the trust fund with investors getting an early exit and give NCB Financial an ownership level that would allow for booking any such acquisition as an associate.
Acquiring majority shares in Republic won’t be as easy as Guardian Holdings, while the capitalization of the latter is TT$4, Republic is now over TT$16 billion. NCB currently has assets at the end of September is US$5.5 billion but Republic assets are US$10.3 billion. Earnings per share for Republic at September 2016 was 88 us cents climbing in 2017 to US$1.16.
NCB Group total assets with the acquisition of majority shares in Clarien Bank will be in the region of US$7.6 billion and with majority shares in Guardian US$12 billion.
Acquisition of majority shares in Republic would give NCB a footprint in a number of Caribbean countries that the Bank has no interest in presently. The countries include Suriname, Guyana and Grenada.

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NCB pushes JSE main market up – Friday

December 8, 2017 by

NCB jumps $4.75 on Friday after the Group disclosed bid for majority shares in Guardian Holdings.

Trading on the Main Market of the Jamaica Stock Exchange closed on Friday saw the JSE All Jamaican Composite Index gaining 604.57 points to 304,198.46 and the JSE Index advancing 550.84 points to 277,159.21 as NCB Financial climbed $4.75 following their bid for majority shares in Guardian Holdings.
Trading on the Main Market of the Jamaica Stock Exchange ended on Friday with just 16 securities changing hands of which 5 advanced, 6 declined and 5 traded firm with 581,428 units valued at $23,062,993 compared to 714,979 units valued at $14,275,297 on Thursday from 21 securities changing hands.
Trading ended with an average of 36,339 units for an average of $1,441,437, in contrast to 34,047 units for an average of $679,776 on Thursday. The average volume and value for the month to date amounts to 230,246 units valued at $4,248,014 and previously, 230,246 units valued at $4,248,014. In contrast, November closed with average of 349,084 units at an average of $5,801,440 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and the US dollar markets, the Investor’s Choice bid-offer indicator reading shows 7 stocks ended with bids higher than their last selling prices and 2 with lower offers.
The major movers at the close, are Berger Paints falling $2.45, NCB Financial jumping $4.75 after the Group announced a bid to acquire majority shares in Guardian Holdings and PanJam Investment fell $1.12 and Scotia Group fell $2.
For more details of market activities see report Trading falls on JSE main market – Friday.

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Junior Market dips again – Friday

December 8, 2017 by

The Junior Market of the Jamaica Stock Exchange lost grounds on Friday with the market index falling 38.51 points to close at 2,618.68 as the prices of 3 securities advanced, 2 declined and 9 remained unchanged on a day of modest trading.
Trading closed on Friday with 14 securities changing hands, resulting in an exchange of 712,528 units valued at $3,394,119 compared to 846,648 units valued at $4,389,452 from 21 securities on Thursday.
Trading ended with an average of 50,895 units for an average of $242,437 in contrast to 40,317 units for an average of $209,022 on Thursday. The average volume and value for the month to date amounts to units 129,298 valued at $491,038 and previously 99,196 valued at $394,709. In contrast, November closed with average of 107,477 units valued at $545,989 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ending with bids higher than the last selling prices and 5 with lower offers.
At the close of the market, Access Financial closed at $32, with 4,531 shares, Caribbean Cream traded at $5.30, with 5,000 units, Eppley settled at $10, with 2,817 shares, General Accident traded 3 cents higher at $2.53, with 600 units, Jamaican Teas concluded trading with a loss of 16 cents at $3.84, with 60,500 units. Jetcon Corporation finished at $4.40, with 16,827 shares, Key Insurance settled at $3.50, with 4,000 shares, Lasco Distributors finished trading 80 cents higher at $5, with 23,000 shares, Lasco Financial closed at $4.65, with 438,833 shares. Lasco Manufacturing ended at $3.70, with 13,470 stock units, Medical Disposables finished at $5.05, with 300 shares, Paramount Trading settled 1 cent higher at $3.08, with 2,500 shares, Stationery and Office ended trading at $4.80, with 130,150 stock units and tTech finished trading with a loss of 50 cents at $5.50, with 10,000 shares.
Prices of securities trading for the day are those at which the last trade took place.

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Trading falls on JSE main market – Friday

December 8, 2017 by

Trading on the Main Market of the Jamaica Stock Exchange ended on Friday with 16 securities changing hands, 5 advanced, 6 declined and 5 traded firm, with 581,428 units valued at $23,062,993 changing hands.
The JSE All Jamaican Composite Index rose 604.57 points to close at 304,198.46 and the JSE Index gained by 550.84 points to close at 277,159.21.
In the main market activity, Barita Investments concluded trading with a loss of 25 cents at $7.75, with 21,322 units, Berger Paints fell $2.45 to $14.55, with 3,000 shares, Cable & Wireless settled 9 cents higher at $1.09, with 2,660 shares, Carreras traded at $10.50, with 116,842 units, Grace Kennedy closed at $43, with 2,000 shares. Jamaica Broilers ended at $17.70, with 3,000 stock units, Jamaica Stock Exchange finished 50 cents higher at $7, with 2,300 shares, JMMB Group settled at $24, with 1,414 shares, Mayberry Investments finished trading 95 cents higher at $5.95, with 106,457 shares. NCB Financial Group closed $4.75 higher at $97, with 197,918 shares, after the Group announced a bid to acquire up to 32 percent more shares in Guardian Holdings, to take their holdings in the Trinidadian finance house to 62 percent. PanJam Investment concluded trading with a loss of $1.12 at $41.38, with 4,962 units, Pulse Investments settled with a loss of 25 cents at $1.50, trading 41,191 shares, Sagicor Group traded 10 cents higher at $38.10, with 26,739 units. Salada Foods Jamaica closed with a loss of 50 cents at $9, with 5,000 shares, Scotia Group ended with a loss of $2 at $51, with 4,623 stock units and Supreme Ventures settled at $10, with 42,000 shares.
Prices of securities trading for the day are those at which the last trade took place.
For more details of market activities see report “NCB pushes JSE main market up – Friday.”

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NCB takeover bid pushes Guardian to $18

December 8, 2017 by

Guardian Holdings closed at a 52 weeks’ high of $18 on TTSE after NCB disclosed bid for 32% more shares..

Guardian Holdings’ share jumped $1.45 to $18, trading 69,236 shares on the Trinidad & Tobago Stock Exchange, in response of a bid to acquire 74 million shares by NCB Financial Group at US$2.35 each.
Guardian was closing at the highest price in 52 weeks which is the equivalent of US$2.66 compared to US$2.35 that is offered by NCB. With a 29.99 percent equity interest acquired in 2016, the NCB Financial Group will most likely command a 62 percent stake in Guardian Holdings when the offer closes as data suggest that the deal is sown up long ago with Arthur Lock Jack almost sure to surrender the shares owned directly or indirectly by him along with a few others.
At the close of trading market activity resulted in 11 securities changing hands compared to 14 on Thursday with 3 stocks advancing, 2 declining and 6 holding firm as 165,628 shares traded at a value of $2,492,376 compared to Thursday’s trades of 221,067 valued at $3,013,733.
The Composite Index gained 5.26 points to 1,279.29, the All T&T Index advanced 13.84 points to 1,757.41 and the Cross Listed Index lost 0.47 points to close at 107.97.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Securities rising at the close on Friday are Ansa McAL regained losses from the previous day, rising $3.02 to $63.02 with 10,000 shares valued at $630,200 trading, Guardian Holdings closed at a 52 weeks’ high of $18, after rising $1.45 and trading 69,236 shares valued at $1,192,342 and Sagicor Financial traded 4 cents higher to $7.95 in exchanging 13,000 shares.
Losses| Jamaican based JMMB Group fell 10 cents and closed at $1.78 trading 31,500 shares and Trinidad & Tobago NGL dropped $1 to settle at $26 with 4,250 shares changing hands.
Firm Trades| Securities trading unchanged are Angostura Holdings exchanged 9,513 shares at $15.05, Clico Investment remained at $20.79 with 7,610 shares trading, First Citizens traded 1,381 shares at $32.01. National Enterprises closed at $9.75 with 1,010 units, National Flour Mills ended with 17,932 stock units at $1.90 and Scotiabank held firm at $61 with 196 units.

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NCB Group goes for 62% of Guardian

December 8, 2017 by

NCB set to increase shares in Guardian Holdings.

NCB Financial Group announced the launch an offer and take-over bid to acquire up to 74,230,750 ordinary shares in the Trinidad based Guardian Holdings at US$2.35 each, through its wholly-owned subsidiary, NCB Global Holdings Limited.
Guardian Holdings, a publicly-traded company listed on the Trinidad and Tobago Stock Exchange, and last traded at TT$16.55 around US$2.45. Guardian has 231,899,986 ordinary shares in issue with NCB Group holding approximately 69,547,241 units acquisition of the stated shares would take their holdings to 62 percent of the company and thus return the company back to Jamaican majority ownership which it had in the 1990s.
The offer, if successful, would result in NCBFG acquiring a controlling 62 percent interest in GHL following the 2016 acquisition of a 29.99 percent interest. Unless extended, the Offer period will close on January 12, 2018. Full acceptance of the Offer would result in a cash payment by NCBFG of the sum of up to approximately US$174,442,262 to the shareholders of GHL who accept the Offer.
Arthur Lok Jack Chairman of Guardian was one of the original sellers of Guardian shares to NCB and would have sold more at the time, but if NCB had acquired more then, it would have triggered the take over bid rule of the TTSE, requiring them to offer to buy the majority.
Guardian Group profit attributable to shareholders for the nine months ended September 2017 amounted to $254 million, a decline of $6 million compared to the corresponding period last year $260 million. NCB Group made profit of $19.1 billion for 2017, up from$14.45 billion in 2016.
The Offer will be conditional upon NCBFG acquiring control of GHL and obtaining regulatory and other approvals required to acquire the GHL Shares in Trinidad and Tobago, Jamaica as well as all other jurisdictions in which GHL and its subsidiaries are regulated.
According to President and Group CEO Patrick Hylton, “We believe that this partnership will not only support our strategy to expand regionally, but will provide numerous growth opportunities for both NCB and GHL. The successful completion of this Offer will be a significant milestone for our business and we anticipate the great potential that this presents.”
Last week NCB announced the acquisition of the majority stakes in Clarien Bank in Bermuda.

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JSE main market falls back – Thursday

December 7, 2017 by

Investors chopped $1.65 off the price of NCB Financial on Thursday.

Trading on the Main Market of the Jamaica Stock Exchange closed on Thursday with 21 securities changing hands, compared to 25 on Wednesday but the market indices fell back with stocks rising edging out those that fell.
By the close the JSE All Jamaican Composite Index fell 954.19 points to 303,596.51 and the JSE Index declined by 869.38 points to 276,610.75 as the prices of 9 stocks advanced, 6 declined and 4 traded firm resulting in 714,979 units valued at $14,275,297 trading, compared to 9,894,407 units valued at $132,996,713 on Wednesday.
Trading ended with an average of 34,047 units for an average of $679,776 in contrast to 412,267 units for an average of $5,541,530 on Wednesday. The average volume and value for the month to date amounts to 230,246 units valued at $4,248,014 and previously, 227,449 units valued at $4,185,528. In contrast, November closed with average of 349,084 units at an average of $5,801,440 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and the US dollar markets, the Investor’s Choice bid-offer indicator reading shows 7 stocks ended with bids higher than their last selling prices and 4 with lower offers.
Proven Investments US ordinary share was the sole trade in the US dollar market, with 8,125 units changing hands in closing 1 cent lower to 22 US cents, with the index slipping 1.77 points to 172.8 and JMMB Group 6% US preference share traded 1,210 units at $1.15.
The major movers at the close, are Berger Paints with a rise of $2.45, Grace Kennedy with a rise of $1, followed by a rise of $1.40, JMMB Group falling by $1 and NCB Financial, down $1.65.
For more details of market activities see report –  9 JSE stocks rise 6 fall – Thursday.

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