Stocks pull back on JSE USD Market

Trading volume surged on Friday, with 941 percent shares changing hands after a spike of 475 percent more funds entered the market compared to Thursday, but the Jamaica Stock Exchange US dollar market closed lower, with rising stocks being edged out by those that fell. 
Trading ended with seven securities changing hands, compared to eight on Thursday, with prices of two rising, three declining, and two remaining unchanged.
The JSE US Denominated Equities Index shed 4.59 points to end at 183.04. The PE Ratio, a measure that computes appropriate stock values, averages 11.4 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, 490,246 shares traded for US$52,340 compared to 47,098 units at US$9,107 on Thursday. Trading averages 70,035 units at US$7,477, up from 5,887 shares at US$1,138 on Thursday and month to date averages 26,999 at US$7,149 versus 18,857 units at US$7,087 on Thursday. August ended with an average of 210,413 units for US$12,959.
Investor’s Choice bid-offer indicator shows no stock ending with the bid higher than the last selling price and one with a lower offer.
At the close, First Rock Capital remained at 6.8 US cents after exchanging 15,600 shares, MPC Caribbean Clean Energy fell 16 cents in ending at US$1.04 in an exchange of 11 stocks, Proven Investments climbed 0.3 of a cent in closing at 24 US cents after trading 195,540 units. Sterling Investments declined 0.06 of a cent to end at 1.74 US cents after crossing the market with 3,600 stock units, Sygnus Credit Investments US$ share advanced 0.3 of a cent to 12.5 US cents in exchanging 20,489 stock units and Transjamaican Highway dropped 0.02 of a cent to close at 0.88 US cents after trading 255,000 shares.
In the preference segment, Equityline Mortgage Investment preference share remained at US$1.999 after 6 units crossed the exchange.

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

Modest gains for JSE USD Market

Stocks rose modestly on the USD Market on Thursday, after seven securities traded on Thursday compared to five on Wednesday, with the prices of four rising and three declining at the close of the US dollar market of the Jamaica Stock Exchange and ended, with JSE USD Equities Index popping 0.27 points to end at 197.32.
The PE Ratioa measure that determines an appropriate value of each stock, averages 12.5 based on ICInsider.com’s forecast of 2021-22 earnings.
Overall, the volume of stocks traded rose moderately on Thursday, with 149,296 shares changing hands for US$18,104, up from 129,505 units at US$12,398 on Wednesday.
Trading averaged 21,328 units at US$2,586, in contrast to 25,901 shares at US$2,480 on Wednesday. Month-to-date trading averages 139,376 units at US$2,930 in contrast to 202,941 units at US$3,115 on Tuesday. May averaged 138,035 units for US$17,391.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with lower offers.
At the close, First Rock Capital rose 0.01 of a cent to 9 US cents after trading 13,500 shares, Margaritaville advanced 0.9 of a cent to 9.9 US cents with 3,984 stock units traded,  MPC Caribbean Clean Energy slipped 2 cents to 93 US cents trading 500 units. Proven Investments declined 0.9 of a cent to end at 25 US cents with 50,282 shares changing hands, Sterling Investments rose 0.05 of a cent to 2.05 US cents with 24,297 stocks traded, Sygnus Credit Investments declined by 0.29 of a cent to 15.2 US cents with a transfer of 16,733 units and Transjamaican Highway rallied 0.06 of a cent to land at 0.91 US cents with 40,000 shares crossing the exchange.

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

All but one JSE USD stock rose

Trading volume on the US dollar market of the Jamaica Stock Exchange dropped on Tuesday, with the market rising after trading 92 percent fewer shares than on Monday, with values dropping 98 percent.
Similar to trading on Monday, five securities changed hands on Tuesday and ended with the prices of four stocks rising, none declining and one remaining unchanged.
The JSE USD equity index advanced by 2.57 points to settle at 186.83. The average PE Ratio ended at 13.6 based on ICInsider.com’s forecast of 2020-21 earnings.
The market closed with an exchange of 144,602 shares accounting for US$5,383, down sharply from 1,714,384 units for US$265,400 on Monday. Trading averaged 28,920 units at US$1,077, compared to an average of 342,877 shares at US$53,080 on Monday. Trading month to date averaged 70,909 units at US$10,922, in contrast to 75,575 units at US$12,016. November ended with an average of 51,134 units for US$4,516.
Investor’s Choice bid-offer indicator reading shows no stock ending with bids higher than their last selling prices and two with lower offers.
At the close of the market, MPC Caribbean Clean Energy ended at US$1.15 trading 359 shares, Proven Investments gained 1.99 US cents to end at 25.99 US cents, with an exchange of 13,131 stock units, Sterling Investments gained 0.4 of a cent to end at 2.4 US cents, in transferring 20,000 shares. Sygnus Credit Investments increased by 1.99 cents to 16 US cents, with 1,112 units crossing the market and Transjamaican Highway carved out a gain of 0.01 of a cent to close at 0.95 of a US cent, with investors switching ownership of 110,000 shares.

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

Trading in more JSE USD companies

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Market activity on Thursday led to the trading of shares in more companies on the US dollar market of the Jamaica Stock Exchange than Wednesday, but the market declined after the total volume fell 70 percent from the previous day.
At the close of the market, six securities changed hands compared to four on Wednesday and closed with the prices of two stocks rising, two declining and two remaining unchanged.
The JSE USD Equities Index declined by 0.99 points to settle at 194.57. The average PE Ratio ended at 13.8 based on ICInsider.com’s forecast of 2020-21 earnings.
Trading resulted in an exchange of 206,695 shares for US$18,236 compared to 700,105 units at US$38,808 on Wednesday. The average trade amounts to 34,449 units at US$3,039, in contrast to an average of 175,026 shares at US$9,702 on Wednesday. Trading ended with an average of 49,514 units for the month to date at US$5,468, in contrast to 51,128 units at  US$5,728 on Wednesday. By comparison, October ended with an average of 697,808 units for US$17,320.
At the end of trading, the Investor’s Choice bid-offer indicator reading shows three stocks ending with bids higher than their last selling prices and two with lower offers.
At the close of the market, Margaritaville traded 100 shares at 13 US cents, MPC Caribbean Clean Energy settled at US$1.15, in exchanging 52 units. Proven Investments lost 0.09 of a cent and ended at 25.99 US cents trading 16,244 stocks, Sygnus Credit Investments shed 1.01 US cents to close at  15.99 US cents, with 90,118 units changing hands and Transjamaican Highway gained 0.04 of a cent to end at 0.89 of a US cent after exchanging 100,000 shares.
In the preference segmentEppley 5% preference share lost 1 US cent to end at US$1.02, with the trading of 181 units.

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

 

More funds exchanged on TTSE stocks

The Trinidad and Tobago Stock Exchange ended trading on Tuesday, with the market rising after investors exchanged 31 percent fewer shares with a 150 percent higher value than on Monday, resulting in more stocks falling than rising.
The market closed with sixteen securities trading with the prices of four stocks advancing, six declining and six remaining unchanged. The volume of stocks passing through the market amounted to 339,427 shares valued at $13,649,889 compared to 490,995 shares for $5,458,075 from 17 securities on Monday.
The average trade on Tuesday amounted to 21,214 units at $853,118 versus an average of 28,882 stock units for $321,063 for each security. Month to date the average traded amounts to 12,082 units at $169,359 each compared with 11,535 shares at $128,385 of August closed with an average of 15,631 shares for $367,803.
The T&T Composite Index added 2.57 points to end at 1,317.47, the All T&T Index advanced by 1.78 points to 1,795.16, while the Cross Listed Index gained 0.46 points to close at 113.41.
IC bid-offer Indicator The Investors Choice bid-offer indicator ended with the bids of two stocks higher than their last selling price and two with lower offers.
Stocks rising Grace Kennedy added 2 cents to close at $3.52, with 440 units crossing the market, NCB Financial Group advanced to $7.75, having gained 5 cents and transferring 5,505 stock units, Unilever Caribbean gained 3 cents to end at $17, in exchanging 21,423 shares and West Indian Tobacco rose 45 cents to $35.50 trading 905 units.
Stocks declining Clico Investments finished 35 cents lower at $25.15, with an exchange of 10,472 stock units, JMMB Group lost 1 cent trading 30,309 shares to settle at $1.70, One Caribbean Media slipped 10 cents to $5.10, after transferring 30,189 shares. Prestige Holdings lost 5 cents to end at $7.50, in exchanging 500 units, Republic Financial Holdings closed at $142, with a loss of 2 cents and 2,460 stock units changing hands and Trinidad and Tobago NGL dipped 5 cents to $15.90, in transferring 3,309 stock units.
Stocks trading firmFirst Caribbean International Bank exchanged 125 units at $7.07, First Citizens Bank ended at $46.10, trading 6,640 stock units, Guardian Holdings transferred 14,850 shares at $19.50. Massy Holdings closed at $58, with 1,200 units changing hands, MPC Caribbean traded 1,000 shares at US$1 and Scotiabank exchanged 210,100 shares at $55.50.

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

MPC Clean Energy rights open Wednesday

Wigton closed at anew high of $1MPC Caribbean Clean Energy (MPCL) stock traded at a record $275 on the Jamaica Stock Exchange last week, as investors positioned to buy into 22,848,320 class B shares offered to shareholders by way of rights.
The Offer entitles shareholders to buy two new shares for each one they own and will open November 13 and will close December 16.
The shares are currently listed on stock exchanges in Jamaica and Trinidad and were priced at J$130 or US$1 when it came to the market in late 2018. The new shares are renounceable and priced at J$140 to Jamaican shareholders and US$1 per share for shareholders in Trinidad and Tobago on record on November 8. The Company seeks to raise the equivalent of US$22,848,320 to facilitate expansion into new renewable energy projects.
The company went to the market in November 2018 to sell up to 50 million shares, the take-up fell well short with the capital with just 11.25 million units with Jamaican taking up over 77 percent of the issue and Caribbean Clean Energy Feeder Ltd taking up 18.4 percent.
MPCL has 34.4 percent interest in the Paradise Park project that comprises a 50 MWP solar plant in Westmoreland, Jamaica, with a total investment of US$64 million.
The second asset, Tilawind is a 21 MW onshore wind farm based in Costa Rica in which MPC effectively holds 50 percent with the other half owned by ANSA McAL, a Trinidad and Tobago group. The total investment in that operation is approximately US$50 million. The wind park has been in operation since March 2015.
According to the company, a further 14 projects have been prioritized and form the indicative deal pipeline for the Investment Company. These require a total investment estimated at US$499 million to deliver up to 314 MW of new renewable energy capacity. The listed company invests in MPC Caribbean Clean Energy LLC, the company that invests in the operating projects directly.
The company posted earnings for the nine months to September that reverses the positives number in the June Quarter. The results released are confusing, lacks transparency and will not help the company in raising the desired capital.
The company does not invest directly in the operating entities but directing into a management company that invests directly. Effectively, the company accounts for its investments as shares of profits in associates and books their share of profit in accordance with international accounting standards. MPC has investments indirectly in two power-generating operations. The results for the September quarter reflects the share of results from activities of the wind farm in Costa Rican and that of Paradise Park.
According to the company, the Tilawind “wind farm generation is mainly dictated by the trade winds, presenting a clear high wind season, with a high tariff from January to May, and a low wind season, with a low tariff from June to December.” The impact of on profit in the second half of the year is telling, with around 20 percent of the year’s energy production. The situation is made worse by the wind farm machinery undergoing repairs in the period and resulting in losses. Paradise Park generation in the quarter that started in June was affected by lower than expected sunlight levels resulting from poor weather conditions generated by hurricane Durian in late August-early September.
The net effect is that the company profit share dropped to $56,788, down from $145 million generated in the June quarter. The management report states that production at the Costa Rican operation generated 9.4 percent more energy than in the prior year. The company reported total profit share of $205,858 and a loss of $45,749 for the nine months period, the results from operations look vastly worse. The company reported a loss of $109,523 for the September quarter but advertising cost of $87,020 was the major cause of the big loss along with the fall in revenues mentioned above.
The projections in the prospectus were for revenues of US$1.39 million and profit of $1.25 million for 2019 and projected revenues of US$2.94 million in 2020 with a profit of US$2.76 million. They seem set to meet the revenues forecast but will be off from the profit as a result of not investing in the Costa Rican operation from the start of 2019 to have benefitted from the higher revenue period from January to March.

MPC Clean Energy hits $275

MPC Caribbean Clean Energy (MPCL) stock traded at a record $275 on the Jamaica Stock Exchange on Monday as investors position to take advantage of a rights issue of 22,848,320 class B shares to be offered by the company.
The listed shares were priced at J$130 or US$1 when it came to the market in late 2018. The proposed new shares will be by way of a renounceable issue at J$140 to Jamaican shareholders and US$1 per share for shareholders in Trinidad and Tobago with a record date of November 8 as the Company seeks to raise the equivalent of US$22,848,320 from its shareholders.
The company went to the market in November 2018 to sell up to 50 million shares but the take up fell well short with the capital with just 11.25 million units with Jamaican taking up over 77 percent of the issue and Caribbean Clean Energy Feeder Ltd taking up 18.4 percent.
MPCL has 34.4 percent interest in the Paradise Park project that comprises a 50 MWP solar PV plant in Westmoreland in Jamaica that comprises a total investment of approximately US$64 million.
The second seed asset Tilawind is a 21 MW onshore wind farm based in Costa Rica in which MPC effectively holds 50 percent with the other half owned by ANSA McAL Group a Trinidad and Tobago group the total investment in that operation is approximately US$50 million. The wind park has been in operation since March 2015.
According to the company, a further 14 projects have been prioritized and form the indicative deal pipeline for the Investment Company. These require a total investment estimated at US$499 million to deliver up to 314 MW of new renewable energy capacity. The listed company invests in MPC Caribbean Clean Energy LLC who in turn invest directly the operating projects.
The company posted earnings for the nine months to September that reverses the positives number in the June Quarter. The results released are confusing, lacks transparency and will not help the company in raising the desired capital.
According to management, they have investments in two power-generating operations, with both in operation for the September quarter and generated share in profits of associated companies of $56,788. With just one-quarter of operation before from one location, they enjoyed a share in the profit of associate of $145 million in that quarter. The management report states that production at the Costa Rican operation generated 9.4 percent more energy than in the prior year. The numbers just do not seem to add up and management did not provide an explanation as to the reason why in their quarterly report. While the company is reporting total share of profit of $205,858 and a loss of $45,749 for the nine months period, the results from operations look vastly worse. The company reported a loss of $109,523 for the September quarter but advertising cost of $87,020 was the major cause of the big loss.
Regardless of what has been achieved to date, the performance is well off from the projections in the prospectus with a projected income of US$1.39 million and profit of $1.25 million for 2019 and projected revenues of US$2.94 million in 2020 with a profit of US$2.76 million.

JSE main market decline continues

The more than 11,000 points sharp decline of the Jamaica Stock Exchange main market indices last week continued on Monday, as volume and value dropped compared to that on Friday.
The JSE All Jamaican Composite Index ended with a fall of 2,448.77 points to close at 537,510.00, the JSE Index declined by 2,178.75 points to 489,438.87 and the JSE Financial Index lost 0.24 points to close at 133.95.
At the close of trading, 38 securities changed hands in the main and US dollar markets with 14 advancing, 14 declining and 6 trading firm. Main market activity ended with 35 securities trading 48,237,597 units valued at $136,439,498, in contrast to 64,041,525 units valued at $1,348,335,010 on Friday with 33 securities trading.
Wigton Windfarm dominated trading with 41.85 million shares for 87 percent of total volume, followed by Sagicor Select Funds with 3.46 million units accounting for 7 percent of the day’s trade and Scotia Group with 590,136 shares for 1 percent of the market’s trade.
The market closed with an average of 1,378,217 units valued at an average of $3,898,271 for each security traded, in contrast to 1,960,652 units valued at an average of $40,858,637 on Friday. The average volume and value for the month to date amounts to 961,280 units valued at $13,958,606 and previously an average of 946,164 units valued at $14,531,873 for each security traded. The market closed out September with an average of 1,585,081 units valued at $14,071,562 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 10 stocks ended with bids higher than their last selling prices and none with lower offers. The PE ratio of the market ended at 16.1 with the main market ending at 16.7 times 2019 current year’s earnings.
In main market activity, Barita Investments lost 60 cents to close at $73.50 while 4,852 shares were traded, Caribbean Cement jumped $5.51 to close at $77.50 with 166,784 shares changing hands after the company posted third quarter results showing lower revenues than for the same quarter in 2018. Net profit was just $77 million or 9 cents per share for the quarter and $1.85 for the nine months period versus $1.34 per share in 2018. Eppley Caribbean Property Fund traded 3,000 shares and dropped $4.49 to end at $35.01, Eppley ended at $15, after losing $1.85 trading a mere 630 shares, Jamaica Broilers swapped 24,699 shares, closing $2.90 lower at $33.10. Jamaica Producers gained 50 cents, after exchanging just 100 shares to settle at $22.50, JMMB Group rose $2.30 to close at $41.80, with 9,182 shares changing hands. Kingston Wharves dived $2.59 to $57.41, after trading 2,412 shares, MPC Caribbean Clean Energy jumped $19.99 in trading 100 shares to end at a record high of $220, Portland JSX climbed 50 cents to $8.50, in swapping 4,500 shares. Proven Investments traded 1,564 shares, gaining $1.40 to end at $42.40, Sagicor Group closed 25 cents higher at $66.25 with an exchange of 160,664 shares, Salada Foods advanced by $3.25 to close at $29.30 with 2,550 shares changing hands. Scotia Group lost 42.10 to close at $53 while trading 590,136 shares, Seprod lost $2 to settle at $50.50 with 936 units crossing the exchange, Sygnus Credit Investments lost 60 cents, in ending at $21.40 with an exchange of 104,628 shares and VM Investments lost 24 cents and  closed $7.75, after trading 199,482 shares.
Trading in the US dollar market ended with 197,701 units valued at over US$33,784 with the market index gaining 1.47 points to close at 194.82. In trading, JMMB Group gained 2 cents settled at US$2.02 with 3,769 shares, Proven Investments closed with 9,664 units changing hands at 26 US cents and Sygnus Credit Investments exchanged 134,268 shares and gained 2 US cents to end at 13.99 US cents.

JSE majors steady on low volume

The Jamaica Stock Exchange main market inched higher on higher volume but lower value than on Wednesday with the market appearing to find support at current levels after falling more than 6 percent from the peak in the first week in August.
At the close the JSE All Jamaican Composite Index added just 104.29 points to close at 548,200.49, the JSE Index gained 189.56 points to 499,194.62 and the JSE Financial Index rose 0.15 points to 135.75.
Trading ended with 39 securities changing hands in the main and US dollar markets with 12 stocks advancing, 15 declining and 12 trading firm. Main market activity ended with 38 securities trading, resulting in 22,536,647 units valued at a mere $48,207,025, in contrast to 13,077,566 units valued at $68,716,819 from 37 securities trading on Wednesday.
Wigton Windfarm led trading with 10.6 million units for 47 percent of total volume, followed by Sagicor Select Funds with 10.2 million shares for 45 percent of the market’s trade and QWI Investments with 656,908 accounting for 3 percent of the day’s trade.
The market closed with an average of 593,070 units valued at $1,268,606 for each security traded, in contrast to 353,448 units for an average of $1,857,211 on Wednesday. The average volume and value for the month to date amounts to 924,365 shares at a value of $15,990,179 for each security traded and previously 951,792 shares at $17,309,566 for each stock traded. The market closed September with an average of 1,585,081 units valued at $14,071,562 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer reading shows 5 securities ended with bids higher than their last selling prices and 2 with lower offers. The PE ratio of the market ended at 16.6 with the main market ending at 17.3 times 2019 current year’s earnings.
In main market activity, Eppley rose 75 cents to close at $16.85 with a mere 220 shares changing hands, Grace Kennedy added $2.80 to close at $69.60 trading 8,315 shares, Jamaica Producers lost 67 cents with 5,209 shares changing hands in closing at $24.70, JMMB Group gained $1.89 to end at $42.99 in swapping 40,735 shares. Kingston Wharves dropped 99 cents to settle at $60 in trading 2,756 shares, Mayberry Investments lost 37 cents to close at $8.33 with 12,292 shares changing hands, Mayberry Jamaican Equities closed 35 cents lower at $10.80 with 7,244 shares crossing the exchange. MPC Caribbean Clean Energy traded just 100 shares, in gaining $36.94 to close at a record high of $190, NCB Financial advanced $3.93 with an exchange of 14,302 shares to close at $203.99, PanJam Investment declined by $1 and closed at $100 after trading 3,608 shares, Sagicor Group added 50 cents, after 35,923 shares changed hands to settle at $67.50.Scotia Group closed $3.50 lower at $56, after swapping 27,482 shares, Seprod lost 40 cents to settle at $50.60 trading 14,505 shares and Stanley Motta closed 40 cents lower to $5.60 with 126,539 shares changing hands.
Trading in the US dollar market ended with Proven Investments being the sole stock trading 9,717 units valued at $2,622 to close at 26.98 US cents with the market index gaining 0.08 points to 196.74.

 

IC TOP 10 MPC hits new record high

Prices pulled back during the past week but the new IC TOP 10 BUY RATED main market stocks MPC Caribbean Energy surged to an all-time high of $153.06 and is still in the TOP 10 and seems poised to move higher with no sellers in sight.
Seprod returns and Scotia Group moved out to be the only changes to the main market list. Jetcon Corporation, Caribbean Cream and Caribbean Flavours return to the Junior Market TOP 10 replacing CAC 2000, Dolphin Cove and Jamaican Teas.
The three most attractive Junior Market stocks are Iron Rock with projected gains of 257 percent, followed by Caribbean Producers with likely gains of 237 percent and tTech with projected gains of 208 percent.
Radio Jamaica closed the week with projected gains of 138 percent as the leading main market stock followed by Berger Paints with projected gains of 132 and Carreras with projected gains of 112 percent.
The main market, closed the week with the overall PE of 17.7 down from 18.3 the previous week and the Junior Market is down to 11.6 from 12.1 based on current year’s earnings. The PE ratio for Junior Market Top 10 stocks averages 7.7 compared to 8.4 the previous week and the main market PE is now 10.5. These levels of PE ratios point to big upside for TOP 10 stocks.
The TOP 10 stocks now trade at an average discount of 33 percent to the average for the Junior Market Top stocks and main market stocks trade at a discount of 41 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns to March next year. Projected earnings, for each company’s current fiscal year, are used in determining, the selected stocks. The PE for and projected earnings for each stock are computed to show potential gains for the year, which are ranked in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis as new information is received that can result in changes in and out of the list.

This report is compiled by persons who may have an interest in the securities commented on.