Carreras up $1,NCB up $1top movers

Carreras was up $1 to $34.50 while trading 28,057 shares, NCB gained $1 to $18 with 4,140 units trading and Sagicor Group with 958,732 units and Scotia Group with 1,597,476 units trading were the top stocks with 15 minutes of trading to go in Mondays trading on the Jamaican Stock Exchange.

D&G dominates trade as JSE gains

JSE sum pic 13-6-14There was trading in 25 securities on the Jamaica Stock Exchange with 7 rising and 4 declining as 3,530,162 units changed hands valued at $40,444,650 on Friday with Desnoes & Geddes being the dominant trade with 1.99 million units valued at $9.1 million.Main Market| The JSE Market Index advanced by 164.38 points to close at 70,496.64, the JSE All Jamaican Composite gained 183.80 points to 77,536.24 and only 3 companies in the main market advanced in price and 3 declined.
Gains| Stocks recording gains at the end of trading in the main market are Desnoes & Geddes with 1,986,182 shares changing hands to close with a gain of 35 cents at $4.60, Cable & Wireless with 8,199 units to close with the gain of a cent at 28 cents and Sagicor Real Estate Fund 14,690 shares, in closing 2 cents higher at $6.10.

Firm| The stocks in the main market to close without a change in price are, Berger Paints with 4,890 units in closing at $1.70, Ciboney with 60,000 units and closed at 7 cents, Grace Kennedy had 449,339 units changing hands to close at $54, Jamaica Broilers 25,474 shares and closed at $4.57, Jamaica Money Market Brokers with 41,722 ordinary shares closed at $6.50, Kingston Wharves with 10,000 units, closed at $5.05, Sagicor Group 17,540 shares to close at $9.10, Salada Foods, 5,885 units and closed at $8, Scotia Group saw 156,453 units trading to end at $19.30 and Supreme Ventures 58,900 units landed the closing price at $1.95.
Declines| The number of stocks that declined in the main market are Jamaica Producers with 923 shares changing hands, in closing 20 cents lower at $17, National Commercial Bank having 90,950 shares in closing at $1.48 down to $17 and Scotia Investments with 6,520 shares closing at $24 for a fall of $1.50.

Preference| Jamaica Money Market Brokers (JMMB) 7.50% preference shares traded 78,844 units to close unchanged at $2, JMMB 7.25% preference shares had 141,150 units changing hands to close 5 cents up at $2.50 and JMMB 8.50% preference shares traded 17,000 units to close with a gain of 1 cent at $3.51.
Junior Market| The JSE Junior Market Index inched up by 1.58 points to close at 715.42 as 6 stocks traded with 2 advancing and 1 declining.
Gains| Stocks recording gains at the end of trading in the junior market are Lasco Distributors with 46,700 shares to close at $1.21 with a gain of 3 cents and Lasco Manufacturing with 21,823 shares to close 1 cent higher at $1.05.

Firm Trades| The stocks in the junior market stocks that traded and closed at the same price as the previous trading day are Caribbean Producers with 76,978 units, closing at $2.65, Consolidated Bakeries 10,000 at 90 cents and Lasco Financial with 50,000 units in closing at $1.15.
Declines| Only one stocks declined in the junior market at the end of trading with Jamaican Teas having 150,000 shares changing hands to close 25 cents down at $3.25.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 7 stocks with the bid higher than the last selling price and 4 stocks with offers that were lower.

Portfolio adjustment pressure prices

A realignment of pension portfolio following the merger of Sagicor Investments with Sagicor Group In placed pressure on the prices of some stocks as the pension fund disposed of shares to bring the portfolio in line with the pension requirement. The realignment was not completed at the end of trading IC Insider sources advised.
JSE 26-5-14sumIn trading on the Jamaica Stock Exchange the prices of a mere 3 stocks rose and 10 declined as 23 securities traded resulting in 8,747,969 shares trading valued at $91,511,864.
Main Market| Only 2 companies in the main market rose and 8 declined as the indices lost altitude for yet another day with the JSE Market Index inching fell by 925.16 points to 71,355.85 and the JSE All Jamaican Composite index erased 1,034.48 points to close at 78,497, this is the lower the index has reached since December 20 last year went it closed at 78,575.66.
Gains| Stocks recording gains at the end of trading in the main market are Barita Investments with 3,780 shares to close with a gain of a cent to end at $2.30 followed by Seprod with 98,565 units changing hands as the price closed with a 20 cents gain at $11.
Firm| There were only 5 stocks in the main market to close without a change in price with Berger Paints trading 65,394 shares as the price closed at $1.67, Grace Kennedy with 56,859 units and closed at $55, Jamaica Money Market Brokers 8.75% preference share 128,400 units to close at $3.03, Kingston Wharves 5,000 shares to close at $5 and Mayberry Investments with 66,992 units in closing at $1.71.
Declines| The number of stocks that declined in the main market are Cable & Wireless 62,277 shares while losing 4 cents to close at 35 cents, Carreras traded 1,329 units at $35.26 while losing 54 cents, Hardware & Lumber 20,000 shares to close down 20 cents at $10, Jamaica Broilers 1,486,786 units in closing at $4.70 for a 5 cents fall, National Commercial Bank 2,614,665 units to close down 56 cents at $17, Sagicor Group 3,508,391 as the price lost 30 cents to end at $9, Scotia Group with 95,460 shares with the price closing down by 30 cents at $19.30 and Scotia Investments 28,235 units to close at $23.10 with a 40 cents fall.
Junior Market| The JSE Junior Market Index declined by 0.74 points to close at 730.97 as 8 stocks traded with 1 advancing and 2 declining.
Gains| The only stock recording gain at the end of trading in the junior market is General Accident with 10,000 units to close at $1.50 with a 2 cents rise.
Firm Trades| 5 stocks in the junior market stocks that traded to close at the same price as the day before with Caribbean Producers exchanging 540 shares to close at $2.75, Consolidated Bakeries 301,953 shares to end at 80 cents, Knutsford Express Services 37,868 shares at $5.16, Lasco Financial Services 2,500 units to close at $1.15 and Paramount Trading 2,575 units to close at $2.68.
Declines| Stocks declining in the junior market at the end of trading are Caribbean Cream traded 100,000 units to close at 70 cents with a 3 cents fall and Lasco Manufacturing with 50,400 units lost 2 cents to close at $1.12.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than the last selling price and 6 stocks with offers that were lower.

NDX slaps NCB profits

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National Commercial Bank

For the six months ended March 31, 2013 | Operating income declined by $26 million, when compared with the six months ended March 31, 2012, mainly as a result of a $2.4 billion reduction in gains on foreign currency and investment activities due to losses arising from NCB’s participation in the debt exchanges, plunging income for foreign currency and investment activities, declining to a loss of $729 million in the march quarter compared to a profit of $1.4 billion in 2012.

For the three months ending March 2013 | Compared with the three months ended December 2012 net profit of $1.7 billion, decreased by 37.4%, or $1.0 billion while earnings per stock declined by 37.4%, to $0.71 from $1.13. During the quarter NCBJ group accepted government’s debt swap offer and exchanged $118 billion of eligible securities. The primary impact of the exchanges is a reduction in coupon rates, an immediate hit from loss from the difference in market value from the amounts received from new instruments and the extension of the tenure of the securities. However, the eligible securities involved are marketable securities and the securities received was lower than the value of the securities tendered, resulting in losses on some of the instruments exchanged. The group stated that they have identified a number of mitigating measures to address the on-going reduction in yields, most of which have already been implemented.

For the six months ended March 31, 2013 | Net interest income increased by 9.8%, or $1.0 billion, primarily due to growth in loans and investments. Net fee and commission income, grew by 11.6%, or $407 million, due primarily to increased card transaction volumes in the Payment Services segment, as well as increased fees earned from new loans. Premium income increased by 73.7%, or $747 million due mainly to the acquisition of Advantage General Insurance.

Provision for credit losses | Declined by 30.8%, or $470 million, due mainly to losses recorded on a large loan last year, while operating expenses increased by $646 million in the six months ended March, over the six months ending March 2012, mainly as a result of:

  1. Other operating expenses, increasing 27.7%, or $967 million, primarily due to insurance benefits and reserving expenses related to the acquisition of Advantage General Insurance and asset taxes.
  2. Depreciation and amortisation charges increased $48.5%, or $179 million, due largely to increased capital expenditures.

Loans and advances | Increased to $128.8 billion at the end of March 2013, growing 24.9%, or $25.7 billion, compared to the loan portfolio as at March 2012. Non-performing loans totalled $7.5 billion ($7.5 billion as at March 31, 2012) and represented 5.7% of the gross loans compared to 7.1% as at March 31, 2012.

Dividend Declaration | NCB declared a dividend of $0.16 per share payable on May 24. The stock closed at $18.56 at the end of trading on Friday with 253,195 shares trading the day after the results were released.

Talk Back | Any response to these posted results? Please leave a comment below.