The average gains projected for the Junior Market fell from 225 percent last week to 218 percent as the prices of a number of the top 10 stocks rose during the past week, but with no new entrant to either Top 10 list. The average projected gains for the Main Market stocks move up from 162 to 169 percent helped in a big way by the fall of Guardian Holdings from $790 last week to $763.
Guardian Holdings hit a low of J$750 on Friday.
The price slippage for Guardian shares below $790 provides investors a better value proposition, with the PE at 8.3 times, rather than 8.6 that the NCB Global offer price for the 2 million shares they are offering to the public.
The markets continue to face resistance this past week, with the Junior Market is trading at the very top of its upward sloping channel while the JSE Main Market sits a few thousand points away and facing turbulence in getting to the peak. With the two Lasco companies releasing results after the market closed on Friday it will be interesting to see what investors do with their prices. If they rise appreciable the resistance is likely to be broken and clear the way to move to a new yearly high in the weeks ahead.
The Junior Market closed the week at 3,329.50, up slightly from 3,324 at the end of the previous week. The JSE 
All Jamaica Composite Index ended at 454,375.81 on Friday, marginally lower than 454,479.33 at the close of the previous week.
The top three stocks in the Junior Market, remain unchanged for this week, with Elite Diagnostic heading the list, followed by Caribbean Assurance Brokers and Caribbean Producers, with the potential to gain between 255 to 303 percent. The top three Main Market stocks are Radio Jamaica in the number one spot, followed by PanJam Investments and Wisynco, with expected gains of 149 to 371 percent.
This week’s focus: RJR suffered badly from the effects of the curtailment of business in 2020 after showing signs of recovering from the prior years’ slow growth and high cost of operations. In 2020 they moved to deal with the pressure the fallout had and showed marked improvement in the second half of the calendar year. Importantly, there was significant cost cutting with the third quarter showing the effects with vastly improved results.
The impression given in the group’s December quarterly report is that the sharp fall in direct operating, selling and marketing costs were directly related to the fall off in revenues. That of course is only part of the story. The fall in cost has been far greater than the reduction in revenues suggesting that actual cost cutting was effected. ICInsider.com confirmed that the group that made some staff redundant also made changes by discontinuing unprofitable programs and publications. “Regarding cost reductions, some changes in the distribution network and workflows are permanent,” this publication was informed but revenues for some of the newspapers continue to run below pre Covid-19 levels.
The targeted PE ratio for the market averages 20 based on profits of companies reporting full year’s results, up to the second quarter of 2022. 
Fiscal 2020-21 ended March 2021 with the average PE at 17 for Junior Market stocks and 19 times for the Main Market.
The Junior Market with an average PE 12.4 based on ICInsider.com’s 2021-22 earnings, is currently trading below the target, as well as the recent historical average of 17, this represents another 37 percent rise in the market that would equate to a rise of 61 percent to March 2022. The Junior Market Top 10 stocks average a mere 6.4 at just 52 percent of the market average, indicating substantial gains ahead. The JSE Main Market ended the week with an overall PE of 7.8, some distance from the 19 the market ended March, suggesting a 17 percent rise from now to March 2022. The Main Market TOP 10 
trades at a PE of 7.8 or 48 percent of the PE of that market and well off the potential of 20.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on likely increase for each company, taking into account the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in movements in and out of the lists weekly. Revisions to earnings per share are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
The All Jamaican Composite Index rose 1,817.92 points to 454,375.81, the JSE Main Index gained 754.27 points to end at 422,066.55 and the JSE Financial Index gained 0.44 points to settle at 104.74.
Transjamaican Highway with 2.2 percent for 2.58 million and NCB Financial Group with 1.7 percent for 2.13 million units changing hands.
Pulse Investments gained 44 cents to end at $4.80 with 706,754 units crossing the market, Sagicor Group rose 74 cents to close at $52.75 in switching ownership of 12,435 stocks, Seprod advanced $1.49 to $75 after clearing the market with 27,751 shares, Sterling Investments shed 30 cents to close at $3 with an exchange of 94,051 stocks, Victoria Mutual Investments declined 5 cents to close at $6.96 after trading 137,328 stock units and Wisynco Group rose 65 cents to $15.75 with 28,000 shares changing hands.
The All Jamaican Composite Index gained 109.54 points to 452,557.89, the JSE Main Index shed 184.88 points to 421,312.28 and the JSE Financial Index lost 0.05 points to settle at 104.30.
April closed with an average of 234,200 units at $1,772,561.
Proven Investments declined $1.99 to $35.01 with 251,559 stock units clearing the market, Seprod gained 51 cents in ending at $73.51 and switching ownership of 12,312 stocks, Stanley Motta lost 29 cents in closing at $5.95 with the swapping of 2,480 units, Sterling Investments gained 20 cents to end at $3.30 with an exchange of 172,032 shares. Sygnus Credit Investments finished 23 cents higher at $15.43 in transferring 21,885 stocks and Wisynco Group shed 77 cents to close at $15.10 with an exchange of 179,935 units.
Investor’s Choice bid-offer indicator shows 16 stocks ending with bids higher than their last selling prices and four with lower offers.
Palace Amusement dropped $20 to $910 in switching ownership of 219 stocks, Pan Jam Investment advanced $2.95 to $67.95 after trading 1,139 units, Scotia Group gained 20 cents in ending at $40 with 133,171 stocks crossing the market, Seprod lost 59 cents to finish at $73 in exchanging 10,376 stock units. Stanley Motta gained 24 cents in closing at $6.24 after exchanging 17,000 units, Sterling Investments 
The All Jamaican Composite Index dropped 1,007.80 points to 453,471.53, the JSE Main Index fell 871.80 points to 423,431.38 and JSE Financial Index slipped 0.12 points to 105.21.
Investor’s Choice bid-offer indicator shows 14 stocks ending with bids higher than their last selling prices and one with a lower offer.
Sagicor Real Estate Fund lost 30 cents to close at $8 while trading 2,030 shares, Scotia Group fell $1 to $39.80 in exchanging 28,625 units, Supreme Ventures fell $1.25 to $20.50 in trading 58,706 stocks and Wisynco gained 39 cents to finish at $15.89 after exchanging 23,510 stocks.
The Junior Market has to decidedly break through the upper limit of the trading channel, to free it to move on to the next area of resistance, just over 4,000 mark, but the Main Market has room to run for a few thousand points before it hits the channel top at 460,000 points.
The top three Main Market stocks are Radio Jamaica in the number one spot, followed by Wisynco and PanJam Investments, with expected gains of 151 to 344 percent.
Trading closed with an average of 282,041 units at $1,783,975, compared to 525,290 shares at $9,415,262 on Thursday. Trading month to date averages 320,145 units at $3,595,710, in contrast to 322,750 units at $3,719,589 on Thursday. Trading in April averaged 234,200 units at $1,772,561.
Seprod shed $1.50 to close at $73.50 with an exchange of 44,685 stock units, Supreme Ventures rose $1.55 to close at $21.75 in trading 98,472 stocks and Sygnus Credit Investments gained 40 cents to finish at $15.61 after exchanging 313,497 stocks.
Trading averaged 505,086 units at $9,053,136, compared to 179,579 shares at $2,190,026 on Wednesday. Trading month to date averages 321,833 units at $3,709,022, compared to 307,218 units at $3,282,804 on Wednesday. April averaged 234,200 units at $1,772,561.
138 Student Living rose 85 cents to close at $5.39 in switching ownership of 13,853 stock units, Palace Amusement dropped $29 to end at $926 in swapping 111 stocks, PanJam Investment declined $5.85 to finish at $66.05 with 26,162 shares clearing the market, Proven Investments closed 75 cents higher at $37.90, with 5,272 units crossing the market, Sagicor Group climbed $2 to end at $53 trading 7,248,980 shares, Seprod slipped 90 cents to $75 after exchanging 41,954 units. Stanley Motta lost 34 cents in ending at $5.90 in switching ownership of 6,907 stock units, Supreme Ventures gained 20 cents to end at 52 weeks’ closing high of $20.20 in trading 193,925 shares and Wisynco Group ended 45 cents lower at $15.45 in switching ownership of 153,549 stock units.
At the close, the All Jamaican Composite Index declined 2,953.62 points to close tab 451,445.11, the Main Index shed 2,482.03 points to 421,843.46 and the JSE Financial Index lost 0.98 points to settle at 104.40.
At the close, Barita Investments declined $2 in closing at $84 after clearing the market of 2,835 shares, Berger Paints advanced $1.15 to finish at a 52 weeks’ high of $16.65 in switching ownership of 7,557 shares, Caribbean Cement rose 77 cents to $87.99 with an exchange of 56,552 units. Eppley shed 70 cents to close at $33 with the swapping of 30,020 stock units, Grace Kennedy ended 99 cents lower at $87.01, with 96,486 units crossing the exchange, Jamaica Broilers declined $1 to $35 in exchanging 36,579 shares. Jamaica Producers shed $1 to close at $23.50 in transferring 18,462 units, Jamaica Stock Exchange gained 25 cents in closing at $18 with 17,670 shares changing hands, JMMB Group advanced $1 to $33 in switching ownership of 188,002 stock units. Key Insurance shed 32 cents to end at $5.01 after an exchange of 321,258 shares, NCB Financial advanced $2.10 to $141 in trading 22,667 units. 138 Student Living lost 86 cents to close at $4.54, with 12,305 stock units clearing the market, Palace Amusement climbed $41 to $955 after exchanging 123 stock units, Pan Jam Investment jumped $6.90 to $71.90 with the swapping of 1,737 units, Portland JSX fell $2.40 to $7.10 with the transfer of 51,289 shares. Proven Investments lost 80 cents to close at $37.15, with 18,599 stock units crossing the market, Sagicor Group fell $1.50 to $51 with 905,925 shares changing hands. Scotia Group shed 80 cents in ending at $40 in exchanging 41,900 stocks.
Seprod advanced $2.90 to $75.90 with 13,000 units crossing the market, Stanley Motta gained 24 cents in closing at $6.24 with the swapping of 2,707 stock units, Supreme Ventures picked up 20 cents to settle at a 52 weeks’ high of $20 after clearing the market with 82,366 stocks and Sygnus Credit Investments lost 40 cents in closing at $15.10, after trading 175,692 units.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and five with lower offers.
Salada Foods gained 44 cents to finish at $7.50 in exchanging 67,172 units, Scotia Group slipped 50 cents to close at $40.80 with an exchange of 456,287 stocks, Seprod declined $4.57 to $73 after 3,586 units changed hands. Sterling Investments lost 25 cents to settle at $3.25 in transferring 15,408 shares and Victoria Mutual Investments fell 28 cents to $6.71 with 72,106 stocks changing hands.