CARICOM STOCK REPORT: 2011 REVIEW
Published:Wednesday | January 4, 2012 | 12:00 AM
Caricom
stocks enjoyed a solid year in 2011, as 2,218,769,308 shares valued at US$498,595,783 crossed the floors of the six stock exchanges across Caricom. For the year, 84 stocks advanced, 36 declined
and 6 remained unchanged. Jamaica Money Market Brokers was the volume
leader with 569,080,751
shares being
traded, Lasco Distributors posted the largest gain for the year (284.99%),
while on the losing end, First International Bank Jamaica fell 51.14%.
For
the year, twenty-four of the CSX 30 stocks advanced and six declined. The CSX 30 gained 185 points to close the year
at 1,315, up 16.41% for the year. On
the Junior Market, eight stocks advanced and five declined as the CJSX gained
755.80 points points to close the week at
1,816.90, up 71.22% for the year.
There were noteable gains for Lasco Distributors (284.99%), Lasco
Financial (140.79%), Dolphin Cove (69.72%), HoneyBun (59.95%), AMG Packaging
(54.15%), Blue Power (30.58%) and Jamaica Teas (25.42%). Table 1 provides a summary of the broad market indices for the
week as well as some international reference points. As can be seen from Table 1, the CSX 30
provided higher returns with less volatility than the S&P 500 and the FTSE
100, in 2011. The evidence of the last
two years since we have been doing these indices suggest, that a well
diversified Caricom portfolio outperfoms many international benchmarks and
Caribbean investors may be missing out on solid returns right in their own back
yard.
Table 1: Broad Market
Indices January 3 to December 30 2011
|
|
Index
|
Year Date |
Volatility |
Return Unit |
|
Caribbean |
1,795.12 |
76.87% |
2.96% |
25.99 |
|
Caribbean |
1,315.00 |
16.41% |
0.27% |
60.12 |
|
Caribbean |
1,816.90 |
71.22% |
1.33% |
53.47 |
|
S&P |
1,257.60 |
0.00% |
1.44% |
0.00 |
|
FTSE |
5,572.30 |
-5.55% |
1.34% |
-4.16 |
Table
2: Sector Indices January 3 to December
30 2011
|
|
Index
|
Year Date |
Volatility |
Return Unit |
|
Caribbean |
1,254.6 |
13.50% |
0.36% |
37.34 |
|
Caribbean |
1,194.7 |
13.15% |
0.40% |
33.26 |
|
Caribbean |
1,107.4 |
-0.72% |
0.57% |
-1.26 |
|
Caribbean |
1,171.5 |
26.94% |
0.71% |
37.83 |
|
Caribbean |
1,291.9 |
13.80% |
0.42% |
32.69 |
|
Caribbean |
1,193.9 |
17.07% |
0.87% |
19.70 |
|
Caribbean |
1,600.1 |
85.60% |
3.35% |
25.58 |
The
CBSX advanced 13.50% in 2011, as thirteen banking stocks advanced, two were
unchanged and eight were unchanged.
There banking group was led by gains for investors Barita Investments
(134.69%), Bank of Trade and Industry (75.23%), Republic Bank Guyana (52.73%),
NCB Jamaica (49.85%), Citizens Bank (49.48%), Demerara Bank Limited (44.52%),
Scotia Bank TT (39.87%), Capital and Credit Financial Group (36.70%), Bank of
Bahamas (30.41%), Republic Bank Limited (28.05%) and Scotia Group Jamaica
(19.93%). There were losses for invstors
in FCIB Jamaica (51.14%), Finance Corporation Bahamas (37.76%) and First
Fidelity Bank Bahamas (15.21%).
The
CCUX declined 0.72% in 2011, as eight Communications and Utilities stocks
advanced and six declined. There were
gains for investors in Light and Power Holdings (116.92%), Gleaner (45.06%),
Dominica Electricity Services (23.00%), Radio Jamaica (13.33%) and Cable and
Wireless Barbados (13.09%). However, the
group was held down by losses for investors in Cable and Wireless Jamaica
(31.63%), One Caribbean Media (29.59%), Cable Bahamas (19.12%) and Consolidated
Water (8.99%).
The
CCSX advanced 13.15% in 2011, as all eight Conglomerate stocks posted gains in
2011. The group ws led by gains for
investors in Pan Jamaican Investments (29.84%), Neal and Massey (25.78%), Grace
Kennedy (25.38%), Jamaica Producers (21.24%), Ansa Mcal (20.05%) and SL
Horsford (20.0%).
The
CIIX advanced 26.94% in 2011, as twelve Insurance and Investments stocks
advanced and four declined in 2011. The
group was led by gains for investors in JMMB (214.83%), National Enterprises
(49.08%), Sagicor Life Jamaica (46.09%), Pan Caribbean Financial Services
(41.60%), Scotia Investments (38.08%), Mayberry Investments (34.09%) and
Guardian Holdings Limited (15.12%).
There were losses for investors in Doctors Health Services (21.25%),
Eastern Caribbean Financial Holdings (16.30%) and Insurance Corporation of
Barbados (12.13%).
The
CMSX advanced 13.80% in 2011, as twenty one Manufacturing stocks advanced, ten
declined and one was unchanged in 2011.
The group was led by gains for investors in Berger Paints Jamaica
(57.84%), Kingston Wharves (49.98%), Unilever (47.75%), Desnoe &Geddes
(47.18%), Flavourite Foods (37.73%), West India Tobacco (30.80%), Bico
(26.53%), Demerara Tobacoo (22.33%), Sterling Products (21.34%) and Montego Bay
Ice (11.55%). There were losses for investors in Trinidad Cement (39.89%),
Barbados Farms (39.76%), Salada Foods (29.68%), National Flour Mills (19.75%)
and Banks Holdings (15.50%).
The
CRDX advanced 17.07% in 2011, as nine Retail and Distribution stocks advanced,
two declined and one was unchanged.
There were gains for investors in Prestige Holdings (65.06%), Agostini’s
(42.06), Carreras (25.83%), Hardware & Lumber (25.80%), AML Foods (25.77%)
and Palace Amusements (14.27%). There
were losses for investors in Ansa Mcal Barbados (20.61%) and TDC (16.22%),
The CTRX advanced 85.60% in 2011, as five
Tourism and Real Estate stocks advanced, one declined and two were
unchanged. There were gains for
investors in Pegasus (85.68%) and Ciboney (65.24%). There were losses for investors in Almond
Resorts (19.35%).
Tables three and four provide some widely
used financial metrics on the biggest movers for the year.
Table
3: Top Ten Gainers For 2011
EXCH
Index
Return
Close
Volume
Volatility
Sharpe
Measure
Lasco Distributors
JSE
CJSX
284.99%
$0.1553
22,270,301
3.18%
89.64
JMMB
JSE
CCUX
214.83%
$0.1432
569,080,751
2.54%
84.60
Lasco Manufacturing
JSE
CJSX
142.79%
$0.1609
26,426,600
3.28%
43.47
Lasco Financial
JSE
CJSX
140.79%
$0.0721
13,262,605
4.74%
29.72
Barita Investments
JSE
CBSX
134.69%
$0.0544
14,217,653
2.36%
56.96
Light & Power
BSE
CCUX
116.92%
$12.6601
7,192,122
7.12%
16.42
Pegasus
JSE
CTRX
85.68%
$0.2597
38,712,414
3.35%
25.60
Bank of Trade & Industry
GASCI
CBSX
75.23%
$1.3642
39,000
1.90%
39.67
Dolphin Cove
JSE
CJSX
69.72%
$0.0878
24,421,720
2.32%
29.99
Ciboney
JSE
CTRX
65.24%
$0.0006
4,862,891
6.64%
9.82
Table 4: Biggest
Decliners In 2011
EXCH
Index
Return
Close
Volume
Volatility
Sharpe
Measure
FCIB Jamaica
JSE
CBSX
-51.1%
$0.0751
80,049
16.10%
-3.18
Trinidad Cement
TTSE
CMSX
-39.8%
$0.2659
3,167,297
1.65%
-24.23
Barbados Farms
BSE
CMSX
-39.7%
$0.7389
62,452
2.10%
-18.95
Finance Corporation
BISX
CBSX
-37.7%
$4.5000
175,739
2.26%
-16.73
CW Jamaica
JSE
CCUX
-31.6%
$0.0023
289,218,353
4.08%
-7.75
Salada Foods
JSE
CMSX
-29.6%
$0.1024
13,983,766
0.88%
-33.66
One Caribbean Media
TTSE
CCUX
-29.5%
$1.7884
479,598
1.31%
-22.61
Doctors Health Services
BISX
CIIX
-21.2%
$1.2400
41,920
1.08%
-19.69
AnsaMcal Barbados
BSE
CTRX
-20.6%
$5.7882
2,788,400
0.00%
National Flour Mills
TTSE
CMSX
-19.7%
$0.1089
2,632,735
2.17%
-9.12
The following tables provides summary
information on Caribbean Stocks in 2011.
Table
5. Most Active Stocks In 2011
Volume Traded
Value Traded
Market Capitalization
JMMB
569,080,751
$51,419,732
$ 209,536,121
CW Jamaica
289,218,353
$762,008
$ 20,294,609
NCB Jamaica
180,880,177
$52,338,776
$ 799,269,348
Jamaica Broilers
119,247,609
$9,013,070
$ 81,982,110
Pan Caribbean Financial Services
99,871,532
$30,446,934
$ 168,045,358
Sagicor Life Jamaica
91,934,986
$10,176,176
$ 12,027,515
Caribbean Producers
81,384,776
$2,605,300
$ 35,565,491.31
Gleaner
75,957,539
$1,822,546
$ 30,770,344
General Accident & Insurance
63,756,530
$1,889,583
$ 29,770,222
Table
6. Most Valuable Companies at December
30 2011
Exchange
Market Capitalization
Pegasus
JSE
$ 259,468,879,418
Republic Bank Limited
TTSE
$ 2,407,239,798
First Caribbean Bank Jamaica
JSE
$ 2,258,015,881
Ansa Mcal
TTSE
$ 1,503,990,246
National Enterprises Limited
TTSE
$ 1,399,581,621
Scotia Bank Trinidad & Tobago
TTSE
$ 1,380,200,752
Scotia Group Jamaica
JSE
$ 862,681,030
West India Tobacco Company
TTSE
$ 803,689,293
National Commercial Bank Jamaica
JSE
$ 799,269,348
Commonwealth Bank Limited
BISX
$ 688,320,003
Table
7. Highest Dividends Payers in 2011 (Dividends Per Share (US $))
Exchnage
Dividend Per Share (US$)
Lascelles
JSE
$ 0.49
St. Lucia Electricity Services
ECSE
$ 0.46
Republic Bank Limited
TTSE
$ 0.43
Cable and Wireless Barbados
BSE
$ 0.38
West India Tobacco Company
TTSE
$ 0.34
JS Johnson
BISX
$ 0.32
Wibisco
BSE
$ 0.30
Commonwealth Bank Limited
BISX
$ 0.24
Demerara Tobacco Company
GASCI
$ 0.24
Unilver
TTSE
$ 0.21
Table
8. Best Risk/Return Trade Off In 2011
Sharpe Performance Measure
Return for
Year
Volume Traded
Close price
Dividend per Share
Volatility
Wibsicso
620.02
5.99%
13,538
$4.9310
$0.30
0.01%
Cable & Wireless Barbados
162.65
13.09%
508,028
$2.6305
$0.38
0.08%
Lasco Distributors
89.64
284.99%
22,270,301
$0.1553
$0.001626
3.18%
JMMB
84.60
214.83%
569,080,751
$0.1432
$0.003486
2.54%
Unilever
70.32
47.75%
546,325
$5.0587
$0.21
0.68%
Scotia Bank Trinidad & Tobago
66.25
39.87%
860,455
$7.8268
$0.20
0.60%
West India Tobacco
58.29
30.80%
162,229
$9.5405
$0.34
0.53%
Agostinis
57.30
42.06%
540,744
$2.1087
$0.02
0.73%
Barita Investments Limited
56.96
134.69%
14,217,653
$0.0544
$0.000408
2.36%
Prestige Holdings
44.32
65.06%
1,923,227
$1.0886
$0.02
1.47%
NEL
43.98
49.08%
4,671,258
$2.3326
$0.09
1.12%
Department
of Management Studies, UWI Cave Hill. Justin.Robinson@uwi.cavehill.edu