Jamaica News

- Desnoes & Geddes Reports Solid 9M Results as Marketing Costs Continue to Decline
- Jamaica Producers Group Ltd Positions Itself To Rebound After Larger Loss For YE 2008
- Pan Caribbean Financial Services Ltd Q01 2009 Earnings Jump

- Salada Foods Jamaica Ltd Cuts Costs Across the Board in Q02 2008-2009
- Hardware and Lumber Ltd Begins 2009 with Third Consecutive Quarterly Loss

In Jamaica Stock Exchange activity yesterday (May 10, 2009), here were the major movers:

Capital & Credit Financial Group Ltd. ended up by 13% (closing price $4.50). Capital & Credit has advised of its annual general meeting to be held at the Knutsford Court Hotel on May 13, 2009. One question that’s sure to be asked relates to the savings expected from the redundancy exercise pursued earlier this year. Another key question could be about what revenue will augment the continual fall off in net gains on securities trading.

Sagicor Life Jamaica Ltd. ended down by 3% (closing price $4.34). AM Best (a company that provides news, ratings and financial data products and services for the insurance industry) has revised its outlook to negative alongside the affirmation of the financial strength rating of A to Sagicor Life. The international insurance rating agency highlighted Jamaica’s low GDP growth over the past decade, high inflation rates and a depreciating Jamaican dollar among the factors influencing this downward revision.

- Hardware & Lumber Ltd Begins 2009 With Third Consecutive Quarterly loss
- Carlton Savannah REIT (Jamaica) Ltd Announces Resignation of Mr. Stuart White for personal reasons
- Desnoes & Geddes to consider payment of second interim dividend for 2009
- Angostura Holdings Ltd. (owners of Wray & Nephew) Announces Delay in 2008 Audited Financial Statements

May 11, 1967 – Prime Minister Hugh Shearer calls on Jamaicans to exercise “self-respect, alertness, courage and self-discipline to tackle the problems and challenges of the nation.” Shearer says that as Prime Minister, there are three alternatives facing the country. The first is to stop and stagnate, the second is to go on bended knees to a foreign country and beg, and the third is to face the challenges and tackle our problems with discipline.

“I do not propose to resort to the first; I cannot be and will not be Prime Minister under these circumstances. I also do not intend to go hat in hand with the problems of my Jamaican people to some other country to beg grants and handouts for Jamaica. I will never be Prime Minister under these circumstances. Somebody else, not me. I will instead succeed or fail on the third, which is to rely on the self-respect, the alertness, the courage, and the self-discipline of my own people to tackle the problems and the challenges of our nation.”

Source: Gleaner Newspaper Archives

As of today, May 11-2009, the new minimum wage for workers in Jamaica is $4,070 per week, up from $3,700 per week … a 10 per cent increase.

Earl Fray, father of Jamaican hijacker Stephen Fray, and whose gun was used in the process of his son’s hijacking of CanJet Flight 918, will reportedly be charged by the police with ‘negligence caused in the theft or loss of a firearm’. Stephen Fray reportedly stole his father’s gun and used it during the hijacking.

At least one shot was reportedly fired from the gun (a .38 revolver) on the aircraft during the hijacking, and it is expected that the police will recommend that Earl Fray’s firearm licence be revoked.

In Jamaica Stock Exchange activity yesterday (May 7, 2009), here were the major movers:

Seprod Group of Companies Ltd. ended up 5% (closing price – $14.50). Good results are seldom delayed; as such, Seprod impressed with theirs which was released earlier this week. For the first quarter of operations, gross profit of J$695M (growth of 31%) resulted from revenues of J$2.483B (up 24%). The real extraordinary boost to profitability came in finance and other operating income, which was buoyed by foreign exchange gains, and amounted to J$313M, an increase of 243%.

Supreme Ventures Ltd. ended down 5% (closing price – $2.20). The just concluded budget debate has brought and popularized two terms in the national psyche – rolled oats and sin taxes. While a definition of the former will hereby be deferred, sin taxes relate to taxes levied by the state on goods and services that are regarded as vices. These are mainly alcohol, tobacco and gambling. It appears though that Supreme Ventures has escaped additional burden this year.

In Jamaica Stock Exchange activity yesterday (May 6, 2009), here were the major movers:

Pan Jamaican Investments Trust Ltd. ended up 6%  (closing price – $28.50). The Government’s stated intention to relocated the offices of some ministries from the New Kingston area will at the very least affect Pan Jam by way of the basic tenets of demand and supply. Less demand with supply equals lower price (all other things being equal).

Jamaica Pegasus Ltd. ended down 7% (closing price – $12.51). The UDC’s apparent intention to sell its almost 60% stake may have distracted some investors from the release of their audited financial statements. Jamaica Pegasus’ net profits of J$55M is impressive or important in the context of determining a sale price. The shareholders equity of $3.860B would be more of a concern, bearing in mind that it takes into account land and building valuations which were done in March of this year.

Here’s a list of upcoming annual general meetings for Jamaican companies:

Pegasus Hotels of Jamaica Ltd Annual General Meeting – Monday June 29, 2009
GraceKennedy Ltd’s Annual General Meeting – Wednesday May 27, 2009
Caribbean Cement Company Annual General Meeting – Thursday May 21, 2009
Mayberry Investments Ltd Annual General Meeting – Wednesday May 20, 2009
First Jamaica Investments Ltd Annual General Meeting – Thursday May 14, 2009
Pan-Jamaican Investments Trust Annual General Meeting – Thursday May 14, 2009
Capital & Credit Financial Group Annual General Meeting – Wednesday May 13, 2009
Guardian Holdings Ltd’s Annual General Meeting – Wednesday May 13, 2009
Pegasus Hotels of Jamaica Extra-Ordinary General Meeting – Tuesday May 12, 2009
Pan Caribbean Financial Services Ltd AGM – Wednesday May 06, 2009