Share Name Share Symbol Market Type Share ISIN Share Description
JPM Brl LSE:JPB London Ordinary Share GB00B602HS43 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.25p +0.36% 69.00p 68.50p 69.50p 69.00p 68.75p 68.75p 94,166 16:27:43
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.3 0.5 150.0 32.07

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JPM Brl (JPB) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
26/10/2016 14:53:4968.006,3214,298.28O
26/10/2016 12:45:5568.70726498.76O
26/10/2016 12:33:4568.709,9696,848.70O
26/10/2016 12:33:0868.004,7423,224.56O
26/10/2016 12:32:3368.709,9766,853.51O
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JPM Brl Daily Update: JPM Brl is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker JPB. The last closing price for JPM Brl was 68.75p.
JPM Brl has a 4 week average price of 64.41p and a 12 week average price of 61.24p.
The 1 year high share price is 69p while the 1 year low share price is currently 31.13p.
There are currently 46,482,362 shares in issue and the average daily traded volume is 107,651 shares. The market capitalisation of JPM Brl is £32,072,829.78.
loganair: It seems to me, much of the rise in JPBs share price over the past couple of days has been the narrowing of its negative NAV.
loganair: I do not usually make predictions on a share price, however it seems to me that JPB may reach 50p far, far earilier than I ever thought it may do and can now see possibly that 60p is on the cards by the end of this year.
loganair: Do Brazil’s woes mark the bottom for emerging markets? By John Stepek. The stockmarket can be brutal on the ego. We’ve all seen it. A chief executive or a high-ranking board member steps down – and their company’s share price goes up. Ouch. Obviously, the bruised ego pains can be soothed by the corresponding increase in the value of their shares package. But still. It can’t be nice to know that your contribution to the company effectively had a negative value. So think how much worse former Brazilian president Luiz Inácio Lula da Silva must feel. He gets taken in by the local police for questioning. And suddenly it’s the end of an entire nation’s bear market… Brazil’s rich political soap opera: Last week, former Brazilian president Lula was “detained̶1; as part of a probe (the “Lava Jato” probe) into tales of corruption at Brazil’s state-owned oil giant Petrobras. Suggestions are that Lula (who left office in 2011) was getting kickbacks of some sort. Investigations are ongoing. But it’s all just part of Brazil’s rich political soap opera. Current president Dilma Rousseff (also of the ruling “Workers’; Party”) has separately been accused of knowingly manipulating public accounts. An impeachment process against her is also under way. Yet markets have shot up on the Lula news. The Brazilian real jumped by more than 2% against the dollar, and the Brazilian stock exchange – the Bovespa – surged. As Neil Shearing of Capital Economics notes, the key here is that if the investigation into Lula can prove that funds taken from Petrobras were used to finance Rousseff’s re-election campaign in 2014, then that result could eventually end up being annulled, and fresh elections called. But that’s a long way into the future. As Shearing puts it, markets seem to be “looking through the possibility of a further period of political uncertainty and towards the possibility of new elections and a shift towards more centrist market-friendly policies”. This does seem somewhat hopeful, particularly – as Shearing notes – given “the backdrop of an economy that is in its worst recession since the 1930s, together with growing disenchantment with the ruling elite”. That’s not exactly a recipe for electing a market-friendly government (as we’ve seen in both the US and the UK). But could there be more to Brazil’s rebound than this? The real reason to buy emerging markets – they’re cheap: It’s always darkest before dawn. Buy when there’s blood on the streets. The bear case is always most compelling right before everything turns around. They’re all good contrarian points, and they’re exactly the sort of sentiment that John Authers was getting at in the Financial Times this weekend when he asked if Lula’s predicament could mark the bottom for emerging markets. As you’ll have noticed, it’s not just Brazil that’s been suffering. Most emerging markets have been crushed by a combination of the strong dollar and collapsing commodity prices. But that’s left them looking cheap. Many emerging markets are trading at levels not seen since 2008. And many of their currencies are at record lows versus the US dollar. Meanwhile, the kicker is that the two factors that have been crushing them have slowly but surely been turning around in the last few months. The prices of several key raw materials have been creeping back up. And as for the US dollar, following the Fed’s tiny rate rise in December, and the fit of market nerves that ensued, the market no longer expects rates to keep rising quite as rapidly as it once feared. As a result, the dollar’s relentless rise has eased somewhat. In short, while Lula’s troubles are a nice, big, obvious news event to hang a “This is the bottom” sign on, the reality is more straightforward than that. As Authers puts it: “It might well make sense to buy emerging markets again, simply because after long years of a bear market they are far cheaper, while the US market looks expensive by almost any sensible metric.”
loganair: 31st December 2015 - Portfolio analysis by JP Morgan: The trust's net asset value outperformed the benchmark in December, while the share price also underperformed. Asset allocation was positive, driven by our reduced exposure to both energy and materials. Commodity prices including oil and iron ore fell precipitously in 2015, driving down returns in these sectors. Energy and materials represent two of the trust's most significant underweight positions at the sector level. Stock selection was weak and detracted from overall performance during the month, notably in consumer staples and industrials. During the month, we added to our position in Cielo, a leading payment processor in Brazil, following some recent underperformance. The portfolio is tilted towards the export sector and beneficiaries of the weak currency. In the domestic market, we continue to limit our exposure to stocks with secular drivers or business models that have proven relatively recession-proof.
loganair: 30th November 2015 - Portfolio analysis by JP Morgan: The trust's share price and net asset value outperformed the benchmark. Stock selection in the materials sector contributed positively to performance. We have a longstanding underweight in the sector as we struggle to find companies that meet our fundamental requirements based on economics, duration and governance. Our lack of exposure to Vale, a Brazilian multinational diversified metals and mining corporation, added to performance. The Brazilian government has filed a lawsuit suing Vale and BHP Billiton for USD 5.2 billion in order to remedy environmental issues caused by a collapsed dam. The stock fell approximately 25% on the back of this negative news. Stock selection was strong in both consumer sectors?discretionary and staples. Stock selection was weak in industrials, as a weak currency continued to weigh on returns, but our overweight in the sector was rewarded. Holdings in information technology were positive, while financials hurt from both a stock and asset allocation perspective.
loganair: Votiem, I buy on a monthly bases via JP Morgan monthly investment plan, which I switch around the various JP Morgan Investment Trusts. When in comes to my monthly investments my investment time frame is long term, usually 10 years or maybe more, this month and last I have doubled the amount I invest and am happy do continue to do so at this amount until JPB rises above 50p as at some point next year the Brazilian economy is expected to return to growth and in my good opinion at that time the JPB share price will also rise.
loganair: Each year the share holders of JPB vote on whether to shut up shop or carry on. What worries me is this year the share holders may decide to shut up shop right when Brazil is at rock bottom, at the worse possible time when JPB is at their lowest share price, when in my good opinion is the time to buy. I look at my investments in Investment Trusts as a long term investment, at least 5 to 10 years rather than short term Speculation. If Brazil starts having some good governance and gets their financial house back into order, the current finance minister has a very good reputation, then I can see JPB share price doubling in 5 years.
loganair: James McKeigue: I’ve never been a big fan of investing in Brazil. Ever since I wrote my first piece on Latin America for MoneyWeek, back in August 2012, I have felt that the region’s biggest economy hasn’t been the right place for small private investors like us. Instead, I’ve been looking for investments in some of the smaller, more dynamic Latin American markets – especially those that make up the Pacific Alliance. And, so far at least, I feel that stance has been broadly justified. Since I wrote that first article, Brazil’s main index is down by about 20%. Of course, that’s not to say that there aren’t good investments there. Brazil’s a big place, and I’m sure that lots of people far smarter than me have made a tidy profit there over the last few years. But, on balance, I felt there were more exciting places for us to invest. And if I was generally sceptical about Brazil I was scathing about its two economic champions – iron ore producer Vale and oil company Petrobras. Since I've said to steer clear of these two, they’ve both lost around two-thirds of their market value. Sometimes the stocks you don’t invest in are more important that the ones you do, so I think it’s worth taking a look at just what went wrong with Brazil’s corporate giants. I love Brazil, but... Let’s get one thing straight – I haven’t got anything against Brazil. Back in 2008, I was sent to the country’s oil and gas capital, Rio de Janeiro, to write a report on the country’s massive offshore oil discoveries. Young, free and single in Rio de Janeiro – it was one of the best three months of my life. Brazil is a beautiful place, filled with friendly people, it’s long been a cultural powerhouse and over the last ten years it’s started to become an economic force too. Yet, like any country, Brazil has its problems. Crime, inequality and corruption all hold Brazil back. Indeed the last problem has proved a real bugbear for Petrobas – more on that later. But the common denominator in the downfall of Vale and Petrobras has been state interference. The Brazilian government has a majority stake in both companies. This corrupts the decision-making process so that it no longer serves what’s best for shareholders, but instead suits the government. That might work for a while if the interests of both are aligned. But over time they are bound to diverge. Of course, back in 2012, this ownership structure didn’t seem to be a problem. Both firms were riding the commodities boom and seemed to be doing well. Yet even back then, there were warning signs. In 2011, Vale’s successful CEO was replaced, apparently because he was resisting government hints that the iron ore miner should expand into the less profitable, but more labour-intensive, steelmaking industry. Meanwhile, Petrobras was also making a slew of decisions – such as selling its oil at a loss to the domestic market – that showed it was serving Brazil, not its shareholders. That’s why, back in December 2012 I warned investors off the companies. “The common theme here is that both were founded as state champions and though they’ve partially listed they still receive a lot of political ‘directionR17;. And while I think they’re great engines of growth for the Brazilian economy, I don’t think you should be investing in Latin America through stocks like these.” When disaster struck... Of course, state interference isn’t the only problem affecting these firms. A huge slide in commodity prices has also played its part. But the state emphasis means that these firms have been less flexible in reacting to the new scenario, especially when it comes to cutting loss-making businesses or reducing labour costs. At the moment, Dilma Rousseff’s one saving economic grace – and it’s not one that should be taken lightly – is that Brazilian unemployment is near record lows. The last thing she needs is for some of the country’s biggest employers to start laying-off workers. The other option is to pull back on some of the crazy capital investment. Yet, as I noted above, these firms also drive national growth. LCA, a São Paulo-based market analysis agency, estimates that a 10% cut in Petrobras’ capital expenditure would knock 0.5% off Brazil’s GDP. Given that growth is only scheduled to come in at 0.5% this year, that’s something that Rousseff can ill afford. And that’s why these firms have done even worse than their private competitors. For example, in the world of giant miners, Vale has underperformed rivals such as BHP Billiton and Rio Tinto by 40% over the past three years. And as for Petrobras, it’s done even worse. Interfering in a large company to boost the national interest may not be great for minority shareholders, but it’s understandable. As I said back in 2012, Petrobras has done a lot of amazing things for Brazil. Back in the 1950s it doggedly searched for oil, when the received private-sector wisdom was that there was none to be found. It also drives research and development in the country.I visited its CENPES oil investigation facility back in 2008 and was impressed to discover a lair of white-coated scientists and futuristic inventions. Latin America lags the West and Asia in R&D spending, so Petrobras’ efforts are an important contribution. But the problem is that state interference in Petrobras hasn’t just been a bid to boost Brazil. Now a huge corruption investigation is revealing that politicians also exploited their influence in the company to make a slew of corrupt deals.It’s alleged that overpaying for contracts and assets created scope for billions of pounds worth of bribes to be handed out to key figures in the public and private sector. So far 12 senators, 49 federal deputies and at least one governor have been accused of being involved in the £2.5bn scandal though fresh details keep emerging. When to buy Petrobas Of course, corruption isn’t restricted to firms with state interference. But by blurring the lines between those who set the rules and those who operate within them, it probably encourages it. The big question for us now is: when should we invest in Petrobras? I must admit the firm’s massive problems and struggling share price make it attractive for a contrarian investor – especially when you consider the massive assets it still has at its disposal. Analysts at JP Morgan believe it’s too early to jump back on board yet. They advise waiting until at least 31 January 2015, when Petrobras is finally due to release its delayed third-quarter report. It’s sound advice, and I’m going to be keeping an eye on both it and Vale and will let you know when I’m ready to change my opinion on Brazil’s corporate giants.
igoe104: Attractive outlook for Brazil investment, according to fund managers Attractive investment opportunities can be found within the massive infrastructure spend that is going on in Brazil for the 2014 FIFA football World Cup and the 2016 Olympic Games, it is claimed. According to BNY Mellon ARX international investors are increasingly recognising the appeal of the Brazilian equity market. Rogerio Poppe, senior portfolio manager of the BNY Mellon Brazil Equity Fund, has been analysing the outlook for Brazil since the presidential election in late 2010 at which Dilma Rousseff became the country's first female leader. 'We have worked hard to gain the clearest possible picture of how the Brazilian government and the monetary authorities will approach the issue of the current inflationary pressures the country is facing, so the recent round of monetary policy tightening was to be expected,' he said. 'While we remain extremely optimistic over the long term prospects for the economy, tighter monetary policy may put temporary pressure on some of the companies in which we are invested,' he explained. 'However, given that equity valuations are likely to be a little stretched, not least because of an expected decline in the rate of GDP growth, we remain firmly convinced that our relatively defensive investment strategy will continue to prove fruitful in the long term,' he added. With low levels of economic growth expected to remain a pervasive problem in developed markets, he remains positive on the outlook for foreign investor flows into Brazilian equities and says it should help support valuations. 'While our outlook for Brazilian GDP growth is less optimistic than in the past, we don't anticipate that this will have a severely adverse effect on corporate earnings expectations. In other words, despite our expectations for fiscal and monetary tightening in Brazil, we don't expect to see a very significant sell off in the equity market,' Poppe added. Infrastructure has the most attractive outlook, he believes. 'We expect the government to pursue an aggressive policy of infrastructure building, with the 2014 FIFA World Cup and the 2016 Olympic Games in Rio de Janeiro being important drivers in this respect. In addition, volumes of initial public offerings are expected to be high over the coming months, creating a number of opportunities to gain exposure to newly listed companies,' Poppe explained. Poppe and his team believe that hosting these events will have a beneficial economic impact on Brazil, coming principally from investments in general urban infrastructure. 'These investments will boost economic activity almost immediately, and have the potential to lead to improvements in overall production levels in the longer term. The initial investment is estimated at around US$11 billion, but we believe the number could grow substantially to around US$25 billion as we approach the event,' he said. 'We believe events will help to drive much needed infrastructure spending in Brazil where recent spending has been on the low side because of the fiscal effort to reduce government debt. 'However, in order to maintain economic growth at or around the 5% mark in the coming years, Brazil will need to make significant investments in infrastructure such as highways, railways and airports, and we should therefore expect to see an increase in concessions from the government in these areas,' he added. In terms of the immediate outlook for Brazilian equities, Poppe strikes an optimistic tone. 'We maintain a very positive view, and are optimistic about prospects for long term earnings growth for Brazilian companies. At the sector level, we believe banks may currently offer potentially attractive investment opportunities. Our main source of optimism lies in the belief that banks' earnings will not be as adversely affected by regulatory changes as recent share price declines might suggest. 'Meanwhile, current, unspectacular rates of GDP growth in Brazil lead us to take a more cautious stance on the outlook for consumer related stocks. We anticipate that the pressure on Brazilian consumers will only increase as a result of expected further monetary tightening. Conversely, our increasingly optimistic outlook for global growth has led us to take a more positive view of the outlook for commodity prices, and we expect this dynamic to support the shares of Brazilian companies involved in the basic materials sector,' he concluded.
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