Archives for January 2014

FX: J$ down 28 cents

January 31, 2014 by IC Insider.com

Friday, 31 January 2014 | The selling rate for the Jamaican dollar lost 28 cents to $107.75 as dealers sold US$21,895,645 on Friday on the ForEx market. Dealers bought US$25,844,982 at an average rate of $106.98 for a rise of 8 cents.

There was buying of C$2,903,880 as the rate climbed 52 cents to $96.27 and C$4,520,878 was sold at an average rate of $97.61, and rose by $1.11. More of the British Pound was bought than sold resulting in mixed rates as £1,800,400 was purchased at an average rate of $175.17, a fall of 81 cents and £1,211,560 was sold at $178.77 for a $1.47 increase.

Other currencies that were bought amounted the equivalent of just US$159,035 with US$276,147 sold. Overall there was buying of the equivalent of US$31,565,110 and equivalent of US$28,277,467 was sold.

Highs & Lows | The highest buying rate for the US dollar fell by 15 cents to $108.25, the lowest buying rate was unchanged at $87.68 and so were the highest selling rate of $112.35 and the low at $104.05.

The highest buying rate for the Canadian dollar fell $1.50 cents to end at $97, the lowest buying rate was gained 16 cents to end at $77.27. The highest selling rate was unchanged at $100 and the low was up by 10 cents to $93.10.

The rates for the British Pound were mixed. The highest buying rate unchanged at $178.50 and lowest buying rate went down by $3.53 to $143.18. The highest selling rate moved down by 26 cents to $181.12 while the lowest selling rate moved up by $2.5 to $172.50.

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Ghana financials up 8.6% in 2014

January 31, 2014 by IC Insider.com

Friday, 31 January 2014 | When the Ghana Stock market closed on Friday, the financial sector index was up to 1940.23 points compared with the yearend close of 1786.60 for an 8.6 percent gain in just one month into the New Year. The Ghana composite market index gained 5.14 percent for the same period, closing at 2,255.52 up from 2,145.2. Year-to-date, 9 stocks gained and 7 declined.

The big movers so far are Ecobank Ghana up 14 percent, Ecobank Transnational Incorporation gained 21 percent and Standard Chartered Bank Ghana 10 percent. The big losers are Mechanical Lloyd Company down 8 percent, Pz Cussons Ghana 14 percent and Trust Bank lost 14 percent.

During the past week, 8 stocks rose and only one declined as the indices gained 1.6 percent for the overall market and the financials gained 2.6 percent up from the 1,891.66 on the 24th of January.

Advancing stocks | At the end of the week, Ecobank Ghana gained 6 percent, Mechanical Lloyd Company 6 percent, Cal Bank gained 2 percent, Standard Chartered Bank Ghana 5 percent, Enterprise Group gained 4 percent.

There was trading in 8,249,233 shares which is significantly up from the 1,960,344 units traded last week.

Filed Under: Global Market, Stock Market Tagged With: Ghana, Ghana Stock Exchange, Trading Activity

JSE: 4% gain for month

January 31, 2014 by IC Insider.com

Friday, 31 January 2014 | The Jamaica stock market closed the first month of the year up 4 percent measured by the All Jamaica and the junior market indices. The market closed out the week on a high, continuing the strong gains recorded on Wednesday and Thursday.

The overall market recorded 11,559,237 shares changing hands for a value $99,774,593.75. The advance decline ratio changed from Thursday with only 7 prices closing with gains versus 9 that fell, even as the main market indices rose strongly with gains from Scotia Group and Desnoes and Geddes. Three stocks closed at 52 weeks high, Desnoes & Geddes, Knutsford Express and Cargo handlers.

The JSE Market Index gained 1,072.34 points to end at 82,387.81 and the JSE All Jamaican Composite advanced by 1,626.66 points to close at 85,382.43.

Main market gains | The number of stocks that rose were less than on Thursday as the following recorded gains; Desnoes & Geddes with 42,800 units as it hit a new 52 weeks high of $5.50 as the price rose by 50 cents; Caribbean Cement with 153,200 units close 10 cents higher at $4.75; Jamaica Money Market Brokers 8.75% preference share traded 159,671 units at 5 cents higher at $3.05; Sagicor Real Estate X Fund 91,192 units at $6.75 for a 25 cents gain and Scotia Group having 1,569,595 units trading to close up $1.43 at $21.94.

Firm Trades | Cable & Wireless traded firm with 1,584,941 shares at 25 cents; Hardware & Lumber 1,000 shares at $8.08; Jamaica Broilers Group 10,000 units at $4.75; Jamaica Producers Group 2,370 shares at $18.75; Jamaica Stock Exchange 888 shares at $2.10; Kingston Wharves 23,466 shares at $6.06; National Commercial Bank 63,871 units at $18; Radio Jamaica 1,312 shares $1.60; Sagicor Group 165,098 shares at $10 and Sagicor Investments Jamaica just 1,286 units at $20.

Losers | Proven Investments ordinary share with 236,350 units to close at US16 cents as the price slipped; Gleaner 3,000 shares at $1.10, a 2 cents fall; Jamaica Money Market Brokers 6,902,685 shares at $7.40 valued at $51,637,516 as the price slipped by 9 cents; Berger Paints 10,000 units at $1.75, down 10 cents; Carreras with 86,604 units to close at $33.50 down 49 cents; Pan Jamaican Investment 5,139 shares as the price slipped by 49 cents to $48.50 and Grace Kennedy 7,177 units at $55.50 off by 50 cents.

The JSE Junior Market Index inched up 2.69 points to close at 784.48 as more shares gained than lost.

Junior market gains | There were 3 stocks recording gains in the junior market as Cargo Handlers exchanged 5,292 shares as the price gained 43 cents to close at a new all-time high of $14.03; Lasco Distributors traded 50,000 units to close up 3 cents at $1.45; and Knutsford Express 1,690 units at $5.17 for a cent increase to a new all-time high.

Firm trades | Blue Power Group 5,000 shares at $9.80; Caribbean Cream 400units at 85 cents; Medical Disposables 69,267 shares at $2.10.

Losers | There were few losing stocks in the junior market as Lasco Financial traded 265,000 shares to close at $1.39 losing a cent and Lasco Manufacturing traded 39,500 units for 2 cents fall to $1.31.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 9 stocks with bids higher than the last selling prices and only 1 stock with a offer lower.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, Jamaican Stock, JSE Company, Trading Activity

FX: J$ slips 11 cents vs US$

January 30, 2014 by IC Insider.com

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Thursday, 30 January 2014 | The rate for the Jamaican dollar slipped by 11 cents against the US dollar as dealers bought US$27,351,446 at an average rate of $106.91 for a rise of 10 cents and sold US$27,496,495 at 11 cents more than on Wednesday.

The rate for the Canadian dollar climbed $1.11 to $95.75 as C$1,720,196 was bought and C$1,303,032 was sold at an average rate of $96.50, a fall of $1.14. There was buying of £1,956,646 at an average rate of $175.99, an increase of 45 cents and £1,249,474 was sold at $177.30 for a fall of 88 cents.

Other currencies that were bought amounted the equivalent of US$1,231,239 with US$1,489,659 being sold. Overall there was buying of the equivalent of US$33,344,310 and equivalent of US$32,217,463 was sold.

Highs & Lows | The highest buying rate for the US dollar fell by 15 cents to end at$108.25, while the others remained unchanged with the lowest buying closing at $87.68, the highest selling rate at $112.35 and the low at $104.05.

The highest buying rate for the Canadian dollar dropped $1.50 to end at $97, the lowest buying rate increased by 16 cents to end at $77.27 while the highest selling rate remained unchanged at $100 and the low ended up by 10 cents to $93.10.

The highest buying rate for the Pound remained at $178.50. The lowest buying rate went down by $3.53 to $143.18, the highest selling rate moved down by 26 cents to $181.12 while the lowest selling rate moved up by $2.50 to $172.50.

Filed Under: FX Market, Stock Market Tagged With: Daily Trading, FX Market, Trading Activity

JSE: Sagicor Companies dominate trading

January 30, 2014 by IC Insider.com

Thursday, 30 January 2014 | Sagicor Group of companies were the dominant trades in the Jamaica stock market as investors responded to the news of the takeover of RBC Jamaican operations by trading 1,365,319 shares of Sagicor Group for $13,747,021 pushing the price up by a $1 to close at $10 and the also drove up Sagicor Investments price as it closed up by $1.50 at $20 but with only 6,279 share trading.

The stock market continued where it left off on Wednesday the more stocks recording gains than those that fell as the overall market recorded 7,033,415 shares changing hands for a value $33,797,672. Knutsford Express traded at a new 52 weeks high of $5.16. The advance decline ratio changed from Wednesday with only 11 prices closing with gains versus 7 that fell compared with 21 to 10 on Wednesday.

The JSE Market Index gained 774.99 points to end at 81,315.47 and the JSE All Jamaican Composite advanced by 1,175.59 points to close at 83,755.77.

Main market gainers | Kingston Wharves 3,000 units to close up by 6 cents at $6.06; Scotia Group with 78,163 units closed up 11 cents at $20.51; Scotia Investments traded just 9,425 units but closing up 25 cents at $26.50; and Supreme Ventures 23,550 units to close up 13 cents at $2.43.

Losers | Berger Paints with 365,424 units closing at $1.85 and was off by a cent; Caribbean Cement with 23,000 units, closing down 35 cents to $4.65; Desnoes & Geddes 10,000 shares at $5.00 as the price eased by 15 cents; Grace Kennedy 32,000 shares to close at $56.00, down by 30 cents; Jamaica Broilers 31,531 units at $4.75 for a 25 cents fall; Jamaica Producers 480 units to close at $18.75, off by $1.05; and Pan Jamaican Investment Trust with only 554 shares to close down $1.01 at $48.99,

Firm traders | Cable & Wireless with 337,583 units at 25 cents; Carreras 55,258 units at $33.99; Jamaica Money Market Brokers with 3,900 ordinary shares at $7.49; Jamaica Money Market Brokers 8.75% preference share with 3,214,000 units at $3 and the 7.50% preference share with 260,400 units at $2; Mayberry Investments 6,797 shares at $2; Sagicor Real Estate X Fund 3,000 shares at $6.50; Salada Foods 8,950 shares at $9 and National Commercial Bank 59,462 units at $18.

The JSE Junior Market Index declined by 1.20 points to close at 781.79 with no stock recording a loss.

Junior market gainers | Lasco Financial 100,000 shares $1.40, up by 10 cents; 1,690 shares of Knutsford Express closing at $5.16, up 4 cents for a record high; Lasco Distributors 790,200 units at $1.42 for a cent gain and Lasco Manufacturing gained a cent to close at $1.33 with 61,905 units.

Firm trades | Blue Power 5,000 units at $9.80; Caribbean Producers at $2.75 with 171,045 shares and KLE Group with 4,900 at $1.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than the last selling prices and 3 stocks with offers that were lower.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, Jamaican Stock, JSE Company, Trading Activity

TTSE: First Citizens drops to $38

January 30, 2014 by IC Insider.com

Thursday, 30 January 2014 | High flyer, First Citizens Bank, dropped by $1.99 to $38 at the end of trading on the Trinidad Stock Exchange as it traded only 100 units. The stock peaked at $43 last week and then started to decline thereafter with some profit taking by investors. Citizens was listed in September 2013 after a very successful IPO at $22 each.

Advancing and declining stocks were evenly matched in trading as 275,935 shares traded with a value of $4,712,718 with 15 securities trading of which 4 advanced, 4 declined and 7 traded firm. The Composite Index declined by 3.25 points to close at 1,184.66, the All T&T Index declined by 6.19 points to close at 1,997.83 and the Cross Listed Index fell 0.04 points to close at 48.862

Gainers | The main traded stocks with gains include Clico Investment Fund that traded 108,408 shares valued at $2,438,828, the price increased by 4 cents to end at $22.51; Neal & Massy closing at $65.16 up 15 cents; One Caribbean Media traded only 50 shares with the price closing at $18.82 up 5 cents; Sagicor Financial Corporation exchanged 25,441 shares for a value of $$190,631 to close up 21 cents at $7.51.

Losers | With the exception of the fall in First Citizens Bank, declines were moderate as Agostini’s lost a cent to close at $17.99 with 7,300 shares trading; Jamaica Money Market Brokers traded 90,040 shares for a value of $40,588 but the price declined by 5 cents to end at 45 cents; Scotia Investments had a volume of 5,000 shares traded for $71,000 as the stock price ended down 3 cents to close at $1.42.

Firm trades | More stocks traded with their prices unchanged than the gainers or losers. Included amongst them are Angostura Holdings traded 21,038 units to close at $10.75; Ansa MaCal traded 3,148 units to close at $66.30; Grace Kennedy traded 500 units to close at $3.71; Guardian Holdings traded just 140 units to close at $14; National Enterprises contributed 2,111 shares to close at $18.25. West Indian Tobacco added 11,247 shares valued at $1,327,146 as the stock closed at $118.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with bids that were higher than the last selling prices and 5 stocks with offers lower.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

RBC acquisition confirmed

January 30, 2014 by IC Insider.com

Sagicor Group confirmed the acquisition of RBC Royal Bank Jamaica’s operations for a price of $9.5 billion. Most of RBC operations would be absorbed into Sagicor Bank but the banking entity will be a direct subsidiary of the group.

The book value was of the order of $10.5 billion but as the operation has been bleeding at around $500 million per quarter the book value would be just under $10 billion at the time the agreement was signed. Loans on the book of around $32 billion reflect good loans as the bad ones were already provided for.

Pooling Sagicor Investments with that of RBC on the surface would create a combined banking group with assets of nearly $150 billion with loans of $40 billion and revenues around $12 billion. However, that is unlikely as the bank will be a totally separate entity going forward. Sagicor Group confirmed that there will be cuts and branch closures where branches overlap. This will results in significant cost savings.

This will not be the first time that Sagicor Bank would have entered in merger arrangements having absorbed Manufacturers Merchant bank and Trafalgar Development Bank some years ago.

For the twelve months to September last year, the RBC lost $1.7 billion and $456 million between July and September according to central bank’s data. For the year ending October 2012, RBC reported a loss of $2 billion before tax which was down from $3 billion in 2011. In 2012, loan losses contributed $650 million to the loss and income was inadequate to cover housekeeping expenses. Most likely the NDX in 2013 that cut interest rates would have negatively affected them, thus reducing the net interest margin.

The bank’s problem apart from heavy loan losses is the fixed operating cost that the income generated cannot match. It would require major loan growth to deliver the required income and that has not been growing fast enough having reached $32 billion in 2013 from $30.5 billion in October 2012.

Trading picks up | In Wednesday’s trading on the Jamaica Stock Exchange, Sagicor Group and Sagicor Investments climbed ahead of the news of the RBC takeover. The order book for Sagicor Group shows only six offers; two are at $10.50 to sell 25,400 units, one for 3,000 units at $10.95 and three at $11 for 255,000.

On the buy side there are bids as high as $10.50 for 25,000 units then $9.80 with only 1,185 units and 128,265 units on the bid between $9.75 and $9.79 and of course, there are bids below these levels.

Sagicor Investments had 7 bids and 7 offers with the highest bids being $18 for 1,000 units; 14,926 units for $16.50 and 100,000 at $15. On the sell side, there are only 1,565 units at $19; 7,235 shares at $21.50; 30,000 units at $22; 20,000 at $26.71 and 1.34 million units at $30.

Related post | A bigger Sagicor Bank?

Filed Under: Company News, General Business News Tagged With: JSE Company, RBC Bank, Sagicor

JSE: Big day with 21 stocks gaining

January 29, 2014 by IC Insider.com

Wednesday, 29th January 2014 | Nearly a third of the stocks listed recorded gains on Jamaica stock market as investors woke up to the news that Sagicor Group were to acquire RBC Royal Bank‘s Jamaica operations. It was, however, not a big day for volume or the value of stocks traded as 6,325,652 shares changed hands at a value of $46,429,845. Trading resulted in the indices gaining across the board.

The main market had one of its best days for some time with advancing stocks out numbering declining stocks by a good margin. Activity seems to have been stirred by the announcement of the takeover of RBC Jamaican operations leading to the JSE Market Index advancing by 972.98 points to 80,540.48 and the JSE All Jamaican Composite moving up by 1,475.93 points to close at 82,580.18.

Main market gains | The main market recorded the bulk of the stocks to record gains with Berger Paints posting 6,088 shares to close at $1.86 for a cent increase; Barita Investments 17,000 shares to close at $2.60, up 10 cents; Cable & Wireless 2,126,000 for a gain of 3 cents to close at a new 52 weeks high of 25 cents; Desnoes & Geddes 20,180 units as the price put on 15 cents to close at $5.15; Gleaner Company 58,932 units to close 2 cents up at $1.12; Jamaica Broilers 334,018 shares as the price closed up 24 cents at $5; Jamaica Money Market Brokers had only 600 units but the price closed at $7.49 put on 9 cents; Jamaica Producers 9,000 at $19.80 up $1.05; Kingston Wharves 49,000 units as the price gained 44 cents to end at $6; Mayberry Investments 100,000 as the price moved up by 17 cents at $2.

National Commercial Bank 326,899 units to close 20 cents up at $18; Pan Jamaican Investment Trust 169,554 shares gaining $1.80 to close at $50; Sagicor Investments with 186,619 shares to close at $18.5 for $1.83 gain; Proven Investments ordinary shares traded 8,236 and reached an all-time high of US18 cents for a 2 cent increase; Radio Jamaica 15,000 shares at $1.6 to close up by 8 cents. Sagicor Group 12,900 shares as the price gained 90 cents to close at $9 pushed by the news of RBC takeover; the bid at the close was at $9.80. Scotia Investments traded 200,100 and gained $1.25 to end at $26.25; Seprod with 12,500 shares closed at $10.90 up by 10 cents; Supreme Ventures 10,000 units closing at $$2.30 for 10 cents gain.

Losers | The losers were few with Caribbean Cement trading 578,900 shares and lost a cent to end at $5; Scotia Group 420,404 units to close at $20.40 down 10 cents; Grace Kennedy with 77,523 shares to close at $56.30, a fall of 70 cents.

The JSE Junior Market Index advanced by 8.54 points to close at 782.99 but only two stocks recorded gains for the day.

Junior market gains | Stocks to record gains are Caribbean Producers Jamaica 343,300 at a new 52 weeks high of $2.75, up by 5 cents; Access Financial 10,000 units at $11, a gain of $1.

Losers | The junior market suffered more declining than rising prices as AMG Packaging traded 5,854 units to close at $3.45 down 3 cents; Consolidated Bakeries 3,000 shares at $1.15 down 2 cents; Dolphin Cove 20,000 shares to close at $8.90, a loss of 10 cents; General Accident 22,670 shares at $1.80 for a decline of 5 cents; Lasco Distributors 128,800 shares closing at $1.41, off by a cent; Lasco Financial 480,544 units at $1.30 down by 5 cents; Lasco Manufacturing 128,000 shares down a cent at $1.32.

Firm trades | Derrimon Trading was the only stock to trade firm in the junior market with 2,000 units at $2.35.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had only 7 stocks with bids higher than the last selling prices and 2 stocks with offers that were lower.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, Jamaican Stock, JSE Company

TTSE: Advancing stocks hold upper hand

January 29, 2014 by IC Insider.com

Wednesday, 29th January 2014 | Advancing stock held the upper hand on the Trinidad Stock Exchange as 361,022 shares traded on with a value of $3,768,959; 15 securities trading of which 5 advanced, 2 declined and 8 traded firm.

The Composite Index declined by 4.76 points to close at 1,187.91, the All T&T Index declined by 9.99 points to close at 2,004.02 and the Cross Listed Index advanced by 0.05 points to close at 48.86.

Gainers | The main traded stocks with gains include Scotia Investments with a volume of 74,262 shares traded for $107,680 as the stock price ended with a gain of 5 cents to close at $1.45. Republic Bank’s 2,425 shares traded at $116.60 for a 3 cent gain. Agostini’s and Grace Kennedy put on a cent each but traded less than 1,000 shares combined. Unilever Caribbean had 1,441 units $56.40, up 20 cents.

Losers | Profit taking continues to affect First Citizens Bank as it traded 25,361 shares valued at $1,018,953 but lost $1.67 to end at $39.99; Clico Investment Fund traded 58,374 shares valued at $1,311,509 and the price declined by 4 cents to end at $22.47

Firm trades | Trading firm are National Flour Mills with 66,151 shares at a value of $63,505 to close at 96 cents; Sagicor Financial Corporation exchanged 104,701 shares changing hands for a value of $764,461.61 and closed at $7.30; Point Lisas Industrial Port Development had 24,834 shares changing hands to close at $3.45; Angostura Holdings put in just 1,298 at $10.75, and Guardian Holdings 777 units at $14.

IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had only 5 stocks with bids that were higher than the last selling prices and 4 stocks with offers lower.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

Interest rate rise & fall

January 29, 2014 by IC Insider.com

Interest rates on the latest issues of treasury bills by the Government of Jamaica on the 15th and 24th of January 2014 to provide funding for $1.2 billion showed mixed results.

Three offerings were available of $400 million each for duration of 28 days, 91 and 182 days. The rate on the 91 day instrument resulted in an average rate of 7.4292 percent a slight decline compared with the last issue of same duration, the rate for the 182 day instrument came out at 8.71734 percent reflecting a rise over the 8.25335 percent that obtained at the December 2013 auction, the 91 day issue resulted in an average rate of 7.5338 percent.

Investors received rates as high as 7.77998 percent for the 30 day T-Bill and as high as 10 percent for the longer dated instrument. Just over 11 percent of investors’ funds benefited from the higher yield for the 90 day paper buy. It was as high as 6.969 percent for the short term T Bills.

On January 15, an issue of a 28 day Treasury bill resulted in an average rate of 6.12 percent similar to the issue in December 2013 with a 6.12 percent average rate for the 28 day offer maturing in January and continues to compare favourably with the 6.2522 percent that obtained at the offer in November.

Related Posts | Interest rate eases