Archives for March 2014

BOJ suggests FX stability close

March 16, 2014 by

Bank of Jamaica, in an unusual weekend press release, indicated that positive trends in the economy and increased flows of foreign exchange in March over the first two months of the year will provide an increasingly solid base for improved stability in the foreign exchange market.

“Since the beginning of March 2014, the exchange rate has depreciated by J$0.93 (0.85%) against the US dollar. This movement over the two-week period compares to a J$0.49 (0.45%) depreciation over the previous two weeks. The faster pace of depreciation has occurred despite increased supply in the foreign exchange market, where volumes from earners for the month to date, are higher than for January and February 2014.” the central bank stated in a release this evening.

Us$_Bankroll280X150“Jamaica’s main economic indicators continue to improve with economic growth resumed in the September quarter and is expected to strengthen over the subsequent six months in the range of 1.0 per cent to 2.0 per cent. Preliminary estimates of the balance of payments indicate that the current account deficit was reduced sharply over the period April 2013 to September 2013, by approximately US$350.0 million. The current level of net international reserves (NIR) is US$1,121.4 million, increasing by US$52.0 million since the end of February 2014. Bank of Jamaica now expects to comfortably meet the NIR target under the International Monetary Fund agreement for the March 2014 quarter. Finally, headline inflation was lower than projected at 0.5 per cent for the month of January and the fiscal year to March 2014 is now likely to fall close to or below the bottom of the 8.5 per cent to 10.5 per cent target range. The BOJ stated that against the background of recent movements in the exchange rate, they wish to assure the public that it stands ready to provide support to prevent disorderly conditions from emerging in the foreign exchange market.” the release concluded.

Filed Under: Breaking News, Economy Tagged With: , , , ,

Dividend tracking

March 15, 2014 by

Jamaica Public Service declared quarterly preference share dividends payable on April 1, 2014 to shareholders on record as at March 14, 2014 on the 5% C shares $0.025; the 5% D shares $0.025; 6% E share $0.030; 7% B share $0.035. The ex-dividend date is March 12, 2014.

Filed Under: Company News, Dividends Tagged With: , , ,

GSE: 8 up 11 down for week

March 14, 2014 by

Friday, 14th March 2014 | The Ghana Stock Market closed down for the third consecutive week this year with the GSE Composite index shedding 16.11 to close at 2,403.27. The GSE financial stock index, which closed down by 33.91 to 2,168.26 on the 28th February, has closed down 20 .77 points since then to land at 2,147.49. For the past week, 8 stocks advanced and 11 declined.

The recent decline has not dented the year-to-date gains with GSE Composite Index up 12.03 percent for the first 2 months of the year and the GSE financial stock index gaining 20.20 percent. The softer market comes against a background of slippage in the foreign exchange rate for the Ghana currency, which is down by 15 percent in value since the start of the year with the rate reaching GH¢ 2.552 at the end of the week compared with GH¢2.1616 to US$1. Also, there has been rising interest rates with the 91 T-bill rate for the auction on 14th March coming out at 22.8927% up from 19.2236% at the end of December 2013. The inflation rate remains at elevated levels with the annual (year-on-year) inflation rate to February 2014 at 14.0%.

Volumes were at 1.34 million units in the just concluded week, which is down from 2.7 million traded for the week ended March 7th.  In February, 5.2 million traded in the first week, 3.6 million units for the second week, followed by 2,676,472  units in week three and just over 1 million units in the last week.

GSEchart14thMarchMain Advances | The stocks gaining most for the week include Aluworks up 20 percent; Cal Bank up 15 percent and Eco Bank up 5 percent.

Main declines | At the end of the week. the stocks that declined most include Benso Oil Palm Plantation that fell by 5 percent; Produce Buying Company down by 6 percent; Societe Generale Ghana a fall of 8 percent and Trust Bank down 17 percent.

Filed Under: Global Market, Stock Market Tagged With: , ,

JSE: Selling hits C&W

March 14, 2014 by
Add your HTML code here...

Friday, 14th March 2014 | Cable & Wireless (C&W) was the dominant trade with 29,835,502 units valued at $14 million on the Jamaica Stock Exchange as a wide array of sellers entered the market and buyers were hardly anywhere to be seen. Sellers increased the amount on sale with 49 offers posted between 45 cents and $9.90 versus only 24 bids to buy, ranging from 41 cents down to 10 cents. Of the amount of C&W shares traded, one transaction accounted for 29,447,165 units at 47 cents each. The stock closed at 45 cents for a fall of 6 cents.

The prices of 7 stocks rose and 9 declined as 27 securities traded resulting in 38,136,579 shares trading valued at $31,436,519.

Main Market | 5 companies in the main and US based market advanced and 7 declined as the indices moved down marginally with the JSE Market Index falling by 505.69 points to 76,804.37 and the JSE All Jamaican Composite index dropping by 565.21 points to close at 84,588.38.

Main Market Gains | Stocks recording gains are Carreras with 3,161 shares while gaining 50 cents to close at $35.50; National Commercial Bank with 28,743 shares as the price gained 10 cents to close at $19.10; Proven Investments ordinary with 49,076 units changing hands and closed at 18 US cents gaining 0.05 cents; Sagicor Group 49,249 shares at $9.14 up 4 cents and Scotia Group with 64,014 at $21.70 for a 70 cents gain.

Firm | Gleaner with 152,736 shares closing at $1.20; Jamaica Broilers with 12,196 units to close at $4.80; Jamaica Money Market Brokers 7.50% preference, 975,000 units at $2 and the 8.75% traded 30,000 units at $3.01; Jamaica Stock Exchange 10,700 shares at $2; Mayberry Investments 11,000 shares to close at $1.90 and Proven Investments 8% preference, 43,500 units to close at $5.09.

Declines | The stocks declining are Cable & Wireless that closed at 45 cents; Berger Paints lost 15 cents while trading 759 units at $1.70; Jamaica Money Market Brokers ordinary had 226,516 changing hands for a one cent fall while closing at $7.19; Jamaica Money Market Brokers 7.25% preference had 80,000 shares at $2.49, down by a cent; Sagicor Real Estate Fund traded only 3,379 units to close with a fall of 5 cents to $7.15; Scotia Investments lost $3.90 to close at $23.10 as 4,856 shares traded and Supreme Ventures swapped 10,000 units at $2.10 as the price slipped 25 cents to a new 52 weeks low.

JSEIndicesMar14Junior Market trading | The JSE Junior Market Index advanced by 16.63 points to close at 744.13 as 8 stocks traded with 2 advancing and 2 declining.

Junior Market gains | Stocks trading up are Lasco Distributors with 4,459,908 units to close at $1.40, up 10 cents and Lasco Manufacturing with 1,240,076 shares, 9 cents higher at $1.33.

Firm Trades | Access Financial Services traded 5,500 units to close at $9; Caribbean Producers 5,000 shares to close at $2.70; Dolphin Cove 2,480 units to close at $8.40 and General Accident 414,539 units to close at $1.60.

Declines | Lasco Financial Services lost a cent in trading 73,189 units to close at $1.21 and Medical Disposables closed down 10 cents to $2.10 while trading 345,500 shares.

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 price and 3 stocks with offers lower.

Filed Under: JSE Main Market, Stock Market Tagged With: , , ,

TTSE: Holding steady

March 14, 2014 by

Friday, 14th March 2014 | Market activity on the final day of the week on the Trinidad & Tobago Stock Exchange resulted in 16 securities changing hands of which 4 advanced, 3 declined and 9 traded firm as 1,438,329 shares traded for $9,769,199.

Price movements resulted in the Composite Index falling by 11.53 points to close at 1,182.92, the All T&T Index advanced by 1.60 points to 2,010.83 and the Cross Listed Index declined by 3.29 points to close at 46.56.

Gains | Stocks recording gains at the end of trading are Clico Investment Fund that traded 54,086 shares valued at $1,170,962 as the price rose by 2 cents to end at $21.65; First Citizens Bank gained 65 cents to close at $37.65 while trading 37,550 shares; One Caribbean Media with 375 units with a 9 cents increase to $19.70 a new 52 weeks high; Trinidad Cement with a volume of 463,720 shares valued at $1,065,802 to close at $2.30 up by 5 cents.

TTSEMar14Firm trades | Stocks trading with unchanged prices at the end of the day are Angostura Holdings 12,870 shares with the price closing at $11; Guardian Media 3,000 units at $19.75; Jamaica Money Market Brokers with 517,200 shares changing hands for a value of $232,740 as the price remained at 45 cents; National Commercial Bank Jamaica with 170,494 shares with a value of $199,477 to close at $1.17; while National Flour Mills added 64,064 shares valued at $73,674 to close at $1.15; National Enterprises 4,780 units while closing at $18.25; Neal & Massy with 50,000 shares at $66.32; Unilever Caribbean 1,534 shares at $58.05 and West Indian Tobacco 14,470 shares at $118.

Declines | FirstCaribbean International Bank fell 73 cents to close at $5.75 while trading 20,500 units; Grace Kennedy traded 23,536 shares to close at $3.65 for a 4 cents decline and Sagicor Financial Corporation exchanged 150 shares at $7.39and was down by 3 cents.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator showed weakness in the market with 2 stocks having bids higher than the last selling price and 3 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market Tagged With: , ,

NCB insider buys, JMMB sells

March 14, 2014 by

There was contrasting trading action by insiders in two related companies this past week with National Commercial Bank, that owns roughly 30 percent of JMMB, advising that a related party purchased 6,000,000 of the bank’s shares on March 6, 2014 while Jamaica Money Market Brokers (JMMB) advised that a connected party sold 1,500,000 of its shares on March 4, 2014.

In the latest quarterly reports to December quarter last year, NCB profits grew to $2.86 billion from $2.79 billion while JMMB net profit grew to $752 million from $642 the year before.

Additionally, Jamaica Money Market Brokers advised that a Director sold 31,146 of the company’s shares on March 11, 2014.

Image courtesy of StuartMiles/FreeDigitalPhotos.net

Filed Under: Company News, General Business News, JSE Main Market, Stock Market Tagged With: , , , , ,

TTSE: Declining stocks plentiful

March 13, 2014 by

 Thursday, 13th March 2014 | Unilever Caribbean traded 1,199 shares to close at 90 cents higher at $58.05 and One Caribbean Media with 500 units with the price moving up by 6 cents to $19.61 were the only stocks to rise at the end of trading on a day when 19 securities traded of which 2 advanced, 5 declined and 12 traded firm. The closing prices were new 52 weeks highs for both stocks on the Trinidad & Tobago Stock Exchange.

Trading activity resulted in 367,999 shares changing hands valued at $27,419,487 and the Composite Index declining by 1.08 points to close at 1,194.45, the All T&T Index easing back by 1.10 points to 2,009.23 and the Cross Listed Index inched down 0.14 points to end at 49.85.

Declines | Stocks declining are First Citizens Bank losing 65 cents to close at $37 while trading 1,400 units; Grace Kennedy with 31,800 shares with a value of $117,242 closing a cent down at $3.69; Guardian Holdings 719 units at $14.47, off by a cent; National Commercial Bank 2,006 shares at $1.17, with a one cent fall and Sagicor Financial Corporation 1,000 shares at $7.42 down by 2 cents.

TTSEMar13Firm Trades | Stocks with prices unchanged are Angostura Holdings with 11,134 shares while closing at $11; Berger Paints 200 units at $3.60; Clico Investment Fund 7,804 shares valued at $168,831 as the price closed at $21.65; Jamaica Money Market Brokers 4,048 units to close at 45 cents; National Enterprises 160 units at $18.25; Neal & Massy with a volume of 99,301 shares being traded for $6,585,643 as the price closed $66.32; Trinidad Cement added 24,000 shares valued at $54,000 to close at $2.25; Republic Bank with 11,804 shares and closed at $120; Scotiabank 2,096 units to close at $72.50; Point Lisas Industrial Port Development 750 units closing at $3.60; West Indian Tobacco with 158,741 shares changing hands for a value of $18,731,438 as the price closed at $118.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator shows no stock with a bid higher than the last selling price and 3 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market Tagged With: , ,

FX: J$109 to the US

March 12, 2014 by

Wednesday, 12th March 2014 | Trading in the forex market continued its buoyancy but with buying being almost $3.5 million less than on Tuesday with the equivalent of US$29,252,753 purchased compared with US$32,814,104 purchased on Tuesday. Dealers sold US$28,518,794 compared to US$35,056,222 sold on the previous trading day.

Dealers bought US$26,728,659 versus US$26,954,780 on the previous trading day as the rate rose 17 cents to an average of $108.35 and sold US$26,613,914 for 8 cents higher at $109.02, $4 million less than the US$31,164,042 sold on the previous trading day.

FX_TRADE+Currency+Mar12The Canadian dollar was bought for an average of $96.18, for a fall of 23 cents with C$748,855 purchased by dealers and only C$494,579 sold at $98.11 for a 31 cents fall. There was purchasing of £1,030,110 as the rate fell 61 cents to end at $178.38 and only £619,076 was sold, with the rate slipping 40 cents to $181.38.

Other currencies bought amounted to the equivalent of US$159,198 while US$429,829 was sold.

Highs & Lows | The highest and lowest rates were mostly up for all currencies.

FX_TRADE+HighLow+Mar12The highest buying rate for the US dollar was up 10 cents to $110, while the low was up 25 cents to $88.34; the highest selling rate was unchanged at $113.21 and the lowest selling rate increased by 25 cents to $88.09.

The highest buying rate for the Canadian dollar picked up 40 cents to $99.10, the lowest buying rate was unchanged at $77.61. The highest selling rate ended down by 48 cents at $100.10 and the lowest selling gained $1.90 at $95.40.

The highest buying rate for the British Pound was up 25 cents to $182.60, the lowest buying rate ended up by $26.72 to $144.42. The highest selling rate slipped 97 cents to $185.52 and the lowest rate increased by $3.50 to $177.50.

Filed Under: FX Market, Stock Market Tagged With: , ,

JSE: Participation rises, indices jump

March 12, 2014 by

Wednesday, 12th March 2014 | Trading on the Jamaica Stock market resulted in the prices of 12 stocks rising and 11 declining as 36 securities traded totalling 6,209,101 shares valued at $48,209,856. The number of companies trading was one of the highest for the year, tying with the previous highest day on January 29th, an indication that the market is generating more interest from investors.

Main Market trading | 7 companies in the main market advanced and 7 declined as the indices moved up strongly with the JSE Market Index gaining 1,182.56 points to 78,595.45 and the JSE All Jamaican Composite index moved up 1,321.76 points to close at 86,590.28

Gains | Caribbean Cement trading 18,567 units at $4.45 for a rise of 6 cents; Carreras traded 387,368 units at $35 to close up by 30 cents; Gleaner had 402,394 units changing hands a $1.20 up by 10 cents; Jamaica Broilers traded 457,322 shares at $5 as the price gained 20 cents; Jamaica Money Market Brokers had 207,214 ordinary shares changing hands to close at $7.20 for a one cent gain; Jamaica Money Market Brokers 8.75% preference traded 1,333,000 units at a cent higher to close at $3.01 and Sagicor Group put through 108,039 units at $9.40 up 40 cents.

Firm | Stocks without a price change are Grace Kennedy with 19,850 shares closing at $59.99; Jamaica Money Market Brokers 7.25% preference shares traded 250 units and closed at $2.50 while the 7.50% preference traded 259,569 units to close at $2; Jamaica Producers had 27,440 shares trading at $18.26; Cable & Wireless 722,000 units at 60 cents; Proven Investments 4,230 units at 18 US cents; Salada Foods 9,800 shares at $9; Scotia Group 877,705 shares to close at $21 after trading as high as $22.49; Scotia Investments 25,230 shares to close at $25.50; Seprod 1,082 shares at $11.50 and Supreme Ventures 300 shares at $2.35.

Declines | Kingston Wharves with 4,796 units as the price lost 6 cents to end at $6; Mayberry Investments traded 1,000 shares to close 5 cents lower at $1.85; National Commercial Bank 6,604 units at 35 cents lower at $19; Pan Jamaican Investment 1,229 shares at $50 in losing a cent; Radio Jamaica 257,250 shares at $1.37, a fall of 3 cents; Sagicor Investments only 670 units to close at $17.99, down a cent and Sagicor Real Estate Fund 5,200 shares, closing down by 4 cents to end at $7.15.

JSEIndicesMar12Junior Market trading | The JSE Junior Market Index declined by 7.83 points to close at 714.99 as 11 stocks traded with 5 advancing and 4 declining.

Gains | Caribbean Producers traded 48,599 units to close at $2.75, up 5 cents; General Accident 165,461 units at $1.60 for a one cent increase; Jamaican Teas only 4,443 shares but the price rose 7 cents to end at $3.13 followed by Lasco Manufacturing with 67,941 units at $1.23 for a one cent gain and Paramount Trading exchanged 1,000 units to close at $2.93 a fall of a cent.

Firm Trades | Access Financial Services traded 3,784 units at $8 and Medical Disposables 31,717 shares to close at $2.05.

Declines | Cargo Handlers traded 3,177 units at $14.30, down a cent; Honey Bun 1,852 shares to close at $3 for a 5 cents fall; Lasco Distributors 727,333 units closing at $1.30 for a 5 cents fall and Lasco Financial Services 15,685 shares at $1.23 down 7 cents.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than the last selling price and 4 stocks with offers lower.

Filed Under: JSE Main Market, Stock Market Tagged With: , , ,

TTSE: Republic jumps $2.48 to $120

March 12, 2014 by

Wednesday, 12th March 2014 | Buy rated Republic Bank traded 350 units as the price jumped $2.48 to end the day at $120.00 as trading on the Trinidad & Tobago Stock Exchange took place in 16 securities of which 5 advanced, 5 declined and 6 traded firm.

The indices movement was mixed with the Composite Index ended up by 4.00 points at 1,195.53, the All T&T Index gained 8.72 points to close at 2,010.33 and the Cross Listed Index declined by 0.10 points to close at 49.99. Trading took place resulting in 478,049 shares changing hands valued at $13,306,956.

National Flour Mills, Neal & Massy and republic closed at new 52 weeks high at the end of trading.

Gains | In addition to the gain by Republic Bank, National Flour Mills traded 50,000 units at $1.15, a new 52 weeks high, as the price moved up 4 cents; Neal & Massy 1,733 units at $66.32, up 2 cents; Prestige Holdings with 87,500 shares valued for $813,092 closing at $9.30 for a gain of a cent; Trinidad Cement 16,851 units at $2.26 for a 1 cent rise.

TTSEMar12Firm Trades | Angostura Holdings traded 29,830 shares at $11; Grace Kennedy 1,300 units at $3.70; National Commercial Bank 10,100 units at $1.18; National Enterprises 2,160 shares at $18.25; Scotiabank contributed 66,341 shares with a value of $4,809,723 while closing at $72.50; West Indian Tobacco added 52,351 shares valued at $6,177,419 at $118.

Declines | Clico Investment Fund traded 21,370 shares valued at $462,702 but the price declined by a cent to end at $21.65; First Citizens lost 5 cents to close at $37.65 with 193 shares; Guardian Holdings 9,680 traded shares at $14.48, and the price was off by a cent; Jamaica Money Market Brokers had 99,490 shares changing hands for a value of $45,340 with the price falling 3 cents to close at 45 cents and Sagicor Financial Corporation lost a cent to close at $7.44 while trading 28,800 shares.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market Tagged With: , ,