A recent survey, undertaken on behalf of Bank of Jamaica by The Statistical institute of Jamaica, shows continued improvement in the perception of present and future business conditions among respondents within the executive ranks of corporate Jamaica.
The improvement in current conditions show, a gradual monthly improvement since April last year, with periods of slippages in between. The September result of 123.6 reflects a recovery from a fall in August this year to 110.2. It is now just a little higher than the level reached in July of 121.1 and is at its highest since March last year, when the survey showed a 134.7 reading. If the business sector is gaining increasing confidence about current conditions they seem pretty bullish about the future a year out, as the perceptions of future business conditions continue to display a general upward trend, with the latest numbers coming in at 142.4 representing a leap of 19 percent from August this year. The latest survey figures for future conditions, is a shade short of the 148.8 achieved in May 2012 and March 2013.
The data for both surveys show the difficulty in relying on them as to what can really be expected going forward, with fairly high levels of variations. This is also borne out by the forecasting of the business sector on inflation, with their forecast consistently ahead of what the out turns end up being.
Archives for November 2014
J$ lost ground on Tuesday
The Jamaican dollar lost ground against the US and Canadian dollars, but made moderate gains versus the Pound, on Tuesday. Authorized dealers purchased the equivalent of US$30,942,384 versus US$41,044,618, on Monday, and sold the equivalent of US$29,655,767 compared with US$38,006,185 on Monday.
In US dollar trading, dealers bought US$27,266,191 compared to US$36,252,056 on Monday. The buying rate for the US dollar climbed 13 cents to $112.91 and US$27,247,706 was sold versus US$35,613,463 on Monday. The selling rate edged up 6 cent to end at $113.44. The Canadian dollar buying rate gained $1.33 to $99.05 with dealers buying C$1,800,095 and selling C$1,322,546, at an average selling rate that rose 44 cents, to $100.31. The rate for buying the British Pound dipped 43 cents to $175.06, for the purchase of £1,216,130, while £712,469 was sold, the rate fell 7 cents to $177.34. Other currencies bought, amounted to the equivalent of US$211,675, while the equivalent of US$124,830, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 3 cents higher at $113.63, the lowest buying and highest selling rates are unchanged at $93.10 and $119.30 respectively, but the lowest selling rate dropped $1.59 to $93.10. The highest buying rate for the Canadian dollar rose 5 cents to $100.85, the lowest buying rate gained 71 cents to $80.51, the highest selling rate slipped 16 cents to close at $103.79. The lowest selling rate remained unchanged at $97. The highest buying rate for the British Pound, remained at $178.10. The lowest buying rate fell $4.02 to $139.20, the highest selling rate moved up 11 cents to $184.68 and the lowest selling rate gained 10 cents to $172.60.
7 stocks gained & 7 declined on JSE
Tuesday’s activity on the Jamaica Stock Exchange, resulted in the prices of 7 stocks rising and 7 declining as 24 securities changed hands, ending in 13,351,835 units trading, valued at $51,923,241, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 4 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Main Market| The JSE Market Index lost 15 points to 74,547.05, the JSE All Jamaican Composite index fell 16.77 points to close at 82,065.27 and the JSE combined index gained 20.59 points to close at 76,494.36.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Cable & Wireless that concluded trading with 5,523,062 shares while gaining 1 cent to 44 cent, Jamaica Broilers finished trading with 30,061 shares, with the price rising 8 cents to $4.10. Scotia Group ended trading with 254,039 shares, with an increase of 5 cents to $19.55, Seprod closed with 18,854 shares as the price climbed 30 cents to $11.80 and Supreme Ventures finished trading with 43,500 shares changing hands, to close 4 cents higher at $1.80.
Firm| The stocks in the main market to close without a change in the last traded prices are, Caribbean Cement that had 138,200 shares changing hands to close at $2.40, Jamaica Money Market Brokers exchanged 30,232 ordinary shares at $7, Jamaica Stock Exchange contributed 200,000 shares in trading at $1.55. Kingston Wharves ended trading with only 350 units at $6, Mayberry Investments had 114,164 units to close $1.50, Proven Investments ended with 9,762 shares at 17.30 US cents.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Carreras ended with 157,195 units as the price slipped 50 cents to $36.50, Desnoes & Geddes closed with 32,446 shares trading 2 cents lower at $4.83. Grace Kennedy finished with 122,717 shares and lost 1 cent to end at $60, National Commercial Bank had 1,271,881 shares changing hands to close 40 cents lower at $18.85 and Sagicor Group concluded trading with 4,000 shares changing hands to close at 11 cents lower to $9.88.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 31,380 shares at $3.
Lasco Manufacturing trades 4.8m shares
Lasco’s new I Cool drinks
Trading in the junior market, ended with 5,369,992 units changing hands, valued at $5,518,795. The JSE Junior Market Index rose 3.71 points to close at 684.67 with only 7 securities traded, the price of 2 advanced and 2 fell. At the close of the market, there was 1 stock with the bid higher than the last selling price and 3 stocks with offers that were lower. The junior market continues to exhibit weakness with 7 securities closing with no bids to buy. There were 4 securities that had no stocks being offered for sale.
the stocks traded are, Caribbean Producers concluding trading with 151,805 units to close with a gain of 20 cents to $2.20. Lasco Distributors concluded trading with 26,500 units and put on 1 cent to $1.51 for a new 52 weeks’ high, Blue Power ended with 121 shares changing hands to close at $6.80, Derrimon Trading ended with 2,000 shares trading at $2.15, Lasco Financial finished trading with 346,160 shares changing hands 93 cents, Jamaican Teas finished trading with 10,000 units to fall 55 cents to a new 52 weeks’ low of $2.85 and Lasco Manufacturing ended with 4,833,406 shares changing hands, to close at 1 cent to 99 cents.
Scotiabank on the mend & climbing
The price of Scotiabank shares, continue to mend on the Trinidad Stock Exchange, with the price closing up at the end of trading on Tuesday, on moderate volume. Importantly, at the end of trading, there were 28,445 units on the bid to buy at 10 cents over the closing price. There were no stocks offered for sale, an indication that the price will be moving up.
The market closed with 10 securities changing hands of which 2 advanced, 2 declined and 6 traded firm, with a total of 204,322 units, valued at $1,065,639, trading. The Composite Index of the market rose 0.47 points to close at 1,142.50, the All T&T Index gained 0.88 points to close at 1,966.68 and the Cross Listed Index increased by a mere 0.01 points to end at 41.69.
Gains| Stocks increasing in price at the close are, Scotiabank increased by 19 cents to end the day at $58.55 while trading 2,697 shares worth $157,855, and Trinidad Cement contributed 10,000 shares and closed 5 cents higher at $2.10.
Declines| The stocks declining at the end of trading are, Agostini’s traded just 171 units but fell 1 cent to $17.33 Guardian Holdings suffered a loss of 1 cents to close at $13.49.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Clico Investment Fund with 2,595 shares with the price remaining at $22.50, First Citizens Bank traded 900 shares to close at $36.76, Grace Kennedy with 640 shares ended at $3.84. National Enterprises added 5,000 shares, valued at $87,350, to end at $17.47, Sagicor Financial Corporation with 91,500 shares changing hands, for a value of $548,950, closed at $6 and Scotia Investments with 89,000 shares trading for $129,050, closed at $1.45.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than their last selling prices and no stock with the offer that was lower.
J$ make moderate gains on Monday
The Jamaican dollar made moderate gains against the US and Canadian dollars, but lost value versus the Pound, on Monday. Authorized dealers purchased the equivalent of US$41,044,618 versus US$39,675,612 on Friday, and sold the equivalent of US$38,006,185 compared with US$33,292,725 on Friday.
In US dollar trading, dealers bought US$36,252,056 compared to US$35,055,562 on Friday. The buying rate for the US dollar fell 20 cents to $112.78 and US$35,613,463 was sold versus US$30,800,856 on Friday. The selling rate edged down 1 cent to end at $113.38. The Canadian dollar buying rate declined $1.46 to $97.72 with dealers buying C$1,766,296 and selling C$745,287, at an average selling rate that fell 55 cents, to $99.87. The rate for buying the British Pound climbed 17 cents to $175.48, for the purchase of £1,822,726, while £889,297 was sold, at the same rate of $177.41, as on Friday. Other currencies bought, amounted to the equivalent of US$426,068, while the equivalent of US$344,734, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 3 cents higher at $113.60, the lowest buying rate rose 25 cents to at $93.10. The highest selling rate remained $119.30 but the lowest selling rate dropped $15.81 to $94.69. The highest buying rate for the Canadian dollar fell 20 cents higher to $100.80, the lowest buying rate remained unchanged at $79.80, the highest selling rate climbed $1.05 to close at $103.95. The lowest selling rate climbed 85 cents to $97. The highest buying rate for the British Pound, rose 30 cents to $178.10. The lowest buying rate fell 12 cents to $143.22, the highest selling rate moved down 22 cents to $184.57 and the lowest selling rate declined 20 cents to $172.50.
Grace trades 9.3m shares for $561M
Grace stock traded 9.3m shares for $579M
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Main Market| The JSE Market Index lost 59.11 points to 74,562.05, the JSE All Jamaican Composite index fell 66.09 points to close at 82,082.04 and the JSE combined index declined by 30.14 points to close at 76,473.77.
Gains| Stocks gaining at their last traded prices, at the end of trading in the main market are, Caribbean Cement concluded trading with 4,375 shares, 14 cents higher, to $2.40, Carreras finished trading with 2,073 shares changing hands, with a $1 gain at $37. National Commercial Bank closed with 748,862 shares while gaining 25 cents to $19.25, Sagicor Group finished with 48,850 units to close with a gain of 8 cents at $9.99 and Sagicor Real Estate Fund saw trading in 117,463 units to close with a gain of 15 cents to $6.85.
Firm| The stocks in the main market to close without a change in the last traded prices are, Desnoes & Geddes with 4,611 shares changing hands, to close at $4.85, Jamaica Money Market Brokers ended trading with 6,000 ordinary shares at $7. Kingston Wharves closing trading with 21,297 shares at $6, Proven Investments had 57,114 shares changing hands, at 17.30 US cents and Radio Jamaica concluded trading with 9,000 shares changing hands to close at $1.18.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Cable & Wireless ended with 39,733 units, the price slipped 2 cents to 43 cents, Grace Kennedy closed with 9,349,668 shares trading 59 cents lower at $60.01, Palace Amusement finished with only 100 shares with a loss of $11 to $66 and Scotia Group finished trading with 34,750 units to fall 50 cents to $19.50.
Preference| Jamaica Money Market Brokers 7.50% preference share traded 4,000 units at $2.
2 Lasco stocks gained on Junior market
Peter Chin – CEO Lasco Distributors
Trading in the Junior Market closed with moderate activity on Monday with trading ending with 193,314 units valued at $267,070. The JSE Junior Market Index rose 2.72 points to close at 680.96, only 6 securities traded, with the price 2 advancing, while no stock declined.
At the close of the market, there were 3 stocks with bids higher than their last selling prices and 4 stocks with offers that were lower. The junior market continues to exhibit weakness with 6 securities closing with no bids to buy. There were 4 securities that had no stocks being offered for sale.
Lasco Distributors concluded trading with 103,624 shares changing hands, with gains of 2 cents to $1.50. The stock is now back at its 52 weeks high reached in April this year but is still way off from the high of $1.80 reached in July 2013. Lasco Financial ended with 50,000 shares trading, 3 cents higher, to 93 cents, Caribbean Cream ended with 6,500 shares changing hands, to close at 71 cents, Caribbean Flavours saw 17,161 shares trading, to close at $2.35, General Accident exchanged 8,000 shares in trading at $1.50, the stock closed with a bid at $1.56 and Lasco Manufacturing finished trading with 8,029 shares at $1.
T&TSE quietly looking better
Trading on the Trinidad Stock Exchange on Monday, was moderate, with 11 securities changing hands, of which 3 advanced, 2 declined and 6 traded firm, with a total of 553,708 units, valued at $4,694,056.
At the close of the market, the Composite Index lost 0.89 points to close at 1,142.03, the All T&T Index rose 0.61 points to close at 1,965.80 and the Cross Listed Index declined by 0.32 points to end at 41.68.
Gains| Stocks increasing in price at the close are, National Enterprises traded 17,166 units valued at $299,890, gained 2 cents to end at $17.47, Scotiabank gained 10 cents, to end at $58.36 while 100 shares traded and Scotia Investments contributed 20,954 shares and ended 4 cents higher at $1.445
Declines| The stocks declining at the end of trading are, Massy Holdings traded 100 shares to close with a loss of 2 cents, at $68.45 and National Commercial Bank with 308,550 shares changing hands for a value of $339,832 to fall 5 cents to $1.10.
Firm Trades| Stocks closing with prices unchanged, at the end of trading are, Ansa Mcal with 500 shares traded, to close $66.18. Clico Investment Fund with 152,040 shares valued at $3,420,900, remained at $22.50, First Citizens Bank traded 3,745 shares valued $137,666 to close, at $36.76, while Guardian Holdings added 20,000 shares valued at $270,000 to end at $13.50. Jamaica Money Market Brokers with 5,373 shares changing hands at 45 cents and Sagicor Financial Corporation with a volume of 25,250 shares being traded for $151,500 to close at $6.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bids higher than their last selling prices and none with offers that were lower.
Treasury-bill rates continue down
The latest results for Government of Jamaica Treasury bill auctions, show a decline in the interest rate on 28 days instrument, to 6.71 percent from 6.826 percent in October, as $976 million chased the $400 million on offer.
Investors, demand for the 91 days Treasury bills offered continued to climb, jumping to $1.042 billion, up from $903,521,900 for the October auction and well up on September’s $641,904,600. Demand for the longer-term 182 days instrument, was for $942 million for the latest auction in which the amounts available was $400 million for all three Treasury bills on offer.
The Treasury bill for the 91 day period, Friday, November 21 to mature on Friday, February 20 next year, attracted an average yield of 7.052 percent, down from 7.336 percent in October, 7.46952 percent, at the September auction. At the August auction the average rate out turn was 7.46767 percent. The yield for July was an average of 7.63643 percent, for the June issue 7.65893 percent and 8.2 percent in May, for the Treasury bill of same duration.
The offer of 182 days duration, maturing on May 22 next year, generates an average interest rate yield of 7.387 percent, a decline from 7.73187 percent, 7.99887 percent, at the September auction, 8.11578 percent, in August, 8.21982 percent at the July’s auction and 8.36502 percent for the June issue, of the same duration. At the May Treasury bill auction, the rate came out at 8.932 percent.
