Archives for October 2016
Junior market drops – Tuesday
Trading volume on the junior market dropped 79 percent from Monday’s levels, ending with a 1,384,024 units changing hands, while value traded, fell 77 percent to $8,364,061 from $36,505,806 on Monday.
An average of 81,413 units with an average value of $492,004 traded, compared to 352,499 units with an average value of $1,921,358 on the preceding trading day. The average for the month to date, amounts to 147,097 units at $813,126.
At the close of the market on 17 securities traded, versus 19 on Monday resulting in 6 stocks advancing and 6 declining stocks as 1 stock hit a new high. The market index dropped 30.46 points to 2,345.58 to be up 31 percent for the year to date.
Market activities ended with 7 securities closing with bids higher than their last selling prices and 5 ending with lower offers.
CAC 2000 that could being facing a $200 million legal claim pay out failed to trade but ended with and offer of $5.36 versus the last traded price of $6.30.
In trading activity, AMG Packaging dropped $3 while trading 7,848 shares to close at $17, Blue Power ended at $24.50 with 800 units changing hands, Cargo Handlers finally traded 3,000 shares at $10. Caribbean Cream rose 9 cent and ended with 12,500 shares changing hands at $7.10, Caribbean Producers traded 17,150 units to end at $3.75, Consolidated Bakeries had 30,186 units changing hands, with the price declining 9 cents to end at $2.50. General Accident jumped 40 cents and closed trading with 182,058 units at $3 but closed with the stock being offered at $2.97, Honey Bun gained 3 cents with 9,561 shares changing hands to close at $5.65. Iron Rock Insurance rose 1 cent in trading 104,660 units to close at $3.20, Jetcon Corporation ended with 82,581 shares trading at $4.20. Knutsford Express lost 5 cents and ended at $22.95 with 2,540 shares changing hands, Lasco Distributors traded 4,800 units trading with a loss of 33 cents at $6.50, Lasco Financial rose 1 cent and ended with 28,350 shares changing hands at $3.09, Lasco Manufacturing lost 1 cent and closed at $4.85 with 768,128 shares trading. Medical Disposables jumped 62 cents to close at a 52 weeks’ high of $5.62 with 10,000 shares changing hands, the stock closed with the offer at $5.50, Paramount Trading rose 12 cents to close at $24 with 111,962 shares changing hands and Eppley 10% preference share, traded 7,900 units at $6.10.
6 stocks rose on TTSE – Tuesday
Trading activity closed with 6 stocks rising while 4 declined and 4 remained unchanged as 571,256 shares valued at $5,404,483 changed hands, compared to 153,635 shares valued at $1,497,555 on Monday. Two stocks closed at new 52 weeks’ high.
The market closed with positive movements in two of the indices with the the Composite Index advancing by 3.81 points to close at 1,172.26. The All T&T Index closed with a gain of 0.65 points to 1,805.44, down 7.34 percent for 2016 and the Cross Listed Index fell 0.95 points to 71.94 points and is up 45.30 percent year to date.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 7 with lower offers.
Gains| Clico Investment Fund closed with 15,500 shares valued at $350,300 changing hands with a rise of 1 cent to $22.59, Firstcaribbean International Bank ended trading with 5,000 shares and closed with a rise of 19 cents at a 52 weeks’ high of $8, Grace Kennedy contributed 40,986 shares to close at a 52 weeks’ high of $2.65 after rising 5 cents. Point Lisas gained 10 cents and closed at $3.70 with 826 units changing hands, Prestige Holdings with 1,232 units changing hands, ended at $11.10 to record a gain of 10 cents and Scotiabank gained 5 cents and closed with 600 shares changing hands at $58.56.
Losses| Massy Holdings ended with 137 shares changing hands at $51.43 after losing 7 cents, Sagicor Financial traded 855 units and lost 20 cents to close at $7, Trinidad and Tobago NGL closed at $23.54 with 20,444 units with a value of $481,187 trading, after falling 1 cent and Trinidad Cement lost 2 cents in trading 7,898 units at $3.98.
Firm Trades| Angostura Holdings ended with 2,219 shares changing hands to close at $14.65, First Citizens traded 4,940 to close at $32, Guardian Holdings traded 7,721 shares with the price closing at $12.60 and JMMB Group closed at 85 cents with 434,803 units valued $369,582, switching ownership and West Indian Tobacco in trading 28,950 shares with a value of $3,676,650 to close $127.
Jamaican stocks gain in early trade
Trading on the Jamaica Stock Exchange continues on a moderate pace on Tuesday, with all the market indices rising. Trading volume and values rose from Monday’s level, with advancing stocks beating out declining ones 4 to 1.
The all Jamaica Composite Index gained 283.24 points to 185,038.33, the Jamaica Stock Exchange Market Index grew 253.58 points to 166,498.95, the Jamaica Stock Exchange combined index climbed 403.55 points to close at 178,986.96 and the junior market index inched up 16.42 points to 2,392.46.
At 11 am, a total of 27 securities traded, resulting in a volume of 1,521,635 shares changing hands carrying a value of $7,634,987, compared to 510,894 shares changing hands carrying a value of $4,041,514, on Monday.
The average number of shares traded amounts to 56,357 units compared to 28,383 on Monday. Market activity resulted in 3 stocks falling while the prices of 12 securities rose.
Jamaican$ holds vs US dollar – Monday
The selling rate of the Jamaican dollar closed unchanged on Monday as dealers bought the equivalent of US$66,732,742 of all currencies, and sold US$47,361,025, compared to US$62,281,233 purchased and US$50,300,502 sold on Friday.
In US dollar trading, dealers bought US$63,006,330 compared to US$57,960,736 on Friday. The buying rate for the US dollar fell 7 cents to close at $128.70. A total of US$44,536,359 was sold versus US$48,096,845 on Friday, with the selling rate remaining at $129.19. The Canadian dollar buying rate dropped 81 cents to $94.90, with dealers buying C$2,442,115 and selling C$1,709,029 at an average rate that rose 15 cents to $97.50. The average rate for buying the British Pound dropped 63 cents to $154.41 for the purchase of £1,505,320 while £955,498 was sold with a fall of 24 cents to end at $157.29.
At the end of trading on Monday, dealers sold €327,853 with the selling rate for the Euro, closing at $142.92 for rise of $1.66, according to data from Bank of Jamaica. Dealers purchased €101,358 of the European common currency at $134.07 after falling $2.29. The US dollar equivalent of other currencies traded, amounts to US$14,149 being bought and selling of US$8,876.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies, in the foreign exchange market on Monday, include a jump of $14.71 in the lowest buying rate for the US Dollar to $104.71. The lowest buying rate for the Canadian dollar declined $1.37 to $77.31, the highest selling rate fell $1.78 to $100.60. The highest buying rate for the British Pound surged $7.95 to $166. Trading in the Euro resulted in a fall of $1.50 in the highest buying rate to $138, the lowest buying rate dipped $1.24 to $112.30 and the highest selling rate fell $1.36 to $146.38.
BOJ intervenes in rigged foreign exchange market
Bank of Jamaica intervened in the rigged foreign exchange market on Friday by selling US$30 million to authorised dealers and cambios, the sale did not prevent the value of the Jamaican dollar from slipping 4 Jamaican cents to end at an average of $129.19 to US$1 as US$58 million was bought by dealers and US$48 million was sold to end users.
Jamaica’s foreign exchange market has been rigged by dealers since July this year as inflows to the market exceeded demand by end users by a wide margin. The central bank in said in a release on the intervention on Friday, “In response to an unwarranted and disruptive movement in the exchange rate over the past few days, Bank of Jamaica today intervened in the market by selling the funds into the market. The intervention is intended to reassure users of foreign exchange that the Bank is standing behind the preservation of orderly conditions in the market.”
“During the week of October 24, the Bank will formally give notice to holders of specified BOJ foreign-currency-denominated certificates of deposit that these instruments will be redeemed prior to their original maturity dates. The total value of these securities amounts to US$258 million. The early redemption of these CDs will add significantly to the volume of US dollar liquidity available to institutions and individuals.”
Concomitant with the decision to release funds into the market from CDs, the central also announced elsewhere fresh issues of CDs for investors to purchase.
Juniors’ volume jumps 2,755% – Monday
Victoria Mutual Wealth Management was involved in a series of large volume of crossed trades that helped in a major way to boost the level of trading.
An average of 352,499 units with an average value of $1,921,358 traded, compared to 18,046 units with an average value of $108,198 on the preceding trading day. The average for the month to date, amounts to 151,789 units at $836,063.
At the close of the market on 18 securities traded, versus 13 on Friday resulting in 6 stocks advancing and 6 declining stocks as 1 stock hit a new high. The market index rose 4.24 points to 2,376.04 to be up 33 percent for the year to date.
Market activities ended with 5 securities closing with bids higher than their last selling prices and 2 ending with lower offers.
In trading activity, Blue Power ended at $24.50 with 5,300 units changing hands, CAC 2000 traded 1,183,488 units at $6.30, Cargo Handlers finally traded after the 10 for 1 stock split and hit a new high of $10 as 7,000 shares traded. Caribbean Cream rose 1 cent and ended with 459,592 shares changing hands at $7.01, Caribbean Producers gained by 5 cents in trading 443,187 units to end at $3.75, C2W Music traded 29,357 shares to close at 25 cents. Consolidated Bakeries had 144,528 units changing hands, with the price declining 1 cent to end at $2.59. Dolphin Cove had 164,564 units changing hands, with the price ending at $12.21 after rising 16 cents, General Accident lost 20 cents and closed trading with 1,441,893 units at $2.60, Honey Bun with 102,499 shares changing hands, closed at $5.62. ISP Finance traded 24,623 units at $7.03, Jetcon Corporation ended with 54,796 shares trading at $4.20. Knutsford Express ended at $23 with 8,500 shares changing hands, Lasco Distributors traded 250,864 units trading with a loss of 16 cents at $6.83, Lasco Financial lost 1 cent and ended with 99,572 shares changing hands at $3.09, Lasco Manufacturing rose 7 cents and closed at $4.86 with 9,123 shares trading. Medical Disposables rose 40 cents to close at $5 with 1,335,514 shares changing hands, Paramount Trading lost 12 cents to close at $23.88 with 113,273 shares changing hands and Eppley 9.5% preference share, traded 819,800 units and fell 14 cents to $6.16.
More recovery for First Citizens – Monday
Trading activity closed with 3 stocks rising while 3 declined and 1 remained unchanged as 153,635 shares valued at $1,497,555 changed hands, compared to 522,024 shares valued at $1,246,175 on Friday as one stock closed at new 52 weeks’ high.
The market closed with sharp movements in the indices. The the Composite Index advanced by 1.25 points to close at 1,168.45 The All T&T Index closed with a gain of 2.73 points to 1,804.78, down 7.52 percent for 2016 and the Cross Listed Index fell 0.04 points to 70.99 points and is up 43.47 percent year to date.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 9 stocks with bids higher than their last selling prices and 8 with lower offers.
Gains| First Citizens gained 50 cents to close at $32 with 3,512 units trading, JMMB Group gained 3 closed at a 52 weeks’ high of 85 cents with 101,000 units, switching ownership and National Enterprises ended with 2,000 shares changing hands with the price closing with a gain of 5 cents at $10.25.
Losses| Clico Investment Fund closed with 42,110 shares valued at $951,273 changing hands with a loss of 1 cent at $22.59, Sagicor Financial Corporation traded 855 units and lost 20 cents to close at $7 and West Indian Tobacco traded 2,500 shares to close $127 after shedding 5 cents.
Firm Trades| Grace Kennedy contributed 1,658 shares to close at $2.60.