Trading on the Main Market of the Jamaica Stock Exchange on Wednesday as 26 securities changed hands, resulting in 14,655,576 units valued at $227,353,346 trading.
The main market closed with 11 securities rising, 11 declining and 4 trading firm, leading to the JSE All Jamaican Composite Index falling 1,060.23 points to 325,702.82 and the JSE Index declined by 965.99 points to 296,752.08.
In market activity, Barita Investments closed at $10.25, with 1,025 shares, after adding 25 cents, Berger Paints lost 10 cents and ended at $19, with 10,656 stock units, Carreras fell 5 cents and concluded trading at $10.75, with 4,337,080 units, Caribbean Cement jumped $1.51 and finished at $38.51, with 66,979 shares, Ciboney Group declined by 2 cents and settled at 12 cents, with 2,161,849 units. Grace Kennedy ended trading with a loss of 51 cents at $48.50, with 35,620 shares, Jamaica Broilers gained 90 cents in traded 14,955 stock units to end at $21, Jamaica Producers finished trading at $16.50, with 1,044,013 units, Jamaica Stock Exchange lost 10 cent and closed at $6.90, with 1,260 shares. JMMB Group dropped $1.08, ending at $27.25, with 170,021 shares, Kingston Wharves dropped $3 and finished at $46, with 15,000 stock units, Mayberry Investments settled at $6.05, for a rise of 3 cents, with 108,012 units, NCB Financial Group climbed $1.40 to $96.50, with 46,142 shares. 1834 Investments closed trading at $1.15, with 81,945 shares, PanJam Investment lost 1 cent and closed at $44, with 72,100 stock units, Pulse Investments concluded trading at $1.79, after falling 1 cent with 108,000 shares, Sagicor Group fell 49 cents and settled at $37.50, with 25,985 shares and Sagicor Real Estate Fund settled at $15, with a rise of 99 cents trading 17,835 shares. Salada Foods gained 5 cents and ended trading at $11.20, with 43,684 stock units, Scotia Group jumped $1.79 to $51.99, with 1,959,155 units, Seprod climbed $1 and finished trading at $35, with 25,820 shares, Supreme Ventures ended at $11.75, up 5 cents with 527,887 shares. Victoria Mutual Investments concluded trading at $4.06, after rising 31 cents with 357,576 stock units and Wisynco Group finished at $10.90, with 3,412,434 units changing hands. In the main market preference segment, Jamaica Money Market 7.5% traded 2,138 stock units at $1.92 and JMMB Group closed at 99 cents, with 8,405 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “JSE main market retreats on Wednesday.”
Cement signs buy back agreement
The company reported that they made the initial payment of $1.3 billion towards the acquisition representing a significant investment in plant and equipment, improving the company’s asset base.
In March, Caribbean Cement announced that it signed a memorandum of understanding agreeing to the termination of the operating lease and the purchase by CCC of the assets covered under the Lease.
Agreement is for approximately USD$118 million to be paid to TCL and redemption of an aggregate number of 52 million preference shares held by TCL for approximately USD$40.5 million to be paid over a nine-year period, starting in 2018 and sourced from at least one third of CCC’s profits available for distribution from the previous year. CCC will also seek financing to fund the Asset Acquisition and the Redemption.
The agreement flows from concerns of minority shareholders who at the company’s last annual General meeting, at which shareholders were given the commitment by management that the best structure would be identified to acquire ownership of the assets.
The company paid $3.3 billion in 2017 for the lease of the assets that was installed to facilitate expansion of the plant.
Forex volume up with B-Fxitt trade – Wednesday
Bank of Jamaica bought US$15 million in the B-FXITT auction on Wednesday, with the average rates against the US dollar for accepted offer ending at $126.29. A total of 31 bids were received to sell US$21.85 million up to a rate of $128 and a low of $124.70
Dealers enjoyed inflows of all currencies amounting to the equivalent US$38.04 million compared to US$43.20 million bought on Tuesday and sold US$55.58 million, including the amount sold to Bank of Jamaica. US$44.03 million was sold on Tuesday.
At the close of foreign currency trading, dealers sold US$52.03 million, including the BOJ sales, at 37 cents more than on Tuesday with the US dollar selling rate closing at J$125.73, compared to J$125.36 in the sale of US$39.23 million on Tuesday. Purchases of the US currency by dealers, amounted to US$32.44 million, with the average rate declining 23 cents to $123.94, compared to US$40.56 million, with the average rate of $124.17 on Tuesday.
At mid-day on Wednesday dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38. At mid-day on the previous trading day, dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, dropped to J$97.54 from J$101.34 at the close on Tuesday. The selling rate for the British Pound declined to J$174.67 from J$176.07 previously and the euro fell versus the Jamaican dollar to J$154.27 to buy the European common currency, versus the prior selling rate of J$154.99.
Trading levels fall on the TTSE – Wednesday
Market activity on the Trinidad & Tobago Stock Exchange ended on Wednesday with trading in 16 securities against 13 on Tuesday, with 5 advancing, 2 declining and 9 remaining unchanged.
Trading ended with 679,573 shares at a value of $4,850,767 compared to 729,767 shares at a value of $20,238,234 on Tuesday.
At close of the market the, Composite Index rose 0.02 points on Wednesday to 1,227.64, the All T&T Index inched up by 0.04 points to 1,694.12, while the Cross Listed Index remained unchanged, to close at 102.44.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows the market continuing to be weak as it closed with 3 stocks ending with higher bids than the last selling prices and 4 with lower offers, an indication of the continuation of a weak market currently.
Gains| Massy Holdings gained 1 cent and ended at $47.42, with 1,281 stock units changing hands, National Flour finished trading with a rise of 5 cents and settled at $1.80, after exchanging 72,002 shares, Scotiabank closed with an increase of 23 cents and settled at $62.75, in exchanging 1,132 shares, Trinidad Cement rose 1 cent to $2.62, after trading 460,000 shares and West Indian Tobacco finished 4 cents higher to $88.55, with 50 stock units changing hands.
Losses| Ansa Mcal shed 10 cents and completed trading at a 52 weeks’ low of $59.80, with 16 units and Clico Investments lost 1 cent and ended at $20.15, with 11,679 units.
Firm Traded| Ansa Merchant Bank settled at $40, after exchanging 25 shares, First Citizens concluded trading at $32.55, with 1,900 shares changing hands, Grace Kennedy completed trading at $3.10, with 1,932 units, Guardian Holdings closed at $15, trading 2,265 shares, JMMB Group ended at $1.86, with 13,919 stock units changing hands, Prestige Holdings settled at $10.01, after 3,265 shares traded, Republic Financial Holdings ended at $101.58, with 368 stock units changing hands, Sagicor Financial completed trading at $7.80, with 5,275 units and Trinidad & Tobago NGL ended trading at $27.90, with 104,464 units changing hands.
Prices of securities trading for the day are those at which the last trade took place.
Forex volume remains elevated – Tuesday
Trading volumes remained high in the Jamaica foreign currency market on Tuesday, with the average rates against the US dollar rising against the closing rates on Monday.
Dealers enjoyed inflows of all currencies amounting to the equivalent US$43.20 million compared to US$49.25 million bought on Monday and sold US$44.03 million versus US$48.57 million previously.
At the close of foreign currency trading, dealers sold US$39.23 million at 14 cents more than on Monday with the US dollar selling rate closing at J$125.36, compared to J$125.22 in the sale of US$42.11 million at the close, on Monday. Purchases of the US currency by dealers, amounted to US$40.56 million, with the average rate rising 35 cents to $124.17, compared to US$42.64 million, with the average rate of $123.82 on Monday.
At mid-day on Tuesday dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38. At mid-day on the previous trading day, dealers purchased US$14.62 million at an average rate of J$124.18 and sold $10.34 million at an average of J$125.29.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, climbed to J$101.34 from J$98.36 at the close on Monday. The selling rate for the British Pound rose to J$176.07 from J$175.34 previously and the euro gained versus the Jamaican dollar to J$154.99 to buy the European common currency, versus the prior selling rate of J$153.42.
Trading picks up on the TTSE – Tuesday
Market activity on the Trinidad & Tobago Stock Exchange ended on Tuesday with trading in 13 securities against 18 on Monday, with 4 advancing, 3 declining and 6 remaining unchanged.
Trading ended with 729,767 shares at a value of $20,238,234 compared to 354,649 shares at a value of $2,152,473 on Monday.
At close of the market the, Composite Index lost 1.92 points on Tuesday to 1,227.62, the All T&T Index rose 0.71 points to 1,694.08, while the Cross Listed Index declined 0.63 points to close at 102.44.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows the market continuing to be weak as it closed with 3 stocks ending with higher bids than the last selling prices and 5 with lower offers, an indication of the continuation of a weak market currently.
Gains| Massy Holdings rose 1 cent and settled at $47.41, with 109 stock units changing hands, Scotiabank added 1 cent and ended at $62.52, after exchanging 120,628 shares, Trinidad & Tobago NGL increased 45 cents and concluded trading at $27.90, with 423,311 units and Trinidad Cement rose 1 cent and ended at $2.61, after exchanging 345 shares.
Losses| JMMB Group closed with a loss of 3 cents to settle at $1.86, with 113,425 stock units changing hands, NCB Financial Group shed 10 cents and completed trading at $5.40, after exchanging 6,515 shares and West Indian Tobacco lost 4 cents and settled at $88.51, with 50 stock units changing hands.
Firm Traded| Clico Investments concluded trading at $20.16, with 12,325 units, First Citizens completed trading at $32.55, after exchanging 300 shares, Grace Kennedy closed at $3.10, with 20,000 units, Guardian Holdings ended at $15.00, exchanging 10,144 shares, Republic Financial Holdings settled at $101.58, with 436 stock units changing hands and Sagicor Financial concluded at $7.80, with 22,179 units.
Prices of securities trading for the day are those at which the last trade took place.
Forex volume rises on Monday
Trading volumes increased in the Jamaica foreign currency market on Monday, with the average selling rate against the US dollar rising modestly and the buying rate easing versus the closing rate on Friday.
Dealers enjoyed inflows of all currencies amounting to the equivalent US$49.25 million compared to US$38.7 million bought on Friday and sold US$48.57 million versus US$33.34 million previously.
At the close of foreign currency trading, dealers sold US$42.11 million at 3 cents more than on Friday with the US dollar selling rate closing at J$125.22, compared to J$125.19 in the sale of US$30.55 million at the close, on Friday. Purchases of the US currency by dealers, amounted to US$42.64 million, with the average rate falling 18 cents to $123.82, compared to US$35.32 million, with the average rate of $124 on Friday.
At mid-day on Monday dealers purchased US$14.62 million at an average rate of J$124.18 and sold $10.34 million at an average of J$125.29. At mid-day on the previous trading day, dealers purchased US$12.59 million at an average rate of J$124.63 and sold $11.54 million at an average of J$125.15.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, fell to J$98.36 from J$99.06 at the close on Friday. The selling rate for the British Pound declined to J$175.34 from J$175.94 previously and the euro declined versus the Jamaican dollar to J$153.42 to buy the European common currency, versus the prior selling rate of J$156.23.