Stationery and Office Supplies that issued shares to the public on the 19th of July should be listed on the Junior Market of the Jamaica Stock Exchange on August 9, after the public holidays, subject to the listing committee meeting to approve same, IC Insider.com has been informed by a person close to the issue.
JN Fund Managers announced the method of allocation of the 52 million shares that were offered to the public. The issue attracted 1,216 applications for 241.722 million shares.
Shares allocated to SOS’ staff members were not applied for in full and resulted in 4,061,000 units being added to the general public pool with the staff picking up 8.439 million units.
The general public were all allotted the minimum of 5,000 units with the balance allocated on a pro rata basis taking into account the number of units applied for as a percentage of the total application pool in this category. JN Fund Managers’ clients were allotted up to 77,585 units of the shares applied for. Cheques for refunds should start going out as of Thursday, IC Insider.com was reliably informed.
Stationery Company to list early August
BOJ forex auction clears at $128.26
The exchange rate for the purchase on US$10 million on sale by Bank of Jamaica in its first official forex auction of US dollars, held on Wednesday, ended with an average of JS$128.26. The highest rate of a successful bid was J$128.30.
The rate contrast with the first auction done as a trial run, that was executed at an average rate of $128.76. Interestingly, the average selling rate that the US dollar was sold at on Wednesday in the interdealer forex market ended at an average of $128.2173 with the highest selling rate going at $147.60.
A total of 41 bids were received amounting to US$26.18 million and a total of 13 bids were accepted by the central bank. Bids are restricted to a maximum of 20 percent per institution for the amount offered with the minimum US$100,000. The highest accepted rate was $128.50 to purchase US$1,600,000. The lowest bid received was $128.30 that was partially allocated while the lowest bid fully allocated was $128.35 that purchased US$5,050,000.
Bank of Jamaica will make US$10 million dollars available to authorized dealers and eligible cambios by competitive bidding process each Wednesday, from Wednesday July 26 through Wednesday August 16, a total of US$40 million for the first four‐week period. The Bank will publish a report from each B‐BXITT operation on the same day, including the weighted average exchange rate arising from the operation.
The next forex intervention auction sale for US dollars is scheduled for Wednesday August 2, with settlement on Thursday August 3.
Witco and Republic dominates
Trading on the Trinidad & Tobago Stock Exchange on Wednesday resulted in 11 securities changing hands compared to 13 on Tuesday with 4 stocks rising, 1 falling and 6 remaining unchanged.
At the close, 283,405 shares were exchanged at a value of $21,769,873 compared to Tuesday’s trades of 221,508 valued at just $4,523,594. West Indian Tobacco dominated trading with $12.5 million worth of shares trading and Republic Holdings with $6.5 million.
The Composite Index fell 0.12 points to 1,208.53, the All T&T Index declined 0.18 points to 1,791.06 and the Cross Listed Index lost 0.01 points to 83.88. IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| Angostura Holdings gained 9 cents, closing at $15.10 with 281 units trading, Scotiabank closed at $58.02, with gains of 2 cents exchanging 13,977 shares valued at $810,934, Trinidad & Tobago NGL advanced $1 to $23.50, with 28,798 shares changing hands valued at $661,818 and West Indian Tobacco gained 1 cent to close at $125.80 exchanging 99,643 shares valued at $12,535,017.
Losses| Massy Holdings closed at 52 weeks’ low of $49, dropping 96 cents trading 389 units.
Firm Trades| Clico Investment traded 50,922 shares at $22.39 valued at $1,136,058, after trading at a low of $22.30, First Citizens exchanged 100 units at $31.65, JMMB Group held firm at $1.20 with trades of 2,000 shares. Republic Financial Holdings closed at $101.90 exchanging 63,757 shares valued at $6,496,838, Sagicor Financial traded 749 units at $8 and Trinidad Cement closed at $4.14, with 22,789 shares switching owners.
J$ rose in value modestly – Wednesday
The value of the Jamaican dollar gained modestly in value against the US dollar on Wednesday with the selling rate for the US dollar ending at J$128.22 from J$128.29 previously. Dealers bought the US currency at an average of J$127.47 up from JS$127.14 on Tuesday.
Inflows into the Jamaican foreign exchange market dipped on Wednesday to US$43.8 million from US$46.3 million on Tuesday with outflows of US$28.4 million up from $47 million on Tuesday.
In USA dollar trading, inflows into the system ended at US$41.4 million on Wednesday versus US$38.3 million on Tuesday, with outflows of US$27.1 million compared to US$36.7 million.
The selling rate for the Canadian dollar declined to J$102.58 from J$104.94 at the close on Tuesday, while the British Pound was more costly at the close, with J$167.32 buying the British currency versus J$167.20 and the euro, fell in value against the Jamaican dollar, with it taking J$149.73 to buy the European common currency on, versus J$150.25 previously.
Trading picks up as 3 stocks rise 3 fall
Trading volume on the Trinidad & Tobago Stock Exchange on Tuesday rose from the abysmally low level on Monday but the value traded increased, resulting from 13 securities changing hands compared to 12 on Monday.
At the close, 3 stocks advanced, 3 declined and 7 held firm as 221,508 shares were exchanged at a value of $4,523,594 compared to Monday’s trading of 63,288 valued at $3,292,849.
The Composite Index gained 0.92 points to 1,208.65, the All T&T Index advanced 1.07 points to 1,791.24 and the Cross Listed Index rose 0.11 points to 83.89.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| Grace Kennedy gained 1 cent to close at $2.80 in exchanging 31,635 shares, NCB Financial Group added 1 cent to close at a 52 weeks’ high of $4.08 trading 2,800 shares and Trinidad & Tobago NGL jumped 57 cents to $22.50, with 12,202 shares changing hands.
Losses| Massy Holdings closed at $49.96, with a 1 cent loss trading 1,765 shares, Scotiabank lost 2 cents, trading 268 units and West Indian Tobacco closed at a 52 weeks’ low of $125.79, losing 3 cents with 12,825 shares changing hands at a value of $1,613,257.
Firm Trades| Ansa McAL closed at $66, with an exchange of 467 shares, Clico Investment traded 66,126 shares at $22.39 valued at $1,478,393, First Citizens exchanged 3,683 shares at $31.65, JMMB Group remained at $1.20 with 78,707 shares traded. National Enterprises closed at $10.49 with 937 units switching owners, Republic Financial Holdings held firm at $101.90, trading 6,625 units valued at $675,088 and Sagicor Financial exchanged 3,468 shares at $8.
J$ lost value on Tuesday
The value of the Jamaican dollar lost value against the US dollar with the selling rate for the US dollar ending at J$128.29 from J$128.22 previously. Dealers bought the US currency at an average of J$127.14 down from JS$127.46 on Monday.
Inflows into the Jamaican foreign exchange market fell back to more normal levels on Tuesday to US$46.3 million from US$61.79 million on Monday with outflows of US$47 million up from $41.8 million on Monday.
In USA dollar trading, inflows into the system ended at US$38.3 million on Tuesday versus US$56.4 million on Monday, with outflows of US$36.7 million compared to US$36.6 million on Monday.
The selling rate for the Canadian dollar rose to J$104.94 from J$103.12 at the close on Monday, while the British Pound was less costly at the close, with J$167.20 buying the British currency versus J$165.90 and the euro, rose in value against the Jamaican dollar, with it taking J$150.25 to buy the European common currency on, versus J$148.21 previously.