Jamaica’s foreign exchange dealers bought US$9.6 million more than the amount sold on Friday, putting the surplus bought since the end of June to US$149 million, with the rate of the Jamaican dollar falling marginally against the United States currency.
In Friday’s trading, dealers bought US$32,516,814 and sold US$22,897,652 compared to US$25,425,966 purchased and US$18,298,372 sold on Thursday, of all currencies.
In US dollar trading, dealers bought US$29,161,988 compared to US$21,977,393 on Thursday. The buying rate for the US dollar rose 26 cents to $126.17. A total of US$21,536,270 was sold versus US$15,740,610 on Thursday, with the selling rate rising 16 cents to end at $126.93. 
The Canadian dollar buying rate dropped $1.81 to end at $94.44, with dealers buying C$1,060,908 and selling C$950,186 at an average rate that fell 18 cents to $97.05. The average rate for buying the British Pound climbed $1.22 to $162.38 for the purchase of £1,861,633, while £305,503 was sold to end at a rate of $163.79, for a fall of 83 cents.
At the end of trading, the selling rate for the Euro, fell 12 cents to close at J$141.04 from Thursday’s rate, according to data from Bank of Jamaica, The US dollar equivalent of other currencies traded amounts to US$164,707 being bought, while US$240,602 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Friday, include a drop of $19.35 in the lowest buying rate of the US dollar to $103.45, a fall of 70 cents in the highest buying rate of Canadian Dollar to close at $97.80, a dive of $6.08 in the lowest selling rate to end at $77.60. Trading in the British Pound resulted in a jump of $3 in the highest buying rate to $167 and a rise of $2.30 in the lowest selling rate to close of $158.
C&W dominates JSE trading – Friday
Cable & Wireless has traded 3.44 million units in the early morning session of the Jamaica Stock Exchange 
in response to the company’s first quarter results with a rise of 11 percent in revenues but a slippage in net profit as outpayments, depreciation and interest cost rose thus negating the improved revenues. The stock traded between $1.20 and $1.30 so far.
Lasco Distributors was the next largest trade after C&W with 577,869 units at $7.15 followed by JMMB Group 7.50% preference share with 300,000 units and Grace Kennedy with 119,225 units trading at $44.01. The major market indices all rose in the main and junior markets, with 12 stocks gaining versus 10 that fell.
At 10:45 am 30 securities traded, resulting in a volume of 5,015,512 shares changing hands. The average number of shares traded amounts to 167,184 units compared to 246,145 units on Thursday.
The all Jamaica Composite Index gained 686.22 points to 178,604.98 the Jamaica Stock Exchange Market Index rose 613.60 points to 160,746.38 the Jamaica Stock Exchange combined index climbed 823.73 points to close at 172,019.38 points and the junior market index rose 20.94 points to 2,229.56.
TTSE trading sinks low on Thursday
Trading on the Trinidad and Tobago stock market closed on Thursday with only 7 securities changing hands resulting in a mere 8,552 shares valued at $257,682 being traded as recent buying interest have subsided. At the close, 1 stock rose, 3 declined and 3 remained unchanged, leading marginal decline in all three market indices. Two stocks closed at 52 weeks’ lows.
The Composite Index lost 0.04 points to close at 1,150.80, the All T&T Index slipped 0.02 points to close at 1,811.42 and the Cross Listed Index eased 0.01 at 65.25.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 9 stocks with bids higher than their last selling prices and 6 with offers that were lower. National Commercial Bank is under selling pressure with bid to buy 500 units at $2.55 and offer to sell 23,687 units at $2.65 compared to the last traded price of $2.75.
Gains| Scotiabank closed with 1,800 shares changing hands and gained 1 cent to end at $55.52.
Losses| One Caribbean Media lost 10 cents to close at a 52 weeks’ low of $20.89 with 120 units changing hands, Sagicor Financial Corporation closed with 2,551 shares changing hands and fell 1 cent at $6.98 and Unilever Caribbean traded 100 shares and fell 27 cents to close at a 52 weeks’ low of $64.47.
Firm Trades| First Citizens traded 1,850 units to end at $35, Massy Holdings closed with 500 shares changing hands at $55 and Trinidad and Tobago NGL closed with 1,631 shares changing hands at $23.75.
US$ build bumps up to US$139m – Thursday
Jamaica’s foreign exchange dealers bought US$7 million more than the amount sold on Thursday, putting the surplus bought since the end of June to US$139 million, with the rate of the Jamaican dollar falling marginally against the United States currency.
In Thursday’s trading, dealers bought US$25,425,966 and sold US$18,298,372 compared to US$35,858,443 purchased and US$24,832,468 sold on Wednesday, of all currencies.
In US dollar trading, dealers bought US$21,977,393 compared to US$32,777,120 on Wednesday. The buying rate for the US dollar fell 7 cents to $125.91. A total of US$15,740,610 was sold versus US$23,290,324 on Wednesday, with the selling rate rising 11 cents to end at $126.77.
The Canadian dollar buying rate climbed $2.61 to end at $96.25, with dealers buying C$2,862,171 and selling C$2,530,465 at an average rate that increased by $1.02 to $97.23. The average rate for buying the British Pound fell $1.02 to $161.16 for the purchase of £902,623, while £404,637 was sold to end at a rate of $164.67, for a gain of $1.69.
At the end of trading, the selling rate for the Euro, fell 29 cents to close at J$141.16 from Tuesday’s rate, according to data from Bank of Jamaica, as there were no posted rates for the euro for Wednesday. Dealers purchased the European common currency at J$135.13 for a rise of $2.25 from the rate on Tuesday. The US dollar equivalent of other currencies traded amounts to US$105,256 being bought, while US$91,240 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in 
the foreign exchange market on Thursday, include, a rise of 55 cents in the highest buying rate of the US dollar to $127.70, a rise of 90 cents in the highest buying rate of Canadian Dollar to close at $98.50, a rise of 83 cents to the lowest buying rate to $77.85, an increase of $1.08 in the highest selling rate to $101.30 and a drop of $4.32 in the lowest selling rate to $83.68. Trading in the British Pound resulted in a dip of $2.20 in the highest buying rate to $164 and a fall of $1.30 in the lowest selling rate to close of $156.70.
Trading picks up on JSE – Thursday
Grace Kennedy shares ended at a 52 weeks’ closing high on the Jamaica Stock Exchange on Thursday.
Trading closed with a volume of 16,218,913 units valued at $102,627,645 changing hands, in all market segments. The junior market accounted for 10,281,786 units traded, valued at $56,990,702 of all trades.
The JSE Market Index moved up 262.45 points to end at 160,132.78, the all Jamaica Composite Index rose 293.50 points to close at 177,918.76 and the JSE combined index gained 153.96 points, to end at 171,195.65.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 13 stocks with bids higher than their last selling prices and one with a lower offer.At the end of market activities, Barita Investments regained 15 cents and ended with 253,650 units traded, to close at $2.70, Berger Paints fell 1 cent and ended with 71,099 units traded, to close at $4.55, Cable & Wireless traded 242,363 shares to close at $1.30, Caribbean Cement traded 40,674 shares to close at $26. Carreras lost $1, in exchanging 519 shares to end at $65. The price of 1834 Investments rose 1 cent, in trading 118,820 shares, to end at $1.36, Grace Kennedy rose $1.33 and ended at a new 52 weeks’ high of $43 with 309,186 shares changing hands, Jamaica Broilers traded 14,851 shares to end at $15, Jamaica Producers gained 59 cents to close at $8.19 with 29,843 units trading. Jamaica Stock Exchange lost $1.50 with 12,310 units changing hands at the closed, at $22, JMMB Group traded 510,704 units and fell 5 cents to end at $9.85, Mayberry Investments ended with 298,808 shares trading to close at $3.60 for a fall of 40 cents, National Commercial Bank had 59,409 units changing hands, to close at $42.02 after gaining 2 cents.
138 Student Living ordinary share traded at $4.60 while 10,450 shares changed hands with a rise of 1 cent, Portland JSX traded 12,050 units at $12, Radio Jamaica lost 9 cents to close at $1.56 after 320,389 shares changed hands, Sagicor Group lost 25 cents with 23,472 shares changing hands at $21. Scotia Group traded 278,313 shares to end at $30.02 after rising by 3 cents. Seprod jumped $1.85 while trading 11,253 shares to close at $19, Sterling Investments ended trading 395,000 units to close at $13 after rising by 49 cents, Supreme Ventures gained 10 cents to $4.90 with 72,500 shares changing hands and JMMB Group 7.50% preference share traded 2,842,800 units at $1.10.
Flat results, increased profit at tTech
tTech closed at $4.50 on Thursday.
Profit after tax, is up to $16 million from $12.4 million for the six months and $9.2 million versus $7.6 million in 2015, but for tax expense saved in 2016, profit for the year to date would be flat. Profit for 2015 was subject to $1.4 million in taxes and for the six months, $3 million. A sharp rise in operating expenses due to a 50 percent rise in staffing, pushed the spend by 54 percent to $50 million for the quarter and 36.4 percent to $91 million for the half year.
Earnings per share ended at 9 cents for the quarter and 15 cents for the half year and should end up around the 35 to 40 cents range for the full year based on the results to date. The strong revenue gain is a signal for growth going forward for the company.
Management stated that “the increase in revenue was due to growth in all areas of our services including the Consulting Division. Increase in expenses was driven primarily by increases in our workforce to increase capacity to meet the growth in demand. At June 30, 2016 the company had 31 full-time employees compared to 21 at the same date in 2015.”
From Left: Mr. Hugh Allen, Resolution Manager and Executive Director; Mrs. Natalya Petrekin, Service Desk
opportunities for automation will be explored to facilitate increased efficiencies and improved service delivery.”
The company ended with cash and investments amounting to $115 million at June, up from $67 million at the end of December last year with net current assets ending at $130 million with payables at $34 million, while shareholders’ equity is at $146 million.
The stock traded as high as $5 on the JSE junior market today but fell back before the close to $4.50 for a PE of just over 11 times projected 2016 earnings. For investors will the strong growth continue and deliver increasing profit for them to buy and hold at these prices for long term gains.
Trading jumps sharply for juniors – Thursday
The two big Lasco companies traded nearly 8.7M shares on the junior market on Thursday.
At the end of trading 4 stocks closed with bids higher than their last selling prices and none ended with a lower offer. The junior market is showing that the lowest prices for stocks being offered, are moving away from the last traded prices for a number of the companies, with a few having no stocks being offered currently.
At the close, AMG Packaging traded 1,674 units at $12.50, Blue Power had 2,400 shares changing hands to close at $16.50, Caribbean Cream gained 70 cents with 22,610 shares changing hands, to close at a new all-time high of $8, Caribbean Flavours traded 195,663 units to close with a gain of 70 cents at $7. Caribbean Producers gained 20 cents, in trading 14,000 units at $3.50, Derrimon Trading lost 1 cent in trading 14,000 units, to end at $3.05, Dolphin Cove rose $1.50 and ended at $15.50 with 1,493 shares trading, General Accident Insurance had 69,656 shares changing hands to close 1 cent lower, at $2.09. Iron Rock Insurance had 720 shares changing hands with a gain of 2 cents, to close at $3.30, 
Jamaican Teas traded 3,637 units to end at $3.50. Knutsford Express closed with 2,872 units changing hands at $19, Lasco Distributors ended with 3,964,178 shares changing hands at $7, Lasco Financial traded 98,000 units and lost 20 cents to close at $3.25, Lasco Manufacturing closed at $5 with 4,747,095 shares trading, but gained 5 cents. Medical Disposables traded 206,820 shares and fell 5 cents, to close at $3.50, Sweet River ended with 25,000 units changing hands at $3.86, after rising 1 cent, tTech fell 25 cents and ended with 466,472 units changing hands at $4.50, after it traded at $5 earlier in the day. tTech’s board meets today, to consider a dividend payment at the same time, the company released results for the June quarter, after trading, showing a 42 percent growth in revenues for the June quarter compared to 30 percent for the six months, with profit after tax, up to $16 million from $12.4 million for the six months. Derrimon Trading preference share, ended with 445,496 units changing hands, to close at $2.10.
Volume up sharply on JSE – Thursday
The Jamaica Stock Exchange lost ground in early Thursday morning trading with a number of stocks trading high volumes. Leading with volume are Lasco 
Manufacturing that traded 4,046,000 units at $5, Medical Disposables with 157,858 units at $3.50. Barita Investments traded 213,650 down to $2.50, Grace Kennedy had 303,578 shares trading at $41.68, Sterling Investments traded 395,000 units at $13 and JMMB Group 7.50% preference share traded 2,842,800 units at $1.10.
The market indices all fell in the main but inched up for junior markets, with 14 stocks gaining versus 11 that fell.
The all Jamaica Composite Index fell 690.47 points to 176,934.79 the Jamaica Stock Exchange Market Index dropped 617.40 points to 159,252.93 the Jamaica Stock Exchange combined index lost 538.03 points to close at 170,503.66 points and the junior market index rose 3.37 points to 2,220.72.
At 11 am 23 securities traded, resulting in a volume of 8,615,067 shares changing hands. The average number of shares traded amounts to 246,145 units compared to 29,387 units on Wednesday.
JSE stocks close down – Wednesday
Barita fell 23% to $2.55 on Wednesday.
The market closed with a volume of 6,620,191 units valued at $189,128,218 changing hands, in all market segments. The junior market accounted for 496,276 units traded, valued at $3,940,720 of all trades.
The JSE Market Index fell 857.54 points to end at 159,870.33, the all Jamaica Composite Index dropped 959.02 points to close at 177,625.26 and the JSE combined index declined by 577.97 points, to end at 171,041.69.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 10 stocks with bids higher than their last selling prices and none with a lower offer.At the end of market activities, Barita Investments dropped 75 cents and ended with 260,923 units traded, to close at $2.55, but the bid is at $2.70 to buy 50,000 units at the close. Cable & Wireless rose 4 cents in trading just 58,240 shares to close at $1.30, Caribbean Cement fell 50 cents in trading 28,605 shares to close at $26. Carreras lost 45 cents, in exchanging 11,755 shares to end at $66, Grace Kennedy closed at $41.67 with 104,170 shares changing hands, Jamaica Broilers traded 30,190 shares to end 1 cent higher at $15. Kingston Wharves lost 45 cents with 6,500 units changing hands and closed at $15.55, Mayberry Investments ended with 37,620 shares trading to close at $4 for a rise of 77 cents, National Commercial Bank had 2,001,602 units changing hands, to close at $42.
Pan Jamaican traded 4,440 shares to end at $25.50, Radio Jamaica gained 5 cents to close at $1.65 after 20,800 shares changed hands, Sagicor Group rose 15 cents with 5,521 shares changing hands at $20.75, Sagicor Real Estate Fund lost 28 cents in trading 325,920 shares to close at $10.22. Scotia Group traded 2,909,713 shares to end at $30.02 after falling by 88 cents, Scotia Investments declined by 50 cents with 62,232 units changing hands at $26, Seprod traded 14,954 shares to gain 5 cents and close at $17.15, Supreme Ventures fell 30 cents to $4.80 with 42,771 shares changing hands. Proven Investments ended trading only 111 units to close at 15.10 US cents, down from 19.96 US cents and JMMB Group 7.50% preference share traded 184,000 units at $1.10.
Mitchell packs in CFF chair for FSC
The question still arises though and it has to do with a matter where an investor has complained to the FSC about certain matters pertaining to CFF and its shareholdings and treatment pertaining to control of CFF by Derrimon Trading. How will the FSC handle this matter, to ensure that no one accuses it of an unfair ruling.
Back in 2008, I was approached to sit on the board of Financial Services Commission, it did not take me long to turn it down as I saw the potential for conflict. I was recently talking to two senior brokers and the issue of my recent appointment to the FSC came up. I advised them that I was not a member due to conflicts. But they indicated that they were of that view too and wondered why I was listed as a member, they never indicated if they accepted what I said but we never went much further with the issue. Suffice to say, that is indicated once I understood that I was to be appointed that is could not accept same, due to possible conflicts.
I was concerned about the late Emile George being chairman of a number of listed company boards and also chairman of the FSC. I wrote about it hoping that good sense would prevail but that was never the case.
I am aware that the issue of conflict or perceived conflict has been raised about the present FSC chair. I now note that Howard Mitchell has advised the Jamaica Stock Exchange that he resigned from the Board of Directors and as Chairman effective August 11, 2016 of Caribbean Flavours and Fragrances Limited (CFF) because of his appointment as Chairman of the Financial Services Commission and the possibility for there to be perceived a conflict of interest.
As a country we need to move to a place where such appointments should be seriously consider by both those who proposed and those of us who are asked to serve and so ensure a higher standard of governance.