US$ build up $11m to US$132m – Wednesday
Jamaica’s foreign exchange dealers bought US$11 million more than the amount sold on Wednesday, putting the surplus bought since the end of June to US$132 million, with the rate of the Jamaican dollar rising marginally against the United States currency.
In Wednesday’s trading, dealers bought US$35,858,443 and sold US$24,832,468 compared to US$32,763,938 purchased and US$35,875,715 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$32,777,120 compared to US$29,193,791 on Tuesday. The buying rate for the US dollar rose 16 cents to $125.98. A total of US$23,290,324 was sold versus US$34,459,336 on Tuesday, with the selling rate falling 5 cents to end at $126.66. The Canadian dollar buying rate climbed 18 cents to end at $93.65, with dealers buying C$1,287,555 and selling C$914,662 at an average rate that increased by 96 cents to $96.21. The average rate for buying the British Pound fell 43 cents to $161.18 for the purchase of £1,537,436, while £513,286 was sold to end at a rate of $162.98, for a gain of $1.80.
No rates were posted by Bank Of Jamaica for the Euro, on Wednesday. The US dollar equivalent of other currencies traded amounts to US$145,042 being bought, while US$186,931 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include, a fall of 85 cents in the highest buying rate of the US dollar to $127.15, a jump of $19.75 in the lowest selling rate to $123, a decline of $1 in the lowest selling rate of Canadian Dollar to close at $88, while trading in the British Pound resulted in a dip of $1.75 in the lowest selling rate to $158.
2 junior stocks up 25% – Wednesday
The junior market rose on Wednesday with 16 securities changing hands of which 7 stocks rose while 6 declined, the market index rose 21.20 points to close at 2,217.35, with only 496,276 units traded, valued at $3,940,720. The highlight of trading is a 25 percent jump in the price of Cargo Handlers to a new high and a climb of 27 percent in the price tTech.
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, Access Financial lost $1.25 in trading 113,000 units at $16.25, Cargo Handlers jumped $14 and ended with 500 shares changing hands at an all-time high of $70, Caribbean Cream gained 5 cents with 4,500 shares changing hands at $7.30, Caribbean Flavours traded just 10,200 units to close with a gain of 20 cents at $6.30. Caribbean Producers lost 18 cents in trading 6,000 units at $3.30, Consolidated Bakeries traded 19,700 units to end at $2.55, there were just one offer posted at the close, to sell 5,000 units at $2.60. Dolphin Cove ended at $14 with 761 shares trading, Honey Bun had 105,259 shares changing hands at 5 cents lower to close at $5.45, Jamaican Teas traded 3,338 units and rose by 35 cents, to end at $3.50, Jetcon Corporation rose 4 cents, to end with 12,000 shares changing hands at $2.69. Key Insurance traded 9,713 units to close at $2.50 after shedding 10 cents, Knutsford Express closed with 6,865 units changing hands to end at $19, Lasco Distributors ended with 59,700 shares changing hands with a rise of 20 cents at $7. Lasco Manufacturing closed at $4.95 with 59,386 shares trading, but fell by 5 cents and tTech ended with 83,354 units changing hands at $4.75 after rising $1.
TTSE sheds more value – Wednesday
Trading on the Trinidad and Tobago stock market closed on Wednesday with more stocks declining than rising. The market closed with just 8 securities changing hands resulting in 219,949 shares valued at $946,629 being traded. At the close, 2 stocks rose, 2 declined and 4 remained unchanged.
The Composite Index lost 1.09 points to close at 1,150.84, the All T&T Index slipped 0.16 points to close at 1,811.44 and the Cross Listed Index eased 0.28 at 65.26.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 7 stocks with bids higher than their last selling prices and 6 with offers that were lower.
Gains| Scotiabank closed with 1,066 shares changing hands and gained 1 cent to end at $55.51 and West Indian Tobacco traded 12,137 shares to close $126.31 after rising 1 cent.
Losses| Clico Investments lost 10 cents to end at $22.55 with 4,100 units changing hands and National Commercial Bank contributed 5,183 shares and fell 5 cents to close at $2.75.
Firm Trades| First Citizens traded 35,389 units for a value of $1,237,321 to end at $35, National Enterprises with 5,000 shares changing hands, closed at $10.50, Sagicor Financial Corporation closed with 2,643 shares changing hands and gained at $6.99 and Scotia Investments closed with 2,650 shares changing hands at $1.70.
Cargo Handlers’ share goodies
The shares now issued amounts to 37,465,830 units but the stock trades infrequently as very few are in the hands of the general public. The stock split is expected to enhance liquidity of the stock.
The stock last traded at $56 on the junior market of the Jamaica Stock Exchange having shot up from $46 after the announcement was made that the directors were meeting to recommend a split. There are currently ids to buy the stock between $60 and $64.01 for 10,877 units, the last offer was 919 units on at $66, at the close on Monday.
The directors declared an interim dividend of $1.35 per share to be paid on September 13, with the ex-dividend date set for August 17.
The company enjoyed a buoyant June quarter, with revenues rising 55 percent from $56 million to $87 million and for the nine months by 36 percent to $245 million from $182 million. Profit before tax rose to $53 million from $29 million in 2015 and after taxation, profit ended at $46 million from $29 million. For the nine months, profit rose from $108 million to $143 million before tax, with the 2016 results ending at $125 million after tax, there were no taxes in 2015.
Management attributes the strong growth in third quarter revenues and profit, to increased activity in the Montego Bay region and increased port activity, flowing from the conversion of the Jamaica Public Service power plant to LNG gas.
Earnings per share for the quarter ended at $1.23 and $3.32 for the nine months. Full year’s earnings should be just under $5 per share but scarcity of the stock is driving the valuation up.
US$ build drops to US$121m on Tuesday
Jamaica’s foreign exchange dealers bought US$3 million less than the amount sold on Tuesday, putting the surplus bought since the end of June to US$121 million, with the rate of the Jamaican dollar slipping marginally against the United States currency.
In Tuesday’s trading, dealers bought US$32,763,938 while they sold US$35,875,715 compared to US$37,926,234 purchased and US$29,940,137 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$29,193,791 compared to US$34,783,369 on Monday. The buying rate for the US dollar rose 1 cent to $125.82. A total of US$34,459,336 was sold versus US$28,229,128 on Monday, with the selling rate rising 3 cents to end at $126.71. The Canadian dollar buying rate climbed $1.25 to end at $93.47, with dealers buying C$1,128,502 and selling C$540,659 at an average rate that dropped 79 cents to $95.25. The average rate for buying the British Pound rose 65 cents to $161.61 for the purchase of £1,915,825, while £538,882 was sold to end at $164.78, for a gain of 41 cents.
At the end of trading, the selling rate for the Euro, rose by 74 cents to close at J$141.44 from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$132.88 for a fall of $2.31. The US dollar equivalent of other currencies traded amounts to US$255,751 being bought, while US$309,138 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include, a rise of $1.05 in the highest buying rate of the US dollar to $128, a decline of 76 cents in the highest selling rate of the Canadian Dollar to close at $100.12, a fall of $2 in the lowest selling rate to $89, while trading in the British Pound resulted in a dip of $1.61 in the highest selling rate to $171.95 and a rise of $2.75 in the lowest selling rate to end at $159.75.