Business confidence set to recover

Business confidence levels dipped in May this year, as measured by the Bank of Jamaica Perception of Present and Future Business Conditions survey and by the stock market movements. The local stock market has since rebounded and is close to its historic peak at Mid July, an indication that business confidence levels are set to rebound when measured in the summer months.
BCon 7-16No new data is out from Jamaica’s central bank, of the latest levels. With the stock market having been rebounding, government fiscal program ahead of target and the Jamaica dollar settling down recently, the prospect of a rebound in survey numbers seems to be on the cards. Historical data indicate that the stock market is one of the best measure of business confidence levels, with the chart showing how closely the market index tracks the movement of future business confidence.
According to the survey findings, the perceptions of both present and future business conditions moderated compared to the record highs of the previous two surveys (see chart). Notably, the index of present business conditions fell 6 percent to 213.1 from the 226.1 attained in the previous survey. The index of future business conditions declined more slowly than the current measure by 2.6 percent from 171.5 in the previous survey to 167.1.
Both indices reflected declines in the proportion of respondents of the view that conditions were or will be “better.” In addition there were increases in the number of respondents indicating that conditions were or will be “worse.” There was, however, an increase in the proportion of respondents that indicated that conditions were or would be ‘about the same’ for both indices.

JSE fails to build on Thursday’s gains

JSE-stks1 The Jamaica Stock Exchange indices declined moderately at the close on Friday, down sharply from the big gains on Thursday, as more stocks declined than gained. The JSE Market Index slipped 141.33 points to end at 159,770.09, the all Jamaica Composite Index fell 158.06 points to close at 177,513.15 and the JSE combined index fell 144.38 points, to end at 170,332.98.
The market closed another day of moderate trading, with 2,802,737 units valued at $23,002,742 changing hands, in all market segments. The junior market accounted for 1,509,505 units traded valued at $8,532,147, of all trades. A total of 31 securities traded, with the prices of 9 stocks rising, 15 declining, including 8 stocks rising and 6 declining from the junior market, as the main market continues to consolidate while waiting for fresh and important news to move out of the narrow trading range.
ICI JSE sum 15-07-16 IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 9 stocks with bids higher than their last selling prices and 3 with lower offers.
At the end of market activities, Berger Paints traded 8,793 shares at $4.50, Cable & Wireless traded 320,300 shares but fell 2 cents to close at $1.11, Caribbean Cement traded 3,140 shares to close at $22.50, Carreras fell 50 cents in trading 2,000 shares at $64.50 at the close. 1834 Investments traded 496,750 shares after falling 14 cents to close at $1, Grace Kennedy dropped $2.01 to close at $120.49 with 16,697 units changing hands. Jamaica Broilers ended with 66,000 units changing hands with a rise of 1 cent to close at $15, JMMB Group traded 8,579 units to end at $10. Mayberry Investments lost 20 cents in trading only 100 units at $3.30, National Commercial Bank ended with 34,174 units changing hands but lost 20 cents to close at $41.80,IN-JSE fn Qts 15-07-16 Pan Jamaican Investment Trust traded 32,730 shares to close at $23 after falling $2, Portland JSX ended with 15,700 shares changing hands and declined 10 cents to $12.90. Sagicor Group ended with 28,605 shares changing hands, but lost 40 cents to $23.10. Scotia Group lost 73 cents with 177,931 shares trading, to close at $30.07, Scotia Investments traded 12,900 shares to gain $1 and close at $26, Supreme Ventures traded 4,007 shares and gained 30 cents to end at $4.60 and Proven Investments ordinary shares traded 46,550 units at 17 US cents up from 16.95 US cents.

US$8M more stockpiled Friday

1000front Net inflows into Jamaican FX market ended at just over US$65 million in the last three weeks as inflows continue to exceed outflows. So far, the build-up has not had a great deal of impact on rates, with the US dollar closing at $126.39, compared to $126.38 at the end of June. In Friday’s trading, dealers bought US$33,384,248 while they sold only US$24,963,354, compared to US$31,271,588 purchased and US$26,915,897 sold on Thursday of all currencies.
In US dollar trading, dealers bought US$30,676,215 compared to US$28,969,620 on Thursday as the buying rate for the US dollar fell 1 cent to $125.70. A total of US$23,514,139 was sold versus US$25,427,424 on Thursday with the selling rate rising by 3 cents to end at $126.39. FX trde sum 15-07-16The Canadian dollar buying rate rose by 64 cents to end at $94.72, with dealers buying C$1,087,177 and selling C$372,283, at an average rate that rose $1.69 to $97.92. The average rate for buying the British Pound lost 4 cents to $163.76 for the purchase of £1,353,499, while £417,196 was sold, with the rate rising 75 cents to $168.51.
At the end of trading, the selling rate for Euro, rose 90 cents to close at J$140.57 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.69, for a rise of $2.44 from Thursday’s rate. FX HL 15-07-16 The US dollar equivalent of other currencies traded amounts to US$125,437 being bought, while US$604,594 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 jump of $4.50 in the lowest selling rate of the Canadian Dollar to $92.50 while the highest buying rate of the British Pound climbed $4.35 to $171.65, the lowest buying rate rose 83 cents to end at $134.46, the highest selling rate dipped $1.23 to end at $172.65 and the lowest selling rate rose $2.30 to end at $160.

Juniors enjoy big jump – Thursday

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Caribbean Cream climbed 55 cents in trading on Thursday to end at a new high of $6.05.

Caribbean Cream climbed 55 cents in trading on Thursday to end at a new high of $6.05.

The junior market index closed strongly higher by 74.94 points or 3.6 percent, to end at 2,158.63. The sharp rise in the index was aided by Lasco Distributors price climbing 93 cents to $6.55 while trading 16,383 shares, Dolphin Cove gained 50 cents to close at $12.50 while trading 500 shares and Caribbean Cream traded 7,000 shares with a gain of 55 cents to close at a new all-time high of $6.05.
Caribbean Cream’s gain was in response to an 81 percent jump in profit to $71 million, for the May quarter, while that of Lasco Distributors, was a rebound from the sharp fall last week, of the stock reacting negatively to news to Pfizer’s suggestion, that the compensation for damages was put at US$518,000 instead of US$300 million claimed.
JM - Sum 14-7-16rActivity increased on the junior market with more securities being active than on Wednesday. At the close of the market 422,443 units traded valued at $1,648,134, ending with 17 securities trading of which 8 advanced and 6 declined. At the end of trading, 4 stocks closed with bids higher than their last selling prices and 2 ended with lower offers.
At the close, Blue Power gained 18 cents and ended at a 52 weeks’ high of $16.18, with 500 units changing hands, Caribbean Flavours traded 10,000 units to end at $6.75 with a loss of 25 cents, Caribbean Producers traded 9,120 units at $3.01, Consolidated Bakeries gained 3 cents in trading 22,350 shares to close at $2.03. Derrimon Trading gained 5 cents to end at $3.05 with 32,000 shares changing hands, General Accident traded 124,374 units at $2.05, Honey Bun fell 30 cents while trading 53,950 shares to close at $5.30, Jamaican Teas lost 4 cents in trading 6,761 shares and closed at $3.80.JM trdng sht 14-7-16 Jetcon Corporation had 8,324 units changing hands with a loss of 5 cents at $2.65, Lasco Financial ended with 44,000 shares changing hands, but fell 5 cents to $3.35, Lasco Manufacturing gained 1 cent and closed at $5.01 with 68,023 shares trading. Medical Disposables traded 2,800 shares to close with a gain of 5 cents at $3.10, Paramount Trading fell by 50 cents to end with 10,158 shares changing hands at $10.50 and Eppley 9.5% preference share, ended with 6,200 units changing hands at $6.11.

JSE majors surged – Thursday

Grace Kennedy jumped $2.50 to close at $122.50 on Thursday .

Grace Kennedy jumped $2.50 to close at $122.50 on Thursday .

The Jamaica Stock Exchange surged sharply at the close on Thursday resulting in the JSE Market Index surging 2,554.24 points to end at 159,911.42. The all Jamaica Composite Index jumped 2,856.52 points to close at 174,814.69 and the JSE combined index shot up by 3,138.18 points, to end at 170,477.36.
The market closed another day of moderate trading, with 5,066,464 units valued at $183,411,832 changing hands, in all market segments. The junior market accounted for 422,443 units traded valued at $1,648,134, of all trades. A total of 39 securities traded, with the prices of 19 stocks rising, 10 declining, including 8 stocks rising and 6 declining from the junior market, as the main market continues to consolidate while waiting for fresh and important news to move out of the narrow trading range.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 9 stocks with bids higher than their last selling prices and 3 with lower offers, suggesting a day of more subdued gainers on Friday versus the numbers on Thursday.
At the end of market activities, ICI JSE sum 14-07-16Berger Paints traded 504,496 shares at $4.50, Cable & Wireless traded 46,700 shares to close at $1.13, Caribbean Cement traded 1,000 shares and rose 50 cents to close at $22.50, Carreras fell 50 cents in trading 332,166 shares at $65 at the close. Ciboney traded 43,899 shares after falling 1 cent to close at 20 cents, Grace Kennedy jumped $2.50 to close at $122.50 with 767,291 units changing hands. Jamaica Broilers ended with 284,857 units changing hands with a rise of 15 cents to close at $14.99, Jamaica Producers traded 381,670 units and gained 90 cents to end at $7.50, Jamaica Stock Exchange traded 6,616 shares at $21.35 with a gain of 2 cents, Kingston Wharves traded 8,000 shares and rose by 99 cents to close at $15.99. Mayberry Investments traded 24,478 units at $3.50, IN-JSE fn Qts 14-07-16National Commercial Bank ended with 117,095 units changing hands and rose $1 to $42. Pan Jamaican Investment Trust traded 1,211,217 shares to close at $25 after rising $1.05, Portland JSX ended with 172,701 shares changing hands and gained 25 cent at $13. Sagicor Group ended with 284,121 shares changing hands, to end with a rise of 45 cents at $23.50. Scotia Group climbed 78 cents with 407,100 shares trading, to close at $30.80, Seprod traded 11,330 shares and gained 50 cents to end at $17,Proven Investments ordinary shares traded 4,100 units at 16.95 US cents and Jamaica Money Market 7.5% preference share traded 23,000 units at $2.09.

US$4M more stockpiled

FX_USPound2 Net inflows into Jamaican FX market continues to build, with another US$4 million added to the stock pile of dealers, bringing the net intake by authorized dealers in just over the last three weeks to US$57 million. With July being one of the high inflow months, net inflow is likely to build as the month rolls on and should have a moderating effect on the rate of exchange of the local dollar.
In Thursday’s trading, dealers bought US$31,271,588 while they sold only US$26,915,897, compared to US$34,994,312 purchased and US$24,571,087 sold on Wednesday of all currencies.

In US dollar trading, dealers bought US$28,969,620 compared to US$32,067,439 on Wednesday as the buying rate for the US dollar climbed 2 cents to $125.71. A total of US$25,427,424 was sold versus US$22,288,467 on Wednesday with the selling rate rising by 2 cents to end at $126.36. FX trde sum 14-07-16The Canadian dollar buying rate rose by 37 cents to end at $94.08, with dealers buying C$719,515 and selling C$374,474, at an average rate that declined $2.47 to $96.23. The average rate for buying the British Pound climbed $1.52 to $163.80 for the purchase of £862,147, while £433,881 was sold, with the rate rising $1.40 to $167.76.
At the end of trading, the selling rate for Euro, rose 89 cents to close at J$139.67 from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.25, for a rise of $2.86 from Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$640,080 being bought, while US$627,257 was sold.
FX HL 14-07-16Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Thursday, include, a fall of $1.55 in the highest buying rate of the Canadian Dollar to $97.50 while the lowest selling rate fell by $3 to $88. The highest buying rate of the British Pound dropped $4.22 to $167.30, the lowest buying rate jumped $1.41 to end at $133.63, the highest selling rate climbed $2.18 to end at $173.88.

This is really serious

US$ bungle Net inflows into Jamaican FX market continues to build, with another US$10 million haul, added to the stock pile of dealers, bringing the net intake by authorized dealers in just over the last two weeks just US$53 million. With less than half way through July, the net inflows is likely to build even more as inflows improve during the high summer months.
In Wednesday’s trading, dealers bought US$34,994,312 while they sold only US$24,571,087, compared to US$34,285,976 purchased and US$33,801,066 sold on Tuesday of all currencies. As inflows continue to out pace outflows, the local dollar seems heading for some level of revaluation versus the US dollar, the help reduce the stock pile of funds.
In US dollar trading, dealers bought US$32,067,439 compared to US$30,509,159 on Tuesday as the buying rate for the US dollar climbed 3 cents to $125.69. A total of US$22,288,467 was sold FX sum 13-07-16versus US$30,651,019 on Tuesday with the selling rate easing by 4 cents to end at $126.34. The Canadian dollar buying rate rose by 13 cents to end at $93.71, with dealers buying C$761,670 and selling C$1,442,461, at an average rate that climbed 96 cents to $98.70. The average rate for buying the British Pound dropped $1.14 to $162.28 for the purchase of £1,744,609, while £628,819 was sold, with the rate rising $1.19 to $166.36.
At the end of trading, the selling rate for Euro, dropped $1.69 to close at J$138.79 from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$134.39, for a fall of $2.89 from Tuesday’s rate.FX HL 13-07-16 The US dollar equivalent of other currencies traded amounts to US$106,485 being bought, while US$327,708 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 rise of $2.45 in the highest buying rate of the Canadian Dollar to $99.05 while the lowest selling rate fell by $1 to $91. The highest selling rate of the British Pound jumped $1.57 to $171.70 and the lowest selling rate fell 93 cents to end at $157.

Jamaican$ slips vs all on Tuesday

FX_USPound2 The Jamaican FX market saw inflows being evenly matched with outflows the net intake by authorized dealers in the last two weeks at US$43 million as dealers bought US$34,285,976 while they sold US$33,801,066, compared to US$44,428,362 purchased and US$32,128,979 sold on Monday of all currencies.
In US dollar trading, dealers bought US$30,509,159 compared to US$40,750,679 on Monday as the buying rate for the US dollar climbed 7 cents to $125.66. A total of US$30,651,019 was sold versus US$28,803,311 on Monday with the selling rate rising by 13 cents to end at $126.38. FX trde sum 12-07-16The Canadian dollar buying rate rose by 81 cents to end at $93.58 with dealers buying C$1,001,065 and selling C$1,448,252, at an average rate that climbed 40 cents to $97.74. The average rate for buying the British Pound jumped $3.04 to $163.42 for the purchase of £2,265,997, while £1,511,108 was sold, with the rate rising $1.92 to $165.17.
At the end of trading, the selling rate for Euro, rose 11 cents to close at J$140.48 from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.28, for a gain of $2.15 from Monday’s rate. The US dollar equivalent of other currencies traded amounts to US$84,518 being bought, while US$54,998 was sold.
FX HL 12-07-16Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include, a drop of 76 cents in the highest selling rate of the Canadian Dollar to $100.44. The highest buying rate of the British Pound jumped $7.55 to $172, the highest selling rate dropped $1.16 to close at $170.13 while the lowest selling rate jumped $6.93 to end at $157.93.

JSE majors rise on modest volume – Monday

Kingston Wharves traded at a new high of $16.50 on Monday.

Kingston Wharves traded at a new high of $16.50 on Monday.

Trading in Jamaica Stock Exchange resulted in new 52 weeks’ highs being reached, with Kingston Wharves trading 33,259 units at a closing high of $16.35 with a rise of 35 cents, after trading as high as $16.50 in the morning session. Jamaica Producers closed at $7.95 with a rise of 4 cents after hitting an intraday high of $8.20 with 5,721 shares traded. The stock price now reflects the bonus issue of five new shares effective as of Friday last.
The market closed another day of moderate trading, with just 7,251,095 units valued at $26,482,201 changing hands, in all market segments. The junior market accounted for 2,230,238 valued at $6,146,551, of all trades while Jamaica Money Market Brokers 7.50% preference share accounted for 2,887,125 at $2.10.
A total of 49 securities traded, 12 more than on Friday, with the prices of 21 stocks rising, 17 declining, including 8 stocks rising and 6 declining from the junior market as the market continues to consolidate while waiting for fresh and important news to move the market out of the narrow range its been traded.
The JSE Market Index climbed 275.55 points to end at 159,372.46. The all Jamaica Composite Index rose 308.17 points to close at 177,068.47 and the JSE combined index rose 533.38 points, to end at 168,685.93.
ICI JSE sum 11-07-16 IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 8 stocks with bids higher than their last selling prices and 7 with lower offers.
At the end of market activities, Barita Investments traded 201,710 units but lost 1 cents to close at $2.99, Cable & Wireless rose by 3 cents while trading 1,161,868 shares to close at $1.13, Caribbean Cement traded 5,912 shares and fell 80 cents to close at $22.20, Carreras gained 45 cents in trading 3,575 shares to close at $66.45. 1834 Investments traded 6,564 shares after rising 5 cents to close at $1.19, Grace Kennedy fell 50 cents to close at $119.50 with 8,396 units changing hands. Jamaica Broilers ended with 444,855 units changing hands with a loss of 10 cents to close at $14.90, Jamaica Stock Exchange traded 28,748 shares at $21.35 with a gain of 2 cents, JMMB Group traded 31,000 units but lost 28 cents to end at $9.72, National Commercial Bank ended with 10,166 units changing hands at $42. Pan Jamaican Investment Trust traded 4,365 shares to close at $24.30 after gaining 30 cents, IN-JSE fn Qts 11-07-16Portland JSX fell 51 cents and ended with 70,533 shares changing hands at a new closing high of $13.49. Pulse Investments traded 30,877 shares with a loss of 4 cents at $2.50, Radio Jamaica traded at $1.59 after 26,338 shares changed hands, with a 1 cent loss, Sagicor Group ended with 32,339 shares changing hands, the price jumped 60 cents to end at $23.65. Sagicor Real Estate Fund traded 17,845 shares to close at $10.12, Scotia Group gained 19 cents with 624 shares trading, to close at $30.21, Scotia Investments climbed $1 and ended with 5.700 shares trading, to close at $26, while Supreme Ventures accounted for only 2,600 units but lost 20 cents to end at $4.30.

Strengthening Jamaican$ underway

100bill The Jamaican FX market enjoyed another day of large surplus of inflows over outflows with US$12 dollar bought by dealers over the amount they sold as the local currency recorded revaluation against all three majors. The surplus bring the net intake by authorized dealers to US$43 million and seems set to result in more gains for the Jamaican dollar during the months of July and August when inflows are at high levels compared to the period from April to June.
Dealers bought US$44,428,362 while they sold US$32,128,979, compared to US$39,149,128 purchased and US$33,935,011 sold on Friday of all currencies.
In US dollar trading, dealers bought US$40,750,679 compared to US$36,478,342 on Friday as the buying rate for the US dollar fell 19 cents to $125.59. A total of US$28,803,311 was sold versus US$32,685,350 on Friday with the selling rate declining by 12 cents to end at $126.25. FX sum 11-07-16The Canadian dollar buying rate fell 97 cents to end at $92.77 with dealers buying C$1,075,569 and selling C$1,762,340, at an average rate that declined 1 cent to $97.34. The average rate for buying the British Pound fell $1.27 to $160.38 for the purchase of £1,864,043, while just £772,048 was sold, with the rate falling 2 cents to $163.25.
At the end of trading, the selling rate for Euro, climbed $1.29 to close at J$140.37 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$135.13, for a fall of $2.32 from Friday’s rate. The US dollar equivalent of other
FX HL 11-07-16currencies
traded amounts to US$502,680 being bought, while US$968,571 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Monday, include, a sharp drop of $2 in the lowest selling rate of the Canadian Dollar to $91.50. The highest buying rate of the British Pound dropped 70 cents to $164.45, the highest selling rate rose 65 cents to close at $171.29 while the lowest selling rate dropped $5 to end at $151.