Juniors close higher on Wednesday
At the end of trading, Cargo Handlers traded 1,855 shares and gained $1 to close at a 52 weeks’ high of $46, Caribbean Cream rose 1 cent to close with 183,568 shares changing hands at $4.47,Caribbean Producers traded 6,500 units at $4.55, Consolidated Bakeries traded 16,000 units to close with a loss of 10 cents at $1.50. Honey Bun closed with a gain of 45 cents at $21.95, while 3,500 shares traded, Iron Rock traded 3,000 shares at $3.75, Jetcon Corporation traded 900 shares and gained 2 cents to close at $2.83, KLE Group lost 7 cents in closing with 121,998 shares trading at $1.61. Lasco Distributors gained 30 cents and closed with 1,277,830 units trading with the price closing at $7.50. Lasco Financial closed at $3.30 with 391,866 shares changing hands, Lasco Manufacturing lost 40 cents and closed at $4.20 with 123,963 shares changing hands and tTech fell 20 cents and ended with 8,203 units changing hands at $4.30.
1 new high 2 lows on TTSE – Wednesday
The Composite Index gained 0.38 points to close at 1,109.46, the All T&T Index advanced by 0.76 points to close at 1,762.12 and the Cross Listed Index remained at 60.73.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 7 with offers that were lower. The indicator has been showing improving market sentiments recently but it may not mean the end of declining stocks.
Gains| Agostini’s gained 4 cents in trading 4,000 shares at $17.05, Trinidad and Tobago NGL rose 49 cents in trading 7,200 units at $20.99 and West Indian Tobacco traded 152 shares to close at 52 weeks’ high of $126.40 after rising 3 cents.
Losses| Scotiabank had 1,000 shares changing hands, with a loss of 6 cents to end at a 52 weeks’ low, of $53.80, Trinidad Cement fell 1 cent to close at $3.50, with 250 shares changing hands and Unilever Caribbean dipped 11 cents with 9,526 shares trading, valued at $617,571, to close at a 52 weeks’ low of $64.83.
Firm Trades| Clico Investment Fund traded 8,000 shares to close at $22.65, First Citizens Bank close at $30 as 21,355 units valued at $640,650 changed hands, National Commercial Bank traded 1,201,579 shares for a value of $2,888,790 at $2.40 and National Enterprises closed with 300 units trading at $11.20.
JSE makes early trading gains
In Jamaica Stock Exchange trading in the early morning session on Wednesday all main market indices rose robustly as investors started trading across a wide number of securities but with muted volumes but with two main market stocks trading at new 52 weeks’ high.
Trading resulted in activity in 28 securities, accounting for a mere 603,583 units as 17 stocks gained and 5 declined. The average number of shares traded is just 21,557 units compared to an average of 40,087 units on Tuesday.
Grace Kennedy traded just 522 shares at a 52 weeks’ high of $91.66 and so did Jamaica Producers Group that traded 76,038 shares up to a new 52 weeks’ high of $40. Palace Amusement could also trade at a new high with the bid at $140 to buy 500 shares. Elsewhere, Supreme Ventures traded 104,250 shares at $5, Caribbean Cream traded 80,555 shares at $4.47 and Lasco manufacturing traded 72,600 shares at $4.35.
After 75 minutes of trading in the early morning session, on Wednesday, the all Jamaica Composite Index rose 775.66 points to 169,667.10, the JSE Market Index rose 693.56 points to 152,754.51, the JSE combined index gained 942.52 points, to 163,474.62 and the junior market index rose 29.17 points to 2,123.15.
BOJ’s intervention steadies J$
Bank of Jamaica intervened for the second consecutive day in the foreign exchange market on Tuesday allowing the local dollar remain steady against the United States dollar, as dealers bought over $8 million more than they sold.
The foreign exchange market closed on Tuesday, with dealers buying the equivalent of US$88,926,675 and selling US$80,478,200, in contrast to US$66,689,913 purchased and US$71,064,031 sold on Friday.
In US dollar trading, dealers bought US$84,018,742 compared to US$63,725,324 on Friday, as the buying rate for the US dollar fell 2 cents to $124.97. A total of US$77,992,668 was sold versus US$69,202,703 on Friday with the selling rate remaining unchanged at $125.42. The Canadian dollar buying rate rose 83 cents to end at $92.59 with dealers buying C$1,737,564 and selling C$1,127,018, at an average rate that climbed by 17 cents to $96.05. The rate for buying the British Pound rose 8 cents to $178.67 for the purchase of £2,408,311, while £1,085,269 was sold, with the rate falling 61 cents to $180.89. At the end of trading, the selling rate for Euro, rose 21 cents to close at J$140.64, from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.04, for a rise 65 cents on Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$177,430 being bought, while US$57,166 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Tuesday, include, a fall of $1.38 in the lowest selling rate of the US dollar to end at $101.74, an increase in the highest buying rate of $1 to $96.50 for the Canadian dollar , a rise of $1 in the highest selling rate to $99.50, a rise of $11.05 in the lowest selling rate to end at $90, a fall of 86 cents in the highest selling rate for the British Pound to $187.92.
Rising TTSE stocks beat decliners – Tuesday
The Composite Index gained 1.18 points to close at 1,109.08, the All T&T Index advanced by 2.35 points to close at 1,761.36 and the Cross Listed Index remained at 60.73.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 7 with offers that were lower. The indicator has been showing improving market sentiments recently but it may not mean the end of declining stocks.
Gains| Clico Investment Fund traded 3,125 shares to close 5 cent up at $22.65, Massy Holdings gained 2 cents in trading 1,292 shares at $48, Trinidad and Tobago NGL rose 40 cents in trading 14,195 units at $20.50 and Trinidad Cement gained 1 cents to close at $3.51 with 300 shares changing hands.
Losses| National Enterprises declined by 2 cents with 100 units trading at $11.20 to be the sole stock to fall in price.
Firm Trades| Ansa Merchant Bank traded 300 shares at $39.50, First Citizens Bank close at $30 as 1,746 units changed hands, Guardian Holdings had 9,035 shares changing hands to end at $13, Praetorian Property Mutual Fund traded 54,000 units at $2.70 and Sagicor Financial closed with 650 units changing hands at $7.17
Juniors suffer big drop – Tuesday
At the end of trading, Caribbean Cream close with 21,000 shares changing hands at $4.46, General Accident traded at $2.15 with 299,208 shares trading but gained 5 cents, Honey Bun closed with a loss of 50 cents at $21.50, while 5,444 shares traded, Jamaican Teas traded 3,600 units and lost 5 cents to close at $3.85. Jetcon Corporation traded 90,307 shares and gained 6 cents to close at $2.81, Key Insurance closed with a gain of 19 cents at $2.69 with 100 shares trading, Lasco Distributors fell 16 cents and closed with 265,100 units trading with the price closing at $7.20. Lasco Financial closed at $3.30 with 12,700 shares changing hands after falling 5 cents, Lasco Manufacturing gained 16 cents closed at $4.60 with 106,600 shares trading. Medical Disposables traded 12,519 shares to close unchanged at $2.95, after dropping 55 cents, Paramount Trading fell 1 cent to end with 68,200 shares changing hands at $10.99 and tTech ended with 37,750 units changing hands at $4.50.
TT$ drops 4.7% with US$ shortage
Jamaica is not the only country in the Caribbean undergoing exchange rate adjustment. Trinidad and Tobago that has had a long period of steady exchange rate versus the US dollar is now seeing its currency lose value.
At least one company, National Flour Mills speak of shortage of foreign currency to do their business.
While devaluation has been commonplace for some time in Jamaica, the country’s neighbor, Trinidad and Tobago who have had seen a steady exchange rate versus the US dollar for years, at around $6.30 has now seen a near 5 percent devaluation of their currency with the rate falling from $6.32 in October last year to $6.63 currently for a devaluation of 4.7 percent against the United States currency.
The rate could slip even more, with the price of oil on the world market below US$50 a barrel starving the country that is highly dependent on oil revenues to fuel its economy, coupled with high levels of inflation over a number of years while the exchange rate remained stable.
Jamaican dollar has lost close to 5 percent in its value this year against the United States dollar, taking the exchange rate over $125 to the US even as inflation for the year to date is negative. Since the start of 2015 the local dollar has fallen from $114.66 to the current rate of $125.43 a decline of 9.4 percent and beating the rate of inflation for the same period by 8.5 percent.
1 gained 4 fell on TTSE – Monday
The Composite Index gained 0.28 points to close at 1,107.90, the All T&T Index advanced by 0.54 points to close at 1,759.01 and the Cross Listed Index remained at 60.73.
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. The indicator has been showing improving market sentiments recently but it may not mean the end of declining stocks.
Gains| First Citizens Bank rose 50 cents to close at $30 as 39,065 units valued at $1,161,312 changed hands.
Losses| Ansa McAL lost 1 cent in trading 250 units at a 52 weeks’ low of $62.48, Clico Investment Fund traded 3,000 shares to close 1 cent down at $22.60. Massy Holdings lost 1 cent in trading 13,000 shares valued at $623,740, at a 52 weeks’ low of $47.98 and Scotiabank traded 2,000 shares and lost 5 cents in closing at a 52 weeks’ low of $53.86.
Firm Trades| Firstcaribbean International Bank traded 4,535 shares to end at $6.56, Grace Kennedy closed with 60,431 shares for a value of $317,263 changing hands at $5.25, National Enterprises closed with 28,364 shares valued at $317,652 changing hands at $11.22. National Flour ended with 486 shares changing hands to close at $2.20, Republic Financial Holdings traded 27,964 units valued at $3,017,093 to close at $107.90 and Sagicor Financial closed with 100 units changing hands at $7.17.