Dealers sold C$76m on Friday

The Jamaican dollar made modest gains In the foreign exchange trading on Friday to close 3 cents better to purchase one US dollar than on Thursday on a day that saw C$76,397,101 being sold (US$60,805,327 equivalent) at J$101.70 versus J$102.76 on Thursday.
Dealers sold US$39.51 million at $127.78 at the close of trading up from US$33.81 million at $127.81 on Thursday. US currency purchases, amounted to just US$31.08 million on Friday, at an average rate of $126.73 compared to Thursday, with US$48.97 million at $127.99.
At Midday, dealers bought US$13,372,228 at J$127.31 and sold US$11,367,821 at J$127.74 compared to the selling rate of J$127.77 at midday on Thursday.
Inflows of all currencies into Jamaica’s forex market fell to US$44.14million, from US$58.03 million on Thursday while dealers sold US$101.2 million versus US$40.33 million, previously.
The selling rate for the British Pound rose to J$168.55 versus J$167.64 on Thursday and the euro rose in value against the Jamaican dollar, to J$152.45 to buy the European common currency, versus J$151.94 previously.

FX market nets US$18m – Thursday

In the foreign exchange trading on Thursday, dealers bought US$18 more than they sold as the selling rate slipped again, with it taking $127.81 to buy one US dollar.
Dealers sold US$33.81 million at $127.81 at the close of trading up from US$48.45 million at $127.90 on Wednesday. US currency purchases, amounted to US$48.97 million on Thursday, at an average rate of $126.99 compared to Wednesday, with US$45.61 million at $127.96.
At midday, the selling rate of the US dollar was J$127.77 with US$5,243,960 sold compared to $127.85, with US$12 million being sold, on Wednesday at midday.
Inflows of all currencies into Jamaica’s forex market rose to US$58.03 million, from US$54.05 million on Wednesday while dealers sold US$40.33 million versus US$55.19 million, previously.
The selling rate for the Canadian dollar rose to J$102.76 from J$102.59 at the close on Wednesday. The British Pound inched down to J$167.76 for buying the British currency versus J$168.24 on Wednesday and the euro rose in value against the Jamaican dollar, to J$151.94 to buy the European common currency, versus J$150.94 previously.

J$ stays below $128 to US$

The Jamaica dollar continued to trade below the $128 mark to buy one US dollar, in foreign exchange trading on Wednesday, for the second time since the close of 2016.
Dealers sold US$48.45 million at $127.90 at the close of trading up from US$46.05 on Tuesday at a rate of $127.97. US currency purchases, amounted to US$45.61 million on Wednesday, at an average rate of $126.96 compared to Tuesday with US$48.11 million at $127.01.
At Midday, the selling rate of the US dollar was $127.85, with US$12 million being sold, versus $127.78 on Tuesday midday with US$17.7 million being sold. In BOJ foreign exchange auction, 37 bids went after $10 million on offer, with bids totaling US$19.8 million, leading to the average rate falling to $127.75. The highest bid was $128.05 to buy $1 million and the lowest $125.05, to buy US$800,000.
Inflows of all currencies into Jamaica’s forex market fell to US$54.05 million, from US$58.13 million on Tuesday while dealers sold US$55.19 million versus US$52.98 million, previously.
The selling rate for the Canadian dollar fell to J$102.59 from J$103.78 at the close on Tuesday. The British Pound inched down to J$168.24 for buying the British currency versus J$168.87 on Tuesday and the euro rose in value against the Jamaican dollar, to J$150.94 to buy the European common currency, versus J$151.61 previously.

J$ drops below $128 to US$

The Jamaica dollar slipped below $128 to purchase one US dollar in foreign exchange trading on Tuesday for the first time since 2016.
At Midday, the selling rate of the US dollar dipped as low as $127.78, with US$17.7 million being sold but clawed its way to $127.97 at the close of trading after dealers sold US$46.05 million, up from US$43.84 on Friday at a $128.22. US currency purchases, accounted for US$48.11 million on Tuesday at an average rate of $127.01 compared to Friday at US$33.81 million at $127.23.
Inflows of all currencies into Jamaica’s forex market fell to US$58.13 million on Tuesday, from US$48.73 million on Friday while Dealers sold US$52.98 million versus US$56.08 million, previously.
The selling rate for the Canadian dollar fell to J$102.78 from J$103.15 at the close on Friday. The British Pound inched up to J$168.87 for buying the British currency versus J$168.83 on Friday and the euro rose in value against the Jamaican dollar, to J$151.61 to buy the European common currency, versus J$150.87 previously.

Access & NCB in TOP 10

NCB Financial Group enters TOP 10

The main market of the Jamaica Stock Exchange closed at new record high on Friday, the seond week in a row that it doing so and in the process the all Jamaica Composite Index broke the 300,000 mark for the first time.
While the main market is making new highs, with gains of 43 percent for 2017, the junior market with gains of 30 percent at its peak this year, is now up just 12 percent for the year to date. Access Financial returned to the Junior Market list and NCB Financial to the main market list even as the latter price moved back to $91 at the end of the week and with just 33,603 units being offered for sale.
Suspension of the trading in Berger Paints shares is expected lifted on Tuesday, October 17. At the time of this report, no information was available on the level of take up of the buyout offer for the minority of the company’s shares by Ansa Coatings. The stock that traded at $11.25 when trading was suspended, should climb with the March 2018 full year’s earnings should hit $2.30 per share.
Investors continue to switch attention from Junior Market, to main market stocks, with the latter having pierced resistance around 300,000 points on the all Jamaica Composite Index could now be heading much higher as it moves on to the next major resistance at 360,000 point range on or before the end of the year.
At the close of Friday, the average PE ratio for the Junior Market Top stocks is at 7.9 and a PE at 7.1 for the main market TOP 10. The average PE for the overall main market trades at 13.5 and 13.1 for Junior Market, based on 2017 estimated earnings.
At the close of the week, IC Insider.com’s TOP 10 stocks now trade at an average discount of 40 percent to the average of the market for Junior Market Top stocks and it remains at 47 percent for the main market.

J$ rate lower than at 2016 year-end

Jamaica’s foreign exchange dealers sold US$33 million more US dollars than they purchased this week, adding to the US$35.5 million net sales in the prior week.
The selling pressured, the US dollar and resulted in a revaluation of the local currency to $128.22 for purchase of US$1, by end users, down from $129.09 at the close of the first week in October. The rate is now lower than for the last trading day of 2016 when it ended at J$128.44 to the US dollar.
Inflows of all currencies into Jamaica’s forex market fell to US$48.73 million on Friday, from US$51.81 million on Thursday while Dealers sold US$56.08 million versus US$56.89 million, previously.
US currency purchases, accounted for US$33.81 million on Friday at an average rate of $127.23 compared to Thursday at US$36.57 million at $127.58. Dealers sold US$43.84 million at an average rate of J$128.22 versus J$128.41 for US$42.52 million, previously.
The selling rate for the Canadian dollar fell to J$103.15 from J$103.36 at the close on Thursday. The British Pound declined to J$168.83 for buying the British currency versus J$169.33 on Thursday and the euro slipped in value against the Jamaican dollar, to J$150.87 to buy the European common currency, versus J$151.66 previously.

US$ sell off continues – Thursday

The recent selloff of US dollars continued in the Jamaican forex market on Thursday, with dealers on average in buying the US dollar for 31 cents lower than on Wednesday while the rate they sold funds at fell 19 cents from Wednesday and is down $1.16 from last week’s peak.
Inflows of all currencies into Jamaica’s forex market fell to US$51.81 million on Thursday, from US$53.87 million on Wednesday. Dealers sold US$56.89 million versus US$52.24 million, previously.
US currency purchases, accounted for US$36.57 million on Thursday at an average rate of $127.58 compared to Wednesday at US$47.72 million at $127.89. Dealers sold US$42.52 million at an average rate of J$128.41 versus J$128.58 for US$47.28 million previously. The selling rate for the US dollar is coming off from a peak of $131.31 on September 15, with the Jamaican dollar recovering 2 percent of its value since.
The selling rate for the Canadian dollar fell to J$103.36 from J$103.43 at the close on Wednesday. The British Pound climbed to J$169.33 for buying the British currency versus J$168.53 on Wednesday and the euro slipped in value against the Jamaican dollar, to J$151.66 to buy the European common currency, versus J$153.48 previously.

J$ revalues to $128.58 vs US$ – Wednesday

The selloff of US dollars continued in forex market activities on Wednesday.
It cost dealers on average, 9 cents less in buying the US dollar than on Tuesday.
Inflows of all currencies into Jamaica’s forex market that rose to US$53.87 million on Wednesday, up from US$48.99 million on Tuesday. Dealers sold US$52.24 million versus US$51.71 million, previously.
US currency purchases, accounted for US$47.72 million on Wednesday at an average rate of $127.89 compared to Tuesday at US$40.33 million at $127.98. Dealers sold US$47.28 million at an average rate of J$128.58 versus J$128.87 for US$43.46 million previously. The selling rate for the US dollar is coming off from a peak of $131.31 on September 15, with the Jamaican dollar recovering 2 percent of its value since.
The selling rate for the Canadian dollar rose to J$103.43 from J$103.25 at the close on Tuesday. The British Pound climbed to J$168.53 for buying the British currency versus J$168.13 on Tuesday and the euro just rose in value against the Jamaican dollar, to J$153.48 to buy the European common currency, versus J$151.18 previously.

Sell off of US$ continues – Tuesday

The selloff of US dollars continued in forex market activities on Tuesday. While dealers raised the average buying price by $1.26 to $127.92 for the US dollar, up from $126.72 on Monday, the rate was still lower than the J$128.42 they paid on Friday.
While US currency purchases, accounted for only US$15.82 million on Monday it climbed to US$40.33 million on Tuesday. Dealers sold US$43.46 million at an average rate of J$128.87 versus J$129.06 for US$30.04 million previously.
Inflows of all currencies into Jamaica’s forex market that slipped to only US$20.95 million on Monday rose to US$48.99 million, while dealers sold US$51.71 million versus US$33.91 million, previously.
The selling rate for the Canadian dollar dipped to J$103.25 from J$103.78 at the close on Monday. The British Pound slipped to J$168.13 for buying the British currency versus J$169.55 on Monday and the euro just inched lower in value against the Jamaican dollar, to J$151.18 to buy the European common currency, versus J$151.19 previously.

Dealers back off buying US$ – Monday

The strong signs of the selloff of US dollars are visible in forex market activities on Monday. Dealers dropped their buying price nearly $2 lower than on Friday, to $126.72 for the US dollar down from $128.42 on Friday.
US currency purchases, accounted for only US$15.82 million, up from total inflows US$46.71 million on Friday. Dealers sold US$30.04 million at an average rate of J$129.06 versus J$129.09 for US$47.73 million previously.
Inflows of all currencies into Jamaica’s forex market slipped to only US$20.95 million compared to US$55.46 million on Friday, while dealers sold US$33.91 million versus US$53.50 million, previously.
The selling rate for the Canadian dollar climbed to J$103.78 from J$103.22 at the close on Friday. The British Pound rose to J$169.55 for buying the British currency versus J$168.61 previously and the euro lost value against the Jamaican dollar, with it taking J$151.19 to buy the European common currency, versus J$152.05, previously.