Forex inflows exceed sales

December 27, 2017 by

Chart show that the Jamaican dollar could go back to 120 to US dollar in 2018.

With the Jamaica’s Forex market closed for the Christmas holiday dealers’ on Wednesday, purchased US$76.84 million, versus US$46.49 million on Friday of all currencies and sold US$62.63 million compared with US$51.79 million sold on Friday.
In US dollar ,trading dealers sold US$56.68 million at an average of $125.12 at the close compared US$45.45 million at an average rate of $125.22 on Friday. US currency purchases by dealers, amounted to US$69.43 million on Wednesday, at an average rate of $123.90, compared to Friday, with US$39.05 million at $123.95.
On Wednesday at midday dealers purchased US$21.98 million at an average rate of J$124.21 and sold US$16.75 million at an average of J$125.11. At mid-day on Friday dealers purchased US$11.56 million at an average rate of J$124.12 while they sold US$11.66 million at an average of J$125.05.
The selling rate for the Canadian dollar dipped to J$98.40 from J$98.95 at the close on Friday. The selling rate for the British Pound fell to J$166.53 versus J$167.57 previously and the euro rose in value against the Jamaican dollar at J$150.38 to buy the European common currency, versus the prior selling rate of J$148.19.

Filed Under: FX Market Tagged With: , , , , , , , , , ,

TOP 10 stocks – Watch for Wisynco

December 26, 2017 by

Wata produced by Wisynco

Movement in the TOP 10 lists, resulted in just one move out, while some changed positions notably on the list. Main Event was the sole stock dropping from the top list leaving room for Caribbean Cream to move in.
With the Initial Public offerings (IPOS) out of the way, more life returned to the secondary market this past week with the main market gaining strongly but Junior Market stocks continue to struggle but helped by gains in price of two new listings.
The year ahead will see a number of changes to the TOP listings with several of the current listing carrying over. Only ISP Finance so far is showing as a new likely TOP 10 listing for 2018 in the Junior Market. The main market list is likely to see about 4 new entrants for 2018, with Cable & Wireless, Barita Investments, Palace Amusement and Wisynco depending on when it list, joining the top stocks. Radio Jamaica sits just below the TOP 10 and could well squeeze into the 10 by the start of 2018. Profit results for the fourth quarter, are likely to impact prices of most stocks as the information will provide important fuel for price movements.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 7.9 and 8.2 for the main market TOP 10. The average PE for the overall main market is 14.2 and 13.4 for the Junior Market, based on 2017 estimated earnings.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 41 percent to the average of the market for Junior Market Top stocks and 42 percent for the main market.
Market Watch| Investors should still keep a keen eye on Caribbean Cement for which supply seems to be declining with the focus on refinancing of leased assets that is expected to result in major savings in cost for 2018 onwards. FosRich and GWest Corporation, the recent IPOs, started trading on the Junior Market last week with strong gains so far, they should be watched in the few trading days left for the year, to glean further directions as both are now richly priced. Others to be watched are, General Accident, Cable & Wireless , NCB Financial, Berger Paints, JMMB Group, Main Event, Lasco Financial, Paramount Trading and Stationery and Office. Wisynco could start trading this week and is expected to create some excitement with the issue more about twice oversubscribed.

n

Filed Under: Buy Rated, Stock Market, Stocks to watch Tagged With: , , , , , , , , , , , , , , , , , , , , ,

J$125.05 to US dollar mid-day Friday

December 22, 2017 by

The average rate for exchanging the Jamaican dollar against the US dollar, dropped to $125.05 at mid-day on Friday but ended slightly higher by the close of trading and now seems set to be at the $125 level by the end of the year.
On Friday at midday dealers purchased US$11.56 million at an average rate of J$124.12 and sold US$11.66 million at an average of J$125.05. At mid-day on Thursday dealers purchased US$17.14 million at an average rate of J$124.66 while they sold US$10.63 million at an average of J$125.28.
In a remarkable week for the local currency, dealers sold the equivalent of US$282 million while buying US$268 million as the rate slipped from 125.49 at the end of the prior week to $125.22 for sale of US dollars. Unlike august to November when the bank of Jamaica weekly BFIXT auction was active no sales took place in December and none are planned for the next four weeks.
The rate the public bought the US dollar ended at $125.22 at the close with dealers selling US$45.45 million in US currency, compared US$60.19 million at an average rate of $125.34 on Thursday. US currency purchases by dealers, amounted to US$39.05 million on Friday, at an average rate of $123.95, compared to Thursday, with US$47.45 million at $124.23.
Dealers’ purchased US$46.49 million, versus US$51.81 million on Thursday in all currencies, in Jamaica’s Forex market and sold US$51.79 million compared with US$62.42 million sold, previously.
The selling rate for the Canadian dollar climbed to J$98.95 from J$96.33 at the close on Thursday. The selling rate for the British Pound fell to J$167.57 versus J$167.61 previously and the euro lost value against the Jamaican dollar at J$148.19 to buy the European common currency, versus the prior selling rate of J$150.67.

Filed Under: Feature Stories, FX Market Tagged With: , , , , , , , , , ,

Yuletide selloff of US$ continues

December 22, 2017 by

The rate for exchanging the Jamaican dollar against the US dollar, dropped by 21 cents in foreign currency trading on Thursday, with total inflows of all foreign currencies less than outflows as dealers continue to offload excess funds.
The public bought the US dollar at $125.34 with dealers selling US$60.19 million in US currency, compared US$60.97 million at an average rate of $125.55 on Wednesday. US currency purchases by dealers, amounted to US$47.45 million on Thursday, at an average rate of $124.23, compared to Wednesday, with US$49.36 million at $124.35.
On Thursday at midday dealers purchased US$17.14 million at an average rate of J$124.66 and sold US$10.63 million at an average of J$125.27. At mid-day on Wednesday dealers purchased US$13.65 million at an average rate of J$124.76 while they sold US$17.02 million at an average of J$125.61.
Dealers’ purchased US$51.81 million, versus US$53.56 million on Wednesday in all currencies, in Jamaica’s Forex market and sold US$62.42 million compared with US$63.79 million sold, previously.
The selling rate for the Canadian dollar declined to J$96.33 from J$96.78 at the close on Wednesday. The selling rate for the British Pound declined to J$167.37 versus J$168.00 previously and the euro rose in value against the Jamaican dollar at J$150.67 to buy the European common currency, versus the prior selling rate of J$149.28.

Filed Under: FX Market Tagged With: , , , , , , , , , ,

US dollar selling pushes up rate

December 20, 2017 by

The rate for exchanging the Jamaican dollar against the US dollar, rose by 8 cents in foreign currency trading on Wednesday, with total inflows of all foreign currencies less than outflows as dealers offload excess funds.
The public bought the US dollar at $125.55 with dealers selling US$60.97 million in US currency, compared US$47.50 million at an average rate of $125.47 on Tuesday. US currency purchases by dealers, amounted to US$49.36 million on Wednesday, at an average rate of $124.35, compared to Tuesday, with US$49.13 million at $124.45.
On Wednesday at midday dealers purchased US$13.65 million at an average rate of J$124.76 and sold US$17.02 million at an average of J$125.61. At mid-day on Tuesday dealers purchased US$24.68 million at an average rate of J$125.07 while they sold US$11.56 million at an average of J$125.38.
Dealers’ purchased US$53.56 million, versus US$56.52 million on Tuesday in all currencies in Jamaica’s Forex market and sold US$63.79 million compared with US$55.93 million sold, previously.
The selling rate for the Canadian dollar declined to J$96.78 from J$97.49 at the close on Tuesday. The selling rate for the British Pound jumped to J$168.00 versus J$167.37 previously and the euro fell in value against the Jamaican dollar at J$149.28 to buy the European common currency, versus the prior selling rate of J$150.39.

Filed Under: FX Market Tagged With: , , , , , , , , , ,

Jamaican$ stable close to 125 to US$1

December 19, 2017 by

The rate for exchanging the Jamaican dollar against the US dollar, declined a bit more in foreign currency trading on Tuesday, with total inflows of all foreign currencies evenly matched outflows.
The public bought the US dollar at $125.47 with dealers selling US$47.50 million in US currency, compared US$44.94 million at an average rate of $125.48 on Monday. US currency purchases by dealers, amounted to US$49.13 million on Tuesday, at an average rate of $124.45, compared to Monday, with US$53.17 million at $124.27.
On Tuesday at midday dealers purchased US$24.68 million at an average rate of J$125.07 and sold US$11.56 million at an average of J$125.38. At mid-day on Monday dealers purchased US$22.86 million at an average rate of J$124.85while they sold US$13.55 million at an average of J$125.29.
Dealers’ purchased US$56.52 million, versus US$60.12 million on Monday in all currencies in Jamaica’s Forex market and sold US$55.93 million compared with US$48.49 million sold, previously.
The selling rate for the Canadian dollar declined to J$97.49 from J$97.53 at the close on Monday. The selling rate for the British Pound jumped to J$167.37 versus J$166.83 previously and the euro rose in value against the Jamaican dollar at J$150.39 to buy the European common currency, versus the prior selling rate of J$148.46.

Filed Under: FX Market Tagged With: , , , , , , , , , ,

Jamaican$ inched closer to 125 to US$1

December 19, 2017 by

Chart showing the Jamaican dollar could go back to 120 to US dollar in 2018.

The rate for exchanging the Jamaican dollar against the US dollar, slipped a bit more in foreign currency trading on Monday, with total inflows of all foreign currencies exceeding sales by nearly US$12 million.
The public bought the US dollar at $125.48 as dealers sold US$44.94 million in US currency, compared US$33.37 million at an average rate of $125.49 on Friday. US currency purchases by dealers, amounted to US$53.17 million on Monday, at an average rate of $124.27, compared to Friday, with US$32.42 million at $124.22.
On Monday at midday dealers purchased US$22.86 million at an average rate of J$124.85 and sold US$13.55 million at an average of J$125.29. At mid-day on Friday dealers purchased US$10.65 million at an average rate of J$124.97 while they sold US$7.6 million at an average of J$125.27.
Dealers’ purchased US$60.12 million, versus US$35.66 million on Friday in all currencies in Jamaica’s Forex market and sold US$48.49 million compared with US$35.51 million sold, previously.
The selling rate for the Canadian dollar rose to J$97.53 from J$97.02 at the close on Friday. The selling rate for the British Pound dropped to J$166.83 versus J$167.01 previously and the euro rose in value against the Jamaican dollar at J$148.46 to buy the European common currency, versus the prior selling rate of J$148.34.

Filed Under: FX Market Tagged With: , , , , , , , , , ,

TOP 10 stocks – Watch FosRich on Tuesday

December 18, 2017 by

With the Initial Public offerings (IPOS) out of the way, more life returned to the secondary market this past week resulting in some changes to the TOP 10 lists.
Initial Public offerings for 2017 now seem to be over until they reappear in January, with Sygnus Capital Investments planning to be out of the block early. Others that were prepared to go in December could come to market in January, the start of what now appears to be another interesting year for local stocks. Coming Tuesday in the wider market, FosRich Group, the recent IPO will list and start trading on the Junior Market.
Prior to the past week, the focus on IPOs negatively affected trading in the secondary market with the Junior Market giving up almost all the gains make in the first half of the year and is still trading close to the low for the year.
The past week ended with Main Event as the only new entrant into the TOP 10 Junior Market stocks, with Blue Power leaving, as the price rose back to the $44. Sagicor Group returns to the Main Market list pushing out Pulse Investments. Interestingly, General Accident jumped to $3 by week end with limited supplies and slipped to number 2 on the list.
Investors should bear in mind that as the year closes, there will be changes to the TOP list for 2018, with a number on the current list, expected to repeat, but there will be new ones.
At the close of Friday, the average PE ratio for Junior Market Top stocks ended at 8.1 and a PE of 8.2 for the main market TOP 10. The average PE for the overall main market is 14.2 and 12.8 for the Junior Market, based on 2017 estimated earnings.
IC Insider.com’s TOP 10 stocks now trade at an average discount of 36 percent to the average of the market for Junior Market Top stocks and 44 percent for the main market.
Market Watch| The two markets seem to have found support this past week after retreating sharply over the prior two weeks. Investors should still keep a keen eye on Caribbean Cement for which supply seems to be declining fast and a focus on refinancing leased assets is expected to result in major savings in cost for 2018 onwards. FosRich, the recent IPO that starts trading on the Junior Market on Tuesday, General Accident, Cable & Wireless that appears scarce under $1, NCB Financial, Berger Paints, JMMB Group, Main Event, Lasco Financial, Paramount Trading and Stationery and Office.

Filed Under: Buy Rated, Stock Market, Stocks to watch Tagged With: , , , , , , , , , , , , , , , , , , ,

Jamaican$ nears 125 to US$1 – Friday

December 15, 2017 by

Chart shows Jamaican$ could go back to 120 to US$1 in 2018.

The rate for exchanging the Jamaican dollar against the US dollar, declined by 22 cents in foreign currency trading on Friday, with trading volumes falling to lowest for the week of just over US$32 million.
On Friday, the public bought the US dollar at $125.49 as dealers sold US$33.37 million in US currency, compared US$45.59 million at an average rate of $125.71 on Thursday. US currency purchases by dealers, amounted to US$32.42 million on Friday, at an average rate of $124.22, compared to Thursday, with US$43.08 million at $124.63.
On Friday at midday dealers purchased US$10.65 million at an average rate of J$124.97 and sold US$7.6 million at an average of J$125.27. At mid-day on Thursday dealers purchased US$14.8 million at an average rate of J$125.06 while they sold US$8.4 million at an average of J$125.69.
Dealers’ purchased US$35.66 million, versus US$52.22 million on Thursday in all currencies in Jamaica’s Forex market and sold US$35.51 million compared with US$53.84 million sold, previously.
The selling rate for the Canadian dollar slipped to J$97.02 from J$98.04 at the close on Thursday. The selling rate for the British Pound dropped to J$167.01 versus J$169.65 previously and the euro lost value against the Jamaican dollar at J$148.34 to buy the European common currency, versus the prior selling rate of J$149.71.

Filed Under: Feature Stories, FX Market Tagged With: , , , , , , , , , ,

Jamaican$ regains ground – Thursday

December 14, 2017 by

The Jamaican dollar recovered the loss suffered on Tuesday and Wednesday against the US dollar, with the local currency gaining 6 cents in foreign currency trading on Thursday, with trading falling back to more normal levels from the heightened levels on Wednesday.
On Thursday, the public bought the US dollar at $125.71 as dealers sold US$45.59 million in US currency, compared US$65.75 million at an average rate of $125.77 on Wednesday. US currency purchases by dealers, amounted to US$43.08 million on Thursday, at an average rate of $124.63, compared to Wednesday, with US$59.18 million at $124.85.
On Thursday at midday dealers purchased US$14.8 million at an average rate of J$125.06 and sold US$8.4 million at an average of J$125.69. At mid-day on Wednesday dealers purchased US$12.01 million at an average rate of J$125.11 while they sold US$9.08 million at an average of J$125.85.
Dealers’ purchased US$52.22 million, versus US$65.32 million on Wednesday in all currencies in Jamaica’s Forex market and sold US$53.84 million compared with US$69.63 million sold, previously.
The selling rate for the Canadian dollar rose to J$98.04 from J$97.86 at the close on Wednesday. The selling rate for the British Pound jumped to J$169.65 versus J$166.67 previously and the euro rose in value against the Jamaican dollar at J$149.71 to buy the European common currency, versus the prior selling rate of J$147.89.

Filed Under: FX Market Tagged With: , , , , , , , , , ,