Cable & Wireless is possibly the main stock to watch for the coming week with the company returning to profitability in the June quarter.
The company lost several billion dollars for many years but posted a profit of $222 million in the latest quarter on an 11 percent surge in revenues. Subsequent to the close of the quarter, Cable and Wireless increased rates on a series of services that should add to revenues and profits in the coming quarters. Profit for the full year to December should end positively, thus wiping out the $311 million loss for the first half of the year after tax and a lower pretax loss of just $199 million. The recent turn around in the fortune of the company is likely to be a big surprise to many investors and will help move the stock price much higher than the $1.07 it closed at, on Friday.
Other stocks that investors should keep an eye on this week include, Barita Investments with an announced take over offer on the table, JMMB Group, Stationery & Office Supplies that just listed and selling below potential, NCB Financial with limited supply, Jetcon Corporation with profit doubling for the half year leading to strong buying in the past week and recently listed Express Catering with demand to buy 765,925 shares at $5.50.
Forex inflows in at US$47M – Friday
Trading in the Jamaican foreign exchange market on Friday resulted inflows of US$47.01 million in contrast to US$48.44 million on Thursday and outflows of US$39.89 million compared to US$37.65 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $12 million, which is well short of the net inflows of $7 million.
In USA dollar trading, inflows ended at US$38.25 million versus US$42.03 million on Thursday with outflows of US$30.84 million compared to US$34.14 million.
The value of the Jamaican dollar slipped in value against the US dollar, with the selling rate ending at J$128.55 from J$128.44 previously. Dealers bought the US currency at an average of J$127.38, versus J$127.36 on Thursday.
The selling rate for the Canadian dollar climbed to J$101.83 from J$101.30 at the close on Thursday while the British Pound was less costly at the close, with J$166.34 buying the British currency versus J$167.68 and the euro, declined in value against the Jamaican dollar, with it taking J$150.77 to buy the European common currency, versus J$151.67 previously.
Forex inflows down to US$48M – Thursday
Trading in the Jamaican foreign exchange market on Thursday resulted inflows of US$48.44 million in contrast to US$57.76 million on Wednesday and outflows of US$37.65 million compared to US$45.81 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $12 million, which is almost in line with the net inflows.
In USA dollar trading, inflows ended at US$42.03 million versus US$48.22 million on Wednesday, with outflows of US$34.14 million compared to US$40.11 million.
The value of the Jamaican dollar slipped modestly in value against the US dollar, with the selling rate ending at J$128.44 from J$128.36 previously. Dealers bought the US currency at an average of J$127.36, versus J$127.39 on Wednesday.
The selling rate for the Canadian dollar climbed to J$101.30 from J$101.01 at the close on Wednesday, while the British Pound was more costly at the close, with J$167.68 buying the British currency versus J$167.14 and the euro, declined in value against the Jamaican dollar, with it taking J$151.67 to buy the European common currency , versus J$151.74 previously.
Forex inflows still high – Wednesday
Trading in the Jamaican foreign exchange market on Wednesday resulted inflows of US$57.76 million in contrast to US$69.11 million on Tuesday and outflows of US$45.81 million compared to US$45.43 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $14 million, US$2 million more than the net inflows of US$12 million.
In USA dollar trading, inflows ended at US$48.22 million versus US$60.09 million on Tuesday, with outflows of US$40.11 million compared to US$39.85 million.
The value of the Jamaican dollar slipped modestly in value against the US dollar, with the selling rate ending at J$128.36 from J$128.28 previously. Dealers bought the US currency at an average of J$127.39, versus J$127.21 on Tuesday.
The selling rate for the Canadian dollar dropped to J$101.01 from J$102.02 at the close on Tuesday, while the British Pound was slightly less costly at the close, with J$167.14 buying the British currency versus J$167.15 and the euro, rose in value against the Jamaican dollar, with it taking J$151.74 to buy the European common currency , versus J$151.31 previously.
Jamaican dollar slips slightly – Tuesday
Trading in the Jamaican foreign exchange market resumed on Tuesday after the holiday on Monday and resulted inflows of US$69.11 million in contrast to US$44.65 million on Friday and outflows of US$45.43 million compared to US$35.11 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $17 million, US$6 million less than the net inflows of US$23.68 million.
In USA dollar trading, inflows ended at US$60.09 million versus US$36.97 million on Friday, with outflows of US$39.85million compared to US$28.73 million.
The value of the Jamaican dollar slipped modestly in value against the US dollar, with the selling rate for the US dollar ending at J$128.28 from J$128.23 previously. Dealers bought the US currency at an average of J$127.21, versus J$127.17 on Friday.
The selling rate for the Canadian dollar slipped to J$102.02 from J$102.57 at the close on Friday, while the British Pound was less costly at the close, with J$167.15 buying the British currency versus J$167.81 and the euro, declined in value against the Jamaican dollar, with it taking J$151.31 to buy the European common currency , versus J$151.88 previously.
Jamaican dollar gains value – Friday
Trading in the Jamaican foreign exchange market on Friday resulted in inflows of US$44.65 million, in contrast to US$44.28 million on Thursday and outflows of US$35.11 million compared to US$46.34 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $11 million.
In USA dollar trading, inflows ended at US$36.97 million versus US$37.42 million on Thursday, with outflows of US$28.73 million compared to US$40.88 million.
The value of the Jamaican dollar rose modestly in value against the US dollar, with the selling rate for the US dollar ending at J$128.23 from J$128.27 previously. Dealers bought the US currency at an average of J$127.17, down from J$127.23 on Thursday.
The selling rate for the Canadian dollar slipped to J$102.57 from J$102.79 at the close on Thursday, while the British Pound was less costly at the close, with J$167.81 buying the British currency versus J$168.51 and the euro, declined in value against the Jamaican dollar, with it taking J$151.88 to buy the European common currency , versus J$152.05 previously.
Junior Market drops 40 points
Trading on the Junior Market of the Jamaica Stock Exchange closed on Thursday with declining stocks dominating rising ones, 2 to 1 and the market index falling 40.32 points to 3,108.88.
The market ended with 1,176,216 units valued at $5,557,230 changing hands, with the index falling 6.26 points to close at 3,149.20. On Wednesday trading closed with 2,266,721 units valued at $11,726,592.
A total of 22 securities traded, versus 26 on Wednesday, with 6 stocks rising and 12 declining. Trading closed with 10 stocks having bids higher than the last traded prices and 1 closing with a lower offer.
Trading ended trading with an average of 53,464 units for an average of $252,601 in contrast to 87,182 units for an average of $451,023 on Wednesday. The average volume and value for the month to date amounts to 70,323 units valued at $351,812. In contrast, July closed with average of 536,395 units at $1,905,441 for each security traded.
At the close of the market, stocks trading and their last traded prices are: AMG Packaging lost 12 cents to close at $3.53 with 6,000 units changing hands, Caribbean Cream rose 35 cents to $6.85 with a 4,000 shares, Caribbean Producers close at $3.45 with a 50,009 shares, Consolidated Bakeries closed with a rise of 32 cents at $2.95 with a 980 shares, Derrimon Trading ended with a lost of 30 cents, to close at $7.50 with a 7,259 shares, Express Catering lost 30 cents to close at $4.70 with a 648,533 shares, General Accident closed at $2.90 with a 103,000 shares, Honey Bun closed at $5.50 with a 1,792 units, ISP Finance traded 5,900 shares and rose 42 cents to $18.42. Jamaican Teas with a lost of 1 cent, closed at $4.51 with a 170 shares, Jetcon Corporation ended 20 cents higher to $5.30 with a 132,075 shares, KLE Group closed at $2 with a 5,100 shares, Key Insurance closed at $3.05 with a 1,068 stock units, Knutsford Express closed at $14.90 with a 3,650 shares, Lasco Distributors fell 18 cents, to $6.70 with a 25,000 shares, Lasco Financial traded at $4.00 with a 66,575 shares after a loss of 4 cents, Lasco Manufacturing ended with a loss of 4 cents, to close at $4.33 with a 44,820 shares, Main Event eased 8 cents in closing at $5.39 with a 7,970 shares, Medical Disposables close at $5.50 with a 32,215 shares, tTech lost 50 cents and closed at $8 with a 26,000 shares, Derrimon Trading preference share fell 40 cents and closed at $2.10 with a 4,000 shares and Eppley 10% preference share close with a rise of 1 cent at $6.61 with a 100 shares.
More forex sold than bought in Jamaica
Trading in the Jamaican foreign exchange market on Thursday, resulted in inflows of US$44.28 million in contrast to US54.48 million on Wednesday and outflows of US$46.34 million compared to US$40.55 million of all currencies previously.
Approximately, 25 percent of the intakes are surrendered by dictates to Bank of Jamaica and would amount to $11 million and would require the dealers to cover the difference by the middle of the coming week.
In USA dollar trading, inflows ended at US$37.42 million versus US$50.77 million on Wednesday, with outflows of US$40.88 million compared to US$38.99 million.
The value of the Jamaican dollar rose modestly in value against the US dollar, with the selling rate for the US dollar ending at J$128.27 from J$128.29 previously. Dealers bought the US currency at an average of J$127.23, up from J$127.30 on Wednesday.
The selling rate for the Canadian dollar increased to J$102.79 from J$102.19 at the close on Wednesday, while the British Pound was less costly at the close, with J$168.51 buying the British currency versus J$169.15 and the euro, rose in value against the Jamaican dollar, with it taking J$152.05 to buy the European common currency , versus J$151.78 previously.