Jamaica’s Net International Reserves shot up by US$163 million in December to hit US$2.72 billion with gross reserves climbing to US$3.29 billion.
The increase for December is just US$15 million less that the net inflows of foreign exchange, the financial system generated in the month. The reserves represent 38.40 weeks of imports of goods and 22.27 weeks of goods and services. Data of daily trading of foreign exchange collated by IC Insider.com show that net inflows of all currencies, amounted to a surplus of US$178 million in December last year.
Jamaica started 2016 with net reserves of US$2.437 billion, strong demand between April and May saw the amount dipping to a low of US$2.265 billion in June, as the country’s central bank sold funds into the market to meet demand.
Jamaican stocks up in early trading – Monday
Stocks on the Jamaica Stock Exchange surged forward first thing Monday morning, with the All Jamaica composite index rising by 1,109.47 at 1 minute after trading opened to trade at a new high and the combined index moved up by 919.92 points.
Market activity resulted in 31 securities traded at 10:45 am, compared to 26 on Friday at 10:45 am. A total of 11 securities advanced and 9 declined, resulting in a volume of 842,68 shares changing hands, carrying a value of $7,961,875, compared of 984,204 shares changing hands, carrying a value of $4,620,010 on Friday. The average number of shares traded, amount to 27,183 units versus 37,854 units on Friday.
Market activity was helped by National Commercial Bank rising to $52.50, with 7,180 shares up from a last trade on Friday of $51.01, Scotia Group trading 8,582 units at $39, representing a rise of 99 cents from Friday’s close. In the junior market, Blue Power jumped $3.50 to a new all-time high of $34.50 with 3,500 units changing hands, Caribbean Cream fell back from Friday’s close of $8.55 to trade at $7.35 with 83,535 units and Jetcon Corporation with 25,946 units traded at a new high of $6.50. Caribbean Cement dropped $3.50 with 9,350 shares to $30.50 but recovered partially to traded 18,350 units up to $33.20.
The all Jamaica Composite Index gained 645.01 points to 214,293.58, the Jamaica Stock Exchange Market Index grew 576.75 points 195,991.13 the Jamaica Stock Exchange combined index gained 662.77 points to 208,847.13 and the junior market index rose 12.45 points to 2,636.77.
Jamaican$ ended mixed on Friday
On Friday the central bank reported net inflows US$2.9 million with the buying and selling rates for the main currencies for the Jamaican dollar being mixed.
At the close of the market, dealers bought the equivalent of US$73,405,937 of all currencies and sold US$70,539,453, compared to US$36,967,257 purchased and US$39,708,349 sold on Thursday.
In US dollar trading, dealers bought US$70,170,675 compared to US$30,748,354 on Thursday. The buying rate for the US dollar rose 60 cents to close at $128.09. A total of US$69,102,218 was sold versus US$35,784,226 on Thursday, with the selling rate remaining unchanged at $128.55. The Canadian dollar buying rate fell $1.59 to $93.54, with dealers buying C$1,672,927 and selling C$680,212 at an average rate that slipped 41 cents to end at $96.30. The average rate for buying the British Pound climbed just 5 cents to $155.84 for the purchase of £1,529,299 while £360,627 was sold with a decline of 30 cents to end at $156.93.
At the end of trading on Friday, dealers sold €456,848 with the selling rate for the Euro, closing with a rise of $2.02 to $135.15, according to data from Bank of Jamaica. Dealers purchased €123,157 of the European common currency at $129.42 after falling 14 cents. The US dollar equivalent of other currencies traded, amounts to US$28,507 being bought and selling of US$7,109.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded foreign currencies on Friday, include a rise in the lowest selling rate of the US dollar by $16.68 to $120. A rise of $1.50 in the highest buying rate for the Canadian dollar to end at $100 while the lowest selling rate grew $1.30 to $92.30. The highest buying rate for the British Pound dropped $1.80 to $158 and the lowest selling rate rose $2.50 to $153.50, while the lowest selling rate for the Euro put on $3.55 to close at $129.80.
3 TTSE stocks rise 3 fall
The Trinidad stock market closed Friday with the two main indices falling with advancing stocks equalling each other. Trading ended with 222,518 units changing hands, valued at $4,418,139 compared to Thursday’s 326,391 units valued at $3,531,245.
Trading closed on with 11 securities changing hands, the same as Thursday with 3 stocks advancing, 3 declining and 5 remaining unchanged.
The Composite Index fell 0.43 points to 1,211.75 points, the All T&T Index dropped 1.11 points to 1,834.09 and the Cross Listed Index gained 0.04 points to close at 78.80 points.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| Guardian Media gained 1 cent and closed at $19 with 2,000 units traded, Scotia Investments closed at 52 weeks’ high of $2.05, adding 4 cents with 6,000 units trading and Scotiabank gained 3 cents to close at $58.80 with 130 shares changing hands.
Losses| Clico Investments suffered a loss of 19 cents, closing at $22.60 with 8,706 shares trading, Republic Financial Holdings closed at $108.43, a loss of 1 cent with trades of 15,472 shares valued at $1,677,630 and Trinidad & Tobago NGL fell 49 cents to $20.50 after trading 107,200 units valued at $2,197,600.
Firm Trades| Grace Kennedy closed trading at $2.67 trading 840 units, Guardian Holdings held firm at $13 with an exchange of 2,700 shares. JMMB Group was unchanged at 92 cents trading 23,075 units, Massy Holdings closed at $52 with 1,900 units changing owners and National Flour Mills traded 54,495 shares closing at $2.40.
Jamaican stocks pull back on Friday
The Jamaica Stock Exchange pulled back from Thursday’s close in a moderate trading on Friday morning, resulting in sharp fall from Thursday’s intraday high for the main market and the junior market’s record close.
Market activity resulted in 26 securities traded at 10:45 am, compared to 29 on Thursday at 10:45 am. A total of 14 securities advanced and 6 declined, resulting in a volume of 984,204 shares changing hands, carrying a value of $4,620,010, compared of 1,153,658 shares changing hands, carrying a value of $6,116,182 on Thursday. The average number of shares traded, amount to 37,854 units versus 39,781 units on Thursday.
Noted trades were junior market listed Jetcon Corporation with 128,319 units at $6.06, Lasco Financial gaining 15 cents to $3.65 with 3,962 units trading and Blue Power trading at a new high of $31 with 10,979 shares and Proven Investments traded 577,533 units at 22.99 US cents.
The all Jamaica Composite Index lost 493.48 points to 209,908.28, the Jamaica Stock Exchange Market Index fell 441.26 points 192,069.90 the Jamaica Stock Exchange combined index declined 501.40 points to 204,934.14 and the junior market index eased 8.97 points to 2,609.84.