A big 47 percent jump in Scotia Group’s third quarter profits motivated investors to push the stock up by $1 to $31.50 and the main market all Jamaica index up by more than 1,600 points in the morning session, even as the overall volumes traded so far is light.
The junior market rose moderately with two stocks traded at new highs in the morning session, as Jetcon Corporation rose 70 cents to $4 with 20,000 units trading and while 2,000 units traded for Paramount Trading at $17.50 for a gain of $2.45. Caribbean Cream that has come in for increased buying traded above Wednesday’s closing high to $9 with 10,000 shares.
At 10:45 am 26 securities traded, resulting in a volume of only 246,695 shares carrying a value of 1,765,042 changing hands compared to 3,624,650 shares carrying a value of $18.2 million on Wednesday. The average number of shares traded amounts to only The 9,488 units compared to 95,386 units on Wednesday. The number of stocks falling are 6 while the prices of 12 securities rose as the market continues to consolidate.
The all Jamaica Composite Index gained 1,653.06 points to 178,719.40, the Jamaica Stock Exchange Market Index climbed 1,478.14 points to 160,848.70, the Jamaica Stock Exchange combined index rose 1,468.28 points to close at 172,630.46 and the junior market index rose 9.48 points to 2,283.75.
Scotia pushed JSE main market
Net FX inflows up US$8.6m – Wednesday
Trading in Jamaica’s foreign exchange market saw net inflows climbing by US$8.6 million of all foreign currencies traded as dealers continue to add to the net pool of funds accumulated in the system since the start of July. The central bank is issuing 3 to 7 years US dollar bonds, to mop up excess US dollar, at rates ranging from 2.65 percent to 4.2 percent.
In Wednesday’s trading, the local dollar only lost value versus the US dollar buying rate but enjoyed gains around against the other rates. At the end of trading, dealers bought US$35,551,732 and sold only US$26,969,039 compared to US$26,841,312 purchased and US$24,854,416 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$32,192,191 compared to US$23,201,767 on Tuesday. The buying rate for the US dollar rose 17 cents to close at $127.03. A total of US$24,604,567 was sold versus US$21,450,365 on Tuesday, with the selling rate easing 1 cent to end at $127.72. The Canadian dollar buying rate fell 59 cents to $96.21, with dealers buying C$2,544,063 and selling C$2,364,789 at an average rate that fell 52 cents to $97.24. The average rate for buying the British Pound declined $1.30 to $164.59 for the purchase of £972,514 while only £295,488 was sold as the rate dropped $3.11 to end at $166.14.
At the end of trading, the selling rate for the Euro, rose $1.30 to close at J$144.45 from Tuesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$137.02 for a gain of 66 cents from the rate on Tuesday. The US dollar equivalent of other currencies traded, amounts to US$172,652 being bought, while US$179,631, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include a decline of $3.49 in the highest selling rate of the US dollar to end at $134.51 and a drop of $19.60 to $104 in the lowest selling rate. There was a fall of $1.45 in the highest buying rate for the Canadian Dollar to end at $97.55. Trading in the British Pound resulted in a fall of $1.10 in the highest buying rate to close at $168, a decline of $2.02 in the highest selling rate to $175.32 and a rise of $1 in the lowest selling rate to $163.
4 stocks rise 1 fall on TTSE – Wednesday
Trading activity on the Trinidad and Tobago stock market closed Wednesday with gains in the two of the market indices. Volume traded fell below 50,000 units changing hands. At the close 9 securities changed hands, just 4 rose, 1 fell while 4 remained unchanged.
Market activity ended with only 42,593 shares valued at a mere $694,381 changing hands, well off from the $5,056,419 traded on Tuesday.
The Composite Index rose 1.48 points to close at 1,156.91, the All T&T Index fell 2.87 points to close at 1,818.93 and the Cross Listed Index ended with a gain of 0.01 points to 65.89.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 7 stocks with bids higher than their last selling prices and 5 with offers that were lower.
Gains| Ansa McAl rose 70 cents and traded 2,500 units to close at $62.70, National Flour rose 8 cents to close with 10,470 shares changing hands at $2.50, Scotiabank gained 17 cents and closed with 3,528 shares changing hands at $57.80 and Scotia Investments gained 1 cent in trading 8,200 shares to close at $1.73.
Losses| The sole stock declining is Trinidad and Tobago NGL that closed at $23.50 with 1,158 units changing hands after falling 20 cents.
Firm Trades| First Citizens traded 3,383 units at $35, Guardian Holdings ended with 8,701 shares changing hands at $12.80, Prestige Holdings with 1,374 units changing hands ended at $10.83 and Sagicor Financial Corporation closed with just 3,282 shares changing hands at $6.60.
2 new highs for junior stocks – Wednesday
The market index gained 8.17 points, to close at 2,274.27. Market activities ended with 5 securities closing with bids higher than their last selling prices and 3 ending with lower offers.
Trading ended with 3,294,451 units changing hands, 520 percent more than on Tuesday, while the value traded jumped 597 percent, with $15,960,574, up from $2,288,358 changing hands on Tuesday.
At the close, AMG Packaging traded 25,500, shares with the price dropping $1.95 to close at $15.55, Blue Power rose 98 cents with 615 shares trading and closed at a new high of $21, CAC 2000 closed with 2,000 shares changing hands at $6.40. Caribbean Cream gained 40 cents and closed with 6,823 shares changing hands at a 52 weeks’ high of $8.70, after trading as high as $10.20, Caribbean Flavours lost 50 cents in trading 30,000 units to close at $8, Caribbean Producers traded 19,171 shares and fell 35 cents to close at $3.25. Consolidated Bakeries closed with a loss of 5 cents at $2.35 with 16,121 units changing hands. C2W Music ended with 210,483 shares trading at 20 cents, General Accident closed trading with 86,147 units at $2.30, Honey Bun rose 33 cents in trading 27,760 units to end at $5.85, Jamaican Teas traded only 220 units but declined by 20 cents to end at $3.80. KLE Group traded 66,000 units and rose by 10 cents to close at $1.50. Knutsford Express Services ended with 740 units trading at $26, but ended trading with the stock on offer at $25 to sell 38,260 units. Lasco Distributors closed with 1,409,630 units trading, ended with a rise of 5 cents at $7, Lasco Financial lost 35 cents with 1,266,578 shares changing hands at $3.10. Lasco Manufacturing fell 9 cents and closed at $4.36 with 1,652 shares trading, Medical Disposables rose by 30 cents in trading 40,933 shares and closed at $3.85 and tTech rose 70 cents in trading 84,078 shares at $6.
2 new highs for junior market
The junior market rose moderately but three stocks traded at new highs in the morning session as Caribbean Cream hit $10.20 in trading just 4,823 shares and Blue Power traded at $21. tTech traded up to $6 with 48,521 unit. The advance decline ratio was positive at more than 2 to 1.
At 11:45 am 38 securities traded, resulting in a volume of just 3,624,650 shares carrying a value of $18.2 million changing hands compared to 2,159,587 shares carrying a value of approximately $2.16 million on Tuesday. The average number of shares traded amounts to only The 95,386 units compared to 79,985 units on Tuesday. The number of stocks falling are 8 while the prices of 18 securities rose as the market continues to consolidate.
138 Student Living traded 641,007 units and gained 20 cents to $4.70 and Lasco Financial Services trades 1,266,578 shares but fell down to $3.10 from $3.45 at the close on Tuesday.
The all Jamaica Composite Index gained 102.03 points to 177,425.60, the Jamaica Stock Exchange Market Index climbed 91.24 points to 159,691.81, the Jamaica Stock Exchange combined index rose 270.06 points to close at 171,561.63 and the junior market index rose 18.06 points to 2,284.16.
Net FX inflows up again – Tuesday
Trading in Jamaica’s foreign exchange market saw another day with more purchases of the all foreign currencies exceeding sales, with the net intake on Tuesday, being just US$2 million, well below the net in take on Monday of just a tad below US$10 million. The net US dollar currency intake was US$1.7 million.
In Tuesday’s trading, the local dollar gained against the US dollar for the buying rate while the selling rate declined, the Jamaican dollar strengthened against the Canadian and the Pound based on the selling rates.
At the end of trading, dealers bought US$26,841,312 and sold only US$24,854,416 compared to US$40,557,663 purchased and US$30,162,776 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$23,201,767 compared to US$36,851,384 on Monday. The buying rate for the US dollar declined just 1 cent to close at $126.86. A total of US$21,450,365 was sold versus US$27,926,335 on Monday, with the selling rate rising 8 cents to end at $127.73. The Canadian dollar buying rate advanced by $1.51 to $96.80, with dealers buying C$2,470,145 and selling C$2,122,178 at an average rate that fell 51 cents to $97.76. The average rate for buying the British Pound rose 47 cents to $165.89 for the purchase of £1,227,623 while only £1,030,693 was sold as the rate dropped 2 cents to end at $169.25.
At the end of trading, the selling rate for the Euro, fell $1.47 to close at J$143.15 from Monday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$136.36 for a fall of $1.31 from the rate on Monday. The US dollar equivalent of other currencies traded, amounts to US$149,623 being bought, while US$414,024, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include a rise of $3.49 in the highest selling rate of the US dollar to end at $138 and a jump of $19.60 to $123.60 in the lowest selling rate. There was a fall of 74 cents in the highest selling rate for the Canadian Dollar to end at $101.37. Trading in the British Pound resulted in a fall of $1.60 in the highest buying rate to close at $169.10 and a rise of $1 in the lowest selling rate to $162.
4 stocks rise 3 fall on TTSE on Tuesday
Trading activity on the Trinidad and Tobago stock market closed Tuesday with gains in the two of the market indices. Volume traded fell back below 350,000 units changing hands. At the close 10 securities changed hands, just 4 rose, 3 fell while 3 remained unchanged.
Market activity ended with 332,193 shares valued at $5,056,419 changing hands, up from the $3,107,756 traded on Monday. The Composite Index fell 0.42 points to close at 1,155.43, the All T&T Index fell 1.08 points to close at 1,816.06 and the Cross Listed Index ended with a gain of 0.03 points to 65.88.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 7 stocks with bids higher than their last selling prices and 5 with offers that were lower.
Gains| National Enterprises rose 10 cents and closed with just 200 shares changing hands at $10.50, Sagicor Financial Corporation rose 2 cents to close with 3,706 shares changing hands at $6.60. Scotiabank gained 3 cents and closed with 10,100 shares, valued at $581,902, changing hands at $57.63 and West Indian Tobacco traded 7,042 shares with a value of $894,334 to close at a 52 weeks high of $127.
Losses| Ansa McAl lost 70 cents and traded 4,601 units to close at a 52 weeks’ low of $62, Clico Investment Fund closed with 15,420 shares valued at $348,624 changing hands, and lost 4 cents to end at $22.60 and Guardian Holdings lost 21 cents and ended with 205,214 shares, for a value of $2,626,739 changing hands to end at $12.80.
Firm Trades| First Citizens traded 2,168 units at $35, Grace Kennedy ended with 33,000 shares trading at $2.52 and National Commercial Bank ended with 50,742 shares changing hands to close at $2.64.