JSE gained 1,000 points – Wednesday
The Jamaica Stock Exchange all Jamaica Composite index surged 1,134 points on the Wednesday morning session and the main market JSE index shot up by 1,036 points after nearly an hours trading but slipped back slightly with 14 securities rising and only 5 declining.
Cable & Wireless traded at $1.20, Carib Cement traded at $26, Kingston Wharves moving to $15.99 while National Commercial Bank traded at $42.75 and Scotia Group traded at $30.50.
the markets indices slipped back from their early high, and by 10:45 am, the all Jamaica Composite Index rose 738.02 points to 178,423.18, the Jamaica Stock Exchange Market Index climbed 659.92 points to 160,583.82, the Jamaica Stock Exchange combined index gained 460.01 points to close at 171,691.28 points andthe junior market index dived 14.83 points to 2,198.19 as Lasco Distributors traded 1,061,249 units down to $7.
Trading at 10:45 am resulted in 26 securities changing hands, accounting for a volume of 2,127,681 shares. The average number of shares traded amounts to 81,834 units compared to 83,033 units on Tuesday.
Juniors end with 7 gains on Tuesday
The junior market closed on Tuesday higher with more stocks rising than declining. The market closed with 11 securities being active. The index closed 12.16 points higher at 2,213.02 as an equal number of 7 stocks advanced and 3 declined and with 1 closing at a new high. A total of 478,536 units traded, valued at $2,513,232.
A total of 5 stocks closed with bids higher than their last selling prices and 2 ended with a lower offer.
At the close, Access Financial Services had 5,000 units changing hands while rising 40 cents to close at $17.50, AMG Packaging closed with 2,746 units changing hands at $12.50, Caribbean Cream rose 5 cents with 26,684 shares changing hands to close at $7, Caribbean Producers traded 88,848 units at $3.26, with a 1 cent rise. General Accident traded 4,000 units at $2.40, after rising by 35 cents, Honey Bun had 37,260 shares changing hands, to close with a loss of 5 cents at $5.40, Jamaican Teas fell 15 cents and traded 6,000 shares to close at $3.15. Jetcon Corporation gained 5 cents while trading 6,247 shares to close at $2.60, KLE Group traded 2,300 units to close with a gain of 10 cents at $1.40. Knutsford Express closed with 316 units changing hands to end at $19 with a rise of $4, Lasco Distributors ended with 76,102 shares changing hands, to end 10 cents lower at $7.20 and Lasco Manufacturing rose 3 cents and closed at $5 with 223,349 shares trading.
Net FX inflows climb to $100m
Net inflows into the Jamaica’s foreign exchange market, rose by just under US$10 million on Tuesday, pushing the surplus since the end of June to US$102 million. In Tuesday’s trading, dealers bought US$51,197,988 while they sold US$41,592,069 compared to US$41,626,691 purchased and US$36,879,082 sold on Friday, of all currencies. The value for the Jamaican dollar rose against the major currencies.
In US dollar trading, dealers bought US$8 million more than they sold with buying amounting to US$47,968,704 compared to US$36,942,682 on Friday. The buying rate for the US dollar fell 15 cents to $125.74. A total of US$40,035,361 was sold versus US$30,736,441 on Friday, with the selling rate falling 7 cents to end at $126.49. The Canadian dollar buying rate declined by $1.02 to end at $93.02, with dealers buying C$1,653,128 and selling C$1,026,290, at an average rate that dropped $2.94 to $97.05. The average rate for buying the British Pound dipped 31 cents to $163.03 for the purchase of £1,389,791, while £514,598 was sold to end at $165.53, for a decline of 48 cents.
At the end of trading, the selling rate for the Euro, climbed by $1.39 to close at J$141.58 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.27 for a leap of $7.07. The US dollar equivalent of other currencies traded amounts to US$204,464 being bought, while US$95,810 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 gain of 80 cents in the highest buying rate of the Canadian Dollar to close at $98.30, a rise of $2.10 in the lowest selling rate to $91.10, while trading in the British Pound resulted in a gain of $1.35 in the highest buying rate to $168.65 and the lowest selling rate dropped $6.55 to end at $153.45.
Moderate trading on TTSE – Tuesday
The Trinidad and Tobago stock market closed on Tuesday with just 6 securities trading, after closing on Monday for the emancipation holiday. Trading resulted in 122,231 shares valued at $1,028,392 changing hands. The market closed with 2 stocks rising, 1 declining stocks and 3 remaining unchanged.
The Composite Index rose 0.51 points to close at 1,153.32, the All T&T Index gained 0.69 points to close at 1,811.35 and the Cross Listed Index inched up 0.04 at 65.95.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 7 with offers that were lower.
Gains| Firstcaribbean International Bank rose just 1 cent in trading 11,010 shares to end at $7 and Scotiabank ended with 2,000 shares changing hands to close with a 20 cents gain at $55.25.
Losses| Trinidad and Tobago NGL fell 1 cent to closed with 2,764 shares changing hands at $23.75.
Firm Trades| JMMB Group ended with 38,326 shares changing hands to close with at 64 cents, Massy Holdings had 175 shares changing hands to close at $56.73 and Prestige Holdings with 67,956 units with a value of $740,720 changing hands at $10.90.
JSE opens August positively
The Jamaica Stock Exchange closed on the first trading day of August with moderate gains in the market indices on Tuesday, but advancing stocks were just edged out losers. A total of 31 securities traded, with 11 rising, 12 declining, including 7 stocks, rising and 3 falling in the junior market, as the market continues to consolidate.
The JSE Market Index rose 101.94 points to end at 159,923.90 the all Jamaica Composite Index gained 114.00 points to close at 177,685.16 and the JSE combined index rose 219.30 points, to end at 171,046.97.
The market closed trading, with 2,798,225 units valued at $141,568,340 changing hands, in all market segments. The junior market accounted for 478,536 units traded, valued at $2,513,232 of all trades.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 11 stocks with bids higher than their last selling prices and 5 with lower offers.
At the end of market activities, Berger Paints traded 1,608 shares to end at $4.55, Cable & Wireless fell 2 cents in trading 149,674 shares to close at $1.15, Carreras rose 7 cents in exchanging 4,125 shares at $64.97, Grace Kennedy closed at $125 with 11,322 shares changing hands. Jamaica Broilers ended with 1,559,831 shares changing hands with a 49 cents gain to close at $15, Jamaica Producers gained 10 cents in trading 1,590 shares to end at $8.25. Jamaica Stock Exchange dropped 50 cents to end at $22 while trading 7,200 shares, JMMB Group fell by 5 cents in trading 34,044 units to end at $9.90, Kingston Wharves with 5,221 units changing hands, closed at $15.50. National Commercial Bank lost 45 cents with 14,133 units changing hands, to close at $42.05, Pan Jamaican traded 5,934 shares and fell 46 cents to end at $25.01. Radio Jamaica lost 15 cents to close at $1.40 after 6,990 shares changed hands, Sagicor Group ended with a fall of $1.10 while 41,845 shares changed hands at $21.40. Sagicor Real Estate Fund traded just 1,442 shares but rose 40 cents to close at $10.50. Supreme Ventures ended at $4.51, with 5,100 units changing hands, Proven Investments traded 50,250 units to close at 18 US cents for a fall of 1 US cent and Jamaica Money Market Brokers 7.50% preference share traded 417,560 units to close at $2.09.
No new taxes for Jamaicans
Collector of Taxes office, Constant Spring, Kingston.
Based on developments on the fiscal operations this fiscal year, it seems that government was well on the way to enjoying a bumper reaping in 2016/17 fiscal year of higher revenues and lower interest cost that seemed adequate to meet the proposed tax break of the tax free $1.5 billion.
With the first quarter revenues and expenditure in the data is confirming what I was saying and is indicating that the naysayers are far from as informed as some would want the public to believe. What the early data is suggesting is that the economy seems to be performing better than in recent past and more importantly, that there was no need for any new taxes for this fiscal year and none will be needed to fund the rest of the personal tax break to be effected in 2017/18.
The simple reason is, savings on interest cost, with lower interest rates on government debt and an 11 percent rise in revenues over the 2015 intake, equal to an 8 percent increase above budget for the current fiscal year, will translate to $46 billion in added revenues and interest savings over the planned amounts. That will be more than enough to fund the increase tax break to come and to do without the NHT special payment. But that is not all if positive economic growth continues into 2017 revenues will rise some more probably with an additional $30 billion.
What the data is showing, is that the country has been failing from lack of thinking outside familiar territory.