Remittance inflows into Jamaica for February this year, climbed 7.3 percent to US$180 million for an increase of US$12 million compared to the corresponding month in 2015, while net remittances totalled US$161 million, representing an increase of US$12 million or 8 percent.
The expansion in net remittances for the month is a result of the increase in gross remittances, which was partially offset by a marginal expansion in remittance outflows from US$18.7 million to US$19 million.
For the two months period, total remittance inflows were US$340 million, representing an increase of US$6 million or 1.9 percent, while net remittances grew by just US$2.6 million to US$299 million after accounting for outflows moving from US$37.6 million in 2015 to US$41.3 million this year. The increase in February comes against the background of a fall in inflows of 3.6 percent in January, over the same period in 2015.
Jamaica could lose some flows from Britain, with the pound having fallen from around the 1.50 level to the US dollar for a great part of 2015, to just over 1.30 now. For 2015, according to data from Jamaica’s central bank (Bank of Jamaica), remittances from the UK amounted to US$347 million, as such this year’s fall in the pound could cut inflows from the UK by US$25 to US$30 for 2016 and as much as US$50 million in a full year, if the rate remains depressed.
Jamaica’s remittances up 7%
IMF predicts 1.7% growth for Jamaica
Growth is projected to increase over the medium term, the International Monetary Funds (IMF) is projecting for Jamaica.
According to the Fund in their review of Jamaica performance under the IMF agreement “Growth for Financial year 2016/17 is revised down to 1.7 percent, largely reflecting the slower-than-expected increase in investment. Agricultural recovery is expected to contribute to a third of the real growth for the fiscal year, in addition to a recovery in manufacturing and sustained growth in BPO, tourism, and trade. Over the medium term, growth is projected to gradually rise to around 2¾ percent, as large transportation and energy infrastructure projects come to fruition and planned structural reforms raise private investor confidence and investment.”
Stocks still hitting lows on TTSE
The Composite Index advanced by 1.20 points or to close at 1,128.99, the All T&T Index rose 2.38 points to close at 1,789.13 and the Cross Listed Index remained at 62.36.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 5 stocks with bids higher than their last selling prices and 6 with offers that were lower, suggesting there are more declines in a number of stocks to come.
Gains| First Citizens Bank closed trading with 2,410 shares and gained $1.10 to end at $33.75, Guardian Holdings gained 5 cents to close at $12.80, with 7,700 shares changing hands, Point Lisas traded 5,000 shares and gained 1 cent, to end at $3.70 and West Indian Tobacco gained 1 cent in trading 4,000 shares at $126.29.
Losses| Guardian Media traded 1,064 shares at a 52 weeks’ lows of $19.70 after falling 5 cents. Massy Holdings dropped 50 cents to close at $55.25, with 44,926 shares with a value of $2,482,177 changing hands and Republic Financial Holdings ended with 16,460 shares valued at $1,765,170 to close at a 52 weeks’ low of $107.24 with a loss of 1 cent.
Firm Trades| Angostura Holdings ended with 6,689 shares changing hands to end at $12.90, Clico Investments ended with 4,177 shares changing hands to end at $22.68, JMMB Group traded 38,264 shares at 60 cents, National Enterprises closed with 215 shares changing hands at $10.98. National Flour ended with 18,285 shares changing hands to close at $2.30, Sagicor Financial traded 4,066 units at $7.14, Scotiabank closed at $53.85 with 497 shares traded, Trinidad and Tobago NGL closed at $22.25 with 8,689 units changing hands and Trinidad Cement 6,940 units at $3.42.
Juniors close flat on Friday
The junior market closed trading on Friday with 16 active securities as the volume amounted to 1,686,917 shares valued at $7,442,746 changing hands. At the close the junior market index fell by a mere 0.13 points to 2,215.63. Only 2 stocks advanced and 7 declined.
At the end of trading 5 stocks closed with the bids higher than their last selling prices and 2 ended with lower offers.
At the end of trading, CAC 2000 traded 350 units and rose 35 cents to end at $6.95, Caribbean Flavours traded 12,682 shares at $7, Caribbean Producers had 15,900 units trading to close at $4, Consolidated Bakeries traded 38,000 units to end at $1.85. C2W Music end trading with 7,019 shares at 34 cents, Dolphin Cove traded 24,218 units at $11.60, General Accident traded with the loss of 4 cents at $2.06, with 3,400 shares changing hands, Honey Bun gained 10 cents to close at $5.80 with 34,568 units changing hand. Iron Rock Insurance closed at $3.20 with 59,000 units changing hands, Jamaican Teas ended with 96,271 shares but lost 40 cents to close at $3.40, Jetcon Corporation closed trading with 138,928 shares, to end at $2.65, Lasco Distributors traded 67,216 units to end with a loss of 30 cents, at $7.50. Lasco Financial closed with a fall of 5 cents at $3.39, with 321,690 shares changing hands, Lasco Manufacturing lost 1 cent to close at $5 with 810,020 shares trading, Medical Disposables traded 11,500 shares to close at $3.50 after shedding 10 cents, Derrimon Trading 11.75% preference share traded 46,155 units but lost 6 cents to close at a 52 weeks’ low of $2.08.
Slow JSE trading early Friday
Trading, early Friday morning on the Jamaica Stock Exchange has been slow and moderate with Sagicor Group in trading 447,579 at $23 being the volume leader followed by Caribbean Cement in exchanging 250,000 shares at $22.
Cable & Wireless with 87,517 units trading at $1.23 and Iron Rock Insurance that traded 59,000 shares at $3.20. Iron Rock still has 4,616,395 units on the bid to buy at $3.20. Jamaica Stock Exchange 31,416 shares that is in the news today with the chairman indicated that the board is discussing the possibility of a stock split traded 12,500 units at $20.80, 5 cents higher that Thursday’s closing price, Jetcon Corporation has bids to buy 209,805 shares at $2.65, after it traded 49,096 units up to $2.70.
Trading resulted in activity in 23 securities, accounting for a volume of 1,039,390 shares compared to as 8 stocks gained and 7 declined. The average number of shares traded amounts to 45,191 units compared to an average of 27,480 units on Thursday.
After 80 minutes of trading in the early morning session, on Friday, the all Jamaica Composite Index fell 29.36 points to 177,572.47, the Jamaica Stock Exchange Market Index dipped 26.26 points to 159,823.16, the Jamaica Stock Exchange combined index rose 132.26 to close at 171,140.00 points andthe junior market index rose 15.18 points to 2,230.94.
Jamaican$ loses against all – Thursday
The Jamaica dollar lost further ground against the United States currency at the close of trading on Thursday as inflows and outflows were even. The local dollar also lost ground against the Pound sterling and the Canadian dollar.
The foreign exchange market closed with dealers buying the equivalent of US$1.3 million more than the amount sold in all currencies, with the total bought by dealers amounting to US$31,582,310 while they sold US$30,242,351, in contrast to US$37,426,947 purchased and US$39,435,110 sold on Wednesday.
In US dollar trading, dealers bought US$27,930,127 compared to US$32,918,142 on Wednesday as the buying rate for the US dollar fell 12 cents to $125.48. A total of US$27,904,144 was sold versus US$36,555,517 on Wednesday with the selling rate rising 5 cents to $126.23. The Canadian dollar buying rate rose 92 cents to end at $95.56 with dealers buying C$704,381 and selling C$628,384, at an average rate that climbed 49 cents to $99.19. The average rate for buying the British Pound jumped $1.02 to $183.34 for the purchase of £2,059,196, while £1,213,267 was sold, with the rate climbing 26 cents to $184.68.
At the end of trading, the selling rate for Euro, gained 22 cents to close at J$142.36 from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.58, for a rise of 42 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$107,087 being bought, while US$69,491 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Thursday, include, a rise of 94 cents in the lowest selling rate of the US dollar to close at $103.64, a rise of $1.65 in the highest buying rate of the Canadian Dollar to $100, a rise of $1.60 in the highest buying rate of the British Pound to $187.30 and a rise of $3.30 in the lowest selling rate to end at $175.30.
Big hit for juniors on Thursday
The junior market closed trading on Thursday with 14 active securities, while the junior market index fell 26.36 points to 2,215.76 as 5 stocks advanced and 4 declined. Market volume ended at 1,048,182 shares valued at $1,996,575 changing hands.
At the end of trading 5 stocks closed with the bids higher than their last selling prices and 2 ended with lower offers.
At the end of trading, AMG Packaging gained 12 cents and closed with 3,708 shares changing hands at $13.12, Caribbean Cream traded 4,736 units, to end at $5, Caribbean Producers had 6,680 units trading with a fall of 35 cents to close at $4, Consolidated Bakeries traded 6,700 units to end at $1.85. C2W Music fell 7 cents in trading 695,257 shares at 34 cents, Dolphin Cove eked out a gain of 10 cents while trading 1,799 units at $11.60, General Accident traded unchanged at $2.10, with 9,284 shares changing hands, Honey Bun gained 20 cents to close at $5.70 with 4,000 units changing hand. The bid on the stock was at $5.76 at the close, to buy 2,000 units. Jetcon Corporation closed trading with 1,557 shares and gained 14 cents, to end at $2.65, Lasco Distributors traded 16,280 units to end with a loss of 10 cents, at $7.80, Lasco Manufacturing gained by 1 cent to close at $5.01 with 254,504 shares trading. Medical Disposables traded 16,614 shares to close at $3.50 after shedding 10 cents, Paramount Trading ended with 2,000 shares changing hands at $11 and tTech ended with 25,063 units changing hands, to close at $4.