Remittance inflows for Jamaica slowed in August 2015 with inflows amounting to US$186 million, for an increase of just US$1.7 million over August last year but after accounting for outflows, net remittances were US$165 million, an increase of US$1 million or 0.7 percent compared to the corresponding period of 2014.
The growth in net remittance inflows reflected an increase in gross remittances, partially offset by an increase in remittance outflows, the country’s central bank reported.
Net remittances for calendar year to August 2015 were US$1.32 billion, representing growth of US$46 million or 3.6 percent versus the similar period of 2014. The outturn for the period, reflected an increase in gross inflows, which was partially offset by a growth in outflows, with total inflows being US$1.47 billion, representing an increase of US$49 million or 3.5 percent. Remittance inflows for the period were above the corresponding pre-crisis outturn for 2008.
The USA contributed US$919 million to inflows, the UK accounted for US$214 million, Canada $151 million, Cayman US$84 and other countries made up US$100 million of inflows for the period to August this year.
Remittance inflows slowed in August
It’s now $120.03 Jamaican to US$1
More funds flowed into the foreign exchange market on Friday but that did prevent the Jamaican dollar from losing value against the US, with the latest selling rate for the US dollar officially crossing the new landmark of $120, for the first time. The local currency made modest gains on the pound but slipped against the Canadian dollar.
The decline in the local currency which started in earnest in the mid to late 1970s and worsened in the 1990s, is coming from 77 US cents for j$1, back in late 1960s and has lost value as governments pursued ruinous economic and social policies, that led to high inflation, high interest rates, a mostly overvalued currency, flight of capital and closure of once viable enterprises. The poor policy decisions also led to a major collapse of the financial sector in the mid to late 1990s that ultimately heaped hundred of billions of dollars of debt on the country.
Funds purchased by dealers exceeded the amounts sold by $6 million. The equivalent of US$38,210,272 was purchased and the equivalent of US$32,468,928 was sold, compared with US$29,610,178 they purchased and US$30,889,097 sold on Thursday.
In US dollar trading , dealers bought US$34,482,286 compared to US$26,774,865 on Thursday.
The buying rate for the US dollar gained 18 cents to $119.50 and US$30,528,147 was sold versus US$29,627,807 on Thursday, the selling rate rose 4 cents to $120.03, The Canadian dollar buying rate fell 4 cents to end at $86.96 with dealers buying C$1,284,103 and selling C$857,019, at an average rate that rose 35 cents to $89.24. The rate for buying the British Pound climbed 98 cents to $177.77 for the purchase of £1,076,624, while £679,010 was sold, with the rate falling 2 cents to $179.32. At the end of trading, it took J$130.21 to purchase the Euro, a big jump of $3.37 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.54 for a rise of $3.33 from Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$439,193 being bought, while US$289,232 was sold.
Highs & Lows| The highest buying rate for the US dollar on Friday, gained 10 cents to $120.30 while the lowest buying, the highest and the lowest selling rates were unchanged at $98.66, $126.42 and $117 respectively. The highest buying rate for the Canadian dollar dropped $3.20 to end at $89.80, the lowest buying rate climbed 41 cents to $71.38, the highest selling rate fell $1 to $93 and the lowest selling rate remained at $85. The highest buying rate for the British Pound, fell 50 cents to end at $181. The lowest buying rate gained 42 cents to $144.84, while the highest selling rate fell $1.19 to $184.99 and the lowest selling rate rose by 50 cents to $173.50.
Heavy trading on JSE on Friday
NCB’s trades on Friday amounted to $90.6m
The JSE Market Index rose 365.33 points to 142,412.68, the all Jamaica Composite Index shot up 408.27 points to end at 158,110.49 and the JSE combined index climbed 497.86 points to end at 148,875.45.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 10 stocks with bids higher than their last selling prices and 3 with lower offers.
In trading, Berger Paints ended with 135,245 units trading at $3.15 after falling 45 cents, Cable and Wireless closed with 445,330 units changing hands down to $1.49 for a loss of 3 cents, Caribbean Cement closed trading at $17.01 having lost $1.49 with 8,054 shares changing hands. Carreras closed at $56 with 9,880 units trading.
Ciboney traded at an intraday 52 weeks’ high of 26 cents but ended at 23 cents with 763,857 shares changing hands, Desnoes & Geddes ended with 100,000 shares trading at $30, Gleaner Company traded at 100,000 shares and fell 30 cents to $1.40, Jamaica Broilers lost 10 cents in trading 124,557 shares, to close at $8.50. Jamaica Producers fell 50 cents to close at $31.50 with 24,145 units trading, JMMB Group gained 10 cents in trading 153,315 shares, to close at $10.35. Kingston Wharves traded 4,903,085 units to end at $11.30, with a gain of 10 cents, Mayberry investments ended with 294,647 shares changing hands at $4.70, National Commercial Bank ended back at $37.50 having traded at a 52 weeks’ high of $40 during the day and closed with 2,394,692 units changing hands. 
Pan Jamaican ended fell $2 with 930 shares trading, to finish at $92, Pulse Investments had 7,380 units changing hands to close at $2.50, Radio Jamaica lost 31 cents in trading 16,886 units at $4.50, Sagicor Group with 227,120 units ended at $16.70, Scotia Group had 885,356 shares changing hands at $27.18 to record an 18 cents gain. Scotia Investments had 5,400 units trading but fell $1 to end at $27, Supreme Ventures closed with 57,500 units changing hands, 20 cents higher at $4.90, Proven Investments ordinary share traded 124,217 units at 23 US cents and Jamaica Money Market Brokers 7.50% preference share rose 9 cents and ended trading 181,747 units at $1.90.
Junior market gains on Friday
Lasco Manufacturing traded the most on the junior market
At the close there was 1 security ending with no bid to buy and 9 securities had no stocks being offered for sale. A total of 3 stocks closed with bids higher than the last traded prices and 2 closed with lower offers. Two stocks closed at 52 weeks’ high.
In trading, Blue Power ended with 10,000 shares trading at $13.10 while it fell 41 cents to end at $13.10 as the company reported another disappointing quarterly result showing profits before tax for the latest quarter at $17 million compared to $23 million in the same period last year, a decline of 27 percent. C2W Music ended with 47,817 units changing hands at 39 cents after rising by 2 cents, Caribbean Cream lost 5 cents while trading 5,000 units to end at $4.05, Caribbean Flavours traded 676,403 units at a new 52 weeks’ high of $6.85 by adding 5 cents, Caribbean Producers traded 138,000 units to end at $5.60. Consolidated Bakeries ended with 96,845 shares changing hands to settle at $1.30 for a 7 cents rise, Derrimon Trading ended with 276,930 shares changing hands and closed with a gain of 5 cents at $3.50, Dolphin Cove had 11,038 units trading to settle at $16.03,
General Accident ended with 329,777 shares changing hands 1 cent higher at $1.96. Honey Bun trade at a 52 weeks’ high of $5.75 with 10,000 shares trading to close with a gain of 10 cents, Lasco Distributors closed with 648,685 shares changing hands at $4.10. Lasco Financial ended with a fall of 1 cent to close at $3 with 381,823 shares changing hands, Lasco Manufacturing lost 28 cents and closed at $3.22 with 1,825,227 shares trading, Medical Disposables lost 3 cents and closed at $3.52 with only 2,408 shares trading and Paramount Trading ended with 10,000 units changing hands with a rise of 36 cents to $8.96.
2 up 3 fall on TTSE – Friday
Sagicor Financial rose on TTSE
At the close, the Composite Index ended with a rise 0.01 points to 1,162.32 the All T&T Index inched up by 0.38 points to 1,957.98 and the Cross Listed Index fell 0.05 points to 48.21.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bids higher than the last selling price and 6 stocks with offers that were lower.
Gains| Clico Investment Fund posted just 5,790 shares and closed at $22.72 after rising by 3 cents and Sagicor Financial ended 5 cents higher with 26,613 units changing hands at $6.15.
Declines| JMMB Group traded 5,514 shares and lost 2 cents in closing at 47 cents,
Trinidad Cement ended at $4.68 after declining by 2 cents, with 13,637 units changing hands and Trinidad and Tobago NGL lost 1 cent, in trading 24,847 shares valued at $534,278, to close at $21.50.Firm Trades| Berger Paints traded 60 units at $3.67, First Citizens Bank traded 1,086 shares to close at $35, National Flour with 40,139 shares closed at $2.75, One Caribbean Media traded 1,353 shares at $22, and Republic Bank ended with 466 shares changing hands at $112.99 and Scotia Investments closed with 679 shares changing hands unchanged at $1.59.
JSE main market loses ground on Friday
Trading started off slowly on Friday with the first trade taking place after 15 minutes of trading had elapsed when traded JMMB Group traded 153,313 ordinary shares. By 10 am things changed markedly with 14 securities having traded. The main market indices fell but the junior market index rose as 34 securities changed hands after 75 minutes of trading with a volume of 2,412,865 units as 12 stocks gained and 11 declined.
At 11 am, the all Jamaica Composite Index is dropped 969.26 points to 156,732.96, the JSE Market Index fell 867.30 points to 141,180.05 the JSE combined index erased 596.04 points to be at 147,781.55 and the junior market index rose 24.96 points to 1,622.31.
Interesting trades, with 75 minutes having elapsed, are Cable & Wireless with 168,900 units and last traded at $1.46 for a 6 cents fall from Thursday’s last traded price, Carib Cement trading down to $16.55, Carreras at $59.95 with a gain of $3.95, Gleaner down to $1.45 as Mayberry tries to push out their holdings, a sign of a no confidence vote for the merger with Radio Jamaica, Scotia Investments with 1,000 units with the price falling from $28 to $24.01.
JSE jumps sharply on Thursday
Jamaica Producers closed at a new 52 weeks’ high of $32 on Thursday.
The JSE Market Index climbed 1,796.81 points to 142,047.35, the all Jamaica Composite Index shot up 2,008.04 points to end at 157,702.22 and the JSE combined index jumped 1,764.62 points to end at 148,377.59.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 11 stocks with bids higher than their last selling prices and 2 with lower offers.
In trading,
Berger Paints ended with 478,260 units trading at $3.60 after adding 9 cents, Cable and Wireless closed with 760,826 units changing hands at $1.52, Caribbean Cement closed trading at $18.50, with 18,695 shares changing hands. Carreras closed at $56 with 52,742 units trading, Ciboney closed at a 52 weeks’ high of 23 cents after gaining 2 cents with 65,930 shares changing hands, Desnoes & Geddes ended with 14,000 shares trading at $30, Gleaner Company traded at 105,031 shares and but fell 21 cents to $1.70, Jamaica Broilers rose 14 cents in trading 343,265 shares, to close at $8.60, Jamaica Producers climbed $2 to close at 52 weeks’ high of $32 with 5,197 units trading Jamaica Stock Exchange jumped $1.50 in trading 2,000 units to end at a 52 weeks’ high of $15.50, JMMB Group ended trading 737 shares, to close at $10.25. Kingston Wharves traded 8,079 units to end at $11.20, Mayberry ended with 318,784 shares changing hands at $4.70, after rising 41 cents, National Commercial Bank closed with 3,367,608 units changing hands at $37.50 with a loss of $1.50.
Pan Jamaican ended with 42,553 shares and jumped to $5 to a 52 weeks’ high of $95, Pulse Investments had 90,089 units trading at the price rose 32 cents to close at $2.50, Radio Jamaica lost 24 cents in trading 32,794 units at $4.81, Sagicor Group rose $1.20 with 555,102 units to end at $16.70. Scotia Group had 212,574 shares changing hands at $27, Scotia Investments had 57,245 units trading with a gain of 16 cents to end at $28, Seprod lost 1 cent in trading 22,794 units at $18.60. Supreme Ventures closed with 1,192,628 units changing hands at $4.70 with a 1 cent loss, Jamaica Money Market Brokers 8.750% preference share ended trading 348,115 units at $2.65.
Buoyant junior market on Thursday
Lasco Distributors traded by far the highest volume on Thursday
At the close there was 1 security ending with no bid to buy and 8 securities had no stocks being offered for sale. A total of 7 stocks closed with bids higher than the last traded prices and none closed with lower offers.
In trading, Access Financial Services ended with a bid to purchase 140,570 shares at $14 compared to the last traded price of $13.61, there was no trading in the stock on Thursday. AMG Packaging ended with 31,668 units changing hands at $6.05, Caribbean Cream lost 30 cents while trading 70,000 units to end at $4.10, Caribbean Producers rose by 10 cents, in trading 327,996 units to end at $5.60. Consolidated Bakeries ended with 74,323 shares changing hands to settle at $1.23, Derrimon Trading ended with 1,950 shares changing hands and closed at $3.45, Dolphin Cove had 99,951 units trading to settle 23 cents higher at $16.03, General Accident ended with 50723 shares changing hands at $1.95.
Jamaican Teas had 37,970 shares trading to close with a loss of 10 cents at $4.90, KLE Group ended with 70,000 units at 73 cents, Knutsford Express traded lost 10 cents in trading 14,700 units of $9.90, Lasco Distributors gained 4 cents and closed with 1,370,075 shares changing hands at $4.10. Lasco Financial ended with a gain of 1 cent to close at $3.01 with 523,151 shares changing hands, Lasco Manufacturing gained 20 cents and closed at $3.50 with 454,659 shares trading, Sweet River closed at $3.95 with only 444 shares trading and Derrimon Trading preference share ended with 82,000 units changing hands at $2.10.
Almost $120 Jamaican vs US – Thursday
The Jamaican dollar lost value against the US and the Pound on Thursday, with only 1 cents separating the latest selling rate for the US dollar from what would be new landmark of $120. The local currency made modest gains on Canadian dollar. Funds purchased by dealers were closely matched with the amounts sold.
The equivalent of US$29,610,178 was purchased and the equivalent of US$30,889,097 was sold, compared with US$29,557,919 they purchased and US$37,613,356 sold on Wednesday. In US dollar trading , dealers bought US$26,774,865 compared to US$25,882,409 on Wednesday.
The buying rate for the US dollar gained 5 cents to $119.32 and US$29,627,807 was sold versus US$35,819,736 on Wednesday, the selling rate rose 3 cents to $119.99. The Canadian dollar buying rate rose 10 cents to end at $87 with dealers buying C$1,227,415 and selling C$630,679, at an average rate that fell 70 cents to $88.89. The rate for buying the British Pound dropped $1.39 to $176.79 for the purchase of £1,076,624, while £508,977 was sold, with the rate rising 62 cents to $179.34. At the end of trading, it took J$126.84 to purchase the Euro, a fall of 36 cents from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$124.22 for a decline of 39 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$345,225 being bought, while US$33,379 was sold.
Highs & Lows| On Thursday, the highest buying rate for the US dollar fell 10 cents to $120.20 while the lowest buying,
the highest and the lowest selling rates were unchanged at $98.66, $126.42 and $117 respectively. The highest buying rate for the Canadian dollar jumped $2.53 to end at $93, the lowest buying rate fell 41 cents to $70.97, the highest selling rate jumped $1.98 to $94 and the lowest selling rate remained at $85. The highest buying rate for the British Pound, climbed $1.38 to end at $181.50. The lowest buying rate fell 58 cents to $144.42, the highest selling rate jumped $1.87 to $186.18 and the lowest selling rate declined by 80 cents to $173.
2 new highs on TTSE – Thursday
Witco closed at a 52 weeks’high on Thursday
At the close, the Composite Index ended with a fall of 29 points to 1,162.31 the All T&T Index fell by 0.24 points to 1,957.60 and the Cross Listed Index gained 0.05 points to 48.26.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bids higher than the last selling price and 5 stocks with offers that were lower.
Gains| Unilever Caribbean ended with 3,000 shares trading with a gain of 1 cent, for a new 52 weeks’ high of $68.18 and West Indian Tobacco ended with a gain of 8 cents to a 52 weeks’ high of $126.25 having traded just 45 units.
Declines| Agostini’s closed with 5,035 shares changing hands with a loss of 1 cent at $13.99, JMMB Group traded 400 shares and lost 1 cent in closing at 49 cents, Scotiabank closed with 713 shares changing hands, but fell 2 cents to $62.48. Trinidad Cement ended at $4.70 after declining by 4 cents, with 3,000 units changing hands and Trinidad and Tobago NGL lost 4 cents, in trading 24,407 shares valued at $546,270, to close at $21.51.
Firm Trades| Clico Investment Fund posted just 347 shares and closed at $22.69, First Citizens Bank traded 1,962 shares to close at $35, Grace Kennedy had 99,400 units changing hands valued at $372,750 at $3.75. National Enterprises with 20 shares changing hands at $16.39, One Caribbean Media traded 5,100 shares at $22, Prestige Holdings with 685 units changing hands ended at $10.10, and Republic Bank ended with 466 shares changing hands at $112.99 and Scotia Investments closed with 679 shares changing hands unchanged at $1.59.
