JMMB Group enjoyed a big jump in the total amount of managed funds being handled by the group in addition to the $223 billion that the group has on its balance sheet.
Off balance sheet funds jumped 51.2 percent to $58.8 billion, compared to J$38.9 billion for the prior year and is consistent with the Group’s strategy of moving assets off balance sheet as well as the dictates of the International Monetary Fund and the country’s Financial Securities commission. JMMB would be using the slate of Unit Trust as vehicles for shifting funds from on balance sheet to off balance sheet.
This trend is not peculiar to JMMB as other institutions have been on this path for some time. Effective October last year the Financial Services Commission, set a minimum amount for a retail repo. Currently the level is J$500,000 and US$5,000 and is scheduled to be increased on a phased basis to $1 million and US$10,000 by the end of December, this year.
JMMB stated in it release with the quarterly results to June that “the Group is now poised to expand its range of services in the Dominican Republic with the approval of its money market mutual funds”.
JMMB managed funds jump 51%
J$ trades relatively stable on Friday
Purchases by dealers of foreign currencies on Friday, resulted in the Jamaican currency selling rates being relatively stable. The market closed with dealers buying the equivalent of US$29,745,740 in contrast to US$39,692,814 on Thursday, while they sold the equivalent of US$28,648,727, previously US$37,409,650.
In US dollar trading , dealers bought US$27,282,457 compared to US$34,834,813 on Thursday. The buying rate for the US dollar fell 6 cents to $116.83 and US$27,192,334 was sold versus US$35,232,533 on Thursday, the selling rate increased 1 cent to $117.44. The Canadian dollar buying rate fell just 2 cents to $87.56 with dealers buying C$1,050,607 and selling C$777,391, at an average rate that rose 7 cents to $89.84. The rate for buying the British Pound dropped 31 cents to $180.43 for the purchase of £981,454, while £471,119 was sold, at an average rate that dipped 16 cents to $182.46. At the end of trading, it took J$130.67 to purchase the Euro, with a decline of 71 cents on Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.12 for a fall of 59 cents on Thursday’s rate. Other currencies bought, amounted to the equivalent of US$160,191, while the equivalent of US$129,744 was sold.
Highs & Lows| The highest and lowest buying rates, the highest and lowest selling rates for the US dollar,were unchanged at $117.60, $96.19, $123.26 and $96.15 respectively. The highest buying rate for the Canadian dollar declined 90 cents to $90.10. The lowest buying rate remained at $71.63, the highest selling rate lost 16 cents to $92.34 and the lowest selling rate rose 70 cents to $87. The highest buying rate for the British Pound, was unchanged at $183.20, the lowest buying rate rose just 5 cents to $147.33, the highest selling rate climbed $3 to $189.92 and the lowest selling rate grew $2 to $178.
Clico traded $34m shares on TTSE
Trading on the Trinidad & Tobago Stock Exchange saw $35 million worth of stocks trading and ended with 9 securities changing hands with 2 stocks rising, 1 declining and 6 traded with prices unchanged as a total of 1,623,705 shares traded, valued at $35,006,596.
At the close of the market, the Composite Index gained 0.26 points to 1,151.05, the All T&T Index rose 0.44 points to 1,958.36 and the Cross Listed Index added 0.01 point to end at 45.09.
Gains| National Enterprises increased 4 cents to end at $17.09 with 556 shares changing hands and Scotia Investments was the volume leader with 50,000 shares changing hands 1 cent higher at $1.51.
Declines| Massy Holdings traded 118 units, 3 cents lower at $63.05.
Firm Trades| Clico Investment Fund traded 1,534,780 shares valued at $34,547,898 to close at $22.51, Firstcaribbean International Bank added 5,000 shares at $6, Grace Kennedy ended with 17,789 units changing hands at $3.50, National Flour Mills traded 3,000 shares to close at $2.10, Sagicor Financial Corporation added 12,697 shares to end at $6 and Scotiabank traded 3,365 shares unchanged at $62.31.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 6 stocks with offers that were lower.
Junior market slips on Friday
The JSE junior market fell on Friday with 3 stocks rising and 3 declining including one stock that closed at a new all-time high at the close, 6 securities traded resulting in units valued at $3,010,668 changing hands. The market fell 8.76 points to close at 1,028.38.
The market ended with 5 securities closing with no bids to buy, while 8 had no stock being offered for sale and 3 stocks closed with bids higher than the last traded prices and only 1 with the offer being lower.
Stocks trading are, Caribbean Cream traded 27,315 units, to close at $1.82 as the price slipped 18 cents. Caribbean Flavours traded 5,000 units unchanged at $2.82, Lasco Distributors closed with 104,100 units trading, 20 cents higher at a new all-time high of $2. Lasco Financial Services traded 17,300 units to close at $1.90 after rising 10 cents, Lasco Manufacturing with 143,129 units changing hands, closed at $1.80 for the loss of 15 cents and Paramount Trading ended with 1,000 shares changing hands, with a gain of 25 cents, to end at $6.
More gains for JSE Friday morning
The Jamaica Stock market made moderate gains in the morning session, after 90 minutes of trading, in the process the All Jamaica Index trades at 113,267.30 to rise 111.29 points, JSE Market Index rose 99.57 points to 102,371.63. The combined index gained 96.81 points to be at 105,839.17 and the junior market index was at 1,037.47 rising 0.33 points.
Gleaner Company traded at 99,000 shares at $2.73 in the morning session while the Jamaica Stock Exchange traded 14,875 units at a new all-time high of $8.30, for an increase of $1.29.
A total of 15 securities with a volume of only 365,925 units have traded with 5 stocks declining versus 6 that rose. There is trading of 2 securities in the junior market.
J$ trade mix on Thursday
Purchases by dealers of foreign currencies on Thursday, resulted in the Jamaican currency selling rates being mixed with the locally currency slipping just 2 cents versus the dominant US dollar. The market closed with dealers buying the equivalent of US$39,692,814 in contrast to US$34,248,600 on Wednesday, while they sold the equivalent of US$37,409,650, previously US$42,427,499.
In US dollar trading , dealers bought US$34,834,813 compared to US$31,335,438 on Wednesday. The buying rate for the US dollar rose 11 cents to $116.89 and US$35,232,533 was sold versus US$41,081,381 on Wednesday, the selling rate increased 2 cents to $117.43. The Canadian dollar buying rate fell 45 cents to $87.58 with dealers buying C$1,047,913 and selling C$870,233, at an average rate that declined 15 cents to $89.78. The rate for buying the British Pound climbed 53 cents to $180.74 for the purchase of £2,559,153, while £816,276 was sold, at an average rate that climbed 2 cents to $182.62. At the end of trading, it took J$131.38 to purchase the Euro, with a rise of $1.69 on Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.70 for a rise of $1.54 on Wednesday’s rate. Other currencies bought, amounted to the equivalent of US$115,598, while the equivalent of US$242,327 was sold.
Highs & Lows| The highest buying rate for the US dollar, gained 5 cents to $117.60, the lowest buying rate rose 4 cents to $96.19, the highest selling rates climbed 5 cents to $123.26 and the lowest selling rate remained at $96.15. The highest buying rate for the Canadian dollar rose 70 cents to $91. The lowest buying rate rose 54 cents to $71.63, the highest selling rate lost 50 cents to $92.50 and the lowest selling rate slipped 60 cents to $86.30. The highest buying rate for the British Pound, was unchanged at $183.20, the lowest buying rate rose $1.03 to $147.28, the highest selling rate dived $2.47 to $186.92 and the lowest selling rate dropped $1.50 to $176.
1 stock fell on TTSE none gained
Trading on the Trinidad & Tobago Stock Exchange continued to be low-keyed and ended with 9 securities changing hands on Thursday with no stock rising, 1 declining and 8 traded with prices unchanged as a total of 192,236 shares traded, valued at $4,573,619.
At the close of the market, the Composite Index remained at 1,150.79, the All T&T Index is unchanged at 1,957.92 and the Cross Listed Index ended unchanged at 45.08.
Declines| Clico Investment Fund traded 52,125 shares valued at $1,173,334 at $22.51.
Firm Trades| Angostura Holdings with 87,735 shares changing hands for a value of $1,228,290, close at $14, ANSA McAL contributed 6,130 shares with a value of $412,243 and closed at $67.25, while Ansa Merchant Bank traded 1,750 units at $38.95, First Citizens Bank closed at $35 with 36,856 shares changing hands for $1,289,960. Grace Kennedy ended with 1,250 units changing hands at $3.50, Massy Holdings traded 23 units at $63.08, Republic Bank added 3,367 shares valued at $387,103 to end at $114.97 and Trinidad Cement traded 3,000 shares at $2.90.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 5 stocks with offers that were lower.
Juniors make moderate gain
The market ended with 5 securities closing with no bids to buy, while 6 had no stock being offered for sale and 4 stocks closed with bids higher than the last traded prices and only 3 with the offer being lower.
Stocks trading are, Access Financial Services traded 100 shares to close at $19 with a gain of 88 cents, AMG Packaging closed at $3.65 with 2,114 units changing hands, Blue Power closed with 1,000 units changing hands and lost $1.22 to close at $12.28. Caribbean Cream traded 63,793 units, to close at $2. Caribbean Producers traded 13,489 units for a 10 cents gain at $2.70, Derrimon Trading ended with 11,746 shares changing hands, lost 25 cents to $2.20, Honey Bun with 4.450 shares changing hands, closed with a gain of 40 cents at $3.40, for a 52 weeks’ high. Jamaican Teas had 1,000 shares trading, to close at $3.53, the stock closed with an offer to sell at $3.50, Lasco Distributors closed with 1,229,090 units trading, 4 cents higher to $1.80, Lasco Financial Services traded 38,137 units to close at $1.80 after falling 10 cents and Lasco Manufacturing with 256,367 units changing hands, closed at $1.95 for the loss of 5 cents.