Prices mostly slipped in trading on the Jamaica Stock Exchange on Wednesday as the prices of 4 stocks rose and 7 declined with 20 securities changing hands resulting in 9,278,096 shares trading valued at $66,160,539.
Main Market| The JSE Market Index fell 200.04 points to 70,481.87 and the JSE All Jamaican Composite index moved down by 223.69 points to close at 77,519.73.
Gains| Stocks recording gains at the end of trading in the main market are Carreras with 202,600 shares to close with a gain of $1.15 at $35.25, Grace Kennedy with 257,606 units to close with a gain of $2.80 at $57.80 but all but 750 units traded between $54 and $54.02, and Kingston Wharves 6,450 shares to close with a gain of 20 cents at $5.20.
Firm| The stocks in the main market to close without a change in price are Cable & Wireless with 1,949,255 shares in closing at 29 cents, Desnoes & Geddes 30,000 units and closed at $4.50, Jamaica Money Market Brokers 1,017,350 ordinary shares to close at $7, Radio Jamaica with 2,065 units and closed at $1.29, Sagicor Real Estate Fund had activity in 32,470 units to close at $6 and Scotia Group traded 113,859 units and closed at $19.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 160,704 units and closed at $3.02 and Proven Investments 8% preference share had 2,800 units changing hands to close at $5.08.
Declines| The stocks that declined in the main market are Jamaica Broilers with 2,583,282 units to close 3 cents lower at $4.57, National Commercial Bank traded only 4,750 shares and fell 83 cents to $17.60, the stock rose on the Trinidad market to the equivalent of $19.60 as increased demand in that market has moved the price up in recent days. Sagicor Group had activity in a total of 1,390,430 shares as the price slipped by 5 cents to $9, Scotia Investments traded 405,125 shares with Scotia Investments brokering the sale of all, with the exception of 125 units, with the price dropping 60 cents, to $21.50 and Supreme Ventures had just 2,500 units trading with a 5 cents drop in price, to end at $1.95.
Junior Market| The JSE Junior Market Index declined by 0.36 points to close at 716.59 as only 4 stocks traded with 1 advancing and 2 declining.
Gains| Caribbean Producers traded 210,909 shares to close with a gain of 44 cents at $2.99 as the only stock to gain in price at the end of trading in the junior market.
Firm Trades| Lasco Financial was the only stocks in the junior market that traded to close at the same price as the trading day before as 10,000 units traded to close at $1.
Declines| Stocks declining in the junior market at the end of trading are General Accident Insurance with 60,727 units changing hands to close 3 cents lower at $1.37 and Lasco Manufacturing with 835,214 shares to close 5 cents lower at $1.05.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator showed 6 stocks with the bid higher than the last selling price and 5 stocks with offers that were lower.
Prices mostly eased on the JSE
Republic Bank up $1 on TTSE
Republic Bank closed with a gain of $1 to hit a new 52 weeks high in trading on the Trinidad stock market on Wednesday, on a day when there were three new 52 weeks highs and one low. 15 securities traded of which 4 advanced 2 declined and 9 traded firm with 93,307 stocks changing hands with a value of $3,580,961.
The Composite Index rose 2.12 points to close at 1,169.02, the All T&T Index added 3.33 points to close at 2,016.16 and the Cross Listed Index moved up by 0.12 points to end at 42.14 points.
Gains| Stocks increasing in price at the close, are IC Insider’s buy rated Massy Group (formerly Neal & Massy Holdings) in contributing 7,755 shares with a value of $535,443, the price was up 10 cents to close at a new 52 weeks high of $69.05, while National Commercial Bank (NCB) closed at $1.13 while gaining 2 cents and trading 5,044 units, One Caribbean Media traded only 110 units to close with a gain of 9 cents at $23.11, a new 52 weeks high and IC Insider’s buy rated Republic Bank gained $1 to close at a new 52 weeks high of $122 with 21,000 shares traded for $2,562,000.
NCB in closing at $1.13 in Trinidad or J$19.60 equivalent, was trading well above the price in the Jamaican market at $17.60.
Declines| The stocks declining at the end of trading are Sagicor Financial with 300 shares to close with a 2 cent fall to $6.66 and Scotiabank with 1,000 shares traded, to close lower by 10 cents at $69.25 for a new 52 weeks low.
Firm Trades| Stocks closing with prices unchanged at the end of trading are ANSA McAL 22 units to close at $66.29, First Citizens Bank with 6,981 shares valued at $244,340 and closed at $35, Firstcaribbean International Bank 217 shares to close at $5, Guardian Holdings with 4,335 units to close at $14.30, Grace Kennedy 1,287 shares to close at $3.41, National Enterprises with 1,207 units to close at $18.76, National Flour Mills with 650 shares and closed at $1 and Praetorian Property Mutual Fund which traded just 102 shares to close at $3.55 and Scotia Investments with 43,297 shares changing hands for a value of $67,110 closed at $1.55.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.
Huge change in Jamaica’s CARICOM non-fuel trade
While imports from CARICOM for the first quarter of 2014 rose over the similar period in 2013, the figures mask the huge progress Jamaica made in in the non-fuel trade balance with Caricom partners. The value of nonfuel imports from CARICOM fell in the first three months of 2014 while exports jumped, albeit from a low level. Imports fell to US$64 million from US$73 million in the comparable 2013 period and exports jumped 63 percent or $11 million to US$29 million, a $20 million improvement in the trade balance excluding fuel. Manufactured Goods valued at US$13.6 million was the major contributor to this increase in exports. Food valued at US$7.6 million, Beverages & Tobacco at US$2.2 million and Miscellaneous Manufactured Articles at US$1.8 million constituted the major commodity groups exported to CARICOM, the report from the Statistical institute of Jamaica stated.
Notwithstanding the improvement in the non-fuel imports, total mported items from Caricom rose to US$207 million for the quarter, US$44 million more than the US$163 million recorded for 2013.
Imports of Mineral Fuels, increased during the current 2014 period to US$143 million increasing by US$53 million moving from US$90 million.
Columbia will win 2014 world cup
The 2014 world cup will end up in South America, but it won’t go to Jamaicans beloved Brazil or their second love Argentina. 
Jamaican dream of seeing their first and the second choice teams win the world cup football seems set to be shattered unless something miraculous happens. Neither of these teams have found the critical element to score enough goals and even if they do, there are serious questions about their ability to defend their goal. Brazil scored 9 goals so far and conceded 3, while Argentina scored 7 and gave up 3, that equates to 1 net goal per match for Argentina and 1½ for Brazil. Holland scored 12 goals and gave up 4 for a net score of two per match, France scored 10 goals for and two against for 1½ per match in their favour and Germany had a net goal score of 5 with 8 for and 3 against. Columbia scored 11 with 2 against, for just over two per match. Costa Rica the giant killers scored 5 with 2 against. IC Insider that forecasted all the winners in the quarter finals is now forecasting that the 2014 world cup winner will be Columbia.
Costa Rica should bow up when they play Holland, thus ending their dream run. Columbia will beat Brazil and Belgium will beat Argentina, France will put Germany out to pasture.
J$112.26 to buy the US dollar
In Forex trading the total inflows of funds was slightly higher than outflows, with the equivalent of US$34,797,225 purchased, to US$33,786,541 sold compared to the equivalent of US$43,468,700 bought and $39,107,616 sold on the previous trading day.
In US dollar trading, dealers bought US$30,303,191 compared to US$36,202,132 on Monday as the buying rate for the US dollar increased by 14 cents to $111.66 and sold US$31,522,303 versus US$32,694,269 on Monday with the rate closing up 6 cents at $112.26.
The Canadian dollar buying rate fell 43 cents to $103.36 with dealers buying C$1,447,974 and selling C$964,815 as the rate declined by 71 cents to end at $105.01.
The Pound closed at $189.51 for the purchase of £1,649,198, the rate rose 32 cents, while £684,741 was sold, with the rate climbing by 12 cents to $192.02. Other currencies bought, amounted to the equivalent of US$354,670 while selling accounted for the equivalent of just US$190,442.
Highs & Lows| The highest rate for buying the US dollar rose 10 cents to $112.80, the lowest buying rate was unchanged at $91.02, the highest selling rate rose 54 cents to $117.17 at the end of trading but the lowest selling rate rose $18.69 to $109.50.
The highest buying rate for the Canadian dollar rose 15 cents to $105.70, in the meantime the lowest buying rate rose 46 cents at $83.29, the highest selling rate rose by 37 cents to $107.37 and lowest selling rate climbed 55 cents to $100.35.
The highest buying rate for the British Pound increased $1.50 to $194 while the lowest buying rate inched up $1.04 to $153.18. The highest selling rate rose by $1.34 to $197.47 and the lowest selling rate was up $1.25 to $184.55.
JMMB trades 7m shares to dominate market
In Tuesday’s trading on the Jamaica Stock Exchange the prices of 7 stocks rose and 5 declined as only 22 securities changing hands resulting in 14,400,334 shares trading valued at $123,719,282 as Jamaica Money Market Brokers traded over 7 million shares just less than 50 percent of the volume traded.
Main Market| The JSE Market Index fell by 56.67 points to 70,681.91 and the JSE All Jamaican Composite index moved down by 63.36 points to close at 77,743.42.
Gains| Stocks recording gains at the end of trading in the main market are Carreras with 61,899 units changing hands as the price gained 10 cents to end at $34.10, Jamaica Money Market Brokers with 7,052,081 units valued at $49,364,267 closed with a 20 cents gain at $7, the stock was mostly sold by Scotia Investments as brokers with the bulk being purchased by Pan Caribbean Financial Services as broker. Jamaica Producers Group stock price rose by $1.25 to close at $18.25 while 40,000 shares changed hands, National Commercial Bank enjoyed trading in 367,210 shares and the price recorded a gain of 43 cents to close at $18.43, Pan Jamaican Investment saw trading in 100,200 units with the price moving up by 50 cents to close at $49 and Sagicor Group traded 3,132,393 units with a value of $28,390,047 as the price rose 5 cents to $9.05.
Firm| The only stocks in the main market to close without a change in price are Grace Kennedy with 391,782 shares valued at $21,367,330 while closing at $55, Jamaica Broilers Group with 3,744 units to end at $4.60, Mayberry Investments 7,040 units at $1.46, Sagicor Real Estate Fund with 103,210 to close at $6 and Scotia Group 25,000 shares to close at $19.
Preference share| Jamaica Money Market Brokers 7.50% preference share traded 8,244 units to close at $2 and Jamaica Money Market Brokers 8.75% preference share traded 110,996units to close at $3.02.
Declines| The number of stocks that declined in the main market are Berger Paints with 22,262 units as the stock lost a cent to close at $1.65, Cable & Wireless with 72,000 shares while losing 2 cents to end at $0.29, Caribbean Cement 2,650 shares as the price fell 30 cents to end at $2.20 and Desnoes & Geddes with 704,916 units with a cent down to end at $4.50.
Junior Market| The JSE Junior Market Index declined by 4.05 points to close at 716.95 as only 5 stocks traded with 1 advancing and 1 declining.
Gains| The only stock gaining at the end of trading in the junior market was C2W Music with 1,500 shares as the price inched up a cent to close at $0.43.
Firm Trades| Stocks in the junior market that traded to close at the same price as the previous rading day are Jamaican Teas with 52,007 units to close at $3.25, Lasco Distributors with 20,000 shares and closed at $1.30 and Lasco Financial traded 26,000 units to close at $1.
Declines| Caribbean Producers traded 2,095,200 shares as the price slipped 15 cents to end at $2.55 and was the only stock declining in the junior market at the end of trading.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than the last selling price and 4 stocks with offers that were lower.
NCB & Scotia Investments in demand
There are good signs of increased interest in the shares of National Commercial Bank and Scotia Investments with the former rising today, and the latter having demand in excess of the supply in the market, at the end of Tuesday’s trading.
Trading levels on the Trinidad stock market was moderate but with 14 securities changing hands of which 3 advanced 3 declined and 8 traded firm. A total of 344,973 units changed hands with a value of $3,701,591. The Composite Index rose 0.31 points to close at 1,166.90, the All T&T Index fell by just 0.08 points to close at 2,012.83 and the Cross Listed Index increased by a mere 0.09 points to end at 42.02.
Gains| Stocks increasing in price at the close are Clico Investment Fund with the stock price being up by 5 cents to end at $21.55 while trading 106,618 shares valued at $2,297,618, National Commercial Bank traded 5,500 units to close 2 cents higher at $1.11 and Unilever traded 1,024 units to close at $62.30 as the price gained 5 cents as it closed at a new 52 weeks high.
Declines| The stocks declining at the end of trading are Flavorite Foods that fell 95 cents to close at a new 53 weeks low of $5.75 with 2,000 shares traded, Grace Kennedy closed at $3.41 for a 4 cents fall, with 2,000 shares traded and Sagicor Financial Corporation with 6,500 shares changing hands, closed with a decline of 1 cent at $6.68.
Firm Trades| Stocks closing with prices unchanged at the end of trading are ANSA McAL with 8,100 shares valued at $536,915 to end at $66.29, Firstcaribbean International Bank with 3,000 units to close at $5, First Citizens Bank with 13,138 shares traded for $459,866 and closed at $35, Guardian Holdings contributed 10,073 shares worth $144,044 to end at $14.30, Jamaica Money Market Brokers with 185,000 shares changing hands for a value of $83,250, closed at 45 cents, Republic Bank contributed only 13 units as the price closed unchanged at $121 and Scotia Investments traded 437 units to close at $1.55 but demand for 29,563 shares with a bid of $1.55 and an offer of 13,500 units at $1.69 suggest that the price could rise in the short term.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.
Wipe out of Ja fiscal deficit seems likely
With two months out of the 2014/15 fiscal year reported on, the Peter Phillips led Ministry of Finance seems set to again report a wipe out of the fiscal deficit at the end of the fiscal year that ends in March 2015. The budget had suggested a deficit of just over $11 billion. So far there is a $5 billion improvement in the deficit to May with a $2.1 billion improvement in revenues and a $2.9 billion cut in expenditure with capital expenditure accounting for $1.5 billion of the expenditure reduction,but it would be the buoyancy of the revenues that would have been pleasing to the Minister. The country in the past has seen impressive performances in the early months of the financial year only to be face with cuts in expenditure later, as revenues failed to meet the targets set. It will not be clear if the current revenue trend continues, the next few months to come will paint a clearer picture of the likely outturn.
Total revenues which were projected at $52 billion ended at $54 billion and expenditure of $69.6 billion came in at $66.7 billion instead. $752 million less was spent on the wage bill and $676 on programs. Tax revenues brought in $1.87 billion more than projected. The deficit ended at $12.6 billion versus $17.6 billion projected.
Imports drop, exports drop
Devaluation of the local currency since the start of 2013 that should be helping move exports upwards had no visible impact on overall exports of goods in the first quarter of this year compared with 2013, it however, could be impacting imports somewhat as imports have fallen partially as a result. Jamaica imported US$1.412 billion </a>of goods down from US$1.647 billion imported in the January to March quarter last year, representing a reduction of US$235 million or 14.3 percent.
Exports on the other hand came in at US$358 million, down from US$469 million in the 2013 quarter. The decrease in exports was US$111 million or 23.6 percent and is due mainly to a fall in Alumina exports which fell from US$236 million in the comparable 2013 period to US$105 million this year. The merchandise trade deficit for the quarter ended at US$1.054 billion compared to US$1.178 billion in the similar quarter of 2013. The information was released by the Statistical Institute of Jamaica today.
Imports| Non-fuel imports during March 2014 quarter declined by US$176 million or 16 percent versus 2013 ending at US$907 million, down from US1.08 billion in the 2013 period. Mineral Fuels, declined by US$59 million or 10.5 percent. Imports of Raw Materials/Intermediate Goods decreased from US$1.11 billion in the 2013 review period to US$863 million in the 2014 review period.
Traditional exports fell by US$37 million to US$168 million in the 2014, down from US$205 million in the 2013 period, a decrease of or 18 percent of this Agricultural commodities fell by US$2.5 million or 35.0 percent and were valued at US$4.6 million. The decline in earnings from “Coffee” exports which fell to US$3 million was the main contributor to this decrease.
Mining and Quarrying was valued at US$135 million, a decrease of 20.1 percent, moving from US$169 million in the 2013 review period.. “Manufacture” recorded a 2 percent decline and was valued at US$28 million compared to the US$28.5 million recorded for the similar January to march 2013 period. Non-traditional domestic exports during January to March 2014 were valued at US$177 million.
J$112.20 to buy the US dollar
The Jamaican dollar selling rate increased to purchase all three major currencies the country trades in. At the end of trading it took on Monday $112.20 or 6 cents more than on Friday to buy a United States dollar even as $36.2 million were bought by dealers and only $32.7 million was sold. It took 81 cents more to buy the Canadian dollar with the selling rate closing at $105.73 and the British Pound went for $191.90 or 72 cents more than on Friday.
Overall, the total inflows of funds was slightly higher than the outflows, with the equivalent of US$43,468,700 purchased, to US$39,107,616 sold compared to the equivalent of US$32,458,785 bought and $31,869,468 sold on the previous trading day.
In US dollar trading, dealers bought US$36,202,132 compared to US$24,215,389 on Friday as the buying rate for the US dollar eased by 2 cents to $111.52 and sold US$32,694,268 versus US$26,206,729 on Friday with the rate closing up 6 cents at $112.20.
The Canadian dollar buying rate fell 54 cents to $103.80 with dealers buying C$2,680,244 and selling C$2,963,469 as the rate rose by 81 cents to end at $105.73.
The Pound closed at $189.20 for the purchase of £2,231,358, the rate rose 10 cents, while £1,183,752 was sold, the rate climbed by 72 cents to $191.90. Other currencies bought, amounted to the equivalent of US$986,303 while selling accounted for the equivalent of just US$1,596,326.
Highs & Lows| The highest rate for buying the US dollar rose 15 cents to $112.70, the lowest buying rate of $91.02 and the highest selling rate of $116.63 were unchanged at the end of trading but the lowest selling rate fell $18.19 to of $90.81.
The highest buying rate for the Canadian dollar rose 10 cents to $105.55, in the meantime the lowest buying rate rose 20 cents at $82.83, the highest selling rate rose by 14 cents to $107 and lowest selling rate climbed 80 cents to $99.80.
The highest buying rate for the British Pound increased $1.20 to $192.50 while the lowest buying rate inched up 21 cents to $152.14. The highest selling rate rose 27 cents to $196.13 and the lowest selling rate was up 5 cents to $183.30.
