World oil prices tumbled to trade around three-month lows on Monday, as rising U.S. inventories and drilling activity overtakes investors previous bet that OPEC’s efforts to restrict crude output would keep prices high for a long period.
Brent crude fell to a session low of $50.85, its lowest level since November last year while US West Texas Intermediate crude (WTI) to $48.34 a barrel. Reuters News stated that the price has fallen by more than 8 percent since last Monday, its biggest week-on-week drop in four months.
If prices hold at these levels it would mean lower imports for the Caribbean region and lower inflation for most countries within the region that are highly dependent on the imports of oil.
Jamaican motorists should enjoy a slight ease with new taxes being added to petrol at the pumps. With prices softening, Jamaica edging strategy needs reviewing as the price target for it around $70 a barrel is not on the radar anytime soon, barring some unusual negative development.
Jamaica stock price confusion
There was confusion on the Jamaica Stock Exchange on Friday with investors being left uncertain about the closing prices of some stocks. AMG Packaging should have been trading with the opening price at $4.87 with a maximum tradable price on that day of $6.33. The stock market traded platform showed that the stock traded at $11.03 and then at $18.03, with the latter being cancelled in the morning session only for it trade back at that level with the market closing, showing the price at $18.30, subsequently, all trades were cancelled. Jamaican Teas last traded at $6.45 cents but the JSE official price has the last trade at $5.60 while the trading platform showed Blue Power last trading at $26 but the official price was $43.70.
tTech, one of ICI Insider.com top selections for 2017.
Insider trade for tTech
Trading in stocks by persons closely connected with the management may be sending signal as to future prospects. Of course that is not always the case. tTech stock price enjoyed major gains of 164 percent, since listing last year January at an IPO price of $2.50. With such gains, when a director buys a reasonable volume around $6.60, the investing public may need to take keen note. Last week the company advised that a Director purchased 200,000 units of its shares on March 8, 2017.
