Local foreign exchange market

The foreign exchange market was characterised by moderate broker and end user demand while supply was limited yesterday. The selling rate in the wholesale broker/cambio market closed at J$112.80/US$1.00.

The GBP was sold for J$185.40/US$1.00, while the Canadian dollar was sold for $103.22/CAD$1.00.

The main JSE indices retreated further with declining stocks outweighing those advancing in a ratio of 8:4, while 4 stocks traded firm.

The advancing stocks were Radio Jamaica Limited, Proven Investments Limited eight per cent Preference Shares, Jamaica Producers Group Limited and GraceKennedy Limited with gains of 1.96 per cent, one per cent, 0.80 per cent and 0.43 per cent to close at $1.04, $5.05, $15.20 and $58.00 respectively.

The main declining stocks were Sagicor Real Estate X Fund Limited, Caribbean Cement Company Limited and Desnoes & Geddes Limited which lost 4.76 per cent, 4.71 per cent and 1.88 per cent to close at $6.80, $2.43 and $4.70 respectively.

At market close, the total volume traded amounted to 2,500,136 units, valued at over $25.24 million. Jamaica Producers Group Limited headed the volume leader category with 1,000,000 units changing hands, 40.00 per cent of total volume. Desnoes & Geddes Limited was the second most active stock with 553,461 units (22.14 per cent), while Jamaica Money Market Brokers Limited 7.50 per cent Preference Shares with 13.62 per cent of total volume was the third most active stock after trading 340,600 units.

The Junior Market’s activity resulted from trading in six stocks from which two advanced, two declined and two traded firm. This produced a negative finish for the index. The total market volume amounted to 2,297,589 units valued at $2,499,969.62.

Lasco Financial Services Limited was the volume leader with 1,681,491 units (73.19 per cent) followed by Lasco Manufacturing Limited with 529,226 units (23.03 per cent) and Caribbean Producers Jamaica Limited with 31,000 units (1.35 per cent).

Company news

Jamaica Money Market Brokers Limited (JMMB) has advised that a related party sold 1,000,000 JMMB shares on September 18, 2014.

Jamaican Dollar Market

The Jamaican dollar fixed-income market continued to experience moderately liquid conditions. Thirty-day retail market rates traded between 3.55 per cent pa and 4.50 per cent pa on amounts above J$1,000,000.

United States Dollar Market

Similar to Monday, 30-day retail market rates in the US dollar fixed-income market ranged between 1.75 per cent pa and 2.05 per cent pa on amounts above US$500,000. The market was liquid.

— Compiled by JN Fund Managers