Caribbean Markets Index Value   Change +-% USD EURO GBP CAD
Bahamas BISX All Share Index1,827.47-0.02 0.00% 1.00 1.26 1.53 1.53
Barbados BSE 1000 Index656.560.00 0.00 1.98 2.13 2.82 1.37
Jamaica JSE Market Index156,273.84-4,573.60 -2.84% 120.31 112.32 172.13 80.51
Trinidad TTSE Composite1,164.821.15 0.10% 6.40 6.90 8.96 4.45

Caribbean Market Update

Jamaica Extends 2-Day Rally, Dollar Drops

Author: Mukesh Buch
Last Update: 9:35 AM ET March 21 2014

6:00 PM March 20, Miami Market indexes in Jamaica rebounded but indexes in Trinidad and The Bahamas trended lower for the third day this week. Trading volume in Kingston dipped near the low for the month and LIME led the most actively traded stocks on the exchange.

The JSE Market Index gained 122.66 to 76,420.29 and The JSE Select Index rose 4.17 to 2,292.75.

Trinidad Composite Index slid 1.08 to 1,179.16 and Bahamas Stock Exchange Index closed unchanged at 1,516.49.

Of the 17 stocks traded on Jamaica Stock Exchange, 5 increased, 2 decreased and 10 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 109.15 and average sell rate was 109.42 according to the website of Bank of Jamaica.

In Kingston trading today, 5.23 million units changed hands worth J$7.41 million and LIME led the most active list with 3.90 million units followed by Gleaner Company with 495,054 units.

LIME added 1 cent to 34 cents and traded 3,899,738 and Barita Investments Limited gained 14 cents to J$2.44 and traded 270,000. Sagicor Group Jamaica Limited rose 1 cent to J$9.32 and traded 42,193.

GraceKennedy Ltd. slipped 15 cents to J$59.84 and traded 30,445 and Carreras Limited fell 12 cents to J$35 and traded 300.

Trinidad Market Overview

Trinidad Composite Index slid 1.08 to 1,179.16 and of the 8 stocks traded 1 advanced, 4 declined and 3 closed unchanged.

Republic Bank Limited led the most active list and gained 8 cents to TT$120 and traded 12,718 shares.

Clico Investment Fund fell 1 cent to TT$21.71 and traded 19,700 shares and GraceKennedy Limited slid 1 cent to TT$3.64 and traded 3,000. First Citizens Bank Limited slipped 12 cents to TT$36.86 and traded 1,148.

World Market Review

On the U.S. earnings front, Cato tumbled after net and sales dropped and lowered its outlook. ConAgra surged 95% and sales climbed 15%. IHS climbed 31% as revenue surged 37%. Lennar profit jumped 36%. Scholastic net tumbled 40%.

The Cato Corporation (CATO), the specialty retailer said sales in the fourth-quarter ending on February 1 dropped 7% to $215.2 million. Same store sales in the quarter fell 3%.

Net income in the quarter plunged 22.7% to $3.8 million or 13 cents a diluted share compared to $7.9 million or 27 cents.

For fiscal 2014, the retailer estimates same-store sales in a range of down 2% to flat and net income between $43.1 million and $48.5 million, a decrease of 21% to 11% from 2013.

The company estimates diluted earnings per share in a range of $1.47 to $1.66, a decrease of 21% to 11% compared to $1.86 of 2013.

The Cato forecast net income in the first quarter in a range of $26 million to $27.7 million, or 89 cents to 95 cents per diluted share, a decrease of 15% to 10% compared to $1.05 in first quarter 2013.

ConAgra Foods Inc rose 15 cents to $29.74 after the packaged food company reported total sales in the third-quarter ending on February 23 climbed 14.5% to $4.39 billion.

Net income in the quarter surged 95.2% to $234.3 million or 55 cents a diluted share a year earlier.

In Europe trading, FTSE 100 index dropped 0.7% or 47.79 to 6,525.34 and in Frankfurt the DAX index slipped 0.5% or 49.25 to 9,227.80.

In Paris, CAC 40 index fell 0.3% or 11.19 to 4,296.87.

In the Europe, SKF agreed to pay 953.3 million to settle a European Union issue on automotive-parts cartel. Cello Group net swung to profit.

Lloyds agreed to sell a portfolio of European commercial real estate loans for around 280 million in cash.

Munich Re intends to buy back shares worth 1 billion. Next profit soared 9%.

AB SKF, the Sweden-based ball bearings maker was among the five suppliers that agreed to pay a combined 953.3 million or $1.3 billion to settle a European Union allegation on automotive-parts cartel.

Lloyds Banking Group Plc, the bank agreed to sale a portfolio of European commercial real estate loans for around 280 million in cash.

Munich Re, the Germany-based re-insurer intends to buy back up to 13 million shares for a maximum purchase price of 1 billion.

Next Plc jumped 1.7% to 6,695 pence after the U.K.-based retailer reported revenue in the year ending in December jumped 5% 3.74 billion from 3.56 billion a year earlier.

Profit in the year soared 8.7% to 553.2 million and earnings per share surged to 355.6 pence from a year ago.