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 Indexes Rebound 1.2%

Author: Mukesh Buch
Last Update: 9:39 AM ET January 30 2014

6:00 PM January 29, Miami – Caribbean markets traded mixed and indexes in Jamaica surged 1.2%. Trading in Kingston jumped and LIME led the most actively traded list.

The JSE Market Index climbed 972.98 or 1.2% to 80,540.48. The JSE Select Index gained 14.98 to close at 2,229.74.

Trinidad Composite Index dropped 4.76 or 0.4% 1,187.91 and Bahamas Stock Exchange Index fell 0.16 to 1,518.76.

Of the 25 stocks traded on Jamaica Stock Exchange, 17 increased, 3 decreased and 5 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 106.81 and average sell rate was 107.36 according to the website of Bank of Jamaica.

In Kingston trading today, 5.17 million units changed hands worth J$43.98 million and LIME led the most active list with 2.13 million units followed by Caribbean Cement Company Ltd. with 578,900 units.

LIME added 3 cents to 25 cents and traded 2,126,000 and Jamaica Broilers Ltd. gained 20 cents to J$4.97 and traded 334,018. Sagicor Investments Jamaica Limited jumped J$1.75 cent to J$18.42 and traded 186,619.

Scotia Group Jamaica slipped 10 cents to J$20.41 and traded 420,404 and Scotia Investments Jamaica Ltd. dropped 44 cents to J$24.56 and traded 200,100. Carreras Limited fell 7 cents to J$33.91 and traded 38,706.

Trinidad Market Overview

Trinidad Composite Index dropped 4.76 or 0.4% 1,187.91 and of the 15 stocks traded 5 advanced, 2 declined and 8 closed unchanged.

Scotia Investments Jamaica Limited led the most active list and rose 5 cents to TT$1.45 and traded 74,262 shares followed by Republic Bank Limited up 3 cents to TT$116.60 and traded 2,425 and Unilever Caribbean Limited added 20 cents to TT$56.40 and traded 1,441.

Clico Investment Fund slid 4 cents to TT$22.47 and traded 58,374 shares and First Citizens Bank Limited dropped TT$1.94 to TT$40.18 and traded 25,361 shares.

World Market Review

World markets remained on the edge after emerging markets sell-off continued. Turkey nearly doubled its main interest rates and South Africa raised its key lending rates for the first time in nearly six years.

Seven largest world market indexes turned negative in 2014 for the first time.

World markets turned lower after emerging markets sell continued and despite central banks in Turkey and South Africa lifted rates.

S&P 500 index decreased 7.49 or 0.4% to 1,785.01 and the Nasdaq Composite index fell 11.45 or 0.3% to 4,086.51.

Turkey’s central bank Governor Erdem Basci approved rate increase for all its main interest rates at an emergency late-night meeting and reversed its policy to keep rate on hold since August.

The Ankara-based bank said one-week repo rate should be now be treated as the benchmark policy rate from its earlier focus on overnight lending rate.

The central bank lifted one-week repo rate to 10 % from 4.5%, a sharp increase and overnight lending rate to 12% from 7.75% and the overnight borrowing rate to 8% from 3.5%.

Despite the sharp increase in rates, Turkish lira declined 2.4% and reversed its earlier gain in the day of 4% after the increase in rates announced at mid-night.

Lira traded last at 2.2592 against one dollar and the Borsa Istanbul 100 Index closed down 2.3%.

Monetary Policy Committee lifted rates in South Africa to stem the falling rand. But despite the increase in rates, the rand declined 2% to 11.24 a dollar.

The rate setting committee lifted its repurchase rate to 5.5% from 5%, the first rate increase since June 2008.

On the U.S. earnings news, Boeing net climbed 26%. Biogen revenue and profit surged. Dow Chemical net swung to a profit. Hess net soared but revenue dropped.

Praxair net surged 15%. Valero net surged 28%. WellPoint net tumbled 68%. Yahoo revenue fell 6% but net climbed 28%.

FTSE 100 index dropped 0.4% or 24.54 to 6,548.03 and in Frankfurt the DAX index declined 0.7% or 65.43 to 9,342.48.

In Paris, CAC 40 index plummeted 0.6% or 26.91 to 4,159.37.

In the European earnings news, Deutsche Bank quarterly loss narrowed but yearly profit surged. Fiat net soared €1.3 billion after revenue jumped 10%. Mulberry retail sales declined 7%.