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

Jamaican Dollar Drifts Lower Again

Author: Mukesh Buch
Last Update: 1:41 PM ET March 26 2014

6:00 PM March 25, Miami – Jamaican dollar eased after a 2-day rebound. Market indexes in Jamaica slipped and indexes in The Bahamas and Trinidad gained. LIME in Kingston led the most actively traded list.

The JSE Market Index slipped 121.83 or 0.2% to 76,326.28 and The JSE Select Index gained 16.40 or 0.7% to 2,298.94.

Trinidad Composite Index rose 0.41 to 1,177.62 and Bahamas Stock Exchange Index increased 0.33 to 1,522.84.

Of the 20 stocks traded on Jamaica Stock Exchange, 4 increased, 9 decreased and 7 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 109.13 and average sell rate was 109.47 according to the website of Bank of Jamaica.

In Kingston trading today, 8.71 million units changed hands worth J$28.9 million and LIME led the most active list with 5.61 million units followed by Jamaica Broilers Ltd. with 1.03 million units.

LIME added 1 cents to 44 cents and traded 5,609,239 and Desnoes and Geddes Ltd. jumped 29 cents to J$4.79 and traded 23,088. National Commercial Bank of Jamaica Ltd. increased 18 cents to J$18.85 and traded 15,695.

Jamaica Broilers Ltd. dropped 22 cents to J$4.88 and traded 1,032,609 and Supreme Ventures Limited slipped 15 cents to J$2.15 and traded 748,800. Scotia Group Jamaica fell 9 cents to J$21.02 and traded 456,413.

Trinidad Market Overview

Trinidad Composite Index rose 0.41 to 1,177.62 and of the 13 stocks traded 3 advanced, 2 declined and 8 closed unchanged.

Jamaica Money Market Brokers Limited led the most active list and rose 3 cents to 53 cents and traded 230,942 shares followed by Clico Investment Fund gained 8 cents to TT$21.76 and traded 70,814. Republic Bank Limited grew 2 cents to TT$120.05 and traded 955 shares

First Citizens Bank Limited fell 4 cents to TT$36.35 and traded 88,671 shares and GraceKennedy Limited slid 1 cent to TT$3.63 and traded 7,000.

World Market Review

Stocks on Wall Street rebounded after falling for two days in a row. Geopolitical tensions dominated market worries after the industrialized nations’ gathering of eight nations kicked out Russia and warned of additional sanctions.

U.S. home price index showed a smaller increase in January. The Case-Shiler Index showed home prices declined 0.1% in January from the previous month and rose 0.8% after adjusting for season variations.

In the U.S. earnings news, G-III Apparel net soared 62% after sales surged 26%. McCormick reaffirmed sales outlook and said net rose 9%. Neogen jumped after revenue soared 21% but net slid. Sonic profit climbed 15%.

Walgreen Company (WAG), the drug retailer reported revenue in the second- quarter ending in February jumped 5.1% to $19.6 billion. Comparable sales in the quarter soared 4.3%.

Net earnings in the quarter slid 0.2% to $754 million or 78 cents a year ago.

Walgreen added front-end comparable store sales in the quarter increased 2% and customer traffic in comparable stores fell 1.4% and basket size rose 3.4%.

The drug retailer plans to close 76 unprofitable drugstores by August to save $40 million to $50 million per year starting from fiscal 2015.

The Walt Disney Company (DIS), the entertainment company agreed to acquire Maker Studios the operator of independent channel network on YouTube platform for $500 million.

Disney said it would pay additional $450 million to Maker in bonus if the network achieves the targets.

In European trading, FTSE 100 index jumped 1.1% or 74.22 to 6,594.61 and in Frankfurt the DAX index climbed 1.8% or 166.63 to 9,355.40.

In Paris, CAC 40 index advanced 1.6% or 68.15 to 4,344.49.

In the European earnings news, 888 Holdings surged after revenue climbed 10%. EasyJet expects pre-tax loss in the first-half to narrow to £65 million.

Kingfisher profit surged 26% to £710 million on 5% increase in revenues. Royal Mail plans to cut about 1,600 jobs. Wolseley profit surged 72% to £229 million.