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 Rebounds for the Second Day

Author: Mukesh Buch
Last Update: 8:45 AM ET March 25 2014

6:00 PM March 24, Miami Jamaican dollar rebounded for the second day in a row and gained 0.7%. Market indexes in Jamaica inched higher but in Trinidad declined. The Bahamas index gained 0.4%.

The JSE Market Index gained 269.80 or 0.3% to 76,448.11 and The JSE Select Index slid 0.37 to 2,282.54.

Trinidad Composite Index fell 1.06 to 1,177.21 and Bahamas Stock Exchange Index jumped 6.05 or 0.4% to 1,522.51.

Of the 16 stocks traded on Jamaica Stock Exchange, 11 increased, 3 decreased and 2 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 108.88 and average sell rate was 109.43 according to the website of Bank of Jamaica.

In Kingston trading today, 2.98 million units changed hands worth J$94.1 million and GraceKennedy Ltd. led the most active list with 1.50 million units followed by LIME with 653,000 units.

LIME added 5 cents to 43 cents and traded 653,000 and Jamaica Money Market Brokers Ltd. climbed 30 cents to J$7.50 and traded 395,010. Sagicor Group Jamaica Limited gained 8 cents to J$9.39 and traded 192,847.

GraceKennedy Ltd. declined J$1.55 to J$57.23 and traded 1,499,578 and National Commercial Bank of Jamaica Ltd. dropped 37 cents to J$18.67 and traded 10,711. Proven Investments Limited 8% fell 2 cents J$5.07 and traded 10,150.

Trinidad Market Overview

Trinidad Composite Index fell 1.06 to 1,177.21 and of the 14 stocks traded 2 advanced, 7 declined and 5 closed unchanged.

Republic Bank Limited led the most active list and rose 1 cents to TT$120.03 and traded 9,370 shares followed by Jamaica Money Market Brokers Limited added 3 cents to 50 cents and traded 1,082.

Guardian Holdings Limited slipped 14 cents to TT$14 and traded 67,232 shares and First Citizens Bank Limited fell 1 cent to TT$36.39 and traded 55,451. Clico Investment Fund slid 3 cents to TT$21.68 and traded 16,612.

World Market Review

Stocks on Wall Street turned lower after manufacturing slowdown in the U.S. and China. Political leaders of NATO nations gathered in Europe to discuss latest situation in Ukraine and tensions with Russia.

Preliminary survey of manufacturing industry in the U.S. showed the index declined to 55.5 in March from 57.1 in February, the Markit Economics reported today. Any reading above 50 indicates expansion and the measure was the second-highest since January 2013.

The HSBC China Purchasing Managers Index for March showed fell to an eight month low of 48.1 from 48.5 in February. The preliminary data will be revised in two weeks and any reading below 50 indicates a contraction.

Political leaders aligned with the NATO, European Union, China and Japan and others met meet in The Hague, the Netherlands to discuss the latest incursion of Russia in Crimea.

Russia is building troops in Crimea region and European Union leaders and U.S. are opposing the annexation of Crimea.

In the U.S. earnings news, Apple is in talks with Comcast for streaming-television service of its set-top box.

Apple Inc (AAPL), the mobile and media devices maker and Comcast Corporation discussed for streaming-television service that would allow Apple set-top boxes to bypass congestion on the web. The news was first reported by The Wall Street Journal.

Gilead Sciences, Inc (GILD), the U.S. lawmakers have asked biopharmaceuticals to justify the price of its new $84,000 drug for hepatitis C patients.

In European trading, FTSE 100 index slid 0.1% or 8.22 to 6,548.95 and in Frankfurt the DAX index dropped 0.5% or 44.64 to 9,298.30.

In Paris, CAC 40 index fell 0.5% or 19.40 to 4,315.88.

In the European earnings news, BNP Paribas lifted its fiscal outlook for years to 2016. Credit Suisse agreed to pay $885 million to settle a U.S. regulator lawsuit linked to faulty mortgages.

The Co-op plans to raise additional 400 million. Standard Life plans to buy Ignis Asset worth 400 million.