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 Traded Near the Record Low

Author: Mukesh Buch
Last Update: 1:01 PM ET March 18 2014

6:00 PM March 17, Miami – Caribbean market indexes closed mixed. Jamaican index gained 0.13% and indexes in Trinidad and The Bahamas eased. Jamaican dollar traded near the record low. Russian President Vladimir Putin prepared to annex Crimea after a referendum favoured splitting from Ukraine.

The JSE Market Index increased 99.65 to 76,904.02 and The JSE Select Index closed slid at 6.24 to 2,296.85.

Trinidad Composite Index fell 0.75 to 1,182.17 and Bahamas Stock Exchange Index dropped 1.18 or 0.1% to 1,516.37.

Of the 22 stocks traded on Jamaica Stock Exchange, 8 increased, 5 decreased and 9 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 108.25 and average sell rate was 109.31 according to the website of Bank of Jamaica.

In Kingston trading today, 12.3 million units changed hands worth J$134.8 million and Jamaica Money Market Brokers Ltd. led the most active list with 6.96 million units followed by Sagicor Group Jamaica Limited with 2.59 million units.

Jamaica Money Market Brokers Ltd. rose 1 cent to J$7.20 and traded 6,961,501 and Sagicor Group Jamaica Limited gained 7 cents to J$9.17 and traded 2,585,000. Pan-Jamaican Investment Trust Ltd. climbed J$2.42 to J$51.99 and traded 1,000,000.

LIME slipped 6 cents to 41 cents and traded 551,567 and GraceKennedy Ltd. slid 6 cents to J$59.84 and traded 38,447. Salada Foods Jamaica Limited dropped 18 cents J$8.82 and traded 7,600.

Trinidad Market Overview

Trinidad Composite Index fell 0.75 to 1,182.17 and of the 10 stocks traded 2 advanced, 3 declined and 5 closed unchanged.

Scotia Investments Jamaica Limited led the most active list and rose 6 cents to TT$1.59 and traded 15,067 shares followed by Point Lisas Industrial Port Development Corporation Limited gained 5 cents to TT$3.65 and traded 247.

First Citizens Bank Limited declined 25 cents to TT$37.40 and traded 9,794 shares and Sagicor Financial Corporation slumped 9 cents to TT$7.30 and traded 5,957. Neal & Massy Holdings Limited fell 2 cents to TT$66.30 and traded 2,300.

World Market Review

In the U.S. merger and acquisitions, CHS agreed to acquire selected 16 Canadian retail assets.

CBS Corporation (CBS) plans to offer 20 million shares in its initial public offering of CBS Outdoor Americas Inc, with pricing expected to be between $26 and $28 per share.

Chesapeake Energy Corporation (CHK), the gas and oil explorer filed a Registration Statement with U.S. financial regulators for a possible spin off of its oilfield services business.

Sears Holdings Corp (SHLD), the specialty retailer’s board approved the separation of its Lands'' End business by means of a pro-rata spin-off transaction.

Sears shareholders will get about 0.3 shares of Lands’ End common stock per Sears share. The distribution is expected to occur on April 4.

Lands’ End will be listed its stock under the symbol “LE” on the Nasdaq trading system.

Yahoo! Inc (YHOO) advanced after the China-based e-commerce site Alibaba is preparing for its initial public offering in New York. Yahoo owns Alibaba''s 24% stake.

Alibaba said it would start the IPO process in New York Stock later this year to raise approximately $15 billion.

In European trading, FTSE 100 index rose 0.4% or 25.07 to 6,552.96 and in Frankfurt the DAX index gained 0.7% or 61.24 to 9,117.65.

In Paris, CAC 40 index increased 0.7% or 30.21 to 4,246.58.

In the European merger and acquisitions, Allianz SE, the Germany-based financial services provider agreed to acquire part of the property and casualty business of Italy-based rival UnipolSai SpA in a transaction valued €440 million or $612 million.

Bourbon SA, the France-based marine service provider received proposed bid from its main shareholder Jaccar Holdings on conditional obtaining of 50.1% with a closing price of €19.33 on Friday of the capital and bank financing for €1.44 billion or $2.01 billion.

Linde AG, the Germany-based industrial gases producer reported group revenue in the in the year ending in December climbed 5.2% to €16.66 billion from €15.83 billion a year ago.

Net income in the year jumped 7.3% to €1.32 billion and earnings per share increased to €7.10 from a year earlier.

RWE AG, the Germany-based electricity and gas producer intends to sell its oil and gas production unit RWE Dea AG to L1 Energy owned by Russian billionaire Mikhail Fridman in a transaction valued above €5.1 billion or $7.10 billion.

Vodafone Group Plc, the U.K.-based wireless carrier, agreed to acquire Spain-based cable operator Grupo Corporativo Ono SA valued €7.2 billion or $10 billion.