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 Indexes Rebound 0.6%

Author: Mukesh Buch
Islandjournal.net
Last Update: 1:21 AM ET March 05 2014


6:00 PM March 4, Miami – Jamaican market indexes rebounded from the lows in the year in active trading. Bahamas index declined 0.3% and Trinidad index closed unchanged. JMMB and Caribbean Cement led the most actively traded stocks in Kingston.

The JSE Market Index climbed 493.71 or 0.6% to 77,129.93 and The JSE Select Index jumped 23.32 or 1% to close at 2,308.77.

Trinidad Composite Index unchanged at 1,190.70 and Bahamas Stock Exchange Index declined 4.46 or 0.3% to 1,508.14.

Of the 17 stocks traded on Jamaica Stock Exchange, 8 increased, 5 decreased and 4 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 107.91 and average sell rate was 108.44 according to the website of Bank of Jamaica.

In Kingston trading today, 10.4 million units changed hands worth J$102.2 million and Jamaica Money Market Brokers Ltd. the most active list with 6.51 million units followed by Caribbean Cement Company Ltd. with 958,769 units.

Jamaica Money Market Brokers Ltd. added 5 cents to J$7.45 and traded 6,514,213 and LIME gained 5 cents to 52 cents and traded 850,767. National Commercial Bank of Jamaica Ltd. increased 5 cents to J$19.13 and traded 696,108.

Caribbean Cement Company Ltd. fell 17 cents to J$4.63 and traded 958,769 and Carreras Limited slid 1 cent to J$34.99 and traded 537,622. Berger Paints Ltd. slipped 6 cents J$1.79 and traded 56,346.

World Market Review

Stocks on Wall Street and around the world rebounded a day after a global selloff on the hopes of easing tensions in Ukraine.

The standoff between Russia and Ukraine continued but encouraging statements from Russian President Vladimir V. Putin calmed market nerves.

At least for now, Russia appears to be not prepared to take extreme military actions and called for an end to the surprise military exercise he ordered last week.

In a televised news conference Putin suggested that he does not see the need to use force for now, but Russia will consider “all options available” to protects its interests.

Secretary of State John Kerry arrives in Kiev today to reassure interim government of the U.S. support and increase diplomatic pressure on Russia.

The U.S. Treasury Department also announced a plan to offer an economic assistance package that will include $1 billion loan guarantee and eased some of the concerns of international support for Ukraine.

The struggling nation has asked for emergency funding of $15 billion and several independent assessment said the nation needs as much as $70 billion.

Markets in Europe and Russia rebounded and gold and crude oil reversed gains in yesterday’s trading. Market indexes on Wall Street scaled to new record highs.

In the U.S. earnings news, AutoZone net jumped 9% and sales climbed 10%. Bank of Nova Scotia net profit and revenue increased.

E. W. Scripps net plunged 71%. Hilltop net and interest income surged. MBIA net tumbled 79%.

In European trading, FTSE 100 index jumped 1.7% or 112.74 to 6,821.09 and in Frankfurt the DAX index climbed 2.3% or 212.62 to 9,571.51.

In Paris, CAC 40 index advanced 2.3% or 99.66 to 4,390.53.

In Moscow, the benchmark Micex index recovered 5.6% after falling 10.8% plunge on Monday. And, the ruble regained 0.5% against one dollar.

Gazprom, the Russian government controlled natural gas monopoly rebounded 8% after falling nearly 10% in yesterday’s trading.

Gazprom also announced its plan to end discounted gas price sale to Ukraine, earlier today.

In the European earnings news, Beiersdorf profit climbed 12% to €537 million and sales rose 2%. Daimler February sales grew 4%.

U.K. based Premier Foods said yearly net loss widened to £246 million and the company plans to raise £828 million. Serco profit soared 64% to £95 million.


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