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 Markets Drop in Weak Trading

Author: Mukesh Buch
Last Update: 8:57 AM ET January 15 2014

6:00 PM January 14, Miami Jamaican stocks struggled and the index failed to stay above 80,000 mark. Trading volume in Kingston dropped to the low of the year. Jamaican dollar dropped to a record low and traded above 106 to one U.S. dollar.

The JSE Market Index fell 85.21 or to 79,865.29. The JSE Select Index slid 9.51 to close at 2,220.83.

Trinidad Composite Index gained 0.57 to 1,190.15 and Bahamas Stock Exchange Index increased 3.12 or 0.2% to 1,508.89.

Of the 18 stocks traded on Jamaica Stock Exchange, 8 increased, 3 decreased and 7 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 106.09 and average sell rate was 106.71 according to the website of Bank of Jamaica.

In Kingston trading today, 714,020 units changed hands worth J$8.25 million and Scotia Group Jamaica the most active list with 177,587 units followed by Caribbean Cement Company Ltd. with 102,720 units.

Jamaica Broilers Ltd. rose 4 cents to J$4.71 and traded 89,153 and Carreras Limited gained 8 cents to J$37.07 and traded 53,634. Jamaica Stock Exchange Limited jumped 30 cents to J$2.10 and traded 50,000.

Scotia Group Jamaica declined 51 cents to J$20.48 and traded 177,587 and Desnoes and Geddes Ltd. fell 1 cent J$5 and traded 51,578. GraceKennedy Ltd. dropped 50 cents to J$54.85 and traded 3,620.

Trinidad Market Overview

Trinidad Composite Index gained 0.57 to 1,190.15 and of the 14 stocks traded 5 advanced, 4 declined and 5 closed unchanged.

First Citizens Bank Limited led the most active list and climbed 49 cents to TT$42.15 and traded 646,214 shares followed by Clico Investment Fund jumped 25 cents to TT$22.50 and traded 206,562 and Republic Bank Limited added 2 cents to TT$116.11 and traded 14,132.

Trinidad Cement Limited fell 3 cents to TT$2.27 and traded 14,500 shares and Angostura Holdings Limited dropped 43 cents to TT$12 and traded 12,059 shares. Point Lisas Industrial Port Development Corporation Limited slipped 5 cents to TT$3.60 and traded 5,845.

World Market Review

Stocks on Wall Street advanced after December retail sales were ahead of expectations and import price index was flat. JPMorgan earnings declined 7% on 2% fall in revenues. Wells Fargo reported 10% increase in earnings.

Retail sales increased 0.2% in December on the month after increasing 0.4% in November, Commerce Department reported today in Washington.

For all of 2013, retail sales increased 4.2% from the previous year after rising 5.4% in 2012.

A separate report from the agency showed import price index, a measure of costs of goods purchased from abroad, was unchanged in December.

The index was flat after falling 0.9% in November, the first fall since August.

On the U.S. earnings front, Commerce Bancshares fell 1%. JPMorgan net dropped 7% and revenue slid 2%. GameStop said global sales climbed 9%. Shaw Communications net rose 4%.

Time Warner rejected $62.35 billion offer from Charter Communications. Wells Fargo net climbed 10%.

Stocks in Europe reversed early weakness and recovered most of the declines in major markets in the region.

Euro-zone industrial production in November increased 1.8% from the previous month and ahead of expectations of 1.4%. Production increased the most in three years.

FTSE 100 index increased 0.1% or 9.7 to 6,767 and in Frankfurt the DAX index added 0.3% or 30.35 to 9,541.

In Paris, CAC 40 index gained 10.9 or 0.3% to 4,274.

In the European earnings news, Ashmore tumbled 13% after assets under management declined to $75.3 billion. ASOS plunged 7% despite sales increased 38% to 336 million.

Balfour Beatty anticipated order book in-line with expectation. Jeronimo Martins said sales for the year jumped 10.7% to 11.8 billion.