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

Weekly Losses in Jamaica and Trinidad

Author: Mukesh Buch
Last Update: 7:44 AM ET March 22 2014

6:00 PM March 21, Miami – Caribbean markets traded down in active trading. The benchmark index in Jamaica declined 0.3% and for the week fell 0.8%. Indexes in Trinidad eased 0.4% for the week. GraceKennedy and Ciboney Group led the most actively traded list in Kingston.

The JSE Market Index slumped 241.98 or 0.3% to 76,178.31 and The JSE Select Index fell 9.84 to 2,282.91. For the week, JSE Market Index dropped 0.8%.

Trinidad Composite Index slid 0.89 to 1,178.27 and for the week slipped 0.4%. Bahamas Stock Exchange Index closed unchanged at 1,516.49.

Of the 11 stocks traded on Jamaica Stock Exchange, 3 increased, 4 decreased and 4 were unchanged.

Jamaican dollar hovered near its low and average buy rate against the U.S. dollar was 109 and average sell rate was 109.50 according to the website of Bank of Jamaica.

In Kingston trading today, 2.97 million units changed hands worth J$58.8 million and Jamaica Money Market Brokers Limited 7.50% led the most active list with 1 million units followed by GraceKennedy Ltd. with 892,000 units.

Desnoes and Geddes Ltd. rose 1 cent to J$4.50 and traded 269,357 and LIME added 4 cents to 38 cents and traded 10,000. Carreras Limited gained 35 cents to J$35.35 and traded 1,700.

GraceKennedy Ltd. dropped J$1.06 to J$58.78 and traded 892,000 and Ciboney Group Ltd. fell 3 cents to 7 cents and traded 603,200. Scotia Group Jamaica declined 36 cents J$21.06 and traded 128,844.

Trinidad Market Overview

Trinidad Composite Index slid 0.89 to 1,178.27 and of the 10 stocks traded 4 advanced, 4 declined and 2 closed unchanged.

Jamaica Money Market Brokers Limited led the most active list and added 2 cents to 47 cents and traded 102,137 shares followed by National Flour Mills Limited gained 8 cents to TT$1.25 and traded 60,400 and FirstCaribbean International Bank Limited rose 1 cent or TT$5.76 and traded 5,000.

Trinidad Cement Limited fell 10 cents to TT$2.20 and traded 29,657 shares and Sagicor Financial Corporation slid 1 cent to TT$7.29 and traded 5,570. First Citizens Bank Limited slipped 46 cents to TT$36.40 and traded 4,489.

World Market Review

Stocks opened higher and advanced further on Wall Street after the dollar gained and market indexes in Europe and emerging markets rose despite the rising tensions between Russia and NATO nations.

U.S. imposed additional sanctions on 20 Russian citizens close to President Vladimir V. Putin and on Bank Rossiya. Department of Treasury moved to freeze assets held with the U.S. institutions and barred U.S. citizens and businesses from doing business with those on the list.

Fitch Ratings today reaffirmed rating on the U.S. debt at AAA and removed the nation’s debt from its “negative watch” list. The rating agency also said the U.S. debt outlook is “stable.”

The U.S. has the largest sovereign debt in the world and federal government deficit has ballooned three times to $16.7 trillion at the end of 2013 from $5.6 trillion in 2000 and debt to GDP ratio has jumped from 55% to 99% in the period.

On the U.S. earnings front, AAR net plunged 23% on sales decline of 9%. Darden Restaurants profit dropped 18%. Nike net tumbled 21% but revenues climbed.

Jewelry retailer Tiffany said quarterly net swung to a loss.

Nortek Inc. (NTK), the air conditioning and heating products maker agreed to buy subsidiary of ABB Ltd, Thomas & Betts Corp.''s heating, ventilation and air conditioning business for about $260 million in cash.

Symantec Corporation (SYMC), the security and backup software provider lowered its fourth-quarter revenue guidance to a range of $1.615 to $1.655 billion compared to $1.748 billion.

The company estimated diluted earnings per share between 29 cents and 31 cents from 27 cents in the year-ago period in the year-ago period.

In European trading, FTSE 100 index edged up 0.03% or 2.22 to 6,544.66 and in Frankfurt the DAX index gained 0.2% or 23.05 to 9,319.17.

In Paris, CAC 40 index rose 0.02% or 0.89 to 4,328.80.

On the European earnings front, Bouygues revised its bid for the wireless carrier SFR to €13.15 billion.

Balfour Beatty, the U.K. based construction company won a contract of £214 million to expand Dubai Mall.

Havas net rose 2% to €128 million. Intu acquired three U.K. based retail centres from the Australian company Westfield for £868 million.

Investec climbed 5%.