Jamaica Index Falls 1.3%; Mixed Closing In Trinidad And Bahamas

In thin trading, indexes in Jamaica dropped 1.3%. Jamaican dollar remained under pressure and Jamaica Broilers and JMMB led the most actively traded stocks in Kingston. Crude oil prices in international markets declined to a new five-year low.

Market indexes in Jamaica dropped 1.4% and indexes in Trinidad edged lower but in The Bahamas closed unchanged.

In Jamaica trading, The JSE Market Index plunged 987.64 or 1.3% to 75,036.71 and The JSE Select Index fell 41.77 or 1.9% to 2,197.81.

Trinidad Composite Index slid 0.14 to 1,144.66. Bahamas Stock Exchange Index rose 0.05 to 1,641.13.

Of the 9 stocks traded on Jamaica Stock Exchange, 1 increased, 5 decreased and 3 were unchanged.

Jamaican dollar traded near record low and average buy rate against the U.S. dollar was 113.37 and average sell rate was 114.07 according to the website of Bank of Jamaica.

In Kingston trading today, 620,012 units changed hands worth J$4.89 million and Jamaica Broilers Ltd. led the most active list with 169,738 units followed by Jamaica Money Market Brokers Limited 8.75% with 143,500 units.

Carreras Limited jumped 4 cents to J$36.20 and traded 9,761.

Jamaica Broilers Ltd. fell 1 cent to J$4.05 and traded 169,738 and Scotia Group Jamaica declined J$1.14 to J$20 and traded 106,732 and Sagicor Group Jamaica Limited slipped 5 cents to J$9.96 and traded 57,353.

Trinidad Market Overview

Trinidad Composite Index slid 0.14 to 1,144.66 and of the 11 stocks traded 3 advanced, 3 declined and 5 closed unchanged.

First Citizens Bank Limited led the most active list and advanced 5 cents to TT$36.86 and traded 1,944 followed by Clico Investment Fund added 1 cent to TT$23.01 and traded 896 and Scotiabank Trinidad & Tobago Limited gained 2 cents to TT$59.45 and traded 110.

Republic Bank Limited dropped 14 cents to TT$119.80 and traded 53,680 and National Enterprises Limited decreased 1 cent to TT$17.42 and traded 5,740 and Massy Holdings Ltd. fell 1 cent to TT$68.24 and traded 232.

World Market Review

Stocks on Wall Street surged after better-than-expected increase in retail sales offered yet another confirmation of widening and improving economic activities.

Retail sales rose 0.7%, weekly new claims of unemployment were below 300,000 and import price inflation was at a 2-year low on cheaper oil.

The rise in retail sales was ahead of analysts’ estimate of 0.4% and also added to a growing belief that economic activities in the U.S. are picking up.

The gasoline service station sales declined 0.8% in November offset by the increase of 1.7% in automobile sales.

November month sales increase was the largest since March on the steady decline in oil price, rising consumer confidence and steady job creation.

Department of Commerce reported retail sales adjusted for seasonality and calendar jumped 0.7% to $449.3 billion from October and climbed 5.1% from a year ago month.

Total retail sales of three months to November climbed 4.7% from a year ago period.

Motor vehicles and parts sales increased 1.7%, building materials sale rose 1.4% and clothing and accessories gained 1.2%.

Crude oil futures declined 4.8% or $3.05 to $60.75 a barrel and Brent Crude Oil futures fell 4.4% or $2.92 to $63.85 a barrel.

In the U.S. corporate news, Ciena net loss widened after revenues barely rose 1%. Danaher reaffirmed fiscal outlook.

Lululemon revenues rose 9% but net dropped by the same amount. Lowe”s jumped on positive outlook. Methode Electronics net surged 31%. Yum! Brand profit guidance.

Lululemon Athletica inc (LULU), the sports and yoga apparel and accessory maker reported net revenues in the third-quarter ending on November 2 climbed 10% to $419.4 million from a year ago period. Comparable store sales for the quarter increased 3%.

Net income in the quarter dropped 8.5% to $60.5 million or 42 cents a diluted share from a same quarter last year.

For the fourth quarter, the company expected net revenue in the range of $570 million to $585 million and diluted earnings per share to be between 64 cents and 69 cents.

Lowe”s Companies, Inc (LOW), the home improvement retailer estimated total sales for the year to climb between 4.5% and 5% and comparable sales to jump between 3.5% and 4%.

Yum! Brands, Inc (YUM), the fast food restaurant operator forecasted earnings per share growth for the year in mid-single-digit compared to its prior forecast of between 6% and 10%.

For the fiscal 2015, the company expected earnings per share growth of about 10%.

In London trading, FTSE 100 index slipped 32.26 or 0.5% to 6,467.78 and in Frankfurt the DAX index gained 0.6% or 57.43 to 9,857.16.

In Paris, CAC 40 index fell 0.06% or 2.74 to 4,225.17.

In European corporate news, Inditex profit rose 1% to €1.7 billion on 17% increase in revenues and estimated five weeks sales surged 14%.

Sports Direct profit climbed 7% £115 million. Supergroup first-half profit surged 446% to £13 million. Whitbread third-quarter sales climbed 13%.

Inditex SA, the Spain-based world’s largest apparel retailer reported revenues in the nine-month ending in October jumped 7% to €12.71 billion from €11.93 billion a year ago period.

Profit in the period rose 1% from a year ago to €1.69 billion compared to €1.67 billion.

The retailer said total sales in local currencies surged 14% in the latest five-week period between November 1 and December 8.

Sports Direct International Plc, the U.K.-based sports and leisure clothing, footwear and equipment retailer group revenues in the first-half ending on October 26 jumped 6.5% to £1.43 billion from £1.34 billion a year ago period.

Profit in the period climbed 7.4% from a year ago to £115.3 million compared to £107.3 million and diluted earnings per share gained to 18.6 pence from 17.4 pence.

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