Daily Market Update
JNFM is a full service Securities Dealer, and we invite you to purchase shares traded on the Jamaica Stock Exchange, CI Mutual Funds, BOJ/GOJ Primary Issues and Repurchase Agreements backed by Government of Jamaica Securities through our company.
October 1, 2010

Stock Market Summary

Indices

 

Change (pts)

% Change

JSE Market

83,181.85

  -431.23

-0.52%

JSE Select

  2,085.99

   -25.06

-1.19%

All Jamaican

77,468.27

-701.06

-0.90%

Cross Listed

   862.95

    0.00

0.00%


The stock market closed the week on negative footing with declines more than doubling advances.

Three stocks advanced from the 19 that traded today, while 7 declined and 9 traded firm. The winners were led by GraceKennedy Limited which ended at $53.19 after gaining 0.55%. Carreras Limited followed with an increase of 0.24% to close at $50.30, while National Commercial Bank Jamaica Limited gained 0.06% to close the day at $17.52.

Of the 7 stocks that declined, Berger Paints Limited had the biggest percentage loss of 8.00% ($0.20) to close at $2.30. Caribbean Cement Company Limited lost 4.76% ($0.19) to close at $3.80, while Scotia Group Jamaica fell by 3.92% ($0.82) to close at $20.08.

Market volume surged by over 559% to 1,367,504 units valued at over $8,205,145. Cable and Wireless Jamaica Limited was the volume leader with 760,020 units (55.58%) followed by Scotia Group Jamaica with 217,497 units (15.90%) and Sagicor Life Jamaica Limited with 101,052 units (7.39%).

Top Advancing Stocks for the Week

Company

Gain

Open Price

Close Price

CCC

7.04%

$3.55

   $3.80

CCFG

6.67%

$3.00

   $3.20

SALF

4.93%

$9.54

  $10.01

 Top Declining Stocks for the Week 

Company

 Decline

Open Price

Close Price

SVL

11.42%

$2.19

$1.94

NCBJ

7.79%

$19.00

$17.52

KW

4.52%

 $4.20

$4.01

Company News

  • As previously advised, Pan Caribbean Financial Services Limited will redeem up to 50% of its 12.5% Preference Shares with accrued interest on October 12, 2010. The redemption should be rounded to the nearest whole number. The accrued preference dividend is $1.71 per stock unit payable on October 12, 2010 to stockholders on record as at October 5, 2010. The X-Date is October 1, 2010.
  • Mayberry Investments Limited (MIL) has advised that a related party purchased 1,300,900 MIL shares during the period September 1 - 17, 2010. 
  • Supreme Ventures Limited has advised that the Company has elected to publish its audited financial statements for the year ended December 31, 2010 within sixty days of the Company`s year end, i.e. on or before March 1, 2011. 
  • Capital & Credit Financial Group Limited (CCFG) has advised that during the period September 14 - 20, 2010 a party connected to a director purchased a total of 10,000 CCFG shares and a director purchased 10,000 CCFG shares on September 27, 2010.
  • Scotia DBG Investments Limited has advised that Mr. Lissant Mitchell will be appointed as Chief Operating Officer of Scotia DBG Investments Limited effective October 1, 2010.
  • Kingston Properties Limited has advised that the Company has opted to publish its annual financial statements within 60 days of its year-end (31st December 2010) and as such will not be separately publishing its Q4 results.

 

Foreign Exchange Market 

The foreign exchange market was characterized by high broker demand, moderate end user demand with a moderate supply of US dollars. The Bank of Jamaica intervened in the market selling the US dollars to brokers at J$86.19/US$1.00 for a resale at J$86.24/US$1.00.  As a result, compared to yesterday, the Jamaican dollar gained 11 cents close at J$86.24/US$1.00.

The GBP was sold for J$136.82/£1.00 today, while the Canadian Dollar was sold for $84.26/CAD$1.00.

Fixed Income Market  

Jamaican Dollar Market

Thirty day retail market rates in the Jamaican dollar fixed income market remained at yesterday’s levels, between 6.70% p.a. and 7.00% p.a. on amounts above J$1,000,000. The market was liquid.

United States Dollar Market

Liquidity levels in the U.S. dollar fixed income market remained high today. Thirty day retail market rates traded between 2.75% p.a. and 3.25% p.a. on amounts above US$500,000.  

.

International Markets

World Stock Markets 

Country

Index

Change

% Change

Level

Canada  

 S&P/TSX Composite

 -5.57

-0.05%

 12,363.08

USA

DJIA

 +41.63

+0.39%

 10,829.68

USA

S&P 500

  +5.04

+0.44%

  1,146.24

Hong Kong

Hang Seng

-20.50

-0.09%

 22,358.17

Japan

Nikkei 225

+34.88

+0.37%

  9,404.23

Europe

Euronext 150

 +5.60

+0.37%

   1,503.49

UK

FTSE All Shares

 +22.13

+0.77%

   2,889.71

Commodities   

Commodity

Price

Change

High

Low

Oil (light crude)

81.71

+1.74

81.74

79.70

Gold

1,320.00

+10.40

1,322.00

1,307.30

Silver

22.12

+0.30

22.17

21.73

 Currencies (Crossrates)   

 Currency

US$

British Pound

Yen

Euro

Canadian Dollar

US Dollar

1

 0.6318

  83.264

0.7252

   1.0197

British Pound

1.5828

       1

131.7886

1.1479

   1.6139

Yen

0.012

   0.0076

     1

 0.0087

   0.0122

Euro

1.3789

  0.8712

114.8119

    1

    1.406

Canadian Dollar

0.9807

   0.6196

81.6562

  0.7112

        1

 US Treasuries

Tenor

 Price

 Change

     Yield%    

 2 year

99.91

unch

0.42

 5 year

99.94

+0.06

1.25

 10 year  

100.94

unch

2.51

 30 year

102.78

-0.59

3.71

International News

U.S. Stocks Rise as Consumer Spending, Confidence Boost Outlook - Oct. 1 (Bloomberg) -- U.S. stocks gained, building on the biggest September rally since 1939, as higher-than-estimated consumer spending and confidence bolstered optimism in the economic recovery…More

Treasury 2-Year Yields Touch Record Low as Manufacturing Slows - Oct. 1 (Bloomberg) -- Treasury two-year yields touched a record low as a report showed U.S. manufacturing growth slowed, encouraging speculation that the central bank will increase purchases of government debt…More

Dollar Touches 6-Month Low as Fed View Limits U.S. Asset Demand - Oct. 1 (Bloomberg) -- The dollar fell to the lowest level since March versus the euro and dropped against the yen after the Federal Reserve Bank of New York president said more monetary easing is needed unless the U.S. economy strengthens…More

Emerging Markets Head for Record Bond Sales as Yields Plunge - Oct. 1 (Bloomberg) -- Emerging-market borrowers are on course to sell more bonds than ever this year after yields hit record lows and developing economies rebounded faster from the credit crisis than advanced nations…More

Crude Oil Rises on Economic Data, Caps Best Week Since February - Oct. 1 (Bloomberg) -- Oil rose, capping its biggest weekly gain since February, after economic data from the U.S. and China bolstered optimism that demand is growing in the world’s two largest energy-consuming countries…More

 

CONTACT:
Kingston & St. Andrew
Delories Jones
Sales & Business Dev. Manager
Cell: (876)564-6866
Email: djones@jnbs.com

Jerrold Johnson
Financial Advisor
Cell: (876) 588-8887
Email: jerrold@jnbs.com

Marion Bailey
Customer Service Representative
Cell: (876) 487-9267
Email: mbailey@jnbs.com
Sancia Thompson
Financial Advisor
Cell: (876) 868-4680
Email: sthompson@jnbs.com
Montego Bay  
Mandeville
Seraphia Spence
Financial Advisor
Cell: (876) 465-3726
Email: sspence@jnbs.com
  Maureen Johnson-Francis
Financial Advisor
Cell: (876) 588-8874
Email: mfrancis@jnbs.com

Disclaimer: All information contained herein is obtained by JN Fund Managers Limited from sources believed by it to be accurate and reliable. All opinions and estimates constitute the writer’s judgment as of the date of the report. Neither the accuracy and completeness nor the opinions based thereon are guaranteed and JNFM shall not be liable for any actions taken in reliance thereon. As such no warranty is made, expressed or implied by JN Fund Managers Limited in any form whatsoever as to the accuracy, timeliness or completeness of information contained in this report.

Prepared by JN Fund Managers' Research Department