Record Trading in Jamaica, Trinidad

Darlington Musarurwa
20 Apr, 2010
New York City

Caribbean markets were most active for the years as institutional buyers picked up shares in Trinidad and Jamaica. Trading in Jamaica surged to J$190 million from the daily average of J$18 million. Worldwide airlines are expected to lose as much as $1 billion.

[R]5:00 PM Kingston – Caribbean markets were most active for the years as institutional buyers picked up shares in Trinidad and Jamaica. Trading in Jamaica surged to J$190 million from the daily average of J$18 million. Worldwide airlines are expected to lose as much as $1 billion. Air travel in Europe is expected to pick up after airports in UK, Germany and France are scheduled to reopen tomorrow.[/R]

Caribbean markets traded fractionally higher but volume in Jamaica and Trinidad picked sharply. Trading volume in Kingston was the highest for the year with J$190 million shares changing hands.

The JSE Market Index rose 370.09 or 0.4% to 86,883.59 and the JSE Select Index increased 24.50 to close at 2,331.75. Trinidad Composite Index declined 0.29 to close at 816.26.

Of the 19 stocks traded on Jamaica Stock Exchange, 8 increased, 4 decreased and 7 were unchanged.

In Kingston trading 23.3 million shares changed hands worth J$190.31 million. Jamaica Money Market Brokers Limited led the most active list with a trading volume of 10 million followed by Gleaner Company with 4.2 million and Jamaica Producers Group Ltd with 3.0 million.

Pan Caribbean Financial Services increased J$1.66 to J$47.50 and Scotia Group Jamaica increased 56 cents to J$23.96.

Jamaica Producers Group declined J$1.56 to J$23.54 and First Jamaica Investments Ltd declined J$1 to J$35. Gleaner Company increased 3 cents to J$1.30.

Scotia DBG Investments Limited in a filing with the Jamaica Stock Exchanges said directors and senior management have sold 44,057 shares.

Jamaica government forced out Dr Ruth Potopsingh the head of Petroleum Corporation of Jamaica based on the special audit that blamed “management weakness.” Dr Potopsingh has worked with the various governments in Jamaica for 33 years.

Trinidad Market Overview

Trinidad Composite Index closed down 0.29% to 818.37 and of the 12 stocks traded, 1 declined and 2 increased.

In Port of Spain trading, 373,525 shares changed hands worth TT$1.96 million.

Jamaica Money Market Brokers Limited led the most active list with a volume of 243,362 shares followed by Sagicor Financial Corp with a volume of 90,055 and National Express Enterprises Limited with a volume of 20,000.

Sagicor Financial Corp increased 1 cent to TT$10.11 and Savinvest India Asia Fund added 1 cent to TT$62.01.

National Enterprises Limited declined 1 cent to TT$10.20. Neal & Massey Holdings Limited closed unchanged at TT$45.05.

Barbados Stock Exchange Index declined 1.76 to 3,121.96 and trading volume of 5,919 shares.

One stock declined and one traded firm on the volume of 5,919 in trading with a total value of $109,889.09.

FirstCaribbean International Bank led the most active list with trading volume of 4,419 and closed unchanged at $2.75. Sagicor Financial Corporation declined 5 cents to $2.95 and 1,500 shares changed hands.

BSIX All Share Index in the Bahamas decreased 0.04 to 1,557.91.

World Markets

European air travel resumed after regulators eased air travel restrictions despite pilots resistance. Nearly half the flights in Europe are back to normal after airports in Paris reopened but London airports are still closed.

More than 14,000 flights are expected to meet their today’s schedule as nearly eight million passengers are stranded in sixteen European nations. In Northern Europe only Scandinavia and Scotland are free of volcanic ash cloud and as is Iberian coastal region.

Goldman Sachs Group, Inc., the financial services firm reported first quarter revenue rose 36% to $12.7 billion from $9.4 billion. Net income surged 99% to $3.3 billion or $5.59 per share from $1.7 billion or $3.39 per share a year-ago quarter.

North American Markets

Dow Jones Industrial Average gained 25.01 or 0.2% to close at 11,117.06, S&P 500 Index edged higher 9.65 or 0.8% to 1,207.17 and Nasdaq Composite Index added 20.20 or 0.81% to close at 2,500.31. Toronto TSX Composite Index rose 16.25 or 0.1% to 12,119.22.

Latin American Markets Indexes

Mexico Bolsa Index added 327.58 or 1% to 33,767.35 and Brazil Bovespa Stock Index gained 144.57 or 0.2% to 69,242.15.

Commodities, Metals, and Currencies

Crude oil increased $2.00 to $83.45 a barrel for a front month contract, natural gas edged up 4 cents to $3.99 per mBtu and gasoline increased 3.01 cents to 228.45 cents.

Soybean future closed up 7.50 cent to $9.94 a bushel. Wheat futures increased 19.00 cents in Chicago trading to $4.98 a bushel. Sugar closed down 0.45 cents at 16.60 cents per pound.

Gold increased $4.30 in New York trading to close at $1,136.10 per ounce, silver closed up $0.13 to $17.86 per ounce and copper for the front month delivery increased 1.65 cents to $3.53 per pound.

Dollar edged higher against euro to $1.344 and increased against the Japanese yen to 93.15.

Yield on 10-year U.S. bonds declined to 3.79% and with 30-year maturities fell to 4.67%.