Flat Trading in Caribbean Markets

Mukesh Buch
13 Nov, 2010
New York City

Caribbean markets edged lower in a weak trading. For the week the indexes were nearly unchanged. Banks and insurance companies led the most active stocks in trading. World markets declined as commodities fall and inflation in China accelerated.

[R]6:00 PM, November 12, 2010 Miami – Caribbean markets edged lower in a weak trading. For the week the indexes were nearly unchanged. Banks and insurance companies led the most active stocks in trading. World markets declined as commodities fall and inflation in China accelerated.[/R]

The JSE Market Index decreased 50.89 or 0.06% to 83,510.93 and the JSE Select Index fell 1.85 or 0.09% to close at 2,122.28.

Trinidad Composite Index gained 0.57% to 837.39 and Bahamas Stock Exchange index fell 0.01 or 0.13% to 1487.77.

Of the 17 stocks traded on Jamaica Stock Exchange, 3 increased, 9 decreased and 5 were unchanged.

In today’s trading in Kingston, 2,212,117 shares changed hands worth J$13.9 million. Jamaica Broilers Ltd. led the most active list with a trading of 1,029,732 shares followed by Cable and Wireless Jamaica Ltd. with 636,400.

National Commercial Bank of Jamaica Ltd increased 4 cent to J$18.54 and traded 150,398 and Scotia Group Jamaica added 9 cent to J$20.79 and traded 32,028. GraceKennedy Ltd. added 11 cent to J$51.00 and traded 2,647.

Jamaica Broilers Ltd. declined 3 cent to J$5.97 and traded 1,029,732 and Salada Foods Ltd. decreased 1 cent to J$9.00 and traded 150,000. Seprod Limited fell 1 cent to J$21.00 and traded 62,684.

Trinidad Market Overview

Trinidad Composite Index gained 0.57% to 837.39 and of the 8 stocks traded 2 advanced, 1 declined and 5 closed unchanged.

Trinidad Cement Limited led the most active list with 172,578 shares and Republic Bank Limited with trading of 22,756 shares.

Agostini’s Limited decreased $0.20 to TT$9.50 and traded 4,303.

World Market Review

U.S. stocks traded lower after markets in Asia plunged and European indexes traded lower. The Nasdaq index fell the most with a loss of 1.4% and the Dow declined 0.9% and the S&P 500 dropped 1.2%.

Commodities dropped to 18-month low after inflation accelerated in China in October and prompted renewed fears that a new round of rate hikes may be in the works to cool inflation.

G20 nations meeting failed to produce clear guidelines to set right or tackle rising global financial and trade imbalances. J.C. Penney reported better higher profit.

G20 nations issued a statement after a meeting of two days that focused on broad issues of global imbalances and failed to show any concrete plans. The leaders deferred to the concrete steps to the next meeting and said the importance of common indicators to track measures that can highlight the changes in the global flows.

European indexes fell as the leaders in the region discuss renewed threat of sovereign bonds stresses in Ireland and Portugal. Resource stocks also fell on the worries that accelerating inflation in China will bring additional tightening in the world’s fastest growing economy. Richemont SA jumped 4% after it reported higher net.

UK stocks closed lower on a weakness in resource stocks. Copper prices declined from the record after China reported accelerating inflation. European leaders discuss renewed threat of sovereign debt stress in the region.