Weekly Financial Market Summary - Dec 10
Posted in: Market Trends
This week in the Forex market, the Jamaica Dollar continues to slide against its major counterparts with the exception of the Euro. The JMD declined as much as $2.92 this week. Despite the weakening of the JMD, the dollar manages to remain ahead of the Euro and British Pound, however, after this week’s decline the Canadian Dollar (CAD) has now appreciated against the JMD opening price.

The JMD declined as much as $2.92 this week.
This week in the Forex market, the Jamaica Dollar continues to slide against its major counterparts with the exception of the Euro. The JMD declined as much as $2.92 this week. Despite the weakening of the JMD, the dollar manages to remain ahead of the Euro and British Pound, however, after this week’s decline the Canadian Dollar (CAD) has now appreciated against the JMD opening price.
The Jamaica Stock Exchange saw a decline in the Main and Junior Markets, with most stocks declining or trading firmly. The decline may be due to investors liquidating stocks to invest in the Fontana IPO. Barita Investments was named the top main market performer for a second consecutive week, with a weekly gain of 15.79 and a year to date performance of 334%, as the stock surged from J$7.47 at the start of the year. Palace Amusement Co. was named a top three performing stock for a second consecutive week. Palace appreciated by 11.54% to J$1,450.00 this week. It should be noted that only 200 units of the stock traded. After being name a top three worst performing stock in the previous week, Seprod has rallied to be named a top three performing stock this week. Despite the announcement of a deal with the Scotia Group to acquire the insurance portfolio of Scotia, the Sagicor Group came out this week as the worst performing stock this week. The stock fell by J$9.25 or 18.66% to close the week at J$40.33.
Paramount Trading Ja. rallied this week to be named the top performing Junior market stock, after being named the worst performing stock in the previous week. Key Insurance Co. was named a top performing Junior market stock for a second consecutive week as the stock appreciated to J$4.75. Lasco Financial was named the worst performing stock this week as its most recent quarterly earnings showed a decline in profits.
In the international financial markets the major indices as well as yields on Treasuries plummeted. The major indices all declined this week resulting in a year to date loss on all. The yields on all tenor of Treasuries plummeted however, to date the yield remain ahead in its performance. The sharp decline was due to ongoing geopolitical tensions as investors remained tuned in.
Check out full report here.

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