Weekly Financial Market Summary - Feb 14

Stock prices bounced back to close out the last two (2) trading days (Thursday and Friday) of the week on the Jamaica Stock Exchange (JSE) with the JSE All Jamaican Composite Index surging 4,721.23 points to 531,327.44 and 2,205.30 points to close at 533,532.74 respectively.

Stock prices bounced back to close out the last two (2) trading days (Thursday and Friday) of the week on the Jamaica Stock Exchange (JSE) with the JSE All Jamaican Composite Index surging 4,721.23 points to 531,327.44 and 2,205.30 points to close at 533,532.74 respectively. The JSE Market Index climbed 2,005.08 points (0.41 %) to close at 485,872.96 and the JSE Financial Index rose 0.85 points (0.65 %) to 132.17 to end the week.

Global equity markets and government debt yields slumped as growing concerns about the impact of the coronavirus on global growth overshadowed a strong U.S. jobs report that indicated an economy on pace to grow moderately. The coronavirus, now called Covid-19, has claimed 1,380 lives and infected 63,851 according to Chinese authorities.

Stocks on Wall Street slid from record highs and the safe-haven Japanese yen rose as investors weighed how much the virus is likely to disrupt supply chains, as China accounts for one-third of global growth.

Oil prices also slipped as Russia said it would need more time before committing to output cuts along with the Organization of the Petroleum Exporting Countries and other producers amid falling demand for crude.

The market also seems undeterred by fresh tensions between the U.S. and China that emerged overnight after the U.S. charged Huawei and two of its U.S. subsidiaries with racketeering and conspiracy to steal trade secrets. Fourth-quarter reporting season is chugging along, with 387 companies in the S&P 500 having reported. Of those, 77.4% have surprised Street expectations to the upside.

Check out full report here.