Weekly Financial Market Summary - Feb 21

This week in the Forex market, the JMD got a major boost as the local dollar strengthened against major traded currencies. The JMD advanced by as much as $3.41 this week. Year-to-date, the JMD appreciated by 1.67% against the Euro.

This week in the Forex market, the JMD got a major boost as the local dollar strengthened against major traded currencies. The JMD advanced by as much as $3.41 this week. Year-to-date, the JMD appreciated by 1.67% against the Euro.

The Jamaican Stock Exchange (JSE) saw mixed results for another consecutive week. The Main Market advanced while the Junior Market declined. Overall market activity saw 95 stocks advancing, 34 declining and 9 trading firm. 138 Student Living Jamaica (138SL) was the top performing Main Market stock this week; this comes a week after being named one of the worst performing stocks in the previous week. 138SL performance comes as the company turned its loss around generating a year-over-year net profit. Salada Foods, MPC Clean Energy and Stanley Motta were the worst performing Main Market stocks this week. On the Junior Market, Paramount Trading (PTL) reversed its fortunes in the previous week to be named the top performing Junior Market stock for the week. Paramount appreciated by 29.25% or JA$0.43 this week to close at JA$1.90.

U.S. stock indexes opened lower for the two last business days of this week, dragged down by technology stocks, as a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds. The Dow Jones Industrial Average fell 73.45 points, or 0.25%, at the open to 29,146.53. The S&P 500 .SPX opened lower by 12.73 points, or 0.38%, at 3,360.50. The NASDAQ Composite dropped 42.95 points, or 0.44%, to 9,708.01 at the opening bell.

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