Weekly Financial Market Summary - Jan 21

In the Forex market this week, the Jamaican Dollar continues to depreciate against the major traded currencies. The Jamaican Dollar weaken by at least $1.42 against the USD, CAD and GBP. With only 18 days into the new year, the Jamaican Dollar has already lost as much as 8.8% of its value. Conversely, the Jamaican dollar appreciated by $2.32 against the Euro this week.

In the Forex market this week, the Jamaican Dollar continues to depreciate against the major traded currencies. The Jamaican Dollar weaken by at least $1.42 against the USD, CAD and GBP. With only 18 days into the new year, the Jamaican Dollar has already lost as much as 8.8% of its value. Conversely, the Jamaican dollar appreciated by $2.32 against the Euro this week. With continued uncertainty surrounding the UK government and Brexit, we may see the Jamaican Dollar regain some ground against the British Pound (GBP) in the coming weeks.

The Jamaican Stock Exchange saw a decline on both the Main and Junior Markets. Overall, 100 stocks traded, with 36 advancing, 33 declining and 31 traded firm. After previously being named one of the top three worst performing main market stock, Proven Investment (JMD) was the top performing main market stock this week. Pulse Investments and Caribbean Cement were also top performers this week. The JMMB Group was one of the worst performing stock this week as the stock fell to J$29.04. Berger Paints was also one of the worst performing stock this week, as the company’s profits continue to flop in comparison to previous years performance. On the Junior market, AMG Packaging & Paper Co. was the top performing Junior market stock. After a year of restructuring and struggling profits, AMG posted a 69% increase in net profit for its first quarter. Consequently, the stock appreciated by J$0.67 or 34.54% this week to close at J$2.61 , a one year high. Consolidated Bakeries and Derrimon Trading Co. rounded out the top performing junior market stocks. Paramount Trading Ja. was one of the worst performing junior markets stock for a second consecutive week. The Blue Power Group and Fontana Limited rounded out the worst performers. Despite this week performance, Fontana year to date performance stands at 70.21%

In the face of the longest government shutdown in US history, the US stock market and Treasuries continues to perform well. The S&P 500 and Dow Jones continues to perform positively, trending upwards week over week. For a second consecutive, the Nikkei closed on a positive note, to a 30 day high of 20,666.07 points. The yields on all tenor of US Treasuries rose for a second consecutive weeks, with yield rising as high as 9 basis points week over week.

Check out full report here.