Weekly Financial Market Summary - Jan 28
Posted in: IDEAL Insights, Market Trends
The Jamaican Dollar (JMD) continues to plummet against the major traded currencies. The JMD fell as much as $8.53 this week. The JMD lost $0.92 against the USD, year to date the JMD has lost 4.32% against the USD.
The top performing main market stocks this week are Ciboney Group, Jamaica Stock Exchange and the JMMB Group.
The Jamaican Dollar (JMD) continues to plummet against the major traded currencies. The JMD fell as much as $8.53 this week. The JMD lost $0.92 against the USD, year to date the JMD has lost 4.32% against the USD. The Canadian Dollar (CAD) has surpassed the $100 mark, trading at 101.25 this week. The JMD took a significant hit against the Euro, losing $8.53 or 5.77% this week, year to date the JMD has lost a total of $15.90 or 10.16% against the Euro.
The Jamaica Stock Exchange saw another consecutive week of decline. Both the Main and Junior market declined, falling by 6,678.83 and 49.97 points respectively. The top performing main market stock these week are Ciboney Group, Jamaica Stock Exchange and the JMMB Group. 138 Student Living was the worst performing main market this week. The stock fell by J$1.45 or 40.73% to close at J$2.11. Berger Paints was also named one of the worst performing stock this week as the company’s performance continues to fail in comparison to the previous financial year.
Fontana continues to perform well after recently listing on the Junior market. The stock appreciated by J$0.33 or 10.31% this week to close at J$3.53, year to date the stock has appreciated by 87.77%. SSL Venture Capital was also a top performing Junior market stock this week. The positive performance of the stock is grounded in the company’s re-branding and change in business model.
The international financial markets saw tepid movement this week. The S&P 500 marginally declined, falling by 5.95 points this week, while the Dow Jones advanced by 30.85 points. The Nikkei continues its rebound after a poor performance in 2018. US Treasuries saw no positive movement this week. Yield on 2 year treasuries remained intact, while the 5 year and 10 year Treasuries declined by 2 basis points.
Check out full report here.
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