Weekly Financial Market Summary - March 11

The Jamaican Dollar (JMD) saw further gains in the forex market this week. The JMD appreciated against all the major traded currencies; the dollar appreciated by as much as $4.36 this week. Consequently, the JMD now trade below the opening 2019 rate. At J$126.47:US$1, the JMD is at an almost four month high.

The Jamaican Dollar (JMD) saw further gains in the forex market this week. The JMD appreciated against all the major traded currencies; the dollar appreciated by as much as $4.36 this week. Consequently, the JMD now trade below the opening 2019 rate. At J$126.47:US$1, the JMD is at an almost four month high.

The Jamaica Stock Exchange (JSE) saw a decline in the Main and Junior Markets this week, a total reversal of the previous week when both indices advanced. The Main Market declined by 0.86% while the Junior market declined by 3.13%, eroding all gains made in the previous week. Proven Investments, Radio Jamaica and Kingston Properties were the top three main market performers this week, with each stock advancing by at least 10%. The Jamaica Stock Exchange, Eppley and Pulse Investments were the worst performing main market stock this week. On the Junior Market, Derrimon Trading was the top performing stock this week, despite a fall in company and group profits for the 2018 financial year. Dolphin Cove took a major hit this week as the stock fell by 18.51% or $2.64 to close the week at $11.62.

On the overseas markets this week, the International Equity market and US Treasuries both declined. Major indices, the S&P 500, Dow Jones and Nikkei saw marginal declines this week, falling by as much as 3.65%, despite the fall, the indices the continue to perform positively. Yields on all tenor of US Treasuries took a plunge this week, with yields falling as much as 13 basis points this week. Consequently, all year to date gains have been reversed.

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