Weekly Financial Market Summary - May 3

Despite intervention in the forex market by the Bank of Jamaica (BOJ), the USD continues to slide, worrying stakeholders island wide. The USD now trades at US$1:J$135.86, a $1.28 decline over the previous week. This week the JMD has declined against all the major traded currencies.

Despite intervention in the forex market by the Bank of Jamaica (BOJ), the USD continues to slide, worrying stakeholders island wide. The USD now trades at US$1:J$135.86, a $1.28 decline over the previous week. This week the JMD has declined against all the major traded currencies.

In the Jamaica Stock exchange this week, both the main and junior market advanced this week. Of the 106 stocks that traded, 45 advanced, 22 declined and 39 traded firm. Wisynco, Caribbbean Cement Company Limited. and Jamaica Stock Exchange were the top performing main market stock this week. Wisynco and Caribbean Cement saw strong growth in net income, following the release of their quarterly earnings. Wisynco traded at a new high of J$15 while Caribbean Cement hit the J$100 mark. Pulse Investments, Berger Paints Jamaica. and Sterling Investments Limited were the worst performing stocks on the main market this week. On the junior market side, Caribbean flavours & fragrances, IronRock Insurance and Consolidated Bakeries were the top performers.

On the international financial markets, the S&P 500 and Dow Jones closed with very little movement over the previous week. The Nikkei failed to move due to a week long holiday. US Treasuries showed some life as yields on all tenor showed positive gains. Yields advanced by as much as 4 basis points this week.

Check out full report here.