Weekly Financial Market Summary - Nov 19
Posted in: IDEAL Insights, Market Trends
In the Forex market, the Jamaican Dollar (JMD) strengthen against all the major currency; the JMD appreciated as high as $4.04 for the week ending November 16, 2018. Year to date, the JMD reversed all losses against all the major currencies with the exception of the US Dollar (USD).
The Main and Junior markets declined by 0.93% and 1.07% respectively.
Both the Main and Junior markets of the Jamaica Stock Exchange (JSE) decline for another week. The Main and Junior markets declined by 0.93% and 1.07% respectively. With the declaration of most listed company’s quarterly earnings we expect an uptick in the equity market. Caribbean Cement Co. came out as a top performing main market company despite a disappointing third quarter. Palace Amusement was the top worst performing main market company this week as the stock price fell by 29.82%. It should be noted that only 200 units traded on the JSE. FosRich was the junior market top performer this week, appreciating by 15.52%. This comes on the backdrop of improved 3rd quarter earnings as well as the company’s announcement to dive into manufacturing. Everything Fresh (EFRESH) was the worst performing stock this week as the recently listed company continues to disappoint in its earnings.
The international financial markets saw a decline in the major traded indices as well as on yields on US treasury. The major traded indices all saw a decline this week, resulting in the erosion of year to date gains on the S&P 500 and the Dow Jones, the Nikkei continues to under perform. Yields on all tenor of US Treasury declined by at least 12 basis points, However, year to date gains remain positive.
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