Weekly Financial Market Summary- Nov 30

This week in the forex market, for a second consecutive week the Jamaican dollar (JMD) lost ground against its major traded counterparts with the exception of the British Pound. The JMD lost as much as $3.19 on the Euro, resulting in the reversal of any gain of the JMD and a year to date change of -0.82%.

This week in the forex market, for a second consecutive week the Jamaican dollar (JMD) lost ground against its major traded counterparts with the exception of the British Pound. The JMD lost as much as $3.19 on the Euro, resulting in the reversal of any gain of the JMD and a year to date change of -0.82%. Against the USD the JMD lost $0.99. The Canadian dollar and British Pound continues to trade below this year’s opening trading price. We attribute the depreciation of the JMD relative to the USD to the diminished intervention of the Central Bank in the market. The positive year to date performance of the JMD to the British Pound could be attributed to continued uncertainties surrounding Brexit.

The Jamaica Stock Exchange (JSE) saw mixed results this week as the Main market advanced whilst the Junior market saw a decline. Barita Investment was this week’s top performing stock as the stock appreciated by $8.05 for the week, year to date the stock has a performance of 274.83%. The Palace Amusement Co. was also a top performing main market stock this week as the stock appreciated by $300.00. It should be noted that only 300 units of this stock traded. Berger Paints Ja. was one of the top three worst performing main market stock, depreciating by $1 this week, this comes on the backdrop of the company’s nine months performance falling short of the previous year’s performance by 69.8% or J$99.8M. After previously being named a top three main market performer, this week Seprod comes out as one of the top three worst main market stock, nonetheless, the company’s has performed positively  year to date and is expected to do so into the new year.

Key Insurance Co. was named the top performing junior market company this week as the stock appreciated by 23.38%, year to date the stock has appreciated by 18.64%. Fosrich’s stock price continues to trend upwards on the heels of improved financial results as well as the company’s disclosure of its intent to venture into manufacturing.  Paramount Trading was named the worst performing junior market stock this week as the company’s bleach pant continues to be delayed. Honey Bun was also named a top three worst performing stock this week as the recently published audited financial statements shows a decline in profits year over year.

In the International financial markets, the equity markets and US Treasury showed mixed results. All the major Equity indices rebounded this week after two consecutive weeks of decline. The Nikkei saw a major rebound that erased much of its major year to date loss. Yields on all tenor US Treasury declined this week.

Check out full report here.