Weekly Financial Market Summary - Oct 22
Posted in: IDEAL Insights, Market Trends, News
The Jamaican Dollar (JMD) continues to gain momentum against it major traded stock. For the week ending October 19, the JMD regained as high as $4.13 against major traded currencies. Year to date, devaluation of the JMD as fallen below 5%.
The decline can be attributed to the upcoming share offer of Seprod Shares by Facey. Investors are selling off holdings in other stocks to fund the purchase of Seprod shares.
The Jamaica Stock Exchange (JSE) saw a considerable decline as both the Main and Junior Markets decline. The decline can be attributed to the upcoming share offer of Seprod Shares by Facey. Investors are selling off holdings in other stocks to fund the purchase of Seprod shares.
The international financial market shows sign of rallying following continued trade war tensions as well as the Federal Reserve announcement of a rate hike. US equity rallied with the S&P 500 and Dow Jones marginally improving over the previous week. The Nikkei continues to trend downwards. Yields on tenors of Treasury saw an uptick over the previous week.
Check out full report here.
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