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28th August 2010
CMMB Market Watch

EASTERN CARIBBEAN

Three companies traded on the ECSM for the week, with Cable & Wireless St. Kitts Nevis leading, with 6,500 shares trading. East Caribbean Financial Holding Company and First Caribbean International Bank shares also traded.
On the RGSM, the Government of St. Vincent and the Grenadines raised EC$20 million in a Treasury Bill auction. The issue was oversubscribed by EC$8.04 million, closing at a discount rate of 4.498%.
The next Treasury Bill auctions of the Governments of St. Vincent and the Grenadines and St. Lucia takes place on September 21st and 22nd respectively.

TRINIDAD
All three Indexes advanced on the TTSE. The All T&T Index advanced the most, closing at 1,154, up 0.26%. 21 stocks traded, with an advance:decline ratio of 3:2. Guardian Holdings Ltd led the advancers, while National Enterprises Ltd and Republic Bank Ltd both declined.
In other news, the National Insurance Property Development Company Ltd. (NIPDEC) has proposed to raise TT$360 million through the issue of an 18-year bond with a coupon rate of 6.10%. The auction opened on August 17th and will close on August 30th. Please contact CMMB if you are interested in the issue.
 
 

JAMAICA
On the JSE, all three major Indexes declined, resulting from trading in 25 stocks. Market volume amounted to 5.2 million units valued at J$86 million. NCB Jamaica Ltd was the volume leader with 47.56% of volume, followed by Jamaica Producers Ltd and Sagicor Life Jamaica Ltd.
The Jamaica Gleaner reports that Guardian Holdings Ltd has sold its interest in Guardian Asset Management Jamaica Ltd to Proven Investment Ltd. The transaction was completed over a period of five weeks, for an undisclosed price.
In a report released on August 18th, the International Monetary Fund reviewed the performance of the Jamaican economy following the implementation of a 27-month Stand-by Arrangement in February. Statistics reveal that the financial market conditions have improved substantially, with market rates at the lowest level since the 1980s. Overall economic activity remains weak, although the tourism and agricultural sectors have performed well.

BARBADOS
Three companies traded 6,800 shares on the BSE. Fortress Caribbean Property Fund Ltd led the activity, with 67.06% of volume. This resulted in the declining of the Local and Composite Indexes. The Cross-List Index remained unchanged.
The Government of Barbados is negotiating a $10 million loan arrangement with the Inter-American Development Bank to finance a Smart Energy Fund. The five-component Fund will endeavor to reduce energy costs, improve energy security and enhance the island’s environmental sustainability.

INTERNATIONAL
In international news, stocks, commodities and the euro fell, driven by concern that the U.S. economic recovery is unstable, and after a European Central Bank council member said that the ECB should not withdraw stimulus before year-end. The dollar strengthened against all 16 major counterparts.

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