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27th Feburary 2010
CMMB Market Wrap

EASTERN CARIBBEAN

Activity was minimal on the secondary market platform of the ECSE this week, with only 980 Dominica Electricity Services shares trading at $2.95.

On the RGSM, the Government of St. Lucia’s $16.379 million US dollar 6-year bond issue was oversubscribed. A fixed price auction methodology was used, at an interest rate of 7.25%.

TRINIDAD
On the TTSE, the Composite and All T&T Indexes advanced, while the Cross Listed Index declined by 0.10% to close at 54.06. Nineteen stocks traded, of which 5 advanced, 3 declined and 11 traded firm. The West Indian Tobacco Company Limited led the advancers, gaining 10% in share price to close at $40.15. Guardian Holdings Limited led the decliners.

JAMAICA
All three major Indexes of the JSE advanced by more than 1.65%. Market volume amounted to over nine million units valued at $76.2 million. Jamaica Money Market Brokers’ 12.15% Bond was the volume leader with 22.08%, followed by Cable & Wireless Jamaica Ltd and Radio Jamaica Ltd. 26 stocks traded, with an advance:decline ratio of 13:5.
In other news, the Jamaican Government is projecting the creation of 18,000 new jobs annually over the next five years, a result of extensive capital expenditure in an elaborate road and infrastructure plan.
 
 

BARBADOS
Over 215,000 shares traded on the Regular Market of the BSE. First Caribbean International Bank was the volume leader with 73.2% of market share; the balance of the activity was spread between six other companies. On the Odd-Lot Market, Goddard Enterprises Limited led trading with 59.22%. All three indexes closed in negative territory.
Barbados Prime Minister David Thompson has announced that his Government has approved the sale of CLICO Mortgage and Finance Corporation to the Barbados Public Workers’ Cooperative Credit Union. Negotiations for the transaction are still ongoing.

INTERNATIONAL
In international news, Bloomberg reports U.S. stocks, commodities and the dollar gained as a lower-than-estimated rise in inflation fueled speculation that the Federal Reserve will keep its benchmark interest rate near a record low to safeguard the economic recovery.
The S&P 500 Index rallied 3.1% for the week, its best gain since November. Oil, copper and aluminum prices rose at least 0.9%.
European stocks extended the biggest weekly gain since July. The pound slid against 15 of 16 of its most-traded counterparts after the U.K posted a budget deficit in January, the first time since 1993.

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