ISSUE NO. 4

CIF registered the largest gain for the week, increasing $0.44 to an end of the week price of $21.51. Conversely, RFHL registered the week's largest decline, falling $0.16 to close at $101.75.

FEATURES

Local Market Review Local Fixed Income Review

2ND OCTOBER, 2017

WEEKLY MARKET ROUND-UP 

Trading activity remains buoyant as the October 2nd Budget continues to be a concern.

All information contained herein is obtained by JMMB® Investment Research from sources believed by it to be accurate and

reliable. All opinions and estimates constitute the Analyst’s judgment as of the date of the report. However, neither its accuracy

and completeness NOR THE OPINIONS BASED THEREON ARE GUARANTEED. As such NO WARRANTY, EXPRESS OR

IMPLIED, AS TO THE ACCURACY, TIMELINESS OR COMPLETENESS OF THIS REPORT IS GIVEN OR MADE BY JMMB®

IN ANY FORM WHATSOEVER. JMMBITT is a member of the JMMB Group and a registered broker dealer with TTSEC.

Local Market ReviewIn an anticipation of budget woes, local market gains continued to slow as overall market activity weakened

for the second consecutive week. Trading activity on the First Tier Market registered a volume of 565,648

shares crossing the floor of the Exchange valued at $4.49 million, representing a 51% decline in traded units

and a 67% decline in value when compared to the prior week. Last week, NCB Financial Group Limited

(NCBFG) topped as the the volume leader, trading 102,395.00 units (18.10%), followed by JMMB Group

Limited (JMMBGL) with a volume of 101,358 units (17.92%) changing hands. National Flour Mills Limited

(NFM) contributed 100,144 units or 17.70%, to overall market activity.

CIF registered the largest gain for the week, increasing $0.44 to an end of the week price of $21.51.

Conversely, RFHL registered the week's largest decline, falling $0.16 to close at $101.75. Overall market

activity resulted from the trading activity of 20 stocks of which 8 advanced, 6 declined and 6 traded steady.

Local indices weekly performance:

� The Composite advanced by 4.27 points (↑0.35%) to close at 1,241.60. (YTD Return : ↑2.90%).

� The All T&T Index declined by 1.61 points (↓0.09%) to close at 1,782.18. (YTD Return:↓2.68%).

� The Cross Listed Index advanced by 1.40 points (↑1.51%) to close at 94.18. (YTD Return:↑21.01%).

N O M A D I C | 2 4

2 JMMB INVESTMENTSMARKET ROUND-UP

The local fixed income market continues to trade with stable

liquidity conditions. Trading activity remains buoyant as the

October 2nd Budget continues to be a concern.

Local Fixed Income Review

N O M A D I C | 2 4

3 JMMB INVESTMENTSMARKET ROUND-UP

On September 29th, 2017, SIJL announced that the

Supreme Court has approved the successful

cancellation of SIJL shares, in consideration for

cash payments to minority shareholders. Jamaican

shareholders are eligible to receive payments in

either Jamaican or US dollars while local SIJL

shareholders can only receive US dollar payments.

At the stockholder’s meeting held August 30th, 2017,

shareholders, holding approximately 99.95% of the

stock units represented in the meeting, voted in favor

of the Scheme.

US dollar disbursements will be based on the

weighted average selling rate for US dollars

published by the Bank of Jamaica on September

28th, 2017 (3 days before payment date). Hence the

conversion rate used is US$1.00 = J$129.9901.

Trading in SIJL has been suspended with effect from

Monday 2nd October,2017 and shareholders will

receive their payments by October 3rd, 2017.

JAMAICA Scotia Investments Jamaica Limited (SIJL) Updates

Regional Economic Review

N O M A D I C | 2 4

5 MARKET ROUND-UP

Effective from January 2018, China’s central bank is

expected to reduce the amount of cash lenders must

hold as reserves. The size of the cut will be linked to

the flow of funding to parts of the economy where

credit is deemed scarce.

Cuts are expected to range from 0.5% to

1.5% depending on how much business banks do

with small enterprises, agricultural borrowers and

startups. Foreign banks will also be eligible for the

cut should they meet the stipulated requirements.

According the central bank, this reduction in rate is

considered a "structural adjustment" and isn’t a shift

in the country's monetary policy.

ENERGY MARKETCHINA

Oil prices climb as demand boosts China's Central Bank Growth Plan

All information contained herein is obtained by JMMB® Investment Research from sources believed by it to be accurate and

reliable. All opinions and estimates constitute the Analyst’s judgment as of the date of the report. However, neither its accuracy

and completeness NOR THE OPINIONS BASED THEREON ARE GUARANTEED. As such NO WARRANTY, EXPRESS OR

IMPLIED, AS TO THE ACCURACY, TIMELINESS OR COMPLETENESS OF THIS REPORT IS GIVEN OR MADE BY JMMB®

IN ANY FORM WHATSOEVER. JMMBITT is a member of the JMMB Group and a registered broker dealer with TTSEC.

Oil returned to a bull market last week on signs of

rising demand and production cuts by OPEC,

clearing a global oil surplus. Prices also rallied after

Turkey threatened to halt oil exports from the state,

Iraqi Kurdistan, after the vote for independence from

the rest of Iraq. Additionally, Saudi Arabia supplied

the U.S. with the lowest amount of crude and

petroleum refined products in 30 years in July.

Is the surge in oil prices sustainable?

Within recent months, we have seen a turnaround in

the oil market as investor sentiment turned positive

and prices jumped. However, we believe that this

appreciation may be short lived as growing US

production is likely to cap prices close to the current

levels this year.

International Economic Review