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Across Caribbean: TTSE bullish; BISX, JSE bearish

For the week February 7 to February 11, 2011, 17,648,141 shares traded on the six stock exchanges across CARICOM, with 33 stocks advancing, 16 declining and 72 unchanged. Cable and Wireless Jamaica was the volume leader, with 9,255,078 shares being traded, followed by Neal and Massey(1, 265,332 shares traded), Gleaner(1,169,270 shares traded), National Commercial Bank of Jamaica(746,184 shares traded)and Scotia Group Jamaica(620,881 shares traded). Caribbean Cement Company posted the largest gain of 11.74 percent for the week, while on the losing end, Doctors Health Services fell 12.5 percent.

It was a week of mixed sentiment across CARICOM as investors on the TTSE turned quite bullish and the bears were dominant on the JSE and BISX. While the CSX 30 was essentially flat for the feet, falling 1.5 points, a number of stocks across the region suffered major losses, with the CASX falling 76.5 points and the junior market continuing its decline from last week with the CJSX falling a further 34.6 points.

For the week, fourteen of the CSX 30 stocks advanced, four declined and twelve were unchanged. The CSX 30 was led by Caribbean Cement Company, Prestige Holdings Limited and Mayberry Investments which posted gains of 11.74 percent, 8.49 percent and 6.82 percent respectively. For the week, two of the ten CJSX stocks advanced, four declined and four were unchanged. Access Financial Services and Jamaica Teas posted gains of 1.82 percent and 0.25 percent respectively, but the CJSX had another tough week being dragged down by declines in Dolphin Cove(-6.52 percent)and Lasco Distributors(-5.95 percent).

The misery in tourism and real estate stocks got worse this week with the CTRX falling 73.7 points. While two of the eight CTRX stocks advanced and seven were unchanged, the index was dragged down by the 8.41 percent decline in the shares of Pegasus. The retail and distribution stocks enjoyed the best week across the sectors with the CRDX advancing 9.3 points. For the week, three of the ten CRDX stocks advanced and the remainder were unchanged. The CRDX was led by Prestige Holdings Limited, Carreras and St. Kitts, Nevis and Anguilla Trading and Development Company, which posted gains of 8.49 percent, 0.69 percent and 0.07 percent respectively.

Manufacturing and conglomerate stocks held their own this week with CMSX advancing 6 points and the CCSX 7.05 points. Ten of the thirty CMSX stocks advanced, nineteen were unchanged and one declined. For a second week, the CMSX was led by Caribbean Cement Company which posted an 11.74 percent gain. Strong gains were also posted by Jamaica Broilers Group(4.06 percent), Berger Paints Jamaica(3.25 percent)and Unilever(2.47 percent), while Point Lisas Development posted a 2.11 percent decline. Three of the ten CCSX stocks advanced and the remainder were unchanged. Neal and Massey Limited led the CCSX with a 2.41 percent gain, followed by Pan Jamaican Investments with a 2.07 percent gain.

Performance across the insurance and investments sector continues to be mixed with the CIIX, essentially unchanged for the week. However, while the index was slightly down, eight of the seventeen CIIX stocks advanced, six were unchanged and only three declined. Mayberry Investments had another good week, leading the CIIX with a gain of 6.82 percent, and there were strong gains posted by Pan Caribbean Financial Services(5.88 percent), Jamaica Money Market Brokers(5.21 percent)and First Jamaica Investments(2.69 percent). However, the index was dragged down by a 12.5 percent decline in Doctors Health Services and a 3.35 percent decline in Guardian Holdings. The banking sector stocks were also mixed with the CBSX, falling 0.9 points for the week. Three of the twenty-two CBSX stocks advanced, four declined and fifteen were unchanged. Scotia Group Jamaica Limited turned in the strongest performance with a gain of 0.97 percent. However, Bank of The Bahamas posted a 9,8 percent decline and Capital and Credit Group a 3.23 percent decline.

Communications and utilities stocks took a breather this week as the CCUX suffered its first weekly decline for the year, falling 3.9 points. None of the fourteen CCUX stocks posted gains, eleven were unchanged and three declined. There was a 10.29 percent decline in Gleaner shares, a 3.12 percent decline in Cable and Wireless Jamaica shares and a 1.7 percent decline in Radio Jamaica shares.

The Caribbean Stock Report is prepared by the Department of Management Studies, University of the West Indies, Cave Hill, Barbados.

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