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Economic
conifidence gets
boost from fiscal numbers |
Economic
activity remained upbeat during June and July of the second quarter
after the submission of a healthly report card for the first quarter
of FY 2004/2005. Fiscal confidence was boosted by the success of the
government's Euro bond offer on July 15 of Euro 200 million at an
interest rate of 11 percent on the international market. The successes
impacted the international credit rating agencies Moody's and Standards
& Poor's favourable in their reassessment of Jamaica's credit
rating. Improvements in the management o the fiscal deficit and the
upturn in economic activity weremajor factors in the changed mood
of the agencies that can send credit market tumbling at the sign of
likely negative sentiment shifts. However, the agencies continue to
raise their concerns about the country's vulnerability to external
stocks, the sustainablility of the fiscal targets, the exchange rate
and the inflation rate.
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Dehring,
Bunting and Golding
heaviest trader |
Trading in Dehring, Bunting & Golding (DB&G) stock since the
beginning of this year exceeded 9 million units or 38 percent of the
total number of shares in issue. This made it one of the heaviest
traded stocks on the market in terms of total capital issued and the
third largest in dollar terms at $1.5 billion to the end of August.
In the process,the stock appreciated over 200 percent from $7.50 at
the end o 2003. The up-and-coming financial conglomerate was bettered
by Dyoll, which traded 85 percent of total share capital but only
managed to garner $1 billion in inlows to the stock. RJR, while trading
$700 million in value, had 42 percent of its capital turned over in
trading. Although, Bank of Nova Scotia only saw 4 percent of its capital
traded, it accounted for the largest trading in value at $2.5 billion
in the eight-month period. RJR's high volume was helped by the sale
of the government's 10 percent holding in the company whcih was issued
last year as part of the compensation for the sale of TVJ by the government
to the group. Dyoll benefited from FINSAC's sale of fifteen million
shares to shareholders and National Commerical Bank's subsequent purchase
of less than 50 percent of the company. Dehring, Buntung & Golding
traded 26.9 million units in April and 22.8 million in May or 52 percent
of the total volume traded for the eight-month period. In july and
August the company's shares were the highest traded except for Grace
in July and BNS in August. |
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