ISSUE NO. 1

Market activity picks up momentum. Investors traded heavily in Sagicor Financial Corporation Limited (SFC), Massy Holdings Limited (MASSY) and NCB Financial Group Limited (NCBFG).

FEATURES

Local Economic and Equity Review Regional Economic/Fixed Income Review

11TH SEPTEMBER, 2017

WEEKLY MARKET ROUND-UP 

Jamaica’s Finance Minister, Audley Shaw, predicts economic growth of between 2.3% and 2.5% for the current fiscal year. Shaw indicated that there is evidence of recovery in the current quarter, despite anemic reports from Q1 2017/2018.

The precipitous fall-off in stock prices grabbed the attention of investors last week, as they took up

increased stock positions which led to higher market activity W-O-W. Last week's market activity

improved tremendously with the weekly traded volume climbing to 2.3 million units valued at $46 million,

when compared to the prior week’s activity of 557,013 units traded valued at $4.7 million. Overall market

activity resulted from the trading activity of 26 stocks of which 9 advanced, 10 declined and 7 traded

steady.

Sagicor Financial Corporation Limited (SFC) topped as the the volume leader last week, with 623,743

units (27.31%) changing hands, followed by Massy Holdings Limited (MASSY) with a volume of 468,790

shares (20.53%). NCB Financial Group Limited (NCBFG) ranked 3rd amid the top volume leaders,

contributing 271,094 units or 11.87%, to overall market activity.

Local indices weekly performance:

� The Composite advanced by 1.54 points (0.12%) to close at 1,241.95. (YTD Return : ↑2.68%).

� The All T&T Index declined by 1.01 points (0.06%) to close at 1,789.05. (YTD Return:↓2.46%).

� The Cross Listed Index advanced by 0.56 points (0.60%) to close at 93.33. (YTD Return:↑19.39%).

Local Economic and Equity Review

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.

N O M A D I C | 2 4

2 JMMB INVESTMENTSMARKET ROUND-UP

Another Government of the Republic of Trinidad

and Tobago (GORTT) private placement deal is on

the way!

With a 12-year, fully amortized bond, GORTT has

managed to fully take advantage of cheap funding

before the next Budget presentation. The bond is

anticipated to have yield of 3.85% and an

approximated average life of 6.25 years.

Local Fixed Income Review

N O M A D I C | 2 4

3 JMMB INVESTMENTSMARKET ROUND-UP

Jamaica’s Finance Minister, Audley Shaw, predicts

economic growth of between 2.3% and 2.5% for the

current fiscal year.

Emerging from a press briefing, Shaw indicated that there

is evidence of recovery in the current quarter, despite

anemic reports from Q1 2017/2018. He further added that

this slowdown in performance was attributed to the

weather- related shocks faced by Jamaica, which includes

the Q4 2016 drought conditions and the destructive floods

in Q1 2017/2018.

Sharing the same sentiment, Planning Institute of Jamaica

(PIOJ) Director General, Dr Wayne Henry, noted that, for

Q2 2017 (July-September) Jamaica is positioned to

benefit from continued growth prospects, based on the

anticipated strengthening of the performance industries

relative to the similar quarter in 2016.

JAMAICA:

Growth of more than 2% for 2017/2018

He further expounded on a growth expectancy in

the range of 1% to 2% and growth will be

supported by continued macroeconomic stability,

with inflation of 0.6% recorded for July 2017.

Regional Economic and Fixed Income Review

N O M A D I C | 2 4

5 MARKET ROUND-UP

Brazilian economists at Itaú Unibanco; Brazilian

bank, believe that the country's inflation levels

will continue to erode, due to feeble economic

conditions and the favorable food prices shock.

Inflation levels below the central bank’s target

range, should prompt another interest rate cut

for Brazil. This will lower borrowing costs, which

should continue to boost recent signs of

economic improvement in Latin America’s

largest economy.

Q2 economic growth surpassed market

expectations, igniting optimism among

economists.

US ECONOMYBRAZIL

Natural Disasters hindering US growthInflation expected to hit 18-year low

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.

With Hurricane Harvey crippling Houston less than

three weeks ago, now Irma is expected to cause record-

breaking damages to the US economy.

Hurricane Irma lost momentum as it moves along the

Florida coast, with its latest downgrade to Category 1

with top winds at 85 miles per hour. With this

downgrade in strength, new estimates for total

damages from Irma dropped to approximately US $49

billion from as high as US $200 billion.Despite,

combined damages from both hurricanes (Harvey and

Irma) could cost the U.S. economy as much as US

$290 billion in damages.

For the Federal Reserve, the storms could affect the

timing of short-term rate increases due to damage

uncertainties.

International Economic Review