Buoyed by the earlier releases of a slew of positive corporate earnings results, the stock market posted positive gains this week.

All Market indicators advanced. The JSE Main Composite Index advanced by 2.05 per cent or 2,467.90 points to close at 83,294.44 points. Trading volumes increased by 6.65 per cent to 225,208,218 million units valued at $2.78 billion.

Thirty-one stocks traded with 16 advancing, 10 declining and five traded firm.

The volume leader was Pan Caribbean Financial Services which traded 183.6 million units or 81.56 per cent of total volume, followed by JMMB with 15.4 million units or 6.84 per cent of volume and Cable & Wireless, 9.02 million units or 4.01 per cent.

National Commercial Bank had the biggest gain this past week, advancing by $4.24 or 30.9 per cent to close at $17.93 per share.

Scotia DBG Investments followed by advancing by $4.41 or 25.1 per cent to close at $22.01 while Capital & Credit Financial Group advanced by 38 cents or 18.54 per cent to a price of $2.43.

Other notable gainers were First Jamaica Investment up $1.50 to $28 and GraceKennedy up $1.02 to $37.02. Pan Caribbean fell $1.48 to $14.02, Jamaica Producers lost 76 cents to close at $13.24 and Carreras closed at $41.01, down $0.49.

JSE Junior Market

The Junior Market Index advanced 15.21 points or 14.68 per cent to close 118.81 points. Access Financial Services Ltd advanced by $2.79 or 14.68 per cent to $21.79 while trading 16,000 units valued at $345,750. The closing bid was $22. There was no asking price.

Local Bond Market

The finance ministry offered its first instrument for November to the public this week. GOJ Fixed Rate (FR) 17.125% Investment Debenture 2011 Series Ca opened on Wednesday, November 11, 2009 and closed on Friday, November 13.

The coupon (interest) is fixed at 17.125% per annum for 21 months with semi-annual interest payments. The first interest payment will become due and payable after six months on May 11, 2010. Thereafter, interest will be paid semi-annually on November 11 and May 11, until maturity on August 11, 2011. The final interest payment will cover the period May 11, 2011 to August 11, 2011,

The Government reserves the right to redeem the registered bond, either in part or in whole, by drawings or otherwise, before the final redemption date, subject to two months' notice to the bondholders.

The GOJ FR 17.625% Registered Bond 2015 (AH) opens on November 18 and closes November 20. The bond has a tenor of six years and semi-annual interest payment. First interest payment will become due and payable after six months on May 18, 2010. Thereafter, interest payment will be come due and payable on May and November until maturity on November 18, 2015.

Global Bond Market

There was a slight up tick in activity in Jamaican global bonds as some investors took advantage of the higher yields on offer. However, demand remains weak across the entire Jamaican curve.

Overall activity remains very subdued as the market awaits a resolution of the International Monetary Fund negotiations.

Activities and closing prices for GOJ globally traded bonds were:

1. GOJ 9% Eurobond 2015 " no trading reported. The closing indicative bid and offer levels were between $90 and $95;

2. GOJ 10.625% Eurobonds 2017 - weak bids at $85 along with low offer volume at $89. No Trading reported;

3. GOJ 8% Eurobond 2019 - offers at $75 and bids at $73; very low trading at $75

4. GOJ 11.625% Eurobond 2022 (tax-free) - indicative levels were bids at $101.50 and offers at $105.50, but no activity;

5. GOJ 9.25% Eurobond 2025 - no trading activity. Indicative levels were bids $78 and offers of $81;

6. Government Guaranteed Air Jamaica 9.375% Amortising Notes 2015 saw a few small offers at $90 but there were no active bids;

7. GOJ 8% Eurobond 2039 were being offered at $65 with no demand;

8. GOJ Euro-denominated 11% Global Bond 2012 had no activity. Indicative levels were $99 and $101.50, respectively;

9. GOJ Euro-denominated 10.50% Global Bond 2014 experienced minimal demand. Offers closed at $98.

Regional Globals

The Petroleum Corporation of Trinidad and Tobago Bonds (PetroTrin) both reported slow trading activity this week.

The PetroTrin 9.75% 2019s closed trading at $112.30, a yield of 7.9 per cent). The PetroTrins 6% Bond 2022 traded firm at $92, a yield of 7.62 per cent.

There was no demand for the Government of Barbados 2021 7.25% Global Bond this week. The closing indicative offer was $102.50.

Foreign Exchange

Market

Demand for USD currency by brokers and end-users remains high with supplies extremely tight. There was no Bank of Jamaica intervention this week. Brokers were selling at a high of US$89.60. The weighted average selling rate for the USD this week was expected to close at J$89.35.

Vivian Bedassie is executive wealth Adviser with NCB Capital Markets Limited.