Access Financial Services Limited was listed as the first company on the Junior Market of the Jamaica Stock Exchange on Friday at a price of $18.34. Total outstanding shares are 27,450,984. The symbol code on the exchange is AFS.

The stock advanced 66 cents on its first day of trading on the Junior Market to close at $19 per share. One hundred units were traded at a value of $1,900.

The closing bid and ask prices for Access Financial was $18.50 and $20.90, respectively.

Local Bond Market

The finance ministry offered two instruments to the public last week. The first was the GOJ Fixed Rate 17.50 per cent Registered Bond 2013 Series AF, which opened on October 28 and closed on October 30.

The coupon (interest) is fixed at 17.50 per cent per annum for 42 months with semi-annual interest payments. The first interest will become due and payable after six months on April 28, 2010. Maturity will be April 29, 2013.

The other instrument was GOJ 18.75 per cent Registered Bond 2029 Series AG which opened on Friday, October 30, and will close later this week on Wednesday, November 4. The coupon of 18.75 per cent is fixed for the life of the bond which is 20 years with semi-annual interest payments.

The first interest payment will become due and payable after six months on April 30, 2010. The maturity date of this long-term bond is October 30, .

Both bonds are subject to withholding tax.

Global Bond Market

The Jamaican global bonds saw limited trading over this past week as buyers, for the most part, stayed out of the market. Activities and closing prices for GOJ globally traded bonds were:

1. GOJ nine per cent Eurobond 2015 - offers were between $100 to $100.50 but there was no demand;

2. GOJ 10.625 per cent Eurobonds 2017 saw volume offers ranging between $100 to $100.25 but also suffered from lack of demand;

3. GOJ eight per cent Eurobond 2019 also saw no demand but was being offered at a price of $87.00;

4. GOJ 11.625 per cent Eurobond 2022 (Tax-free) - no demand and no offers;

5. GOJ 9.25 per cent Eurobond 2025 - there were small pockets of demand at a price of $84 but no offers;

6. Government Guaranteed Air Jamaica 9.375 per cent Amortizing Notes due in 2015 saw no activity this week;

7. GOJ eight per cent Eurobond 2039 were being offered at $77 but there were no buyers;

8. GOJ Euro-denominated 11 per cent Global Bond 2012 had a few small trades and saw offers at $101.50;

9. GOJ Euro-denominated 10.50 per cent Global Bond 2014 had no action this past week. Offers were at $100.50.

Regional Globals

The Petroleum Corporation of Trinidad and Tobago Bonds (PetroTrin) both traded lower this week. The PetroTrin 9.75 per cent 2019 closed trading in the $112 range when compared to the previous week it traded at $114.50. The PetroTrin six per cent bond maturing in 2022 traded in the $92 range, compared to the previous week at $95.50.

There were volume offers for the Government of Barbados 2021 7.25 per cent Global Bond in the $102 price range, but this bond also suffered from a lack of bonds being available to fill the demand.

Foreign-Exchange Market

Demand for hard currency was very high even as US$ supplies remained extremely tight. The Bank of Jamaica intervened in the market on Friday at $89.21 with brokers selling the USD at a US$89.26. The weighted average selling rate for the USD this week is expected to close at J$89.26.

Stock Market

Activity on the JSE remained moderate this week with the JSE Market Index advancing by 85.55 points or 0.11 per cent to close at 80,567.52 points. Overall activity resulted from 5,581,416 units being traded valued at $38.688m where 28 stocks traded of which 13 advanced, 9 declined, and 6 traded firm.

Volumes were relatively the same when compared to the previous week but market value fell from $62 million to $38 million this week.

The volume leader was Cable and Wireless (Jamaica) Ltd. accounting for 31.07 per cent of total volume traded followed by Capital and Credit Financial Group Limited and Jamaica Broilers Group with 17.68 per cent and 9.19 per cent, respectively.

Salada Foods Jamaica had the biggest gain this past week, advancing by $1.49 to close at $10.00 per share.

Jamaica Producers Group followed by advancing by $1.48 to close at $13.50 while Pan Caribbean Financial Services advanced by $0.93 with the third-place position at a price of $14.30.

The biggest losers were First Caribbean International Bank, Jamaica Broilers Group and Pan-Jamaican Investment Trust Company closing at $118.00, $4.34 and $32.49, respectively.

Dividend News

In dividend news, the Board of Directors for Carerras Limited and National Commercial Bank Jamaica Ltd will consider a dividend payment on November 3 and November 5, respectively.

Paula V. Brown is executive wealth adviser, NCB Capital Markets Ltd.

FCIB enters Portmore : The Portmore branch of FirstCaribbean International Bank Jamaica Limited had its ceremonial opening October 25, but will not open for business before November 9.