J’can mar­kets batten down for hur­ri­cane

Jamaica Gleaner - - BUSINESS - Busi­ness@glean­erjm.com

THERE WAS no mar­ket trad­ing on Mon­day as the cen­tral bank, fi­nan­cial houses and the stock ex­change bat­tened down ahead of Hur­ri­cane Matthew.

Bank of Jamaica, which over­sees the for­eign ex­change mar­ket, said the trad­ing rates for last Fri­day would be ap­pli­ca­ble for busi­ness pur­poses – that is, Cus­toms and GCT – up to to­day, Tues­day.

On Fri­day, the Ja­maican dol­lar closed at $128.2704 against the US dol­lar, at $166.7776 against the pound ster­ling, at $144.9520 against the euro and $97.3084 rel­a­tive to the Cana­dian dol­lar.

The cen­tral bank and the Jamaica Stock Ex­change both is­sued no­tices ad­vis­ing that they would be closed Mon­day. Hur­ri­cane Matthew is pro­jected to con­tinue af­fect­ing the is­land into to­day.

Ja­maicans be­gan ramp­ing up prepa­ra­tions for the hur­ri­cane on Fri­day at a time when Matthew was flirt­ing with Cat­e­gory 5 status, the most dan­ger­ous clas­si­fi­ca­tion for storms. Nonethe­less, the stock mar­ket was up­beat on that day. The JSE Com­bined In­dex closed 560 points higher at 177,090 points, de­spite an even ad­vance-de­cline split in the stocks that traded. Mar­lene Street For­rest, gen­eral man­ager of the Jamaica Stock Ex­change.

GLAD­STONE TAY­LOR/PHO­TOG­RA­PHER

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