Investors appeared to have shrugged off the news of the Trafigura Beheer scandal which has rocked the ruling People's National Party (PNP) over the past week.

"That (Trafigura gift) is nothing new as far as seasoned and serious investors are concerned," said the analyst who declined to go on the record.

"Those investors have always held the view that political parties get their funds under questionable circumstances, so it will not have an effect on the market, as you can see from trading activities last week and [FirstCaribbean International Bank] will survive this."

Last week, using leaked cheque leaves drawn on FirstCaribbean International Bank (Jamaica) Limited (FCIB), the opposition Jamaica Labour Party revealed that the PNP had received a donation from the Dutch oil company.

On Monday, FCIB lost $1.50 and closed at $19 but yesterday it traded firm at $19 even as news swirled about the breach of client confidentiality.

Weathering the storm

However, the analyst argued that the bank would weather the current storm.

"Milton Brady is a very shrewd man [and] it seems that they are nearing a settlement (with the (PNP), plus they have disciplined the employee."

On Monday, all three indices declined as some 2,847,784 units with a value of over $11.32 million traded.

The main JSE market index fell by 209.25 points, to close at 86,433.02 points while the All-Jamaica Composite shed 424.01 points, closing at 86,851.63 points. The Jamaica Select Index also declined, losing 26.37 points as it closed trading at 2,332.55 points.

Yesterday, trading volumes were almost identical although the total value was significantly higher, amounting to almost $56 million.

The JSE Index regained some ground, advancing by 93.30 points, to close at 86,526.32 points. However, the All-Jamaican Composite Index declined by 63.49 points as it closed at 86,788.13 points.

The Jamaica Select Index gained by 6.71 points to closed 2,339.26 points.

business@gleanerjm.com