• The House of Representatives passed the National Reconstruction and Resilience Authority (NaRRA) Act. The NaRRA Act will serve as the central coordinating authority for post-hurricane reconstruction, designed to eliminate bureaucracy, fragmentation, and project delays.
• It will also function as a centre of technical excellence for project preparation and delivery, ensuring that the quality of national plans matches the scale of the country’s ambitions.
• Closing the debate on the Bill, Prime Minister, Dr. the Most Hon. Andrew Holness, addressed the Opposition’s suggestion to refer the legislation to a Joint Select Committee of Parliament. “We on this (Government) side, we have taken a decision that, as far as possible, we’re bringing all our Bills to a Joint Select Committee. That’s a decision that we took after the experience with the NIDS (National Identification System), subject, of course, to emergency situations or great urgency. I have heard the undertaking that there would be a commitment on the side of the Opposition to have the Joint Select Committee turned around very quickly,” Dr. Holness said.
• The Prime Minister reiterated that NaRRA’s functions will be clearly defined and that the entity will operate within a fixed timeframe. It will also be vested with special powers to fast-track development approvals and procurement, enabling the execution of resilient infrastructure projects at a scale and speed unprecedented in Jamaica. Following its passage in the Lower House, the legislation will now proceed to the Senate for approval.
• The House’s passage of the NaRRA Act is set to dramatically accelerate Jamaica’s post-hurricane rebuilding efforts. Operating as a centralised, temporary authority equipped with special powers to expedite procurement and development approvals, NaRRA is designed to cut through traditional bureaucratic red tape and project fragmentation

(Sources: JIS & NCBCM Research)

• The Statistical Institute of Jamaica reported a divergence in producer price movements across key sectors in March 2026. The Producer Price Index (PPI) for the Mining & Quarrying industry declined by 0.9%, while the Manufacturing index recorded a 3.1% increase.
• The contraction in Mining & Quarrying was primarily driven by a 0.9% decline in the dominant ‘Bauxite Mining & Alumina Processing’ segment, alongside a marginal 0.2% reduction in ‘Other Mining & Quarrying’.
• Conversely, the expansion in Manufacturing was supported by price increases in ‘Food, Beverages & Tobacco’ (+0.3%) and a sharp uptick in ‘Refined Petroleum Products’ (+16.0%), the latter being the principal contributor to overall sectoral growth.
• For the period March 2025 to March 2026, the point-to-point (P2P) producer price index for the Mining & Quarrying industry contracted significantly by 31.7%, reflecting a steep 33.1% decline in ‘Bauxite Mining & Alumina Processing’. In contrast, the P2P index for Manufacturing rose by 5.6% over the same period, underpinned by gains in ‘Food, Beverages & Tobacco’ (+3.1%) and ‘Refined Petroleum Products’ (+16.4%).
• The global bauxite market is currently experiencing significant oversupply, largely driven by record exports from Guinea, the world’s largest exporter of bauxite. Guinea’s bauxite output jumped by 25% in the first quarter of 2026, which has led to a nearly 50% drop in prices since January 2025. The PPI is likely to remain influenced by the further surplus in 2026, which could continue to weigh on prices in the Mining & Quarrying sector as demand for bauxite and alumina levels off, given China’s strict national ceiling of 45 million tons on primarily aluminium production. That said, the Guinean government has intervened by implementing export restrictions, which could offset these declines.
• In contrast, the Manufacturing index may continue to experience upward pressure, with the crude price surging past US$100/bbl as tensions in the Middle East intensify. Furthermore, Liquefied Natural Gas (LNG), which accounts for 70% of local power generation, has seen prices climb by 33.0% since the onset of the conflict. The resulting increase in energy costs is likely to feed directly into manufacturing expenses through higher production costs, with further volatility expected.

(Sources: STATIN, Reuters, & NCBCM Research)

• Following the completion of its investment Debottleneck Project (Kiln Expansion) in 2025, and the influx of reconstruction demand post-Hurricane Melissa, Caribbean Cement Company Limited (CCC) saw earnings for its first quarter ended March 31, 2026 (Q1 2026)  rise 52.8% to J$3.05Bn.  This was primarily due to a mixture of higher revenues, which outpaced expenses.
• Q1 2026 revenues rose to J$9.26Bn (+12.9%) year-over-year, driven by higher sales volumes from sustained local demand associated with ongoing recovery activities following Hurricane Melissa.  
• Revenue growth was met by a modest 2.9% increase in direct costs to J$4.55Bn. The modest increase reflected operational efficiencies achieved at CCC’s production facility, and reducing unit production costs, along with management’s continued focus on cost discipline. With revenue growth outpacing direct expense, gross profits grew by 24.6% to $4.71Bn, and gross margins rose over the quarter to 50.9% to 46.1%.
• Operating expenses (+4.7%) also rose at a more modest pace than revenues. Notably, distribution and logistics expenses, which grew by 25.9% amid higher volumes of cement being sold, were offset by the cost savings from Administrative (-16.9%) and Selling (-19.3%) expenses. Consequently, operating margins increased from 32.8% to 38.2%.
• Despite a modest earnings contraction in 2025, driven by a scheduled maintenance shutdown in the first half and weather-related disruptions in the latter half, the outlook for 2026 appears robust for CCC. The company’s J$6.7Bn debottlenecking investment has materially enhanced kiln capacity, positioning it to meet elevated post-hurricane demand, advance its export strategy, and improve overall operating efficiency. These capacity gains are already evident, with the company recording all-time high monthly cement sales of approximately 96,000 metric tonnes in February.
• Looking ahead, expanded capacity mixed with robust demand is expected to underpin continued strong performance for CCC. Fresh off its kiln expansion and supported by its quasi-monopoly position, CCC is well placed to capitalise on the anticipated rise in cement demand. This positions the company to meet recovery-related demand from Melissa while maintaining sufficient inventory to expand its market share across CARICOM markets.
• However, the outlook is not without risks, particularly from rising fuel and energy costs linked to geopolitical tensions, for which management has indicated that mitigation strategies are being implemented to contain potential margin pressures and preserve operational stability. Additionally, weather-related challenges, particularly heavy rainfall, temporarily impacted production in April due to challenges with raw materials and equipment and could continue to disrupt output. However, measures have since been introduced to stabilise affected equipment and improve operating conditions.
• As at the close of trading on April 30^th, CCC shares closed at J$102.59, reflecting a 0.85% year-to-date increase. At this price, the shares trade at a P/E of 12.53x, which is below the Main Market Energy, Industrials and Materials Sector of 21.88x.

  (Sources: Carib Cement Company Ltd. & NCBCM Research)

• Jamaica’s trade deficit widened in 2025 by US$490.5Mn to -US$5,871.5Mn, as a broad-based contraction in domestic export sectors collided with rising domestic demand for imported raw materials and consumer goods. This dynamic pushed the export-to-import coverage ratio down to 22.0% (from 26.2% in 2024), meaning Jamaica earned only US$0.22 for every US$1.00 spent on imports.
• The total value of imports for January to December 2025 increased by 3.2% to US$7.52Bn. This growth was largely driven by a 10.5% increase in Raw Materials/Intermediate Goods to US$2.24Bn, heavily fueled by a 13.5% rise in industrial supplies like inorganic chemicals and a 10.2% rise in construction materials like iron and steel. Consumer Goods Imports also rose 6.2% to US$2,112.8Mn, primarily due to a 9.6% jump in food for household consumption. Conversely, spending on Fuels and Lubricants provided some offset, declining by 7.5% to US$1,744.0Mn.
• Meanwhile, for the full calendar year, total exports contracted by 13.4% to US$1.65Bn due to a 20.4% fall in the value of Crude Material (ext. fuels). Domestic exports declined by 12.4%, dragged down by underperformance across all major producing industries. Mining and Quarrying earnings fell 21.1%, driven by a 25.8% drop in Alumina to US$534.5Mn, despite Bauxite increasing 27.3%. Agriculture earnings dropped 19.1% due to reduced exports of yams and other root crops, while Manufacturing declined 4.5%, largely due to Refined Petroleum Products (-10.1%), though Food, Beverages, and Tobacco saw a slight 1.7% uptick.
• Jamaica’s top five trading partners in 2025 were the United States, China, Brazil, Japan and Trinidad and Tobago. Combined imports from these countries totalled approximately US$4.7Bn, representing a 5.1% increase compared with 2024.
• On the export side, Jamaica’s main markets were the United States, Russian Federation, Iceland, Canada and the Netherlands. Total earnings from these countries fell by 20.0% to US$1,149Mn.
• In terms of key trading blocs, the value of imports under USMCA¹ and the European Union (EU) declined to US$3,123.1Mn and US$5945Mn, respectively. On the other hand, imports from CARICOM increased by 14.7%, driven by mineral fuels and food. Similarly, total exports to the USMCA and EU declined by 11.1% and 36.7%, respectively. The falloff in the EU was driven by a 45.3% decline in crude material exports to the EU.
• Ultimately, a widening trade deficit means more US dollars are leaving the country to pay for imports than are coming in through merchandise exports. While remittances and tourism help plug this gap, a worsening merchandise deficit puts depreciatory pressure on the Jamaican Dollar (JMD). For the fiscal outlook, a weaker JMD can increase the local currency cost of servicing Jamaica’s US-dollar-denominated sovereign debt.

______________________

¹The United States-Mexico-Canada Agreement (USMCA) is a free trade agreement between the three North American nations. It officially went into effect on July 1, 2020, replacing the 26-year-old North American Free Trade Agreement (NAFTA).

(Source: STATIN & NCBCM Research)

• With 150,000 housing solutions targeted to meet the nation’s demand, Prime Minister, Dr. the Most Hon. Andrew Holness, has underscored the need for an enterprise-level contracting cadre in Jamaica to take on large projects.
• Holness noted that each year, a “significant percentage” of the capital budget is returned to the Ministry of Finance and the Public Service because approved projects are not completed. Beyond the many processes that preceded the construction phase, the issue of uncompleted projects also relates to contractors, whom the Prime Minister described as critical to national development. Dr. Holness stressed that contractors are critical in achieving the Government’s 150,000 housing target.
• He explained that the approach requires engaging individuals with proven skills in housing construction and entering into legal agreements that obligate them to deliver homes at a specified price point, quality standard, and within a defined timeframe.
• The Prime Minister stated that Jamaica needs a contracting class that is thinking at enterprise scale, “that will put the resources into their business to acquire the technical skills and competencies, integrate the technology, and develop the balance sheet to support the kinds of capital works that the Government of Jamaica will be bringing to market”.
• Holness said contractors must have the capacity to take on 10,000 houses at a time to make a meaningful impact. He also urged local contractors to embrace innovation and leverage technology, so they can deliver houses in half the time previously required.
• Prime Minister Holness added that while the Government will continue to make preferential arrangements for local contractors, they must also be competitive at regional and global levels.
• For the Galina Housing Development, the National Housing Trust has partnered with a Chinese company, Henan Fifth Construction Group Jamaica Limited. “We welcome them into our space. We will hold them to the same standards, if not higher, for the production of houses at pace, at scale, and at the level of affordability for the average Jamaican,” Dr. Holness said.

(Source: JIS)

• The United States, Bolivia, Costa Rica, Guyana, Paraguay, and Trinidad and Tobago released a joint statement ​in support of Panama's sovereignty on Tuesday, saying recent ‌actions by China are an attempt to politicise maritime trade and infringe on the sovereignty of nations in the hemisphere.
• "We are monitoring with vigilance China's ​targeted economic pressure and the recent actions that have ​affected Panama-flagged vessels," the statement said. "Panama is a pillar of ⁠our maritime trading system, and as such must remain free ​from any undue external pressure."
• Panama's Supreme Court in late January invalidated ​the legal framework supporting the 1997 concession granting CK Hutchison's¹ Panama Ports Company the right to operate the Balboa and Cristobal terminals on the Pacific ​and Atlantic sides of the Panama Canal.
• The cancellation followed mounting U.S. ​pressure to curb Chinese influence around the strategic canal, which handles about 5% ‌of ⁠global maritime trade.
• CK Hutchison, which operated the ports for nearly 30 years, has rejected the court ruling, accused Panamanian authorities of unlawfully seizing property, and launched an international arbitration case against the ​country, claiming damages ​of more than $2 ⁠
• The Panamanian court ruling was followed by a surge in detentions and inspections of Panama-flagged vessels in ​China in apparent retaliation.
• On Wednesday, China's foreign ministry called ​the ⁠statement "entirely baseless and misleading", accused the United States of politicising ports, and said it would take steps to safeguard China's interests in Panama.
• "China ⁠also ​urges the relevant countries not to be ​deceived or exploited by malevolent forces," added Lin Jian, a foreign ministry spokesperson.

_______________________

 ¹CK Hutchison Holdings Ltd. is an investment holding company, which engages in the development, innovation, operation and investment in different business sectors. It operates through the following segments: Ports and Related Services; Retail; Infrastructure; Husky Energy and Telecommunications. The company was founded on December 12, 2014 and is headquartered in Hong Kong.

(Source: Reuters)

• Italy's energy producer Eni (ENI) on Tuesday, April 28, 2026, signed an agreement with Venezuela's oil ministry and state-run oil company, Venezuela Petróleos de Venezuela, S.A. (PDVSA), to relaunch a heavy crude project in the Orinoco Belt.
• PDVSA's key partners have been signing preliminary agreements to confirm interest or expand their oil and gas projects as the government progresses in a broad review of all contracts in the industry ⁠as part of an oil reform. U.S. Chevron, British Shell, and Spain's Repsol have also inked similar agreements to confirm or expand their partnerships in recent weeks.
• The pact with Eni was signed in Caracas in the presence of Venezuela's interim President Delcy Rodriguez, Eni's Chief Executive Claudio Descalzi, PDVSA's head Hector Obregon and Venezuela's oil ministry Paula Henao. The company's investment plan in the country is being drafted and should be completed by ⁠ year-end, Descalzi said.
• PDVSA and Eni, which has presence in the country since 1998, are partners in the Junin 5 project in the Orinoco, which holds ⁠ some 35-Bn barrels of certified oil in place, and in the Petrosucre project, where they produce crude in shallow waters. In 2025, Eni's production in Venezuela was 64,000 barrels of oil equivalent per day.
• Eni also has a partnership with Spain's ⁠ Repsol for the large Cardon IV offshore gas project, which was also relaunched recently to increase gas supply for Venezuela, and another for methanol ⁠output in the South American country.
• The agreement between Eni and PDVSA signals a broader reopening of Venezuela’s oil sector to foreign investment, which could boost medium-term global oil supply, improve investor confidence as firms like Chevron and Shell re-engage, and strengthen Europe’s energy diversification efforts amid ongoing geopolitical tensions.

(Source: Reuters)

• The Federal Reserve (Fed) held interest rates steady on Wednesday, April 29, 2026, but in its most divided decision since 1992, noting rising concerns about inflation in a policy statement that drew three dissents from officials who no longer feel the U.S. Central Bank should ‌communicate a bias towards lowering borrowing costs.
• "Inflation is elevated, in part reflecting the recent increase in global energy prices," the Fed said in its policy statement, a shift from previous language saying that inflation was just "somewhat" elevated. "Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook," it said.
• The 8-4 vote was the most divisive since October 6, 1992, and shows the breadth of opinion presumed incoming Fed Chair Kevin Warsh will face in pursuing rate cuts that President Donald Trump says he expects from his chosen successor to Jerome Powell, whose term ⁠as central bank chief ends on May 15.
• Though the latest policy statement retained language about how the Fed would assess the "extent and timing of additional adjustments" to rates, a phrase that pointed to future cuts as the next likely move, three policymakers objected. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan, while supportive of holding the policy rate steady in the current 3.50%-3.75% range, "did not support inclusion of an easing bias in the statement at this time" and voted against the new statement.
• In a press conference held after the Fed meeting, Powell expressed that the Fed is well-positioned to determine the extent and timing of additional adjustments to its policy rate based on the incoming data, the evolving outlook and the balance of risks. He added, "Monetary policy is not on a preset course, and we will make our decisions on a meeting-by-meeting basis."
• With global oil prices lodged above $100 a barrel due to the U.S.-backed war against Iran, the Fed has been hard-pressed to determine if the impact is likely to be seen more through depressed growth or ‌higher inflation. This has ⁠kept the policy rate in the range where it has been since December despite repeated demands by Trump for looser monetary policy. Alongside elevated inflation, "the unemployment rate has been little changed in recent months," while the economy continues to expand "at a solid pace," the Fed said.

(Source: Reuters)

• The Bank of Canada (BOC) kept its ​key interest rate unchanged on Wednesday, April 29, 2026, as expected and expressed that any changes in the rate could be small if its projections ‌for the economy held true.
• However, Governor Tiff Macklem, citing uncertainty caused by the Middle East war and U.S. tariffs, said if oil prices stayed high and began pushing up inflation, it might have to respond with consecutive rate hikes. Macklem's comments marked the first time in recent years that he has been so specific about the path of interest rates. "If things ​evolve broadly in line with the outlook we have presented, and in particular, oil prices come down broadly in line with the futures ​curve, something close to the policy rate that we have today is probably about right," he said.
• The BOC noted that the ⁠overall effect of the war on Canada will be modest. High oil prices are set to benefit Canada by increasing export revenues, though squeezing businesses and consumers.
• Near-term inflation expectations have risen due to higher energy prices and elevated food prices, but long-term inflation expectations remain anchored. Inflation in ​April is expected to shoot up to about 3% from 2.4% in March, while averaging around 2.3% for this year. There is a risk that ​inflation expectations are not as well ⁠anchored as they were before COVID, Macklem said, noting public unhappiness when inflation spiked to 8.1% during the pandemic. Nevertheless, inflation is expected to fall back down to the ​2% target by early 2027.
• The BOC also lifted its 2026 growth forecast ​to 1.2% from the 1.1% it had predicted in January. However, economists and analysts are divided on the impact of higher crude oil prices on Canada, a net exporter. 
• Wednesday marked ​the central bank's first set of projections since the Iran war began on February 28, driving up crude and gasoline prices. Royce Mendes, head of macro strategy at Desjardins, said ‌the BoC ⁠appears comfortable leaving rates unchanged for the rest of the year, unless oil prices remain high. Once the economy recovers, central bankers will raise the policy rate gradually to 2.75%, he said, predicting that would not be till 2027.

(Source: Reuters)

• LASCO Financial Services Limited (LASF) has announced the appointment of Mrs Sharlene Williams as the company's new Managing Director, which took effect on January 1, 2026.
• In another executive change, Caribbean Assurance Brokers Limited (CARBROKERS) advised of the resignation of its Senior Manager of Employee Benefits, Ms. Michelle Harris, effective April 17, 2026. The company noted that the responsibilities of the Employee Benefits role continue to be managed seamlessly within the existing management structure while arrangements for the appointment of a successor are being finalised.
• Turning to shareholder returns, Supreme Ventures Limited (SVL) and Seprod Limited declared interim ordinary dividends.
• SVL declared that a dividend of 22.89 cents per stock unit will be payable on Thursday, July 2, 2026, to all shareholders on record as of Thursday, May 7, 2026. The increase, which is 31.6% higher than the 17.39 cents paid around the same time last year, should contribute to a dividend yield of 5.6% using SVL’s $16.08 share price as of April 28, 2026, and dividends declared over the last 12 months. This, coupled with news of a 35.9% increase in Q1 earnings, could support increased demand for SVL shares.
• Meanwhile, Seprod declared a dividend payment of 605 cents per share to shareholders on record as at May 15, 2026. The payment, which will be on June 5, 2026, is on par with the amount paid at the same time last year. This declaration, plus other dividends declared over the last 12 months, contributes to a 2.3% dividend yield at its current price of $78.30.
• Year to date, SVL (-6.9%), Seprod (-6.7%) and LASF (-6.7%) saw their share prices decline, while CARBROKERS appreciated by 7.5%. LASF and CARBROKERS traded at P/Bs of 0.89x and 0.95x, respectively, which is above the 0.86x financial sector peer average. Meanwhile, SVL traded at a P/E of 20.82x, which is below the 25.00x media and entertainment peer average. Lastly, Seprod trades at a P/E of 16.04x, which is below the manufacturing and distribution sector average of 18.04x. All else equal, a multiple below peer averages suggests that the stock is trading at a discount, but it would depend on future growth expectations or business risk.

(Sources: JSE & NCBCM Research)