Trading on the Trinidad Stock Exchange closed with 10 securities changing hands of which 1 advanced, 3 declined and 6 traded firm with a total of 96,614 units, valued at $998,347.
At the close of the market, the Composite Index lost 0.82 points to close at 1,150.66, the All T&T Index fell by just 0.11 points to close at 1,964.88 and the Cross Listed Index fell 0.20 points to end at 44.11.
Gains| Unilever Caribbean enjoyed the day’s sole price increase, climbing 5 cents to end the day at a new 52 weeks’ high of $66.08.
Declines| The stocks declining at the end of trading are, First Citizens Bank adding 4,644 shares valued at $165,151, closing 1 cent lower at $35.56. Sagicor Financial Corporation suffering a loss of 25 cents, to close at $6 with 64,675 shares changing hands for a value of $388,807 and Republic Bank with 763 shares traded 4 cents down at $115.95.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Clico Investment Fund ending at $22.50, while trading 2,543 units, Guardian Holdings with 10,994 shares trading for $156,115, ended at $14.20. had just 1,000 shares changing hands at 43 cents, National Flour Mills with 600 shares changing hands, closed at $1.50, Scotiabank exchanged 453 shares, to close at $62.11 and Trinidad Cement contributing 9,593 shares at $2.50.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than their last selling prices and 3 stocks with offers that were lower.
Archives for April 2015
Moderate price changes on TTSE
JMMB Group confusion
A check on the Trinidad and Tobago Stock Exchange (TTSE) website and trading data, leads to confusion as to the correct name of the JMMB Group Limited, the incorrect name was still being carried up to Friday in the trading summary, but based on IC Insider’s intervention the TTSE indicates that the error will be corrected.TTSE in a release on Tuesday posted on its website captioned: NOTICE OF APPOINTMENT OF DIRECTORS – JAMAICA MONEY MARKET BROKERS GROUP LIMITED (JMMBGL).The contents of the release includes this: “The Trinidad and Tobago Stock Exchange (TTSE) received notice that pursuant to the Scheme of Arrangement filed with the Companies Office of Jamaica, the following Directors have been appointed to the JMMB Group Limited Board of Directors effective April 13th, 2015”.
The release raises questions as to the correct name of the company that was listed on Monday on three exchanges within the region? The fact that the TSE statement has both names, is strange to say the least. Coming from the exchange one gets the impression that they ought to know the name, so when they head the release with the old name and then add Group to it, one wonders why? The Trinidad Stock Exchange fact sheet of listed companies has the company’s name incorrectly stated as Jamaica Money Market Brokers Group Limited. A check with the Jamaica Stock Exchange show the company correctly listed as JMMB Group Ltd but a release from the JSE when the stock was listed on Monday reports the company as Jamaica Money Market Brokers Group Limited.
The scheme of arrangements puts the matter beyond doubt. According to that document “JMMB Group” means JMMB Group Limited, whose principal office is situated at 6 Haughton Terrace, Kingston 10, Jamaica, a company duly incorporated in Jamaica under the Companies Act 2004. The document goes on further to state that “As a result, the understanding that JMMB has reached with the BOJ is that the combined group will see a new financial holding company being introduced at the pinnacle of the structure. JMMB Group Limited (“JMMB Group”) was therefore formed for this purpose on May 16, 2012, and it is intended that if the Scheme is approved, this company will be the publicly listed ultimate holding company of the combined group. The evidence is clear the correct name is JMMB group Ltd.
IC Insider checked with the Trinidad & Tobago Stock Exchange, and was advised by a representative: Marlon Crew that the error will be corrected by the end of Friday, April 17.
JSE gains in morning session
The Jamaica Stock market is recording gains in the morning session with 18 securities trading at 11:15. Carreras was the leading trade with 1 million units at $43.50, up by $1.50.
National Commercial Bank traded 40,096 units, all at $25.53, slipping by 47 cents for Thursday’s close and Scotia Group traded firm at $22 with 41,129 units. The JSE Market Index put on 279.23 points to 85,013, the JSE All Jamaican Composite index gained 312.18 points to close at 93,762.02 and the JSE combined index rose 277.59 points to close at 85,013.06. The Junior market Index was up 1,61 points at 742.35.
Prices up in March down for year
The Statistical Institute of Jamaica (Statin) reports that for March 2015 that inflation rose by 0.5 percent over the February which had a fall of 0.7 percent. The calendar year-to-date inflation rate is minus 0.6 percent. This is the first increase in the index after recording four consecutive months of decline”, Statin said.
Contributing significantly to this advance in the index was a 2.9 percent increase in the index for the Housing, Water, Electricity, Gas and Other Fuels due mainly higher rates for electricity. Lower prices for vegetables and starchy foods helped in moderating the increase with a small reduction in prices.
The divisions that recorded increases in prices are, ‘Alcoholic Beverages and Tobacco’ 0.3 percent, ‘Clothing and Footwear’ 0.4 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance’ 0.3 percent, ‘Health’ 0.2 percent, ‘Transportation 0.7 percent, ‘Recreation and Culture’ 0.1 percent, ‘Restaurants and Accommodation Services’ 0.3 percent ‘, ‘Miscellaneous Goods and Services’ 1.3 percent, while ‘Education’, and ‘Communication’ each remained unchanged.
BOJ cut interest rate
The Bank of Jamaica’s 30-day Certificate of Deposit interest rate was reduced on Friday, 17 April 2015 Thursday to 5.50 percent from 5.75 percent, the central bank announced on Thursday. This is the first such reduction since February 2013, when the rate was cut by 50 basis points from 6.25 percent to 5.75 percent.
BOJ in its release stated, “this adjustment to the BOJ policy rate, reflects the Bank’s expectation that the rate of increase in consumer prices is likely to remain low in the coming year”.
“The recently announced inflation rate of 4 per cent for FY 2014/15 is the lowest in 48 years. The sharper than expected decline in inflation for the fiscal year was due in part to the fall in oil prices but also to the moderation in price increases that has resulted from fiscal consolidation and economic reforms. The impact of these changes will help to moderate inflation impulses over the medium term” the central bank concluded.
The reduction is also in line with a decline in Treasury bill rates over the past year, coupled with increased inflows of foreign exchange into the system that led to some amount of revaluation of the Jamaican dollar.
14 stocks rise up on JSE Thursday
NCB closed at a new 52 weeks’ high on Thursday at $26.
Main Market| The JSE Market Index lost 103.43 points to 84,734, the JSE All Jamaican Composite index fell 115.64 points to close at 93,454.66 and the JSE combined index declined by 31 points to close at 86,597.73.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 9 stocks with bids higher than their last selling prices and 4 with offers that were lower, down from Wednesday’s stronger reading.
In trading, Cable & Wireless traded 3,172,266 shares to close at 52 with a 2 cents gain. Carreras traded 104,311 units to end at $42, Grace Kennedy had 51,721 shares changing hands and lost $1.15, to end at $62.05, Jamaica Money Market Brokers 8.75% preference share traded 1,100,000 units at $3.10.
Margaritaville (Turks) had 87,810 units trading at 10 US cents, after the company released nine months’ results to February. National Commercial Bank seemed to have reacted to the announcement of dividend consideration at the board meeting later this month, and traded 105,554 shares, first at $25.50 and then at $26 with a gain of 74 cents for a new 52 weeks’ high. Sagicor Group had 41,700 units changing hands and closed at $10.35 and Scotia Group traded 98,372 units at $22, and Supreme Ventures traded 1,435 units, lost 34 cents to end at $2.50.
TTSE marking time
Trading on the Trinidad Stock Exchange ended Thursday with 10 securities changing hands of which 2 advanced, 1 declined and 7 traded firm with a total of 167,953 units, valued at $1,778,490.
At the close of the market, the Composite Index lost 0.16 points to close at 1,151.48, the All T&T Index rose fell by just 0.33 points to close at 1,964.99 and the Cross Listed Index remained at 44.31.
Gains| Stocks increasing in price at the close are, Ansa Merchant Bank contributing 7,740 shares with a value of $301,473 closed at 4 cents up at $38.95 and First Citizens Bank traded 2,570 shares to close with a gain of 1 cent, $37.57.
Declines| National Enterprises was sole declining stock as it lost 3 cents to end the day at a 52 weeks’ low of $17.30.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, ANSA Mcal trading just 100 shares to close at $66.91, Clico Investment Fund with 42,588 shares valued at $958,654 ended at $22.50, Guardian Holdings contributed 1,131 shares with the price closing unchanged at $14.20. JMMB Group with 10,000 shares trading, ended at 43 cents, while Massy Holdings added 3,718 shares valued at $234,420 and ended at $763.05, National Flour Mills with 99,633 shares changing hands for a value of $149,450 and closed at $1.50, West Indian Tobacco trading 73 shares to close at $125.10.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than their last selling prices and 4 stocks with offers that were lower.
CPJ trades 1.74m shares
Activity on the Junior Market ended with 9 securities traded, comprising 2,201,563 units changing hands, valued at $4,588,656, Caribbean Producers dominated trading with more than 1.74 million units to close at $2.31 in only two trades as the stock gained 1 cent. The JSE Junior Market Index declined 7.17 points to close at 740.74, with the price of 6 stocks advancing and 2 declining and 1 remained unchanged.
At the close of the market, there were 3 stocks with bids higher than their last selling prices and 1 with the offer that was lower. The junior market ended with 5 securities closing with no bids to buy and 10 securities that had no stocks being offered for sale.
Stocks trading in the junior market are, Caribbean Cream trading 25,055 shares at 65 cents as the price rose by 5 cents. Caribbean Flavours had 10,968 units changing hands, 5 cents higher at $1.85, Derrimon Trading put through 15,000 shares at $2.04, Honey Bun traded 10,000 shares but lost 11 cents in closing at $1.80. Lasco Financial Services had 15,000 units trading 5 cents higher, at $1.15, Lasco Manufacturing traded 352,851 units for 7 cents more at $1.13, Medical Disposables put through 27,000 shares in trading and ended up 4 cents better off at $1.80 and Paramount Trading had 4,905 units changing hands at $3.55 for a 55 cents fall.
J$ slips against majors on Thursday
The Jamaican dollar lost value against the three main intervention currencies on Thursday. Purchases of all currencies by dealers amounted to US$28,578,146 equivalent, compared with US$30,033,164, on Wednesday and selling of the equivalent of US$32,418,021 versus sale of US$35,002,312, on the previous trading day.
In US dollar trading, dealers bought US$25,616,117 compared to US$27,405,533 on Wednesday. The buying rate for the US dollar added 11 cents to $114.52 and US$30,649,770 was sold versus US$33,460,121 on Wednesday, the selling rate rose 5 cents to end at $115.09. The Canadian dollar buying rate inched up by $1.07 to $90.74 with dealers buying C$1,002,394 and selling C$630,091, at an average rate that climbed 70 cents to $92.86. 
The rate for buying the British Pound climbed $1.35 to $169.39 for the purchase of £1,407,386, while £778,304 was sold, at an average rate that rose $1.36 to $170.93. At the end of trading it took J$122.09 to purchase the Euro, 94 cents less than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$119.58 for a decline of $1.12 from Wednesday’s rate. Other currencies bought, amounted to the equivalent of US$85,928, while the equivalent of US$103,947, was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 2 cents to $115.18. The lowest buying and the highest selling rates remained unchanged at $93.69 and $120.05, respectively, but the lowest selling rate dropped $16.46 to $95.54. 
The highest buying rate for the Canadian dollar is up $1.50 to $94.20. The lowest buying rate inched up 54 cents $72.54, but the highest selling rate rose $1.65 to $96.17 with the lowest selling rate falling $1.60 to $87.40. The highest buying rate for the British Pound,fell $1.45 to $171.70, the lowest buying rate rose 81 cents to $135.19, but the highest selling rate fell 15 cents to $175.35 and the lowest selling rate dropped $2.90 to $163.10.
JSE up slightly after 1 Hour
A total of 2.64 million shares traded coming from 9 securities after an hours trading on Thursday, with nearly 2 million coming from Cable & Wireless. 
National Commercial Bank seemed to have reacted to the announcement of dividend consideration at the board meeting later this month and traded first at $25.50 and then at $26 with 105,554 shares trading. The stock remains scare and could be rising in the days ahead. Grace Kennedy had 46,721 changing hands at $62.05, Scotia Investment traded 76,000 units at $23.01. Lasco Manufacturing traded 352,851 units at $1.13, Margaritaville (Turks) had 68,510 units trading at 10 US cents as the company reported profit of 0.6 US cents per share for the nine months.
The main indices are up over 100 points so far and the junior market is up 7 points to 741.
