Trading activity on the Trinidad and Tobago stock market closed Thursday with marginal fall in the two main indices. The volume traded remained subdued with just over 100,000 units changing hands. At the close just 9 securities changed hands, 1 of which rose, 1 declined and 7 remained unchanged.
Market activity ended with 101,815 shares valued at $1,289,094 changing hands, well off from the $11,104,114 traded on Tuesday, with Wednesday being a public holiday.
The Composite Index fell 0.28 points to close at 1,159.38, the All T&T Index declined 0.54 points to close at 1,822.27 and the Cross Listed Index ended unchanged at 66.10.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 5 with offers that were lower.
Gains| West Indian Tobacco gained 1 cent with 200 shares changing hands at $126.32.
Losses| Trinidad and Tobago NGL closed at $23.50 with 3,538 units changing hands after falling 25 cents.
Firm Trades| Angostura Holdings ended with 40,633 shares with a value of $568,862, changing hands to close at $14, Clico Investment Fund closed with 2,237 shares changing hands to end at $22.66, JMMB Group had 1,000 shares changing hands at 64 cents. Prestige Holdings had 32 units changing hands, to close at $10.80, Republic Financial Holdings ended with 3,676 shares with a value of $404,355 changing hands at $110, Sagicor Financial Corporation closed with 479 shares changing hands at $6.75 and Trinidad Cement closed at $3.05 with 50,020 shares changing hands.
Archives for September 2016
Trading drops on TTSE – Thursday
JSE closes slightly down on Thursday
The JSE stock jumped $2.60 after news broke that a stock split is to be considered by the directors in September.
At the close of trading, the JSE Market Index fell 79.84 points to end at 160,307.73. The all Jamaica Composite Index declined 89.28 points to close at 178,114.42 and the JSE combined index dropped 442.66 points, to end at 171,074.55.
At the close of the market prices of 11 securities gained out of a total of 39 that traded, with 18 declining in the overall market, including only 1 stock rising and 8 falling, in the junior market.IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 14 stocks with bids higher than their last selling prices and 4 with lower offers.
In market activity, Cable & Wireless traded just 7,254 shares and closed 4 cents down to $1.06, Caribbean Cement traded 26,011 shares to fall 99 cents and closed at $25.50, Carreras traded 113,782 shares and inched higher by 1 cent to close at $65.51. Trading in 1834 Investments shares resulted in 152,042 units trading with a fall of 10 cents to $1.20, Grace Kennedy lost 5 cents to end at $43.50, with 233,174 shares changing hands. Jamaica Broilers had 8,880 shares changing hands, to end with a rise of 13 cents at $14.65. Jamaica Producers fell 15 cents to end at $8.35 with 574,462 units trading, Jamaica Stock Exchange jumped $2.34 with 38,341 units changing hands to close at $24.10, following the announcement of a meeting later in September to consider a stock split. JMMB Group traded 1,900 units at $10.
Kingston Wharves traded 97,624 shares to close at $17.01, Margaritaville Turks traded 237,000 shares to close at 20 US cents after falling by a cent, Mayberry Investments ended with 10,500 shares trading to close at $3.28, National Commercial Bank had 35,171 units changing hands but gained 1 cent to close at $40.50. Pan Jamaican Investments closed at $23.50, after trading 5,600 shares, Radio Jamaica lost 10 cents in trading 135,591 shares, to end at $1.50, Sagicor Group fell by 28 cents with 172,060 shares changing hands at $22.02, Sagicor Real Estate Fund rose 5 cents in trading 14,140 shares, to close at $10.20. Scotia Group lost 40 cents to close at $30 with 2,695,006 shares changing hands, Seprod climbed $1 in trading 2,300 units to close at $21, Supreme Ventures gained 18 cents with 24,950 units changing hands at $4.98 and JMMB Group 6% preference share traded 10,000 units to close at US$1.10 after rising 1 cent.
September off with surplus FX
The buoyancy in the foreign exchange market with inflows exceeding which characterized the market in August carried over into September with authorized dealers buying another $3 million more than they sold on Thursday, bringing the net inflows since the end of June, to US$271 million.
In Thursday’s trading, dealers bought US$32,204,317 and sold US$29,187,613 compared to US$38,398,614 purchased and US$35,708,315 sold on Wednesday, of all currencies.
In US dollar trading, dealers bought US$29,599,812 compared to US$35,926,513 on Wednesday. The buying rate for the US dollar fell 1 cent to close at $126.89. 
A total of US$28,195,660 was sold versus US$31,057,928 on Wednesday, with the selling rate rising 8 cents to end at $127.66. The Canadian dollar buying rate rose $1.55 to $96.06, with dealers buying C$1,513,995 and selling C$629,370 at an average rate that fell $1.25 to $97.49. The average rate for buying the British Pound rose 44 cents to $164.70 for the purchase of £1,003,295 while only £295,065 was sold with the rate that climbing 47 cents to end at $167.70.
At the end of trading, the selling rate for the Euro, jumped $3.56 to close at J$144.51 from Wednesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$136.28 for a fall of 98 cents from the rate on Wednesday. The US dollar equivalent of other currencies traded amounts to US$156,176 being bought, while US$123,678, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Thursday, include a drop of $19.08 in the lowest selling rate for the US dollar to $103.92. The highest buying rate for the Canadian Dollar jumped $3.30 to close at $100.50, the highest selling rate climbed $3.58 to $104.70 and the lowest selling rate fell by $2.20 to $92. Trading in the British Pound resulted in a rise of $1.05 in the highest buying rate to $170.65, a rise of $1.62 in the highest selling rate to close of $175.28 and a decline in the lowest selling rate of $2 to $160.50.
GOJ income big outperformer
The Jamaican government has already covered in just four months, all the revenues that will be lost for the fiscal year even before the revenue lost from the higher threshold, starts to impact the fiscal operations from the increase in the threshold for PAYE contributors.
The data suggests that there is no need for there to be an alarm about funding the additional tax relief in 2017 as the performance to date indicates that the added break will be funded from the 2016/17 fiscal performance.
The savings on the interest cost and the added revenue intake, translate to just about $40 billion for a full year, and this on top of the $13 billion in new taxes the government imposed in May, plus the projection of additional taxes, included in the budgeted projections based on normal annual increase.
With the threshold coming into effect in July, the reduction in taxes to be paid won’t show up until August inflows. Data out of the ministry released on Thursday show revenues $11 billion ahead of projections and spending is down by $14 billion. The reduced spend, includes under spending on capital projects, amounting to $5.8 billion and housekeeping expenses of $3.8 billion.
Collector of Taxes office, Constant Spring, Kingston.
There is one factor to be considered, the original budget was projected a fiscal deficit for the year of $17 billion and the focus could be on ensuring that this is wiped out and there is none in 2017/18. The new IMF agreement could have different terms than the very restrictive ones the country has been undergoing over the past 4 years.
8 junior stocks fall 1 rise – Thursday
Blue Power rose to a 52 weeks’ high of $20 on Thursday
At the end of trading only 1 stock rose and 8 declined out of 13 securities that traded. The market closed with 5,883,994 units valued at $16,028,801 changing owners. One stock traded to close at a new high and two traded at intraday highs.
Trading ended with 7 securities closing with bids higher than their last selling prices and 2 ending with lower offers.At the close, Blue Power closed with a rise of 20 cents with 211 units changing hands at a new high of $20, Caribbean Cream closed with 7,500 shares changing hands at $7.01 after declining by 4 cents. Caribbean Producers after reporting a sharp fall in profit to only 10 US cents per share, had 3,539,137 units changing hands, to close with a loss of 53 cents, at $2.97, C2W Music traded 114,500 units at 24 cents, Consolidated Bakeries lost 14 cents in trading 43,245 shares to close at $2.20. General Accident traded 2,000,000 units at $2.05 after falling 25 cents,
Honey Bun declined by 50 cents with 4,500 shares changing hands, to close at $5.30, Jetcon Corporation ended with a loss of 31 cents to end at $2.90 after first hitting a new intraday high of $3.23, with just 70,243 shares changing hands. Knutsford Express traded 19,435 shares to close at $25 after hitting an intraday 52 weeks’ high of $26.11, Lasco Distributors fell 9 cents to end with 7,571 shares changing hands at $6.90, Lasco Manufacturing closed at $4.57 with 23,652 shares trading. Medical Disposables traded 4,000 shares with the price declining by 30 cents to close at $3.20 and tTech had 50,000 shares trading to end at $4.50.
