Archives for April 2018

NCB Q2 profit rises 22% before tax

April 26, 2018 by

 

NCB Head Quarters in Kingston Jamaica.

NCB Financial Group recorded an increase of 17 percent in net profit of $11 billion for the six months ended March 2018 over the prior year, pretax profit for the six months was up just 1 percent.
Profit for the March quarter before taxation, rose a strong 22 percent over the similar quarter in 2017 to $8.26 billion but with taxation more than doubling profit after tax climbed just 9 percent to $6.4 billion.
Net operating income grew 22 percent to $35.3 billion over the prior year and 26 percent for the latest quarter. Improvements in foreign currency and investment activities 109 percent in the quarter to $4 billion and by 97 percent in the six months period to $7.2 billion. Net interest income increasing by $1.3 billion or 9 percent and was driven by the consolidation of Clarien Group (CGL). Net fee and commission income grew by 11 percent or $749 million, mainly as a result of higher transaction volumes for point of sale and e-commerce channels, increased investment banking and pension fee income and the consolidation of CGL. Operating Expenses excluding loan loss provision rose 30 percent to $24.5 billion for the half year and 29 percent to $11.5 billion for the quarter.
The Group’s loans and advances, net of provision for credit losses, increased by $127 billion or 61 percent to $334 billion to March. In addition to the consolidation of CGL, the president Patrick Hylton reported that “there was growth in all business segments’ loan portfolios: retail up 22 percent, corporate up 11 percent and credit card receivables up 25 percent. Nonperforming loans totalled $15 billion up from $5.9 billion at the end of March 2017.” The increase was due to the inclusion of CGL which has a non-performing loan ratio of 9.9 percent.
NCB declared a dividend of 70 cents stock unit. The dividend is payable on May 28, for stockholders on record at May 11. The stock closed at $95 on the Jamaica Stock Exchange before the results were released.

Filed Under: Company News, Company Results, Feature Stories Tagged With: , , ,

Jamaican$ recovers from B-Fxitt effect – Thursday

April 26, 2018 by

The Jamaica dollar recovered on Thursday from some of the losses suffered when dealers sold US dollars to Bank of Jamaica in the B-FXITT auction that helped to push up the selling rate on Wednesday.
Inflows of all currencies amounted to the equivalent US$34.79 million compared to US$38.04 million on Wednesday and sold US$31.28 million compared to US$55.58 million, including the amount sold to Bank of Jamaica on Wednesday.
At the close of foreign currency trading, dealers sold US$27.16 million, for 16 cents less than on Wednesday with the US dollar selling rate closing at J$125.57, compared to J$125.73 in the sale of US$52.03 million on Wednesday. Purchases of the US currency by dealers, amounted to US$32.90 million, with the average rate climbing 26 cents to $124.30, compared to US$32.44 million, with the average rate of $123.94 on Wednesday.
At mid-day on Thursday dealers purchased US$12.17 million at an average rate of J$124.70 and sold $7.66 million at an average of J$125.49. At mid-day on the previous trading day, dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, jumped to J$101.70 from J$97.54 at the close on Wednesday. The selling rate for the British Pound declined to J$173.57 from J$174.67 previously and the euro fell versus the Jamaican dollar to J$152.63 to buy the European common currency, versus the prior selling rate of J$154.27.

Filed Under: FX Market Tagged With: , , , , , , , , , ,

Junior Market index falls – Thursday

April 26, 2018 by

The Junior Market fell at the close of trading on Thursday with the market Index declined by 22.81 points to close at 2,962.84 with 24 securities changing hands up from 21 on Wednesday.
At the close of market activities 3,098,900 units valued at $16,170,025 changed hands as trading ended with the prices of 8 securities rising, 11 declining and 5 remaining unchanged.
Market activity ended with an average of 129,121 units for an average of $673,751 in contrast to 120,164 units for an average of $518,605 on Wednesday. The average volume and value for the month to date, amounts to 130,788 units at $543,145 compared to 130,904 units at $534,112 on the prior trading day. March closed with an average of 149,999 units valued at $623,819, for each security traded.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows just 3 stocks ending with bids higher than the last selling prices and 3 with lower offers.
At the close of the market, Access Financial closed with a loss of $3 at $47, with an exchange of 500 shares, AMG Packaging ended with a loss of 1 cent at $1.96, with 42,117 stock units, Caribbean Cream ended trading at $5, with 15,403 shares, Caribbean Flavours traded at $11, with 15,000 stock units, Caribbean Producers finished trading 28 cents higher at $5.40, with 85,300 units. Derrimon Trading rose 20 cents to a record high of $10, with 16,779 shares, Elite Diagnostic settled with a loss of 2 cents at $3.20, with 368,218 units, Eppley ended trading 15,484 shares at $9.50, Express Catering traded 2,029,665 stock units and lost 25 cents to end at $5.75. FosRich Group finished trading with a loss of 7 cents at $2.35, with 539 shares, General Accident closed at $3.01, with 2,997 stock units, GWest Corporation ended with a loss of 3 cents at $2.47, with 10,000 units, Honey Bun concluded trading 15 cents higher at $4.65, with 17,050 shares. Jetcon Corporation gained 1 cent to end at $4.16, with 17,480 units, KLE Group closed at $2.45, with 18,204 shares, Knutsford Express ended with a loss of 5 cents at $13.95, exchanging just 1,146 shares, Lasco Distributors fell 5 cents to $4.10, with 130,657 stock units. Lasco Financial finished with a loss of 15 cents at $5.50, with 62,740 units, Lasco Manufacturing settled 15 cents higher at $4.15, trading 205,000 shares, Main Event ended trading 1 cent higher at $7, with 5,100 shares, Medical Disposables traded with a loss of 50 cents at $4.50, with 26,446 shares. Paramount Trading finished trading with a fall of 2 cents at $3.08, with 8,015 stock units, Stationery and Office closed 3 cents higher at $5.98, with 2,060 units and tTech concluded trading 4 cents higher at $5.79, with 3,000 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , ,

Only 12 stocks trade on TTSE – Thursday

April 26, 2018 by
Add your HTML code here...

Market activity on the Trinidad & Tobago Stock Exchange ended on Thursday with trading in 12 securities against 16 on Wednesday, with 4 advancing, 2 declining and 6 remaining unchanged.
Trading ended with 386,288 shares at a value of $3,996,908 compared to 679,573 shares at a value of $4,850,767 on Wednesday.
At close of the market the, Composite Index rose 2.09 points on Thursday to 1,229.73, the All T&T Index inched up by 0.08 points to 1,694.20, while the Cross Listed Index rose 0.57 points to close at 103.01.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows the market continuing to be weak as it closed with 3 stocks ending with higher bids than the last selling prices and 4 with lower offers, an indication of the continuation of a weak market currently.
Gains| Grace Kennedy added 5 cents and concluded trading at $3.15, with 144,330 units, Guardian Holdings increased in price by 1 cent and ended at $15.01, after exchanging 2,140 shares, JMMB Group rose 4 cents and settled at $1.90, with 21,023 stock units changing hands and NCB Financial Group closed with a gain of 10 cents after completing trading at $5.50, with 24,504 shares.
Losses| Massy Holdings shares fell 2 cents and settled at $47.40, with 479 stock units changing hands and Trinidad & Tobago NGL closed with a loss of 5 cents at $27.85, with 86,261 units changing hands.
Firm Traded| Angostura Holdings settled at $15.72, with 3,375 stock units changing hands, Clico Investments concluded trading at $20.15, with 500 units, First Citizens closed at $32.55, after exchanging 2,183 shares, National Flour ended at $1.80, with an exchange of 500 shares, Sagicor Financial concluded market activity at $7.80, with 100,650 units traded and Trinidad Cement ended at $2.62, after exchanging 343 shares.
Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Stock Market, TTSE Market Tagged With: , , , , , , , , , , , , , , , , ,

Carib Cement post fall in Q1 profits

April 26, 2018 by

Carib Cement reports lower Q1 profit for 2018

Revenues rose 6 percent in the March quarter this year for Caribbean Cement, compared to the first quarter of 2017 to $4.3 billion, but profit before taxation slipped modestly to $510 million from $528 million last year.
Increased taxation, from $67 million to $176 million dragged profit down to $348 million or 39 cents per share versus $460 million in 2017 or 54 cent per share.
“This performance was mainly driven as a result of the scheduled annual maintenance of Kiln 5 and Mill 5, during February and March of 2018,” the directors reported to shareholders and they went on to state that “our investment in maintenance efforts will no doubt increase our operational efficiencies with the goal of driving exports, in due course.”
Operating cost rose over 2017 by 10 percent to $3.7 billion, at a faster pace than revenues but repairs and maintenance jumped 75 percent to $345 million and staffing cost rose 18 percent to $542 million. Cost is set to fall sharply with the buyback of assets that were leased from Trinidad Cement which will reduce the $3 billion per annum charge that was incurred in this area in 2017.
Net cash generated by operating activities for the period of $856 million, but $1.5 billion was expended on capital improvement, including the installation of a new coal mill. According to management, the coal mill project currently in the final stages, and production is expected by the end of the third quarter of this year. This will continue to contribute to the plant’s operational efficiency and also to a reduction in operating costs. Cash on hand at the end of the quarter amounted to just over $1 billion.
The first quarter results left accumulated losses at $2.9 billion with shareholders’ equity at $9.3 billion. The stock closed on the Jamaica Stock Exchange at $38.51.

Filed Under: Company News, Company Results Tagged With: , , , ,

JSE main market retreats on Wednesday

April 25, 2018 by

Stocks closed on the Jamaica Stock Exchange main market with a fall on Wednesday pulling the JSE All Jamaican Composite Index down by 1,060.23 points to 325,702.82 and the JSE Index lower by 965.99 points to 296,752.08.
At the close, 26 securities traded, compared to 27 on Tuesday and ended with the prices of 11 stocks rising, 11 falling and 4 trading firm, in the main and US dollar markets.
At the close of trading, Caribbean Cement jumped $1.51 to $38.51, JMMB Group lost $1.08 to $27.25, Kingston Wharves fell 43 to $46, Scotia Group rose $1.79 to $51.99 and Seprod gained $1 to $35.
Main market activity ended with 14,655,576 units valued at $227,353,346 compared to 10,843,662 units valued at over $263,546,997 on Tuesday. At the close of trading Carreras closed with 4,337,080 units changing hands and accounting for 29.59 percent of the volume traded Wisynco Group closed with 13,412,434 units and accounted for 23.28 percent of the day’s volume and Ciboney Group Limited with 2,161,849 units and 14.75 percent of the volume. Also trading in large quantity were Jamaica Producers with 1,044,013 units and scotia Group with 1,959,155 units.
Trading resulted in an average of 563,676 units valued at an average of $8,744,359 for each security traded. In contrast to 401,617 units for an average of $9,761,000 on Tuesday. The average for the month to date is 736,824 shares with a value of $4,962,720 and previously 747,221 shares with a value of $4,720,546. In contrast, March closed with an average of 626,526 units with an average value at $20,492,207 for each security traded.
There was no trading in the US dollar market on Wednesday leaving the Market index at 172.17.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows7 stocks ended with bids higher than their last selling prices and 3 with a lower offers.
For more details of market activities see – JSE main market trading drops sharply – Wednesday.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , ,

JSE main market trading elevated – Wednesday

April 25, 2018 by

Trading on the Main Market of the Jamaica Stock Exchange on Wednesday as 26 securities changed hands, resulting in 14,655,576 units valued at $227,353,346 trading.
The main market closed with 11 securities rising, 11 declining and 4 trading firm, leading to the JSE All Jamaican Composite Index falling 1,060.23 points to 325,702.82 and the JSE Index declined by 965.99 points to 296,752.08.
In market activity, Barita Investments closed at $10.25, with 1,025 shares, after adding 25 cents, Berger Paints lost 10 cents and ended at $19, with 10,656 stock units, Carreras fell 5 cents and concluded trading at $10.75, with 4,337,080 units, Caribbean Cement jumped $1.51 and finished at $38.51, with 66,979 shares, Ciboney Group declined by 2 cents and settled at 12 cents, with 2,161,849 units. Grace Kennedy ended trading with a loss of 51 cents at $48.50, with 35,620 shares, Jamaica Broilers gained 90 cents in traded 14,955 stock units to end at $21, Jamaica Producers finished trading at $16.50, with 1,044,013 units, Jamaica Stock Exchange lost 10 cent and closed at $6.90, with 1,260 shares. JMMB Group dropped $1.08, ending at $27.25, with 170,021 shares, Kingston Wharves dropped $3 and finished at $46, with 15,000 stock units, Mayberry Investments settled at $6.05, for a rise of 3 cents, with 108,012 units, NCB Financial Group climbed $1.40 to $96.50, with 46,142 shares. 1834 Investments closed trading at $1.15, with 81,945 shares, PanJam Investment lost 1 cent and closed at $44, with 72,100 stock units, Pulse Investments concluded trading at $1.79, after falling 1 cent with 108,000 shares, Sagicor Group fell 49 cents and settled at $37.50, with 25,985 shares and Sagicor Real Estate Fund settled at $15, with a rise of 99 cents trading 17,835 shares. Salada Foods gained 5 cents and ended trading at $11.20, with 43,684 stock units, Scotia Group jumped $1.79 to $51.99, with 1,959,155 units, Seprod climbed $1 and finished trading at $35, with 25,820 shares, Supreme Ventures ended at $11.75, up 5 cents with 527,887 shares. Victoria Mutual Investments concluded trading at $4.06, after rising 31 cents with 357,576 stock units and Wisynco Group finished at $10.90, with 3,412,434 units changing hands. In the main market preference segment, Jamaica Money Market 7.5% traded 2,138 stock units at $1.92 and JMMB Group closed at 99 cents, with 8,405 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “JSE main market retreats on Wednesday.”

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Cement signs buy back agreement

April 25, 2018 by

Caribbean Cement paid $1.3 billion as initial payment on the buy back of kiln.

Caribbean Cement is reporting that they signed an agreement with our parent company Trinidad Cement Limited (TCL), for the acquisition of Kiln 5 and Mill 5 thereby terminating the lease agreement.
The company reported that they made the initial payment of $1.3 billion towards the acquisition representing a significant investment in plant and equipment, improving the company’s asset base.
In March, Caribbean Cement announced that it signed a memorandum of understanding agreeing to the termination of the operating lease and the purchase by CCC of the assets covered under the Lease.
Agreement is for approximately USD$118 million to be paid to TCL and redemption of an aggregate number of 52 million preference shares held by TCL for approximately USD$40.5 million to be paid over a nine-year period, starting in 2018 and sourced from at least one third of CCC’s profits available for distribution from the previous year. CCC will also seek financing to fund the Asset Acquisition and the Redemption.
The agreement flows from concerns of minority shareholders who at the company’s last annual General meeting, at which shareholders were given the commitment by management that the best structure would be identified to acquire ownership of the assets.
The company paid $3.3 billion in 2017 for the lease of the assets that was installed to facilitate expansion of the plant.

Filed Under: Breaking News, Company News, General Business News Tagged With: , ,

Forex volume up with B-Fxitt trade – Wednesday

April 25, 2018 by

Bank of Jamaica bought US$15 million in the B-FXITT auction on Wednesday, with the average rates against the US dollar for accepted offer ending at $126.29. A total of 31 bids were received to sell US$21.85 million up to a rate of $128 and a low of $124.70
Dealers enjoyed inflows of all currencies amounting to the equivalent US$38.04 million compared to US$43.20 million bought on Tuesday and sold US$55.58 million, including the amount sold to Bank of Jamaica. US$44.03 million was sold on Tuesday.
At the close of foreign currency trading, dealers sold US$52.03 million, including the BOJ sales, at 37 cents more than on Tuesday with the US dollar selling rate closing at J$125.73, compared to J$125.36 in the sale of US$39.23 million on Tuesday. Purchases of the US currency by dealers, amounted to US$32.44 million, with the average rate declining 23 cents to $123.94, compared to US$40.56 million, with the average rate of $124.17 on Tuesday.
At mid-day on Wednesday dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38. At mid-day on the previous trading day, dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, dropped to J$97.54 from J$101.34 at the close on Tuesday. The selling rate for the British Pound declined to J$174.67 from J$176.07 previously and the euro fell versus the Jamaican dollar to J$154.27 to buy the European common currency, versus the prior selling rate of J$154.99.

Filed Under: FX Market Tagged With: , , , , , , , , , , ,

Trading levels fall on the TTSE – Wednesday

April 25, 2018 by

Trinidad & Tobago Stock Exchange Head Quarters

Market activity on the Trinidad & Tobago Stock Exchange ended on Wednesday with trading in 16 securities against 13 on Tuesday, with 5 advancing, 2 declining and 9 remaining unchanged.
Trading ended with 679,573 shares at a value of $4,850,767 compared to 729,767 shares at a value of $20,238,234 on Tuesday.
At close of the market the, Composite Index rose 0.02 points on Wednesday to 1,227.64, the All T&T Index inched up by 0.04 points to 1,694.12, while the Cross Listed Index remained unchanged, to close at 102.44.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows the market continuing to be weak as it closed with 3 stocks ending with higher bids than the last selling prices and 4 with lower offers, an indication of the continuation of a weak market currently.
Gains| Massy Holdings gained 1 cent and ended at $47.42, with 1,281 stock units changing hands, National Flour finished trading with a rise of 5 cents and settled at $1.80, after exchanging 72,002 shares, Scotiabank closed with an increase of 23 cents and settled at $62.75, in exchanging 1,132 shares, Trinidad Cement rose 1 cent to $2.62, after trading 460,000 shares and West Indian Tobacco finished 4 cents higher to $88.55, with 50 stock units changing hands.
Losses| Ansa Mcal shed 10 cents and completed trading at a 52 weeks’ low of $59.80, with 16 units and Clico Investments lost 1 cent and ended at $20.15, with 11,679 units.
Firm Traded| Ansa Merchant Bank settled at $40, after exchanging 25 shares, First Citizens concluded trading at $32.55, with 1,900 shares changing hands, Grace Kennedy completed trading at $3.10, with 1,932 units, Guardian Holdings closed at $15, trading 2,265 shares, JMMB Group ended at $1.86, with 13,919 stock units changing hands, Prestige Holdings settled at $10.01, after 3,265 shares traded, Republic Financial Holdings ended at $101.58, with 368 stock units changing hands, Sagicor Financial completed trading at $7.80, with 5,275 units and Trinidad & Tobago NGL ended trading at $27.90, with 104,464 units changing hands.
Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Stock Market, TTSE Market Tagged With: , , , , , , , , , , , , , , , , , , , , , ,