The Trinidad and Tobago Stock Exchange All Trinidad Index fell 12.49 points to close at 1,673.86 for the week ending on Friday, even as Ansa McCal jumped $4.48 to close the week at $63 but Scotiabank drop $1 during the week to be the stock with the biggest decline.
The market closed with eight stocks declining and six rising with Ansa McCal being by far the biggest price mover in a week that saw Republic Financial, Guardian Holdings and JMMB Group closing at 52 weeks’ low and Endeavor closing at a 52 weeks’ high of $17.
The market continues to decline for 2024 to date. This comes with tightness in the financial market in the country. The latest move by the central bank flowing from an unscheduled monetary policy meeting was the lowering of reserves of banks held at the central banks, from 14 percent to 10 percent of prescribed liabilities with effect from the reserve week beginning July 24, 2024. While the central bank kept their repo rate at 3.5 percent they indicate the Treasury bill rates have steadily declined by 27 basis points since February. At the last auction in July the average rates came out at 1.40 percent.
“Production indicators monitored by the Central Bank during the fourth quarter of 2023 and into the first three months of 2024, such as local sale of cement and new motor vehicle sales, point to vibrancy in some non-energy sectors. Meanwhile, data from the Ministry of Energy and Energy Industries indicate that output of crude oil and natural gas from the mature fields continued to slip over this period.”
PE ratios still show several stocks listed on the Trinidad and Tobago to be undervalued.
Economic uncertainty hitting Trinidad stocks
July 26, 2024 by
