Monday, 16th September 2013 | First Citizens Bank stock hits $25.30, up 15 percent in early trading on the Trinidad & Tobago Stock Exchange as just 1,000 units traded. At the end of trading there were bids for 3,187,700 units at $25.30 and there were no stocks on offer, a clear sign of higher price in the days ahead.
The company that had a successful initial public offer of shares (IPO) between July and August when it was twice oversubscribed saw the stock price hitting the maximum it could trade a for the day based on the circuit breaker rule. At the current price, the PE of the stock is 17 times earnings based on the level of oversubscription and the value of other bank stocks IC Insider sees the prospects for the stock to reach $35 in this run up.
Other significant trading saw Jamaica Money Market Brokers exchanging 410,000 units firm at 50 cents for a value of $205,000 after the company announced that it has been cleared to acquire the remaining 50 percent of Intercommercial Bank to bring their shareholding to full 100% ownership.
Trinidad Cement traded 69,000 shares for $134,550 as the stock traded firm at $1.95; National Commercial Bank of Jamaica contributed 10,000 shares with a value of $11,500, while Republic Bank added 5,000 shares valued at $550,100.
Guardian Holdings closed up 48 cents at $14.50 but on only 100 units; National Flour traded 2,352 units and put on a cent to close at 76 cents, while Neal & Massy put in 3,103 units gaining 4 cents to close at $56.04. Clico Investment Fund, swapped 125,081 shares valued at $2,696,856 as the price remained at $21.56.
Trading activity on the First Tier Market registered a volume of 628,942 shares crossing the floor valued at $3,937,088 as there was trading in 14 securities of which 6 advanced, none declined and 8 traded firm.
At the end of trading, the Investor’s Choice bid-offer indicator was showing signs of a fluid market continuing with bids for 2 stocks being higher and 4 stocks having offers lower than their last selling price.
Related posts | First Citizens shares set to explode | T&T Citizens Bank IPO oversubscribed | Buy Rated stock list grows | JMMB grows assets $24B to $200B
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