Firstcaribbean jumped 50 cents on the Trinidad Stock Exchange on Thursday helping to ush the main index and the cross listed index, but with only a small volume. At the close the bid to buy was ta $4.75 with the offer at $5.50.
Elsewhere, Scotiabank that has tumbled from over $70, seems set to fall further, as there is an offer to sell 1,500 units at $59 compared to the last price of $59.48. The bid is to buy 200 units at $58. In overall trading activity, 11 securities changed hands of which 4 advanced, 4 declined and 3 traded firm, with dealing in only 48,851 units valued at $2,020,168.
At the close of the market, the Composite Index rose 8.33 points to close at 1,150.04, thanks mostly to the 50 cents jump in the price of Firstcaribbean International share. The All T&T Index gained 0.18 points to close at 1,969.72 and the Cross Listed Index increased by 2.20 points to end at 43.29.
Gains| Stocks increasing in price at the close are, Firstcaribbean International Bank, gained 50 cents to end the day at $5.50, while trading only 225 shares, First Citizens Bank contributed 4,200 shares with a value of $154,010 in gaining 10 cents, to $36.70, Unilever, traded 1,157 units to gain 2 cents, in closing at a new 52 weeks’ high of $64.11 and West Indian Tobacco closed at $118.22, up a cent with 285 shares.
Declines| Stocks declining at the end of trading are, Massy Holdings with 23,242 shares changing hands for a value of $1,593,501 to close at $68.56, down 4 cents, One Caribbean Media had 600 units trading at $25.22, for an 11 cents fall, while Republic Bank traded 12 units and suffered a loss, of 6 cents to close at $121.50, Sagicor Financial Corporation added 4,000 shares valued at $24,760 in losing 6 cents, to end at a 52 weeks’ low of $6.19.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings with 150 shares at $12.50, Clico Investment Fund with 4,580 shares valued at $100,989 remaining at $22.05 and Trinidad Cement with 10,400 shares traded at the close at $1.86.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 5 stocks with offers that were lower.
Firstcaribbean jumps 50c pushes TTSE
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[…] First Caribbean International Bank reported a big loss of US$151 million, a huge increase from a loss of just US$22 million in 2013. The news may appear gloomy but there is more to that than meets the eye. The news may well be a strong signal that its time to buy shares of this bank that sprawls over the wider Caribbean region. Management cleaned shop, resulting in loans loss provision climbing 36 percent to US$206 million in 2014 and impairment cost relating to intangible assets of US$115 million. The latter should not repeat in the near term and loan loses may remain subdued with the heavy write off in 2014. The October 2014 quarter enjoyed a major turn-around in fortunes as after-tax profit rose to US$24.6 million from a loss of US$66 million in 2013. The quarterly result was helped by a sharp drop in loan loss provision, falling from US$76 million in 2013 to US$13 million and operating expenses declining from US$130 million to $88 million. The July quarter also showed positive results, amounting to US$23 million after tax, suggesting that profit could be back on track. Net interest revenues were down 1 percent for the year, but fell 7 percent in the October quarter, from the similar quarter, in 2013 as revenues fell 6 percent and interest cost was down by 5 percent. Other income fell in the quarter moderately, but was up for the year, by 2 percent. How will the bank grow its income, is the challenge going forward in the medium term, in a region that is suffering from economic stagnation and beset by high levels of national debt? Customer deposits ended at US$9.2 billion from $9.8 billion at the end of the 2013 fiscal year while loans fell to US$6.14 billion from US$6.33 billion in 2013 and as high as US$6.83 billion at the end of the 2012 fiscal year. The bank’s balance sheet contracted during the year to $10.78 billion from $11.4 billion in 2013 due mainly to contraction in cash balances and loans but investment securities rose from $2.2 billion to $2.3 billion. A final dividend of 1.5 US cents per share payable in January, was declared, it brings the total for the year to 3 US cents. […]
[…] for the Belize operation totalled US$169 million, while total liabilities were US$140 million”, FirstCaribbean said in a note to their July interim financials. The bank currently operates 5 branches in the […]