Huge arbitrage between JSE stocks on TTSE

A huge arbitrage potential has now developed between Jamaican stocks listed on Trinidad and Tobago Stock Exchange with a 20 percent differential between the prices of the stocks in Jamaica and those in the twin island republic. The highest bid on National Commercial Bank stock is at $2.60 to buy 31,958 shares and the lowest offer at $2.75 to sell 55,000 units. The stock which sells in Jamaica at J$41.15 trades at J$49 in Trinidad, a huge difference of 19 percent, in contrast, the bid on Grace in Trinidad is TT$5.52 or Jamaican $105 while the stock trades in Jamaica at $125, there is no stock on offer in the twin island state.
JMMB Group trades at a 10 percent premium on the Trinidad Stock Exchange to the last traded price in Jamaica while Scotia Investments is trading at the equivalent of $31 versus $26 in Jamaica a 20 percent difference.
Trading on the Trinidad and Tobago Stock Exchange closed on Thursday with 10 active securities changing hands, 3 of which gained, 3 declined, while 4 remained unchanged, as 395,460 shares valued at $11,087,828 changed hands. At the close 1 stock ended at a 52 weeks’ low.
The Composite Index gained 1.18 points to close at 1,113.43, the All T&T Index rose 4.86 points to close at 1,759.43 and the Cross Listed Index fell 0.35 points to close at 61.19.
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|First Citizens Bank traded 2,009 shares and gained 93 cents to close at $31, Massy Holdings leapt $1.74 to close at $50 with 8,580 shares with a value of $419,474 changing hands and Scotiabank traded 22,019 shares valued at $1,147,585 and jumped 90 cents to end at $53 .
Losses| National Commercial Bank traded 245,000 shares valued at $637,000, lost 5 cents, to close at $2.60, Republic Holdings ended with 76,222 shares with a value of $8,187,594 changing hands, but lost 5 cents in ending at a 52 weeks’ low of $107.43 and Trinidad and Tobago NGL fell 1 cent and closed at $22.25 with 18,730 units valued at $416,625 changing hands.
Firm Trades| Clico Investments ended with 3,500 shares changing hands, to close at $22.60, National Flour ended with 2,900 shares changing and closed at $2.30, National Enterprises closed with 4,000 shares changing hands at $11 and Sagicor Financial Corporation traded 12,500 shares to end at $7.