Huge price gap in T&T cross listings

Market activity on the Trinidad & Tobago Stock Exchange on Wednesday closed with huge arbitrage opportunities for investors in some cross listed stocks. Elsewhere, trading resulted in double digit gains in Composite and All T&T Indices helped by a 7.3 percent jump in the price of Ansa McAL.
Grace Kennedy is trading at a 24 percent premium compared to the price in Jamaica, the premium for JMMB Group is over 26 percent, National Commercial Bank trades above the Jamaica listed price, by 14 percent and Scotia Investments by 22 percent. Tightness in the foreign exchange market may be causing the huge gap in prices.
The Composite Index advanced 11.42 points to 1,205.8 points, the All T & T Index jumped 16.14 points to 1,828.27 points, down 6.17 percent year to date. The Cross Listed Index gained 0.90 points to 77.97 points with year to date gains of 57.48 percent.
Trading ended with 12 securities changing hands compared to 9 on Tuesday with 3 advancing, 3 declining and 6 remaining unchanged, with 184,035 shares changing hands with a value of $4,500,237. Trading on Tuesday resulted in 345,479 changing hands with a value of $16,556,172.
IC bid-offer Indicator |The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 8 with lower offers.
Gains| Ansa McAL closed at $66.50 with the highest gains on the market of $4.56 and with 4,183 shares changing hands, Massy Holdings gained 1 cent to close at $51 with 3,998 shares changing hands. National Commercial Bank closed at 52 weeks’ high of $3, up 13 cents with 44,900 shares changing hands and Scotiabank closed 20 cents higher at $58.70 with 38,415 shares changing hands valued at $2,253,392.
Losses| Angostura Holdings lost 50 cents to close at $15.50 with 2,000 shares changing hands, Guardian Holdings dropped 2 cents to close at $12.88 with 13,523 shares changing hands and Trinidad & Tobago NGL closed at $22.40 and lost 6 cents with 7,000 shares changing hands.
Firm Trades | Clico Investment remained unchanged at $22.60 with 17,294 shares changing hands, valued at $390,844, First Citizens closed at $35 with 23,133 shares changing hands with a value of $808,078, Grace Kennedy, with 800 shares changing hands, closed at $2.73. JMMB Group closed at 90 cents with 11,111 shares changing hands and Trinidad Cement closed at $3.25 with 17,678 shares changing hands.