Scotiabank drops on TTSE, more coming

Scotiabank stock continues it fall on the Trinidad and Tobago Stock Exchange, with the price dropping 21 cents to hit a new 52 weeks low in Friday’s trading, with only a small volume changing hands. Since the start of June, the stock has found no resting price so far, and seems set to decline some more, based on recent profit reported and lack of buyers, at current prices.
On May 28, the bank reported net profit of $250 million for the six months to 30 April 2014, a decrease of $20 million or 7.5 percent, but the 17 percent fall in profit for the April quarter, from $128 million down to $105 has not sit well with investors, leading to a selling of the stock. The last trade of import, before the results, was on the May 22, for 236,520 shares at $70 each, the price it has been trading at for some time. Immediately after the results, the price started to drift downwards before the decline set in. There is not much interest in the stock now, close to recent sale prices. The price would need to drop to around $60 to take full effect of the latest fall in profits, for investors to consider it appropriately valued.
Summary|Trading on the Trinidad stock market, saw an increase in the number of securities changing hands, with 17 being active on Friday, of these, 2 advanced, 6 declined and 9 traded firm, with 246,489 stocks units changing hands, with a value of $2,027,882.
Indices| market activity led to the Composite Index losing 0.47 points, to close at 1,165.23, the All T&T Index falling by just 0.86 points, to close at 2,011.40 and the Cross Listed Index easing by a mere 0.01 points, to end at 41.77.
Gains| Stocks increasing in price at the close, are ANSA McAL with the price increasing 5 cents, to end the day at $66.30, while trading only 200 shares, Massy Group traded just 2 units at $69.50, to gain a cent.
Declines| The stocks declining at the end of trading, are Clico Investment Fund with 5,632 shares valued at $122,019, as the price declined by 4 cents, to end at $21.66, National Flour Mills, 4,857 shares, to close at $1, with a 5 cents fall, Republic Bank added 10,085 shares valued at $1,230,868 and closed down a cent, at $122.05. Sagicor Financial lost a cent when trading 3,440 units, to close at $6.50, Scotiabank suffered a 21 cents fall to close at $68.73, a new 52 weeks low while trading a mere 14 units. Trinidad Cement with 91,244 shares changing hands for a value of $173,365 suffered a fall in price of by 5 cents, to $1.90,
Firm Trades| Stocks closing with prices unchanged at the end of trading, are Angostura Holdings 800 units, to close at $12.98, First Citizens Bank traded 1,650 units to close at $35.02, Grace Kennedy with 67,270 shares valued at $232,042, closed at $3.45, Guardian Holdings 220 stock units, to close at $14.30, Guardian Media 20 shares, to close at $19.75, Jamaica Money Market Brokers contributed 51,904 shares with a value of $23,357, to end at 45 cents, National Commercial Bank with 4,000 stock units, closed at $1.09, National Enterprises 51 shares closed at $18.25 and One Caribbean Media 5,100 units to close at $25.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower, an indication that the market is likely to continue to trade sidewards.