West Indian Tobacco stock price dropped $3.51 to end at $85 and was the main reason for a big dip in the Trinidad & Tobago Stock Exchange index on Wednesday.
Declining stocks had the upper hand over advancing ones five to one as the market index sank further for the week to date. The number of securities traded dropped to 10 against 17 on Tuesday as the market closed with just 1 stock advancing, 4 declining and 5 remaining unchanged. Trading ended with 351,112 shares at a value of $12,063,114 compared to 96,389 shares at a value of $1,565,623 on Friday.
At close of the market the, Composite Index shed 5 points on Wednesday to 1,231.00, the All T&T Index dropped 9.87 points to 1,687.52, while the Cross Listed Index remained unchanged to close at 104.30.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows the market continuing to be weak as it closed with 3 stocks ending with bids higher than the last selling prices and 5 with lower offers, an indication of the continuation of a weak market currently.
Gains| Trinidad & Tobago NGL settled with a gain of 2 cents at $27.50, after exchanging 13,275 shares.
Losses| Guardian Holdings closed with a loss of 30 cents and completed trading at $15, after exchanging 59,627 shares, Scotiabank lost 14 cents in closing at $62.51 with 148,531 units changing hands, Trinidad Cement lost 27 cents and ended trading at $2.60, with 1,600 stock units changing hands West Indian Tobacco concluded trading with a loss of $3.51 to close at $85, after exchanging a mere 150 shares.
Firm Traded| Clico Investments traded 12,785 units at $20.16, First Caribbean International Bank completed trading at $8.90, after exchanging 33,030 shares, First Citizens settled at $32.55, after exchanging 1,850 shares, Republic Financial Holdings concluded market activity at $101.58, with 2,197 stock units changing hands and Sagicor Financial ended trading 10 cents lower and $7.70, trading 74,685 units.
Prices of securities trading for the day are those at which the last trade took place.
Witco heads falling TTSE prices – Wednesday
More Jamaican$ gains vs US – Tuesday
At the close of trading in the foreign currency market the Jamaica dollar continued to gain strength, with dealers selling the US$32.71 million for 8 cents less than on Monday with US dollar selling rate closing at J$125.05, compared to $39.54 million at J$125.13 at the close, on Monday.
Purchases of the US currency by dealers, amounted to US$30.62 million, with the average rate falling 21 cents to $123.72, compared to US$46.21 million, with the average rate of $123.93 on Monday.
The market closed with inflows of US$36.58 million of all currencies, versus US$53.39 million on Monday and dealers sold US$41.30 million in contrast to US$46.59 million, in previous trading.
At mid-day on Tuesday dealers purchased US$16.4 million at an average rate of J$124.33 and sold $10.84 million at an average of J$124.90. At mid-day on the previous trading day, dealers purchased US$25.27 million at an average rate of J$124.70 and sold $15.95 million at an average of J$125.15.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, rising to J$102.46 from J$98.68 at the close on Monday. The selling rate for the British Pound increased to J$178.04 from J$177.56 previously and the euro fall against the Jamaican dollar to J$154.89 to buy the European common currency, versus the prior selling rate of J$154.93.
Falling prices dominate TTSE – Tuesday
Bearishness sentiments continued on the Trinidad & Tobago Stock Exchange on Tuesday, as declining stocks over powered advancing ones by a ratio of more than two to one, while 2 stocks closed at 52 weeks’ lows.
On Tuesday, the number of securities traded rose to 17 against 15 on Monday as the market closed with just 3 stocks advancing, 7 declining and 7 remaining unchanged. Trading ended with 96,389 shares at a value of $1,565,623 compared to 393,337 shares at a value of $2,153,910 on Friday.
At close of the market the, Composite Index shed 8.30 points on Tuesday to 1,236, the All T&T Index rose 0.45 points to 1,697.39, while the Cross Listed Index declined 2.37 points to close at 104.30.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows the market continuing to be weak as it closed with 3 stocks ending with bids higher than the last selling prices and 4 with lower offers, an indication of the continuation of a weak market currently.
Gains| Massy Holdings added 4 cents and concluded trading at $47.44, with 2,014 stock units changing hands, National Enterprises increased 10 cents and ended at $9.75, with 2,688 units and Trinidad Cement rose 36 cents and ended trading at $2.87, with 3,000 stock units changing hands.
Losses|Ansa McAl traded with a loss of 5 cents and ended at a 52 weeks’ low of $59.90, with 50 units, First Caribbean International Bank fell 10 cents and completed trading at $8.90, after exchanging 120 shares, Guardian Holdings closed with a loss of 35 cents and completed trading at $15.30, after exchanging 1,000 shares, NCB Financial Group shed 15 cents and settled at $5.65, after trading 14,400 shares, Republic Financial Holdings lost 7 cents and concluded market activity at $101.58, with 6,543 stock units changing hands, Sagicor Financial ended trading 10 cents lower and closed at 52 weeks’ low of $7.70, with 4,000 units and West Indian Tobacco concluded trading with a loss of 4 cents at $88.51, after exchanging 55 shares.
Firm Traded| Angostura Holdings closed at $15.72, with 4,596 stock units changing hands, Clico Investments ended trading 844 units at $20.16, First Citizens settled at $32.55, after exchanging 3,004 shares, Grace Kennedy ended at $3.15, with 3,300 units, JMMB Group ended at $1.90, with 36,500 stock units changing hands, National Flour completed trading at $1.66, after exchanging 1,000 shares and Trinidad & Tobago NGL settled at $27.48, after exchanging 13,275 shares.
Prices of securities trading for the day are those at which the last trade took place.
SOS writing book manufacturing starts May
Stationery and Office Supplies (SOS) purchase of equipment used to manufacture various types of writing books as well as the brand name SEEK.
“This purchase will allow SOS to enter the manufacturing industry in Jamaica starting with books and a plan to continue to manufacture other stationery products in the future”, SOS states.
Machinery purchased includes the following: Ruling machines, Guillotines, Gluing Machines, Stapling Machines and Book Presses.
The total value of the purchase is $60 million and is being financed through a bond with Jamaica National amounting to $80 million at an interest rate of 8 percent, and a duration for repayment of 7 years. The company expects that the total investment including machinery, raw materials and renovations will exceed $80 million. The Company said with this expansion, SOS initially be employing an additional 25 persons with production expected to start during the first week of May 2018. Prior to the acquisition a compliment of 40 persons were employed with a mixture of full time and part timers. Revenues expected in the first twelve months is estimated at $130 million but could rise beyond this, as the business maintains most of the customers for books and SOS leverage their existing customers base and others for more business. According to Allan McDaniel, Deputy Managing Director & Director of Warehousing and Logistics, the previous owner operated for about six months per year, but SOS will be able to operate full time and at less cost. The operation will be housed in the adjoining building they acquired last year and effectively fills out the space with their expanded inventories occupying about half. Profit margin is attractive and will almost ensure that the company will profit from it, this year, with growth estimated by them to likely be in the 30 percent region coming from both local and export sales. The new operation could deliver around $40 million to profit in 2018 and around $70 million in 2019, IC Insider.com estimates. Speaking about SOS operations, McDaniel would only say they are happy with the first quarter, that was helped by an increased inventory, now around $170 million compared to $117 million in March last year, just ahead of the public share offer. McDaniel said that while some of the fellow businesspersons are talking about a weak first quarter, SOS expects to report continued growth.
The company’s stock ended at a record close of $6 on the Junior Market of the Jamaica Stock Exchange on Tuesday gaining 200 percent since it was listed in August last year.
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Trading picks up on TTSE – Monday
Bearishness sentiments continue to dominate trading on the Trinidad & Tobago Stock Exchange with decline in all three indices on Monday, but with increased trading volume and value.
On Monday, the number of securities traded rose to 15 against 12 on Friday as the market closed with 4 stocks advancing, 3 declining and 8 remaining unchanged. Trading ended with 393,337 shares at a value of $2,153,910 compared to 159,389 shares at a value of $998,772 on Friday.
At close of the market the, Composite Index declined 1.14 points on Monday to 1,244.30, the All T&T Index lost 0.26 points to 1,696.94, while the Cross Listed Index shed 0.28 points to close at 106.67.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows the market continuing to be weak as it closed with only 3 stocks ending with bids higher than the last selling prices and 7 with lower offers, an indication of the continuation of a weak market currently.
Gains| Clico Investments closed with an increase of 1 cent and ended at $20.16, with 2,290 units trading, First Citizens finished 3 cents higher and completed trading at $32.55, after exchanging 2,237 shares, Massy Holdings concluded trading and rose 40 cents and settled at $47.40, with 1,062 stock units changing hands and Trinidad & Tobago NGL added 3 cents and completed trading at $27.48, after exchanging 2,425 shares.
Losses| National Enterprises shares fell 10 cents and ended at $9.65, with 835 units, NCB Financial Group closed with a loss of 14 cents and completed trading at $5.80, after exchanging 75,400 shares and Scotiabank shed 5 cents and ended at $62.65, trading 1,900 shares.
Firm Traded| Angostura Holdings closed at $15.72, with 12,000 stock units changing hands, First Caribbean International Bank ended at $9, after exchanging 100 shares, Grace Kennedy concluded market activities at $3.15, with 270,678 units traded, JMMB Group settled at $1.90, with 2,262 stock units changing hands, Point Lisas concluded trading at $3.81, with 660 units, Republic Financial Holdings settled at $101.65, with 488 stock units changing hands, Sagicor Financial ended trading at $7.80, with 20,000 units and West Indian Tobacco ended at $88.55, with 1,000 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.
Jamaica$ gains vs US on Monday
In US dollar trading, dealers sold US$39.54 million at a rate that fell by 15 cents to J$125.13 at the close, compared to $37.73 million at J$125.28 at the close, on Friday.
Purchases of the US currency by dealers, amounted to US$46.21 million, with the average rate rising 18 cents to $123.93, compared to US$28.76 million, with the average rate of $123.75 on Friday.
The market closed with inflows of US$53.39 million of all currencies, versus US$32.29 million on Friday and dealers sold US$46.59 million in contrast to US$39.25 million, in previous trading.
At mid-day on Monday dealers purchased US$25.27 million at an average rate of J$124.70 and sold $15.95 million at an average of J$125.15. At mid-day on the previous trading day, dealers purchased US$12.16 million at an average rate of J$124.45 and sold $15.18 million at an average of J$125.32.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, rising to J$99.68 from J$98.67 at the close on Friday. The selling rate for the British Pound increased to J$177.56 from J$177.27 previously and the euro fall against the Jamaican dollar to J$154.93 to buy the European common currency, versus the prior selling rate of J$156.62.