Friday, 20th September 2013 | The week, which saw the listing of First Citizens Bank, closed on a positive note with 7 advancing against 2 declining and 3 trading firm. The big mover was Guardian Holdings that gained 57 cents to close at $15.50 as the stock traded 82,430 units valued at $1,277,665.

Trading amounted to 882,371 shares valued at $16,200,026 as the main index fell due mainly to Citizen Bank impact on the index.

National Flour Mills traded 290,130 shares at a value of $223,400. First Citizens Bank with a volume of 192,138 shares traded for $6,713,668 as the price closed at $34.92 down cents 7 cents. Point Lisas Industrial Port contributed 83,074 shares with a value of $311,528 and closed firm at $3.75, Trinidad Cement closed up 15 cents at $2.25 as it traded 60,373 units valued at $133,424; Republic Bank traded 40,278 units valued at $4.43 million to close firm at $110.04; Jamaica Money Market Brokers traded 54,000 units firm at 50 cents; ANSA McCal traded 32,267 firm at 66.28 valued at $2.14 million.

Clico Investment Fund advanced by $0.19 to end at $21.54 as it posted a volume of 42,756 shares valued at $921,175.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 6 stocks being higher and 4 stocks with offers lower than their last selling price.

Thursday, 19th September 2013 | The Trinidad stock market got a big boost on Thursday as the newly listed First Citizens traded as high as $38.45 before retreating to close the day at a last traded price of $34.99 as 579,203 shares changed hands for a value of $21,772,102. At the current closing price, the PE is just over 23 times this year’s earnings, slightly above Scotia Bank’s valuation, suggesting that this level may result in some fluidity in the price. At the close, there are offers for just under 23,000 units at $34.99 and the bid, which was small, was at $34.

The market saw trading in 10 securities of which 5 advanced, 1 declined and 4 traded firm as trading activity accounted for 1,315,380 shares crossing the floor valued at $30,638,799.

Jamaica Money Market Brokers enjoyed another day of good volume with 526,150 shares valued at $263,075 as it closed firm at 50 cents. ANSA McAL contributed 103,242 shares with a value of $6,842,848 it closed firm at $66.28, while Guardian Holdings added 13,945 shares valued at $208,158 as the price moved up to $15 at the close up 58 cents. Trinidad Cement closed at $2.10 an increase of 8 cents as it traded 10,000 units, at the end of trading there was no stock on offer. National Enterprises traded at a new 52 weeks high of $16.06 for 2,000 units and the stock gained 5 cents.

Conversely, Clico Investment Fund traded 67,840 shares valued at $1,448,647 and declined by 20 cents to end the day at $21.35.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 4 stocks being higher and 2 stocks with offers lower than their last selling price.

Wednesday, 18th September 2013 | First Citizens Bank traded 23,952 units valued at $801,194 as the price hit another 15 percent maximum price movement, the third consecutive day the stock activated the circuit breaker.

Importantly there are 1,272,755 units to buy at the closing price of $33.45, which was up $4.36 for the day. Although the advance decline ratio was positive as 6 advanced and 2 declined, it was the movement of First Citizens stock that was behind the gain of the All Trinidad & Tobago index by 23.24 to 1,886.79.

Upward price momentum seems to be in favour of First Citizens as demand remains intact. However, First Citizens’ PE ratio at 22.3 times this year’s earning is now close to Scotiabank, while Republic Bank is way down at 15 times. Rational investors will take these factors into consideration when investing. The PE suggests that a short term top is not too far off. IC Insider had projected $35 but that seems a bit conservative based on what has happened to date and the lack of offers in the market so far. This is one worth watching.

Trading accounted for stocks of 11 companies changing hands as 616,236 units traded for a value of $2,479,793.

Jamaica Money Market Brokers continue to be in demand trading 514,481 shares for a value of $257,241; Jamaica’s Scotia Investments contributed 25,000 shares for $50,000 as the stock closed down 5 cents to close at $2. Sagicor Financial Corporation added 13,629 shares valued at $94,841. Scotia Bank gained 2 cents to $70.04 a new 52 weeks high as it traded 11,743 units; Guardian Holdings moved up 2 cents to $14.52 on 2,350 shares changing hands. Trinidad Cement inched up 2 cents to $2.02 but with just 4,000 units and Angostura Holdings traded at a new 52 weeks high of $10.01 but with just 500 units trading. Clico Investment Fund traded 18,375 shares valued at $396,063 as the price inched down a cent to end at $21.55.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator showed that there were bids for 4 stocks being higher and 2 stocks with offers lower than their last selling price.

Related post | First Citizens off Buy Rated list

Tuesday, 17th September 2013 | There was only trading in 20 units of the newly listed First Citizens Bank (FCB) but that was all that was needed to push the price to an all time high of $29.09. The price movement triggered the circuit breaker again, as it did on Monday, the first day of trading for the stock.

The price movement helped the all Trinidad & Tobago Index to climb 1 percent or 20 points to 1,863.55. At the end of trading there were 2,224,089 FCB shares on the bid to buy at $29.09 and there were no shares on offer as happened on Monday. The stock can trade as high as $33.45 on Wednesday. IC Insider’s initial forecast that it will hit $35 in this run up seems much closer now than before the start of this week. At the current price, the PE is 19.4 times this year’s earnings. Scotia Bank is at 22.50 times earnings presently, which means that if the FCB PE gets to that level, the price would be $34, a nice 54 percent gain in a few days from the issue price of $22. Meanwhile, another stock with appreciation potential, Trinidad Cement, claimed back the $2 level as the price rose today by 5 cents to close at $2 with 10,000 shares.

Trading took place in 13 securities as 3 advanced, 2 declined and 5 traded firm as 732,197 units traded at a value of $2,920,110. Jamaica Money Market Brokers had 618,901 shares changing hands for a value of $310,611 with the price closing firm at 50 cents. Jamaica’s National Commercial Bank traded a volume of 40,644 shares for $46,741 firm at $1.15. Neal & Massy Holdings contributed 24,578 shares with a value of $1,376,496, the price lost 10 cent to close at $56. Republic Bank traded 4,033 units at $110.04 up 2 cents. First Caribbean International Bank fell $1.00 to close at $6.75, a new 52 weeks low with just 1,029 units trading.

Clico Investment Fund share price remained unchanged to close at $21.56, with a volume of 31,084 shares valued at $670,094.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator continues to show signs of a fluid market with bids for 3 stocks being higher and 3 stocks having offers lower than their last selling price.