Profit up 19% at Grace for Q1

Group Chief Executive Officer, Don Wehby.

Grace Kennedy recorded a 5.1 percent increase in revenues to $24.9 billion and a 14.9 percent gain in net profit of $1.3 billion, for the first quarter of 2018.
Profit after minority interest, rose by a stronger 18.5 percent to $1.19 billion, resulting in earnings per share of $1.20. While revenues grew just over 5 percent, expenses climbed by a larger 6.2 percent, resulting in a fall in operating profit, to $712 million from $919 million in 2017. An increase of $277 million in other income and a cut in profit tax by $73 million were factors helping to boost the profit for the period.
Segment results show, improved results for food and trading division with operating results of $699 million versus $624 in 2017, gains for banking and Investments while insurance surged from $82 million in 2017 to $205 million in 2018 but Money transfer fell from $747 million to $664 million.
Don Wehby, Group CEO, noted that the company benefitted from performances of key business lines and new acquisitions and the strides being made in both our Foods and Financial Services segments. ”Our newest acquisitions, Consumer Brands and Gray’s Pepper Products, are a very good fit and are integrating well within the Group,” Wehby said.
The Group adopted the new International Financial Reporting Standards (IFRS) which became effective in January, this year.

Some of Grace Kennedy’s products.

“IFRS 9 addresses the recognition, classification and measurement of financial instruments while IFRS 15 addresses the recognition of revenue from contracts with customers. The effect of adopting these standards is a reduction in shareholders’ equity at the start of the year of J$0.9 billion, however the impact on the results for the first quarter has not been material,” Frank James said.
The Grace Kennedy Financial Group (GKFG) performed creditably with good growth in revenue driven by the Insurance business while both the Insurance and the Banking and Investments segments grew in pre-tax profits. GK Insurance (Eastern Caribbean) continued its expansion into the Caribbean with operations beginning in Antigua and Barbuda in April.

First Global Bank (FGB) reported growth in pre-tax profit mainly driven by lower cost of funds and lower expenses. The Bank is focusing on expansion through satellite locations branded FG MoneyLink. Four FG MoneyLink branches are in operation in four parishes.
“We consider compliance to be a competitive advantage and we have been working closely with our partner Western Union to ensure our network meets the highest internal and regulatory standards. In the medium-term we will see positive results. We also expect additional growth to come from the new channel WU.com which allows Jamaicans to send funds to 200 countries. Jamaica was the first country in the Latin America and the Caribbean to have this facility,” Wehby said.
Grace said that the Domestic Foods business as well as that of Canada and the USA showed growth, while the UK business had mixed results with decline in sales in the UK market but strong growth buoyed by deepening market penetration in Germany, Spain, Holland and France. New listings in Publix, Save-A-Lot and Stop & Shop stores in the USA and in Walmart in Canada, have helped boost performance in the Food Trading Segment.

More securities trade with less volume

Agostini’s traded at a 52 weeks’ high on Tuesday.

The number of securities trading on the Trinidad & Tobago Stock Exchange on Tuesday, climbed to 18, compared to 14 on Monday. Unlike Monday, when just 1 stock advanced, trading on Tuesday threw up 4 winners 3 losers and 11 trading unchanged, with 1 closing at 52 weeks’ high and 1 at a 52 weeks’ Low.
In spite of the rise in the number of securities trading market activity ended with a mere 556,707 shares trading at a value of $4,534,786, well down from the 1,413,505 shares trading at for $8,688,584 on Monday.
The Composite Index fell 0.76 points to 1,257.20, the All T&T Index declined 1.90 points to 1,721.95 while the Cross Listed Index inched 0.05 points to close at 106.81.

Trinidad Cement closed at a 52 weeks’ low on Tuesday.

IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| In trading Agostini’s exchanged 694 shares, gaining 21 cents to end at 52 weeks’ high of $20.75, Angostura Holdings closed trading with just 20 shares at $15.20 after rising by 20 cents, Sagicor Financial gained 1 cent to end at $7.97, trading 275,873 shares with a value of $2,206,084 and Trinidad & Tobago NGL recovered the 30 cents it lost on Monday to close at $26.50, with 9,502 shares changing hands.
Losses| The last traded prices of the securities declining are Grace Kennedy with a loss of 1 cent, in closing at $2.99 in exchanging 217,463 shares at a value of $649,365, Guardian Holdings lost 27 cents in closing at $17.03 with 11,600 stock units changing hands and Trinidad Cement lost 20 cents to end at a 52 weeks’ low of $3.75 with 1,085 stock units trading.
Firm Trades| The last traded prices of securities closing unchanged are Clico Investments closing unchanged at $21 with 700 units trading, First Citizens closed at $32 with 8,303 units changing hands, First Caribbean International Bank trading 9,000 units at $9.30, National Enterprises exchanged 1,200 units at $9.80, Prestige Holdings closed at $10.70 with 1,453 shares trading, ReadyMix traded 500 shares at $11. Republic Financial Holdings traded a mere 5 units to settle at $100, Scotiabank closed at $60 in exchanging 1,766 units, Unilever Caribbean closed at $29, trading 500 shares, West Indian Tobacco closed at $100 with 6,948 shares with a value of $688,504 trading but traded at an intraday 52 weeks’ low of $96.99, before the close and LJ Williams B share traded 10,095 units at 70 cents.

Unilever at 71/2 years’ low

Unilever forming a head & shoulder formation suggesting much lower price for the stock.

Unilever Caribbean closed at the lowest price since August 5, 2011, continuing to drift lower, pressured by poor profit for 2017. Overall trading on the Trinidad & Tobago Stock Exchange closed on Monday with 14 securities changing hands compared to 13 on Friday with just 1 stock advancing, 5 declining and 8 unchanged with 2 falling to 52 weeks’ lows.
Market activity ended as 1,413,505 shares traded at a value of $8,688,584 compared to Friday’s trades of 321,584 valued at $4,433,970.
The Composite Index fell 1.08 points to 1,257.96, the All T&T Index declined 2.66 points to 1,723.85 and the Cross Listed Index gained 0.07 points to close at 106.76.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 2 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| The sole security gaining at the close of trading is Grace Kennedy with a rise of 4 cents, and closing at $3 with 791,507 shares traded at a value of $2,358,741.
Losses| The last traded prices of the securities declining are JMMB Group with a loss of 9 cents, ended at $1.50 with 325,000 shares valued at $487,910 trading, One Caribbean Media dropped $1 and closed at a 52 weeks’ low of $13, trading 250,358 valued at $3,269,007. Scotiabank lost 9 cents, settling at $60 in exchanging only 15 units, Trinidad & Tobago NGL closed at $26.20, with a loss of 30 cents with 4,986 shares changing hands and Unilever Caribbean fell to a 52 weeks’ low of $29, having lost $1, trading 7,920 shares.
Firm Trades| The last traded prices of securities closing unchanged are First Citizens closed at $32 with 100 units changing hands, First Caribbean International Bank trading 1,075 units at $9.30. National Enterprises exchanged 1,000 units at $9.80, National Flour Mills closed at $1.90 with 1,595 shares trading, Point Lisas closed at $3.90 with 372 units, Republic Financial Holdings traded 21,000 shares valued at $2,100,000, and settled at $100, Sagicor Financial held firm at $7.96 trading 7,077 shares and Bourse Brazil Latin Fund US Dollar shares closed at US$8.10 with 00 units exchanged.

Massy Holdings dominates TTSE

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Massy traded 90% of the value of stocks trading on Wednesday.

Massy Holdings traded $13.9 million worth of shares, dominating trading with 90 percent of the value of the securities exchanged on the Trinidad & Tobago Stock Exchange at close on Wednesday, with 13 securities changing hands, the same as on Tuesday.
At the close, the price of 1 stock advanced, 4 declined and 8 remained unchanged as 482,160 shares traded at a value of $15,366,284 compared to Tuesday’s trades of 1,117,124 valued at $6,876,070.
The Composite Index lost 0.16 points to 1,280.31, the All T&T Index gained 1.73 points to 1,753.65 and the Cross Listed Index was down 0.28 points to close at 108.77.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| The sole security with a rise in price is Massy Holdings with a gain of 5 cents, in closing at $49 trading 283,195 shares valued at $13,876,555.
Losses| The securities declining at the close on Wednesday are, Clico Investment declined by 30 cents to settle at $20.50, with 10,925 shares changing hands, JMMB Group closed 8 cents lower to $1.90, with 43,461 shares exchanged, Point Lisas lost 4 cents, ending at $3.90 with 3,000 shares and Scotiabank lost 1 cent and closed at $60 with 7,261 shares valued at $435,694 trading.
Firm Trades| Securities trading unchanged at the close based on the last traded price are, Angostura Holdings with 2,700 shares, closed at $15.05, First Citizens held firm at $32.01 with 1,189 shares, Grace Kennedy remained at $3 with 4,970 shares trading. National Flour Mills closed at $1.90 with 1,900 shares changing hands, One Caribbean Media exchanged 500 units at $14, Sagicor Financial traded 8,989 shares at $7.95, Trinidad Cement exchanged 109,000 shares at $3.95 valued at $430,553 and Trinidad & Tobago NGL held firm at $25.05 with 5,070 shares changing hands.

NGL dominates trading on TTSE – Thursday

T&T NGL closed at a record high on TTSE on Thursday.

Trinidad & Tobago NGL dominated trading on the Trinidad & Tobago Stock Exchange on Thursday, with 83 percent of the value of securities changing hands. Market activity resulted in 13 active securities compared to 16 on Wednesday.
At the close, 4 stocks advanced, 2 declined, 7 were unchanged as a just 233,449 shares traded at a value of $4,648,226 compared to Wednesday’s trades of 50,488 units at a value of $553,082.
The Composite Index gained 2.72 points to 1,280.45, the All T&T Index advanced 5.82 points to 1,749.09 and the Cross Listed Index was down 0.06 points to close at 109.43.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| The last traded prices of the securities changing hands with gains are First Citizens with a rise of 5 cents to close at $32 exchanging 2,430 shares, Massy Holdings trading 90 cents higher to $48.90 with 2,683 shares. Sagicor Financial gained 1 cent and closed at $7.95, with 12,018 shares trading and Trinidad & Tobago NGL climbed to a new 52 weeks’ high of $25, rising 75 cents with trades of 156,668 shares valued at $3,879,032.
Losses| The last traded prices of the securities declining at the close of the market are JMMB Group that dropped 3 cents to $2.06 with 3,500 shares exchanged and National Flour Mills with a loss of 5 cents, closed at $1.85 with 3,400 shares trading.
Firm Trades| The last traded prices of securities closing unchanged are Clico Investment that exchanged 142 units at $21, Grace Kennedy remaining at $3.10 with trades of 11,422 shares, Guardian Holdings held at $16.50 exchanging 22,164 shares valued at $365,706, while L.J. Williams B share closed at 70 cents with 16,480 shares after trading as high as 75 cents. National Enterprises ended at $9.70 with 145 units, One Caribbean Media closed at $14 trading 2,372 shares and Republic Financial Holdings exchanged just 25 stock units at $101.50.

5 stocks up 4 down on TTSE

The Trinidad & Tobago Stock Exchange closed on Thursday with 16 securities changing hands compared to just 11 on Wednesday, as the market closed with mixed results as almost an equal number of stocks gained as lost.
Market activity resulted in 5 stocks advancing, 4 declining and 7 left unchanged as 636,867 shares traded at a value of $4,568,685 compared to Wednesday’s trades of 239,293 valued at $1,003,289.
The Composite Index lost 0.20 points to 1,294.98, the All T&T Index gained 1.34 points to 1,753.89 and the Cross Listed Index was down 0.24 points to 112.75.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 8 with lower offers.
Gains| The last traded price of the securities rising and the volumes changing hands are First Citizens with a gain of 1 cent, closing at $31.81 with 500 units exchanged, First Caribbean International Bank traded 25 cents higher to a 52 weeks’ high of $9.25 with 17,063 shares. Guardian Holdings advanced 50 cents to $15.50 with 47,810 units valued at $729,085, JMMB Group gained 5 cents to $2.20 trading 353,676 shares valued at $757,834 and Trinidad & Tobago NGL closed at $23.58, rising 3 cents while exchanging 7,500 shares.
Losses| The last traded price of the securities declining and the volume changing hands are Ansa McAL with a loss of 3 cents, settling at $63 in trading 21,434 shares valued at $1,350,342, Clico Investment sliding 20 cents, in closing at $21.80 exchanging 200 units, Republic Financial Holdings lost 1 cent, ending at $101.75 trading 19 stock units and Sagicor Financial closed at $7.95, losing 1 cent with trades of 63,620 shares valued at $505,799.
Firm Trades| The last traded prices of securities closing unchanged and the volumes exchanged are Angostura Holdings traded 17,100 shares at $15.05, Grace Kennedy trading at $3 with 70,778 shares. Massy Holdings closed at $49.50 exchanging 3,025 shares, National Enterprises traded 250 units at $9.75. National Flour Mills closed at $1.95 with 1,000 units, One Caribbean Media settled at $14 exchanging 2,000 shares and Scotiabank closed at $58.50 trading 304 stock units.

NCB at record high in Trinidad

NCB trades at record TT$6.50 or J$123.50 on the TTSE on Friday.

Trading on the Trinidad & Tobago Stock Exchange on Friday resulted in 13 securities changing hands compared to 18 on Thursday with NCB Financial Group climbing to a 52 weeks’ high of $6.50 while Ansa McAL led trading with 65 percent of the value of securities traded.
The market closed with 3 stocks advancing, 2 declining and 8 unchanged as 360,606 units traded at a value of $6,717,397 compared to Thursday’s trades of 458,073 units valued at $5,509,500.
The Composite Index dropped 0.68 points to 1,289.26, the All T&T Index declined by 2.85 points to 1,753.55 and the Cross Listed Index continued its rise, adding 0.21 points to close at 111.23.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 2 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| At the close of the market NCB Financial Group rose 5 cents, to a 52 weeks’ high of $6.50 trading 80,545 shares valued at $523,543, Republic Financial Holdings traded 13 cents higher, closing at $101.89 with 3,460 shares valued at $352,307 and Trinidad & Tobago NGL gained 1 cent to close at $23.50 exchanging 6,099 shares.
Losses| Clico Investment lost 16 cents, and closed at $21.04 while exchanging 22,594 shares valued at $475,282 and National Enterprises closed 25 cents lower to a 52 weeks’ low of $9.75 with 2,337 shares.
Firm Trades| In trading on Friday Ansa McAL closed at $63.03 trading 69,500 shares valued at $4,379,985, Grace Kennedy settled at $2.95 with 58,902 shares trading, Guardian Holdings closed at $15 with 17,000 shares, JMMB Group held firm at $2.07 with 44,840 shares. Massy Holdings remained at $49.50 exchanging 2,303 shares, National Flour Mills closed at $1.99 with trades of 40,000 shares, Sagicor Financial exchanged 13,000 shares at $8 and Unilever Caribbean ended at $38.75 with just 26 units.

TTSE indices’ gains mask deeper problems

Market activity on the Trinidad & Tobago Stock Exchange, resulted in 6 stocks advancing, 3 declining and 9 unchanged, but this positive move belies a deeper problem awaiting a market, that continues to struggle within a sick economy.
The Composite Index gained 1.30 points to 1,289.94, the All T&T Index rose 1.52 points to 1,756.40 and the Cross Listed Index added 1.52 points to close at 111.02.
IC bid-offer Indicator| The Investor’s Choice bid-offer while indicating weaknesses in the market with 3 stocks with bids higher than last selling prices and 5 with lower offers does not tell the full story of the weakness in the market. The deeper problem is the large variance between some of the stocks offered for sale compared to the last price the stock traded at. West Indian Tobacco is set to make a big negative dent in the market index when next it traded as it is offered at $5 lower than the last price it traded at, with 1,796 shares offered at $116. The closest bid to buy is at $106.25 for only 16 shares. National Enterprises offer is 20 cents lower than the last trade. Calypso Macro Fund is offer for 90 cents less than the last trade, at $21.04 and Mora Ven Holdings

This graph tell the story that Unilever shares are set for a steep fall going forward.

is offered at $1.49 below the last trade at $14.49. Unilever Caribbean is also very weak with 40,863 shares offered for sale at $38.75 but buyers are down at $35 for just 310 units. Unilever reported profit of $3 million for the June quarter or 11 cents per share and $6.8 million for the half year suggesting profit around 60 cents for the full year and is now priced at a PE ratio of 64 times earnings, the clearest indication of a huge fall in the price to come.
At the close of trading the number of securities trading climbed to 18 on Thursday compared to 15 on Wednesday, leading to 458,073 shares trading at a value of $5,509,500 compared to Wednesday’s trades of 350,612 valued at $4,377,442.
Gains| At the close of market activities, Ansa McAL traded 20,500 shares valued at $1,292,100 and gained 8 cents, to close at $63.03, Clico Investment traded 20 cents higher, closing at $21.20 with 87,039 shares valued at $1,831,429, Massy Holdings ended at $49.50, gaining 1 cent with 11,979 shares valued at $592,958. National Flour Mills closed at $1.99, rising 4 cents while trading 6,000 shares, Scotiabank advanced 40 cents to $58.50 trading 1,000 units and Trinidad Cement rose 5 cents, and settled at $4 exchanging 49,601 shares.
Losses| Trading ended as, JMMB Group traded with a loss of 2 cents, and closed at $2.07 exchanging 188,500 shares valued at $395,789, Point Lisas lost 1 cent to close at $3.95 with 500 units and Prestige Holdings was down 1 cent to $10.75 trading 9,075 shares.
Firm Trades| The last traded prices of securities closing unchanged are Angostura Holdings that closed at $15.05 with trades of 7,541 shares, Ansa Merchant Bank exchanging 3,020 shares at $40, Grace Kennedy trading 14,778 shares at $2.95. Guardian Holdings remained at $15 with 1,204 units, One Caribbean Media closed at $14 with 350 units, Republic Financial Holdings ended at $101.76 with 81 units. Sagicor Financial traded 10,000 shares at $8, Trinidad & Tobago NGL closed at $23.49 exchanging 19,958 shares valued at $468,779 and L.J. Williams 8% preference share exchanged 42 units at $3.30.

NCB at J$122.50 in Trinidad

NCB trades at TT$6.45 or J$122.50 on the TTSE on Wednesday.

NCB Financial Group rose to a record 52-week high of $6.45 (J$122.50) after advancing 24 cents with 14,386 shares changing hands, Unilever Caribbean that suffered from major reversal of profits from 2014, tumbled to a 52-week low of $38.75 with a loss of $1.25 trading 1,200 units on the Trinidad & Tobago Stock Exchange on Wednesday.
Trading resulted in 15 securities changing hands compared to 16 on Tuesday as 3 stocks advanced, 4 declined and 8 held firm, leading to 350,612 shares trading at a value of $4,377,442, compared to Tuesday’s trades of 656,483 units valued at $7,023,258.
The Composite Index advanced 4.61 points to 1,288.64, the All T&T Index gained 0.35 points to 1,754.88 and the Cross Listed Index rose 1.22 points to close at 110.87.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| Three stocks rose at the close of trading including Angostura Holdings that gained 5 cents closing at $15.05 with 164 units and JMMB Group rising 5 cents and ended at $2.09, exchanging 96,985 shares.
Losses| The last traded price of the securities declining are First Citizens with a loss of 1 cent, closed at $31.80 trading 15,800 shares valued at $505,147, after trading at $22. Grace Kennedy settled at $2.95, losing 5 cents with 122,197 shares valued at $360,591 and Massy Holdings was down 1 cent to $49.49 with 2,400 shares.
Firm Trades| At the close of trading are Clico Investment closed at $21 in exchanging 23,928 shares valued at $502,488, Ansa Merchant Bank exchanged 320 units at $40, First Caribbean International Bank traded 34,720 shares at $9 valued at $312,480. Guardian Holdings remained at $15 with 347 units. One Caribbean Media closed at $14 with 10,075 shares trading, Republic Financial Holdings ended at $101.76 with 17,762 shares valued at $1,807,461, Scotiabank exchanged 765 units at $58.10 and Trinidad & Tobago NGL closed at $23.49 with trades of 9,563 shares.

Prices mostly slipped on TTSE – Friday

Trading on the Trinidad & Tobago Stock Exchange closed on Friday with 14 securities changing hands compared to 15 on Thursday and ended with 1 advancing, 4 declining and 9 holding firm.
Market activity resulted in 909,312 shares traded at a value of $3,281,614 compared to Thursday’s trades of 329,493 valued at $2,207,158.
The Composite Index was down 0.75 points to 1,283.07, the All T&T Index declined 1.82 points to 1,754.27 and the Cross Listed Index gained 0.05 points to close at 109.42.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| First Citizens was the sole stock rising and ended with a gain of 10 cents, closing at $31.90 with 1,139 units.
Losses| JMMB Group pulled back from its recent record run to end with a loss of 4 cents, and closed at $2.11 with 592,986 shares valued at $1,270,760 traing. Massy Holdings settled at $49.98, losing 2 cents with 197 units, National Flour Mills closed at a 52 weeks’ low of $1.95, down 3 cents exchanging 26,307 shares and Republic Financial Holdings traded 76 cents lower to a 52 weeks’ low of $101, with a mere 10 units.
Firm Trades| The stocks traded unchanged at the close of trading are Clico Investment that closed at $21 with trades of 18,800 shares valued at $394,801, First Caribbean International Bank exchanged 5,100 shares at $9, Grace Kennedy remained at $2.95 with 194,500 shares valued at $573,775. NCB Financial Group closed at $6.20 trading 35,052 shares, Readymix closed at $11 with 280 units.Sagicor Financial traded 14,776 shares at $7.95, Scotiabank exchanged 2,559 shares at $58.10, Trinidad Cement closed at $4 with 200 units and Trinidad & Tobago NGL ended at $23.50 with17,406 shares valued at $410,465.