West Indian Tobacco drops $5.24

West Indian Tobacco dropped $5.24 on Monday.

West Indian Tobacco (Witco) dropped sharply by $5.24, to a 52 weeks’ low of $107.75 with 1,600 shares trading on the Trinidad & Tobago Stock Exchange on Monday as 15 securities changed hands compared to 11 on Friday.
Demand for Witco shares had fallen significantly since the company posted third quarter results with lower profits of $276 million down from $373 million in 2016, following a big drop in demand and sales of cigarettes after consumption tax was hiked earlier in the year.
The market closed with 2 stocks advancing, 4 declining and 9 remaining unchanged as 176,689 shares traded at a value of $5,273,498 compared to Friday’s trades of 165,628 units valued at $2,492,376.

NCB Financial rose 12 cents on the TTSE on Monday.

The Composite Index fell by 0.27 points to 1,279.02, the All T&T Index declined 5.55 points to 1,751.86 and the Cross Listed Index gained 0.69 points to close at 108.66.
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 rising and volume changing hands are, Clico Investment rising 1 cent to close at $20.80 with 57,857 shares valued at $1,199,902 trading and NCB Financial Group traded 12 cents higher, ending at $6.15 with only 365 units being exchanged.
Losses| The last traded prices of the securities declining with volume changing hands are, Angostura Holdings with a loss of 5 cents, closing at $15 with 1,800 shares trading while JMMB Group closed at $1.74, losing 4 cents with 9,025 shares and Trinidad & Tobago NGL retreated from its recent record high in falling 25 cents to $25.75 in exchanging 3,646 shares.
Firm Trades| The volume and last traded prices of securities trading unchanged at the close on Monday are, First Caribbean International Bankthat ended at $9.30 with 1,000 units, First Citizens exchanged 4,146 shares at $32.01, Guardian Holdings held firm at $18 with 23,277 shares valued at $418,986. Massy Holdings traded 44,470 shares at $49 valued at $2,179,030, National Enterprises closed at $9.75 with 346 units, Point Lisas ended at $3.89 trading 1,000 units. Republic Financial Holdings closed at $100.50 with 963 units changing hands, Sagicor Financial remained at $7.95, trading 13,976 shares and Scotiabank held at $61 with 13,218 shares valued at $806,303 changing hands.

NCB’s next stop Republic Holdings?

The price of US$2.45 offered by NCB Financial‘s for 32 percent more ownership in Guardian Holdings, is below the price the stock is trading at on the Trinidad and Tobago Stock Exchange of TT$18 or US$2.67. 
They need not worry, as they are virtually assured of getting the amount needed, based on the interest that Chairman Arthur Lock Jack has influence over in the Group. The acquisition of the added Guardian shares, will give the bigger NCB control over 2.6 million shares or just over 1.6 percent in Republic Financial Holdings, up from 2.17 million units in 2016, in Trinidad’s largest banking group. But that would be the start of a much bigger prize, that of control over Republic Holdings. Acquiring control of Republic while much more costly that the case of Guardian, will not be too difficult, as the Government of Trinidad and Tobago has directive over a large portion of Republic.
Clico Trust holds 40 million shares or 24.69 percent of Republic, the trust has a finite life of 10 years ending in 2021, while an addition 9.98 percent is held by CLICO Investment Bank (In liquidation) and Colonial Life owns 11.786 million units or 7.26 percent. All three amounts are subject to the direction of the Government of Trinidad who will be willing to sell to the right candidate, but the Colonial Group held 51 percent prior to the Government taking over some of the assets of the group.
The early target would be the Clico’s holdings, an amount set aside to compensate creditors in the Colonial Group. Sale of the Republic shares would allow for liquidation of the trust fund with investors getting an early exit and give NCB Financial an ownership level that would allow for booking any such acquisition as an associate.
Acquiring majority shares in Republic won’t be as easy as Guardian Holdings, while the capitalization of the latter is TT$4, Republic is now over TT$16 billion. NCB currently has assets at the end of September is US$5.5 billion but Republic assets are US$10.3 billion. Earnings per share for Republic at September 2016 was 88 us cents climbing in 2017 to US$1.16.
NCB Group total assets with the acquisition of majority shares in Clarien Bank will be in the region of US$7.6 billion and with majority shares in Guardian US$12 billion.
Acquisition of majority shares in Republic would give NCB a footprint in a number of Caribbean countries that the Bank has no interest in presently. The countries include Suriname, Guyana and Grenada.

NCB takeover bid pushes Guardian to $18

Guardian Holdings closed at a 52 weeks’ high of $18 on TTSE after NCB disclosed bid for 32% more shares..

Guardian Holdings’ share jumped $1.45 to $18, trading 69,236 shares on the Trinidad & Tobago Stock Exchange, in response of a bid to acquire 74 million shares by NCB Financial Group at US$2.35 each.
Guardian was closing at the highest price in 52 weeks which is the equivalent of US$2.66 compared to US$2.35 that is offered by NCB. With a 29.99 percent equity interest acquired in 2016, the NCB Financial Group will most likely command a 62 percent stake in Guardian Holdings when the offer closes as data suggest that the deal is sown up long ago with Arthur Lock Jack almost sure to surrender the shares owned directly or indirectly by him along with a few others.
At the close of trading market activity resulted in 11 securities changing hands compared to 14 on Thursday with 3 stocks advancing, 2 declining and 6 holding firm as 165,628 shares traded at a value of $2,492,376 compared to Thursday’s trades of 221,067 valued at $3,013,733.
The Composite Index gained 5.26 points to 1,279.29, the All T&T Index advanced 13.84 points to 1,757.41 and the Cross Listed Index lost 0.47 points to close at 107.97.
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| Securities rising at the close on Friday are Ansa McAL regained losses from the previous day, rising $3.02 to $63.02 with 10,000 shares valued at $630,200 trading, Guardian Holdings closed at a 52 weeks’ high of $18, after rising $1.45 and trading 69,236 shares valued at $1,192,342 and Sagicor Financial traded 4 cents higher to $7.95 in exchanging 13,000 shares.
Losses| Jamaican based JMMB Group fell 10 cents and closed at $1.78 trading 31,500 shares and Trinidad & Tobago NGL dropped $1 to settle at $26 with 4,250 shares changing hands.
Firm Trades| Securities trading unchanged are Angostura Holdings exchanged 9,513 shares at $15.05, Clico Investment remained at $20.79 with 7,610 shares trading, First Citizens traded 1,381 shares at $32.01. National Enterprises closed at $9.75 with 1,010 units, National Flour Mills ended with 17,932 stock units at $1.90 and Scotiabank held firm at $61 with 196 units.

NCB Group goes for 62% of Guardian

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NCB set to increase shares in Guardian Holdings.

NCB Financial Group announced the launch an offer and take-over bid to acquire up to 74,230,750 ordinary shares in the Trinidad based Guardian Holdings at US$2.35 each, through its wholly-owned subsidiary, NCB Global Holdings Limited.
Guardian Holdings, a publicly-traded company listed on the Trinidad and Tobago Stock Exchange, and last traded at TT$16.55 around US$2.45. Guardian has 231,899,986 ordinary shares in issue with NCB Group holding approximately 69,547,241 units acquisition of the stated shares would take their holdings to 62 percent of the company and thus return the company back to Jamaican majority ownership which it had in the 1990s.
The offer, if successful, would result in NCBFG acquiring a controlling 62 percent interest in GHL following the 2016 acquisition of a 29.99 percent interest. Unless extended, the Offer period will close on January 12, 2018. Full acceptance of the Offer would result in a cash payment by NCBFG of the sum of up to approximately US$174,442,262 to the shareholders of GHL who accept the Offer.
Arthur Lok Jack Chairman of Guardian was one of the original sellers of Guardian shares to NCB and would have sold more at the time, but if NCB had acquired more then, it would have triggered the take over bid rule of the TTSE, requiring them to offer to buy the majority.
Guardian Group profit attributable to shareholders for the nine months ended September 2017 amounted to $254 million, a decline of $6 million compared to the corresponding period last year $260 million. NCB Group made profit of $19.1 billion for 2017, up from$14.45 billion in 2016.
The Offer will be conditional upon NCBFG acquiring control of GHL and obtaining regulatory and other approvals required to acquire the GHL Shares in Trinidad and Tobago, Jamaica as well as all other jurisdictions in which GHL and its subsidiaries are regulated.
According to President and Group CEO Patrick Hylton, “We believe that this partnership will not only support our strategy to expand regionally, but will provide numerous growth opportunities for both NCB and GHL. The successful completion of this Offer will be a significant milestone for our business and we anticipate the great potential that this presents.”
Last week NCB announced the acquisition of the majority stakes in Clarien Bank in Bermuda.

Unilever hits new yearly low

Unilever shares set for huge fall going forawrd.

Unilever Caribbean hit a new low of $34 in trading on the Trinidad & Tobago Stock Exchange on Monday as the market closed with 12 securities changing hands compared to 14 on Friday with advancing stocks edging out decliners.
At the close, 4 stocks advanced, 3 declined and 5 held firm as 168,640 shares traded at a value of $1,925,602 compared to Friday’s trades of 189,047 valued at $3,309,055.
The Composite Index gained 0.46 points to 1,282.72, the All T&T Index advanced 2.17 points to 1,753.11 and the Cross Listed Index was down 0.17 points to close at 109.50.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| At the close of trading the prices National Flour Mills gained 5 cents to close at $1.90, with an exchange of 25,875 shares, Republic Financial Holdings advanced by 50 cents, ending at $102 after trading 48 units, but the stock was offered at just $100.99 at the close, Sagicor Financial closed at $7.95, gaining 8 cents with 21,183 shares trading and Trinidad & Tobago NGL added 1 cent to settle at a 52 weeks’ high of $25.01 with 4,423 shares.
Losses| Securities with prices falling are Clico Investment that dropped 20 cents, closing at $20.80 with trades of 3,010 shares, JMMB Group closed with a loss of 6 cents, at $2 in exchanging 68,255 shares and Unilever Caribbean dropped 95 cents to a 52 weeks’ low of $34 trading just 90 units.
Firm Trades| At the close of trading Angostura Holdings ended with 700 units, closed at $15.05, Guardian Holdings held firm at $16.55 trading 12,800 shares, Massy Holdings remained at $49 with 20,000 shares valued at $980,000 changing hands, National Enterprises closed at $9.75 exchanging 10,937 shares and Scotiabank swapping 1,319 shares at $60.

Only 1 stock fall on TTSE – Friday

Sagicor is the sole declining stock on the TTSE on Friday.

The Trinidad & Tobago Stock Exchange started off the fianl month of 2017 on a positive note at the close on Friday with 14 securities changing hands compared to 13 on Thursday leading to 3 advancing, 1 declining and 10 remaining unchanged.
The Composite Index gained 1.81 points to 1,282.26, the All T&T Index advanced 1.85 points to 1,750.94 and the Cross Listed Index gained 0.24 points to close at 109.67.
Trading ended with 189,047 shares changing hands at a value of $3,309,055 compared to Thursday’s trades of 233,449 valued at $4,648,226.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| The last traded prices of securities rising are Guardian Holdings with gains of 5 cents, to close at $16.55 with 11,300 shares being exchanged, Massy Holdings added 10 cents to settle at $49 with 26,836 shares valued at $1,314,263 trading and National Enterprises ended at $9.75, rising 5 cents with 1,765 shares.
Losses| The sole security changing hands is Sagicor Financial after losing 8 cents to close at $7.87 trading 22,496 shares.
Firm Trades| Stocks with last traded prices remaining unchanged of the close of trading are Ansa McAL with 2,028 shares at $63.03, Clico Investment closed at $21 with 6,400 stock units, First Citizens held firm at $32 with 2,147 units changing hands, Grace Kennedy ended at $3.10 trading 70,435 shares trading, L.J. Williams B closed at 70 cents with 2,000 stock units. NCB Financial Group exchanged 3,585 shares at $6, One Caribbean Media closed at $14 with 7,800 units, Republic Financial Holdings settled at $101.50 with 1,360 shares, Scotiabank remained at $60 with 590 units and Trinidad & Tobago NGL held firm at $25 trading 30,305 stock units valued at $757,631.

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.

TTSE trading sinks to just 50,000 units

Market activity on Trinidad & Tobago Stock Exchange on Wednesday remains anaemic, with just over 50,000 shares trading, the lowest volume since the start of the month coming from 16 securities changing hands.
Trading closed with 4 stocks advancing, 5 declining, 7 holding firm as 50,488 shares traded at a value of $553,082 compared to Tuesday’s trades of 528,994 valued at $2,520,342 from 13 securities trading. At the close of trading 2 stock hit 52 weeks’ high and one ended at a 52 weeks’ low.
The Composite Index climbed 2.15 points to 1,277.73, the All T&T Index declined by 0.87 points to 1,743.27 and the Cross Listed Index gained 0.71 points to close at 109.49.
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| The last traded prices of the securities rising are Grace Kennedy with gains of 5 cents, and closing at a 52 weeks’ high of $3.10 with 300 units changing hands. Guardian Holdings closed at $16.50, rising 50 cents in exchanging 13,670 shares, NCB Financial Group gained 10 cents, ending at $6 with trades of 10,300 units and Trinidad & Tobago NGL rose to a new 52 weeks’ high of $24.25, advancing 20 cents with an exchange of 2,650 shares.
Losses| Securities closing down at last traded prices are JMMB Group that lost 1 cent and closed at $2.09 with 1,975 shares trading, L.J. Williams B with a loss of 7 cents, traded at 70 cents with 1,650 shares, Republic Financial Holdings declined by 19 cents to settle at $101.50, after trading at a low for the day at $100.50 with 405 units exchanged. Sagicor Financial closed at $7.94, losing 1 cent with 1,175 shares and Unilever Caribbean lost 5 cents, falling to a 52 weeks’ low of $34.95 with 100 units changing hands.
Firm Trades| Stock with last traded prices remaining unchanged of the close of trading are Angostura Holdings closed at $15.05 with a mere 10 units, Clico Investment exchanged 47 units at $21, First Citizens trading 20 units at $31.95 and National Enterprises that closed at $9.70 with 508 units. Prestige Holdings closed at $10.75 exchanging 9,131 shares trading, Readymix ended at $11 with 618 units and Trinidad Cement closed at $3.95 trading 7,929 shares.

Trading jumps to $13m on Monday

Trading on the Trinidad & Tobago Stock Exchange jumped to $13 million on Monday from just $514,000 on Friday as Ansa McAL with 56 percent of the volume and 93 percent of the value of securities traded.
The market closed with only 10 securities changing hands down from 11 on Friday, as 5 stocks advanced, 5 held firm and none declining, leading to 354,972 shares traded for $13,441,469, compared to Friday’s trades of 148,999 units valued at just $514,609.
The Composite Index dropped 0.08 points to 1,275.50, the All T&T Index advanced 1.17 points to 1,743.46 and the Cross Listed Index was down 0.18 points to 108.85.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 9 with lower offers.
Gains| Securities gaining at the close of market activities are, First Citizens gaining 5 cents and closed at $31.95, with 613 units, Guardian Holdings rising 30 cents to $16 with 6,956 shares changing hands JMMB Group rose 3 cents, in closing at $2.18 and exchanging 132,553 shares. National Flour Mills closed 10 cents higher to settle at $1.90 with 1,000 units trading and Trinidad & Tobago NGL ended at a 52 weeks’ high of $24.02, having gained 2 cents with 2,677 shares changing hands.
Firm Trades| At the close of trading on Monday,Angostura Holdings remained at $15.05 with 3,000 shares, Ansa McAL closed at $63.03 with 200,000 shares valued at $12,605,985 changing hands Clico Investment exchanged 2,800 shares at $21. Massy Holdings held firm at $48 with 5,205 shares traded and National Enterprises closed at $9.70 with 168 units.

Unilever’s bad news get worse

Unilever Caribbean stock price from 2009 to 2017

Unilever Caribbean recorded a price drop of $3.75, on the Trinidad & Tobago Stock Exchange on Friday, ending the day at multi-year low of $35 and closed with the offer at $34.80 to sell just 280 units with no bids posted to buy. The price that peaked at $68.49 in December 2015, is now at the lowest it’s been since it traded 110 units at 34.67 on April 17, 2012.
The stock has fallen as revenues fell sharply in 2017 pulling profits way down, with indication of much further fall ahead as the shares face a long cold winter in the doldrums.
Trading resulted in 11 securities changing hands compared to 13 on Thursday as the price of 2 stocks advanced, 4 declined and 5 were unchanged following 148,999 shares trading at a value of $514,609 compared to Wednesday’s trades of 80,674 units valued at $2,224,568.
The Composite Index gained 1.07 points to 1,275.58, the All T&T Index advanced 1.39 points to 1,742.29 and the Cross Listed Index added 0.10 points to close at 109.03.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 9 with lower offers.
Gains| In trading, Grace Kennedy gained 5 cents, and closed at a 52 weeks’ high of $3.05 exchanging 1,485 shares and Sagicor Financial added 2 cents, ending at $7.83 with 3,779 shares traded.
Losses| The securities declining changing hands are, First Citizens with a loss of 7 cents, to close at $31.90 with 282 units, JMMB Group closed at $2.15, after losing 3 cents trading 135,117 shares, National Flour Mills slid 10 cents to close at a 52 weeks’ low of $1.80 exchanging 3,400 shares and Unilever Caribbean declined by $3.75 to settle at a 52 weeks’ low of $35 with 760 units.
Firm Trades| At the close of trading Guardian Holdings held firm at $15.70 with 2,014 shares, Massy Holdings remained at $48 with 125 units exchanged, One Caribbean Media traded 200 units at $14. Scotiabank ended at $58.75 after trading at $60, with trades of 1,684 shares and Trinidad & Tobago NGL closed at $24 with 153 units.