Market activity ended with 14 securities trading on the Trinidad & Tobago Stock Exchange on Monday against 11 on Friday, with 1 stock advancing, 2 declining and 11 remaining unchanged at the close.
At close, the Composite Index gained 4.42 points on to 1,268.74. The All T&T Index inched 0.08 points higher to 1,705.43, while the Cross Listed Index rose 1.20 points to 112.27.
Trading ended with 214,436 shares valued at $6,392,055 changing hands, compared to 212,297 units on Friday, valued at $1,119,083.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ended with bids higher than their last selling prices and 3 with lower offers.
Gains| Massy gained 10 cents and finished at $48.16, trading 98,405 shares valued at $4,739,185.
Losses| Republic Financial Group finished trading with 2 cents to conclude at $101.5, trading 6,565 shares and Sagicor Financial closed with a rise of 5 cents and end with $7.95, trading 500 shares,
Firm Traded| Clico Investments concluded trading at $21, with just 171 units, trading, First Citizens ended at $32.02, trading 1,452 shares, Grace Kennedy closed at $3.10, with 51,834 units changing hands, Guardian Holdings finished at $16.55, trading just 30 shares, JMMB Group end trading with 31,005 shares at $1.65. National Flour held at $1.91, with 10,000 stock units, NCB Financial Group ended at $6.75, with 2,940 units trading, at the end of market activities, Scotiabank closed at $60, trading 5,612 shares, while Trinidad & Tobago NGL price closed $26.20, trading 500 shares. Trinidad Cement concluded trading at $3.75, with 1,816 stock units and West Indian Tobacco finished at $90, trading 3,606 shares.
Prices of securities trading for the day are those at which the last trade took place.
Stocks mostly stable on TTSE – Monday
NCB has Guardian in the bag
NCB Financial offer to acquire up 62 percent of Guardian Holdings is assured to receive offers that will take them over the 50 percent mark to 52 percent.
Two directors have confirmed to the company’s board with just over 21 percent of the shares state that they have or intend to accept the offer that closes on January 12.
According to the Guardian directors in their comments on the offer, “as at the present time, after reasonable enquiry, the following Directors and senior Officers referred have indicated that they have accepted or intend to accept the Offer.”
The directors’ recommendation document shows that, Arthur Lok Jack owns 25,401,926 or 10.95 percent of the group’s shares, Nicholas Lok Jack 30,957 shares, Imtiaz Ahamad owns 30,957 units directly and indirectly 25,216,319 or 10.88 percent and Henry Peter Ganteaume who indicated he intends to tender up to 140,000 shares. NCB Financial Group already owns 29.99 percent and with the above commitment will end up with a least 52 percent of the company and would only require another 10 percent to get them to the level they aim for.
Guardian Holding
The Board has noted that the intention is to create “a truly Pan-Caribbean, diversified financial services conglomerate” and the business strategy underlying same and has concluded that the Offer is in the best interests of the Company, as it should benefit GHL in the following ways: enhanced market access in the Northern Caribbean and elsewhere. Improved access to capital will allow GHL to pursue more vigorously than in the recent past inorganic growth opportunities. Extraction of cost synergies across the group will have a favourable impact upon future profitability.
The directors’ report states that the Offer and Take-Over Bid Circular shows the valuation of the shares performed by Ernst and Young Services Limited ranges between TT$16.99 to TT$19.51 and TT$15.19 to TT$25.21.
Individuals in Guardian who may not need cash should not only hold their shares but should be adding to their holdings to benefit from the cost savings and increased income that should flow from the greater linking of the group.
Trinidad’s falling stocks edged advancers
A total of 14 securities traded on the Trinidad & Tobago Stock Exchange on Wednesday against 11 on Tuesday, with 2 stocks advancing, 3 declining as 9 remained unchanged.
Market activity ended with a mere 165,319 shares with a value of $2,450,124 compared to 168,640 units on Tuesday, valued at $1,925,602.
The market continued where it left off on Tuesday with the Composite Index rising 0.97 points to 1,273.69. The All T&T Index declined 0.14 points to 1,722.24, while the Cross Listed Index inched 0.29 points higher to close at 110.61.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ended with bids higher than their last selling prices and 4 with lower offers.
Gains| Grace Kennedy concluded trading and rose 5 cents changing hands at $3.05 with 2,093 units trading and Sagicor Financial closed with an increase of 17 cents at $8 with 3,125 shares changing hands.
Losses| Angostura Holdings ended with a loss of 5 cents closing at 15 with 375 stock units, First Citizens closed with a loss of 2 cents close at $32 with 10,000 shares trading and Guardian Holdings finished with a loss of 3 cents close at $17 with 20,750 shares being exchanged.
Firm Traded| Clico Investments traded finished at $21 with 53,690 units trading valued at $1,127,490, First Caribbean finished trading close at $9.15 with 225 shares, JMMB Group settled at $1.65 with 46,851 shares, National Enterprise closed with 290 shares changing hands at $9.80, NCB Financial Group concluded trading at $6.55 with 9,950 units. Republic Financial had with 521 shares changing hands at $101.50, Scotiabank ended at $60.10 with 1,564 shares changing hands, Trinidad & Tobago NGL finished with 11,385 shares valued at $301,703 changing hands at $26.50 and Trinidad Cement settled at $3.75 with 4,500 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.
Trinidad stocks down for second year
A lackluster year came to an end for Trinidad & Tobago Stock Exchange on Friday with trading in 14 securities against 11 on Thursday, with 4 stocks advancing, 3 declining with 7 closing unchanged.
The year closed with Composite Index rising 0.92 points on Friday to 1,266.35 with a rise of 4.7 percent for the year. The All T&T Index declined 1.16 points to 1,728.75, increasing the year’s fall to 5.75 percent while the Cross Listed Index inched 0.41 points higher to close at 108.38 for a gain of 38.12 percent for the full year. In 2016 Trinidad stocks lost 5.86 percent after ending 2015 with no change.
Market activity ended with a mere 109,529 shares with a value of $2,139,960 traded, rising above the 95,251 units changing hands on Thursday, valued at $1,845,641.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading shows 5 stocks ended with bids higher than their last selling prices and 4 with lower offers.
Gains| JMMB Group ended trading increase by 10 cents with 20,860 stock units and closed at $1.65 Massy ended rose 2 cents to $48.02 with 681 stock units changing hands, National Flour finished 1 cent higher at $1.91 with 1,154 shares and Point Lisas traded 2,000 units with the price rising 4 cents to $3.94.
Losses| Angostura Holdings ended with a loss of 15 cents with 75 stock units, to close at $15.05, Guardian Holdings finished with a loss of 22 cents to end at $17.03 with 16,076 shares changing hands and Republic Financial ended with a loss of 7 cents at $101.51 with 178 stock units.
Firm Traded| First Citizens closed with 861 shares at $32, Grace Kennedy concluded trading with 350 units at $3, National Enterprises concluded trading with 399 units at $9.80, Sagicor Financial concluded trading with 1,600 units to close at $7.83. Trinidad & Tobago NGL ended at $26.50, trading 65,000 stock units valued at $1,722,500, Trinidad Cement traded 250 units and closed at $3.75 and Unilever Caribbean finished trading just 45 shares at $29.
Prices of securities trading for the day are those at which the last trade took place.
Witco drops to 1 year low
West Indian Tobacco hit another 52 weeks’ low on Friday.
Trading levels on the Trinidad & Tobago Stock Exchange closed on Friday down on Thursday’s levels as 13 securities changed hands compared to 16 on Thursday. The market closed with a weak West Indian Tobacco closing at a 52 weeks’ low.
The market closed with 321,584 shares traded at a value of $4,433,970 compared to Thursday’s trades of 513,696 units valued at $5,023,038 as the prices of 4 securities rose, 3 declining and 6 remained unchanged.
The Composite Index declined by 10.91 points to 1,259.04, the All T&T Index fell 4.19 points to 1,726.51 while the Cross Listed Index was down 2.41 points to close at 106.69.
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 last traded prices of the securities rising at the close of the market are,Guardian Holdings with gains of 30 cents, to close at $17.30 while trading 44,762 shares valued at $762,473, JMMB Group gaining 9 cents to settle at $1.59 with 95,509 shares changing hands, Sagicor Financial closed at $7.96, gaining 1 cent with 47,404 shares valued at $376,984 and Trinidad & Tobago NGL traded at $26.50, rising 30 cents in exchanging 38,959 shares valued at $1,032,542.
Losses| The last traded prices of the securities declining at the close of the market are, NCB Financial Group ending at $6, with a loss of 30 cents in trading 40,150 shares, Scotiabank lost 1 cent to close at $60.09 with 760 units and West Indian Tobacco declined by $1.80 to a 52 weeks’ low of $100 with 293 units changing hands and remains weak at the close with the stock being offered below the closing price and no buying showing at the close.
Firm Trades| The last traded prices of securities closing unchanged are, Clico Investment that closed at $21 with 22,800 shares valued at $478,800 trading, Massy Holdings traded 26,060 shares at $48 valued at $1,251,492, National Flour Mills closed at $1.90 with 2,300 shares trading. Republic Financial Holdings remained at $100 with 197 units changing hands, Trinidad Cement closed at $3.95 with 950 units and Unilever Caribbean held firm at $30 with 1,440 shares exchanged.
9 TTSE stock down in weak market
After a long drawn out period when investors were felling out each other to try and get the best price for stocks, finally, patience seems to have worn thin, as the prices of several stocks were finally allowed to trade lower than the asking prices a month or two ago.
By the look of trading and market quotes the downward correction is not yet over and with the Trinidad Economy still in deep recession the decline in market prices could go well into 2018 as the downward price adjustments take time to be fully reflected in trading.
Trading levels on the Trinidad & Tobago Stock Exchange closed on Thursday, fell below Wednesday’s volumes and values, and ended with 9 stocks declining, 7 holding firm and none gaining at the close.
At the end the Composite Index declined by 10.93 points to 1,269.95, the All T&T Index shed 12.64 points to 1,730.70 and the Cross Listed Index was down 1.25 points to close at 109.10.
The market closed with 16 securities changing hands compared to 15 on Wednesday leading to 513,696 shares trading, valued at $5,023,038 compared to Wednesday’s trades of 750,792 valued at $10,300,305.
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.
Losses| The last traded prices of the securities declining at the close of the market are, Ansa McAL losing 2 cents to close at $63 trading 12,000 shares valued at $756,000, Guardian Holdings closed 98 cents lower to $17, with 2,000 shares exchanged and JMMB Group ended at $1.50, losing 9 cents exchanging 273,754 shares valued at $410,631. Massy Holdings declined by $1, closing at $48 with 1,146 units, National Enterprises ended with a loss of 20 cents at $9.80 with a mere 25 units trading, NCB Financial Group settled at $6.30, losing 20 cents, exchanging 40,850 shares, but only after it traded at a new high of $6.75 befoe pulling back by the close. Scotiabank traded 90 cents lower to $60.10 with 100 units changing hands, West Indian Tobacco fell by $1.05 to a new 52 weeks’ low of $101.80 trading 13,000 shares valued at $1,323,400 and Trinidad & Tobago NGL dropped 30 cents, in closing at $26.20 with 5,462 shares changing hands.
West Indian Tobacco hit another 52 weeks’ low on Thursday.
Firm Trades| The last traded prices of securities closing unchanged are, Clico Investment closing at $21 with 17,680 shares valued at $371,280, First Citizens remaining at $32 with 1,100 units changing hands, National Flour Mills closing at $1.90 with 1,747 shares. Republic Financial Holdings closed at $100 trading 5,657 shares valued at $565,700, Sagicor Financial remained at $7.95 with 123,670 shares valued at $982,164, Trinidad Cement closed at $3.95 with trades of 15,005 shares and Unilever Caribbean traded 500 units at $30.
TTSE close in calmer waters – Wednesday
Republic Bank drops to 52 weeks’ low.
Price movements were calmer at the close of trading on the Trinidad & Tobago Stock Exchange on Wednesday with 2 stocks advancing, 4 declining and 9 unchanged as 15 securities traded for the third consecutive day.
The market closed as 750,792 shares traded at a value of $10,300,305 compared to Tuesday’s trades of 652,922 shares valued at $9,971,563.
The Composite Index gained 1.48 points to 1,280.88, the All T&T Index advanced by 3.27 points to 1,743.34 and the Cross Listed Index lost 0.04 points to close at 110.35.
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 trading on Wednesday, National Enterprises gained 25 cents to end at $10 trading 242,340 shares valued at $2,423,050 and Trinidad & Tobago NGL rose 50 cents to close at $26.50 exchanging 24,334 shares valued at $641,925.
Losses| The last traded prices of the securities declining are, First Citizens with a loss of 1 cent, in closing at $32 with 134,288 shares valued at $4,298,539, Guardian Holdings trading at $17.98, with a loss of 1 cent swapping 500 units, JMMB Group ending at $1.59, after losing 1 cent with 83,033 shares changing hands and Republic Financial Holdings that closed 25 cents lower to a new 52 weeks’ low of $100 with 549 units changing hands.
Firm Trades| The last prices of securities at the close on Wednesday unchanged are, Angostura Holdings that closed at $15 with 42,437 units valued at $636,555 trading, while Clico Investment remained at $21 with 10,400 shares and First Caribbean International Bank ending trading at $9.30, with 127,150 stock units valued at $1,182,495 being exchanged. Massy Holdings closed at $49 with a mere 10 units traded, NCB Financial Group held firm at $6.50, exchanging 12,561 shares while One Caribbean Media closed at $14 with 1,000 units. Sagicor Financial settled at $7.95 with 71,288 shares valued at $566,740, Scotiabank closed at $61 with 436 units trading and Unilever Caribbean remained flat at $30 with of 466 units trading
Unilever chopped by $4, WITCo by $4.90
West Indian Tobacco dropped $4.90 on Tuesday.
West Indian Tobacco (Witco) and Unilever Caribbean dropped sharply to close at a 52 weeks’ lows. Witco dropped $4.90 on Tuesday by, after falling $5.24 on Monday, to $102.85 following a long period of limited trading. Unilever another stock that was under pressure given very poor 2017 results, fell by $4 to a new low of $30.
The prices of these stocks are set to decline further, especially Unilever that could tumble below $20 based on poor results recently. Demand for Witco shares fell after the company posted third quarter results with lower profits of $276 million, down from $373 million in 2016, due to a huge decline in demand and sales of cigarettes after consumption tax was hiked earlier in the year.
In trading elsewhere, the market closed with 15 securities changing hands, the same as on Monday with 4 stocks advancing, 5 declining and 6 holding firm. A total of 652,922 shares traded at a value of $9,971,563 compared to Monday’s trades of 176,689 valued at $5,273,498.
The Composite Index gained 0.38 points to 1,279.40, the All T&T Index declined by 11.79 points to 1,740.07 and the Cross Listed Index added 1.73 points to close at 110.39.
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| The last traded prices of the securities rising are Clico Investment advanced 21 cents to close at $21, with 88,707 shares valued at $1,859,421, NCB Financial Group with gains of 35 cents, closed at $6.50 with 9,475 shares trading, Point Lisas ended at $3.90, gaining 1 cent with 8,500 stock units and Trinidad & Tobago NGL rising 25 cents higher to $26, having regained losses on the day prior with 126,355 shares valued at $3,268,793.
Price Movement of Unilever Caribbean
Losses| The last traded prices of the securities declining are Guardian Holdings lost 1 cent, closing at $17.99 with 4,923 units changing hands. JMMB Group traded 14 cents lower to $1.60 with 126,288 shares changing hands, Republic Financial Holdings closed 25 cents lower to a 52 weeks’ low of $100.25 exchanging 288 units. Unilever Caribbean declined by $4 to a new 52 weeks’ low of $30 with a mere 10 units changing hands and West Indian Tobacco ended with a loss of $4.90 to a 52 weeks’ low of $102.85 with 5,016 shares valued at $515,950.
Firm Trades| The last prices of securities at the close on Tuesday unchanged are Angostura Holdings that closed at $15 with 238 units. First Citizens exchanged 1,163 shares at $32.01, Massy Holdings remained at $49 trading 35,365 shares valued at $1,732,885. One Caribbean Media closed at $14 with 50 units, Sagicor Financial settled at $7.95 with 243,245 shares valued at $1,933,696 and Scotiabank closing at $61 with 3,299 shares.
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.