Most TTSE stocks end trading flat on Friday

The majority of the 20 securities trading on Friday ended the day with no price movements, but Ansa Merchant bank closed at a 52 weeks’ high after the prices of five stocks rose, three declined and 12 ended unchanged at the close of trading on the Trinidad and Tobago Stock Exchange.
At the close, the Composite Index fell 4.65 points to 1,388.12, the All T&T Index dipped 5.11 points to 1,887.97 and the Cross-Listed Index fell 0.58 points to settle at 119.57.
Market activity ended with  38 percent fewer shares trading, with a 13 percent higher value than on Thursday, as 595,272 shares traded for $22,339,078 compared to 960,642 units at $19,848,307 on Thursday.
The average trade ended at 29,764 units for $1,116,954 down from 56,508 shares at $1,167,547 on Thursday. Trading month to date averages 53,379 units at $844,350 versus 56,985 units at $802,731. The average trade for May was 25,935 units for $406,593.
The Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and no with lower offers.
At the close, Ansa Mcal ended at $57, with 11,000 shares changing hands, Ansa Merchant Bank rallied 50 cents and ended at a 52 weeks’ high of $41.50, with 20,100 stock units crossing the exchange, Clico Investment Fund traded 45,310 stocks at $26.99, First Citizens Bank fell 50 cents to $49.50 after trading 500 stock units. Calypso Macro Investment Fund exchanged 34 stock units at $16, FirstCaribbean International Bank popped 1 cent to $6.50, with 100 units crossing the exchange, Grace Kennedy settled at $5.25 after exchanging 125,560 shares, Guardian Holdings closed at $33.50 after 47,914 stocks changed hands. JMMB Group stayed at $1.81, trading 100,000 stock units, L.J Williams B shares lost 5 cents to end at $1.30 in swapping of 9,011 units, Massy Holdings traded 10,000 units $74.75.National Enterprises traded 9,000 shares at $3, National Flour Mills exchanged 804 stocks at $2.30, NCB Financial Group popped 1 cent to $8.26 in trading 14,587 shares. One Caribbean Media increased 5 cents to $4.65 while exchanging 213 stocks, Republic Financial Holdings traded 101,812 stock units at $135, Scotiabank settled at $57 while trading 28,782 stock units. Trinidad & Tobago NGL shed 15 cents to close at $17.85 in switching ownership of 31,159 stock units, Trinidad Cement increased 5 cents to close at $3.30 after an exchange of 33,310 stocks and West Indian Tobacco ended at $32.19 in trading 6,076 stocks.

 Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Positive trading for Trinidad Stock Exchange

Market activity ended on Thursday on a positive note, with more stocks rising than falling, leading to a rise in the market indices after investors traded 94 percent more shares with a 59 higher value than on Wednesday at the close of trading on the Trinidad and Tobago Stock Exchange.
The Investor’s Choice bid-offer indicator is flashing positive signals, with five stocks ended with bids higher than their last selling prices and none with lower offers.
At the close, 17 traded down from 20 on Wednesday, with six rising, four declining and seven ending unchanged.
The Composite Index rose 4.48 points to 1,392.77, the All T&T Index climbed 8.27 points to 1,893.08 and the Cross-Listed Index popped 0.06 points to settle at 120.15.
A total of, 960,642 shares traded for $19,848,307, up from 496,151 units at $12,456,274 on Wednesday.
An average of 56,508 units traded at $1,167,547 compared to 24,808 at $622,814 on Wednesday. The average trade for the month to date, amounts to 56,985 units at $802,731 versus 57,056 units at $748,328. The average trade for May amounts to 25,935 units at $406,593.
At the close, Angostura Holdings advanced 5 cents to $15 in exchanging 140,160 shares, Ansa Mcal settled at $57 in trading 10 stocks, First Citizens Bank lost 10 cents to end at $50 with 50 stock units clearing the market. Calypso Macro Investment Fund declined 50 cents to $16 with an exchange of 2 shares, Clico Investment Fund ended at $26.99 with an exchange of 45,224 units. Grace Kennedy traded 290 units at $5.25, Guardian Holdings dropped $1.50 to $33.50 with the swapping of 222,908 shares, JMMB Group shed 1 cent in closing at $1.81 in an exchange of 370,944 stock units. L.J Williams B share closed at $1.35 with an exchange of 5 shares, Massy Holdings spiked $1.25 to close at $74.75 in exchanging 4,950 shares, National Enterprises traded 5,645 stocks at $3. Point Lisas remained at $3.10, with 17,000 units changing hands, Republic Financial Holdings popped 75 cents to $135 after 18,312 stocks crossed the market, Scotiabank rallied 10 cents to $57, with 51,878 shares changing hands. Trinidad & Tobago NGL advanced 50 cents to $18 while exchanging 55,823 stock units, Unilever Caribbean ended at $16.33 with the swapping of 2,950 units and West Indian Tobacco gained 5 cents to close at $32.19 in exchanging 3,076 stocks.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading rises on the Trinidad Stock Exchange

Market activity ended with the market rising moderately on Wednesday after 31 percent more shares were exchanged with a 26 percent higher value than on Tuesday, resulting in stocks rising stocks beating out those falling more than three to one on the Trinidad and Tobago Stock Exchange.

Trinidad & Tobago Stock Exchange Head Quarters

At the close of the market, 20 securities traded similar to trading on Tuesday, with 10 stocks rising, three declining and seven remaining unchanged. The Composite Index popped 0.28 points to 1,388.29, the All T&T Index advanced 2.03 points to 1,884.81 and the Cross-Listed Index fell 0.22 points to end at 120.09.
A total of 496,151 shares traded, for $12,456,274 compared to 380,200 units at $9,900,263 on Tuesday.
Trading averaged 24,808 units at $622,814, up from 19,010 at $495,013 on Tuesday. The average trade for the month to date amounts to 57,056 units at $748,328 versus 63,917 units at $775,045. The average trade for May amounts to 25,935 units at $406,593.
The Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and none with lower offers.
At the close, Agostini’s dropped 5 cents to close at $24.50, with an exchange of 51,268 shares, Ansa Mcal rallied 25 cents to $57 after exchanging 220 units, Clico Investment Fund ended at $26.99 after trading 67,618 stock units, First Citizens Bank gained 10 cents in closing at $50.10 with 323 stock units changing hands. FirstCaribbean International Bank remained at $6.49 after exchanging 9,196 stocks, Grace Kennedy pipped 15 cents to close at $5.25 while exchanging 100 stocks, Guardian Holdings closed at $35 in an exchange of 203,894 stocks. JMMB Group increased 1 cent ending at $1.82 with the swapping of 1,166 shares, L.J Williams B share fell 15 cents in closing at $1.35 in switching ownership of 14,942 stocks, Massy Holdings spiked $3.47 to a 52 weeks’ high of $73.50 in exchanging 2,334 stock units. National Enterprises settled at $3 after 10,467 shares crossed the market, National Flour Mills rose 4 cents to $2.30 in an exchange of 903 units, NCB Financial Group declined 24 cents to $8.25, with 16,197 stock units changing hands. One Caribbean Media settled at $4.60, with 44,552 units crossing the market, Point Lisas stayed at $3.10 in switching ownership of 500 units, Scotiabank rallied 30 cents ending at $56.90, after 10,607 shares crossed the market. Trinidad & Tobago NGL gained 1 cent in closing at $17.50 after trading 53,105 shares, Trinidad Cement gained 3 cents to close at $3.25, with 5,149 stocks crossing the market, Unilever Caribbean ended at $16.33 with an exchange of 3,500 stock units and West Indian Tobacco rose 2 cents to $32.14 while exchanging 110 stocks.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Mixed trading for T&TSE stocks

Market activity ended on Tuesday with 40 percent fewer shares trading but with 42 percent more value than on Monday, after 20 stocks changed hands compared to 19 on Monday, resulting in more stocks falling than rising at the close of the Trinidad and Tobago Stock Exchange.

At the close, prices of six rose, eight declined and six remained unchanged. The Composite Index advanced 5.00 points to 1,388.01, the All T&T Index picked up 0.65 points to close at 1,882.78 and the Cross-Listed Index rose 1.35 points to 120.31.
A total of, 380,200 shares traded for $9,900,263 compared to 636,349 units at $6,954,665 on Monday.
An average of 19,010 units traded at $495,013 compared to 33,492 at $366,035 on Monday. The average trade for the month to date amounts to 63,917 units at $775,034 versus 76,054 units at $850,715. May ended with the average trade of 25,935 units at $406,593.
The Investor’s Choice bid-offer indicator shows one stock ending with the bid higher than its last selling price and none with lower offers.
At the close, Agostini’s rose 15 cents to $24.55 with an exchange of 3,850 shares, Angostura Holdings declined 5 cents to $14.95 with 364 units changing hands, Ansa McAL ended at $56.75 after a transfer of 410 stocks. Calypso Macro Investment Fund climbed $2.14 to $16.50 with the swapping of 35 shares, Clico Investment Fund rose $1.46 to $26.99 in transferring 49,496 units, First Citizens Bank shed 10 cents in closing at $50 with 2,300 shares crossing the market. Grace Kennedy fell 15 cents to $5.10 after trading 2,250 units, Guardian Holdings ended at $35 with the swapping of 213,199 shares, JMMB Group ended at $1.81 after ownership changed for 58,430 stock units. L.J Williams B share gained 15 cents to close at $1.50 in an exchange of 6 units, Massy Holdings picked up 3 cents in ending at $70.03 with 388 stock units changing hands, National Enterprises remained at $3 after 10,093 stocks cleared the market. National Flour Mills lost 4 cents to end at $2.26 in transferring 196 units, NCB Financial Group closed at $8.49 with 8,177 stock units changing hands, Republic Financial Holdings dropped 70 cents to $134.25 in trading 569 stocks. Scotiabank declined 40 cents to $56.60 with the swapping of 913 stock units, Trinidad & Tobago NGL popped 16 cents to $17.49 after trading 28,143 shares, Trinidad Cement declined 8 cents in closing at $3.22 in switching ownership of 1,190 shares. Unilever Caribbean remained at $16.33 in trading 75 units and West Indian Tobacco lost 7 cents to finish at $32.12 with 116 stocks crossing the market.

 Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Spike in T&TSE trading on Friday

Market activity ended on Friday with a rise in all three indices after a huge jump in the volume and value of trading but with fewer securities trading at the close of the Trinidad and Tobago Stock Exchange, after the volume of stack trading rocketed 326 percent and the value spiked 269 shares above Wednesday trades.
At the close of trading, 16 traded compared to 19 on Wednesday, with three stocks rising, four declining and nine ending unchanged. The Composite Index rose 3.26 points to 1,388.88, the All T$T Index gained 4.62 points to 1,881.07 and the Cross-Listed Index popped 0.25 points to end at 120.82.
A total of 2,464,269 shares traded for $27,008,235 compared to 578,611 units at $7,318,842 on Wednesday.
Trading averaged 154,017 units at $1,688,015 compared to 30,453 at $385,202 on Wednesday. The average trade for the month to date amounts to 90,757 shares at $1,018,150, compared to 64,804 units at $743,333 on Wednesday. May averaged 25,935 units at $406,593.
The Investor’s Choice bid-offer indicator shows one stock ending with the bid higher than its last selling prices and three with lower offers.
At the close, Agostini’s traded 313,225 shares at $24.40, Angostura Holdings closed at $14.95 after exchanging 183 stock units, Clico Investment Fund ended at $26.96 with 59,110 stock units changing hands, First Citizens Bank rose by 10 cents to $50, after 37,856 stocks crossed the exchange. Grace Kennedy lost 17 cents in closing at $5.08 with 4,805 shares changing hands, Guardian Holdings spiked $1.05 higher to close at a 52 weeks’ high of $35.05 in switching ownership of 48,766 stocks. JMMB Group rose 6 cents to $1.81 with a transfer of 464,743 stock units, Massy Holdings remained at $69.76 after exchanging 61 units, National Enterprises closed at $3 with the swapping of 634 stocks. National Flour exchanged 3,000 shares at $2.30, NCB Financial Group remained at $8.50, trading 1,519,193 shares, Republic Financial Holdings traded 35 stock units at $134.95, Scotiabank ended at $57 after exchanging 4,649 shares, Trinidad & Tobago NGL slipped 1 cent to $17.49 in trading 3,320 units Unilever Caribbean finished at $16.33 with the swapping of 1,384 stocks and West Indian Tobacco lost 30 cents to close at $32.20 in transferring 3,305 shares.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Pop in T&T market indices on Wednesday

Market activity ended on Wednesday with a rise in all three indices after 70 percent fewer shares traded carrying, with a 66 percent lower value than on Tuesday, resulting in an even number of stocks falling and rising at the close of the Trinidad and Tobago Stock Exchange.
At the close, 19 traded compared to 20 on Tuesday, with three stocks rising, three declining and 13 remaining unchanged. The Composite Index popped 5.72 points to 1,385.62, the All T$T Index gained 0.76 points to 1,876.45, and the Cross-Listed Index rose 1.54 points to end at 120.57.
A total of, 578,611 shares traded, for $7,318,842 compared to 1,948,761 units at $21,671,147 on Tuesday.
Trading averaged 30,453 units at $385,202 compared to 97,438 at $1,083,557 on Tuesday. The average trade for the month to date amounts to 64,804 units at $743,333. May averaged 25,935 units at $406,593.
The Investor’s Choice bid-offer indicator shows no stock ending with bids higher than its last selling prices and three with lower offers.
At the close, Agostini’s ended at $24.40 with 80 units clearing the market, Angostura Holdings lost 5 cents in closing at $14.95 after exchanging 2,000 stocks, Ansa McAL remained at $56.75 after a transfer of 4,897 stock units. Clico Investment Fund popped $1.46 to end at $26.96 with 75,780 stock units changing hands, CinemaOne remained at $4 in switching ownership of 2,900 shares, First Citizens Bank remained at $50 with 469 stocks crossing the exchange. FirstCaribbean International Bank gained 39 cents to end at $6.49, trading 120 shares, Grace Kennedy closed at $5.25 with 70,008 shares changing hands, Guardian Holdings rose 49 cents to close at a 52 weeks’ high of $34 in switching ownership of 16,040 stocks. JMMB Group lost 6 cents in closing at $1.75 with a transfer of 80,103 stock units, Massy Holdings ended at $69.76 after exchanging 50 units, National Enterprises closed at $3 with the swapping of 3,030 stocks. NCB Financial Group remained at $8.50, trading 291,105 shares, One Caribbean Media was unchanged at $4.80 with 500 stocks clearing the market, Prestige Holdings closed at $6.55 in transferring 1,167 shares. Republic Financial Holdings dipped 5 cents to $134.95 after 19 stock units cleared the market with . Scotiabank ended at $57 after exchanging 23,938 shares, Trinidad & Tobago NGL closed at $17.50 in trading 6,105 stocks and Unilever Caribbean finished at $16.33 with the swapping of 300 stocks.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading gains for Trinidad Stock Exchange

Trading volume surged 251 percent with a 198 percent jump in the value over Friday’s levels as NCB Financial accounted for $11 million of the total value of stocks traded and Guardian Holdings $4.6 million, on a day when 20 securities traded, up from 18 on Friday, with five rising, two declining.

NCB Financial Group traded the most shares on the TTSE on Tuesday.

At the close, the Composite Index rose 1.63 points to 1,379.90, the All T&T Index added 1.67 points to end at 1,875.69 and the Cross-listed index added 0.37 points to end at 119.03.
A total of 1,948,761 shares traded for $21,671,147, up from 555,090 units at $7,262,767 on Friday.
Trading averaged 97,438 units at $1,083,55, up from 30,838 shares at $403,487 on Friday.  April averaged 25,935 units at $406,593.
The Investor’s Choice bid-offer indicator shows one stock ending with a higher bid than the last selling price and three with lower offers.
At the close, Agostini’s traded 2,000 shares at $24.40, Angostura Holdings settled at $15 in switching ownership of 1,222 shares, Ansa Mcal remained at $56.75 while exchanging 7,417 units, Clico Investment Fund ended at $25.50 in exchanging 101,147 units, First Citizens Bank closed at $50 in exchanging 9,404 units. FirstCaribbean International Bank added 4 cents to close at  $6.10 with 2933,587 units crossing the market, Grace Kennedy added 1 cent to end at $5.24, after 48,260 shares changed hands, Guardian Holdings gained 51 cents to close at a 52 weeks’ high of $33.51 with 137,551 shares crossing the exchange. JMMB Group rose 7 cents to $1.81 after exchanging 8 stock units, L.J Williams B share traded 47,061 stock units at $1.35, Massy Holdings stayed at $69.76 after exchanging 1,189 shares. NCB Financial Group close at $8.50 in an exchange of 1,303,500 units, National Enterprises traded 20,281 stock units at $3 after rising 4 cents, National Flour exchanged 218,348 units at $2.30, Republic Financial Holdings closed at $135 after trading 48 stock units, Scotiabank closed at $57, with 16,069 stock units clearing the market, Trinidad & Tobago NGL lost $1 to close at $17.50 after trading 26,322 stock units. Trinidad Cement ended at $3.30, with an exchange of 39 stock units, Unilever Caribbean closed at $16.33 after exchanging 8,297 stocks and West Indian Tobacco lost 1 cent to end at $32.50 after trading 305 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Sharp jump in trading on TTSE

The volume and value of stocks traded rose sharply on Monday, after exchanging 480 percent more shares valued 240 percent greater than on Friday and resulting in slightly more stocks falling than rising at the close of the Trinidad and Tobago Stock Exchange.
A  total of 1,938,335 shares traded for $22,585,268 versus 334,379 units at $6,637,409 on Friday.
An average of 129,222 units traded at $1,505,685 compared to 20,899 at $414,838 on Friday. The average for the month to date amounts to 25,061 units at $382,261 versus 18,327 units at $309,647. The average trade for April amounted to 11,472 units at $184,959.
Fifteen securities traded against 16 on Friday, with two rising, five declining and eight closng unchanged. The Composite Index rose 2.50 points to 1,358.48, the All T&T Index lost 2.59 points to close at 1,838.87 and The Cross-Listed Index increased 1.11 points to settle at 118.34.
The Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and three with lower offers.
At the close, Agostini’s closed at $24.40 in exchanging 17,200 shares, Ansa Mcal ended at $56.73, with 16,544 shares changing hands, Clico Investment Fund shed 20 cents in ending at $25.30 with the swapping of 821 stock units. First Citizens Bank added 1 cent in closing at $46.80 trading 31,948 stock units. Guardian Holdings dropped 15 cents to close at $32.35 in exchanging 33,176 units, JMMB Group ended at $1.81 trading 284 units, Massy Holdings closed at $67, with 4,871 stocks crossing the market. National Enterprises dipped 4 cents to $2.96, with 2,043 units switching owners, NCB Financial Group climbed 20 cents to $8.50, with 1,754,266 shares crossing the market, One Caribbean Media shed 39 cents to close at $4.50 while exchanging 399 shares. Republic Financial Holdings settled at $135 in an exchange of 1,062 shares, Scotiabank closed at $54.90 trading 51,984 stock units, Trinidad & Tobago NGL  ended at $16.49 after 20,607 shares changed hands. Unilever Caribbean slipped 1 cent to $16.32 trading 83 stock units and West Indian Tobacco settled at $32.49 with an exchange of 3,047 shares.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading dips on TTSE

Trading dips on TTSEMarket activity declined on Friday, relative to Friday’s trading, with investors exchanging 38.45 percent fewer shares with a lower value than on Thursday, resulting in more stocks rising than declining at the close of trading on the Trinidad and Tobago Stock Exchange.
A total of 16 securities traded compared to 20 on Thursday, with prices of five stocks rising, three declining and eight remaining unchanged. The Composite Index fell 4.34 points to 1,355.98, The All T&T Index rose 6.90 points to 1,841.46 and the Cross-Listed Index lost 2.29 points to sit at 117.23.
At the close, 334,379 shares traded, for $6,637,409, down from 543,273 units at $7,979,074 on Thursday.
An average of 20,899 units traded at $414,838 compared to 27,164 at $398,954 on Thursday. Trading month to date averages 18,327 units traded at $309,647 versus 18,136 units at $301,855. The average trade for April amounts to 11,472 units at $184,959.
The Investor’s Choice bid-offer indicator shows no stock ending with bids higher than their last selling prices and two with lower offers.
At the close, Ansa Mcal ended trading of 7,417 shares at $56.73, First Citizens Bank traded 46,240 units at $46.79, FirstCaribbean International Bank fell 39 cents to a 52 weeks’ low of $6.10after 17,423 stocks crossed the exchange, Clico Investment Fund gained 1 cent in trading 20,135 stocks at $25.50. Grace Kennedy shed 15 cents to end at $4.85, with 48,436 units changing hands, Guardian Holdings advanced 50 cents to close at $32.50 with an exchange of 45,790 stock units, Massy Holdings declined $1.73 to $67 in switching ownership of 11,084 stock units. National Flour Mills remained at $2.30 after an exchange of  95,998 stocks, NCB Financial Group closed at $8.30 with an exchange of 3,700 units, One Caribbean Media gained 1 cent to close at $4.89 after switching ownership of 6,000 units. Point Lisas remained at $2.95, with 1,000 stock units clearing the market, Republic Financial Holdings remained at $135 after trading 530 shares, Scotiabank ended after exchanging 2,002 stock units to end at $54.90. Trinidad & Tobago NGL climbed $1.49 to close at $16.49 in an exchange of 23,421 stocks, Unilever Caribbean remained at $16.33 after exchanging 2,000 units and West Indian Tobacco advanced 4 cents to end at $32.49, trading 3,203 shares.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Rising stocks push T&TSE higher

Higher stock prices beat out falling ones at the close of activity ended on Monday, with the market rising after trading 25.54 percent fewer shares than on Friday at the close of trading on the Trinidad and Tobago Stock Exchange.
Trading took place in 16 stocks compared to 15 on Friday, with eight rising, three declining and five ending unchanged. The Composite Index gained 8.26 points to settle at 1,351.48, The All T&T Index increased 7.26 points to 1,827.08 and the Cross-Listed Index gained 1.31 points to close at 118.08.
At the close, 389,324 shares were traded for $5,982,945 down from 522,888 units at $8,105,696 on Friday.
An average of 24,333 units traded at $373,934 compared to 34,859 at $540,380 on Friday. For the month to date, an average of 17,974 units traded at $320,866 versus 17,263 units at $314,929. The average trade for April amounted to 11,472 units at $184,959.
The Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s closed at $24.40, trading 4,525 shares, Angostura Holdings gained 1 cent to end at $15.51 in exchanging 1,064 shares, Clico Investment Fund lost 5 cents in closing at $25.10 after exchanging 2,572 units. First Citizens Bank shed 4 cents to close at $46.75, with 21,725 shares crossing the exchange. FirstCaribbean International Bank ended at $6.26 in an exchange of 2,037 stock units, Grace Kennedy rose 10 cents to end at 52 weeks’ high of $5.10, with 88,322 shares changing hands, Guardian Holdings gained $1 to end at 52 weeks’ high of $31 in exchanging 13,605 units. Massy Holdings advanced 94 cents to close at a 52 weeks’ high of $66 in trading 10,105 stock units, National Enterprises settled at $3 in switching ownership of 2,372 units, National Flour Mills rose 35 cents to close at $2.30 in an exchange of 60,620 shares. NCB Financial Group stayed at $8.20, with 115,974 shares changing hands, Prestige Holdings climbed 2 cents to $6.53, with 50 units crossing the exchange, Republic Financial Holdings climbed 26 cents to $132.78 in trading 6,333 stocks. Scotiabank gained 25 cents to end at $55 in an exchange of 8,975 stocks, Trinidad & Tobago NGL lost 30 cents to close at $14.50 with an exchange of 50,545 shares and Unilever Caribbean settled at $16.30 while exchanging 500 shares.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.