Market activity on the Trinidad & Tobago Stock Exchange resulted in 13 securities changing hands compared to 12 on Monday with NCB Financial Group leading with the highest volume just under 1 million units with a value $5.9 million.
At the close, 4 stocks advanced, 3 declined and 6 remained unchanged as 1,117,124 shares traded at a value of $6,876,070 compared to Monday’s trades of 168,640 valued at $1,925,602.
The Composite Index declined by 2.25 points to 1,280.47, the All T&T Index dropped 1.19 points to 1,751.92 and the Cross Listed Index lost 0.45 points to close at 109.05.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 7 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| The securities that rose in trading are, First Citizens with a 1 cent gain and closed at $32.01 with 3,428 shares, NCB Financial Group ending at $6.03, gaining 3 cents in exchanging 978,658 shares valued at $5,901,308. Scotiabank closed at $60.01, after trading at $58 to close with a gain of 1 cent with just 98 units and Trinidad & Tobago NGL advancing to a new 52 weeks’ high of $25.05, after rising 4 cents with 600 units changing hands.
Losses| Securities declining at the close are, Grace Kennedy that slipped 10 cents, ending at $3 with trades of 27,036 shares, JMMB Group with a loss of 2 cents, closing at $1.98 with 2,429 shares and Massy Holdings losing 2 cents to close at $48.95 with 2,100 shares changing hands.
Firm Trades| The securities trading unchanged are, Angostura Holdings with 731 units closing at $15.05, Clico Investment holding at $20.80 with 14,369 shares valued at $301,675, after it traded as high as $21. First Caribbean International Bank traded 50 units at $9.30, National Enterprises closed at $9.75 with 2,206 shares trading, National Flour Mills exchanged 59,269 shares at $1.90 and Sagicor Financial closed at $7.95 with 26,150 shares changing hands.
NCB Financial dominates TTSE – Tuesday
NCB Buying 50.1% of Bermudan bank
NCB Financial Group today announced the acquisition of majority shares in the Clarien Group, a Bermudan based financial group in which Portland Private Equity holds 17.92 percent interest.
Edmund Gibbons Ltd with retain 31.98 percent of the shares. The transaction has received approval from Bank of Jamaica and the Bermuda Monetary Authority provided a no objection letter, the release from NCB states but final approval is subject to the Ministry of Finance. James Gibbons a director of the group expresses the view that the linkage will enable expansion of their offering locally and globally.
In 2016, Portland Private Equity pumped in B$$12.6 million into Clarien to meet capital needs based on tighter regulatory capital requirements as well as a swelling bad debt position amounting to 14 percent of their loan portfolio. The bank is said to have made B$$500,000 profit in 2015.
According The Royal Gazette, Clarien said its loan portfolio had shrunk by $66.8 million in 2015 to $809.7 million by the end of the year. This was attributed to a trend of borrowers paying down mortgage debt.
Clarien has more than eight decades of banking history in Bermuda and is said to be the largest bank in the country.
NCB recently raised US$250 million on the local market for regional expansion, this acquisition seems to be one that was on their radar when the funds were being raised, but based on the amount Portland injected the acquisition by NCB could cost around US$40-50 million, a mere dent in the amount they raised in the summer of 2017, but with earnings of $500,000 in 2015, unless profits picked up considerably since, which seems unlikely with the acquisition by NCB, the amount paid is most likely considerably far less.
For the fiscal year to September NCB made profit of J$19.1 billion or US$146 million up from J$14.45 billion in 2016. Gross revenues for 2017 fiscal year amounted to J$75.7 billion.
Only 1 stock fall on TTSE – Friday
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.
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.