Sagicor Financial, the Toronto Stock Exchange listed parent of Sagicor Group Jamaica announced results for the fourth quarter and full year ended December 2023 with rising revenues and profit.
Net profit attributable to shareholders amounts to $532 million for 2023 and includes a $448.3 million gain on the acquisition of the ivari operations up from a loss of $164 in 2022. All figures are in US dollars unless otherwise stated.
Net income to shareholders, excluding the one time gain and transaction costs of the above acquisition, amounts to $99 million for 2023
New business CSM brough in $137 million for 2023, down from $187 million in 2022. Contractual service margin (“CSM”): CSM represents an estimate of unearned future profits. For new business issued under IFRS 4, the estimated profit or loss over the term of the contract is recognized in income at the date of issue. Expected future profits on new business under IFRS 17 are deferred and recorded in the CSM and amortized into income as insurance services are provided over the contract term. Under IFRS 17, expected losses on new business are recognized at the date of issue.
Andre Mousseau, President and Chief Executive Officer, in commenting on the results, stated: “2023 was a monumental year for Sagicor. Our team worked tirelessly to complete the conversion to IFRS 17, bring ivari into our corporate structure, and regain our investment grade status while driving forward on other initiatives that will drive value in the years to come.”
Mousseau continued, “We are pleased to set forth our more precise guidance for 2024 of $90 million to $105 million of core net income to shareholders”.
The group comprises four major subsidiaries. Sagicor Canada this segment came into being during the December quarter and delivered revenues of $1.13 billion in the quarter and for the year, with net income to shareholders of $122 million. Sagicor Life USA generated revenues of $253 million in the quarter and $578 for the year, with a loss of $23 million in the quarter and a profit of $41 million for the year versus $15 million in the December 2022 quarter and a loss of $122 million for the year.
Sagicor Jamaica produced revenues in the final quarter of $283 million and a profit of $17 million versus $31 million in 2022 and revenues of $958 million for the year and profit of $50 million compared with $29 million in 2022. Sagicor Life generated revenues in the December quarter of $202 million and $751 million for the year, compared with $162 million for the final quarter of 2022 and $655 for the full year. In the December 2023 quarter, the Eastern Caribbean subsidiary reported a loss of $31 million compared with a profit of $47 million in 2022 and for the full year, a loss of $13 million for 2023 and a profit of $37 million in 2022.
The profit results for 2023 along with the gains from the acquisition of ivari pushed Shareholders’ equity to $971 million, up 119 percent over the $443 million at the end of 2022, with a book value per share of US$6.88 or C$9.10.
Profit rise at Sagicor Financial
TTSE stocks set to break 5 years drought
Trinidad & Tobago Stock Exchange Head Quarters
Five years of unbroken market decline comes to an end this year, with The All T&T Index poised to recover the losses over the past three years and more with the market index already at a higher level than the end of 2016, by more than 13 points.
Monday was another day of rising market indices on the Trinidad & Tobago Stock Exchange as all three indices recorded gains with advancing stocks beating decliners 2 to 1 as the market ended trading with three stock closing at new highs.
Trading ended with 18 securities changing hands, against 12 on Friday, with four advancing, 2 declining while 12 remained unchanged.
At the close of the market, the Composite Index gained 6.30 points to end at 1,474.70. The All T&T Index gained 2.59 points to 1,847.44, while the Cross Listed Index gained 1.37 points to close at 149.35.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at three stocks with bids higher than their last selling prices and three with lower offers.
Investors traded 162,777 units for $6,159,062, compared to 919,670 units for $8,793,895on Friday.
Gains| Clico Investment Fund jumped $1 and ended at a 52 weeks’ high of $27 with 50 stock units trading, Grace Kennedy gained 51 cents to close at a 52 weeks’ high of $3.95, while trading 5,000 units. Guardian Holdings jumped $1 and ended at 52 weeks’ high of $22, with 1,475 units crossing the exchange and Scotiabank advanced 4 cents to settle at $59.80, with 24,075 units passing through the exchange.
Losses| Trinidad & Tobago NGL lost 49 cents in trading 5,000 shares to close at $21.50 and Unilever Caribbean closed with a loss of 1 cent at $23.49, with 170 stock units trading.
Firm Trades| Ansa McAl traded 40 shares to close at $52.50, Calypso Micro Index Fund exchanged 1.000 shares at $15.75, Endeavour Holdings traded 400 shares at $12.50, First Citizens Bank settled at $44.75, with 648 stock units changing hands. JMMB Group closed at $2.80, after exchanging 57,466 shares, National Enterprises ended at $5.55, with 700 units crossing the exchange. National Flour ended at $1.36, after exchanging 10,000 shares, Point Lisas closed at $3.55, after swapping 1,015 shares, Prestige Holdings settled at $8.40, with an exchange of 6,057 shares. Republic Financial concluded trading of 27,863 stock units at $131.00, West Indian Tobacco closed at $42.50, with investors exchanging 14,318 shares and Trinidad Cement completed trading of 7,500 stock units at $1.95.
Prices of securities trading are those at which the last trade took place.
TTSE 2019 gains continue to grow
The Trinidad & Tobago Stock Exchange continued its upward climb on Wednesday as 2019 ages and the bull slowly awakens amidst the Trinidad warmth leading to two stocks closing at 52 weeks’ highs.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with three stocks closing with bids higher than their last selling prices and three with lower offers.
Trading ended with 12 securities changing hands, against 13 on Tuesday, with 5 advancing, 4 declining and 3 remained unchanged.
At the close of the market, the Composite Index added 5.49 points on Wednesday to 1,462.74. The All T&T Index gained 9.11 points to 1,841.39, while the Cross Listed Index gained 0.25 points to close at 146.90.
Investors traded 363,101 units valued at $10,508,456 compared to 158,719 shares amounting to $1,971,657 on Tuesday.
Gains| First Citizens Bank recovered the $1 lost on Tuesday to close at $44, with 4,550 units changing hands. JMMB Group closed with an increase of 1 cent at $2.54, after exchanging 8,500 shares, Republic Financial Holdings gained 85 cents with 3,675 shares changing hands to close at a 52 weeks’ high of $131. 
Trinidad & Tobago NGL gained 39 cents in trading 6,196 shares to close at $21.50 and West Indian Tobacco added 50 cents to end at 52 weeks’ high of $42.50 after exchanging 203,080 shares.
Losses| National Enterprises lost 6 cents and closed at $5.49 with 549 stock units changing hands, NCB Financial shed 10 cents and settled at $11.30, with 69,222 stock units changing hands, Point Lisas declined by 2 cents to close at $3.58 while trading 2,026 shares, Scotiabank lost 25 cents in settling at $59.75, with 1,670 units changing hands and
Firm Trades| Guardian Holdings ended at $21, with 2,000 units crossing the exchange, Massy Holdings closed at $59.75, in trading 329 units and National Flour ended at $1.36, with investors exchanging 61,304 shares.
Prices of securities trading are those at which the last trade took place.
T&TSE 2019 performance shatters 2018
Trinidad & Tobago Stock Exchange Head Quarters
The Trinidad & Tobago Stock Exchange is ending the current year on a strong note with the three leading indices up on last year’s performance and seems set to close out 2019 much higher than the previous year.
Barring any reversals in fortunes in the last 13 trading days of the year, the Trinidad & Tobago Stock Exchange should close the year higher than it is now. Some stocks point to that development, with prices set to break higher. These stocks include First Citizens Bank, Guardian Holdings, Republic Holdings, Massy Holdings, NCB Group and West Indian Tobacco.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at Five stocks with bids higher than their last selling prices and one with a lower offer and is flashing positive signals of the fortune of the market ahead.
Compared to a rise of just 2.85 percent in the Composite Index last year, the index is up by a much stronger 11.88 percent to Tuesday this week, with apparently, more gains ahead before the year ends. The All T&T Index is up 7.45 percent for the year to date and while that may not sound like much, but it is far better than the 1.36 percent decline the index suffered for the entire 2018. 
Cross-listed stocks posted gains of 20.63 percent to date, bettering the 12.17 percent increase last year.
Trading ended Tuesday with 13 securities changing hands against 15 on Monday, with four rising, 2 declining and 6 remaining unchanged.
At the close of the market, the Composite Index added 0.06 points to end at 1,457.25. The All T&T Index rose 4.84 points to 1,832.28, while the Cross Listed Index declined 0.65 points to close at 146.65 as three stocks closed at 52 weeks’ highs.
Investors traded 158,719 shares amounting to $1,971,657 compared to 369,862 shares amounting to $5,832,895 on Monday.
Gains| Guardian Holdings gained 50 cents and ended at a 52 weeks’ high of $21, with 1,706 units crossing the exchange, the stock traded as high as $21.15 before ending lower but had a bid to buy 5,912 shares at $21, with the offer at $22 to sell 1,449 shares.
JMMB Group closed with an increase of 3 cents at $2.53, after exchanging 10,140 shares, NCB Financial gained 10 cents and settled at $11.40, with 8,868 stock units changing hands and West Indian Tobacco climbed $1 to end at 52 weeks’ high of $42, after swapping 2,000 shares.
Losses| First Caribbean International Bank dropped 22 cents lower to $8, after exchanging 8,009 shares and First Citizens Bank closed with a loss of $1 at $43, with 650 units changing hands.
Firm Trades| Angostura Holdings ended at $16.20, with investors exchanging 100 shares, Calypso Micro Index Fund traded 2,000 shares and closed at $15.75, Clico Investment Fund concluded trading of 49,039 units at $25, Massy Holdings closed at $59.75, in exchanging a mere seven units. National Flour ended at $1.36, with investors exchanging 63,645 shares, Scotiabank settled at $60, with 520 units changing hands and Trinidad & Tobago NGL traded 12,035 shares to close at $21.11.
Prices of securities trading are those at which the last trade took place.
Five stocks at new 52 weeks’ high
West Indian Tobacco lost 25 cents to close at $40.75, with investors exchanging 16,782 shares, but the market closed with five securities ending at 52 weeks’ highs as year-end momentum starts gathering steam.
At the close, the Composite Index gained 8.62 points to 1,453.53 points. The All T&T Index rose 6.07 points to 1,825.75, while the Cross Listed Index added 1.53 points to close at 146.53. Trading ended with the prices of 7 stocks rising, one declined while four remained unchanged.
Investors traded 197,680 shares amounting to $2,775,811 from an exchange of 12 securities, against 15 on Wednesday, resulting in trading in 304,217 shares at $3,580,067.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at four stocks with bids lower than their last selling prices and 3 with lower offers.
Gains| Clico Investment Fund finished trading with 25,385 stock units and rose 55 cents close at $25, Guardian Holdings climbed $1 to settle at a 52 weeks’ high of $20, with 384 stock units trading, Massy Holdings closed with an increase of 25 cents at a 52 weeks’ high of $60, with 357 stock units changing hands. 
NCB Financial gained 30 cents and ended at a 52 weeks’ high of $11.30, with 15,200 units crossing the exchange, Republic Financial rose 10 cents to finish at a 52 weeks’ high of $130.10, with investors exchanging 566 shares, Scotiabank added 20 cents and ended at $60, with 1,396 stock units trading and Trinidad & Tobago NGL gained 3 cents in trading of 40,365 shares to close at $21.15
Losses| West Indian Tobacco shares fell 25 cents, completing trading at $40.75, with 16,782 units crossing the exchange.
Firm Trades| Ansa Merchant Bank ended at $35.50, in swapping of just five shares, First Citizens Bank closed at $43, in exchanging of 527 shares, JMMB Group settled at $2.40, with 96,614 stock units changing hands and Unilever Caribbean ended at $23.50, after trading 99 stock units.
Prices of securities trading are those at which the last trade took place.
New 52 weeks’ high for Witco
West Indian Tobacco gained $1 to close at a 52 weeks’ high of $41 with investors exchanging more than 9,000 shares as some selling came out.
At the close of the market, bids to buy the stock was for 430 units at $40.01 and closed with 854 stocks offered for sale at $41.
At the close of the market, the Composite Index was unchanged on Wednesday at 1,444.91 points. The All T&T Index gained 8.12 points to 1,819.68, while the Cross Listed Index shed 1.12 points to close at 145.00 as prices of 5 stocks rose, 1 declined while 9 remained unchanged.
In the overall market, investors traded 304,217 shares amounting to $3,580,067 from an exchange of 15 securities, against 17 on Tuesday, resulting in trading in 153,598 shares amounting to $1,718,205.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 3 stocks with bids lower than their last selling prices and one with a lower offer.
Gains| Clico Investment Fund rose 5 cents and settled at $24.45, with 45,160 units, First Citizens Bank closed with a gain of 95 cents and completed trading at record high of $43, with 686 stock units crossing the market, Scotiabank gained 5 cents and completed trading at $59.80, with 800 units. Trinidad & Tobago NGL gained 2 cents and ended trading of 16,319 shares at $21.12 and
West Indian Tobacco rose $1 to close at a 52 weeks’ high of $41, with 9,160 changing hands.
Losses| NCB Financial dropped 20 cents and settled at $11, with 48,409 units crossing the exchange.
Firm Trades| Agostini’s traded 29,330 shares at $24, First Caribbean International Bank ended at $8.22, swapping of 12,000 shares, Guardian Media completed trading at $7.80, after exchanging 243 shares. JMMB Group ended at $2.40, after exchanging 17,500 shares, Massy Holdings ended at $59.75, with 615 units crossing the exchange, National Enterprises concluded at $5.55, with 4,642 units. National Flour ended at $1.40, with 100,353 stock units changing hands, One Caribbean Media concluded at $9.75, with 7,800 units crossing the exchange and Trinidad Cement ended at $1.95, with 11,200 units crossing the exchange.
Prices of securities trading are those at which the last trade took place.
Demand builds for Witco stock
Demand for West Indian Tobacco shares continues to build with the price adjusted for the 3 for one split bids to buy rising to 19,265 units at $40 well up on the adjusted last sale price of $34.98, but there are no stocks offered for sale.
In the overall market on Friday, investors traded 395,492 shares at $3,053,292 from an exchange of 15 securities, against 13 on Thursday, when 183,089 shares traded at $4,447,289.
At the close of the market, the prices of 4 stocks rose, 4 declined while 7 remained unchanged, leading the Composite Index to rise 6.17 points to 1,426.46. The All T&T Index rose 12.19 points to 1,781.86, while the Cross Listed Index added 0.01 points to close at 145.16.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 4 stocks with bids lower than their last selling prices and none with a lower offer.
Gains| Massy Holdings gained $1.75 completed trading at a 52 weeks’ high of $59.75, with 180 stock units changing hands, National Flour gained 1 cent and finished trading at $1.36 after swapping of 2,000 shares. Republic Financial jumped $4.01 concluded at $130.00, with 1,617 stock units changing hands and Trinidad & Tobago NGL rose 5 cents and ended trading of 15,811 shares at $21.05.
Losses| First Citizens Bank fell 90 cents and settled at $42.10, in swapping 50 shares, Grace Kennedy closed with a loss of 4 cents at $3.44, after exchanging 1,311 shares, JMMB Group shed 6 cents and completed trading of 201,768 shares at $2.40. Sagicor Financial declined 25 cents to end at $10.75, with investors exchanging 150,706 shares.
Firm Traded| Clico Investment Fund concluded at $24.36, with 1,700 units, Ansa Mcal completed trading at $53.99, swapping of 10 shares, Guardian Holdings ended at $18.50, after exchanging 2,256 shares. Guardian Media settled at $7.80, with 4,000 units trading, NCB Financial settled at $11, with 11,816 units changing hands, Scotiabank settled at $59.75, after exchanging 1,267 shares and Unilever Caribbean ended at $23.50, with investors exchanging 1,000 shares.
Prices of securities trading are those at which the last trade took place.
No selling of Witco stock
West Indian Tobacco stock price 2006-2019 pre-split price.
The number of West Indian Tobacco (WITCO) shares that were posted on the Trinidad and Tobago Stock Exchange on Thursday to purchase rose to 3,065 units, but the stock has failed to trade even with the bid being at $40 well up on the adjusted last sale price of $34.98.
The market closed with no Witco stocks being offered for sale after the stock started trading ex split on Tuesday.
In the overall market, investors traded 183,089 shares at $4,447,289 from an exchange of 13 securities, against 15 on Wednesday, when 633,013 units were traded for $4,629,584.
At the close of the market, the prices of 6 stocks rose, 2 declined while 5 remained unchanged, leading the Composite Index to rise 3.49 points to 1,420.29. The All T&T Index rose 5.80 points to 1,769.67, while the Cross Listed Index added 0.16 points to end at 145.15.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 6 stocks with bids lower than their last selling prices and none with a lower offer.
Gains| Clico Investment Fund concluded trading with 400 units and rose 1 cent to close at $24.36, First Caribbean International Bank added 1 cent and completed trading at $8.23, with 10,059 stock units changing hands. First Citizens Bank jumped 95 cents and settled at a 52 weeks’ high of $43, with 9,649 units crossing the exchange. Grace Kennedy rose 4 cents and closed at $3.48, with 7,200 stock units trading,
Republic Financial closed with a gain of 19 cents at $125.99, after exchanging 16,212 shares and Trinidad & Tobago NGL rose 25 cents and ended trading of 23,566 shares at $21.
Losses| JMMB Group fell 4 cents and ended at $2.46, after exchanging 9,000 shares and One Caribbean Media lost 15 cents and ended at a 52 weeks’ low of $9.75, with 100 stock units changing hands.
Firm Trades| Guardian Holdings ended at $18.50, with investors exchanging 300 shares, National Enterprises closed at $5.50, trading 1,880 units, Sagicor Financial completed trading at $11, after exchanging 94,111 shares, Scotiabank settled at $59.75, after 1,500 shares crossed the exchange and Unilever Caribbean settled at $23.50, with investors exchanging 9,112 shares.
Prices of securities trading are those at which the last trade took place.
Still no trading in Witco stock
Witco bid price close at $40.
After the three for one stock split of West Indian Tobacco shares took effect on Tuesday, there is no trading in the stock so far, although there is buying interest.
The number of stocks on the bid to buy is up to 1,065 units at $40 compared with the adjusted last traded price of $34.98. There were no stocks on offer posted sell at the close.
Investors exchanged 633,013 shares for $4,629,584 from an exchange of 15 securities against 12 on Tuesday, when 174,546 shares for $2,851,630 traded.
At the close of the market, the prices of 3 stocks rose, 5 declined while 7 remained unchanged, leading the Composite Index to rise 3.43 points on Wednesday to 1,416.80. The All T&T Index rose 0.55 points to 1,763.87, while the Cross Listed Index gained 0.86 points to close at 144.99.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 5 stocks with bids lower than their last selling prices and 4 with lower offers.
Gains| First Citizens Bank ended trading with 5 cents and completed trading at $42.05, with investors exchanging 150 shares, JMMB Group added 20 cents to close at $2.50, after exchanging 426,753 shares and Republic Financial increased 30 cents and settled at $125.80, with 760 stock units changing hands.
Losses| Ansa Mcal closed with a loss of 1 cent at a 52 weeks’ low of $53.99, with 500 stock units trading, First Caribbean International Bank fell 1 cent and ended at $8.22, after exchanging 840 shares, Guardian Media dropped 45 cents and completed trading at a 52 weeks’ low of $7.80, after exchanging 3,549 shares. Trinidad & Tobago NGL fell 25 cents and ended trading of 64,472 shares at a 52 weeks’ low of $20.75 and Unilever Caribbean shed 25 cents and completed trading at $23.50 after exchanging 900 shares.
Firm Trades| Agostini’s traded 20,630 shares unchanged at $24, Clico Investment Fund settled at $24.35, with 2,680 units, Guardian Holdings closed at $18.50, with investors exchanging 34,752 shares, NCB Financial settled at $11, with 54,890 stock units changing hands, Point Lisas ended at $3.60, after swapping of 360 shares. Prestige Holdings completed trading at $8.40 in exchanging 2,185 shares and Sagicor Financial concluded trading at $11, with 19,592 stock units changing hands.
Prices of securities trading are those at which the last trade took place.
Republic’s Monday’s gains reversed
Republic Bank
The Trinidad & Tobago Stock Exchange dropped sharply at the close on Tuesday as investors pushed back Republic Holdings down to $125 at the end along with others, including three that hit five years’ lows.
Investors exchanged 174,546 shares for $2,851,630 from an exchange of 12 securities against 15 on Monday, when 473,189 shares for $9,463,769 traded. The big news of the day is the three for one stock split of West Indian Tobacco stock and the closing bid at $40 compared with the adjusted last traded price of $34.98, suggesting a big boost to the market indices when next it trades.
At the close of the market, the prices of 4 stocks rose, 5 declined while 3 remained unchanged, leading the Composite Index to drop 8.60 points to end at 1,413.37. The All T&T Index dived 19.37 points to 1,763.32, while the Cross Listed Index rose 0.32 points to close at 144.13.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended at 5 stocks with bids lower than their last selling prices and 4 with lower offers.
Gains| Clico Investment Fund rose 25 cents and ended at $24.35, after exchanging 30,000 shares, JMMB Group rose 5 cents to close at $2.30, after trading 44,106 stock units. 
LJ Williams B shares gained 5 cents and ended at five years record high of $1.20, with 5,000 units crossing the exchange and Sagicor Financial gained 25 cents and ended at 52 weeks high of $11, with 12,034 stock units changing hands.
Losses| Ansa Merchant Bank fell 25 cents and settled at $35.50, after exchanging 50 shares, Guardian Holdings closed with a loss of 5 cents at $18.50, after trading 9,690 shares, National Enterprises shed 26 cents and ended at a 5 years’ low of $5.50, with 5,000 stock units crossing the exchange. Republic Financial dropped $4.50 to finish $125.50, with 650 units changing hands and Trinidad Cement ended trading of 4,089 shares and lost 10 cents to close at a five years’ low of $1.80.
Firm Trades| Massy Holdings completed trading of 7,776 units at $58, Point Lisas closed at $3.60, with 2,640 stock units changing hands and Trinidad & Tobago NGL ended trading 53,511 shares to close at $21.
Prices of securities trading are those at which the last trade took place.
