Trading on the Trinidad Stock Exchange closed the week with 11 securities changing hands, of which 2 advanced, only 1 declined and 8 traded firm with a total of 215,713 units, valued at $2,278,896.
At the close of the market, the Composite Index lost 0.04 points to close at 1,146.02, the All T&T Index fell by 0.08 points to close at 1,964.35 and the Cross Listed Index remained at 42.94.
Gains| Stocks increasing in price at the close are, Clico Investment Fund with 26,301 shares valued at $581,487 and advanced by 1 cent to $22.11 and Scotiabank contributed 9,586 shares with a value of $557,018, increasing 5 cents to end the day at $58.12, as the stock continues to make a slow recovery from the sharp fall it has suffered since end of May.
Declines| The only stock declining at the end of trading, is Republic Bank, with 300 shares at $120.72, as the price slipped a cent.
Firm Trades| Stocks closing with prices unchanged, at the end of trading are, First Citizens Bank which traded 1,610 shares, to close at $36.75, Grace Kennedy closed with 740 shares at $3.85, Guardian Holdings with a volume of 13,995 shares traded for $189,662, closed at $13.55, while Massy Holdings added 7,894 shares valued at $541,134 to close at $68.55, National Enterprises closed with 100 units at $17.49, Point Lisas Industrial Port had 490 units trading at $4.05, Trinidad Cement with 154,497 shares changing hands, for a value of $307,449.03, closed at $1.99 and L.J. Williams B traded 200 shares at 90 cents.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 1 stock with the bid higher than the last selling price and 3 stocks with offers that were lower.
Scotiabank making slow recovery on TTSE
A D&G and Cable & Wireless market
Desnoes & Geddes (D&G) with more than 27.3 million shares and Cable & Wireless (C&W) with 7.5 million units trading, dominated Thursday’s activity, on the Jamaica Stock Exchange. Except for less than a few thousand unit virtually all of D&G shares traded, were crosses done by NCB Capital Market. The C&W trade, flowed from increased buying, following the announcement of the takeover of Flow by CWC Communications plc.
At the close of trading, the prices of 4 stocks gained and 4 declined as only 14 securities changed hands, ending in 35,240,771 units trading, valued at $129,810,630, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 9 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Main Market| The JSE Market Index fell 350.96 points to 72,902.39, the JSE All Jamaican Composite index declined 392.43 points to close at 80,226.30 and the JSE combined index lost 210.18 points to close at 74,729.14.
Gains| IC Insider BUY RATED Cable & Wireless, finished trading with 7,481,913 units and put on 4 cents to end at 32 cents, to be the sole stock to gain at the end of trading, in the main market. The stock which was responding to news of a takeover of Columbus International, operators of Flow, enjoyed very strong bids at the close with 1,389,745 units to buy at 32 cents at the top of the bids, 2,954,100 units on the bid at 30 cents and 3,658,619 units at 28 cents. There are 2,288,839 on offer between 35 to 50 cents, an almost certain recipe for further gains to come.
Cable & Wireless HQ Kingston
Firm| The stocks in the main market to close without a change in the last traded prices are, Jamaica Broilers closing with 24,819 shares at $4, Jamaica Money Market Brokers finished trading with 487 shares at $7, Proven Investments with 5,425 shares at 18 US cents, Radio Jamaica ended with 3,615 units to close at $1.18 and Sagicor Group closed with 50,000 shares at $9.65.
Declines| The last traded prices of stocks with losses at the end of trading, in the main market are, Caribbean Cement, ended with 105,000 units, to close 5 cents lower at $2.60, Desnoes & Geddes closed with 27,346,412 shares, valued at $125.8 million to end 35 cents down, at $4.60, Sagicor Real Estate Fund finished trading with 82,100 shares changing hands, lost 15 cents at $6.60 and Scotia Investments with 500 shares fell 9 cents, to $21.51.
Trading broadens with 17 securities
Trading on the Trinidad Stock Exchange ended with 17 securities changing hands of which 3 advanced, 4 declined and 10 traded firm with a total of 89,562 units, valued at $2,032,287.
At the close of the market, the Composite Index lost 0.77 points to close at 1,146.06, the All T&T Index rose 0.18 points to close at 1,964.43 and the Cross Listed Index fell by 0.23 points to end at 42.94. Gains| Stocks increasing in price at the close are, ANSA McAl with 1,495 shares advanced by 2 cents to end at $12.75, Scotiabank contributed 7,666 shares with a value of $445,155, to close $58.07 and Unilever Caribbean increased 3 cents, to end at $64.22 with 4 units traded to close at a new 52 weeks’ high.
Declines| The stocks declining at the end of trading are, Jamaica Money Market Brokers that added 7,476 shares but lost 3 cents, to end at 42 cents, National Commercial Bank with 12,300 shares changing hands, for a value of $12,054 but lost 2 cents, to close at 98 cents, One Caribbean Media lost 2 cents with 721 shares in closing at $25.10 and Republic Bank with 2,273 shares changing hands for a value of $274,419 and closed at $120.73 as the price slipped by 1 cent.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings with a volume of 8,552 shares, traded for $109,036 and closed at $12.75, while Clico Investment Fund with 31,215 shares valued at $689,852 remained at $22.10, First Citizens Bank traded 1,319 shares, to close at $36.76, Grace Kennedy traded 765 units at $3.85, Guardian Media 925 shares $19.75, Guardian Holdings 3,184 shares at $13.55, Massy Holdings traded 3,689 shares valued at $252,918 and closed at $68.55, National Flour Mills 2,500 shares ended at $1.10, Sagicor Financial Corporation with 478 shares, closed at $6.05 and Trinidad Cement with 5,000 shares closed at $1.99.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 1 stock with the bid higher than the last selling price and 3 stocks with offers that were lower.
BNS provides C$109m for Carib hotels’ debt
Bank of Nova Scotia decision to shed 1,500 workers globally and close a number of branches, within the Caribbean and Mexico, has led to other developments within the group, in an attempt to recognize areas of potential losses in the worldwide operations.
This had led the bank to record additional loan loss provisions of approximately C$109 million. The amount for “ losses relates, primarily to three existing net impaired loans, within the Caribbean region’s hospitality portfolio. Due to the prolonged economic recovery and continued uncertain outlook. These additional amounts, bring the net carrying value, in line with the expected net recoverable value,” the bankers said in their press release, on Tuesday. There is also an additional amount in the Canadian Banking related to a change in methodology in estimating loss parameters, on the unsecured lending portfolios.
Reports are that the bank plans to shutter 35 branches within the Caribbean region.
6 stocks rose as market indices jump
Grace climbed $1.50 to help push indices
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 8 stocks with bids higher than their last selling prices and 7 stocks with offers that were lower.
Main Market| The JSE Market Index gained 807.24 points to 73,253.35, the JSE All Jamaican Composite index jumped 902.62 points to close at 80,618.73 and the JSE combined index gained by 760.32 points to close at 74,939.32.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Grace Kennedy finishing trading with 3,000 shares while gaining $1.50 to $59.50, National Commercial Bank ended with 12,777 shares rising 80 cents to $17.80, Pan Jamaican Investment closed trading with 4,000 units and put on 45 cents to $49.50, Scotia Group finished trading with 927,422 shares to end with an increase of 35 cents to $19.60 and Scotia Investments with 3,000 units to closed 20 cents higher at $21.60.Firm| The stocks in the main market to close without a change in the last traded prices are, Berger Paints closed with 14,750 shares trading to close at $1.60, Cable & Wireless finished trading with 5,310,349 shares at 28 cents after trading a small amount as low as 25 cents, Desnoes & Geddes fresh from reported a 30 percent increase in profit traded 100,000 units at $4.95, Jamaica Money Market Brokers ended with only 1,378 shares trading at $7 and Sagicor Group closed with 31,000 shares at $9.65.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Carreras with 6,707 units to close 10 cents lower at $34.50 and Jamaica Broilers ended with 219,639 shares to end 20 down at $4.
5 stock gained on TTSE
Trading on the Trinidad Stock Exchange ended with 9 securities changing hands, of which 5 advanced, 1 declined and 3 traded firm, with a total of 64,377 units, valued at $895,542.
At the close, the Composite Index rose 0.13 points to close at 1,146.83, the All T&T Index gained 1.16 points to close at 1,964.25 and the Cross Listed Index fell by 0.12 points to end at 43.17.
Gains| Stocks increasing in price at the close of trading are, Angostura Holdings with 14,903 shares changing hands valued at $190,013 and gained 20 cents to end at $12.75, Point Lisas traded 1,839 shares to close with a gain of 5 cents, to end at $4.05, Republic Bank contributed 80 shares as the price closed up 74 cents, at $120.74, Scotiabank with 214 shares ended with a gain of 4 cents at $58.05 and West Indian Tobacco rose 2 cents to $119.02, while trading 80 units.
Declines| The only stock declining at the end of trading is, Sagicor Financial Corporation in trading 18,472 shares valued at $111,756, as the price fell 14 cents, to end at $6.05.
Firm Trades| Stocks closing with prices unchanged, at the end of trading are, Clico Investment Fund with 14,560 shares valued at $321,776 at $22.10, First Citizens Bank traded 1,695 shares to close at $36.75 and Guardian Holdings contributed 12,526 shares with a value of $169,697, to end at $13.55.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.
4 stocks up 5 down on JSE
Tuesday’s activity on the Jamaica Stock Exchange, resulted in the prices of 4 stocks rising and 5 declining as 21 securities changed hands, ending in 6,081,391 units trading, valued at $20,841,759, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 10 stocks with bids higher than their last selling prices and 5 stocks with lower offers.
Main Market| The JSE Market Index gained 534.49 points to 72,446.11, the JSE All Jamaican Composite index rose 597.64 points to 79,716.11 and the JSE combined index gained 462.27 points to close at 74,179.00.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Carreras had 2,492 shares changing hands and gained 10 cents to $34.60, Jamaica Broilers with 9,318 units closed 5 cents higher at $4.20, Kingston Properties climbed 15 cents to $4 with 10,000 shares trading and Sagicor Real Estate Fund close trading with 30,000 units while gaining 10 cents to end at $6.75.
Firm| The stocks in the main market to close without a change in the last traded prices are, Cable & Wireless in trading 4,005,306 units to close at 28 cents, Desnoes & Geddes with 42,400 shares to end at $4.95, Jamaica Money Market Brokers with 2,865 ordinary shares trading to close at $7, Margaritaville with 44,200 shares traded to end at 11 us cents, National Commercial Bank had 5,893 units changing hands to close at $17, Pan Jamaican Investment with just 200 shares trading ended at $49.05, Proven Investments with 27,540 units closed at 18 US cents and Sagicor Group exchanged 20,100 shares to close at $9.65.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Grace Kennedy with 7,000 shares to close $1 down at$ 58, Radio Jamaica had 10,516 units changing hands to close with a loss of 2 cents at $1.18, Scotia Group traded with 725,272 shares to end 35 cents lower to end at $19.25 after trading as high as $20.49 and Scotia Investments closed with 1,700 units trading to close with a loss of 60 cents at $21.40.
Preference| Trading picked up in the preference share segment with Jamaica Money Market Brokers 8.75% preference share trading 300,000 units at $3, the Jamaica Money Market Brokers 7.50% preference share trading 576,700 units to close at $2 and Proven Investments 8% preference share trading 172,594 units to end at $5.
Moderate price changes on TTSE
Trading on the Trinidad Stock Exchange closed with 15 securities changing hands of which 2 advanced, 3 declined and 10 traded firm, with a total of 222,485 units, valued at $2,436,444 traded.
At the close of the market, the Composite Index lost 0.07 points to close at 1,146.70, the All T&T Index fell by 0.14 points to close at 1,963.09 and the Cross Listed Index remained at 43.29.
Gains| Stocks increasing in price at the close are, Angostura Holdings that gained 5 cents, to end at $12.55 while 1,724 units were traded and Scotiabank gaining just a cent, to end at $58.01 with 1,371 units changing hands.
Declines| The stocks declining at the end of trading are, Guardian Holdings added 19,230 shares valued at $260,567 and closed 5 cents lower, at $13.55, Massy Holdings traded 1,200 shares to close with a 1 cent loss, at $68.55 and National Enterprises with 1,518 shares traded, to close at $17.50.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, ANSA McAl with only 100 units changing hands, to end at $66.15, Clico Investment Fund with 40,720 shares valued at $899,912, remained at $22.10, First Citizens Bank contributed 21,500 shares with a value of $790,128, to end at $36.75, Guardian Media added only 20 shares to close at $19.75, National Flour Mills with 28,166 shares being traded for $30,983, closed at $1.10, National Commercial Bank traded 4,000 shares and closed at $1, Scotia Investment with 2,000 shares trading, ended at $1.40, One Caribbean Media contributed 846 shares at $25.12, Trinidad Cement with 100,000 shares changing hands for a value of $199,092, closed at $2 and West Indian Tobacco traded 90 units, to close at $119.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than their last selling prices and 3 stocks with offers that were lower.
Scotiabank Canada to cut 1,500 jobs
Scotiabank Canada is to cut 1,500 positions worldwide and take a profit hit in fourth quarter of its 2014 fiscal year, ending in October. About two thirds of the cut will come from its Canadian operation and according to Yahoo.com will result in a charge of $340 million against 2014 profit.
Despite the charge, profit outlook remain good for 2014 and beyond, but the move is as a result of general weakness of Caribbean economies, sporadic use of branches, weekly and bi-weekly, instead of consistent daily use. The sporadic branch use will result in branch closures, mainly in Caribbean and Mexico. The bank’s foot print in Mexico are many, BNS management said, but the branches to be shuttered lack traffic, which means the bulk of the branch closure will occur in this country. The bank says they will be moving to use more ATMs and internet banking facilities, in place of the physical branches.
The BNS has written down its investment in the economically challenged Venezuela, reducing it to only $50 million.
What is known is that the Caribbean region has suffered considerably from the economic downturn experienced since 2008. The operations in Jamaica has seen profit stagnated in Jamaican dollars and slipped in Canadian dollars as the Jamaican dollar was devalued. Profits stagnated in Trinidad banking subsidiary, as well. Loan demand has not been robust within the region either, and the absence of a meaningful pick up in this critical area will result in a drag on profit growth, as long as that remains the case. The sharp fall in the price of oil is going to place pressure on the twin island state of Trinidad and Tobago and by extension some of the other territories that may be dependent somewhat on business out of Trinidad. This latest development could be negative for Scotia’s Trinidad operation. Compounding the problem for Scotia, is that Jamaica that has started enjoying moderate growth that could lead to increased private sector loan demand, is faced with lower demand for government funding, as the government moves from deficit financing to one of surplus.
JSE starts November positively
In Monday’s activity on the Jamaica Stock Exchange, the prices of 6 stocks rose and 4 declined, as 20 securities changed hands, ending in 513,363 units trading, valued at $5,353,713, in all market segments. The main market had one stock closing with a loss, while the junior market had only one stock gaining.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower.
Main Market| The JSE Market Index gained 205.33 points to 71,911.62, the JSE All Jamaican Composite index rose 229.58 points to close at 79,118.47 and the JSE combined index gained 157.17 points to close at 73,716.73.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Caribbean Cement with 6,000 units, gained 25 cents to $2.65, Grace Kennedy added 35,510 shares and gained $1 to end at $59, Kingston Wharves put through 650 shares, increased by 5 cents to close at $5.15, there was activity in Scotia Investments with 5,550 units, as the price increased by 60 cents, to close at $22 and Seprod with 10,850 shares gained 25 cents to close at $11.25.
Firm| The stocks in the main market to close without a change in the last traded prices are, Carreras with 50,174 shares to end at $34.50, Desnoes & Geddes had 1,000 units and closed at $4.95, Jamaica Money Market Brokers with 54,104 ordinary shares ended at $7, Mayberry Investments had 82,358 units trading, and closed at $1.50, National Commercial Bank contributed 2,490 shares to total of stocks trading, and ended at $17, Proven Investments had 1,880 units trading to close at 18 US cents and Sagicor Real Estate Fund 6,300 shares, closed at $6.65.
Declines| Sagicor Group with 27,000 shares traded with a lost 1 cent to end at $9.65 was the only stocks with a loss at the end of trading in the main market.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 32,988 units to close at $3.