In Thursday’s trading on the Jamaica Stock Exchange, the market was directionless with advancing stocks numbering just below declining ones and the IC market indicator showing investors in a tussle over the immediate future direction of the market. Prices of 6 stocks rose and 8 declined as 20 securities traded resulting in 3,602,192 shares changing hands valued at $19,621,158 in another lacklustre session.
Main Market| All advancing shares in the market was in the main market and all but one stock that declined was also in this market, but the indices moved up slightly, with the JSE Market Index inching up by just 1.23 points to 74,599.03 and the JSE All Jamaican Composite index edging up by only 1.38 points to close at 82,123.43.
Gains| Stocks recording gains at the end of trading in the main market are Berger Paints trading 89,657 unitss to close with a gain of a cent at $1.68, Caribbean Cement gained 21 cents to close at $3.91 with 20,500 units changing hands, Carreras traded 443 shares to close 6 cents higher at $33.56, Ciboney with 50,000 shares by increasing by a cent to close at 12 cents for a new 52 weeks high, Grace Kennedy 7,439 shares with a gain of $1 to close at $58 and Jamaica Money Market Brokers with 451,214 ordinary shares to close up by 4 cents at $7.24.
Firm| There were only 5 stocks in the main market to close without a change in price as Gleaner with 228,484 shares closed at $1.10, Hardware & Lumber traded 3,300 units and closed at $11.70, Mayberry Investments with 3,060 units closed at $1.70, Scotia Group had 59,888 units changing hands to close at $20.62 and Seprod traded 685 shares in closing at $10.84.
Declines| The number of stocks that declined in the main market are Cable & Wireless with 1,500,888 units while losing a cent to end at 40 cents, Desnoes & Geddes with 76,472 shares to end at $4.30 as the price lost 30 cents, Jamaica Broilers with 450,872 shares to close at $4.86, down 4 cents, Jamaica Producers that traded 6,600 units to close at $18.26 while losing 4 cents, National Commercial Bank 571,665 shares as the price closed with a 10 cents lost, at $18, Sagicor Group had 50,529 units changing hands to close with a fall of 71 cents to $9.50 and Salada Foods 2,400 shares to close 45 cents lower, to end at $7.50
Junior Market| The JSE Junior Market Index declined by 0.59 points to close at 743.20 as only 2 junior market stocks traded at the end of the trading session.
Gains| No stock gained at the end of trading in the junior market.
Firm Trades| Lasco Manufacturing was the only stock in the junior market that traded to close at the same price as the previous trading day with 27,096 units to end at $1.20.
Declines| Caribbean Producers was the only stock declining in the junior market at the end of trading as the price fell 9 cents to close at $2.91 as it traded a mere 1,000 units.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than the last selling price and 6 stocks with offers that were lower.
Market directionless
Securities traded up but prices mixed
There was trading in 16 securities on the Trinidad Stock Exchange on Wednesday, 4 advanced, 3 declined and 9 traded firm, as 157,712 shares traded with a value of $1,646,580.
Market activity lead to two new 52 weeks highs and moderate movements in the indices, with the Composite Index edging up 0.43 points to close at 1,169.87, the All T&T Index gaining 1.73 points, to close at 1,985.33 and the Cross Listed Index declining by 0.12 points to 46.49.
Gains| First Citizens Bank contributed 17,200 shares with a value of $596,996 and gained 70 cents, to close at $34.70, Praetorian Property Fund advanced by a cent to end at $3.41, as it traded 2,000 units, Republic Bank traded a mere 83 units, as the price moved up a cent, to close at $120.17 for a new 52 weeks high and Unilever Caribbean traded just 31 shares to close 2 cents higher at $58.22, a new 52 weeks high.
Firm Trades| Stocks trading with unchanged closing prices, are Angostura Holdings with 16,470 shares valued at $181,170, to close at $11, Flavorite Foods with 33 units at $7, Grace Kennedy with 45,600 shares changing hands for a value of $159,600 and closed at $3.50, National Flour Mills 10,000 shares at $1.26, Neal & Massy 100 shares at $66.31, Prestige Holdings 500 units at $9.35, Scotiabank 138 shares at $71, Trinidad Cement 895 units at $2.06 and West Indian Tobacco 216 units at $118.
Declines| Clico Investment Fund traded 13,277 shares valued at $288,603 as the price declined by 15 cents, to end at $21.70, Jamaica Money Market Brokers traded 6,300 shares to close down 2 cents to 54 cents and Sagicor Financial Corporation with a volume of 44,667 shares traded for $312,669 as the price shed 3 cents, to end at $7.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower.
Mixed TTSE market action
NatMarket activity was mixed in trading on the Trinidad Stock Exchange on Tuesday with 11 securities changing hands, of which 3 advanced, 3 declined and 5 traded firm. The Composite Index declined by 1.84 points, to close at 1,169.44, the All T&T Index eased down by 3.60 points, to 1,983.60 and the Cross Listed Index inched down by 0.01 points to 46.61. A volume of 336,239 shares changed hands with a value of $2,294,276.
Gains| Prestige Holdings had 158,395 shares changing hands, for a value of $1,480,422 as the price gained 6 cents to end at $9.35, Republic Bank traded a mere 83 units as the price moved up 5 cents, to close at $120.16, for a new 52 weeks high and Scotia Investments closed with 14,984 shares for a 1 cent gain at $1.60.
Firm Trades| Agostini’s had 20 units changing hands, to close at $17.75, Flavorite Foods 25 units at $7, Guardian Holdings contributed 45,884 shares with a value of $619,434, to close at $13.50, National Enterprises had 1,000 units trading at the close, at $18.25 and National Flour Mills added 15,000 shares valued at $18,900 as it closed at $1.26.
Declines| First Citizens Bank fell 99 cents to close at $34, Jamaica Money Market Brokers with 95,653 shares being traded for $53,566, closed down 3 cents to 56 cents, and Sagicor Financial traded 4,000 units to close at $7.03 as it lost 2 cents.
At the end of trading the Investor’s Choice bid-offer indicator had 4
Hibernating stocks awaken on TTSE
A number of stocks that have either not traded in months or seldom traded from as far back 2013 surfaced from their slumber in Thursday’s trading on the Trinidad Stock Exchange. Included in the list, are Ansa Merchant Bank, Berger Paints, Flavorite Foods and Prestige Holdings. The change flushed out some stocks that were showing signs that they would fall when they next traded as offer prices were lower than their last selling price for some time.
Market activity resulted in the trading in 13 securities of which 5 advanced, 4 declined and 4 traded firm resulting in 106,402 shares changing hands, valued at $2,855,845 and moving the Composite Index down by 1.31 points to 1,171.77 while the All T&T Index fell by 2.61 points to close at 1,988.18 and the Cross Listed Index remained at 46.62.
Gains| Stocks recording gains in the market are Ansa Merchant Bank contributing 9,411 shares with a value of $361,226 as the price moved up 10 cents to end at $38.40, Clico Investment Fund with 24,180 shares valued at $528,333, the price advanced by 9 cents to end at $21.85. One Caribbean Media with 200 shares at $19.75 while gaining 5 cents to record a new 52 weeks high at the close and Republic Bank while trading 2,953 shares at a new 52 weeks high of $120.10 with a gain of 2 cents and Scotiabank with an increase of 90 cents to end the day at $71.00 while trading 205 shares.
Firm Trades| Angostura Holdings traded 602 shares at $11, Berger Paints 100 units at $3.60, Jamaica Money Market Brokers saw 39,340 shares changing hands for a value of $22,030 as the price closed at 56 cents and Neal & Massy traded 20,038 shares for $1,328,720 to close at $66.31.
Declines| First Citizens Bank traded 5,608 shares valued at $197,169 as the price slipped by 25 cents to end at $35, Flavorite Foods fell $1.21 to close at $7, a new 52 weeks low, Guardian Holdings 1,755 shares at 25 cents lower at $13.75, Prestige Holdings traded only 10 shares to close at $9.29 for a 1 cent decline.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bids higher than their last selling prices and only 1 stock with the offer that is lower.
Strong arbitrage position in JMMB in JSE & TTSE
Jamaica Money Market Brokers (JMMB) closed at 56 cents, the equivalent of JS$9.50 while it closed at J$7.50 in Jamaica, providing investors with a great arbitrage position, with a huge 26 percent price difference at the end of trading.
Trading overall in the Trinidad Stock market on Wednesday saw 12 securities changing hands of which 5 advanced, 5 declined and 2 traded firm resulting in the Composite Index declining by 4.54 points to close at 1,173.08, the All T&T Index falling by 8.83 points to close at 1,990.79 and the Cross Listed Index easing by 0.03 points to close at 46.62. Trading resulted in 653,357 shares changing hands, valued at $6,420,588.
Gains| (JMMB) was the volume leader with 186,000 shares changing hands for a value of $103,300, closing 3 cents higher to end at 56 cents, National Enterprises gained 2 cents to close at $18.27, National Flour Mills added 110,000 shares valued at $138,600 to close a cent higher at $1.26, a 52 weeks high, Neal & Massy traded only 35 units at $66.31 for a one cent gain.
Declines| First Caribbean International Bank traded 15,072 shares at $5.75, down a cent, First Citizens Bank 3,581 shares at $36.07, down 28 cents Grace Kennedy with 161,400 shares traded for $564,975 and fell 13 cents to $3.50, Scotiabank with 215 shares, close at $70.10, down $1.90 and Trinidad Cement contributed 118,574 shares with a value of $243,723 to close at $2.05.
Firm Trades| Angostura Holdings 900 shares to close at $11.00, Sagicor Financial Corporation had only 50 units changing hands to end at $7.05.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bids higher than their last selling price and 3 stocks with offers that were lower.
Trinidad’s sleepy market
Stock market activity in Trinidad on Tuesday, saw trading in 13 securities, of which 3 advanced, 2 declined and 8 traded firm as 603,335 shares changed hands, for $7,429,236. The Composite Index edged up by 0.41 points to 1,177.62, the All T&T Index declined by 0.14 points to close at 1,999.62 and the Cross Listed Index inched up by 0.13 points to 46.65.
Gains| Clico Investment Fund traded 70,814 shares valued at $1,540,905 and gained 6 cents, to end the day at $21.76. Jamaica Money Market Brokers with 230,942 shares changing hands for a value of $122,179, closed 3 cents higher at 53 cents, Republic Bank with 955 units at $120.05 up 2 cents, a new 52 weeks high.
Firm Trades| Stock trading unchanged are Agostini’s with 471 units at $17.75, ANSA McAL 10 shares at $66.49, Angostura Holdings 10 shares at $11, National Flour Mills with a volume of 172,504 shares traded for $215,574 to close at $1.25, Point Lisas Industrial Port Development 300 shares at $3.65, Sagicor Financial Corporation 13,200 shares to close at $7.05, Guardian Media 957 units at $19.75 and West Indian Tobacco which added 17,501 shares valued at $2,065,118 to close at $118.
Declines First Citizens Bank contributed 88,671 shares with a value of $3,223,211 to close 4 cents lower at $36.35, Grace Kennedy traded 7,000 units to close with a one cent fall at $3.63.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than the last selling price and 5 stocks with offers that were lower.
Moderate demand on TTSE but 5 stocks up
Activity on the Trinidad Stock Exchange resulted in the trading of 10 securities on Friday of which 5 advanced, 3 declined and 2 traded firm.
A moderate volume of securities traded amounting to only 220,535 shares valued at $957,901. The Composite Index eased back by 0.89 points to close at 1,178.27, the All T&T Index declined by 2.73 points to 2,000.85 and the Cross Listed Index edged up by 0.13 points to close at 46.66.
Gains| In trading, First Citizens Bank moved 54 cents higher to close at $36.69 with 4,489 shares, First Caribbean International Bank traded 5,000 units at $5.76 for a one cent gain, Jamaica Money Market Brokers gained 2 cents to close at 47 cents, with 102,137 shares changing hands, for a value of $48,004. National Flour Mills traded 60,400 shares for $75,500 with the price closing 8 cents up, to end the day at $1.25, for a new 52 weeks’ high, Republic Bank had 1,335 shares changing hands to close 2 cents higher at $120.02, for a new 52 weeks’ high.
Firm trades| Clico Investment Fund traded 7,325 shares valued at $159,040, the price held at $21.71 and Scotiabank traded 2,622 units to close at $72.
Declines| Guardian Holdings lost a cent, to close at $14.14 in trading 2,000 shares, Trinidad Cement contributed 29,657 shares with a value of $65,245 while losing 10 cents, to close at $2.20 and Sagicor Financial Corporation added 5,570 shares valued at $40,605 and closed down a cent, at $7.29.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bid higher than the last selling price and 5 stocks with offers that were lower.
Profits down at Scotia
Scotia Group and its subsidiary Scotia Investments reported lower profits for the first quarter ended January this year.
Scotia Group reported net income of $2.54 billion for the first quarter ended January 31, which is $168 million above the previous quarter ended October last year and $104 million below the quarter ended January 31, 2013. Earnings per share (EPS) for the quarter was $0.79 compared to $0.82 for the same period last year.
The Directors maintained the dividend at 40 cents per stock unit payable on April 10.
Total operating income, comprising net interest income after impairment losses and including other revenue, was $8.3 billion, a decrease of $28 million relative to the prior year.
Net interest income after impairment losses for the period was $5.7 billion, down $134 million or 2.30 percent when compared to the same period last year. However, the loan loss expense increased by $234 million to $517 million compared with $284 million with prior year.
As reported by management, “Other revenue for the quarter was $2.56 billion, up $106 million or 4.3 percent when compared with prior year. This was due primarily to increased insurance revenue of $54 million, higher gains on our foreign currency trading and investment book of $36 million and net fee and commission income of $11 million. The increase in the net fee and commission income was due to growth in our mutual funds and unit trust business.”
Operating Expenses were $4.87 billion for the quarter, representing an increase of $237 million or 5.12 percent over prior year. This is due primarily to higher staff related costs of $139 million and operating expenses of $117 million.
Scotia loan portfolio fell in the latest quarter to reached $133.4 billion from $134.8 billion in October last year but is still well ahead of the $122.3 billion at the end of January 2013.
Scotia Investments reported net income for the quarter of $421 million, $66 million or 13 percent below the quarter ended January 31, 2013 and $152 million or 26 percent below the October 31, 2013. Operating Income, comprising net interest revenue and other income of $989 million for the quarter was $119 million or 11 percent below the $1.108 billion for the same period last year; and $230 million or 19 percent below last quarter. Non-interest income, which includes fee income, securities trading gains and net foreign exchange trading income, was $352 million for the quarter, $7 million above the same period last year; and $138 million or 28 percent below last quarter. Net interest income fell to $636 million from 745 million in similar period in 2013 as interest margins contract. Wages grew but other operating expenses fell leaving overall expense in line with that of 2013.
The Board maintained dividend at 45 cents per stock unit, payable on April 10, 2014.
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Scotiabank T&T making headway slowly
Most banks in the English speaking Caribbean are facing challenging economic environment with slow growth and moderate increase in profits.
The stalemate in the Trinidad & Tobago economy has not left Scotiabank out of its reach. The bank is reporting net income after tax of $561 million for the year ended 31 October 2013, an increase of $15.6 million or 2.9% over the same period last year. The profit flowed from revenues of $1.389 billion in net income versus of $1.287 billion in 2012. Of note is the increase in income in the last quarter of $384 million or 16 percent over the $331 earned in 2012. The increased income came all from other income not net interest.
Profits after tax rose by 11 percent or a faster pace than the full year’s growth and may be an indication that the pace of growing profits may well be picking up. However, the pace is so low that a clearer picture may have to await the first quarter results. There was no growth in the main income generator of lending with loans standing at $10.576 billion at the end of the year compared to $10.45 as of July but from $9.96 billion at the end of October 2012. Total Assets ended the period at $19.5 billion, representing growth of 10.2% or $1.8 billion over the comparative period in 2012.
“Conditions in the domestic economy remain challenging, with continuing margin compression due to persistently low interest rates and high liquidity. It is against this backdrop that the Bank continues to focus on growing income through building and maintaining strong customer relationships and diversification of its revenue base through the launch of new products and services. Our strategies to manage credit quality and recoveries continue to bear fruit as evidenced by the reduction in credit losses year over year. Finally, we continue to manage expenses while ensuring we invest in our brand, people and infrastructure” management reported to shareholders.
On the basis of the results, Directors resolved that the Bank pay a fourth interim dividend of 40 cents per ordinary share and a special dividend of 30 cents (32 cents in 2012, plus a special dividend of 28 cents) on 7 January 2014 to shareholders on record at 9 December 2013.
