Big gains for 7 T&TSE stocks

July 18, 2026 by

After years of declines, the TTSE market recorded gains for the year through to the end of this week, with the Composite Index rising 7.6 percent and the All T&T Index rising 6.3 percent.

The positive outcome arose from sharp gains in the prices of seven stocks, with Trinidad & Tobago NGL topping the list with a jump of 284 percent, followed by National Enterprises with 138 percent gain.
In the past four weeks, rising stocks pushed the market higher, with solid price gains in First Citizens, up $1.30, Guardian Holdings rising 56 cents, Republic Holdings with an increase of 50 cents and West Indian Tobacco climbing $1.26. Stocks also suffered sizable declines; amongst the list are Ansa McAl with a fall of $2, Endeavour Holdings down $1, Agostini falling $1.65 and Prestige Holdings slipping 45 cents.

Notwithstanding the solid gains for the year to date, the PE chart shows several stocks being highly undervalued. These include Guardian Holdings, Republic Holdings, Scotiabank, National Flour, Massy Holdings, Trinidad Cement, Eric Solis and West Indian Tobacco.

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Big gains for Trinidad stocks to May

May 26, 2026 by
The Trinidad and Tobago Stock Exchange suffered four years of decline, resulting in the T&T Composite index losing 37 percent and the ALL T&T Index declining by a more significant 48.52 percent since the start of 2022 to the end of 2025. For the first five months this year, the market has clawed back a small bit of the loss, with Composite index rising 5.72 percent since the end of last year and the ALL T&T Index rising 4.92 percent.

ICInsider.com returns with an updated PE Chart, with historical and projected earnings to assist investors in navigating stock selection.

Since the start of 2026, Republic Holdings rose $4.02 to $107.25, First Citizens gained $3.02 to $37, National Enterprises more than doubled, jumping $3.50 to $5.50, Trinidad and Tobago NGL surged $7.41 to $10.05, Medcorp dropped $7 to $41, Scotiabank lost $2.49 to end at $45.50 and Endeavor Holdings slipped $2.44 to close at $16.

The market suffered, with several companies posting reduced profits during 2025 and the first quarter this year. Those with increased profits showed mostly mild changes. The same is not the case with Uniiever that reported a major turnaround in profit in the March quarter, suggesting big gains are ahead for the stock price, with the PE ratio at just 10 based on this year’s earnings.  

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Another TTSE stock set to list on JSE

May 10, 2021 by

Massy Holdings the T&T conglomerate is set to list on the Jamaica Stock Exchange, the second such company to do so, with Guardian Holdings having listed this week. The board made the decision at a meeting held on May 6.
According to a release from the company that has Patrick Hylton as one of its directors, who chairs Guardian Holdings, the directors in making their decision, considered the market sophistication and growth opportunities evident in the Jamaican securities market which has become increasingly more dynamic over the past few years. The release went on to further state, “the board anticipates greater regional and international interest in the company’s shares.”
Massy Holdings generated revenues of TT$3.2 billion up from $3.16 billion for the first quarter ending December and ended with a profit of $188 million up from $167 million resulting in EPS of $1.76 up from $1.57 in the first quarter in 2019. The group could end up with earnings around $6 per share with the stock that last traded at TT$65 on the Trinidad and Tobago Stock Exchange, trading at 11 this year’s earnings.
Massy has just 97,743,000 issued shares, well below the average listed company on the Jamaica Stock Exchange, so unless they do other things to create liquidity and demand for the stock it will languish from lack of investors’ interest.
Conglomerates are notorious for disappointing investors. Jamaicans will point to Grace Kennedy as a great example of a group that promised so much over the years but constantly disappointed investors who looked elsewhere while the company’s profit stagnated.

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Guardian Holdings shares set to relist on JSE

March 11, 2021 by

Shares of the Trinidad based and the NCB Financial Group majority owned Guardian Holdings are set to be relisted on Jamaica Stock Exchange (JSE) after an eight year absence from the exchange.
The shares of Guardian were list on the JSE in 2002 initially and remained listed until 2013, when the company decided to voluntarily delist the shares.
NCB Financial Group advises of a decision made on March 4, 2021, by the Board of the Directors of its subsidiary, Guardian Holdings (“GHL”), to pursue the cross-listing of the shares on the Jamaica Stock Exchange, having considered that trading on the exchange has become increasingly dynamic over the years.
The move is in keeping with an ICInsider.com report in 2015 when NCB and Proven Investments were jointly pursuing the acquisition of approximately 36 percent more of GHL shares of the company. Proven eventually backed out and NCB made a bid to acquire an additional 30 percent.
Guardian Holdings reported increased profit for the year ended December 2020 with profit attributable to equity holders rising 12 percent to $774 million from $692 million in 2019 and ended with Earnings per share of $3.34 versus $2.98 in the prior year.
Net income from insurance underwriting activities increased to $1.413 billion, a 47 percent increase over the $959 million reported in 2019 the company reported. Net income from Investing Activities declined from $1,370 million to $989 million, or 28 percent. The Group result in 2020 was not adversely affected by catastrophes as was the case in 2019. Gross Written Premiums increased from $6.367 billion to $6.557 billion or 3 percent.
Guardian last traded on the Trinidad and Tobago Stock Exchange on Wednesday at a 52 weeks’ high of $23.39 with a PE of 7 and with more growth in profit this year the PE is likely much lower.

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Trading jumps for Trinidad stocks

July 6, 2020 by

Trading activity picked up on the Trinidad and Tobago Stock Exchange on Monday, with 18 securities changing hands compared to 16 on Friday, leading to 432,782 shares crossing the exchange for $3,520,958, up from 55,883 shares for $1,525,758, on Friday.

Trinidad & Tobago Stock Exchange Head Quarters

The market closed with six advancing, three declining and nine stocks remaining unchanged and leaving the T&T Composite Index carving out a minor loss of 0.18 points to end at 1,309.67. The All T&T Index fell by 2.67 points to 1,765.10, while the Cross Listed Index bucked the losing trend and gained 0.32 points to close at 115.44.
IC bid-offer Indicator│ The Investor’s Choice bid-offer indicator ended with the bids of six stocks higher than its last selling price and one with a lower offer.
Gainers│ First Caribbean International gained 5 cents as investors transferred 2,327 units at $7.20, Grace Kennedy ended 6 cents higher at $3.26, with 50,000 shares crossing the market, National Enterprises rose 10 cents to $4.75, after an exchange of just ten units. National Flour finished at $1.85, with gains of 5 cents trading 227,572 shares, Republic Financial Holdings picked up 18 cents to settle at $139.45, with a transfer of 155 units and Scotiabank advanced 35 cents to $54.95 after exchanging 53 units.
Losers│ CinemaOne shed 24 cents to close at an all-time low of $5.50, in trading 20 units, Clico Investments lost 1 cent after exchanging a mere 34 units to end at $24.99 and Trinidad and Tobago NGL ended 75 cents lower at $16.50, with a transfer of 16,193 stock units.
Firm Trades│ Agostini’s remained at $25 with trades of a mere five units, First Citizens Bank held firm at $45.71, in exchanging 2,816 shares, Guardian Holdings closed at $19.50, with 4,079 stock units crossing the market. JMMB Group was unchanged at $1.95 after investors transferred 500 units, Massy Holdings closed at $57, with an exchange of 5,976 stock units, NCB Financial traded 1,910 shares at $7.86. Trinidad Cement closed with an exchange of 418 units at $2.10, Unilever Caribbean closed at $16.99, with 119,728 shares changing hands and West Indian Tobacco ended with trades of 1,006 units at $34.50.

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

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NCB profit in a stunning 42% rise

January 31, 2020 by

NCB Financial Group blasted off its 2020 results with a stunning 42 percent increase in profit attributable to shareholders of the group. Shareholders were only rewarded, with a mere 11 percent increase in the quarterly dividend to $1.

NCB Financial Group Q1 profit surges.

Operating income for the group’s shareholders surged 42 percent from $4.15 billion to $5.9 billion in the first quarter to December.
Net interest income jumped from $9.8 billion to $13.9 billion, net fee and commission income rose from $4.3 billion to $6.4 billion. Other income, net of credit impairment losses, climbed to $4.9 billion from $3.3 billion in 2018, even as credit impairment losses rose from $1.16 billion to $1.57 billion. Net results from banking and investment activities climbed from $17.4 billion to $25.3 billion, while results from insurance activities surged from $1.5 billion to $8 billion. The consolidation of Guardian Holdings (GHL) impacted the segment in a significant way and resulted in net operating income jumping from $18.9 billion in 2018 to $33.3 billion. Operating expenses rose from $14 billion to $23.3 billion and resulted in an operating profit of $9.95 billion compared with $4.85 billion in 2018.
Segment results show progress in most areas and stagnation in others. The Consumer Banking reflects flat results with revenues coming in at just over $8 billion and profit before internal charges of $1.8 billion in both the 2019 and 2018 quarters. Payment Services enjoyed a bounce in both revenues and profit, with the former rising from $4 billion to $4.56 billion in 2019, with profit rising from $1.2 billion to $1.68 billion. Corporate and Commercial Banking saw revenues rising from $2.67 to $3.1 billion in 2019, with profit rising from $1.25 billion to $1.86 billion. Revenues in the Treasury and Correspondent Banking segment slipped from $4.87 billion to $4.44 billion in 2019, with profit easing from $1.87 billion to $1.8 billion.

Guardian Holdings contributed to NCB Financial growth in the December quarter.

Income at Wealth, Asset Management and Investment Banking segment moved from $4.26 billion to $5.4 billion in 2019, with profit increasing from $1.69 billion to $2.67 billion.  Revenues for the Life Insurance and Pension segment jumped sharply to $28 billion, from $2.58 billion in 2018, while profit ended at $5.9 billion from just $1.69 billion in 2018, with the acquisition of majority ownership of Guardian Holdings playing a major role in the increase. The General Insurance segment jumped sharply to $16 billion from $1.47 billion in 2018, with profit rising to $1.5 billion from just $227 million in 2018. Other operations generated revenues of $1.57 billion in 2018 and saw a big jump to $14.7 billion in the December 2019 quarter, with profit falling from $319 million to a loss of $1.2 billion.
The group experienced a 17.4 percent increase in its loan portfolio to $438.4 billion from $373.5 billion in 2018, with growth since September, of 3.6 percent, or 14.5 percent annualized. Customer deposits grew from $461 billion to $499 billion, year over year. NCB now boasts total assets of $1.6 billion up from $941 billion in 2018, with shareholders’ equity of $148 billion.
Earnings for the quarter ended at $2.46 and is distorted by booking the asset tax of more than $1.8 billion for the year, in the quarter. Earnings for the full year to September should end at around $13 per share and put the share price over $250 by the end of the year. The stock remains a good long-term buy with growth coming from normal operations driven by strong loan demand and increased efficiency to flow from a restructuring of the group to eliminate areas of duplication. The group last traded on the Jamaica Stock Exchange on Thursday before the results at $189.55 at a PE ratio of 14.6 and on the Trinidad and Tobago Stock Exchange at TT$11.29 for a PE of 18.

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$350 billion revenues in sight at NCB

November 20, 2019 by

NCB Financial head office in Kingston, Jamaica.

Gross revenues at Jamaica’s largest financial entity, NCB Financial Group, could hit $350 billion in 2020 data from the 2019 full year results suggests and would represent a significant rise from total revenues of $167 billion generated in 2019.
Total revenues jumped 128 percent in the September quarter to $81.3 billion, helped by the acquisition of a majority stake in Guardian Holdings and climbed 30 percent to $166.7 billion.  Guardian also contributed $580 billion to the Group’s total assets of $1.6 trillion.
NCB produced record profit in the twelve months to September, this year with profit attributable to NCB shareholders, growing 6 percent to $29.6 billion from $27.96 billion in 2018 with growth of 21 percent from $8.8 billion in the September quarter from $7.3 billion in 2018 quarter.
More importantly, profit from ongoing operations rose marginally from $28.69 billion for the year to September 2018, to $28.73 billion in 2019 and for the quarter, it rose 12 percent from $7.98 billion in 2018 to $8.97 billion. As impressive as the numbers suggest, not all things went well for the group. It suffered a significant loss from the loan portfolio having to book $4 billion in loan loss provision up 104 percent over $1.96 billion booked in 2018.
While the focus by many investors is on profit before other comprehensive profit, a closer look indicates that profit from normal operations does not tell the full story. Total profit for the year ended at $37.5 billion, up from $21.4 billion in 2018 with earnings per share of $15 for 2019.

Advantage General branch offices in Montego Bay Jamaica


Commercial and consumer division reported a loss of $414 million, compared with a profit of $2.75 billion, as a result of credit impairment losses moving from $1.1 billion to $4.1 billion in 2019. Payment services contributed $3.6 billion to profits from $2.9 billion in 2018. Corporate banking delivered $5.2 billion to earnings in 2019 from $3.4 billion to in 2018. Treasury and correspondent banking made the most significant impact on profit for 2019 with a profit of $9.9 billion but rose just a mere 3.6 percent from $9.55 billion in 2018. The group’s investment arm profits grew 8 percent to $9.9 billion from $9.2 billion, life insurance contributed $18.7 billion, up from $9.5 billion and general insurance saw profit more than doubling to $2.33 billion from $1 billion.
Interest income in the September quarter rose 43 percent to $20.5 billion from $14 billion and 28.6 percent for the year ended September to $67 billion from $52 billion in 2018. Interest expense increased 34 percent to $6 billion in the quarter, compared to a 20 percent increase for the year to $20.5 billion. Net interest income in the year was 33 percent higher than 2018, climbing to $46.7 billion from $35 billion and 47 percent in the quarter to $14.3 billion from $9.7 billion in 2018, resulting from an increase in the local loan portfolio and the 5 months results of GHL.
Fees and commission income grew 28.6 percent in the quarter to $7 billion from $5 billion in 2018 and 20 percent for the year, to $24 billion from $20 billion. Net fees and commission income ended the year at $19 billion, after increasing 21 percent from $16 billion in the prior year, with the September 2019 quarter climbing 39 percent from $4.2 billion to $5.8 billion.
For the quarter, insurance premium income skyrocketed to $33.5 billion from $2 billion and 539 percent for the year to $61 billion from $9 billion, which was due mainly to the consolidation of GHL results. Net insurance income in the year jumped 280 percent to $14.4 billion from $3.8 billion and 334 percent in the September quarter from $1.7 billion to $7.3 billion, of which GHL contributed $7 billion. Operating expenses rose 84 percent to $22.6 billion in the quarter and increased 49 percent in the twelve months to $64.7 billion and includes was staff cost which increased 45 percent in the quarter to $10 billion from $7 million in 2018 and for the year, 35 percent from $24 billion to $32 billion.
At the end of the year, shareholders’ equity stood at $146.6 billion, customers’ deposits and other funds placed by customers with the group rose to $731 billion from 697 billion in 2018. Total assets ended the period at $ 1.6 trillion inclusive of loans and advances of $423 billion, compared to 4373 billion in 2018. Investment securities rose to $760 billion from $391 billion.

NCB Financial Montego Bay branch

The group while acquiring additional shares in GHL taking its holdings to a majority of 61.97 percent, Advantage General Insurance was sold at the end of the fourth quarter, resulting in a gain of $2.6 billion. Additionally, $3.3 billion was realised from the disposal of its associated interest in JMMB in the first quarter of the financial year.
An interim dividend of 90 cents per share will be paid on December 6 to shareholders on record on November 22.
Earnings per share came out at $3.69 for the quarter and $8.49 for the nine months and ended the financial year at $12.18, but excluding the one-time capital gains earnings per share would have been closer to $10. The stock last traded at $205 on the Jamaica Stock Exchange and at TT$10.85 on the Trinidad and Tobago Stock Exchange at 14 times 2020 estimated earnings.

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Eppley Carib Property considers JSE listing

March 11, 2019 by

Eppley Caribbean Property Fund is now being managed by Eppley, a Jamaican listed company

Eppley Caribbean Property Fund SCC announced its intention to cross-list the cellular shares of the Value Fund (“the Value Fund Shares”) on the Jamaica Stock Exchange.
The Value Fund Shares are currently listed on the Barbados Stock Exchange and the Trinidad and Tobago Stock Exchange and the believes that cross-listing the Value Fund Shares on the Jamaica Stock Exchange will enhance liquidity and make them available to wider universe of investors.
The Board of Directors has authorized ECPF’s fund managers, Eppley Fund Managers Limited, to evaluate the process of cross-listing the Value Fund Shares with the support of ECPF’s attorneys, investment bankers and other professional advisors.
If a decision is made by the Board of Directors to cross list the Value Fund Shares, Eppley expects that the cross-listing is likely to take place by the end of the second quarter of 2019 subject to any relevant regulatory approvals.
Eppley Caribbean Property Fund SCC (“ECPF”) is a closed-end mutual fund that invests in real estate across the Caribbean. ECPF has two segregated cells, namely the Value Fund and the Development Fund both of which are listed on the Barbados Stock Exchange and the Trinidad & Tobago Stock Exchange

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Angostura Holdings Q1 profit jumps 76%

May 20, 2018 by

Angostura Holdings aged rum.

Profit at Trinidad’s Angostura Holdings surged 77 percent in the March quarter, to TT$41 million before tax and up 76 percent to TT$28.4 million after tax resulting in earnings per share of 14 cents.
Sale revenues climbed 15.5 percent to TT$129.5 million but a 10 per cent fall in direct operating cost took cost down by to $37.7 million and boosted gross profit margin to 71 percent form 63 percent in 2017 and gross profit by 31 percent to $92 million.
Profit declined sharply from 2015 when the company posted $164 million after tax compared to TT$153 million in 2014 and then TT$122 million in 2016 and $111 million last year.
Marketing and sales expenses rose 11 percent to TT$37 million while administrative expenses rose just 2 percent to TT$14.6 million from TT$14.3 million in 2017. Finance cost was negligible.
Cash flow resulted in an increase of TT$61 million in cash pushing cash to TT$214 million as of March and investments of $218 million. At the end of March, shareholders’ equity stands at TT$1.01 billion with borrowings at just TT$20 million. Current assets ended the period TT$795 million well ahead of current liabilities of TT$96 million.
The stock traded at TT$15.75 on the Trinidad and Tobago Stock Exchange. Based on 2017 earnings the stock was selling at a PE ratio of 29 times. If the trend in earnings for the first quarter is held for all of 2018 the PE would fall 17 times earnings. Net asset value is TT$4.9 with the stock selling at 3.20 book value.
This one needs watching to see if the improvement deepens. It is worth noting that the company is amassing cash and could well be after a takeover target.
Angostura is one of the Caribbean’s major rum producers and producers of Angostura Bitters.

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Republic is going higher soon

April 29, 2018 by

Trinidad’s Republic Financial Holdings should be heading higher on Trinidad and Tobago Stock Exchange, sooner than many investors may think.
One reason is that the financial powerhouse, just posted pretty strong results, with profit before taxation rising a healthy 22 percent, to $490 million in the March quarter and a still respectable 14 percent for the half year. Increased taxation wiped out a bit a of the top line gains leaving profit at 3 percent higher for the quarter at $333 million and an increase of 4 percent at $694 million, for the half year. The improvement arose from slightly lower cost in the current year than for the previous one and an overall 8 percent increase in net income for the quarter to $1.17 billion from $1.08 billion in 2017 and 4 percent rise year to date to $2.34 billion. Earnings per share rose to $4.02 for the half year from $3.90 and compares favourably with $7.75 million reported for the fiscal year to September 2017 and gives it a PE around 12 on 2018 full year earnings and Friday’s closing price of $101,
Improvement was generated by the bank in Ghana, where that subsidiary moved from a small loss of just over $1 million to a profit of $68 million and the Cayman Islands’ operations that moved from a profit of $82 million to $113 million. Barbados also should marked improvement with profit of $149 million compared to $111 million before.
Helping the performance is increased lending, with loans rising from $34.4 billion at March 2017 to $37.4 million in 2018, a solid 9 percent increase.
The other factor why the stock price is set to move, is that the it peaked at $122 in 2014 and slid downward since and seems to have found a bottom. Added to that, is a wedge formation showing in a technical chart of its price movement that seems set to steer the price upwards in the months ahead.
IC Insider.com would normally give the stock a BUY RATED accolade, concerns linger about the Trinidad economy from which it earns the vast majority of income and profit, and what is seen as an overvalued currency.

Note that all prices are in Trinidad & Tobago dollar.

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