TTSE: TCL up 170% since May

Thursday, 29th August 2013 | Trinidad Cement stock price is up 170 percent since hitting a low of 95 cents in May, propelling the stock to yet another 52 weeks high as only 7,615 shares traded at a $2.56, up 25 cents. The stock closed with the bid for 492,663 units at $2.56 with no stock on offer, a strong indicator of further price gains.

Market activity resulted in 11 securities trading of which 4 advanced, 3 declined and 4 traded firm as 107,590 shares traded with a value of $935,680.

Angostura Holding traded a mere 26,775 units valued at $254,364 as the price closed at $9.50 for a gain of 33 cents. The bid closed at $9.51 for 10,000 units whist the offer was for 76,188 units at $10. Sagicor Financial Corporation had a small volume of 52 shares as the price closed down 30 cents at $6.55. National Flour gained 5 cents to 75 cents as 6,556 shares traded.

TTSEAug29Neal & Massy Holdings contributed 8,970 shares with a value of $502,320 and closed firm at $56. Jamaica Money Market traded 50,500 shares at 50 cents down 5 cents; Point Lisa traded 1,974 units at $3.66 off by 8 cents; National Enterprises traded 3,142 units firm at $16; Clico Investment Fund suffered a 5 cents fall to close at $21.50 as 1,655 shares valued at $35,583.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 2 stocks were higher with 2 stocks having offers lower than their last selling price.

Is C2W doomed?

After almost two years, C2W Music, which promised that they would be making profits by now is yet to show the income, much less profits.

In its prospectus for the IPO to raise $129 million on the Jamaica Stock Exchange, the company made this statement about profitability, “As a start-up, the Company is expected to post a Pre-Tax Loss for 2012 of approximately US$241,849. The Directors expect earnings to stabilize from 2013 onwards, with a projected profit before tax of US$668,100 in that year, increasing threefold to a projected Profit before Tax of US$2.36 million in 2016.”

The results to June indicates that those projections were just a pipe dream as the company not only reported a loss of US$345,855 for the six months to June 2013, but for the similar period in 2012 when the loss was US$131,284, and there was just US$1,803 income for the six months. While it is not impossible to win contracts for songs that could change the picture, one would need to see a steady, if even small, flow of income but that is not the case with a year and a half now gone.

C2WMusiclogo2Shareholder equity now stands at US$377,257 down from US$1.2 million at June last year. Cash is almost gone entirely with just US$14,335 left of the sum raised in the IPO. C2W has assets in the form of advances to song writers of more than US$300,000 but that is not income and only $24,000 are due within a year.

The company needs a knight in shining armour and FAST if it is to avoid the burial ground. Crunch time is nigh.

TTSE: Low volume, low price changes

Wednesday 28th August 2013 |  With the exception of low priced Jamaica Money Market Brokers (JMMB) with 365,027 shares crossing the Trinidad Exchange and CIF with volume of 126,841 shares, trading was relatively low and so were the price changes as 11 securities traded of which 3 advanced, 4 declined and 4 traded firm with 524,976 units changing hands for a value of $3 million.

Jamaica Money Market Brokers (JMMB) 365,027 shares changed hands for a value of $200,765 as the stock traded firm at 55 cents. Grace Kennedy volume was 15,500 shares valued at $51,150 the stock closed at $3.30 down a cent. Sagicor Financial Corporation contributed 7,057 shares with a value of $48,340, the stock closed at $$6.95 losing 5 cents in the process, while National Flour Mills added 6,076 shares valued at $4,253 up a cent to 70 cents. Angostura Holding traded 1,000 units at $9.17 a gain of 4 cents. The trade of Clico Investment Fund units amounted to $2,720,466 and the stock price advanced by 18 cents to end at $21.45. Neal & Massy Holdings closed firm at $56.00 but only 729 units traded.

TTSEAug28IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 2 stocks were higher with 2 stocks having offers that were lower than their last selling price.

Trinidad Cement did not trade but it had 142,796 units on the bid at $2.56 compared to $2.31 for the last traded price. There are no stocks on offer at the close of trading.

First Citizens lousy investor’s relations

It was once said that as a country, Trinidad wanted to be the financial capital of the Caribbean, but recent activity on the country’s capital market indicates that they have a far way to go in achieving such a goal — if that is possible.

First Citizens Bank launched the largest ever Initial Public Offering (IPO) of shares in the history of the T&T Stock Exchange with a market value of approximately TT$1.1 billion on Monday 15th July at an offer price of TT$22 per share for 48,495,665 shares. The bank said the IPO will assist in widening its capital base in order to facilitate future strategic expansion plans. The offer was slated to close on August 9 and was extended to Monday, August 12th 2013 as the 9th was a public holiday.

First Citizens Brokerage & Advisory Services, a subsidiary of First Citizens Investment Services, is the Lead Broker for the Offer for Sale. The handling of the entire issue is a classic demonstration of poor investor relations and that is not a good sign for investors.

First_Citizensbuilding150x150Listing on September 16 | The T&T Stock Exchange has advised that First Citizens has applied to have its shares listed on the TTSE on September 16th 2013 subject to the approval of its application to list by the Board of the TTSE.

This is madness and is reflective of lack of sensitivity in their financial market. First off, the opening time for the issue was unnecessarily long so those who applied early had their funds tied up without any compensation. Even worse is after nearly a month of closing of the issue, investors are yet to know what is their allocation of shares. First Citizens said on their website that investors will find out between August 30 and September 6.

A check with the T&T Stock Exchange as to why it will take such a long time for the shares to be listed indicates that the problem is not with the Exchange, who are ready to list as soon the information is available and is approved by the Stock Exchange Council. A Stock Exchange source suggests that the delays maybe due to the broking community not being fully conversant with how to execute a timely IPO.

Oversubscription | Information obtained suggests that the issue was about two times oversubscribed with institutional investors probably being the main subscribers resulting in the high level of oversubscription.

While the management has made major missteps in dealing with this issue, IC Insider still rates the stock as Buy Rated based on the issue price and potential earnings. We believe there should be a steep appreciation in the stock’s value when it is compared with others within the financial sector.

Related Posts | First Citizens’ $1B IPO opens today | T&T Citizens Bank IPO oversubscribed | Buy Rated stock list grows

TTSE: TCL still roaring

Tuesday, 27th August 2013 | Trinidad Cement once more recorded another 52 weeks high as investors keep bidding the stock up with 87,000 shares changing hands for a value of $193,906 in today’s trading as it gained 25 cents to end at $2.31. The stock closed with the bid for 40,000 units at $2.36 and no stock on offer, a clear indication of further price gains.

Market activity resulted in 15 securities trading of which 8 advanced, 3 declined and 4 traded firm as 127,948 shares traded with a value of $930,672.

Sagicor Financial Corporation had a volume of 17,090 shares traded for $117,676 the price closed up 10 cents at $6.90. Neal & Massy Holdings contributed 4,663 shares with a value of $261,413 and closed at $56, while National Commercial Bank added 4,000 shares valued at $4,564 and closed firm at $1.15. Clico Investment Fund suffered a 3 cents fall to close at $21.27 as 7,207 shares valued at $153,291.

TTSEAug27Angostura Holding traded a mere 346 units at $9.13 a gain of 6 cents, the bid closed at $9.14 for 10,150 units. ANSA merchant bank traded 1,056 units at $38.60 for a 2 cents gain; Jamaica Money Market traded just 2,705 shares at 55 cents down 2 cents; One Caribbean Media chipped in with 1,225 units closed at $18.00 for a 1 cent loss; Scotia Bank gained a cent at the close of $70 with a mere 600 units trading; West Indian Tobacco traded 400 units firm at $117.05 while Unilever was up 6 cents at $55.31, a new 52 weeks high as the stock traded 700 units.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 3 stocks were higher with 4 stocks having offers lower than their last selling price

TTSE: Neal & Massy drops $2.93

Monday, 26th August 2013 | Neal & Massy drops $2.93 to close at $56.01 but with a miniscule 100 shares as 14 securities of which 5 advanced, 3 declined and 6 traded firm. The market registered a volume of 228,272 shares valued at $2,841,213.

Stocks trading in good volume include Grace Kennedy, 74,189 shares valued at $245,543, Sagicor Financial Corporation; 55,088 shares valued at $374,978, the stock price increased by 30 cents to end the day at $6.81. Jamaica Money Market Brokers 43,108 valued at $24,569 as the price closed at 57 cents, a gain of 2 cents; ANSA McAL 22,949 shares valued at $1,521,289. Clico Investment Fund had a volume of 27,630 shares valued at $588,519, the stock remained firm at $21.30.

TTSEAug26Trinidad Cement traded only 472 units at $2.06 up a cent on the day but closed with a bid at $2.13 without any stock on the offer. Guardian Holdings lost 50 cents in trading 2,000 shares as the price closed at $15, a new 52 weeks low.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 3 stocks were higher with 3 stocks having offers lower than their last selling price.

TTSE: Low trading for T&T market

Friday, 23 August, 2013 | The Trinidad Stock market has been dominated by trading in Clico Investment Fund with volume of 56,776 shares valued at $1,209,329 trading to close firm at $21.30. Trading in the main market continues to be very subdued with only 100,546 shares crossing the floor of the Exchange valued at $197,401 as overall trading took place in 6 securities of which 3 advanced, 2 declined and 1 traded firm. Overall trading accounted for 157,322 shares valued at $1.4 million.

TTSEAug23The main trades were, Jamaica Money Market Brokers 36,100 shares valued at $19,885 as the stock lost 2 cents and closed at 55 cents, National Flour Mills 30,400 shares worth $20,880 and closed at 68 cents down 2 cents. Trinidad Cement 20,000 shares with a value of $41,000 as the stock gained 5 cents to close at another 52 weeks high of $2.05 and seems poised to move higher as it has a bid for 111,187 units at $2.05, while the offer is at $2.30 for only 472 units. Of course much could change when trading starts on Monday. Sagicor Financial Corporation added 11,500 shares valued at $74,900 the stock gained 17 cents to close at $6.53. National Enterprises traded 2,546 units in gaining 24 cents to end the day at $16.00.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 3 stocks were higher with 5 stocks having offers lower than their last selling price.

TTSE: Trading very low on Thursday

Thursday, 22 August 2013 | In a very slow trading day when only 74,710 shares traded with a value of $1.8 million. Trinidad Cement was higher by 5 cents to close at $2.00, a new 52 weeks high. The stock traded 10,822 shares with a value of $21,693 on a day when just 1 stock gained in price and 2 declined as only 7 stocks traded.

Other stocks that were active in Thursday’s trading included Republic Bank, which had a volume of 2,537 shares valued at $279,095, West Indian Tobacco 1,277 shares with a value of $149,472.85, Scotiabank Trinidad 1,245 shares valued at $87,133. National Enterprises declined by 24 cents to close at $15.76 but with only 344 units trading. Clico Investment Fund, posted a volume of 57,448 shares valued at $1,223,642.

TTSEAug22IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 6 stocks were higher with 3 stocks having offers lower than their last selling price. This is slightly better than Wednesday’s close when it was 4 to 2.

TTSE: Trinidad Cement still in demand

Wednesday, 21 August 2013 | Trinidad Cement was once more in strong demand on the Trinidad & Tobago Stock Exchange trading 687,568 shares for a value of $1,340,308 and trading firm at $1.95 Overall Market activity resulted from trading in 13 securities of which 5 advanced, 1 declined and 7 traded firm as 776,230 units traded valued at $2,523,278.

Jamaica Money Market Brokers, which has come in for increased buying following strong first quarter results, traded up to 57 cents an increase of 7 cents with a volume of 30,000 shares valued at $17,100. Another Jamaican company in demand is Scotia Investments with 19,924 shares trading with a value of $40,844; the stock was up 2 cents to close at $2.05. National Enterprises accounted for 10,500 shares valued at $168,000 and traded firm at $16. Neal & Massy traded 2301 shares and gained a cent to close at $58.94, while Prestige Holdings contributed 6,100 units as the price held firm at $9.35, Republic Bank added 1,970 units as the priced held firm at $110.01 and Scotia Bank saw 6,023 units changing hands at a cent lower at $69.99.

TTSEAug21Clico Investment Fund increased by 8 cents to end the day at $21.38 as 3,554 shares valued at $75,972 traded. Guardian Holdings lost, falling $0.40 to close at $15.50, a new 52 weeks low as 2,650 units traded.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator shows that bids for 4 stocks were higher with 2 stocks having offers lower than their last selling price.

TTSE: Trinidad Cement still holds sway

Tuesday, 20th August 2013 | Trinidad Cement stock price has more than doubled since late June. Yet it continues to be in demand as the stock led today’s trading with 455,377 units changing hands valued at $884,472. The stock traded firm at $1.95. Scotiabank Trinidad & Tobago with a volume of 113,314 shares accounted for the bulk of money invested in the market amounting to $7,931,980 as the stock closed firm at $70.

Trading in the market remained moderate with the stocks of 9 companies changing hands, with 3 advancing, 2 declining and 4 trading firm resulting in a volume of 700,215 shares crossing the floor of the Exchange valued at $9,269,574.

Scotia Investments Jamaica, contributed 69,392 shares with a value of $142,155 as it put on 1 cent to close at $2.03 but traded as high as $2.05, while Grace Kennedy added 33,692 shares valued at $111,288 while losing 9 cents to close at $3.30. National Flour traded 20,140 firm at 70 cents.

TTSEAug20Unilever Caribbean with a mere 500 units trading gained $0.23 to end the day at $55.25 as the bid at the end of trading was at $55.28 for 1,000 shares. Clico Investment Fund, posted a volume of 5,300 shares valued at $112,890 and declined by 20 cents to end at $21.30.

JMMB did not trade on Tuesday but had a bid for 458,940 units at 50 cents the same as Monday’s last traded price and an offer of 143,000 units at 57 cents.

IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 3 stocks were higher with 2 stocks having offers lower than their last selling price.