Trading levels on the Trinidad stock market picked up on Tuesday with more volume and valued traded than on Monday. 11 securities changed hands of which only 1 advanced 3 declined and 7 traded firm with 263,353 stocks changing hands with a value of $7,028,775. The Composite Index lost0.08 points to close at 1,178.27, the All T&T Index fell by just 0.16 points to close at 2,021.23 and the Cross Listed Index remained at 43.93
Gains| Stocks increasing in price at the close are Neal & Massy with 17,390 shares climbed by 2 cents to end the day at $68.90.
Declines| The stocks declining at the end of trading are Clico Investment Fund traded 59,760 shares valued at $1,284,959 but declined by 10 cents to end at $21.50, Readymix fell to $19.33 down by 3 cents, a new 52 weeks low as 300 units changed hands and Scotiabank dropped to a new 52 weeks low by shedding 3 cents to end at $69.35 while 1,000 shares changed hands.
Firm Trades| Stocks closing with prices unchanged at the end of trading are Angostura Holdings traded with 87,926 shares changing hands for a value of $1,120,432 as the stock closed at $12.75, Flavorite Foods 1,000 units to close at $6.70, Guardian Holdings with a volume of 44,801 shares traded with a value of $640,654 closed at $14.30, Point Lisas Industrial Port Development with 2,150 units to close at $4.15, Prestige Holdings contributed 28,614 shares with a value of $268,971 to end at $9.40 while Republic Bank added 19,646 shares valued at $2,377,166 to end at $121 and Unilever Caribbean traded 766 shares to close at $62.20.
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 no stock closed with the offer that was lower.
Trading picks up with $7m
Republic Bank seeks dismissal of court action
Republic Bank is seeking dismissal of court action brought against it by some disgruntled shareholders of the bank to prevent it from proceeding with a mandatory offer to acquire the majority of the banks shares.
The Securities and Exchange Commission, has been named as a co-defendant in proceedings brought on behalf of HFC Bank in the High Court of Ghana. These proceedings seek an injunction to prevent Republic Bank from continuing the process for a mandatory offer to all shareholders of HFC Bank Ghana to acquire the majority of the shares under the securities regulations having acquired 40 percent of the Bank in 2013.
In a release to the Trinidad & Tobago Stock Exchange on which the bank’s shares are listed, Republic stated that on June 16, in a hearing of Republic Bank’s application to dismiss the action, before his Lordship Justice Koomson at Commercial Court B, Accra, Ghana, the matter was adjourned for parties to file written submissions and set down for ruling on Monday, June 23.
Republic Bank said it is disappointed that these legal proceedings have been resorted to, as they have delayed the mandatory takeover process. Republic Bank is confident, however, that the matter will be successfully resolved, thereby allowing shareholders to exercise their rights to consider whether to sell their shares or not.
