Tough economic conditions, flowing from an ongoing recession in Trinidad, together with increased Excise and Corporation Tax, the business environment resulted in significant changes in consumption patterns adversely affecting revenue of West Indian Tobacco.
The situation seems to have worsened with illicit cigarettes in the country. According to the Chairman, Anthony Phillip “the Company continues to engage with relevant authorities and stakeholders on the issue of the increased presence of suspected illicit products in the market which has negatively affected our business.”
Against this backdrop, West Indian Tobacco has recorded profit before taxation of $398 million and net profit of $276 million for the nine months to September, down from $373 million in 2016. Revenues fell from $891 million to $787 million but revenues inched just higher in the quarter to $274 million from $272 million in 2016 and revenues net of excise tax was slightly down for the quarter.
Profit after tax for the September quarter fell from $123 million to $97 with tax increasing to $44 million from $43 million in 2016.
The Company continues to proactively respond to the evolving market conditions with ongoing reviews of its Brand Portfolio, Trade Marketing, and Distribution strategies, as well as careful cost management across its operation.
The Board approved the payment of a third interim dividend of $1.14 per ordinary share payable on 24 November 2017, the payment is down compared to $1.44 paid in 2016.
Earnings per share came out at $1.16 for the quarter compared to $1.46 for the similar period in 2016 and for the nine months period $3.27 versus $4.42 in 2016 and should end around $4.75 for the full year giving it a PE ratio of 26 and should result in more decline for the stock. In 2016, earnings amounted to $6.12 per share.
The stock that traded at $127.01 earlier in the year is down to $124.96 on the Trinidad and Tobago Stock Exchange.
Tough economics hit West Indian Tobacco
TTSE trading drops sharply – Friday
The Trinidad & Tobago Stock Exchange closed on Friday with 11 securities changing hands compared to 13 on Thursday with just 83,803 shares traded at $1,209,765 compared to Wednesday’s 230,908 units valued at $2,243,148.
At the close, 6 stocks advanced, 1 declined and 4 were unchanged as the Composite Index advanced 3.33 points to 1,241.60 and is up marginally for September but up 2.65 percent for the year to date. The All T&T Index rose 0.56 points to 1,782.18 but is down from 1,791.21 at the start of the month to close the month 2.84 percent down from the start of 2-017. The Cross Listed Index gained 0.84 points to close at 94.18 leading to a gain for the month of 1.41 points and is up 20.48 percent for the year to date.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| The last traded prices of the securities rising and volume changing hands are Clico Investment gained 1 cent to close at $21.51 trading 5,518 shares, First Citizens closed at $32, with gains of 25 cents exchanging 6,292 shares, Republic Financial Holdings gained 11 cents to $101.90 with 1,395 units and Sagicor Financial trading 14 cents higher at $8.15 with 1,667 units. 
Scotiabank rose 1 cent to $58.06 with 6,298 shares valued at $365,728 changing hands and Scotia Investments closed 5 cents higher at $2.30 exchanging 8,990 shares.
Losses| West Indian Tobacco lost 4 cents to settle at a 2 weeks’ low of $124.96 with 240 units changing hands.
Firm Trades| The securities remaining unchanged at last prices trades occurred and volume of changing hands in the market are First Caribbean International Bank that closed at $8.10 with 1,500 units, NCB Financial trading 45,387 shares at $5.10, Trinidad Cementexchanging 4,066 units at $4.20 and Trinidad & Tobago NGL that ended at $23 with 2,540 units.
TTSE stocks continue to be weak
Unilever products – Unilever Caribbean tumbled $1.11 to a 52 weeks’ low of $49.39 with 5,070 shares
Reflecting a general weakness in the performance of stocks listed on the Trinidad & Tobago Stock Exchange ,the market closed trading on Wednesday with more securities falling in price than those rising and with three falling to 52 weeks’ lows.
Trading ended with 17 securities changing hands compared to 13 on Tuesday but trading levels fell by more than half with market activity resulted in 142,022 shares traded for $2,320,841 compared to Tuesday’s trades of 367,871 units valued at $5,030,961.
The two major indices recorded declines for a 4 consecutive day as, 5 stocks advanced, 7 declined and 5 were unchanged, based on the last price each security traded for the day. The Composite Index declined 0.85 points to 1,242.56, the All T&T Index dropped 2.46 points to 1,787.85 and the Cross Listed Index added 0.11 points to close at 93.65.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 6 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| The last traded prices of the securities rising and the volume changing hands are Angostura Holdings with gains of 10 cents, closed at $15.25 with 600 units, First Citizens rising 1 cent, to $32.01 with 1,000 units,NCB Financial that traded 4 cents higher to $5.15 with 266 units while Trinidad & Tobago NGL rose 2 cents and closed at $23 with 7,037 shares and Trinidad Cement closed at $4.21, after adding 1 cent with 6,131 shares.
Losses| The last traded prices of securities declining and the volume changing hands are Guardian Holdings that ended with a loss of 50 cents, closing at $15.50 with 2,281 shares, 
National Enterprises closed at $10.47, losing 1 cent in exchanging 10,000 shares, Republic Financial Holdings ended with a loss of 1 cent at a 52 weeks’ low of $101.90 trading 3,633 shares valued at $370,227. Sagicor Financial declined 19 cents to close at $8 with 61,940 shares valued at $495,610, Scotiabank lost 2 cents, closing at $58 with 34 units, Unilever Caribbean tumbled $1.11 to a 52 weeks’ low of $49.39 with 5,070 shares and West Indian Tobacco closed 46 cents lower to a 52 weeks’ low of $125 with 62 units.
Firm Trades| The last traded prices of securities and the volume traded unchanged at the close of trading are Clico Investment exchanged 4,400 shares at $20.77, Massy Holdings closed at $49 with 10,780 shares valued at $528,220 and National Flour Mills traded 16,460 shares at $2. One Caribbean Media exchanged 11,980 shares at $14.25 nd Point Lisas remained at $4 with 348 units.
Low trading interest for TTSE
Trading activity on the Trinidad & Tobago Stock Exchange was just moderate on Monday with just 10 securities changing hands, with only 93,727 shares traded valued $1,208,281 as companies accounting for only 32 units.
On Friday 15 securities traded accounting for 156,178 units valued at $2,255,149 and resulted in
1 stock advancing, 6 declining and 3 remaining unchanged.
The Composite Index declined 0.80 points to 1,243.62, the All T&T Index fell 0.42 points to 1,790.91 and the Cross Listed Index slipped 0.16 points to close at 93.52.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| First Citizens gained 4 cents and closed at $32 with 1,500 shares changing hands, is the only security trading with an increase price at close.
Losses| The last traded prices of securities declining and the volume changing hands are Ansa McAL that lost 1 cent, trading just 15 units at $65.79, 
Guardian Holdings lost 10 cents, in closing at $16.10 with a mere 10 units, JMMB Group closed at $1.30, losing 2 cents while exchanging 27,887 shares. National Flour Mills with a loss of 4 cents, to close at a 52 weeks’ low of $2 with 3,236 shares. Trinidad & Tobago NGL slipped 1 cent to $22.99 trading 5,614 shares and West Indian Tobacco closed at a 52 weeks’ low of $125.46, after losing 1 cent with just 7 units.
Firm Trades| The last traded prices of securities and the volume traded unchanged at the close of trading are Ansa Merchant Bank exchanging 4,056 shares at $40, Clico Investment trading 35,920 shares at $20.75 valued at $745,211 and NCB Financial Group remained at $5.10 with 15,482 shares changing hands.
Trading jumps sharply on TTSE – Tuesday
NCBFG closed back at a record of $5.05 on the TTSE on Tuesday.
Trading picked up strongly on the Trinidad & Tobago Stock Exchange on Tuesday as 16 securities changed hands compared to 13 on Monday leading to 1,180,284 units valued at $18,912,930.
Monday’s trading resulted in only 147,790 units valued at $1,500,893. On Tuesday trading was dominated by Massy Holdings with 55 percent of the value of stocks that traded followed by Sagicor Financial with 20 percent as 6 stocks advanced, 3 declining and 7 remained unchanged.
The Composite Index rose 1.45 points to 1,241.54, the All T&T Index gained 0.04 points to 1,788.96 and the Cross Listed Index added 0.39 points to 93.23 points.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 2 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| The last traded prices of the securities rising and the volume changing hands are Agostini’s gaining 50 cents to close at a 52 weeks’ high of $20.51 with 1,621 shares, First Citizens closed at $31.68, with a 1 cent gain in trading 7,969 shares, NCB Financial Group closed 5 cents and closed back at a recent 52 weeks’ high of $5.05 with 180,000 shares valued at $907,000. Republic Financial Holdings ended with a gain of 1 cent, in closing at $101.91 with 55 shares, Sagicor Financial advanced 20 cents to $8.50 with 452,106 shares valued at $3,840,314 and Scotiabank traded 2,575 shares at $58.03, having gained 1 cent.
Losses| The last traded prices of securities declining with volume changing hands are Ansa McAL trading 20 cents lower to $65.80 with 1,000 shares, 
JMMB Group with a loss of 1 cent to close at $1.30 with 1,930 shares and West Indian Tobacco with a loss of 2 cents, closed at a 52 weeks’ low of $125.47 with 490 shares.
Firm Trades| The last traded prices of securities remaining unchanged and the volume trading are Clico Investments that closed at $20.60 with 27,562 shares valued at $567,761, First Caribbean International exchanged 154,417 shares at $8 valued at $1,235,336, Grace Kennedy traded 51,000 shares at $2.85. Massy Holdings held firm at $48.92 with 211,025 shares valued at $10,323,313, Prestige Holdings closed at $10.65 with 2,739 shares, Scotia Investments remained at $2.20 with 30,000 shares and Trinidad & Tobago NGL exchanged 55,795 shares at $22 valued at $1,227,490.
Market activity surges on TTSE
More than twice the number of securities changing hands in market activity on the Trinidad & Tobago Stock Exchange on Wednesday resulting from 16 trading compared to 7 on Tuesday as trading levels rose for the last two days.
At the close, 3 stocks advanced, 6 declined and 7 were unchanged as 256,519 shares traded at a value of $2,932,389 compared to Tuesday’s trades of only 58,067 units valued at a mere $755,391.
The Composite Index declined 1.10 points to 1,240.49, the All T&T Index remained at 1,791.21 and the Cross Listed Index was down 0.30 points to 92.63 points.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| The last traded prices of securities that rose and the volume changing hands were Guardian Holdings added 9 cents, closing at a 52 weeks’ high of $16.60 with 5,052 shares, JMMB Group closing at $1.28, with a 1 cent gain trading 34,300 stock units and Point Lisas gained 12 cents to close at $4 with 3,002 shares.
Losses| The last traded prices of securities declining and the volume changing hands are Clico Investment with a loss of 1 cent, to a 52 weeks’ low of $20.74 with 7,328 shares, Massy Holdings shedding 7 cents to close at a 52 weeks’ low of $48.92 with 6,069 shares, National Enterprises fell 1 cent to $10.47 with 705 shares. NCB Financial Group ended with a loss of 5 cents, to $5 with 91,520 shares valued at $457,600, Trinidad & Tobago NGL lost 1 cent with 2,910 shares to close at $22.49 and West Indian Tobacco closed at a 52 weeks’ low of $125.49, having lost 1 cent with 839 shares changing hands.
Firm Trades| The last traded prices of securities and the volume traded unchanged at the close of trading were First Citizens closed at $31.67 with 538 shares, First Caribbean International traded 500 shares at $8, Grace Kennedy closed at $2.85 with 75,000 shares. Prestige Holdings exchanged 500 shares at $10.65, Republic Financial Holdings closed at $102 with 100 shares, Scotiabank remained at $58.02 with 24,890 shares valued at $1,444,118 and Trinidad Cement closed at $4.20 with 3,266 shares. The market closes on Thursday for Independence day holiday.
Moderate gains from low level trading
Trading on the Trinidad & Tobago Stock Exchange on Monday ended with 13 securities changing hands, the same as on Friday, with 2 stocks advancing, 4 declining and 7 holding firm.
The market closed as 118,498 shares traded valued at $1,263,460 compared to Friday’s trades of 419,775 valued at $2,356,840.
The Composite Index advanced 0.21 points to 1,220.15, the All T&T Index gained 0.08 points to 1,793 and the Cross Listed Index was up 0.05 points to 86.81.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| JMMB Group closed at $1.20 with gains of 2 cents trading 12,525 shares and Scotiabank gained 2 cents to close at $58.02 exchanging 1,622 shares.
Losses| Clico Investment lost 50 cents to close at a 52 weeks’ low of $21 trading 4,152 shares, Massy Holdings closed at a 52 weeks’ low of $48.99, losing 1 cent with 3,173 shares and Trinidad & Tobago NGL was down 5 cents, closing at $23.45 with an exchange of 7,920 shares.
Firm Trades| First Citizens closed at $31.66, with 5,232 shares, Guardian Holdings held firm at $16.50, with 4,308 shares changing hands, National Enterprises closed at $10.47 trading 200 units, Prestige Holdings traded 700 units at $10.64. Republic Financial Holdings remained at $101.90 exchanging 1,905 shares, Sagicor Financial closed at $8.10 trading 15,188 shares and Scotia Investments exchanged 61,358 shares at $2.20 and West Indian Tobacco closed at $125.50, in exchanging 215 units.
TTSE fairly stable trading
Guardian Holding one of two stocks rising on Wednesday.
Trading on the Trinidad & Tobago Stock Exchange resumed on Wednesday after closing on Tuesday for a public holiday, resulted in 14 securities changing hands compared to 13 on Monday.
Market activity closed with 2 stocks advancing, 2 declining and 10 remaining unchanged as 302,425 shares traded valued at $1,384,509 compared to Monday’s trades of 439,332 valued at $8,004,289.
The Composite Index gained 0.20 points to 1,210.60, the All T&T Index rose 0.40 points to 1,792.43 and the Cross Listed Index remained at 84.26 points.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| Ansa McAL gained 1 cent to close at $66.01, with 115 units traded and Guardian Holdings closed at $16.30, after gaining 9 cents with 5,000 trading shares.
Losses| Clico Investment closed at a 52 weeks’ low of $22.25, with a loss of 14 cents in exchanging 2,000 shares and West Indian Tobacco lost 1 cent to close at a 52 weeks’ low of $125.50 trading 163 units.
Firm Trades| Angostura Holdings traded 21,000 shares at $15.01 valued at $315,210, First Citizens held firm at $31.65 with an exchange of 3,136 shares, Grace Kennedy closed at $2.85 trading 66,535 shares. JMMB Group exchanged 25,000 shares at $1.20, Massy Holdings was unchanged at $49, with just 150 units traded, One Caribbean Media traded 255 units at $14.95 and Sagicor Financial closed at $8.01 trading 5,596 shares. Scotiabank exchanged 2,225 shares at $58.02, Scotia Investments closed at $2.20, with an exchange of 153,445 shares valued at $337,579 and Trinidad Cement traded 17,805 shares at $4.14.
Value traded jumps 60% on TTSE – Monday
Trading volume on the Trinidad & Tobago Stock Exchange picked up a bit on Monday but the value traded climbed 60 percent over Fridays levels. Overall trading resulted in 13 securities changing hands compared to 10 on Friday.
At the close, 4 stocks advanced, 2 declined and 7 were unchanged as 439,332 shares were exchanged at a value of $8,004,289 compared to Friday’s trades of 393,123 valued at $5,048,449.
The Composite Index advanced 0.55 points to 1,210.40, the All T&T Index rose 0.27 points to 1,792.03 and the Cross Listed Index gained 0.11 points to 84.26.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Grace Kennedy closed at $2.85, with gains of 4 cents exchanging 5,465 shares, Guardian Holdings added 1 cent to close at $16.21 with 3,000 shares changing hands, Trinidad & Tobago NGL traded at an intraday52 weeks’ high of $23.78, but closed at $23.70 after gaining 10 cents trading 161,384 shares, valued at $3,837,260 and West Indian Tobacco gained 1 cent to close at $125.51, with an exchange of 2,500 shares valued at $313,775
Losses| Angostura Holdings closed at $15.01, with a loss of 9 cents, exchanging 49,180 shares valued at $738,618 and Clico Investment lost 1 cent to close at $22.39 with trades of 27 units.
Firm Trades| First Citizens traded 1,903 shares at $31.65, JMMB Group held firm at $1.20 with an exchange of 4,311 shares, Massy Holdings remained at $49 trading 20,025 shares valued at $981,226. Point Lisas exchanged 6,745 shares at $3.87, Republic Financial Holdings closed at $101.90, with trades of 15,752 shares valued at $1,605,129, Scotia Investments held firm at $2.20 trading 169,000 shares valued at $371,800 and Trinidad Cement exchanged just 40 units at $4.14.
Only 10 T&T securities trade on Friday
West Indian Tobacco traded $2,384,500, nearly 50% of the value traded on Friday.
Trading on the Trinidad & Tobago Stock Exchange on Friday resulted in 10 securities changing hands, compared to 11 on Thursday. Market activity led to 2 stocks rising, 1 falling and 7 remaining unchanged.
At the close, 393,123 shares were exchanged at a value of $5,048,449, compared to Thursday’s trades of 322,943 units valued at $11,771,171.
The Composite Index lost 0.02 points to 1,209.85, the All T&T Index declined 0.11 points to 1,791.76 and the Cross Listed Index gained 0.01 point to 84.15.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Sagicor Financial gained 1 cent to close at $8.01, with trades of 6,907 shares and Trinidad & Tobago NGL traded 9 cents higher, closing at $23.60, with an exchange of 78,579 shares valued at $1,849,738.
Losses| National Enterprises closed at $10.48, losing 1 cent trading 5,000 shares.
Firm Trades| Clico Investment exchanged 43 units at $22.40, First Citizens traded 2,562 shares at $31.65, Guardian Media closed at $18.35 with 53 units being exchanged,JMMB Group held firm at $1.20 with 275,000 shares valued at $330,000 trading. Massy Holdings closed at $49 exchanging 5,970 shares, Republic Financial Holdings traded a mere 9 units at $101.90 and West Indian Tobacco closed at $125.50, with an exchange of 19,000 shares valued at $2,384,500.