Trading ended on the Trinidad and Tobago Stock Exchange on Monday, with the volume of stocks traded just marginally more than on Friday but with a value that was 66 percent less, resulting in trading in 16 securities compared with 17 on Friday, with five prices of stocks rising, six declining and five remaining unchanged.
Investors exchanged 93,675 shares for $1,425,280 versus 93,136 stock units at $4,187,061 on Friday.
An average of 5,855 units were traded at $89,080 compared to 5,479 shares at $246,298 on Friday, with trading month to date averaging 8,803 shares at $136,070 compared with 9,645 units at $149,498 on the previous day. The average trade for October amounts to 15,711 shares at $151,451.
The Composite Index slipped 0.64 points to settle at 1,190.30, the All T&T Index shed 0.23 points to end at 1,812.85, the SME Index remained unchanged at 79.99 and the Cross-Listed Index fell 0.15 points to 73.37.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Agostini’s rallied $2.50 to close at $67.50, with 292 stock units crossing the market, Angostura Holdings increased by 1 cent to $20.51 while exchanging 1,530 shares, Ansa McAl remained at $54.05 with investors dealing in 1,794 stocks. Ansa Merchant Bank climbed 40 cents to end at $42.12 with four units changing hands, First Citizens Group fell 10 cents and ended at $49.25 after an exchange of 12,550 shares, Guardian Media ended at $2.20 after closing with 70 stock units being traded. Massy Holdings declined 2 cents to end at $4.57 with shareholders swapping 16,511 stocks, National Enterprises ended at $3.55 in an exchange of 1,107 units, National Flour Mills lost 1 cent to close at $1.52, with 6,612 stocks crossing the market. NCB Financial dipped 2 cents and ended at $2.82 in switching ownership of 60 units, Prestige Holdings rose 50 cents to $11.50 after an exchange of 850 shares, Republic Financial remained at $120 after 2,313 stock units passed through the market. Scotiabank advanced 1 cent in closing at $72.61 with investors exchanging 761 shares, Trinidad & Tobago NGL shed $1.35 to close at $12.60 after trading 8,325 units, Trinidad Cement remained at $2.90 with a transfer of 40,446 stocks and West Indian Tobacco skidded 28 cents to $10.02, with 450 stock units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Low keyed trading on the Trinidad Exchange
JSE USD Market trading ended mixed
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with the volume of stocks changing hands rising 195 percent valued 70 percent less than trading on Friday, resulting in five securities being traded, compared to nine on Friday, with two rising, two declining and one ending unchanged.
A total of 148,704 shares were traded for US$3,173 compared with 50,369 units at US$10,547 on Friday.
Trading averaged 29,741 shares at US$635 compared with 5,597 shares at US$1,172 on Friday, with a month to date average of 16,578 shares at US$944 compared with 13,717 units at US$1,011 on the previous trading day. October ended with an average of 47,977 units for US$4,392.
The US Denominated Equities Index shed 0.60 points to settle at 230.39.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.9. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows one stock ending with a bid higher than the last selling price and one with a lower offer.
At the close, Proven Investments ended trading at 15.99 US cents, with shareholders swapping 4,635 units, Sterling Investments shed 0.08 of a cent to 1.85 US cents, with 1,552 stocks crossing the exchange, Sygnus Credit Investments rose 0.32 of one cent to close at 9 US cents with investors trading 391 shares and Transjamaican Highway lost 0.04 of a cent in closing at 1.65 US cents in an exchange of 142,124 stock units.
In the preference segment, Equityline Mortgage Investment preference share gained 5 cents and ended at US$1.10 after a mere two shares changed hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Jamaica’s tourism rebound slows
Tourist arrivals to Jamaica continue to grow, but at a much reduced pace than earlier in the year, data for the all important Sangster International Airport shows. Passenger traffic passing through the airport in October grew 10.3 percent, to 350,000, up from 317,000 last year, and is well below the year to date of an increase of nearly 22 percent to 4.3 million passengers versus 3.54 million in the previous year.
In the case of Kingston’s, Norman Manley International Airport saw 8.9 percent fewer passengers passing to the island’s second largest airport for a second month, declining to 129,000 passengers passing through compared with 141,200 in 2022, but for the year to date, the airport saw 15.6 percent more passengers passing through than the year before when 1.2 million passed through compared to 1.47 million this year to date.
Data was taken from a release passenger traffic for the two International Airports operated by Grupo Aeroportuario Del Pacifico.
According to Jamaica Tourist Board data, stopover arrivals to Jamaica for the first six months of this year, the latest period they have so far reported on, were up 26.8 percent over that of 2022 and 6.7 percent above 2019 figures, while for the quarterly to June, arrivals were up 13.6 percent over 2022 and just 9.9 percent over that of 2019.
Kremi ekes out small profit
Caribbean Cream reported revenues of $646 million for the August quarter this year versus $645 million in 2022, with the year to date revenues slipping to $1.25 billion from $1.257 billion in the previous year. Profit fell to $3.6 million in the August quarter from $7 million in 2022 and rose to $10 million for the six months from $8.5 million in 2022.
Improvement in production cost pushed gross profit up 10 percent to $390 million for the half year versus $354 million in 2022 and $205 million for the quarter to August this year, up 8.5 percent from $189 million in 2022. Cost savings were only realised in some areas as administrative expenses and finance costs climbed over 2022. Administrative expenses increased 6 percent to $158 million from $149 million, with finance costs climbing 60 percent to $24 million, from $15 million in the August 2022 quarter. For the half year, administrative costs rose 7 percent to $306 million from $286 million the previous year, while finance costs jumped 56 percent from $27 million to $42 million for the half year.
Finance cost associated with the expansion of the warehouse and building out of the cogeneration energy plant is being written off directly as a current expense rather than capitalising it, with the equipment as such, the reported profit over the past three years appears understated as a result of the treatment of this item. Accordingly, the 2023 full year’s profit should be closer to $70 to $80 million than the above figure, and the 2023 half year’s figure should be around $37 million.
Operations generated Gross cash flow of $77 million, growth in working capital and $206 million spent in addition to fixed assets offset by loan inflows net of outflows of $238 million, resulting in funds growing by $78 million during the six months.
Considerable sums have been spent on plant and machinery to improve efficiency and, by extension, increase profit. Accordingly, $439 million was expended over the past year, bringing the gross amount in fixed assets to $2.7 billion from $1.7 billion at the end of February 2022. Most of the new expenditure went into equipping a new cold storage plant that has expanded freezing and cold storage capacity, with some spent on the cogeneration energy plant, which is intended to cut energy costs.
The company remains financially healthy, with current assets of $539 million, including trade and other receivables of $114 million, cash and bank balances of $145 million and inventories of $248 million, up from $183 million in August 2022. Current liabilities ended at $225 million and net current assets at $314 million.
At the end of August, shareholders’ equity amounts to $836 million, a rise from $807 million at the end of August 2022, with long term borrowings at $1.2 billion and short term loans at $43 million.
Earnings per share for the quarter was one cent and 3 cents for the year to date. IC Insider.com computation projects earnings of 55 cents per share for the fiscal year ending February 2024, with a PE of 7 times current year’s earnings based on the price of $3.95 the stock traded at on the Jamaica Stock Exchange Junior Market on Friday. The PE ratio compared with a market average of 10.7. Net asset value ended the period at $2.21, with the stock selling at just under two times book value.
The company has a checkered profit history, as shown by the attached chart of profits, since 2015 and has struggled with increased costs since the disruption caused by COVID-19. The situation is worsened by the treatment of interest incurred to finance the new warehouse.