The Trinidad and Tobago Stock Exchange, is reporting a delay in transmission of trading reports for Wednesday, due to what the exchange states is the encountering of a power outage which adversely affected their trading system and has delayed the transmission of trading reports.
“The power outage was actually several outages in quick succession which adversely affected our servers. This problem was exacerbated by low voltage that was occurring previous to the outages”, the stock exchange stated.
The exchange sated that “We are working aggressively to resolve the issue and will provide an update later this evening. We appreciate your patience and assure you that we are doing everything possible to resolve this situation”.
Power cut disrupts trading on TTSE
October 22, 2014 by
4 junior market companies trade
October 22, 2014 by
The Junior Market closed trading with 985,533 units valued at $941,249. The JSE Junior Market Index fell 8.63 points to close at 652.77. Only 4 securities traded in the market, continuing a long period of low participation, 1 advanced and 2 declined.
At the close of the market, there were 4 stocks with the bids higher than their last selling prices, and 4 stocks with offers that were lower. The junior market continues to exhibit weakness with 12 securities closing with no bids to buy. There were 4 securities that had no stocks being offered for sale.
in actual trading, AMG Packaging with 2,480 shares lost 25 cents to end at $2.25, a new 52 week’s low, Lasco Distributors traded 92,000 units and closed 2 cents higher, at $1.17, Lasco Financial Services with 8,200 units, closed at $1, Lasco Manufacturing had 879,353 units trading to close at 91 cents after losing 7 cents and Paramount Trading had 3,500 units changing hands at $2.70, the offer closed at $2.50 at the end of trading.
Profit continues at TCL but equity needed
October 22, 2014 by
Profit for Trinidad Cement’s third quarter improved over the second quarter, with net profits of $30 million up from $18.7 million in the June quarter and just $6 million in the similar quarter in 2013. For the nine months to September, profit for the group’s shareholders amounted to $60 million versus $69 million in 2013.
The 2014 figures reflect cost of nearly $29 million associated with an attempt at restructuring the heavy debt the company has, but the 2013 results benefited from a tax credit of $27 million.The profit flowed from revenues of TT$514 million for the September quarter, an increase of only 3.6 percent from $496 million in 2013, and for the nine month in 2014, the Group recorded growth in revenue of $97 million or 6.5 percent, to reach $1.587 billion. “This improvement was driven by growth in the domestic cement markets in Trinidad and Jamaica, whilst the Barbados market remained relatively flat. In addition, concrete sales improved by 12.3 percent. In Jamaica, Caribbean Cement was able to supply 80,300 tonnes of clinker to Venezuela. Price increases were implemented in Trinidad, Jamaica and Guyana,“ management stated in a release with the financial report.
Net finance costs fell by $30 million, due to lower foreign exchange losses of $15.4 million and lower net interest cost of $14.3 million to hit $144 million for the nine months period. Finance cost fell to $47 million in the September quarter, compared with $51 million in 2013.
Operating Profit before Interest, taxes, depreciation and non-recurring items from continuing operations increased by $31 million or 9.6 percent to $125 million in the latest quarter and was $326 million for the nine months, to September versus $326 million in 2013. According to management “the increased revenue was eroded by escalating costs in Jamaica due to the depreciation of the Jamaican dollar and increased operating costs in Barbados.”
Earnings per Share amounted to 24.4 cents compared with 28.2 cents for the nine months period in 2013, but the latter was boosted by a large tax credit. For the quarter earnings per share amounted to 13 cents from continuing business.
Management stated that “The operations of Premix & Precast Concrete Inc. (Barbados), a subsidiary of Readymix West Indies, was discontinued in September due to the prolonged operating losses at this location, resulting in a loss of $3.4 million recorded for the quarter and $4.2 million for the nine months of 2014.”
The Board stated that they are currently negotiating with the financiers to have a restructured loan agreement. Negotiations are also in progress between the Company and the trade union to have an agreement with regard to retroactive payments for the expired collective agreements. A comprehensive financial and operational review of the Group is in progress and a restructuring plan, which seeks to secure the long-term viability of the Company, is scheduled to be completed by October.
The debt at the end of 2013 was just under $2 billion all of which has been switched to current liabilities as a result of the default occasioned by the decision of the company to suspend payment on the debt pending negotiation of the terms. Equity stood at $570 million at the end of September, well below the debt. All amounts are in TT dollars.
Trinidad Cement is list on the Trinidad, Jamaica, Guyana, Eastern Caribbean and Barbados stock exchanges.
Jamaican$ gains value on Tuesday
October 21, 2014 by
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The amount of foreign exchange traded by dealers on Tuesday, was more than on Friday. The equivalent of $10 million was purchased over the amount sold on Tuesday, the day after the market was closed for the public holiday. The Jamaican dollar lost value against the British Pound but gained against the others.
Authorized dealers purchased the equivalent of US$52,672,492 versus US$29,491,248, on Friday, with Monday being a public holiday. The equivalent of US$42,825,714 was sold, compared with US$24,981,810 on Friday.
In US dollar trading, dealers bought US$48,572,214 compared to US$25,874,570 on Friday. The buying rate for the US dollar gained 7 cents to $112.22 and US$40,081,642 was sold versus US$22,602,758 on Friday, the selling rate fell 4 cents to $112.60. The Canadian dollar buying rate, rose 17 cents to $97.72 with dealers buying C$1,732,588 and selling C$1,204,424, at an average selling rate that fell 50 cents, to $100.15. The rate for buying the British Pound dropped 27 cents to $178.29, for the purchase of £1,547,779, while £913,135 was sold, at $181.24, an increase of 5 cents. Other currencies bought, amounted to the equivalent of US$132,491, while the equivalent of US$202,971, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed with a rise of 3 cents, to $112.75, the lowest buying and the highest selling rates, were unchanged at $91.85 and $117.70 respectively and the lowest selling rate ended $1.81 lower at $91.85. The highest buying rate for the Canadian dollar rose 45 cents to $100.45, the lowest buying rate remained unchanged at $78.85 and highest selling rate climbed 50 cents to $102.50. The lowest selling rate was unchanged at $95. The highest buying rate for the British Pound, rose 35 cents to $181.35, the lowest buying rate inched up 21 cents to $144.42, the highest selling rate was unchanged at $186.18 and so was the lowest selling rate at $174.
Below par post-holiday trading
October 21, 2014 by
The Jamaica Stock Exchange reopened Tuesday after closing for Monday’s holiday, with very moderate activity. The prices of 3 stocks rose and 4 declined as only 11 securities changed hands, culminating in 846,609 units trading, valued at $3,351,888, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 9 stocks with bids higher than their last selling prices and 8 stocks with offers that were lower.
Main Market| The JSE Market Index fell 348.36 points to 71,884.55 and the JSE All Jamaican Composite index declined 389.52 points to close at 79,088.20.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Carreras with 34,000 shares to close 9 cents higher to $34.99 and Sagicor Group had 66,000 shares changing hands to gain 11 cents, to close at $9.51, after it traded as high as $9.70.
Firm| The stocks in the main market to close without a change in the last traded prices are, Grace Kennedy with 7,058 units closed at $58 and Radio Jamaica that ended trading with 39,000 shares at $1.15.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Cable & Wireless with 51,300 shares at 28 cents after falling a cent, National Commercial Bank saw trading in 40,700 shares as the price ended down 24 cents at $17.51 and there was dealing in 7,000 Supreme Ventures shares to close with a 20 cents fall to a new 52 weeks’ low of $1.60.
Preference| Jamaica Money market Brokers 7.5% preference share traded 16,926 units at $2.98, while losing a cent.
Lasco Finance up 15 cents
October 21, 2014 by
The Junior Market closed trading with 124,625 units valued at only $158,408. The JSE Junior Market Index increased 2.04 points to close at 661.40 with only 3 securities traded, 1 advanced and none declined.
At the close of the market there were 5 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower. The junior market continues to exhibit weakness with 11 stocks closing with no bids to buy. There were 5 securities that had no stocks being offered for sale.
At the close of trading the active stocks are, Caribbean Producers trading 24,625 shares to end at $2.38, Lasco Financial Services gained 15 cent with 80,000 units, to close at $1 and Lasco Manufacturing had 20,000 units trading, to close at 98 cents.
Only one stock gained on TTSE
October 21, 2014 by
Trading on the Trinidad Stock Exchange ended with 12 securities changing hands of which only 1 advanced, 4 declined and 7 traded firm, with a total of 1,090,313 units, valued at $5,882,245.
At the close of the market, the Composite Index lost 0.47 points to close at 1,148.44, the All T&T Index fell 0.65 points to close at 1,965.84 and the Cross Listed Index fell 0.04 points to end at 43.39.
Gains| The sole stock increasing in price at the close is, Clico Investment Fund with 95,399 shares, valued at $2,104,502 as the price advanced by 1 cent, to end at $22.06.
Declines| The stocks declining at the end of trading are, National Commercial Bank with 484,384 shares changing hands for a value of $484,385 and ended at $1, National Enterprises lost 1 cent to close at $17.54 with 1,000 shares, Republic Bank lost 25 cents to close at $121.25 and Sagicor Financial Corporation traded 2,285 units at $6.20 after losing 5 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, First Citizens Bank with 1,774 shares to close at 36.74, Grace Kennedy contributed 44,088 shares with a value of $169,739 and closed at $3.85, while Guardian Holdings added 25,197 shares valued at $340,160 to end at $13.50, Jamaica Money Market Brokers with 404,755 shares traded for $182,140, closed at 45 cents, Massy Holdings traded 24,257 shares valued at $1,663,060, to close at $68.56, National Flour Mills with only 167 shares closed at $1.18 and One Caribbean Media traded just 100 units to close at $25.12.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 4 stocks with offers that were lower.
7 stocks rose on TTSE
October 20, 2014 by
Trading on the Trinidad Stock Exchange ended with 16 securities changing hands of which 7 advanced, 4 declined and 5 traded firm with a total of 331,788 units, valued at $4,120,839.
At the close of the market, the Composite Index rose 0.60 points to close at 1,148.91, the All T&T Index rose 0.15 points to close at 1,966.49 and the Cross Listed Index increased by 0.14 points to end at 43.43.
Gains| Stocks increasing in price at the close are, First Citizens Bank traded 761 shares to close with a gain of 2 cents to end at $36.74, Grace Kennedy contributed 55,912 shares with a value of $211,370, to close at $3.85, up by 10 cents, Guardian Holdings traded 22,500 units to close at $13.50, National Commercial Bank added 50,000 shares valued at $50,500 and closed at $1.01 to gain a cent, Sagicor Financial Corporation with a volume of 60,085 shares traded for $374,653 and closed at $6.25 in gaining 6 cents, Trinidad Cement with 95,656 shares changing hands for a value of $184,626 the price rose 8 cents to end the day at $1.94 and West Indian Tobacco traded 15,000 units valued at $1,773,900 to end 3 cents up, at $118.26
Declines| The stocks declining at the end of trading are, Berger Paints traded 1,000 units closed at $3.61, down 4 cents National Enterprises lost, 5 cents to close at $17.55 when trading 1,044 shares, One Caribbean Media traded 2,991 units at 8 cents down to $25.12 and Scotiabank with just 200 shares ended down a cent at a new 52 weeks’ low at $58.49.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, ANSA Mcal 200 shares ended trading at $66.15, Clico Investment Fund with 6,932 shares valued at $152,851 to end at $22.05, Massy Holdings with 13,007 shares at $68.56, Prestige Holdings with 2,500 shares at $9.55 and L.J. Williams B 4,000 shares at 90 cents.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.
More JMMB insider selling
October 20, 2014 by
Insiders have been selling Jamaica Money Market Brokers (JMMB) shares in fairly large quantities this year, even as the company’s fortunes seem to be bright.
JMMB advised the Jamaica Stock Exchange that a related party sold 5,000,000 of the group’s shares on October 10, 2014. On September 18, this year a connected party also sold 1,000,000 of the Group’s shares.
In March this year CEO Keith Duncan was reported to be telling investors in Trinidad: “If ever there was a time to get excited about JMMB Group’s performance prospects, that time is now!” but while he was telling the Trinidad investors this, persons close to Jamaica Money Market Brokers were continuing to sell shares in the company.
Earlier in the year, five related parties sold a total of 9,663,800 JMMB shares during the period March 17-18, 2014 but that is not the only sale of large amounts around that time. A connected party sold 1,500,000 of the shares on March 4, 2014. A Director sold a relatively small amount of 31,146 JMMB shares on March 11, 2014 but there was a big sell out of 19,464,448 shares on February 17, 2014.
Kremi invest for future growth
October 20, 2014 by
Caribbean Cream, producers of the Kremi ice cream, has been spending big bucks for expansion and growth. That action has seen a major improvement in sales but little change in profits for the six months to August. While sales revenues climbed 20 percent in the two quarters this fiscal year, profit is down in the second quarter to August from $7.9 million to $1.35 million and for the six months, profit is flat at $17.8 million.
Gross profit climbed 29 percent to hit $58 million, but margin fell in the August quarter to 30 percent from 37.8 percent in the May quarter, putting the six months margin at 34 percent, from an increase in the gross profit of 44 percent, to $127 million from $88 million. Profit margin has improved in 2014 over the levels in the first and second quarters of 2013. Last year, gross profit margin was 26.5 percent for the August quarter and 27.3 percent for the half year. Management in their report to shareholders, indicated that the slippage in profit margin in the August quarter, is due to unexpected repairs and maintenance of equipment, as well as increased depreciation charge.
Forecast| Based on greater sales in the last half of the fiscal year, margins are expected to move into the 80 percent range, as direct overhead costs are fairly static. IC Insider is forecasting earnings of $77 million or 25 cents per share for the year ending April 2015, from projected revenues of $1.05 billion. The Kremi brand is now being introduced to the retail market to compete with other brands, mostly imported, on the shop shelves. Its better taste and pricing should ensure an increasing presence and sales in the future.
Financials| In the last 12 months the company acquired fixed assets amounting to $212 million, pushing total fixed assets net of depreciation, to $400 million, from $221 million at the end of August 2013. Inventories climbed to $115 million from $69 million a year ago, due to increased containers and raw materials, to facilitate expansion of the product line and increased sales. Receivables fell from $70 million to $33 million. Cash that was at $63 million has been used up leaving less than a million dollars at the end of August. Borrowings climbed to $163 million from $141 million, at the end of 2013 second quarter. Amounts due to creditors ballooned to $130 million from $61 million the year before.
