Trading on the Trinidad Stock Exchange on Monday was moderate, with 11 securities changing hands, of which 3 advanced, 4 declined and 4 traded firm, as 319,652 stock units changing hands, with a value of $4,016,204.
The Composite Index lost 0.49 points to close at 1,151.79, the All T&T Index fell by just 0.85 points to close at 1,988.75 and the Cross Listed Index fell by a mere 0.01 points to end at 41.22.
Gains| Stocks increasing in price at the close, are Guardian Holdings with 14,793 shares valued at $211,540 and ended up a cent at $14.30, National Enterprises traded 66 shares to close at $18, up a cent, Trinidad Cement with 137,014 shares changing hands for a value of $261,658, closed with a gain of a cent to $1.91.
Declines| The stocks declining at the end of trading are, First Citizens in trading only 420 shares to close a cent down at $35.99, Massy Group with 14,934 shares valued at $1,022,994 to close down 43 cents at $68.50, Republic Bank lost a cent to close at $121.93, while trading 262 units and Scotia Group lost a cent to close at $63.49 while trading only 70 units, for a new 52 weeks’ low.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings with 66,870 shares for $852,593 and closed at $12.75, Clico Investment Fund with 69,480 shares valued at $1,528,560 at $22, Sagicor Financial traded 12,500 shares at $6.53 and Scotia Investments traded 3,243 units to close at $1.40.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than the last selling price and 2 stocks with offers that were lower.
Only 3 Stocks rose to 4 declining on TTSE
WITCO Q2 profit jumps 23.5%
Trinidad’s West Indian Tobacco company profit jumped 23.5 percent in the June quarter, to hit $127 million as revenues climbed by a smaller 15 percent, to $324 million.
For the six months to June, profit is up to $224 million from $188 million, a 19 percent spurt, from revenues of $590 million versus $556 million in 2013. For the year to June, distribution, administrative and other cost were flat at $72 million, but corporate taxes was up to $73 million from $66 million. Earnings per share came in at $1.50 for the quarter and $2.65 for the half year. Earnings for the full year to December should reach $5.70 per share. The stock last traded for $118 in Trinidad putting the PE at 21. Witco will pay a dividend of $1.20 for the June quarter and $2.18 for the six months, an increase over the payments last year of $1.04 and $186 respectively.
West Indian Tobacco is listed on the Trinidad Stock Exchange and is a subsidiary of British American Tobacco, it is a fellow subsidiary of Carreras in Jamaica to whom it is the major supplier of cigarettes.
Witco has no borrowed debt but has shareholders’ equity of $284 million and cash funds of $191 million at the end of June. All currency are in T&T dollars.
Dividend from Montego Freeport
Montego Freeport plans on paying a dividend of 10 cents per share in the form of a capital distribution, on September 12, to members on the register at August 24. The payment is subject to approval by members, at the company’s annual general meeting to be held on August 21.
More than $2 is still left to be paid over to shareholders, when the company which is slated for liquidation is wound up. Montego Freeport reported profit of $12 million for the year to March this year and $28.9 million in 2013. The bulk of the income came from gain on sale of property. An amount of $23 million was written off as a result in a fall in value property, held for resale and booked in 2014, based on the price obtained for the sale of some of the lots compared to the value booked previously.
The directors’ report to shareholders, indicates that all lots have been sold, but the sale of a few of them have not been closed. At the end of March 2014, Freeport had net assets on its book of $1.39 billion or $2.47 per share and cash funds amounting to $491 million or 87 cents per share. There was $843 million due in receivables, $794 million of it represents amounts held in escrow, relating to funds received on the sale of property and assets held for sale amounting to $620 million. Amounts due to creditors and shareholders amount to $620 million, $527 million of it represents deposits on the sale of land.
Montego Freeport was previously listed on the Jamaica Stock Exchange but was delisted in January 2012, after the company’s shareholders voted in 2011 to have it delisted.
Jamaican dollar makes gains
In Friday’s forex trading, the selling rate for the Jamaican dollar made modest gains against all three major intervention currencies as dealers bought US$9 million more than they sold, thus reversing the net of US$6 million more sold, than purchased on Thursday.
Authorized dealers bought the equivalent of US$41,719,974 versus US$32,486,790 on Thursday, and sold the equivalent of US$32,548,314 compared to US$38,351,319 on Thursday.
In US dollar trading, dealers bought US$35,874,558 compared to US$26,851,403 on Thursday. The buying rate for the US dollar gained 26 cents to $112.33 and US$28,416,014 was sold versus US$35,366,233 on Thursday, the selling rate eased back 1 cent to $112.82.
The Canadian dollar buying rate was up $1.05, to $101.98 with dealers buying C$3,015,843 and selling C$2,205,950, the selling rate fell 35 cents to $102.95.
The Pound closed at $187.32, for the purchase of £1,396,008 as the rate slipped 99 cents while £597,214 was sold, as the rate declined 7 cents, to $189.77. Other currencies bought, amounted to the equivalent of US$779,695 while selling was the equivalent of US$1,114,637.
Highs & Lows| The highest rate for buying the US dollar, rose 10 cents to $113.20, the lowest buying and the highest selling rates remained unchanged, at $91.85 and $117.70 respectively. The lowest selling rate closed $18.15 lower at $91.85. The highest buying rate for the Canadian dollar fell 47 cents to $103.35 and the lowest buying rate remained unchanged at $81.59. The highest selling rate jumped by $7.50 to $113 and the lowest selling rate was unchanged at $98.30. The highest buying rate for the British Pound declined 70 cents to $190.30, the lowest buying rate was unchanged at $152.31, the highest selling rate fell $2.95 to $193.39 and lowest selling rate remained at $183.50.
Most stocks gained for third day
In Friday’s trading on the Jamaica Stock Exchange, the prices of 9 stocks rose and 4 declined as 22 securities changed hands, resulting in 5,499,109 shares trading, valued at $18,935,526. Friday was the third consecutive day that there were more stocks rising than declining.
Main Market| The JSE Market Index gained 552.31 points to 72,007.93 and the JSE All Jamaican Composite index moved up 617.58 points to close at 79,226.14.
Gains| At the end of trading in the main market, the volume of stocks with gains, and last their traded prices, are Cable & Wireless with 900,941 shares to close with a gain of 4 cents to 40 cents, Caribbean Cement 104,102 shares to close with a gain of 25 cents at $3, Jamaica Money Market Brokers with 13,200 ordinary shares, closed with a gain of 4 cents at $7, Pan Jamaican Investment with 7,238 shares jumped $3.92 to $52, Sagicor Group traded 321,008 shares to close with a gain of 24 cents at $9.49, Scotia Investments 2,000 shares, to close with a gain of 55 cents at $21.15 and Supreme Ventures 4,500 shares to close 20 cents higher at $1.95.
Firm| The stocks with volume and last traded prices in the main market to close without a change in price, are Carreras with 25,243 units, closing at $34.50, Desnoes & Geddes 1,121 units to close at $4.10, Grace Kennedy with only 1,000 units and closed at $59 and Mayberry Investments with 951 units, to close at $1.55.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 236,587 units to close at $3, Jamaica Money Market Brokers 7.50% preference share exchanged 412,000 units and closed at $2 and Proven Investments 8% preference share with 12,000 units closed at $5.05.
Declines| The stocks with losses, volume and last traded prices at the end of trading in the main market, are National Commercial Bank with 218,518 shares, losing 26 cents to end at $18, Proven Investments with 5,620 US dollar shares while losing 0.50 US cent to 17.50 US cents and Scotia Group with 78,069 shares as the price slipped 25 cents to $18.75.
Junior Market| The JSE Junior Market Index rose by 3.15 points to close at 629.39 as 5 stocks traded, with 2 advancing and 1 declining.
Gains| Stocks recording gains at the end of trading in the junior market, are Lasco Financial with 43,000 shares to close with a gain of 3 cents at 96 cents and Lasco Manufacturing with 454,353 units changing hands and gained 4 cents to 90 cents.
Firm Trades| The stocks in the junior market that traded to close at the same price as the day before are, Caribbean Producers with 2,639,807 units at $2.38 and Honey Bun with 1,411 units at $2.30.
Declines| The stock declining in the junior market at the end of trading, is AMG Packaging with 6,440 units at 39 cents lower at $2.50, a new 52 weeks low.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 9 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower.
Scotia drops $1.48 on TTSE, more coming
In trading on the Trinidad Stock Exchange, Scotiabank continues the slide, dropping $1.50 at the end of Friday’s market close, to a new 52 weeks low. The fall is a continuation of the negative response to the fall in profit for the April quarter, and the slow pace at which some investors, gingerly tried to extricate themselves from the stock. The stock has now lost $6.50 or 9.28 percent since the results were released at the end of May.
The stock lost $4.87 from July 31 to present, and is poised for a larger fall as there was no bid on the stock at the end of trading with an offer at the last traded price to sell 5,371 units.
There was activity in 14 securities in trading of which 5 advanced, 5 declined and 4 traded firm with 483,828 units changing hands, valued at $2,332,657. At the close of the market the Composite Index lost 2.91 points to 1,152.28, the All T&T Index fell by just 5.86 points to 1,989.60 and the Cross Listed Index increased by a mere 0.01 points to end at 41.23.
Gains| Stocks increasing in price at the close, are ANSA McAL that gained 2 cents to end at $66.30 while trading 400 shares, First Citizens with 3,820 units valued at $137,520 as the price closed 1 cent higher at $36. Grace Kennedy traded 1,728 shares to close with a gain of a cent at $3.46 and Trinidad Cement with 400,000 shares changing hands, for a value of $746,468, the price ended at $1.90, up 4 cents.
Declines| The stocks declining at the end of trading are Massy Group with 4,924 shares, valued at $339,461, to close down 2 cents at $68.93, National Enterprises added 7,707 shares valued at $138,714, to close a cent lower at $17.99, Republic Bank lost 3 cents to close at $121.94, in trading 1,950 shares, Sagicor Financial with 38,059 shares traded for $249,258, closed 2 cents lower at $6.53 and Scotiabank dropped $1.48 to close at $63.50, but only traded 137 shares.
Firm Trades| Stocks closing with prices unchanged at the end of trading, are Ansa Merchant Bank with 4,903 shares, valued at $191,756 to end at $39.11, Berger Paints contributed only 200 shares, at $3.61, Clico Investment Fund traded 2,000 shares valued at $44,000 and remained at $22, Guardian Holdings contributed 14,000 shares with a value of $200,190, as it closed at $14.30 and Scotia Investments traded 4,000 units to close at $1.40.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with the bid higher than the last selling price and 2 stocks with offers that were lower.
Derrimon largest owners of Caribbean Flavours
Derrimon Trading Company Limited (Derrimon) acquired 49% of the issued shares of Caribbean Flavours and Fragrances (CFF) from its previous majority owners, Anand and Joan James.
The share transfers of two blocks of 22,030,408 shares each, were executed through the Jamaica Stock Exchange on August 5, to effect the transfer to Derrimon for J$121,167,244, at $2.75 per share. Mayberry Investments acted as the investment banker to the deal on behalf of Derrimon.
Established in 1998, Derrimon is now a major distributor of consumer goods to supermarkets and wholesalers island-wide as well as supermarket operators.
“We are looking forward to working with Anand James, who remains as Managing Director of CFF, to expand on the synergies provided by this unique business. We believe that this investment will also assist us to reach the next level in our evolution.” CEO and majority shareholder of Derrimon Derrick Cotterell said.
CFF is engaged in the manufacture and distribution of flavourings and water soluble colourings for the food, beverage, baking, confectionary and pharmaceutical industries. The Company also manufactures and supplies fragrances, which are used in production of household cleaning, body car, aroma therapy and air freshener products. The Company supplies its products predominantly to commercial concerns in Jamaica, and exports to Caricom countries including Trinidad, Barbados, Guyana, and St. Kitts.
Managing Director of CFF Anand James said “I am very pleased with the progress of CFF since its listing on the Junior Market last September. Less than one year later, the listing has assisted me to identify a
long term strategic partner who shares my values and overall strategic focus.”
The deal will result in some changes to the board of directors of CFF, which will now comprise two
executive directors from each of the two companies. The three non‐executive directors as well as CFF’s
mentor will remain unchanged.
Dividend for Lasco Financial Shareholders
Lasco Financial Services advised that an interim Dividend of 3 cents per stock will be paid on September 2, 2014 to shareholders on record at August 21.
The X-dividend date is set for August 19, 2014. The company last paid a dividend of 30 cents per share on March 8, last year, prior to a 10 for 1 split of the stock.
Jamaica’s NIR passes US$2b
Jamaica’s Net International Reserves (NIR) now exceeds US$2 billion as it sits at US$2.18 billion, up by US$805 million during July. The increase reflects the US$800 million bond, the government raised recently on the international market.
The gross amount of the reserves is US$2.8 billion, up by US$793 million during July, of this amount US$606 million is due to the International Monetary Fund (IMF) and represents primarily, funds obtained from the IMF for liquidity support for the financial system, when the JLP government undertook the first debt exchange, back in 2010.
Reserves of Goods Imports amount to 28.13 weeks and 20.30 weeks of Rreserves of Goods & Services Imports.
Prices of 8 stocks rose 2 fell on JSE
In Thursday’s trading on the Jamaica Stock Exchange, the prices of 8 stocks rose, 2 declined as 26 securities changed hands, resulting in 5,097,306 shares trading, valued at $14,900,219.
Main Market| The JSE Market Index declined by 592.75 points to 71,455.62 and the JSE All Jamaican Composite index fell by 662.80 points to close at 78,608.56.
Gains| Stocks with gains, volume and last traded prices, at the end of trading in the main market, are Cable & Wireless with 247,349 units as the price rose 2 cents to 36 cents, Caribbean Cement with 5,000 units, 25 cents higher to $2.75, Desnoes & Geddes 1,667 shares, 8 cents up at $4.10, Jamaica Broilers 1,500,000 shares to close at $4.59 with a 2 cents gain, Sagicor Real Estate Fund traded 10,000 units for 40 higher at $6.90.
Firm| Stocks with volume and last traded prices in the main market to close without a change in price, are Carreras with 86,330 shares at $34.50, Gleaner with 1,892,256 units at $1.10, Grace Kennedy 3,100 shares at $59, Mayberry Investments with only 340 units, ended at $1.55, National Commercial Bank had only 14,654 shares changing hands at $18.26, Proven Investments 1,500 units at 18 US cents, Sagicor Group with 30,400 shares at $9.25, Scotia Group saw only 10,923 shares changing hands at $19, for Scotia Investments it was 1,666 shares at $20.60 and Supreme Ventures 6,600 units at $1.75.
Preference| Only Jamaica Teas bond with 2,000 units at $100 each traded.
Declines| The only stock to decline at the end of trading in the main market is, Jamaica Money Market Brokers with 3,416 shares, while losing 4 cents to end at $6.96.
Junior Market| The JSE Junior Market Index declined by 1.52 points to close at 626.24 as 9 stocks traded with 3 advancing and 1 declining.
Gains| Stocks recording gains at the end of trading in the junior market, are Access Financial with 10,000 shares, gaining 5 cents to $10.05, Caribbean Cream 500,000 shares with an increase of 4 cents to 65 cents and Lasco Distributors with 11,500 units with a cent increase to $1.06.
Firm Trades| The stocks in the junior market that traded to close at the same price as the day before are Caribbean Producers with 1,660 shares at $2.38, Consolidated Bakeries with 260,029 stock units at 80 cents, General Accident 306,000 shares at $1.35, Jamaican Teas with 45,364 shares at $3.25 and Medical Disposables with 97,552 shares at $2.
Declines| Paramount Trading with 50,000 shares is the junior market stock to decline as the price fell by 2 cents to $2.68.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 11 stocks with bids higher than their last selling prices and 5 stocks with offers that were lower.
