NCB ups dividend as profit climbs

April 25, 2014 by

National Commercial Bank approved an increased dividend payment of 35 cents per share payable on May 22, 2014 for stockholders on record as at May 9, 2014.  For the same March quarter last year, the bank cut the dividend paid on May 24 to 16 cents per share, down from 23 cents they paid in March 2012. A dividend of 32 cents per ordinary stock was paid on February 20 this year.

NCB also released the second quarter results to March and as expected the results showed strong improvement over the 2013 quarter with a net profit of $2.99 billion, up from the NDX affected $1.74 billion in 2013. The latest quarterly figures exceeds the amount reported in the December quarter when they made $2.86 billion, which was boosted by a $300 million gain from acquisition of a subsidiary. Without that one off non-operating income, profit would have grown by 17 percent over the December 2013.

NCB_TheAtrium280x150Huge progress has been made in recovering from the negative impact that the NDX debt swap had on net interest income last year as $5.89 billion to $6.11 billion. For the six months to March, the bank generated net profit $5.85 billion, up from $4.53 billion last year resulting in earnings per share of $2.38 for the current year to date. In achieving these results, NCB was able to put a hold on expenses in the March quarter compared with the December quarter. The latest figures of $6.97 billion are slightly higher by just $74 million than the March 2013 quarter. For the year to March, expenses are up by $1.73 billion to $14.3 billion.

The bank is to be on target to clock around $5 per share earnings for the current fiscal year that ends in September.

The bank grew loans from $141.1 billion to just over $150.5 billion and made provision for bad loans of $492 million versus $390 million in December and $494 million in the 2013 March quarter. For the 2014 six months period, bad loan provisioning amounted to $882 million, a decline from $1.07 billion.

Related posts | 39% hike for NCB dividend | NCB ill-fated IPO cost $680m | NDX slaps NCB profits

Filed Under: Company News, Company Results Tagged With: , ,

Citizens climb continues

April 24, 2014 by

First Citizens Bank’s stock price continues to recover as the stock enjoyed another day of gains on Thursday on the Trinidad Stock Exchange with a 42 cents rise, as there was trading in 13 securities of which 7 advanced, 3 declined and 3 traded firm, with 457,650 units trading carrying a value of $8,255,609.
TTSE sum 24-4-14The Composite Index advanced by 0.27 points to close at 1,174.54, the All T&T Index gained 0.56 points to close at 2,003.95, while the Cross Listed Index remained flat at 45.25.
Gains| Stocks increasing in price at the close are, Clico Investment Fund that advanced by 5 cents to end at $21.45 as 30,366 shares valued at $651,315 were traded, First Citizens Bank that gained 42 cents to end the day at $37.46 as 17,775 units changed hands, valued at $616,970, Grace Kennedy added 25,194 shares valued at $90,479 as the price moved up 10 cents to $3.60, Neal & Massy traded 636 shares to close with a gain of 15 cents at $66.50, Prestige Holdings with 820 units, closed at $9.40 with an increase of 4 cents, Sagicor Financial Corporation with 15,685 units closed at $7.03 as the price gained 3 cents and West Indian Tobacco with 1,390 units to close with a one cent gain at $118.01.
Declines| Jamaica’s National Commercial Bank with 86,000 shares traded for $98,900, closed at $1.15, for the loss of a cent, Republic Bank suffered a loss of 27 cents to close at $120.33 and Scotiabank traded 2,409 shares valued at $168,052, to close at $69.75, as the price lost 24 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, ANSA McAL contributing 71,380 shares with a value of $4,743,201, to close at $66.45, Jamaica Money Market Brokers 187,776 shares changing hands for a value of $93,888, to close at 50 cents and National Flour Mills trading 6,479 shares, to close at $1.20.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 2 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market

Paramount grows profit 68%

April 24, 2014 by

Paramount Trading Company enjoyed strong gains in 2013 as profit before tax jumped an attractive 68 percent from revenues that are up 10 percent year over year but it was partly aided by an increase in other income growing by 87 percent to $7.6 million.

As of November 2013, gross profit margin increased to 46 percent from 43 percent for the same period in 2012. This improvement contributed $10 million to profit and is aided by slower growth in cost of sales of $227.8 million that increased by 8 percent at slower pace than revenue, while administration cost moved up by only 6 percent. The various areas of improvement, profit margin and cost containment enabled the company to make a profit of $35.2 million for the six month period, up from just $21 million in 2012, while sales grew to $339.5 million from $300.8 million. There was no major reduction in finance cost which came in at $10.6 million compared to $11.2 million in 2012 even as borrowings declined by just over $20 million. Movement in foreign exchange would have been a factor in pushing the cost in this area.

berger_construction-paintingFor the November quarter, revenues grew by 9.2 percent but profit before tax increased by 85 percent as gross margin climbed to an attractive 50 percent up from 43 percent in 2012, while administrative cost fell from $31 million to $28 million and finance cost slipped slightly to $4.8 from $5.1 million resulting in profit before tax of $19 million versus $10.3 million in the 2012 quarter.

During the November quarter, the company indicated that it expanded the food chemical product range and this should add to revenues and profit going forward.

The company seems set to earn $90 million in profit or around 60 cents per share and should go on to earn around 80-85 cents per share for 2015. Based on this projection, the stock is priced at 5 times 2013 earnings, well below the 8 times that many junior market stocks are priced at currently, leaving room for a good potential gain in the months ahead.

Balance Sheet | Receivables climbed to $130 million at the end of the quarter from $89 million at the end of November 2012 but is down from $146 million at the end of May (the company’s financial year end) but inventories climbed to $229 million from $172 million at both November 2012 and May 2013.

Payables, on the other hand, was up from $75 million at the end of November 2012 to $107 million in November 2013 but it is slightly better than the $110 million owing at the end of May 2013. These changes result in cash falling from $60 million at the end of the fiscal year to $37 million. The increased inventory is expected to fill increased demand for the goods during the high demand third quarter. At the end of the November, shareholders’ equity stood at $278 million or $1.88 per share after setting aside $21 million for a dividend payment.

Related posts | Paramount misses Buy Rated crown | Higher cost flattens Paramount’s profit

Filed Under: Company News, Company Results Tagged With: , ,

Declines up over advances

April 23, 2014 by
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The Trinidad & Tobago Stock market continues to trade cautiously with activity in 14 securities of which 4 advanced, 6 declined and 4 traded firm. A total of 157,674 shares traded, with a value of $3,285,469.
The Composite Index advanced by 1.55 points to close at 1,174.27, the All T&T Index advanced by 3.23 points to close at 2,003.39 and the Cross Listed Index fell 0.02 to 45.25.
23-4-14Gains| Stocks increasing in price at the close are, Angostura Holdings that traded 3,000 shares to close with a gain of 70 cents, to end at $11.70, First Citizens Bank with 2,642 units to close at $37.04, up 3 cents, Neal & Massy contributed 5,858 shares with a value of $388,672 and closed at $66.35 for a one cent gain and Unilever Caribbean with 60 units to end at $58.36, as the price inched up by a cent.
Declines| Clico Investment Fund traded 10,610 shares valued at $227,056 and lost 5 cents to end at $21.40, Guardian Holdings traded 52,548 shares valued at $689,164, to close at $13.05, down 13 cents, Readymix (West Indies) traded 100 shares for the first time since it traded on January 28th this year and closed on Wednesday with $1.35 fall, to $19.65, for a new 52 weeks low, Sagicor Financial with 2,777 units at $7, closed down by 2 cents, Scotiabank 6,973 units valued at $488,041 closed with a 1 cent decline to at $69.99 and Trinidad Cement closed with 5,000 shares at $2.19, for a 1 cent loss.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Ansa Mcal which added 1,001 shares to close at $66.45, National Enterprises with a volume of 67,000 shares, valued at $1,256,250 and closed at $18.75, Grace Kennedy with only 100 shares changing hands to close at $3.50 while West Indian Tobacco traded just 5 shares and closed at $118.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 4 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market

First Citizens up 96 cents

April 22, 2014 by

First Citizens continues its recovery from recent lows and closed today at $37.01 while trading 32,496 shares valued at $1,197,770, two stocks closed at new 52 weeks high as National Enterprise closed at $18.75 and Republic Bank at $121.
The market opened the post Easter holiday period on a slightly positive note, with trading in 11 securities of which 4 advanced, 3 declined and 4 traded firm with 112,719 units trading with a value of $4,621,940. The Composite Index advanced by 3.15 points to close at 1,172.72, the All T&T Index advanced by 6.96 points to close at 2,000.16 and the Cross Listed Index inched down by 0.09 point, to end at 45.27.
TTSE 22-4-14Gains| Stocks increasing in price at the close are, First Citizens with a gain of 96 cents in closing with the last transaction at $37.01, Guardian Holdings with 464 shares to close at $13.18 up 4 cents, National Enterprise trading 1,250 units to close at $18.75, for a 34 cents gain and Republic Bank closed up by 66 cents at $121 while it trading 1,779 shares valued at $214,555.
Declines| Jamaica Money Market Brokers traded 23,265 shares valued at $11,910 and lost 3 cents to end at 50 cents, Neal & Massy traded 60 units at $66.34 for a fall of a cent and Unilever Caribbean closed with 45 shares at $58.35 for a decline of 15 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are Ansa McAL with 43,034 shares valued at $2,859,609 and closed at $66.45, Clico Investment Fund which added 9,287 shares valued at $199,206 to close at $21.45, Scotiabank with 414 shares changing hands for a value of $70 and West Indian Tobacco with a volume of 625 shares valued at $73,750 to close at $118.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 4 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market

Rising interest rates affect GSE stocks

April 18, 2014 by

Economic pressures continue to hammer Ghana with the exchange rate closing at GH¢2.77 to the US dollar on Thursday April 17 versus GH¢2.16 to the US dollar, a 36 percent fall in value over the 18 slippage against the United States dollar, at the end of March.
The falling local currency will spike inflation and lead to investors demanding more compensation in higher interest rates on local money, as a result, the 3 months Treasury Bill rate for the April 11 auction rose to 24.06 percent up from 23.69 percent at the end of March and 18.5 percent at the end of December last year. GSE 18-4-14fRising interest rates, result in falling stock prices as investors switch to what they see as instruments of higher returns. This has happened in Ghana, with stock prices that rose sharply up to the week ending February 21, falling ever since. This past week, the market lost 3%, based on the Ghana Stock Exchange Composite Index, to close at 2,272.40 points and the Ghana Stock Exchange Financial index, lost 4% to close at 1,934.75 points. At the end of the previous week, the indices recorded a decline of 2 percent and 3 percent respectively. The market at the peak this year, recorded gains of 21 percent for the financial index of the Ghana Stock exchange, while the market’s composite index was up, just under 13 percent, by the February 21. On Thursday, the year to date gains melted to just 5.93 for the composite index and 8.29 percent for the financial index.
In the past trading week ending Thursday April 17, the Ghana Stock market decline was fuelled by an advanced, decline ratio of just one stock recording gain, versus 13 stocks that fell, a much worse situation than the previous week, of 5 stocks gaining compared to 8 declining and the week of April 4, when 8 stocks fell to 7 that increased in price.
Trading for the four day week, accounted for 5,783,737 shares compared to 2,571,333 the week before. Of the amount traded this past week, 4,696,499 was traded on Tuesday and only 352,288 on Thursday.

Filed Under: Global Market, Stock Market Tagged With: , , ,

Citizens up & heading higher

April 17, 2014 by

First Citizens Bank closed higher for the 7 days straight, having fallen to a 2014 low of $34 in early April. At the end of trading Citizens had a bid at $36.06 which is above the closing price, to buy nearly 20,000 units with only 1.153 units on offer at $36.50.
TTSE sum 17-4-14The market continues to trade sideways with only a few stocks showing signs of continuity in price movements. Trading was in 11 securities of which 4 advanced, none declined and 7 traded firm, with 70,744 units trading, valued of $1,412,008. The Composite Index advanced 3.72 points to close at 1,169.57, the All T&T Index advanced by 7.41 points to close at 1,993.20 and the Cross Listed Index remained flat at 45.36.
Gains| Stocks increasing in price at the close are, First Citizens Bank that closed at $36.05 while trading 2,038 shares to close with a gain of 24 cents, National Enterprises with 14,000 shares being traded for $259,660, to close at $18.55, up 27 cents, One Caribbean Media with 22,871 shares changing hands for a value of $465,653 to close at $20.36, up 10 cents for a new 52 weeks high and Republic Bank with only 810 shares, closed 27 cents higher at a new 52 weeks high of $120.60.
Declines| There were no stock recording a decline at the end of trading.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings contributing 7,318 shares with a value of $80,498, to close at $11, ANSA McAL with 335 units, to close at $66.45, Clico Investment Fund traded 17,428 shares valued at $373,831 remained at $21.45, Grace Kennedy added 5,000 shares valued at $17,500 to close at $3.50, Jamaica Money Market Brokers with 763 shares at 53 cents, with a mere 5 units to end at $66.35 and West Indian Tobacco with 176 shares, closed at $118.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market

First Citizens on recovery path up 76c

April 16, 2014 by

First Citizens bank lost altitude after peaking at $42.99 in early January, seems to be on the rebound having gained 56 cents on Tuesday and 76 cents on Wednesday, at the close of trading, the stock bid was at $35.82, a cent higher than the last traded price for a small volume. The rest of market continues to trade in a narrow band.
Trading occurred in 14 securities of which 3 advanced, 5 declined and 6 traded firm, with 277,122 units trading, with a value of $2,906,268.
The Composite Index advanced by 0.89 points to close at 1,165.85, the All T&T Index advanced by 2.31 points to close at 1,985.79 and the Cross Listed Index eased by 0.07 points to 45.36.
TTSE 16-4-14Gains| Stocks increasing in price at the close are, First Citizens Bank with 12,938 shares valued at $458,330 as the price increased by 76 cents to end the day at $35.82, Guardian Holdings contributed 2,105 shares and closed at $13.14 for 2 cents gain and Republic Bank exchanged 1,391 shares with a 2 cents gain, to close at $120.33, for another 52 weeks high.
Declines| Stocks loosing value at the end of trading, are ANSA Mcal that lost 4 cents, in trading 113 units to close at $66.45, Jamaica Money Market Brokers with 10,000 shares, to close with a loss of a cent to 53 cents, One Caribbean Media with 24,200 shares for $492,675, as it closed at $20.26 for a 4 cents loss, Praetorian Property Mutual Fund declined by a cent to end at $3.40 while trading 25,060 shares valued at $85,254, Sagicor Financial Corporation with 160,410 shares changing hands for a value of $1,125,914, gave up 2 cents to land at $7.03.
Firm Trades| Stocks closing without a change in their prices, at the end of trading are Firstcaribbean International Bank contributing 20,000 shares with a value of $110,000 and closed at $5.50 while Guardian Media contributed 1,072 shares and closed at $19.75, Neal & Massy with 1,791 shares, closed at $66.35, Trinidad Cement with 7,401 shares changing hands closed at $2.20 and West Indian Tobacco 432 shares at $118.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and only 2 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market

Access CEO moved but…

April 15, 2014 by

In the continuing struggle over control of Access Financial Services, the Board of Directors informed the Jamaica Stock Exchange that by resolution passed on April 14, 2014, the Board removed with immediate effect from Mr. Marcus James, all powers of management of the Company’s affairs previously granted to him by the directors under the articles of the Company.  Those powers will now vest in, and be exercised by, Mr Alexander Johnson, who was appointed by resolution to act as Chief Executive Officer, along with Mr. James, until further notice.

The resolutions were passed pursuant to an order granted by Justice Sykes on April 11, 2014, which varied a previous order of the Court. The report concluded that the dispute with Marcus James continues.

IC Insider understands that the dispute goes well beyond the issue of capital expenditure, which has been bandied about in the media and involves the critical matter of trust between the two major partners in the venture.

IC Insider has been informed that the issue of the quantity of shareholdings came up about two years ago when the Chairman, Brian Goldson, was sold shares by Mayberry out of their 39 percent holdings, which is covered by a shareholders agreement and stated in the company’s prospectus at the time they offered shares to the public in 2010. Subsequently, Mayberry preceded to acquire additional shares in the market, which became a matter of concern for Marcus James as the Chairman’s and Mayberry’s shares could out vote him.

The dispute at the time led to Mayberry asking James to buy them out and find a buyer for the block of shares. We have been reliably informed that Scotia Bank was approached but they were only interested in full ownership. Hence, that option fell through and no one else came up with the funds. Additionally, James was very concerned that he was being pressured to make big dividend payments rather than invest the surplus back in the business.

Apparently, the building at Half Way Tree Road was the breaking issue which led to the temporary removal of James as the CEO, who is accused by the Board of syphoning funds for a capital investment without Board approval for the benefit of himself and family.

Related post | Access & its CEO in Court

Filed Under: Company News, General Business News, Initial Public Offers, Stock Market

TTSE: Citizens jumps

April 15, 2014 by

Tuesday, 15th April 2014 |  The Trinidad market traded with a slight upward bias as there was trading in 17 securities of which 5 advanced 3 declined and 9 traded firm with209,501 stocks trading with a value of $2,914,123.

The Composite Index advanced by 2.10 points to close at 1,164.95, the All T&T Index gained 3.94 points to close at 1,983.48 and the Cross Listed Index put on .03 points to end at 45.43.

Gains | Stocks increasing in price at the close are First Citizens Bank with 21,283 shares traded for $745,097 to close with a gain of 56 cents to end at $35.06. The stock has found support that has attracted buying interest and could be going higher once more. Guardian Holdings closed with a 2 cents gain to end at $13.12 as 2,000 shares traded; National Flour Mills 20,350 with a value of $24,420 to close with a 3 cents gain at $1.20; National Enterprises 400 shares to end at $18.28, up by 3 cents; One Caribbean Media with 912 units at $20.30 for 5 cents gain with another new 52 weeks high.

Declines | Agostini’s lost 5 cents to end at $17.70 with 300 shares; ANSA McAL traded 200 shares and fell a cent to close at $66.49 and Clico Investment Fund closed with 74,928 shares valued at $1,607,206 as the price declined by 5 cents to $21.45.

TTSEApr15Firm Trades | Stocks closing without a change in their prices are Angostura Holdings 2,782 shares at $11; Grace Kennedy with 22,706 shares changing hands for a value of $79,472 to close at $3.50; Jamaica Money Market Brokers 15,165 shares valued at $8,189 to close at 54 cents; Neal & Massy 1,696 to close at $66.35; Praetorian Property Mutual Fund 4,000 units at $3.41; Sagicor Financial Corporation 13,883 shares to closed at $7.05; Scotia Investments 13,512 shares at $1.60; Trinidad Cement 14,788 shares at $2.20 and West Indian Tobacco 596 shares at $118.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.

Filed Under: Stock Market, TTSE Market Tagged With: , ,
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