First Citizens doubles in 5 months

January 13, 2014 by

When Trinidad’s First Citizens Bank stock price hit $41.54 on Friday 10th January, investors who bought shares at the initial public issue price and held until this week doubled their money in just over 5 months. The stock price gained 89 percent from the initial IPO price of $22 per shares in August. The bank declared a $1.09 per share final dividend to be paid January 24, to shareholders on record as of December 31, 2013, the Ex-dividend Date is December 27.

The dividend equivalent to a 12 percent rate of return on the IPO price, when added to the return of the stock price for persons, who got shares at the IPO price and held, have seen a 100 percent gain on their investment.

The dividend policy of the First Citizens Bank enunciated in the propectus is to distribute to its ordinary shareholders funds surplus to the operating capital and strategic requirements of the Group, as determined by the Directors, with an annual target dividend pay-out percentage range of 45 to 55 percent of net profit after-tax. The 2013 dividends translates to around $273 million versus $263 million paid for 2012.

The bank reported profits of $742 million before tax and $606.5 million after tax compared to 2012 pre-tax profit of $714 million and $446 million after tax but the big increase after tax is due to tax adjustment in 2012 that depressed the after-tax profit. Based on the 2013 results IC Insider return the stock to the BUY RATED list and project the stock price to exceed $50 per share during the course of 2014.

First Citizens Bank is an ICInsider Buy Rated stock. To view the full list, click here.

Related posts | First Citizens paying 12% dividend | First Citizens staff lose huge payday | First Citizens’ $1B IPO opens today

Filed Under: Company News, Initial Public Offers, Stock Market, TTSE Market Tagged With: ,

BOP improvement for Q3 confirmed

January 13, 2014 by

Provisional data for the September 2013 quarter shows that there was a significant improvement in the current account deficit of Jamaica’s Balance of Payments. The outturn in the quarter reflected improvements on all sub-accounts. However, net private and official capital inflows were insufficient to finance the deficits on the current and capital accounts for the September 2013 quarter, which was funded by Bank of Jamaica from the net international reserves.

The central bank, in a release on the current account, stated that it “recorded a deficit of US$409 million for the period July to September 2013, an improvement of US$202 million over the corresponding period in 2012”. This outturn, the release stated, “reflected improvements on all sub-accounts but was primarily evident in a decline of US$146 million in the deficit on the merchandise trade sub-account, associated with a contraction of US$197 million in imports, there was a reduction of US$51.5 million in exports. The decline in imports mainly reflected reductions of US$132 million and US$73 million in expenditure on chemicals and mineral fuels, respectively. For exports, the fall was mainly due to lower earnings from chemicals, in particular, ethanol”.

For the quarter, there was a decline of US$8 million in the deficit on the income sub-account stemming mainly from a decrease of US$20 million in investment income outflows. The decline in investment income outflows was largely related to lower remittances of direct investment companies. With regard to the services sub-account, there was an increase of US$5 million in the surplus due principally to a decline in transportation charges as a result of the lower imports. The surplus on the current transfers sub-account increased by US$44 million reflecting growth of 6.2 per cent in gross remittance inflows.

Related post | Balance of payment improves

Filed Under: Economy Tagged With: , , ,

Buy Rated: Active price movements

January 10, 2014 by

Friday, 10th January 2014 | Price changes saw 9 of the Buy Rated stock selection gaining during the week and 13 declining.

On the Jamaica Stock Market, the largest move was by Pan Jamaica Investment falling from $54 last week to $48.13 at the end of the week. Jamaican Teas fell 10 percent on small volume, back to $3.60. Grace Kennedy fell by 45 cents to $54.05; Hardware & Lumber dropped 9 percent from $8.down to $7.28, Lasco Manufacturing ended down 6 percent as the stock shed 8 cents to end at $1.20.

The week was not without its winners. Caribbean Producers put on 5 cents or 2 percent to close the week at $2.75 and is up 35 percent so far. General Accident is up only 2 percent since selection but gained 9 cents or 5 percent during the week.

BuyRated10JanLasco Distributors gained 10 cents for a gain of 8 percent; Carib Cement, in making it relentless climb from obscurity, hit $4 this week but only held on to $3.80 at the end for a week’s gain of 30 cents or 9 percent. The stock is up 41 percent so far. National Commercial Bank put on 80 cents or 5 percent for the week but is still under water since selection at 12 percent.

In Trinidad, First Citizens Bank climbed to the $50 forecast level and put on 91 cents in the week. Neal & Massy gained 55 cents in the week as it is gradually gaining traction with its price moving forward.

Related posts | Buy Rated: H&L up 74%

Filed Under: Company News, JSE Main Market, Stock Market, TTSE Market Tagged With: ,

PE Ratio: First Citizens have more to do

January 10, 2014 by
Add your HTML code here...

Friday, 10th January 2014 | During the past week on the Trinidad Stock Exchange, there were a number of companies that reached 52 weeks highs, but only First Citizens and Neal and Massy make any sizeable price movements in the week.

As such the PE chart remains roughly unchanged from the week before and continues to beckon investors to take advantage of the opportunities in that market to make above average returns.

PE+RatioJan10First Citizens continues a relentless run toward what IC Insider sees as a target price of $50-60 this year. Others that we have recommended as good buys continue to increase in price but slowly. These include Republic Bank, Trinidad Cement, to name a few.

Related posts | First Citizens doubles in 5 months | Buy Rated: Active price movements 

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

FX: Rate movements mixed

January 10, 2014 by

Friday, 10th January 2014 | In forex trading, purchases was less that sales by US$6 million. Purchases amounted to US$28,384,526 and selling US$34,269,368 (US dollar equivalent).

Purchases of the US dollar currency amounted to US$24,088,617; the rate remained unchanged at $105.96 and selling amounted to US$30,874,993 for an 11 cents increase to $106.74. The Canadian dollar lost 88 cents in the buying to $96.05 as C$951,727 was purchased and C$506,901 was sold at $97.88, a fall of 45 cents. The drop in the rates for the Canadian dollar over the past two days reflects weakness in the Canadian economy and strength in the US economy with market activities internationally playing a role in adjusting the rates between the US and Canadian dollars.

FX_TRADE+Currency+Jan10Purchases of the British Pound amounted to £1,922,048, an increase of $1.23 to $175.90 and selling came to £1,694,301, falling 10 cents to $175.90. Other currencies bought amounted to the equivalent of US$271,456 with selling of US$137,283.

Highs & Lows | The highest buying rate for the US dollar closed at $107.10 and was down by 15 cents, the low was unchanged at $86.42. The highest selling rate gained $2.07 to $110.75 and the low dropped 90 cents to $102.60.

FX_TRADE+HighLow+Jan10The highest buying rate for the Canadian dollar ended at $98.50, a decline of 76 cents, while the low fell $1.91 cents to $78.02. The highest selling rate ended up 50c t0 $102 and the lowest closed at $94 down 70 cents.

The highest buying rate for the Pound ended at $176.40, off by 10 cents and the low was unchanged at $139.94. The highest selling rate declined by 34 cents to end at $177.96 and the low closed at $169.10, up by $2.10.

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

GSE: Ghana continues bullish move

January 10, 2014 by

Friday, 10th January 2014 | The year may have changed but that is not yet visible in the movement of stock prices on the Ghana Stock exchange.

The GSE Composite Index closed the week at 2,184.82 up from 2,152.54 at the end of the prior week for a gain of 32.28 points and the financial index closed at 1,844.44, up by 43.02 points from 1,801.42, a 3.5 percent gain so far for 2014.

Advancing stocks overwhelmed declining ones during the week by a 2:1 ratio with 8 gaining and 4 falling in price, representing an improvement over last week’s performance of 6 advancing to 3 declining.

GSE10JanTrading for the week accounted for 2,597,827 units up from 1,488,967 units last week. At the end of the week, there were 19 bids, up from 17 the week before, and offers climbed to 26 from 19. The absence of bids for half of the market is an indication of weakness. While the number of bids have grown over the last four weeks, it shows that only a fraction of the market is performing and that is mainly the financials. Additionally, several of the companies listed have not traded for more than six months and the absence of bids suggests that had these stocks been more liquid, the main market index may not have grown as much as it did in 2013.

Advancing stocks | Ayrton Drugs Manufacturing gained 6 percent in trading for the week; Ecobank Transnational Incorporation gained 20 percent during the week and is up 26 percent for the year to date; Starwin Products was up 33 percent but is flat for the year to date.

Declining stocks | Produce Buying Company lost 6 percent; UT Bank lost 2 percent.

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

JSE: Market down, indicator points up

January 10, 2014 by

Friday, 10th January 2014 | The Jamaica Stock Exchange closed down for the two main indices as more stocks closed down than up. However, at the end of trading the Investors Choice sentiment indicator is pointing up with a far better spread than on Thursday.

In trading 1,421,849 shares changed hands for a value of $18,873,579 but the advance decline ratio deteriorated with only 3 stocks gaining in price to 8 that fell, the second day in a row that there was this lop sided ratio. There were only 26 securities to trade at the end of trading.

The JSE Market Index declined by 117.44 points to close at 79,766.01, the JSE All Jamaican Composite fell by 178.14 points to end at 80,534.13 but the JSE Junior Market Index advanced by 0.02 points to  776.78.

Main Market | Activity in the market saw the main trades as Caribbean Cement 54,951 shares at $3.80, down by 20 cents; Carreras 43,424 closing at $36.50, down by $2.50; Gleaner 46,967 units firm at $1.10; Hardware & Lumber 7,000 units as it fell back from $8.50 by a $1.22 to $7.28; Jamaica Producers 235,721 firm at $18.75; Mayberry Investments 15730 units firm at $2; Pan Jamaican Investment 129,752 shares as the price retreated by $5.95 to end at $48.05; Sagicor Group 30,167 shares to closed at $8.11; Sagicor Investments 9,650 shares to close 9 cents down at $15.61 and Scotia Group 100,032 units firm at $20.50.

JSEIndicesJan10Junior Market | Trading in the Junior market accounted for Access Financial Services exchanging 250,000 units at $12, no change in the price from Thursday; Caribbean Cream 103,308 units unchanged at $1; Caribbean Producers 67,750 shares to close firm at $2.75; Consolidated Bakeries 190,414 units at $1.18; General Accident 44,287 units at $1.89; Lasco Distributors 17,340 shares at $1.40, up 2 cents; Lasco Financial Services 34,300 shares firm at $1.30 and Medical Disposables 14,789 unit, unchanged at $2.10.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 10 stocks with bids higher than the last selling prices and 1 stock with a lower offer.

Filed Under: JSE Main Market, Stock Market Tagged With: , ,

TTSE: First Citizens closes week on a high

January 10, 2014 by

Friday, 10th January 2014 | First Citizens Bank price hit a new all-time high at $41.54 and Scotia Bank closed at new 52 weeks high at the end of trading.

Trading on the Trinidad & Tobago Stock Exchange ended the week on a positive note with 13 securities of changing hands, 8 advanced, 2 declined and 3 traded firm. The Composite Index advanced by 2.04 points to close at 1,189.00, the All T&T Index gained 4.11 points to end at 2,002.21 and the Cross Listed Index remained at 49.36. Trading resulted in a volume of 132,005 shares valued at $2,068,459 changing hands.

The most heavily traded stocks were First Citizens Bank with 26,287 units carrying a value of $1,090,383 as the price closed at $41.54 having gained 51 cents at the end of trading; Guardian Holdings traded 3,262 units fell 5 cents to end at $13.75; Jamaica Money Market Brokers had 44,500 shares changing hands for a value of $22,250 and the price closed at 50 cents without changing; while National Flour Mills added 5,300 shares valued at $5,088 and closed at 96 cents; Neal & Massy Holdings increased by 54 cents to end the day at $60.56 while trading 2,000 shares; Prestige Holdings lost 5 cents to end the day at $9.40 while trading 2,071 shares; Sagicor Financial Corporation contributed 12,634 shares with a value of $92,228 as the price closed unchanged at $7.30.

TTSEJan10Clico Investment Fund had 27,753 shares changing hands for $617,379, the price held firm to end at $22.25.

IC bid-offer Indicator | At the end of trading the Investor’s Choice bid-offer indicator had 1 stock with a bid higher than the last selling prices and 1 stock with a lower offer.

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

FX: US$ & GBP gains Can$ falls

January 9, 2014 by

Thursday, 9 January 2013 | In forex trading, purchases exceeded selling moderately. Purchases amounted to US$30,897,841 and selling US$29,407,332 US dollar equivalent.

Purchases of the US dollar currency amounted to US$26,929,439 with the rate rising by 18 cents to end at $105.96 and selling amounted to US$26,877,868 for a 14 cents increase to $106.62. The Canadian dollar lost 83 cents in the buying and selling rates as C$1,235,481 was purchased for an average rate of $96.93 and C$922,969 was sold at $98.33.

Purchases of the British Pound amounted to £1,625,175, an increase of 84 cents to $173.08 and selling came to £856,530, the rate increased by $1.05 to $176. Other currencies bought amounted to the equivalent of US$183,378 with selling of US$264,394.

FX_TRADE+Currency+Jan9Highs & Lows | The highest buying rate for the US dollar closed at $107.25 and was up by 25 cents, the low was unchanged at $86.42. The highest selling rate dropped $2.07 to $108.68 and the low gained 90 cents to $103.50.

The highest buying rate for the Canadian dollar ended at $99.26, a decline of 74 cents, while the low was up by 83 cents to $79.93. The highest selling rate ended with $1 off at $101.50 and the lowest closed at $94.70, down 60 cents.

FX_TRADE+HighLow+Jan9The highest buying rate for the Pound ended at $176.50, up 40 cents and the low was inched up 8 cents to $139.94. The highest selling rate rose by 19 cents to end at $178.30 and the low closed at $167, down $1.50.

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

JSE: Carreras Jumps $4 follows special dividend

January 9, 2014 by

Thursday, 9th January 2014 |  Cigarette distributors, Carreras’ stock jumped $4 one day after the company announced a special capital distribution. Activity elsewhere in the Jamaica stock market resulted in 33 securities trading with 8 advancing and 11 declining while 5,316,730 shares changed hands with a value of $19,382,699.

The market indices mainly declined with the JSE Market Index declining by 210.97 points to close at 79,883.45, the JSE All Jamaican Composite falling 320.02 points to finish at 80,712.27 and the JSE Junior Market Index advanced by 1.44 points to end at 776.76. Caribbean Cement and Radio Jamaica that traded at $1.90 up 60 cents hit new 52 weeks high.

Main Market | Stocks trading with significant activity include, Cable & Wireless with 292,218 units to close down 2 cents at 17 cents; Caribbean Cement 448,359 shares as the price moved to a new 52 weeks high of $4, and was up 20 cents for the day; Carreras 10,132, up by $4 to $39 reacting to the announcement of special $1.18 capital distribution; Desnoes & Geddes 852,562 shares to close down 2 cents at $5; Gleaner 1,121,710 units unchanged at $1.10; Jamaica Broilers 743,757 shares, off by 13 cents to end at $4.58; Jamaica Money Market Brokers 81,697 units to close firm at $7.50; Jamaica Producers 167,417 shares to close down 25 cents at $18.75; Mayberry Investments 21,086 units firm at $2; National Commercial Bank 31,716 shares at $17, a fall of 10 cents; Scotia Group 40,997 shares at $20.50 and Supreme Ventures 207,491 units at $2.50.

JSEIndicesJan9Junior Market | In the Junior Market, C2W gained more than 100 percent in Thursday’s trading activity as just 10,000 of its shares were traded and the priced closed at 60 cents up 31 cents for the day, but there is not much interest shown in the market to buy more at the closing price, while AMG Packaging traded 16,104 shares at $3.48; Caribbean Producers traded 118,532 units to close unchanged at $2.75; General Accident had 421,800 units changing hands at $1.89; Lasco Distributors had 282,197 shares changing hands at $1.38; Lasco Financial Services traded 200,000 shares at $1.30; Lasco Manufacturing traded 197,449 to close down 8 cents at $1.20 and Medical Disposables traded 23,000 to close at $2.10.

IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than their last selling prices and 4 stocks with offers that were lower.

Related post | Carreras pays out liquidation money

Filed Under: JSE Main Market, Stock Market Tagged With: , ,
kmspico.blog