Tuesday, 17th September 2013 | There was only trading in 20 units of the newly listed First Citizens Bank (FCB) but that was all that was needed to push the price to an all time high of $29.09. The price movement triggered the circuit breaker again, as it did on Monday, the first day of trading for the stock.
The price movement helped the all Trinidad & Tobago Index to climb 1 percent or 20 points to 1,863.55. At the end of trading there were 2,224,089 FCB shares on the bid to buy at $29.09 and there were no shares on offer as happened on Monday. The stock can trade as high as $33.45 on Wednesday. IC Insider’s initial forecast that it will hit $35 in this run up seems much closer now than before the start of this week. At the current price, the PE is 19.4 times this year’s earnings. Scotia Bank is at 22.50 times earnings presently, which means that if the FCB PE gets to that level, the price would be $34, a nice 54 percent gain in a few days from the issue price of $22. Meanwhile, another stock with appreciation potential, Trinidad Cement, claimed back the $2 level as the price rose today by 5 cents to close at $2 with 10,000 shares.
Trading took place in 13 securities as 3 advanced, 2 declined and 5 traded firm as 732,197 units traded at a value of $2,920,110. Jamaica Money Market Brokers had 618,901 shares changing hands for a value of $310,611 with the price closing firm at 50 cents. Jamaica’s National Commercial Bank traded a volume of 40,644 shares for $46,741 firm at $1.15. Neal & Massy Holdings contributed 24,578 shares with a value of $1,376,496, the price lost 10 cent to close at $56. Republic Bank traded 4,033 units at $110.04 up 2 cents. First Caribbean International Bank fell $1.00 to close at $6.75, a new 52 weeks low with just 1,029 units trading.
Clico Investment Fund share price remained unchanged to close at $21.56, with a volume of 31,084 shares valued at $670,094.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator continues to show signs of a fluid market with bids for 3 stocks being higher and 3 stocks having offers lower than their last selling price.
