Home' Trinidad and Tobago Guardian : January 12th 2014 Contents A30
Sunday Guardian www.guardian.co.tt January 12, 2014
The local market saw a decline in trading
activity this week.
A total of 1,061,425 shares crossed the floor
on the First Tier Market, down 7.83 per cent
on the previous week’s volume of 1,151,650
However, the value of shares traded
increased 15.04 per cent from $10,799,467.02
last week to $12,424,070.63 this week.
Jamaica Money Market Brokers Ltd (JMMB)
was the volume leader for a second consecutive
week with 444,500 shares changing hands
or 41.88 per cent of the market.
For the week, the Composite Index
advanced 2.49 points or 0.21 per cent to close
at 1,189.00 and the All Trinidad and Tobago
Index gained 5.74 points or 0.29 per cent to
2,002.21, crossing the 2,000.00 mark.
The Cross Listed Index closed the week at
49.36, down 0.09 points or 0.18 per cent.
Advances were outnumbered by declines
by a ratio of 8 to 9. The top performer was
First Citizens Bank Ltd (FIRST), up 2.09 per
cent or $0.85 to $41.48 and the major decline
was JMMB which fell 1.96 per cent or $0.01
There was no activity on the Second Tier
Market this week.
On the TTD Mutual Fund Market, 250,678
CLICO Investment Fund (CIF) units traded
valued at $5,611,625.00.
CIF’s share price fell 1.11 per cent or $0.25
In Jamaica, the JSE Market Index declined
765.47 points or 0.96 per cent this week to
close at 79,766.01. Trading activity resulted
in 25,465,131 shares trade d valued at
J$90,747,014.94. The volume leader this week
was LIME with 63.59 per cent of the market
or 16,193,285 shares. The major advance was
Radio Jamaica Ltd (RJR), up 47.69 per cent
or J$0.62 to J$1.92 and the major decline was
Supreme Ventures Ltd (SVL), down 10.07 per
cent or J$0.28 to J$2.50.
The Finance Division of the Tobago
House of Assembly (THA) has intro-
duced a new system to speed up pay-
ments to staff and suppliers.
Last December, more than 400 THA
workers had their salaries paid electron-
ically through an Automated Clearing
House (ACH, is a feature of the e-First
platform commissioned by the Assembly
through its bankers.
The system allows for electronic credit
transfers such as the direct deposit of
wages and salaries and the transfer of
payments to suppliers of goods and serv-
The ACH introduced in the Division
of Finance and Enterprise Development
provides a secure electronic network for
processing large volumes of debit and
credit transactions. It will allow payments
to be transmitted directly to and between
accounts at all six commercial banks.
The welcome feature eliminates the
need for the majority of cash and cheque
payments and when fully implemented
will greatly reduce the waiting time for
payments to suppliers while improving
the security of transactions.
THA staff, however, now have the ben-
efit of salaries and wages paid directly to
designated accounts so that standing in
line to change a cheque could be a thing
of the past.
“The ACH is one important step
towards bringing improved service to
stakeholders of the THA,” said THA
Finance Secretary Joel Jack.
“The move fulfills our promise to adopt
more efficient systems and processes that
enhance productivity. Our stakeholders
have all clamoured for changes in the
culture of service delivery; the payments
process has come in for criticism in the
past and this is our positive response.
“While the ACH will eliminate the
need for the manual preparation of payroll
cheques each month, we continue to work
on the back end of processing to create
sustainable improvement. The new system
also protects the Assembly and its staff
from the possibility of fraud and financial
risk; it allows for tighter security control
and the reduction of costs. We are moving
next to facilitate payments to vendors.”
Over the next few months the oper-
ation of the facility will be evaluated and
lessons learned incorporated before the
service is extended throughout the THA.
THA’s Finance Division pilots
faster pay system
its staff from
of fraud and
it allows for
control and the
costs. We are
moving next to
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