Home' Trinidad and Tobago Guardian : May 25th 2014 Contents SBG10 | STOCKS
SUNDAY BUSINESS GUARDIAN www.guardian.co.tt MAY 25 • 2014
posts 2.4% gain
Volumes traded on the First Tier Market this week fell 13.98
per cent with a total of 775,646 shares crossing the floor compared
to 901,706 shares traded in the previous week. The value of
shares traded decreased 48.24 per cent to $24,526,208.43 from
last week s value of $47,381,293.13. Scotiabank T&T Ltd (SBTT)
was the volume leader with 30.66 per cent of all trades or 237,776
The indices ended the week mixed. The Composite Index
declined 0.08 per cent or 0.96 points to end the week at 1,182.17,
the All T&T Index rose 0.10 per cent or 2.11 points to 2,027.04
and the Cross Listed Index fell 1.21 per cent or 0.54 points to
44.19. This week there were six stocks advancing and six stocks
declining. Guardian Holdings Ltd (GHL) was the major advance
posting a 2.40 per cent gain or $0.34 to close at $14.49 and the
major decline was National Commercial Bank Jamaica Ltd (NCBJ),
slipping 6.25 per cent or $0.07 to $1.05.
There was no activity on the Second Tier Market this week.
On the TTD Mutual Fund Market, 252,960 Clico Investment
Fund (CIF) units traded with a value of $5,471,083.31. CIF s price
declined 0.41 per cent or $0.09 to close at $21.64. Additionally,
10,000 Praetorian Property Mutual Fund (PPMF) units traded
with a total value of $34,000.00. PPMF s price remained unchanged
In Jamaica, the JSE Market Index declined 1,100.96 points or
1.52 per cent this week to close at 72,281.01. Trading activity
resulted in 33,455,415 shares traded valued at J$166,765,277.62.
The volume leader this week was Barita Investments Ltd (BIL)
with 44.93 per cent of the market or 15,030,000 shares. The
major advance was LIME, up 25.81 per cent or J$0.08 to J$0.39
and the major decline was Pulse Investments (PULS), down 50.00
per cent or J$0.30 to J$0.30.
TRINIDAD AND TOBAGO STOCK EXCHANGE TRADING SUMMARY
WEEKLY BULLETIN FOR WEEK ENDED MAY 23, 2014
Trinidad Cement Ltd: 21.05.14
Trinidad Cement Ltd (TCL) has informed the stock
exchange that in the first quarter of 2014, the TCL Group
received four unsolicited proposals to refinance the group's
US$300 million debt. Three of these proposals
recommended accessing the buoyant US high yield bond
market, which, the group was advised, had the depth to
refinance the existing debt at lower interest rates,
facilitating improved cash flow and more flexible
covenants. It was also advised that the debt and capital
markets in the Caribbean are too thin to handle this level of
After evaluating the proposals (including proposals from
major Wall Street firms), the TCL Board elected to move
forward, on the basis of an approved interest rate target
and engaged a syndicate of underwriters comprising GMP
Securities LP, Byron Capital Markets, and Jamaica Money
Market Brokers Ltd.
The syndicate was selected since it was the only one
that could offer a TTD tranche. Tapping the TTD market
was considered an important part of the refinancing
strategy, as bonds sold in T&T would not attract
175 775,646 24,526,208.43
36 262,960 5,505,083.31
MARKET ACTIVITY FOR WEEK ENDED MAY 23, 2014
Value Weekly % YTD %
Composite Index 1,182.17 (0.08) (0.24)
All T&T Index
2,027.04 0.10 1.67
Cross Listed Index
44.19 (1.21) (10.60)
Market Capitalisation 112,562,604,971 (0.08) (1.26)
MARKET INDICES AS AT MAY 23, 2014
Amount Ex-Div Date Record Date Payment Date
4.00 % (F)
Dividends of cross-listed companies are quoted in their national currencies.
*Dividend quoted in US dollars.
DIVIDEND/CAPITAL DISTRIBUTION PAYMENTS
withholding tax and would provide a
hedge against foreign exchange risk.
TCL launched a roadshow to potential
investors in the US, Canada and T&T
from May 6-16, 2014. TCL's bonds were
rated B (stable outlook) by Standard &
Poor's and B- (stable outlook) by Fitch
Ratings. The transaction documents
were sent to over 500 institutional
investors across North America and the
Caribbean ending with a final order
book of US$389 million.
Some investors requested
modifications to the proposed coupon
and covenant package, which were
considered by the TCL Board.
Republic Bank Ltd: 20.05.14
Republic Bank Ltd has informed the stock exchange of
the following transactions:
• On May 16, 2014, a director sold 67,813 shares;
• On May 16, 2014, a director sold 99,036 shares.
Scotia Investment Jamaica Ltd: 19.05.14
Scotia Investments Jamaica Ltd has informed the stock
exchange that a dividend payment will be considered at
the upcoming Board of Directors meeting of the company
to be held on May 30, 2014.
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