Trinidad and Tobago Stock
Exchange (TTSE)
Figure 9
TTCI & All T&T annual return year-on-year
Local equities lead the way
The All T&T Index and TTCI both continue to trend upwards
10 months into 2013 with local stocks outperforming their
cross-listed counterparts. The All T&T index performance,
which recorded a year on year return of 14.39% as at
September 2013, doubled the broader TTSE Composite
Index (TTCI), which improved by 7.24% in the same period.
However, as at 31 October, 2013 while the TTCI value
increased by 10.70% or 3.63% more than the index increase
for the same period 2012, the 2013 All T&T index increased
by 15.76 %, which reflected marginally less growth than the
2012 All T&T index growth of 15.82%. These returns are
attractive to investors in the local market who continue to
chase dividend yields and potential capital appreciation in an
environment of excess liquidity and low interest rates, buying
the ‘expensive’ and overvalued stocks at any cost, and holding
on to the stocks that continue to pay consistent dividends.
Figure 7
Trinidad and Tobago Composite Index: Index Value vs. Volume Traded
Source: TTSE, First Citizens Research & Analytics
Trade volumes double
Total trade volume on the Trinidad and Tobago Stock
Exchange for the ten months ending 31 October, 2013 valued
above TTD945 million. In 2013, volumes almost doubled that
of the same ten-month period of 2012, increasing by 99.15%
to 85.3 million units traded. The highest monthly volume
traded was recorded in September, with over 13 million or
16% of the total volume traded. In September trade volumes
were boosted by the successful listing of First Citizens Bank’s
(FIRST) shares on the exchange on 16 September. Within
two weeks of listing, over two million of FIRST shares traded
hands. October was the second most active month with 14%
of total volumes crossing the floor.
The volume leader on the First Tier Market for the period
January to October 2013 was Trinidad Cement Limited (TCL)
with more than 23.9 million or 28.1% of the total shares
traded on the market. Jamaica Money Market Brokers Limited
was a distant second with approximately 13.6 million or 15.9%
of the market volume.
Source: TTSE, First Citizens Research & Analytics
Figure 8
TTCI performance: 2013 vs. 2012
1200
1150
1100
1050
1000
950
900
All T&T performance: 2013 vs. 2012
2000
1900
1800
1700
1600
1500
1400
1300
1200
On the TTD Mutual Fund Market, over 21 million CLICO
Investment Fund (CIF) shares traded, at a total value of
TTD460.6 million. CIF, which debuted on the TTSE on 7
January with 204 million units listed at a price of TTD25.00
ended the ten month period at TTD21.60 per share, down
13.6% year-to-date. On 21 August 2013, CIF paid out a
TTD0.32 cents per unit dividend. Adding this dividend to
the previous CIF dividend payment of TTD0.56 cents on 21
February would result in a TT0.88 cent dividend payment per
share for the year. An initial conversion price of TTD25.00
gives a dividend yield of 3.52% and a 4.07% yield using the
end of October trading price of TTD21.60. When compared
to total market volume traded, including ordinary shares, CIF
was second, accounting for 19.7% of volume traded.
Source: TTSE, First Citizens Research & Analytics
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