WEEKLY MARKET ROUND-UP

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1 WEEKLY MARKET ROUND-UP ISSUE NO ST MAY, 2018 FEATURES LOCAL MARKET REVIEW Local Indices generated mixed returns at the end of the week. The Trinidad and Tobago Composite Index declined 0.08% or 0.95 points to close at 1, The All T&T Index advanced 0.59% or points to 1, mainly due to increases in GHL, RFHL and SBTT. LOCAL FIXED INCOME REVIEW Last week there was no bond activity on the Trinidad and Tobago Stock Exchange Bond Trading Market. Find New Treasury Bill issues summarized below. Local Equity Market Review Overall market activity last week resulted from the trading activity of 25 stocks, of which 10 advanced, 8 declined and 7 traded steadily. Activity on the First Tier Market accelerated this week when compared to the prior week, with a market volume amounting to 2,613,193 units valued at over $33.53 million. GraceKennedy Limited (GKC) was the volume leader with 709,246 units (27.14% of market activity) followed by Sagicor Financial Corporation (SFC) with 589,900 units or 22.57% of market activity. The third volume leader was Guardian Holdings Limited (GHL) which traded 471,450 units or 18.04% of market activity. Major price movements were experienced by Guardian Holdings Limited (GHL) and Unilever Caribbean Limited (UCL). GHL ended the week at $16.48, up 8.01% or $1.23 while UCL experienced the largest decline of the week, down 4.41% or $1.50 closing at $ CLICO Investment Fund (CIF) was the only active security on the mutual Fund Market, posting a volume of 120,711 shares valued at $2,434, CIF advanced $0.06 to close the week at $ Local indices weekly performances: The Composite Index declined by 0.95 points ( 0.08%) to close at 1, (YTD: 2.27%) The All T&T Index advanced by points ( 0.59%) to close at 1, (YTD: 0.20%) The Cross Listed Index declined by 1.68 points ( 1.64%) to close at (YTD: 6.98%) All information contained herein is obtained by JMMB Investment Research from sources believed by it to be accurate and reliable. All opinions and estimates constitute the Analyst s judgment as of the date of the report. However, neither its accuracy and completeness NOR THE OPINIONS BASED THEREON ARE GUARANTEED. As such NO WARRANTY, EXPRESS OR N O M A D I C 2 4 IMPLIED, AS TO THE ACCURACY, TIMELINESS OR COMPLETENESS OF THIS REPORT IS GIVEN OR MADE BY JMMB IN ANY FORM WHATSOEVER. JMMBITT is a member of the JMMB Group and a registered broker dealer with TTSEC.

MARKET ROUND-UP 2 Local Economic Review Improved offer for GHL coming " In two weeks, Jamaica s NCB Financial Group (NCBFG) is expected to make another offer to the shareholders of the

2 MARKET ROUND-UP 2 Local Economic Review Improved offer for GHL coming " In two weeks, Jamaica s NCB Financial Group (NCBFG) is expected to make another offer to the shareholders of the Westmooringsbased Guardian Holdings Ltd (GHL) as it seeks, once again, to gain an additional per cent shareholding to take its ownership of the insurance company to 62 per cent. This time GHL shareholders can expect the financial institution chaired by Jamaican billionaire Michael Lee-Chin to offer up to US$0.40 more per share. That would take the now lapsed offer of US$2.35 a share to a proposed offer price of US$$2.75, which works out to be $18.70, using a $ to US$1 exchange rate." Source: Trinidad Express T&T no longer attractive for new gas projects "The CEO of ammonia producer Caribbean Nitrogen Company (CNC), Jerome Dookie, said yesterday that problems with natural gas supplies have made T&T a less attractive location for new petrochemical projects, given issues of gas curtailment and the current price of natural gas. Capital will always follow where it gets the best return. And in terms of new projects being built, Trinidad and Tobago is no longer an attractive destination because the feedstock availability is questionable and the pricing is higher, Dookie said, adding: Certainly, the US now, driven by shale gas, is a preferred destination for capital. So that new construction projects and not only Proman but other players globally, will tend to be attracted to those jurisdictions. Asked whether he was saying that the petrochemical sector in T&T is mature or in decline, the Point Lisas executive said there was no enough gas supply now to meet the overall demand on the industrial estate and at the Point Fortin liquefaction facility of Atlantic LNG." Source: Trinidad Express

3 3 MARKET ROUND-UP JMMB INVESTMENTS Local Fixed Income Review N O M A D I C 2 4

4 MARKET ROUND-UP Regional Economic Outlook JAMAICA BOJ cuts policy rate to 2.5% "Bank of Jamaica cut their overnight policy rate by 25 basis points to 2.

Bank of Jamaica s decision to maintain an accommodative policy stance is aimed at supporting further credit expansion and faster GDP growth.

4 4 MARKET ROUND-UP Regional Economic Outlook JAMAICA BOJ cuts policy rate to 2.5% "Bank of Jamaica cut their overnight policy rate by 25 basis points to 2.5 percent as Treasury bills rates fell at the latest auction for $2.1 billion offered by Government of Jamaica last week. Bank of Jamaica s decision to maintain an accommodative policy stance is aimed at supporting further credit expansion and faster GDP growth. When adjusted for expected inflation, the policy rate remains negative in real terms in a context of high liquidity in financial markets. These conditions are considered to be appropriate at this time given the weaker-than-desirable pace of credit expansion. This decision is made against the background of positive macroeconomic indicators. Net international reserves are increasing and the current account of the balance of payments, while projected to widen, will remain at sustainable levels. Market interest rates are at record lows and falling and fiscal performance continues to be strong. Source: Bank of Jamaica

5 5 MARKET ROUND-UP International Economic Review U.S. Economy U.S.- China trade war on hold "The U.S. trade war with China is on hold after the world s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin last week. Mnuchin and U.S. President Donald Trump s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future. We are putting the trade war on hold. Right now, we have agreed to put the tariffs on hold while we try to execute the framework, Mnuchin said in a television interview on Fox News Sunday. On Saturday, Beijing and Washington said they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to narrow the $335 billion annual U.S. goods and services trade deficit with China. Tension between the two sides has been growing since the Trump administration proposed tariffs of $50 billion on Chinese goods and said it might extend the levies to an additional $150 billion. China responded with its own measures targeting U.S. agriculture." Source: Reuters All information contained herein is obtained by JMMB Investment Research from sources believed by it to be accurate and reliable. All opinions and estimates constitute the Analyst s judgment as of the date of the report. However, neither its accuracy and completeness NOR THE OPINIONS BASED THEREON ARE GUARANTEED. As such NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS OR COMPLETENESS OF THIS REPORT IS GIVEN OR N OMADE M A D I C BY JMMB 2 4 IN ANY FORM WHATSOEVER. JMMBITT is a member of the JMMB Group and a registered broker dealer with TTSEC.

WEEKLY MARKET ROUND-UP

WEEKLY MARKET ROUND-UP ISSUE NO. 29 6TH AUGUST, 2018 FEATURES LOCAL MARKET REVIEW Local Indices all closed in negative territories last week. The Trinidad and Tobago Composite Index declined 0.84% or 10.33