WEEKLY MARKET ROUND-UP

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1 WEEKLY MARKET ROUND-UP ISSUE NO TH MAY, 2018 FEATURES LOCAL MARKET REVIEW Local Indices all ended on a positive note this week. The Trinidad and Tobago Composite Index advanced 0.54% or 6.72 points to close at 1, The All T&T Index advanced 0.16% or 2.83 points to 1, mainly due to increases in GHL, SBTT and NCBFG. 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 l resulted from the trading activity of 21 stocks, of which 8 advanced, 6 declined and 7 traded steadily. Activity on the First Tier Market tightened this week, with market volume amounting to 2,422,090 units valued at over $46.17 million. NCB Financial Group Limited (NCBFG) was the volume leader this week with 770,050 units (31.79% of market activity) followed by Sagicor Financial Corporation (SFC) with 332,165 units or 13.71% of market activity. The third place was JMMB Group Limited (JMMBGL) which traded 258,754 units or 10.68% of market activity. Major price movements were experienced by Guardian Holdings Limited (GHL) and Unilever Caribbean Limited (UCL). GHL ended the week at $17.18, up $0.70 while UCL fell $3.00 to close at $ On the Mutual Fund Market, both the CLICO Investment Fund (CIF) and Calypso Macro Index Fund (CALYP) experienced contractions in share price. CIF fell $0.02 to $20.15 while CALYP retreated $2.00 to close at $18.00, 52 week low. Local indices weekly performances: The Composite Index advanced by 6.72 points ( 0.54%) to close at 1, (YTD: 1.74%) The All T&T Index advanced by 2.83 points ( 0.16%) to close at 1, (YTD: 0.03%) The Cross Listed Index advanced by 1.47 points ( 1.64%) to close at (YTD: 5.63%) 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.

2 MARKET ROUND-UP 2 Local Economic Review National Investment Fund (NIF) IPO in July "Government will launch the National Investment Fund (NIF) prospectus for sale of assorted CL Financial assets at the end of June with a closing date at end of July, Finance Minister Colm Imbert revealed yesterday at the weekly post-cabinet media briefing. During the recent mid-year review, Imbert announced the NIF as the vehicle for an initial public offering (IPO) of assets from CL Financial, including shares in Republic Bank, OCM, Witco, Angostura and Home Construction. Yesterday, he said Government was targeting the end of June or beginning of July to issue the prospectus which will provide information on the IPO, including various equities and securities in the fund, information on the dividends it is expected to yield and price levels. Imbert said the process involved getting approval from the Securities and Exchange Commission for the prospectus. Once that is done, the offer can then be launched, with time for investors to make bids. He expects to close the transaction and distribute shares by the end of July and is forecasing that the IPO will be oversubscribed. The minister said Moody s recent pronouncement on T&T s economy was simply their opinions and it was a fact that revenue collection has increased with more income expected from NIF s public offering." Source: Business Guardian

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

4 4 MARKET ROUND-UP Regional Economic Outlook GUYANA Guyana always had resource wealth - just not in same magnitude as oil and gas "Minister of Natural Resources, Raphael Trotman, has reiterated that the government is committed to ensuring that a Sovereign Wealth Fund (SWF) is established before the production of oil in Government s intention was to establish the Fund in the first quarter of this year but the period was extended to allow stakeholders to be sensitised properly about the new oil and gas industry. One of the most recent sensitization programmes was the SWF workshop which was organised by the World Bank for Parliamentarians. I am happy that we are having another engagement on the management of oil and gas; how the revenue should be managed and so forth, Minister Trotman said, in an invited comment on the sidelines of the workshop at the Marriott Hotel on Monday. He believes that any learning is good learning because what it does, in essence, is prepare participants; on this occasion it is Parliamentarians, for an industry that is totally new to Guyana. As Minister Trotman observed, although the government has been open to learning a thing or two about the SWF, it still intends to establish the Fund before production starts. US Ambassador to Guyana, Mr Perry Holloway noted that there is need now more than ever, with the country moving into the realm of an important energy market, for a strong and transparent SWF. Ambassador Holloway had noted in an op-ed that in spite of the often-exaggerated gloom-and-doom pronouncements in some quarters, Guyana is poised to become one of the richest countries in the region with considerable revenue streams. He had said too that the Fund will immediately begin to invest in education, health, infrastructure, agriculture, and security sectors of the country. Source: Guyana Chronicle

5 5 MARKET ROUND-UP International Economic Review ENERGY WATCH Oil prices slump as Saudi Arabia and Russia consider output boost "Oil prices fell more than 2 percent towards $77 a barrel on Friday as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since Russian Energy Minister Alexander Novak and Saudi counterpart Khalid al-falih met in St. Petersburg to review the terms of the global oil supply pact that has been in place for 17 months. The ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters. The Organization of the Petroleum Exporting Countries (OPEC) and a group of non-opec producers led by Russia started withholding output in 2017 to tighten the market and prop up prices. Global crude supplies have tightened sharply over the past year because of the OPEC-led cuts, which were boosted by a dramatic drop in Venezuelan production. The prospects of renewed sanctions on Iran after U.S. President Donald Trump pulled out of an international nuclear deal with Tehran have also boosted prices in recent weeks. As a result, compliance with the deal to reduce output by 1.8 million bpd by the end of 2018 has been at 152 percent, sources said. Novak said current cuts were 2.7 million bpd because of the drop in Venezuelan production but he declined to say whether OPEC and Russia would decide to boost output by 1 million bpd at their meeting on June 22.' 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.