Express Business Filler #1

This week, we at Bourse review both the local and select international fixed income market performance thus far for 2019. The local market remained subdued despite the promise of new offerings for investors, while the international bond investors have experienced positive returns for 2019. We take a closer look at the main drivers and the impact for the investors.

Local Fixed Income Market The Government of the Republic of Trinidad and Tobago (GORTT) Treasury Yield Curve remained fairly stable year-to-date (YTD), with short-term yields marginally higher while longer-term yields have trended down. The yield on one-year GORTT bonds increased to 2.90 per cent in August 2019 from 2.75 per cent in December 2018. Conversely, the 30-year GORTT yield fell over the same period to 6.18 per cent in August 2019 from 6.31 per cent in December 2018. Investors continue to bemoan the lack of new public bond issues coming to market, while secondary trading activity has also been subdued.

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This week, we at Bourse review the financial performance of MASSY Holdings Ltd (MASSY) for the year ended on September 30, 2019.

MASSY Holdings Ltd (MASSY)

MASSY Holdings Ltd (MASSY) reported a Basic Earnings per Share (EPS) of $5.76 for the full year ended September 30, 2019, an 8.3 per cent improvement over the reported 2018 figure of $5.32. Group Revenue remained relatively flat, increasing to $11.6b for 2019 (up 0.4 per cent). 

FINANCE Minister Colm Imbert is assuring that the Office of Procurement Regulation would still have the power to investigate government-to-government arrangements after Government makes “slight” amendments to Section 7 of the Public Procurement and Disposal of Public Property Act next month.

A CALL has been made for Government to take immediate action on campaign finance reform and implementing the public procurement legislation.

Without these two pieces of legislation, says the Trinidad and Tobago Transparency Institute (TTTI), this country’s scoring on the Corruption Perception Index (CPI) will remain stagnant.

Publicly listed TTNGL’s profits declined last year because the international prices of its three products—natural gas liquids propane, butane and natural gasoline—have tumbled, said Dominic Rampersad, president of Phoenix Park Gas Processors Ltd (PPGPL) yesterday.