Express Business Filler #1

This week, we at Bourse recap the performance of local and international equity markets for the first nine months of 2019. Despite signs of decelerating global growth, escalating trade tension between the US and China and major market events, international stocks continue to rally. At home, market performance has been significantly supported by cross-listed stocks. Will these trends continue into the final stages of 2019? We consider below.

Regional Equities advance The Trinidad and Tobago Composite Index (TTCI) advanced 7.5 per cent (8.0 per cent in USD terms) year-to-date (YTD). The All T&T Index would have retreated roughly 3.0 per cent within Q3 2019, registering a, overall YTD return of 2.4 per cent. The Cross Listed Index has advanced a significant 17.7 per cent YTD, driving the returns of the TTCI. All five cross-listed stocks have recorded a significant YTD increase in share price (NCBFG: h22.4 per cent, JMMBGL: h20.0 per cent, SFC: h13.4 per cent, GKC: h13.8 per cent, FCI: h11.3 per cent).

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AGREEMENT has been reached between Minister of Finance Colm Imbert and the T&T Chamber of Industry and Commerce that will allow local businesses to get cash for the billions of dollars in Value-Added Tax refunds owed to them by the end of next month.

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AFTER deliberating on the First Citizens Initial Public Offering (IPO) for more than 19 months, Director of Public Prosecutions, Roger Gaspard, concluded that there was “insufficient evidence” from an investigation conducted internally by a team from the Trinidad and Tobago Securities and Exchange Commission (TTSEC) “for a realistic prospect of conviction for any offence under the Securities Act Chapter 83.02.”

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REGULATORY compliance is essential to the orderly functioning of the securities market. Registrants registered with the Commission should establish effective policies, operational procedures and controls in relation to their day-to-day business activities in order to ensure compliance with all relevant regulatory and legal requirements.