Issue No. 33

Markets Wrap

Local Equities

For the month ended April 2023 the TT Composite Index returned 0.50%, driven upwards by the Cross Listed Index. The TT Cross Listed Index returned 2.06% over the month due to strong returns of 12.39% in NCB Financial Group Limited (NCBFG), its largest weighted component. The All T&T Index was relatively flat returning 0.06% as gains in Agostini’s Limited (AGL) and MASSY Holdings (MASSY) were countered by declines in Republic Financial Holdings Limited (RFHL) and Scotiabank T&T (SBTT). Over the month 10 stocks increased, 12 declined and 3 held firm. First Citizens Group Financial Holdings (FCGFH) and Ansa Merchant Bank Limited (AMBL) released financial results during the month. FCGFH reported a 9.8% increase in its EPS from $1.32 to $1.32 for the six-month period ended March 2023 whilst AMBL reported a decline in profits. 

In general earnings of large cap stocks have been positive and higher than expected. Moreover, we continue to expect a gradual appreciation in prices during 2023 as investor sentiment improves.

International Equities

For the month April 2023 the S&P 500 Index returned 1.46%. Analysts paid attention to the start of the first quarter earnings season. Profits have generally exceeded expectations and 79% of the companies that reported earning beat estimates.  Communications and Consumer Discretionary led the gains, rising 10% and 9.8% respectively. Financials remained the laggard, falling by 10.4% due to the continued concerns surrounding the financial industry. Furthermore, inflation rose by 5% year over year in March, below investor expectations.

The first estimate for first quarter GDP came in at 1.1% driven by an increase in consumer spending. Meanwhile economic indicators were mixed over the month. U.S.  Retail sales were down 1.0% month over month in March compared to a fall in February of 0.2%. The decline in retail sales was driven by lower energy prices rather than less goods purchased. Consumer sentiment rose by 2.4% from 62 March to 63.5 in April as fears surrounding the financial sector alleviated towards the end of the month. The US unemployment rate fell back to historical lows in April, showcasing the strength of the labour market despite economic uncertainties.

Energy prices experienced a small gain with WTI Crude increasing from $75.67 in March 2023 to $76.78 at the end of April 2023. The re-opening of China’s economy, increasing jet fuel demand and oil embargos are expected to provide a boost to the energy sector in the short term. 

In seeking market outperformance, emphasis is on areas of the equity market which have historically shown low earnings volatility throughout economic cycles.



1Yr % ∆

S&P 500









T&T Composite















US 10Yr





YTD % ∆

Oil (WTI)



Nat Gas (HH)






Local Fixed Income

Yields increased on the short and medium ends of the curve when compared to the prior month. The 1-year rate increased from 1.04% in March to 1.27% in April whilst the 10-year rate stood at 5.18%. 

Month over month liquidity decreased slightly from $5.0 billion on March 31st, 2023, to $4.9 billion as April 30th, 2023. In 2023 there has been an uptick in issuances with multiple Government issues and select small corporate entities coming to market when compared to 2022.  This trend is expected to continue as organizations take advantage of the current low rates.


International Fixed Income

US Investment Grade corporate spreads, as measured by the CSI BBB Index, were relatively flat at 1.81% when compared to the previous month’s value 1.80%. The US 10-year Treasury yield decreased over the period, from 3.47% on March 31st to 3.42% on April 30th.  The 2-year and 10-year yield remain inverted, the spread was at 0.58% at the end of April as the 2-year yield closed the month at 4.00%.  Investors are now pricing in one rate cut by the end of the year as economic data is digested and analysed.

Market Highlights

Officials in Washington are attempting to reach an agreement on the debt ceiling. The debt limit for the U.S. is currently capped at $31.4 trillion. However, there is need for additional debt issuance beyond the current limitation.

Investment Buzz   

A blue- chip company is one that is reputable, financially stable and well established in its sector. 

Fund of the Month

Scotia Caribbean Equity Fund (TT$)

-Equity securities

-Focus on downside protection

-Medium-High Risk

-Potential for capital appreciation

Historical Returns (Apr 2023)







Mutual Funds

USD Funds

Scotia Money Market Fund


Scotia US Dollar Bond Fund


Scotia Caribbean Income Fund


Scotia US Equity Fund


Scotia Global Equity Fund


Scotia Canadian Equity Fund

TTD Funds

Scotia Trinidad & Tobago Fixed Income Fund


Scotia Trinidad & Tobago Growth and Income Fund


Scotia Trinidad & Tobago Short-Term Income Fund

Need more information regarding our Investment Solutions?

Speak with one of our investment specialists. 

Estelle Narine


Candice De Sormeaux


Adesha Gonzales


General Disclosures: 

This report has been prepared by Scotia Investments Trinidad and Tobago Limited (“SITT”), a subsidiary of Scotiabank Trinidad and Tobago Limited. It is provided to you, our clients, for information purposes only and may not be redistributed. The information herein is believed to be reliable and includes information from public sources also believed to be reliable. While the objective is to provide information in a fair, clear and non-misleading manner, SITT does not represent or warrant that any information in the report is free from errors or omissions. Opinions and projections in this report are the views of the author(s) as at the date of this report.

The views expressed are subject to change and SITT has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof in the event that any opinion forecast or estimate herein changes or subsequently becomes inaccurate. Nothing contained in this report is or should be relied upon as a promise or representation as to the future. Neither SITT nor any of its officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from the use of this report or any of its contents. The securities discussed in this publication may not be suitable for all investors.

This report is provided to you for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any securities or to participate in any trading strategy.  This report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation or particular needs of any specific person. Investors should seek advice regarding the appropriateness of investing in securities and implementing investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Nothing contained in this report is or should be relied upon as a promise or representation as to the future. The information in this publication is not intended to predict actual results, which may differ substantially from those mentioned in this report. Scotia Investments Trinidad and Tobago Limited, its directors, or other officers may have a position in, or engage in transactions in any of the securities mentioned herein.