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Issue No. 69
Markets Wrap
Local Markets
The Trinidad and Tobago (T&T) stock market wrapped up the month of April 2026 with broadly positive performance. The Trinidad and Tobago Composite Index (TTCOMP) achieved a total return of 3.27% for the period, reflecting steady gains across major market segments. Notably, the Cross-Listed Index (TTCROSS) contributed to this overall result by posting a return of 2.02%. Meanwhile, the All T&T Index (TTALL) also ended the month on a positive note, recording a total return of 3.71%.
The main detractors for the month were Prestige Holdings Limited (PHL), falling by 14.52%, and Point Lisas Industrial Port Development Corporation Limited (PLD), which declined 6.74%. The major gainers for the month were The West Indian Tobacco Company Limited (WCO) and ANSA McAL Limited (AMCL), posting monthly increases of 22.45% and 21.59%, respectively. National Enterprises Limited (NEL) dominated trading activity on the First Tier Market as the volume leader, followed by ANSA McAL Limited (AMCL).
The Central Bank’s Annual Economic Survey revealed that economic growth moderated in the first three quarters of 2025. This slowdown was largely attributed to weaker performance in the non-energy sector. Official data showed that real Gross Domestic Product increased by just 0.2% over the first nine months of the year. Within this period, a 2.2% rise in energy sector output offset a 0.6% decline in non-energy sector production. Recently released data released by the Central Statistical Office revealed that inflation in Trinidad and Tobago edged up slightly in early 2026. The inflation rate reached 0.7% in March 2026, rising from 0.6% in February, reflecting a modest uptick in overall price levels.
On the corporate front, NCB Financial Group is undertaking a restructuring of its Trinidad and Tobago merchant banking operations. The company is transferring these operations under Guardian Insurance Limited in response to stricter regulatory requirements and a renewed focus on operational efficiency. Guardian Insurance Limited has proposed to acquire 100% of NCB Merchant Bank (Trinidad and Tobago) Limited from NCB Capital Markets Limited, pending regulatory approval. In addition, Guardian Holdings Limited is proceeding with a broader restructuring initiative to separate its financial and non-financial subsidiaries, aligning with the requirements of the Insurance Act and directives from the Central Bank.
Looking forward, Shell is targeting the commencement of natural gas production in 2027 from the Loran-Manatee offshore field, which is located on the border between Venezuela and Trinidad and Tobago. According to the National Gas Company Chairman, Shell is accelerating its gas projects in Venezuela—especially those connected to Trinidad—in order to secure new supplies for the country’s liquefied natural gas and petrochemical industries.
The World Bank projects that Trinidad and Tobago’s gross domestic product (GDP) growth will remain modest in the near term, with an anticipated rate of about 0.7% in 2026. However, a strong recovery is forecast for 2027, when growth is expected to accelerate to 3.2%. This outlook follows relatively subdued real GDP increases of approximately 0.8% in 2024 and 2.5% in 2025. Despite these figures, the broader Latin America and Caribbean region continues to face a range of structural challenges, including persistent inflation, cautious monetary policy, tight financing conditions, and elevated fiscal deficits and debt levels, all of which have an ongoing impact on investment and job creation.
Index |
YTD % ∆ |
1Yr % ∆ |
S&P 500 |
5.31% |
29.45% |
MSCI ACWI |
6.16% |
29.22% |
ALL T&T |
1.27% |
-9.74% |
T&T Composite |
1.64% |
-8.30% |
|
|
|
Rates |
Current |
31-Dec-25 |
GORTT 3M |
2.77% |
2.90% |
GORTT 10Yr |
5.99% |
5.91% |
US 3M |
3.68% |
3.67% |
US 10Yr |
4.40% |
4.18% |
|
|
|
Commodities |
Current |
YTD % ∆ |
Oil (WTI) |
$105.07 |
82.99% |
Nat Gas (HH) |
$2.77 |
-24.93% |
Gold |
$4,617.85 |
6.91% |
|
|
|
*As of April 30, 2026 |
||
International Markets
After a turbulent March, global equity markets found their footing in April with strong gains across most regions. United States (U.S.) equities posted a strong recovery, climbing 10.5% on the back of gains in Communication Services and Information Technology. Global equities also enjoyed a double-digit rally, with the MSCI ACWI Index up 10.2% for April. Bond markets were more subdued, U.S. bonds returning 0.1%. On the commodity front, oil prices surged while gold and natural gas declined. Emerging markets also saw notable gains, with South Korea's KOSPI index rising 30.6% as a temporary U.S.-Iran ceasefire eased energy concerns and strong foreign and institutional buying lifted major technology stocks.
Here are some of April’s most notable events:
U.S.-Iran conflict triggers record oil supply disruption.
The U.S.-Iran conflict shaped oil markets in April, causing what has been described as the largest oil supply disruption on record, cutting over 12 million barrels per day. Iran's closure of the Strait of Hormuz disrupted global shipping and pushed prices higher. A two-week ceasefire on April 8 briefly eased prices, but talks broke down and the U.S. imposed a naval blockade, sending prices back up. The International Monetary Fund (IMF) noted the war has reduced global oil supply by 13% and plans to downgrade its growth forecast. Separately, the United Arab Emirates announced plans to leave OPEC+ effective May 1, which could weaken the group's influence over global supply.
S&P 500 earnings season off to a strong start.
By month end, nearly a quarter of S&P 500 companies had reported their first quarter results, with most companies outperforming expectations. 84% of companies earned more than analysts predicted, above the 5-year average of 78%. Overall, company profits grew 15.1% compared to the same period last year, marking six quarters in a row of double-digit growth. Technology, Financials, and Industrials led the way, while Energy and Health Care fell behind. Revenue growth also came in strong at 10.3%, with all eleven sectors reporting year-over-year gains.
Market Highlight
On April 27, 2026, the Canadian government announced the Canada Strong Fund, the country's first national sovereign wealth fund. The fund will receive $25 billion in federal seed capital over three years and will be managed by a new, independent Crown corporation. It will invest in infrastructure, energy, critical minerals, technology, and other key sectors to generate long-term wealth for future generations. The government also plans to offer a way for everyday Canadians to invest directly in the fund and share in its returns.
Investment Buzz
Stagflation - Stagflation in economics refers to situation where there exists a combination of high inflation, stagnant growth, and rising unemployment. For Central Banks, this presents a challenging environment to address, since actions to control inflation can worsen unemployment, and unemployment solutions may increase inflation. Economic theory attributes stagflation to supply shocks, like sudden oil price hikes, or ineffective government policies that disrupt production while expanding the money supply too quickly.
Fund of the month
Scotia Global Equity Fund (USD)
- Growth
- Medium-High
Historical Returns (April 2026)
3- Month |
1-Year |
3-Year (Annualized) |
-0.01% |
19.89% |
10.93% |
Mutual Funds
USD Funds
TTD Funds
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.