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Issue No. 70
Markets Wrap
Local Markets
The Trinidad and Tobago (T&T) stock market wrapped up the month of May 2026 with broadly positive performance. The Trinidad and Tobago Composite Index (TTCOMP) recorded a total return of 3.67% 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 4.51%. Meanwhile, the All T&T Index (TTALL) also ended the month on a positive note, recording a total return of 3.41%.
The main detractors for the month were Endeavour Holdings Limited (EHL), falling 14.81%, and ANSA McAL Limited (AMCL), which declined 10.29%. The major gainers for the month were One Caribbean Media Limited (OCM) and NCB Financial Group Limited (NCBFG), recording monthly increases of 33.33% and 23.81%, respectively. Massy Holdings Ltd (MASSY) dominated trading activity on the First Tier Market as the volume leader, followed by Angostura Holdings Limited (AHL).
Regarding Corporate highlights, international ratings agency Moody’s has withdrawn all credit ratings for Trinidad and Tobago’s State-owned National Gas Company (NGC), following the company’s decision to stop participating in the ratings process. NGC indicated the move forms part of a broader realignment of its external credit rating strategy. Moody’s withdrew NGC’s Ba2 corporate family rating, ba2 baseline credit assessment and Ba2 senior unsecured notes rating, all of which carried a negative outlook prior to the withdrawal. The agency said the ratings were withdrawn because it no longer had adequate information to continue monitoring them.
On the energy front, Shell Trinidad and Tobago Ltd has begun nearshore pipeline works for the Manatee Project off Trinidad’s east coast, marking another development in the local energy sector. The broader Loran-Manatee gas field straddles the maritime border between Trinidad and Tobago and Venezuela, while the Manatee portion lies within Trinidadian waters and is expected to begin production next year.
Recent domestic price data showed a continued easing in headline inflation, although food-related pressures persisted. According to the Central Statistical Office (CSO), the year-on-year inflation rate, measured by the All-Items Index, was 0.4% in April 2026, down from 0.7% in March 2026 and 1.5% in April 2025. However, prices for food and non-alcoholic beverages increased during the month.
Against this backdrop, the International Monetary Fund (IMF), in its latest Article IV Consultation on Trinidad and Tobago, projected that the economy will grow by 0.8% in 2026. Inflation is expected to rise temporarily to around 3.1%, reflecting global commodity price developments. The IMF also expects the overall fiscal deficit to narrow to 4.6% of GDP in 2026, from 5.5% in 2025, while international reserves are projected to remain adequate at around 5.5 months of imports.
Over the month of May 2026, the Trinidad and Tobago Yield curve ticked up with the increased yields being experienced for maturities 20 years and beyond.
Index |
YTD % ∆ |
1Yr % ∆ |
S&P 500 |
10.73% |
28.21% |
MSCI ACWI |
11.45% |
28.46% |
ALL T&T |
3.85% |
-7.30% |
T&T Composite |
4.65% |
-5.37% |
|
|
|
Rates |
Current |
31-Dec-25 |
GORTT 3M |
2.77% |
2.90% |
GORTT 10Yr |
6.03% |
5.91% |
US 3M |
3.69% |
3.67% |
US 10Yr |
4.45% |
4.18% |
|
|
|
Commodities |
Current |
YTD % ∆ |
Oil (WTI) |
$88.90 |
54.82% |
Nat Gas (HH) |
$3.29 |
-10.74% |
Gold |
$4,540.26 |
5.11% |
|
|
|
*As of May 31, 2026 |
||
International Markets
Global equity markets posted gains in May despite ongoing geopolitical tensions and market uncertainty. Global Equities ended the month up 5.2% gauged by the MSCI All Country World Index while United States (U.S.) equities measured by the S&P 500 Index gained 5.3%, driven by Information Technology (16.0%) and Consumer Discretionary (2.6%). U.S. Fixed Income markets also posted gains, with the Bloomberg US Agggregate Bond index increasing 0.3%, over the month. Commodity performance diverged, with oil declining 11.9% during the month. Gold fell approximately 1.5%, while natural gas rose approximately 8.1%. Emerging markets stood out, with gains led by Asia as optimism around potential U.S.-Iran negotiations supported regional equities, while Japan’s Nikkei 225 and South Korea’s KOSPI Composite surged to record highs, driven by strong performance in technology stocks.
Here are some of May’s most notable events:
Clashes near Hormuz flare even as U.S.–Iran talks progress. Through May, the U.S.-Iran conflict remained unresolved, and the Strait of Hormuz stayed largely closed. Mid- to late-May saw repeated failed proposals, with both sides rejecting terms, including limits on Iran’s nuclear program. President Trump delayed planned strikes while warning action could resume, as Iran signaled potential escalation beyond the region. Regional governments urged continued diplomacy, while officials later reported progress in talks despite renewed clashes near the strait, where both sides exchanged attacks. Oil prices moved lower over the same period.
Canada employment weakens while U.S. labour market shows steady gains. In Canada, employment was little changed in April, declining by 18,000 (-0.1%) jobs, bringing the total decline to 112,000 (-0.5%) over the first four months of 2026. The unemployment rate rose to 6.9% as more people searched for work, while the employment rate edged down to 60.5%. In the U.S., nonfarm payrolls rose by 115,000, led by gains in health care, transportation and retail with job openings falling to 6.87 million in March as hiring picked up. The unemployment rate held at 4.3%, with broader labour market conditions largely unchanged.
Market Highlight
Canada’s economy slips into a technical recession. Canada’s gross domestic product declined by 0.1% on an annualized basis in the first quarter of 2026, contrasting with expectations for a 1.5% expansion. Fourth-quarter 2025 growth was revised lower to a 1.0% contraction, placing the economy in a technical recession. Higher imports weighed on overall growth during the period. Business and government capital investment declined, contributing to the contraction, while household spending increased and provided some support o overall economic activity.
Investment Buzz
Recession – While there is no single global definition of a recession, most economist define a technical recession as a period of sustained economic downturn. Recessions are usually identified by a fall in Gross Domestic Product (GDP) over two successive quarters. These periods are often accompanied by an increase in unemployment, lower incomes and a decline in business and consumer spending.
Fund of the month
Scotia Canadian Equity Fund (USD)
- Growth
- Medium-High
Historical Returns (May 2026)
3- Month |
1-Year |
3-Year (Annualized) |
4.67% |
22.53% |
15.81% |
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.