JMMB Securities T&T Limited, the Trinidad and Tobago subsidiary of Jamaican-based JMMB Group, is the number one stock brokerage firm in the twin-island Caribbean republic.
JMMB Securities T&T has emerged as the top local brokerage firm both in terms of the number and the value of shares traded on the Trinidad and Tobago Stock Exchange (TTSE) in the first six months of 2022. The company accounted for approximately 38.56 per cent of all shares traded, which is more than double the nearest competing stockbroker.
Tricia Kissoon, CEO of JMMB Investments (Trinidad and Tobago) reports that, “in the first six months of 2022, 39.8 million shares were traded by JMMB Securities T&T, on behalf of our clients with a total value of TT$259 million, in a market that saw a total value of trades of TT$1.016 billion for the same period.”
The T&T JMMB subsidiary says the performance of its brokerage team in the first six months of 2022 is a testament to the group’s unique approach to partnering with its clients in achieving their financial goals.
Driving major market performance
As a relatively new player in the T&T securities industry, JMMB Securities T&T was able to drive this major market performance, as the country struggles to get back to normal operations, on the heels of the constrained activities that were brought about by the COVID-19 pandemic.
Kissoon, along with her team, attributed this notable performance to the confidence that their clients have placed in them, as a result of the service and expert guidance that they have provided.
According to the subsidiary, “We are extremely happy to see that our hard work and commitment to our clients has resulted in this astounding performance, so far, this year. As a company that was founded on the basis of love and having our clients’ best interest at heart, we remain dedicated to offering the highest standard of care to our clients, and are confident that we will continue to grow, as the stockbroker of choice, in Trinidad and Tobago.”
For her part, Kissoon declared, “We have also executed on our strategy to enhance key relationships that have helped our clients to meet your investment goals. With the cross-listing of Guardian Holdings and Massy, we also observed an elevated level of interest from retail clients in both the Trinidad and Tobago and Jamaica markets.”
She added that Massy’s successful execution of the stock split increased the liquidity of that stock over the period, via retail demand.
JMMB said its stock brokerage performance in T&T is consistent with the performance of its fellow JMMB Group subsidiary in Jamaica, JMMB Securities Limited, which has been the top broker in Jamaica by the number of trades on the Jamaica Stock Exchange (JSE), for several years running.
Duncan extends high praises
In expressing his congratulations to the JMMBSL team in T&T, JMMB Group CEO, Keith Duncan said: “The JMMB Group remains devoted to serving our clients and the investing public of Trinidad and Tobago; and we couldn’t be more pleased about this performance, which underscores JMMB’s track record of excellence in the area of securities dealing, and also demonstrates that we provide a strong value proposition to those who wish to trade stocks on the TTSE.”
JMMB Securities T&T is a subsidiary of JMMB Group Limited, a financial conglomerate with operations in Trinidad and Tobago, Jamaica and the Dominican Republic, and which is cross-listed on the Jamaica and Trinidad and Tobago Stock Exchanges.
In its annual report for the period ending March 31, 2022, JMMB said T&T contributed 17 per cent of its operating profit, while the Dominican Republic contributed 25 per cent and Jamaica 48 per cent.
In terms of the contribution to net profit, T&T was at seven per cent, the Dominican Republic at 23 per cent and Jamaica at 28 per cent. The largest contributor to the JMMB Group’s net profit for the financial year ending March 31, 2022, was Sagicor Financial Company, which was responsible for 42 per cent.