T&T Stock Market Decline Deepens for Fourth Consecutive Year

  • The Trinidad and Tobago (T&T) stock market recorded its fourth consecutive year of decline, according to the Central Bank’s latest Annual Economic Survey. In 2025, declines in the Composite Price Index (CPI) deepened, falling 11.8%, driven by a 13.2% drop in the All T&T Index (ATI) and a 7.3% contraction in the Cross Listed Index (CLI). As a result, total stock market capitalisation fell 10.2% to $91.9Bn. Investor pessimism is being fueled by the underperformance of the domestic energy and non-energy sectors, alongside global and domestic uncertainty. For the four (4) years, the index has declined by 54.5%.
  • In contrast, the Small and Medium-sized Enterprise (SME) Market index rebounded, recording double-digit gains for most of 2025, though it ended 2025 modestly at 1.6%. Improvements in Eric Solis Marketing Ltd’s performance, and the addition of Medcorp Ltd, the fourth company to be listed on the SME Market, contributed positively to the overall gains observed.
  • That said, the performance of regionally-listed stocks deteriorated. The decline in stock exchanges in Barbados and Jamaica contributed to the falls in the CEI. However, stock market capitalisation in Guyana rebounded strongly, increasing by 29.9%.
  • Nevertheless, bursts of activity contributed to an overall improvement in turnover. For 2025, the first-tier market observed 129.5Mn (+46.9%) shares exchanged at a value of $994.1Mn (+18.2%), corresponding to a turnover ratio of 1.02 (2024: 0.79). The Conglomerates index recorded the highest trading volume, accounting for 44.5% or 57.6Mn shares, while the Banking index captured 55.6% of total trading value, amounting to $552.4Mn.
  • In the bond market, primary debt grew in 2025 despite lower issuances. The local bond market recorded 11 (-31.3%) primary issues at a face value of $11,992.41Mn. up from $10,175.6Mn in 2024. The Government was the only issuer in the market, raising funds for budget support and debt refinancing. Value of trades on the secondary government bond market was also higher, while the volume of trades dipped in 2025. The secondary market recorded 419 (-2.1%) trades at a face value of $262.6Mn. In comparison, a total of 428 trades were recorded at a face value of $96.9Mn in 2024.
  • For 2025, the 1-year rate increased by 66 basis points (bps) to 4.60% while the two-year rate jumped by 35bps to 4.65%. During the period, the three-year and five-year rates advanced by 55bps and 39bps to 4.56% and 5.26%, respectively. The benchmark 10-year rate gained 35bps to 5.91%.

(Sources: Trinidad Express Newspapers & NCBCM Research)