With no economic data released in the US on February 8, news that the People's Bank of China would be raising rates to help control inflation kept trading low. Inflation continues to be of increasing concern to the US market as the inflation rate on food commodities continues to rise in countries such as China and the UK. Members of the FOMC committee are worried that inflation may hit the market before the Fed realizes it given the rising inflation in other economies. These inflation concerns kept stocks flat, falling slightly on disappointing earnings reports from the highly anticipated electronic and network designing company Cisco Systems. By the end of the week, positive economic data and the resignation of the Egyptian President led to a rally in the S&P to its highest value for the year of 1,329.15. The Dow Jones also rallied to a yearly high of 12,273.30 having returned 0.62 per cent for the week.
T&T Stock Market
The Composite Index decreased marginally during the week ending 11 February, falling by 0.12 per cent to a value of 880.80 as 7 stocks advanced and 4 declined. The total volume of shares traded increased by 35.22 per cent over the week even as the total number of trades fell by 13. Volumes totaled 2,537,416 for the week ending February 11 with the largest volumes traded seen in NML (1,265,332), SFC (300,020) and NCBJ (235,467). NML saw the largest price increase during the week rising by TT$0.99 to close at TT$42 at a value of TT$53,095,015.18. Angostura Holdings Ltd (AHL) resumed trading on February 14 having been suspended since July 13, 2009. AHL's last closing price was TT$6.90. In early morning trading on 14 February 2011, blocks of shares traded at TT$6.00, TT$6.15, TT$6.20 and TT$6.21 at the time of writing. National Flour Mills (NFM) announced to its shareholders the resignation of five of its six directors calling a special meeting on March 3 to fill the vacancies of the board of directors.