March 27, 2026

T&T Market Advances as Energy Prices Reshape Global Equity Performance

Dave Dookie, Managing Director

• Rising energy prices are driving global markets. Increase in Brent Crude Oil and a modest decline in Natural Gas prices have reinforced inflation concerns, triggering a shift toward energy, financials, and defensive sectors, while pressuring growth and consumer-oriented stocks in the Global Market.

  
  

• U.S. Equities extended the sell-off. S&P 500 fell (-2.10%), Dow Jones Industrial Average Index (-0.9%) and the NASDAQ (-3.23%) during the last trading week. Higher energy costs feed directly into transportation, manufacturing, and consumer prices.

  
  

• Europe recovered while Asia was mixed. In contrast, the Euro Stoxx 50 increased (+0.8%) primarily due to a combination of energy sector strength, resilient financials, and improving risk sentiment, despite ongoing macroeconomic concerns, while Asia-Pacific markets showed mixed performance, with gains in Japan and offsetting declines in Hong Kong and China.

  
  

• Trinidad and Tobago market posted modest gains. The Composite Index rose (+0.39%) with strong trading activity led by Massy Holdings, while top performers included A.S. Bryden, Guardian Media, and Trinidad Cement, despite a sharp decline in NGL.

Global financial markets over the past week were significantly influenced by a sharp increase in Crude Oil prices, which continue to shape investor sentiment, sector performance, and regional equity trends. The rise in energy prices driven by geopolitical tensions in the Middle East, supply constraints, and resilient global demand have reinforced inflationary pressures and shifted capital toward energy and value-oriented sectors, while placing downward pressure on growth and consumption driven industries. This dynamic has created notable divergence across major global equity markets.

In the United States, the S&P 500 Index declined by approximately 2.1%, while the Dow Jones Industrial Average loss 0.9%, due to weaker performances in financials, and industrial stocks. The NASDAQ Composite also declined by approximately 3.23%, reflecting weakness in technology and growth-oriented companies. The rise in oil prices contributed to expectations that inflation may remain elevated, thereby reducing the likelihood of near-term monetary easing. As a result, sectors with high valuation sensitivity to interest rates, particularly technology, experienced downward pressure. The top performers in the US market were concentrated in energy and cyclical sectors, including ExxonMobil (+7.09%), Chevron (+4.7%), Caterpillar (+2.13%). These gains highlight the market’s rotation toward companies benefiting directly or indirectly from higher commodity prices and a stable interest rate environment.

European markets, the Euro Stoxx 50, increased by approximately 0.8% over the week. However, Europe’s reliance on imported energy continues to make it particularly vulnerable to oil and gas price shocks, with higher input costs weighing heavily on manufacturing and industrial sectors. The energy companies provided some support to the Index, the broader market remained under pressure due to concerns over reduced industrial output and weaker consumer demand. Leading performers in Europe were predominantly energy majors and financial institutions, including BP (+4.2%), Siemens Energy (+2.6%), TotalEnergies (+1.9%), Shell (+1.4%), and Banco Santander (+1.7%).

In the Asia-Pacific region, market performance was mixed, reflecting varying levels of exposure to rising energy costs and differing domestic economic conditions. Japan’s Nikkei 400 increased by approximately 1.03%, although higher oil import costs and currency weakness would increase inflationary pressures. In contrast, Hong Kong’s Hang Seng Index fell by 1.29%, while China’s Shanghai Composite Index posted a modest loss of 1.09%, supported by expectations of policy stimulus and targeted economic support measures. Energy and commodity linked companies showed mixed performances, PetroChina (-1.4%), CNOOC (-2.0%), Reliance Industries (-4.7%), Mitsubishi Corporation (+6.8%), and BHP Group (+6.1%).

The Trinidad and Tobago stock market recorded a positive but measured performance, supported by increased trading activity and selective gains across sectors. As at the close of trading on March 27, 2026, the Composite Index increased by 0.39%, All Trinidad and Tobago Index rose by 0.29%, and the Cross Listed Index advanced by 0.72%. Market activity surged significantly, with total shares traded increasing by over 438% week-on-week, largely driven by Massy Holdings Ltd., which accounted for more than 73% of total market volume. The top performers in the domestic market included A.S. Bryden & Sons Holdings Ltd. (+5.00%), Guardian Media Ltd. (+4.62%), Trinidad Cement Ltd. (+4.29%), Massy Holdings Ltd. (+3.57%), and GraceKennedy Ltd. (+2.45%).

However, despite the favorable energy price environment, Trinidad and Tobago NGL Limited declined sharply by 13.97%. Energy stocks have emerged as the clear outperformers, benefiting directly from higher oil and gas prices and improved earnings outlooks. Technology and consumer discretionary sectors have come under pressure due to higher discount rates and rising input costs, while transportation and manufacturing sectors have faced margin compression from increased fuel expenses.

For Trinidad and Tobago, elevated oil and gas prices are likely to strengthen fiscal revenues and foreign exchange inflows, providing a supportive macroeconomic backdrop. However, equity market performance will continue to depend on domestic liquidity conditions, corporate earnings, and investor participation.

Dave Dookie is the Managing Director of Waterloo Capital Advisors Limited, a Trinidad and Tobago based financial advisory firm specializing in investment management, capital markets and structured finance. He has advised governments, financial institutions, and energy companies on debt issuance, project financing, and strategic capital raising across the Caribbean. He holds degrees and advanced qualifications from the London School of Economics and Political Science (LSE) and the University of London and has completed advanced training in data science through the MIT Applied Data Science Program.

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