2015
First Quarter Report
First Quarter Report 2015 Overall trading volume decreased by 31%, however, trading value increased by 19% for the first quarter of 2015. Regular Market activity increased by 6% in terms of volume traded and 55% in terms of value traded. The Put-Through Market recorded sharp declines in trading activity; 81% in terms of volume with a corresponding decline in value of 53%. The total number of trades increased by 18% from 370 in 2014 to 437 in 2015. All market measures recorded increases when compared to their December 31st 2014 figures. The index values recorded increases due to upward price movements in one of the BSE’s largest local issuers as well as a cross-listed issuer. Despite the delisting of one (1) security during the first quarter of 20151, the market capitalization values also recorded increases across the board. The Local market measures were the best performers recording increases of 2.66% and 2.47% for both the index and market capitalization measures respectively. There were no extraordinary transactions during the first quarter of 2015. Table 1, below, shows a summary of year to date trading activity. Table 1 – Year-to-Date Statistics Market
Year-to-Date Value
% Change
2015
2014
2015
2014
1,274,923
1,201,843
$6,653,670
$4,288,001
6%
55%
170,643
895,001
$1,041,023
$2,197,536
-81%
-53%
Junior
-
-
$ -
$ -
NA
NA
Block Trade
-
-
$ -
$ -
NA
NA
Regular Put - Through
Total
1
Year-to-Date Volume
1,445,566 2,096,844
$7,694,692
Volume
$6,485,537
See Junior Market, Block Trade Market & Put Through Market section.
-31%
Value
19%
Regular Market
Average daily share volume and value were up 4.37% and 52.67% respectively and there was a 5.51% increase in the average share price as it moved from $5.53 at the 2014 first quarter close to $5.83 at March 31st, 2015. A snapshot of the advance-decline ratio at the end of the first quarter of 2015 showed that five securities advanced and five declined versus eight securities advancing in price and five declining at the close of the first quarter of 2014. Table 2 – 1st Quarter Regular Market Performance – Year on Year 31-Mar-15
31-Mar-14
% Change
Total Share Volume
1,274,923
1,201,843
6.08%
Total Share Value
6,653,670
4,288,001
55.17%
20,563
19,702
4.37%
$107,317
$70,295
52.67%
424
289
46.71%
62
61
1.64%
$5.83
$5.53
5.51%
5/5
8/5
N/A
Local Index
2,194.13
2,568.58
-14.58%
Cross – Listed Index
1,726.65
1,539.55
12.15%
Average Daily Share Volume Average Daily Share Value Number of Trades Number of Trade Days Average Share Price Advance/Decline Ratio
2015 First Quarter Report | 3
Regular Market volume and value increased for the first quarter of 2015 when compared to the corresponding period in 2014. Trading volume increased by 6.08% from 1,201,843 in 2014 to 1,274,923 in 2015; this resulted in a 55.17% increase as seen below in Table 2. There was also a significant increase in the number of trades (46.71%) as 424 trades occurred during the first quarter of 2015, as compared to 289 trades for the corresponding period in 2014.
Table 2 – 1st Quarter Regular Market Performance – Year on Year Composite Market Index
624.23
668.90
-6.68%
Local Market Capitalization
5,499,741,674
6,395,315,382
-14.00%
Cross-Listed Market Capitalization
2,895,433,099
2,569,376,511
12.69%
Composite Market Capitalization
8,395,174,773
8,964,691,893
-6.35%
25
26
-3.85%
Number of Listed Securities
Figure 1 – No. of Trades – 1st Quarter 2015
2+26+ 26+ 9+ 22+ 27+ 7+ 24+ 36+ 40+ 40+ 1+ 6+ 1+ 100++ 2+1 77 4+ 1+ 1+ 1+ 100
100
76
80 60
3
-
-
-
SFC65
TLC
WIB
WIR
11
SFC
-
OCM
5
NML
ICBL
GEL
FCI
CWBL
-
LPH 5.5%
39
LPH
39
JMMB
23
35
26
CPFVF
BICO
5
21
8
BHL
1
BFL
0
1
BDI
20
6
CSP
25
CPFDF
40
ARI
2015 First Quarter Report | 4
Massy Holdings Limited was the most actively traded security on the market accounting for 23.58% of the number of trades occurring in the market. Sagicor Financial Corporation was the second most actively traded security, accounting for 17.92% of the number of trades for the quarter in this market. Figure 1 below illustrates the number of trades occurring on the Regular Market by Security.
Table 3 and Table 4, show the top traded companies for the quarter based on volume and value respectively. Sagicor Financial Corporation was the top performer in terms of volume with Massy Holdings Limited and Banks Holdings Limited rounded out the top three volume leaders. In terms of value traded, Massy Holdings Limited was the top performer followed by Emera (Caribbean) Incorporated and Banks Holdings Limited.
Table 3 – Top Five Traded Companies By Volume
Company
Value
2015
2014
2015
2014
Sagicor Financial Corporation
264,241
273,596
$466,261
$615,520
Massy Holdings Limited
202,551
12,230
$4,040,006
$236,127
Banks Holdings Limited
177,231
109,287
$504,907
$333,693
Fortress C’bean Property Fund - Dev Fund
161,749
199,871
$33,900
$35,652
Fortress C’bean Property Fund - Val Fund
160,558
182,726
$85,113
$87,432
Table 4 – Top Five Traded Companies By Value Value Company
Volume
2015
2014
2015
2014
$4,040,006
$236,127
202,551
12,230
Emera (Caribbean) Incorporated
$569,049
$1,570,972
22,142
61,130
Banks Holdings Limited
$504,907
$333,693
177,231
109,287
Sagicor Financial Corporation
$466,261
$615,520
264,241
273,596
Goddard Enterprises Limited
$376,509
$313,718
58,764
51,008
Massy Holdings Limited
2015 First Quarter Report | 5
Volume
Junior Market, Block Trade Market & Put Through Market There was no trading activity recorded for the Junior or Block Trade Markets for the first quarter of 2015. The number of securities listed on the Junior market was reduced by one (1) when Royal Fidelity TIGRS A Fund was delisted from the board of the BSE2.
2015 First Quarter Report | 6
The Put Through Market recorded decreases in activity as trading levels fell by 81% in terms of volume and 53% in terms of value. Table 5 below illustrates the activity which occurred on this market as at March 31st, 2015. Table 5: Put-through Market Activity - 1st Quarter 2015 Company
No. of Trades
Volume
Value
Banks Holdings Limited
3
1,936
$5,659
Firstcaribbean International Bank
1
14,166
$26,915
Goddard Enterprises Limited
4
139,069
$890,042
Massy Holdings Limited
1
2,780
$55,600
One Caribbean Media Limited
1
7,913
$54,204
Sagicor Financial Corporation
3
4,779
$8,602
13
170,643
$1,041,023
Total
2 Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Financial Services Commission, the shares of Royal Fidelity TIGRS A Fund were be delisted from the Board of the BSE on March 18th, 2015. The TIGRS securities were each structured with a five year maturity at which point the proceeds are paid to shareholders; Royal Fidelity TIGRS A Fund matured on October 30th, 2014.
Fixed Income Market The Fixed Income Market recorded a total of 59 trades with a face value of $2,553,000. This as compared to the 72 trades recorded on this market with a corresponding face value of $661,000 traded at the close of the first quarter of 2014. Table 6 below, gives details on each bond traded as at March 31st, 2015.
No. Of Trades
Amount Traded
Barbados Government Debenture 4.75% 2016
3
3,000
Barbados Government Debenture 5.875% 2018
2
1,002,000
Barbados Government Debenture 6% 2020
1
3,000
Barbados Government Debenture 6.125% 2021
2
7,000
Barbados Government Debenture 6.25% 2019
1
3,000
Barbados Government Debenture 6.5% 2015
1
51,000
Barbados Government Debenture 6.625% 2018
1
15,000
Barbados Government Debenture 6.625% 2024
1
14,000
Barbados Government Debenture 6.75% 2021
1
2,000
Barbados Government Debenture 6.875% 2020
1
1,000,000
Barbados Government Debenture 6.875% 2023
1
1,000
Barbados Government Debenture 6.875% 2024
2
4,000
Barbados Government Debenture 7% 2017
1
10,000
Barbados Government Debenture 7% 2023
2
7,000
Barbados Government Debenture 7.375% 2027
2
2,000
Barbados Government Debenture 7.375% 2029
1
2,000
Barbados Government Debenture 7.75% 2025
7
46,000
Barbados Government Debenture 7.75% 2032
2
2,000
Barbados Government T/Note 5.875% 2015
1
10,000
Barbados Government T/Note 6% 2016
3
66,000
Barbados Government T/Note 6% 2017
1
19,000
Barbados Government T/Note 6.25% 2021
18
250,000
Barbados Government T/Note 6.375% 2019
2
31,000
Barbados Government T/Note 6.5% 2019
1
2,000
Barbados Government T/Note 6.625% 2019
1
1,000
Total
59
Security
2,553,000
2015 First Quarter Report | 7
Table 6: Fixed Income Market Activity 1st Quarter 2015
Photo Credit: Simon Shepherd 2015 First Quarter Report | 8
A year on year comparison of the Index and Market Capitalization performance (Table 7 and 8) shows that only the Cross Listed Index experienced an increase over the last 12 months. Performance of the cross listed securities showed improvement as both One Caribbean Media Limited and Massy Holdings Limited experienced double digit share price appreciation over their May 31st, 2014 closing prices; Trinidad Cement Limited and Jamaica Money Market Brokers Limited did not trade. The Local Index registered the largest decline of 14.58% when compared to the corresponding period in 2014. Figure 2 - Index Movement March 2014 to March 2015 illustrates the trend of the indices over the period under consideration. The market capitalization figures illustrated in Table 8 show improvements in the Cross Listed Market Capitalization figure which recorded the only increase of 12.69% due largely in part to the 15.71% and 10.44% increase in price of Massy Holdings Limited and One Caribbean Media Limited respectively. Table 7 – Index Comparison Year on Year 31-Mar-15
31-Mar-14
% Change
Local
2,194.13
2,568.58
-14.58%
Cross Listed
1,726.65
1,539.55
12.15%
624.23
668.90
-6.68%
Composite
Table 8 – Market Capitalization Comparison Year on Year 31-Mar-15
31-Mar-14
% Change
Local
5,499,741,674
6,395,315,382
-14.00%
Cross Listed
2,895,433,099
2,569,376,511
12.69%
Composite
8,395,174,773
8,964,691,893
-6.35%
2015 First Quarter Report | 9
Index and Market Capitalization Movement
0+ 1159+169+179+17119+17119+17812157 Figure 2 - Index Movement March 2014 to March 2015 15
■ Cross-Listed Index
10
■ Composite Index
5
■ Local Index
0
-5
-10 -15
MARCH
FEBRUARY
JANUARY
DECEMBER
NOVEMBER
OCTOBER
SEPTEMBER
AUGUST
JULY
JUNE
MAY
A PRIL
MARCH
2015 First Quarter Report | 10
-20
The indices and market capitalization measures for the first quarter of 2015 (Table 9 and 10) showed positive results as all market measures recorded marginal increases over their December 2014 figures. The Local Index and Market Capitalization measures showed improvement recording increases of 2.66% and 2.47% respectively while the Cross-Listed Index and Market Capitalization recorded increases of 1.18% and 1.61% respectively. These results led to the Composite Index increasing by 2.13% and its corresponding Market Capitalization measure improving by 2.17% over their respective December 31st, 2014 results. Table 9 – Index Comparison 1st Quarter 31-Mar-15
31-Dec-14
% Change
Local
2,194.13
2,137.26
2.66%
Cross Listed
1,726.65
1,706.54
1.18%
624.23
611.23
2.13%
Composite
31-Mar-15
31-Dec-14
% Change
Local
5,499,741,674
5,367,178,305
2.47%
Cross Listed
2,895,433,099
2,849,599,943
1.61%
Composite
8,395,174,773
8,216,778,248
2.17%
Company Activity Comparative Report For the first quarter of 2015, five (5) securities advanced, five (5) declined, seven (7) remained unchanged and eight (8) did not trade; there was one (1) delisting3. This as compared to four (4) securities advanced, six (6) declined, six (6) remained unchanged and ten (10) did not trade; there was one (1) delisting4 for the corresponding period in 2014. BICO Limited was the top performer for the quarter climbing 12.12% from $1.65 at the close of 2014 to $1.85 at the close of the first quarter of 2015. One Caribbean Media Limited (9.19%), CIBC FirstCaribbean International Bank (5.56%), Fortress Caribbean Property Fund - Value Fund (4%) and Goddard Enterprises Limited (1.42%) were the remaining securities experiencing increases during the quarter. No securities recorded double digit declines at the close of the first quarter of 2015. Table 11, opposite, illustrates the price movements for the first quarter of 2015.
3 Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Financial Services Commission, the shares of Royal Fidelity TIGRS A Fund were be delisted from the Board of the BSE on March 18th, 2015. 4 Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Financial Services Commission, the shares of Barbados Shipping & Trading Company Limited (BST) were delisted from the Board of the BSE on February 5th, 2014.
2015 First Quarter Report | 11
Table 10 – Market Capitalization Comparison 1st Quarter
Table 11 - 1st Quarter Trading Activity By Company (Regular and Junior market only) 1St Quarter 2015 Security Abv Investments Incorporated
Volume
Closing Price
Value 31-Mar -15
% Change
31-Dec=14
1,500
$375
0.32
0.32
0.00%
20,602
$37,735
1.85
1.65
12.12%
80
$120
1.50
1.50
0.00%
Barbados Farms Limited
7,855
$3,511
0.50
0.50
0.00%
Banks Holdings Limited
177,231
$504,907
2.85
2.90
-1.72%
Fortress C’bean Property Fund - Dev Fund
161,749
$33,900
0.20
0.22
-9.09%
Fortress C’bean Property Fund - Val Fund
160,558
$85,113
0.52
0.50
4.00%
1,966
$5,900
3.00
3.00
0.00%
Cable And Wireless Barbados Limited
24,566
$61,043
3.00
3.00
0.00%
Firstcaribbean International Bank
95,955
$182,004
1.90
1.80
5.56%
Goddard Enterprises Limited
58,764
$376,509
6.43
6.34
1.42%
Insurance Corporation Of Barbados Limited
49,421
$118,491
2.40
2.41
-0.41%
0
-
0.15
0.15
0.00%
22,142
$569,049
25.70
25.70
0.00%
0
-
3.30
3.30
0.00%
202,551
$4,040,006
19.96
20.00
-0.20%
24,153
$165,154
6.77
6.20
9.19%
1,589
$3,591
2.26
2.26
0.00%
264,241
$466,261
1.72
1.80
-4.44%
Trinidad Cement Limited
0
-
0.80
0.80
0.00%
West India Biscuit Company Limited
0
-
10.46
10.46
0.00%
The West Indies Rum Distilleries Limited
0
-
8.00
8.00
0.00%
Royal Fidelity Tigrs A1 Fund
0
-
10.00
10.00
0.00%
Royal Fidelity Tigrs A2 Fund
0
-
10.00
10.00
0.00%
Royal Fidelity Tigrs A3 Fund
0
-
10.00
10.00
0.00%
Bico Industries Limited Barbados Dairy Industries Limited
2015 First Quarter Report | 12
Cave Shepherd And Company Limited
Jamaica Money Market Brokers Limited Emera (Caribbean) Incorporated Emera (Caribbean) Incorporated 5.5% Pref Massy Holdings Limited One Caribbean Media Limited Sagicor Financial Corporation 6.5% Pref Sagicor Financial Corporation
1,274,923
$6,653,670
-
-
Table 12, below, illustrates the price movements over the last twelve months. Table 12 - Year on Year Trading Activity By Company (Regular and Junior market only) Security
Closing Price Mar 31
% Change
Volume
Value
2015
2014
1,500
$375
0.32
0.32
0.00%
20,602
$37,735
1.85
1.65
12.12%
80
$120
1.50
1.50
0.00%
Barbados Farms Limited
7,855
$3,511
0.50
0.51
-1.96%
Banks Holdings Limited
177,231
$504,907
2.85
3.03
-5.94%
Fortress C’bean Property Fund - Dev Fund
161,749
$33,900
0.20
0.20
0.00%
Fortress C’Bean Property Fund - Value Fund
160,558
$85,113
0.52
0.47
10.64%
1,966
$5,900
3.00
2.49
20.48%
Cable And Wireless Barbados Limited
24,566
$61,043
3.00
3.00
0.00%
Firstcaribbean International Bank
95,955
$182,004
1.90
2.40
-20.83%
Goddard Enterprises Limited
58,764
$376,509
6.43
6.15
4.55%
Insurance Corporation Of Barbados Limited
49,421
$118,491
2.40
2.60
-7.69%
0
-
0.15
0.15
0.00%
22,142
$569,049
25.70
25.70
0.00%
0
-
3.30
3.11
6.11%
202,551
$4,040,006
19.96
17.25
15.71%
24,153
$165,154
6.77
6.13
10.44%
1,589
$3,591
2.26
2.26
0.00%
264,241
$466,261
1.72
2.10
-18.10%
Trinidad Cement Limited
0
-
0.80
0.80
0.00%
West India Biscuit Company Limited
0
-
10.46
10.03
4.29%
The West Indies Rum Distilleries Limited
0
-
8.00
8.00
0.00%
Royal Fidelity Tigrs A1 Fund
0
-
10.00
10.00
0.00%
Royal Fidelity Tigrs A2 Fund
0
-
10.00
10.00
0.00%
Royal Fidelity Tigrs A3 Fund
0
-
10.00
10.00
0.00%
Abv Investments Incorporated Bico Limited Barbados Dairy Industries Limited
Cave Shepherd And Company Limited
Jamaica Money Market Brokers Limited Emera (Caribbean) Incorporated Emera (Caribbean) Incorporated 5.5% Pref Massy Holdings Limited One Caribbean Media Limited Sagicor Financial Corporation 6.5% Pref Sagicor Financial Corporation
1,274,923
$6,653,670
-
-
2015 First Quarter Report | 13
1st Quarter 2015
Conclusion
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2015 First Quarter Report | 14
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Closing Dec 31 2014
% Change
624.23
611.23
2.13%
83,804.68
76,353.39
9.76%
Trinidad & Tobago Stock Exchange
1,154.25
1,150.91
0.29%
Eastern Caribbean Stock Exchange
142.63
140.64
1.41%
Index Name
Region/Exchange
BSE Composite Index
Barbados Stock Exchange
JSE Market Index
Jamaica Stock Exchange
TTSE Composite Index ECSE Index
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