2016
Third Quarter Report
8th Avenue Belleville, St. Michael BB11114, Barbados T: (246) 436-9871/2 | F: (246) 429-8942 | www.bse.com.bb
Third Quarter Report 2016 At the close of the first nine months of 2016, trading activity on the Barbados Stock Exchange (BSE) can only be described as positive having recorded increases in both trading volumes and values. As illustrated in Table 1, the total volume of shares traded increased by 50% while total value of shares traded increased by 162% when compared with the corresponding period in 2015. The Regular Market recorded increases in terms of both volume and value while the Put Through and Block Trade Markets experienced declines; there was no activity on the Junior Market. The Block Trade Market recorded two transactions, in two separate securities – One Caribbean Media Limited and Goddard Enterprises Limited – which saw a total of 2.5 million shares trading with a total value of $16.7 million dollars. When compared to the corresponding period in 2015, one transaction was recorded which saw 13.2 million shares in Banks Holdings Limited trading at $4.00 per share. The third quarter of 2016 was characterized by decreases in total trading activity as there were significant declines in the levels of both regular and negotiated market transactions. Total trading volume and value for the quarter fell by 81% and 70% respectively (See Table 2).
Table 1 – Trading Activity for First Nine Months Market
Year-to-Date Volume 2016
Year-to-Date Value ($)
2015
2016
% Change
2015
Volume
Value
Regular
32,274,983
8,297,498
206,387,091
18,622,472
289%
1,008%
Put - Through
571,286
2,052,590
1,447,544
14,527,560
-72%
-90%
Junior
-
-
-
-
NA
NA
Block Trade
2,501,315
13,170,728
16,656,187
52,682,912
-81%
-68%
Total
35,347,584
23,520,816
224,490,822
85,832,943
50%
162%
Table 2 – Trading Activity for Third Quarter Market
Third Quarter Volume 2016
Third Quarter Value ($)
2015
2016
2015
% Change Volume
Value
Regular
1,498,594
4,454,066
7,408,020
7,155,300
-66%
4%
Put - Through
147,265
1,773,006
565,776
12,745,890
-92%
-96%
Junior
-
-
-
-
NA
NA
Block Trade
2,132,546
13,170,728
14,074,804
52,682,912
-84%
-73%
Total
3,778,405
19,397,800
22,048,600
72,584,102
-81%
-70%
Regular Market The Regular Market recorded increases in both the total volume and total value traded at the end of the third quarter of 2016. As illustrated in Table 3, the total share volume was 32,274,983, representing an increase of 289% when compared to the 8,297,498 shares recorded for the same period in 2015. There was also a substantial increase of 1,008% in the value of shares traded at the end of the quarter as compared to the same period in 2015. The number of trades occurring on the Regular Market increased by 8% as 1,209 trades occurred by the close of the third quarter of 2016; this as compared to 1,122 trades in 2015. Figure 1 illustrates a monthly comparison of the volume of Regular Market trades for 2016 and 2015.
2016 THIRD Quarter Report
4
There was an 11% increase in the average share price as well as improvements in the advance/ decline ratio (ADR). The ADR improved from eight (8) securities advancing and three (3) declining in 2015, to ten (10) securities advancing and three (3) declining at the close of the third quarter of 2016. All market measures – Indices and Market Capitalization – with the exception of the Cross-Listed measures recorded year-on-year increases. The Cross-Listed Index recorded a decrease of 22% while the Local and Composite indices recorded increases of 17% and 3% respectively. For the Market Capitalization measures, the Local and Composite market cap recorded increases of 12% and 1% respectively. The Cross-Listed market cap, however, recorded a decrease of 22%. The number of securities listed for the period ended September 30th, 2016 decreased to 23 1; down from 24 at the close of the third quarter of 2015. Figure 1 – Trade Frequency Comparison
1
See Company Activity Comparative Report below.
Table 3 - Year on Year Regular Market Statistics 30-Sep-16
30-Sep-15
% Change
Total Share Volume
32,274,983
8,297,498
289%
Total Share Value
206,387,091
18,622,472
1008%
Average Daily Share Volume
172,593
44,372
289%
Average Daily Share Value
$1,103,674
$99,585
1008%
Number of Trades
1,209
1,122
8%
Number of Trade Days
187
187
0%
Average Share Price
$5.96
$5.36
11%
Advance/Decline Ratio
10/3
8/3
N/A
Local Index
2,566.98
2,185.88
17%
Cross – Listed Index
1,351.78
1,738.92
-22%
Composite Market Index
645.24
624.28
3%
Local Market Capitalization
6,157,001,105
5,478,432,217.43
12%
Cross-Listed Market Capitalization
2,226,455,047
2,855,279,363.26
-22%
Composite Market Capitalization
8,383,456,152
8,333,711,580.69
1%
Number of Listed Securities
23
24
-4%
Sagicor Financial Corporation Limited, although only accounting for 5% of the total volume traded and 2% of the value traded, was the second best performer in terms of volume traded and third best in terms of value traded. Massy Holdings Limited was the second best performer in terms of value traded but only accounted for 2% of the total value traded and 1% of the total value traded. Sagicor Financial Corporation was the most actively traded security on the board of the Exchange accounting for 28% of the number of trades conducted as at the close of the third quarter of 2016.
2016 THIRD Quarter Report
Table 4 and Table 5 show the top traded companies by volume and value for the yearto-date. Banks Holdings Limited was the top traded security in terms of both volume and value, accounting for 81% and 90% of the total volume and value traded respectively for the period January 1st to September 30th, 2016. The majority of the trading in Banks Holdings Limited occurred as a result of the acceptance of the Offer made by SLU Beverages Limited (the Offeror) to purchase all of its issued and outstanding shares or between shareholders who missed the Offer deadline (December 17th, 2015) and the Offeror. Figure 2 displays offer acceptance trades and those trades occurring by shareholders who missed the offer deadline and the Offeror.
5
Figure 2 – Banks Holdings Limited Trade Breakdown - 2016
2016 THIRD Quarter Report
6
Table 4 - Top Five Traded Companies by Volume: Year to date
Company Banks Holdings Limited
2016
2015
2016
2015
Volume
Volume
Value ($)
Value ($)
26,223,682
1,309,866
186,183,616
3,371,594
Sagicor Financial Corporation Limited
1,615,356
943,599
3,206,006
1,660,597
Insurance Corporation Of B’dos Limited
1,095,716
163,739
2,976,136
413,107
FirstCaribbean International Bank
1,003,942
683,229
1,961,617
1,291,056
416,857
654,929
80,744
150,117
Fortress C’bean Property Fund - Dev Fund
Table 5 - Top Five Traded Companies by Value: Year to date
Company
2016
2015
2016
2015
Value ($)
Value ($)
Volume
Volume
Banks Holdings Limited
186,183,616
3,371,594
26,223,682
1,309,866
Massy Holdings Limited
4,082,979
6,818,558
263,057
341,472
Sagicor Financial Corporation Limited
3,206,006
1,660,597
1,615,356
943,599
Insurance Corporation Of B’dos Limited
2,976,136
413,107
1,095,716
163,739
One Caribbean Media Limited
2,188,397
73,998
323,608
54,179
As Table 6 and Table 7 illustrate, Sagicor Financial Corporation Limited and Massy Holdings Limited were the top two traded securities for the third quarter in terms of volume. In terms of value, Massy Holdings Limited and Banks Holdings Limited were the top two traded securities. Table 6 - Top Five Traded Companies by Volume: 3rd Quarter
Company
2016
2015
2016
2015
Volume
Volume
Value ($)
Value ($)
256,379
245,194
489,587
433,699
Massy Holdings Limited
217,497
112,588
3,182,898
2,251,811
Fortress C’bean Property Fund - Val Fund
194,625
3,018,626
114,264
1,717,584
Banks Holdings Limited
169,529
394,627
1,203,656
1,014,527
Cable & Wireless Barbados Limited
138,521
13,045
365,613
31,222
Table 7 - Top Five Traded Companies by Value: 3rd Quarter Company
2016
2015
2016
2015
Value ($)
Value ($)
Volume
Volume
Massy Holdings Limited
3,182,898
2,251,811
217,497
112,588
Banks Holdings Limited
1,203,656
1,014,527
169,529
394,627
One Caribbean Media Limited
791,148
88,196
113,067
12,585
Goddard Enterprises Limited
$1,660,597
$1,490,318
943,599
744,404
Sagicor Financial Corporation Limited
$1,291,056
$229,725
683,229
109,326
7 2016 THIRD Quarter Report
Sagicor Financial Corporation Limited
Junior Market There was no activity on the Junior Market for the period January 1 to September 30th, 2016.
Put-Through Market Table 8 - Put Through Market Activity - YTD No. of Trades
Security
Volume
Value ($)
Goddard Enterprises Limited
5
40,500
336,925
Massy Holdings Limited
4
1,479
23,560
Sagicor Financial Corporation Total
764
529,307
1,087,060
773
571,286
1,447,544
Table 8 illustrates the Put Through transactions that have occurred as at September 30th, 2016. The Put Through Market recorded decreases in terms of both volume (72%) and value (90%) for the period under examination over the corresponding period in 2015. A total of seven hundred and seventy-three (773) trades were conducted across three (3) securities.
Block Trade Market
Bond Market As at September 30th, 2016 twenty-eight (28) Barbados Government Debentures and thirteen (13) Barbados Government Treasury Notes traded on the board of the Exchange as compared to twenty-seven (27) Barbados Government Debentures and twelve (12) Barbados Government Treasury Notes traded on the board of the Exchange trading for the corresponding period in 2015. There were a total of 173 trades occurring on the Bond Market resulting in a face value of $42,801,000 trading as compared to 194 trades resulting in a face value of $30,666,000 trading as at September 30th, 2015. Table 9 summarizes all bonds traded for the period ended September 30th, 2016. 2 Banks Holdings Limited – The Barbados Stock Exchange Inc. (BSE) wishes to advise that a block trade transaction in the shares of Banks Holdings Limited occurred on the board of the Exchange at 10:15 a.m. on September 22nd, 2015 between SLU Beverages Limited (Buyer) and the following parties at BDS $4.00 per share - MASSY HOLDINGS LIMITED 13,170,728. The BSE approved this transaction in respect of item four (4) of the BSE Block Trade Rules that states, “The sale and purchase of a listed security pursuant to a take-over transaction, conducted or to be conducted in accordance with the applicable laws.”
2016 THIRD Quarter Report
At the close of the third quarter of 2016 there were two (2) block trade transactions on the board of the BSE as compared to one transaction occurring at the close of 2015 2. The first transaction occurred on June 10th, 2016 that saw 368,769 shares in One Caribbean Media Limited trading at $7.00 per share. This transaction was approved by the BSE as it was in accordance with Item 2(a), Section 7.01.20 - Block Trade Rule - of the Rules of the Barbados Stock Exchange Inc. which states, “the sale and purchase of a Listed Security between associates as defined under the Act”. On September 8th, 2016, the second block trade transaction occurred in which 2,132,546 shares in Goddard Enterprises Limited traded at $6.60 per share. The BSE approved this block trade as it met the requirements of Item 2(e) of the Block Trade Rule that states, “in any other case where in the opinion of the BSE a block trade transaction is deemed appropriate”.
9
Table 9 - Summary of Bonds Traded Security
No. of Trades
Face Value ($)
Barbados Government Debenture 4.75% 2016
3
3,000
Barbados Government Debenture 6.125% 2021
3
517,000
Barbados Government Debenture 6.25% 2019
13
549,000
Barbados Government Debenture 6.25% 2022
4
1,584,000
Barbados Government Debenture 6.625% 2018
2
91,000
Barbados Government Debenture 6.625% 2020
4
12,000
Barbados Government Debenture 6.625% 2024
2
140,000
Barbados Government Debenture 6.75% 2016
1
4,882,000
Barbados Government Debenture 6.75% 2021
2
10,000
Barbados Government Debenture 6.75% 2022
2
1,725,000
Barbados Government Debenture 6.875% 2023
18
180,000
Barbados Government Debenture 6.875% 2024
7
24,000
Barbados Government Debenture 7% 2017
8
14,687,000
Barbados Government Debenture 7% 2023
14
1,621,000
1
1,000
7
19,000
Barbados Government Debenture 7.125% 2026
4
4,000
Barbados Government Debenture 7.25% 2026
2
2,000
10
Barbados Government Debenture 7.25% 2028
3
52,000
2016 THIRD Quarter Report
Barbados Government Debenture 7% 2024 Barbados Government Debenture 7% 2028
Barbados Government Debenture 7.25% 2029
3
32,000
Barbados Government Debenture 7.375% 2027
8
1,013,000
Barbados Government Debenture 7.375% 2029
4
4,000
Barbados Government Debenture 7.50% 2026
5
3,209,000
Barbados Government Debenture 7.75% 2016
1
1,607,000
Barbados Government Debenture 7.75% 2020
1
1,000,000
Barbados Government Debenture 7.75% 2025
6
3,010,000
Barbados Government Debenture 7.75% 2032
3
3,000
Barbados Government Debenture 8.50% 2018
1
150,000
Barbados Government T/Note 5.5% 2020
2
6,000
Barbados Government T/Note 6% 2016
11
40,000
Barbados Government T/Note 6% 2017
4
509,000
Barbados Government T/Note 6% 2019
1
2,500,000
Barbados Government T/Note 6.125% 2020
1
10,000
Barbados Government T/Note 6.125% 2021
2
2,000
Barbados Government T/Note 6.25% 2018
6
8,000
Barbados Government T/Note 6.25% 2021
2
16,000
Barbados Government T/Note 6.25% 2024
1
4,000
Barbados Government T/Note 6.375% 2019
5
7,000
Barbados Government T/Note 6.5% 2016
2
1,502,000
Barbados Government T/Note 6.625% 2019
3
2,006,000
Barbados Government T/Note 7.5% 2017
1
60,000
173
42,801,000
Total
Index and Market Capitalization Movement There were mixed results for the Indices and Market Capitalization when examined over the past three, nine and twelve month periods. For the third quarter, as illustrated in Table 10, only the Local Index recorded an increase of 1.52% while the Cross-Listed and Composite Indices recorded declines of 22.23% and 6.13% respectively from their positions at June 30th, 2016. When the comparison is extended to nine months (Table 11), the Local Index recorded improvements (8.7%), however, the Cross-Listed and Composite Indices recorded declines of 22.23% and 1.72% respectively. Over the twelve months (Table 12), only the Cross-Listed Index recorded a decline of 22.26% while the Local and Composite Indices recorded increases of 17.43% and 3.36% respectively.
Table 10 - Index Comparison 3rd Quarter Index
30-Sep-16
30-Jun-16
% Change
Local
2,566.98
2,528.63
1.52
Cross Listed
1,351.78
1,738.11
-22.23
Composite
645.24
687.38
-6.13
Table 11 - Index Comparison Nine Months Index
30-Sep-16
31-Dec-15
% Change
Local
2,566.98
2,361.47
8.70
Cross Listed
1,351.78
1,738.11
-22.23
Composite
645.24
656.56
-1.72
Table 12 - Index Comparison Year-on-Year Index
30-Sep-16
30-Sep-15
% Change
Local
2,566.98
2,185.88
17.43
Cross Listed
1,351.78
1,738.92
-22.26
Composite
645.24
624.28
3.36
11 2016 THIRD Quarter Report
The Market Capitalization comparisons are illustrated in Table 13 - 15. The Market Capitalization measures for the three-month recorded declines, however, when extended to the nine and twelve months each measure exhibited similar performance to their respective Index measures. The third quarter results can be attributed to price improvements in five listed securities, including the largest issuer – FirstCaribbean International Bank – as well as a decline in the price of Massy Holdings Limited that had a negative impact on the closing Cross-Listed Market Capitalization figures. Figure 3 illustrates index movements over the last twelve months.
Table 13 - Market Capitalization Comparison 3rd Quarter Market Capitalization
30-Sep-16
30-Jun-16
% Change
Local
6,157,001,105
6,393,519,315.06
-3.70
Cross Listed
2,226,455,047
2,862,760,629.60
-22.23
Composite
8,383,456,152
9,256,279,945
-9.43
Table 14 - Market Capitalization Comparison Nine Months Market Capitalization
30-Sep-16
31-Dec-15
% Change
Local
6,157,001,105
5,898,175,671
4.39
Cross Listed
2,226,455,047
2,853,955,050
-21.99
Composite
8,383,456,152
8,752,130,721
-4.21
Table 15 -Market Capitalization Comparison Year-on-Year Market Capitalization
2016 THIRD Quarter Report
12
30-Sep-16
30-Sep-15
% Change
Local
6,157,001,105
5,478,349,241
12.39
Cross Listed
2,226,455,047
2,855,279,363
-22.02
Composite
8,383,456,152
8,333,628,604
0.60
Figure 3 - Index Movement - 12 months
Company Activity Comparative Report For the first nine months of the year, ending September 30, 2016, ten (10) securities advanced, three (3) declined, nine (9) remained unchanged, one (1) new listing 3 which did not trade and two (2) securities were delisted 4. This is compared to eight (8) securities advanced, three (3) declined, nine (9) remained unchanged, and four (4) did not trade; one (1) security was delisted for the corresponding period in 2015. Emera (Caribbean) Incorporated 5.5% Pref was the top advancer for the first nine months of 2016 experiencing a 92.93% increase in price from $3.11 as at December 30th, 2015 to $6.00 at the close of the third quarter of 2016. Insurance Corporation of Barbados Limited (30.77%), Goddard Enterprises Limited (25.57%), Barbados Farms Limited (25%), Barbados Dairy Industries Limited (17.5%), Cave Shepherd and Company Limited (16.28%), BICO Limited (10.81%) and FirstCaribbean International Bank (10.53%) were the other securities to experience share price appreciation above 10%.
For the third quarter of 2016, five (5) securities advanced, five (5) declined, nine (9) remained unchanged and four (4) did not trade; one (1) security was delisted. This is compared to four (4) securities advanced, three (3) declined, ten (10) remained unchanged, seven (7) did not trade; one (1) security was delisted. Table 17 illustrates the third quarter trading activity for all Regular and Junior Market securities.
3 Emera Deposit Receipt - The Barbados Stock Exchange Inc. (BSE) wishes to advise that, effective January 8th, 2016, the BSE has listed 5,129,581 Emera Deposit Receipts. The listing price for this new security is $14.82 and the trading symbol for this security is EMABDR. 4 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 A2 Fund were delisted from the Board of the BSE on February 12th, 2016. 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 A3 Fund were delisted from the Board of the BSE on September 27th, 2016.
13 2016 THIRD Quarter Report
As previously mentioned, three companies experienced declines; however, only two suffered declines in excess of 10% for the first nine months of 2016. ABV Investments Incorporated suffered the largest decline as the share price fell from $0.32 at the close of 2015 to $0.02 as at September 30, 2016; a reduction of 93.75%. Massy Holdings Limited (32.55%) and Fortress Caribbean Property Fund - Value Fund (3.33%) were the other two companies to experience declines. Table 16 illustrates the year to date trading activity for all Regular and Junior Market securities.
Table 16 - Year-to-date Trading Activity by Company (Regular and Junior Market (J) only) Year to Date 2016 Security
Volume
2016 THIRD Quarter Report
Sep 30, 2016
Value $
Dec 31, 2015
% Change
ABV Investments Incorporated
75,000
1,500
0.02
0.32
-93.75
BICO Limited
30,519
57,249
2.05
1.85
10.81
712
1,339
1.88
1.60
17.50
Barbados Farms Limited
22,359
10,154
0.50
0.40
25.00
Banks Holdings Limited
26,223,682
186,183,616
7.10
7.10
0.00
Fortress Caribbean Property Fund - Dev Fund
416,857
80,744
0.19
0.19
0.00
Fortress Caribbean Property Fund - Val Fund
400,328
237,826
0.58
0.60
-3.33
Cave Shepherd and Company Limited
71,255
240,853
3.50
3.01
16.28
Cable and Wireless Barbados Limited
262,381
691,751
2.60
2.60
0.00
FirstCaribbean International Bank
1,003,942
1,961,617
2.10
1.90
10.53
Goddard Enterprises Limited
207,646
1,619,320
8.30
6.61
25.57
1,095,716
2,976,136
3.40
2.60
30.77
JMMB Group Limited
3,500
525
0.15
0.15
0.00
Emera (Caribbean) Incorporated
63,910
2,128,185
33.30
33.30
0.00
Emera (Caribbean) Incorporated 5.5% Pref
69,365
416,190
6.00
3.11
92.93
Emera Deposit Receipt
0
-
17.78
-
NA
Massy Holdings Limited
263,057
4,082,979
13.49
20.00
-32.55
One Caribbean Media Limited
323,608
2,188,397
7.00
7.00
0.00
Sagicor Financial Corporation 6.5% Pref
5,945
12,336
2.26
2.26
0.00
Sagicor Financial Corporation Limited
1,615,356
3,206,006
1.94
1.79
8.38
104,924
84,923
0.80
0.80
0.00
13,976
197,885
14.20
13.00
9.23
945
7,560
8.00
8.00
0.00
32,274,983
206,387,091
Barbados Dairy Industries Limited
14
Closing Price
Insurance Corporation of Barbados Limited
Trinidad Cement Limited West India Biscuit Company Limited The West Indies Rum Distilleries Limited Total
Table 17 - 3rd Quarter Trading Activity By Company (Regular and Junior Market (J) only) Closing Price 2016
3rd Quarter 2016 Security
Volume
Value
Sep 30
% Change
Jun 30
6,000
120
0.02
0.02
0.00
BICO Limited
2,541
5,208
2.05
1.86
10.22
680
1,278
1.88
1.60
17.50
Barbados Farms Limited
1,859
558
0.50
0.50
0.00
Banks Holdings Limited
169,529
1,203,656
7.10
7.10
0.00
Fortress Caribbean Property Fund - Dev Fund
39,977
7,516
0.19
0.19
0.00
Fortress Caribbean Property Fund - Value Fund
194,625
14,264
0.58
0.60
-3.33
17,492
59,144
3.50
3.50
0.00
Cable and Wireless Barbados Limited
138,521
365,613
2.60
2.66
-2.26
FirstCaribbean International Bank Limited
118,230
243,785
2.10
2.05
2.44
Goddard Enterprises Limited
95,248
784,119
8.30
7.80
6.41
Insurance Corporation of Barbados Limited
21,727
71,730
3.40
3.16
7.59
2,000
300
0.15
0.15
0.00
Emera (Caribbean) Incorporated
0
-
33.30
33.30
0.00
Emera (Caribbean) Incorporated 5.5% Pref -*
0
-
6.00
6.00
0.00
Emera Deposit Receipt
0
-
17.78
18.26
-2.63
Massy Holdings Limited
217,497
3,182,898
13.49
20.00
-32.55
One Caribbean Media Limited
113,067
791,148
7.00
7.00
0.00
Sagicor Financial Corporation 6.5% Pref
0
-
2.26
2.26
0.00
Sagicor Financial Corporation Limited
256,379
489,587
1.94
2.00
-3.00
Trinidad Cement Limited
102,602
82,137
0.80
0.80
0.00
0
-
14.20
14.20
0.00
620
4,960
8.00
8.00
0.00
0
0
10.00
10.00
0.00
1,498,594
7,408,020
-
-
Barbados Dairy Industries Limited
Cave Shepherd and Company Limited
JMMB Group Limited
West India Biscuit Company Limited The West Indies Rum Distilleries Limited Royal Fidelity TIGRS A3 (J, D) Total
*J – Denotes Junior Market Security | D – Denotes Delisted Security
15 2016 THIRD Quarter Report
ABV Investments Incorporated
Conclusion
2016 THIRD QUARTER Report
16
An examination of third quarter 2016 performance versus third quarter of 2015 would initially lead one to believe that the market was not performing as positively as would be desired. However, it is imperative to note that the prevailing conditions in the marketplace at the close of the third quarter 2016 were not similar to those at the close of the corresponding period in 2015. There was significantly more activity in the negotiated markets – especially on the Block Trade Market – in the third quarter of 2015 than there was during the corresponding period in 2016. The activity on the Block Trade Market was approved as a transaction pursuant to a takeover that led to further increases in trading activity on the Regular Market during the fourth quarter of 2015 and into early 2016. Examining the year on year performance, especially on the Regular Market, however, paints a much different picture. There were marked improvements in total volumes and values traded, the average share price and most importantly the advance/decline ratio; the latter suggesting shareholder confidence in the performance of the Listed Companies is returning to the market. Table 18 - Regional Index Comparative Analysis Performance Regional Exchange
Three Month
Nine Month
Twelve Month
Barbados Stock Exchange Composite Index
-6.13%
-1.72%
3.36%
Jamaica Stock Exchange Market Index
14.44%
21.30%
89.76%
1.87%
-0.47%
0.81%
-0.03%
15.81%
26.80%
Trinidad & Tobago Stock Exchange Composite Index Eastern Caribbean Stock Exchange Share Index
As we look toward the fourth quarter of 2016 we are ever hopeful that trading activity and general market conditions continue to improve. We are mindful though, that market conditions during the fourth quarter of 2015 were characterized with takeover activity in both Banks Holdings Limited (BHL) and Emera (Caribbean) Incorporated and matching or exceeding this level of activity over the last three months of 2016, without similar activity, will be challenging. The BSE held its fourth successful Corporate Governance and Accountability Conference (CGAC) on September 22nd and 23rd, 2016 at the Hilton Barbados resort. The conference was well received and the BSE wishes to thank the attendees, presenters and sponsors for their continued support and looks forward to hosting another exceptional BSE CGAC in 2017.
17 2016 THIRD QUARTER Report
Table 18 illustrates the index performance of the main exchanges across the region. Over the three-month, the BSE Composite Index (6.13%) and Eastern Caribbean Stock Exchange (ECSE) Share Index (0.03%) recorded declines while the Jamaica Stock Exchange (JSE) Market Index (14.44%) and Trinidad and Tobago Stock Exchange (TTSE) Composite Index (1.87%) recorded increases in index performance. When extended to the nine and twelve month, the BSE and TTSE Composite Indices both recorded declines for the nine month and increases over the twelve month while the JSE Market Index and ECSE Share Index had positive results over the nine and twelve month periods respectively.
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