First Half Report 2013 Overview
Table 1 below, illustrates the total trading activity for the first half of 2013 compared to the activity which occurred for the corresponding period in 2012. Total trading volume increased by 19.11%, while total trading value increased by 3.15%. The Put Through Market recorded the largest increases of 1168.58% and 949.53% in terms of volume and value respectively. There was no trading on the Junior or Block Trade Markets for the first half of 2013. There were twelve (12) extra-ordinary transactions pursuant to the take-over of Republic Bank Barbados Limited by Republic Bank Limited as compared to one (1) extra-ordinary transaction pursuant to a takeover (AMCL Holdings Limited's take-over of ANSA McAL Holdings Limited) for the corresponding period in 2012. Excluding these transactions would result in increases in total trading volume of 6.20% and total trading value of 29.66% ANSA McAL Holdings Limited was subsequently delisted from the board of the Exchange during the second quarter of 20131. st
Table 1 - Total Trading Activity - 1 Half 2013
Market REGULAR PUT THROUGH JUNIOR BLOCK TRADE TOTAL
June 2013 Volume 3,661,199 918,639 4,579,838
June 2012 Volume 3,660,142 72,415 2,000 3,845,005
$ $ $ $ $
June 2013 Value 15,215,728 4,524,531 19,740,258
$ $ $ $ $
June 2012 Value 18,201,636 431,099 20,925 19,137,631
% Change Volume 0.03% 1168.58% -100% NA 19.11%
% Change Value -16.40% 949.53% -100% NA 3.15%
Second quarter 2013 market performance showed some improvements as there were increases in the number of trades, volume traded and value traded on all markets with the exception of the Junior Market which recorded no trade activity. As illustrated in Table 2 below, total trading volume was up 1
Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Securities Commission, the rd shares of ANSA McAL (Barbados) Limited was delisted from the Board of the BSE on April 23 , 2013.
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26% and total trading value was up 76%. Once again, the Put Through Market showed significant increases in performance, however, it was encouraging to see the Regular Market recorded increases in both volumes and values traded as well. nd
Table 2 - Trading Activity - 2 Quarter
Market
REGULAR PUT THROUGH JUNIOR BLOCK TRADE TOTAL
Second Quarter 2013 Volume 1,356,675 383,483 1,740,158
Second Quarter 2012 Volume 1,312,491 4,455 2,000 1,380,819
$ $ $ $ $
Second Quarter 2013 Value 5,820,796 2,118,949 7,939,745
$ $ $ $ $
Second Quarter 2012 Value 4,208,295 26,953 20,925 4,517,815
% Change Volume 3% 8508% -100% NA 26%
% Change Value 38% 7762% -100% NA 76%
Regular Market
The trading activity on the Regular Market for the first half of 2013 recorded an increase of 0.03% in trading volume and a decrease in value of 16.4%. The total volume of shares traded at the half year was 3,661,199 as compared to the 3,660,142 shares traded for the corresponding period in 2012 as illustrated in Table 3. Similarly, the total value traded decreased from $18,201,636 in the first half of 2012 to $15,215,728 for the corresponding period in 2013. Excluding the extra-ordinary transactions, Regular Market activity would have yielded decreases in both volume and value traded of 18.72% and 6.11% respectively. The number of trades recorded during the first half of 2013 rose from 487 in 2012 to 579 in 2013; an increase of 18.89%. Figure 1 illustrates a monthly comparison of the volume of trades for 2013 and 2012. The Average Share Price increased by 3.30% from $5.78 to $5.97 due primarily to a sharp increase in the share price of Neal and Massy Holdings Limited which, by the close of the half, had risen in excess of 15% of its December 31st, 2012 position. On April 23rd, 2013, ANSA McAL Barbados Limited (MCAL) was delisted from the board of the BSE. MCAL was the subject of a take-over bid in which its parent company, AMCL Holdings Limited offered to purchase the issued and outstanding shares of the Company. Trading activity commenced in October 2010 and prior to delisting a total of 6,405,100 shares at an offer price of $11.75 were traded.
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BSE Trade Frequency Comparison 160 140 No. of Trades
120 100 80 60 40 20 0 2013
January 116
February 101
March 72
April 155
May 41
June 94
2012
33
87
132
55
102
78
Figure 1 Table 3 - Regular Market Comparison
Regular Market Year on Year Comparison TOTAL SHARE VOLUME TOTAL SHARE VALUE AVERAGE DAILY SHARE VOLUME AVERAGE DAILY SHARE VALUE NUMBER OF TRADES NUMBER OF TRADE DAYS AVERAGE SHARE PRICE ADVANCE/DECLINE RATIO LOCAL INDEX CROSS – LISTED INDEX COMPOSITE MARKET INDEX LOCAL MARKET CAPITALIZATION CROSS-LISTED MARKET CAPITALIZATION COMPOSITE MARKET CAPITALIZATION NUMBER OF LISTED SECURITIES
30-Jun-13 3,661,199 15,215,728 30,010 $ 124,719 579 122 $ 5.97 6/7 3,062.33 1,442.59 748.03 8,662,306,420 2,407,563,638 11,069,870,058 27
30-Jun-12 3,660,142 18,201,636 29,281 $ 145,613 487 125 $ 5.78 6/7 3,200.26 1,184.41 722.40 9,192,523,517 2,009,717,950 11,210,041,467 26
% Change 0.03% -16.40% 2.49% -14.35% 18.89% -2.40% 3.30% N/A -4.31% 21.80% 3.55% -5.77% 19.80% -1.25% 3.85%
Table 4 and Table 5 show the top five companies traded in the Regular Market for the first half of 2013 based on volume and value respectively. Republic Bank Barbados Limited was the top traded company for the first half of 2013 in terms of both volume and value, accounting for 35.64% of the total volume traded and 42.88% of the value traded. Sagicor Financial Corporation was second in terms of volume traded while Goddard Enterprises Limited was second in terms of value traded.
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Table 4 - Top five traded companies by volume -1 half
2013 Volume 1,304,956 783,818 404,981 271,759 248,088
Company REPUBLIC BANK BARBADOS LIMITED SAGICOR FINANCIAL CORPORATION FORTRESS CARIBBEAN PROPERTY FUND GODDARD ENTERPRISES LIMITED ONE CARIBBEAN MEDIA LIMITED
2012 Volume 0 1,086,949 303156 372,759 63,382
$ $ $ $ $
2013 Value 6,524,780 1,629,203 314,743 1,661,568 1,179,326
$ $ $ $ $
2012 Value 2,465,313 269,851 2,216,495 204,746
st
Table 5 - Top Five Traded Companies by Value –1 Half
Company REPUBLIC BANK BARBADOS LIMITED GODDARD ENTERPRISES LIMITED SAGICOR FINANCIAL CORPORATION NEAL AND MASSY HOLDINGS LIMITED LIGHT AND POWER HOLDINGS LIMITED
$ $ $ $ $
2013 Value 6,524,780 1,661,568 1,629,203 1,296,493 1,278,497
$ $ $ $ $
2012 Value 2,216,495 2,465,313 473,906 128,526
2013 Volume 1,304,956 271,759 783,818 79,841 49,747
2012 Volume 0 372,759 1086949 34,846 5,001
As Table 6 and Table 7 illustrate, Sagicor Financial Corporation was the top security traded for the second quarter in terms of volume but second in terms of value. Trading 571,400 shares or 42.12% of the volume traded, they were also the top traded security accounting for 41.72% of the total number of trades for the quarter. Trading just over $1.18 million, Light and Power Holdings Limited accounted for 20.43% of the value traded for the second half while second place Sagicor Financial Corporation traded $1.17 million or 20.19% of the value traded. Table 6 - Top Five Traded Companies by Volume –2nd Quarter
Company SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED ONE CARIBBEAN MEDIA LIMITED BARBADOS FARMS LIMITED FORTRESS CARIBBEAN PROPERTY FUND
2013 Volume 571,400 180,951 154,314 108,299 77,795
2012 Volume 639,222 118,833 31,034 14,687 37,375
$ $ $ $ $
2013 Value 1,175,334 1,111,743 736,506 108,299 53,094
$ $ $ $ $
2012 Value 1,401,525 692,939 100,977 16,978 31,591
Table 7 - Top Five Traded Companies by Value –2nd Quarter
Company LIGHT AND POWER HOLDINGS LIMITED SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED NEAL AND MASSY HOLDINGS LIMITED ONE CARIBBEAN MEDIA LIMITED
$ $ $ $ $
2013 Value 1,189,011 1,175,334 1,111,743 915,411 736,506
$ $ $ $ $
2012 Value 88,434 1,401,525 692,939 260,086 100,977
2013 Volume 46,265 571,400 180,951 55,334 154,314
2012 Volume 3,441 639,222 118,833 19,124 31,034
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Put Through Market Table 8 below illustrates Put Through market activity for the first half of 2013. This market recorded marked increases in performance for the period under examination over the corresponding period in 2012. There were a total of sixteen (16) trades conducted across seven (7) securities. st
Table 8 - Put Through Market Activity - 1 Half
Company
Volume
Value
CABLE AND WIRELESS (BARBADOS) LIMITED
421,515
$1,991,948.50
GODDARD ENTERPRISES LIMITED
290,804
$1,799,600.60
BANKS HOLDINGS LIMITED
96,000
$ 278,400.00
CAVE SHEPHERD AND COMPANY LIMITED
96,000
$ 422,600.00
SAGICOR FINANCIAL CORPORATION
11,730
$ 24,436.71
LIGHT & POWER HOLDINGS LIMITED 5.5% PREF
1,590
$
4,944.90
INSURANCE CORPORATION OF BARBADOS LIMITED
1,000
$
2,600.00
TOTAL
918,639
$4,524,530.71
Junior Market There was no activity on the Junior Market during the first half of 2013.
Bond Market For the first half of 2013, twenty (20) Barbados Government Debentures, twelve (12) Barbados Government Treasury Notes and one (1) Government-backed security traded on the board of the Exchange as compared to nineteen (19) Barbados Government Debentures and eleven (11) Barbados Government Treasury Notes trading for the corresponding period in 2012. There were a total of 104 trades occurring on the Bond Market, as compared to 141 trades in 2012, resulting in a volume of 32,224,000 bonds traded for the first half of 2013 as compared to 9,977,500 bonds trading as at June 30th, 2012. Table 9 below summarizes all bonds traded for the first half of 2013. Table 9 - Summary of Bonds Traded
Security
Volume
BARBADOS GOVERNMENT DEBENTURE 4.75% 2016
3,000
BARBADOS GOVERNMENT DEBENTURE 5.25% 2013
201,000
BARBADOS GOVERNMENT DEBENTURE 5.875% 2018
1,000
BARBADOS GOVERNMENT DEBENTURE 6% 2020
2,000
BARBADOS GOVERNMENT DEBENTURE 6.125% 2021
1,000
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Security
Volume
BARBADOS GOVERNMENT DEBENTURE 6.25% 2019
20,000
BARBADOS GOVERNMENT DEBENTURE 6.25% 2022
2,000
BARBADOS GOVERNMENT DEBENTURE 6.625% 2018
550,000
BARBADOS GOVERNMENT DEBENTURE 6.625% 2020
3,000
BARBADOS GOVERNMENT DEBENTURE 6.75% 2021
2,000
BARBADOS GOVERNMENT DEBENTURE 6.875% 2020
5,000,000
BARBADOS GOVERNMENT DEBENTURE 6.875% 2023
103,000
BARBADOS GOVERNMENT DEBENTURE 7% 2017
3,000
BARBADOS GOVERNMENT DEBENTURE 7% 2023
29,000
BARBADOS GOVERNMENT DEBENTURE 7% 2024
2,000
BARBADOS GOVERNMENT DEBENTURE 7.125% 2026
5,000
BARBADOS GOVERNMENT DEBENTURE 7.25% 2026
3,000
BARBADOS GOVERNMENT DEBENTURE 7.375% 2027
3,000
BARBADOS GOVERNMENT DEBENTURE 7.375% 2029
2,000
BARBADOS GOVERNMENT DEBENTURE 7.750% 2031
5,000
BARBADOS GOVERNMENT T/NOTE 4.25% 2013
2,000
BARBADOS GOVERNMENT T/NOTE 4.375% 2014 BARBADOS GOVERNMENT T/NOTE 4.5% 2015 BARBADOS GOVERNMENT T/NOTE 5.875% 2015
3,000 734,000 18,764,000
BARBADOS GOVERNMENT T/NOTE 6% 2016
5,137,000
BARBADOS GOVERNMENT T/NOTE 6% 2017
1,000,000
BARBADOS GOVERNMENT T/NOTE 6.25% 2018
18,000
BARBADOS GOVERNMENT T/NOTE 6.375% 2019
2,000
BARBADOS GOVERNMENT T/NOTE 6.5% 2019
2,000
BARBADOS GOVERNMENT T/NOTE 6.625% 2019
6,000
BARBADOS GOVERNMENT T/NOTE 7.5% 2017
500,000
BARBADOS GOVERNMENT T/NOTE 8% 2014
114,000
BARBADOS TOURISM INC 8.25% 2015 TOTAL
2,000 32,224,000
Index and Market Capitalization Movement The results for both the Index and Market Capitalization measures were consistent when examined over the three, six and twelve month periods. For the second quarter of 2013, as illustrated in Table 10, the Cross Listed Index recorded an increase over its March 31st 2013 figure by 8.79%. When the comparison is extended to six months and twelve months (Table 11 and Table 12), the local index recorded decreases of 0.65% and 4.31% respectively while the Cross Listed Index recorded increases of 11.88% and 21.80% respectively. The Cross-Listed Index performance can be attributed to share price appreciation in both Neal and Massy Holdings Limited and One Caribbean Media Limited. Figure 2 below tracks the Index movement over a twelve (12) month period.
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The market capitalization comparisons illustrated in Table 13-15, closely mirror the performance of the index comparisons discussed above over the same three, six and twelve month periods. For the second quarter, Cross-Listed Market Capitalization was impacted heavily as Neal and Massy Holdings Limited's share price rose by 13.08% from $14.60 at the close of March 2013 to $16.51 at the close of the 1st half of 2013. Unfortunately, this activity was not sufficient to offset the negative impact the delisting of ANSA McAL Barbados Limited had on both the Local and Composite Index and Market Capitalization measures. Table 10 - Index Comparison 2nd Quarter
Index LOCAL CROSS LISTED COMPOSITE
30-Jun-13 3,062.33 1,442.59 748.03
31-Mar-13 3,084.37 1,325.98 738.76
% Change -0.71% 8.79% 1.25%
31-Dec-12 3,082.38 1,289.35 730.04
% Change -0.65% 11.88% 2.46%
st
Table 11 - Index Comparison 1 half
Index LOCAL CROSS LISTED COMPOSITE
30-Jun-13 3,062.33 1,442.59 748.03
Table 12- Index Comparison year-on-year
Index LOCAL CROSS LISTED COMPOSITE
30-Jun-13 3,062.33 1,442.59 748.03
30-Jun-12 3,200.26 1,184.41 722.40
% Change -4.31% 21.80% 3.55%
nd
Table 13 - Market Capitalization comparison 2 quarter
Market Capitalization LOCAL CROSS LISTED COMPOSITE
30-Jun-13 8,662,306,419.71 2,407,563,638.46 11,069,870,058.17
31-Mar-13 8,869,156,100.67 2,214,570,568.98 11,103,526,670
% Change -2.33% 8.71% -0.30%
st
Table 14 - Market Capitalization comparison 1 half
Market Capitalization LOCAL CROSS LISTED COMPOSITE
30-Jun-13 8,662,306,420 2,407,563,638 11,069,870,058
31-Dec-12 8,957,484,391 2,159,097,185 11,124,381,576
% Change -3.30% 11.51% -0.49%
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Table 15 - Market Capitalization Comparison year-on-year
Market Capitalization LOCAL CROSS LISTED COMPOSITE
30-Jun-13 8,662,306,419.71 2,407,563,638.46 11,069,870,058.17
30-Jun-12 9,192,523,516.72 2,009,717,949.85 11,210,041,467
% Change -5.77% 19.80% -1.25%
Year on Year Index Movement 25.00% 20.00%
% Change
15.00% 10.00%
Local Index Cross-Listed Index
5.00%
Composite Index
0.00% -5.00% -10.00% Figure 2 - Index Movement - 12 months
Company Activity Comparative Report For the first half of the year ending June 30th 2013, six (6) securities advanced, seven (7) declined, eight (8) remained unchanged including one (1) delisted security and six (6) did not trade with one (1) suspension. This is compared to five (5) securities advanced, nine (9) declined, five (5) remained unchanged and six (6) did not trade with one (1) suspension for the first half of 2012. Neal and Massy Holdings Limited was the top advancer for the first half climbing 17.51% from $14.05 on December 31st 2012 to $16.51 at June 30th 2013. Goddard Enterprises Limited and Sagicor Financial Corporation 6.5% Preference rounded out the top three companies to increase in price during the first six months of 2013 increasing 13.89% and 8.65% respectively. The three other companies to increase in price were BICO Industries Limited, One Caribbean Media Limited and West India Biscuit Company Limited. Four companies experienced declines in excess of 10% for the first six months of 2013. Almond Resorts Incorporated suffered the largest decline as their price fell by 28% during the half. Fortress Caribbean
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Property Fund, Cave Shepherd and Company Limited and Sagicor Financial Corporation were the other companies to experience double digit declines for the half of 25%, 13.68% and 10.31% respectively.
st
Table 16 - 1 Half Trading Activity by Company (Regular and Junior market (J) only)
SECURITY ANSA MCAL (BARBADOS) LIMITED ALMOND RESORTS INC. BICO INDUSTRIES LTD. BARBADOS DAIRY INDUSTRIES LTD. BARBADOS FARMS LTD. REPUBLIC BANK BARBADOS LIMITED BANKS HOLDINGS LTD. 2 BARBADOS SHIPPING & TRADING CO. LTD. FORTRESS CARIBBEAN PROPERTY FUND CAVE SHEPHERD AND CO. LTD. CABLE AND WIRELESS BARBADOS LTD FIRSTCARIBBEAN INTERNATIONAL BANK GODDARD ENTERPRISES LTD. INSURANCE CORPORATION OF BARBADOS LTD. JAMAICA MONEY MARKET BROKERS LIMITED LIGHT AND POWER HOLDINGS LTD. LIGHT AND POWER HOLDINGS LTD 5.5% PREF NEAL AND MASSEY HOLDINGS LTD. ONE CARIBBEAN MEDIA LIMITED SAGICOR FINANCIAL CORPORATION 6.5% PREF SAGICOR FINANCIAL CORPORATION TRINIDAD CEMENT LTD. WEST INDIA BISCUIT CO. LTD. THE WEST INDIES RUM DISTILLERIES LTD. ROYAL FIDELITY TIGRS A FUND (J) ROYAL FIDELITY TIGRS A1 FUND (J) ROYAL FIDELITY TIGRS A2 FUND (J) ROYAL FIDELITY TIGRS A3 FUND (J) TOTAL
2
1st Half 2013 Volume 1,850 21,580 3,998 500 112,660 1,304,956 32,903 0 404,981 44,622 19,855 159,176 271,759 78,411 12,840 49,747 0 79,841 248,088 19,500 783,818 0 2,374 7,740 0 0 0 0 3,661,199
1st Half 2013 Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
21,738 7,969 6,197 1,500 112,660 6,524,780 95,223 314,743 181,246 90,153 81,056 ,661,568 01,310 ,343 ,278,497 $ ,296,493 1,179,326 44,070 1,629,203 23,787 61,866 15,215,728
CLOSING PRICE June 30 2013 0.36 1.70 3.00 1.00 5.00 2.90 7.58 0.60 4.04 5.00 2.98 6.15 2.50 0.15 25.70 3.11 16.51 4.80 2.26 2.00 0.80 10.02 8.00 10.50 10.00 10.00 10.00
CLOSING PRICE December 31 2012 11.75 0.50 1.60 3.00 1.00 5.00 3.00 7.58 0.80 4.68 5.00 3.05 5.40 2.60 0.15 25.70 3.11 14.05 4.75 2.08 2.23 0.80 10.01 8.00 10.50 10.00 10.00 10.00
Barbados Shipping and Trading Company Limited - Pursuant to the application for a Certificate of Amalgamation th by BS&T, the company's shares have been suspended from trading - October 6 , 2011
% Change
NA -28.00% 6.25% 0.00% 0.00% 0.00% -3.33% 0.00% -25.00% -13.68% 0.00% -2.30% 13.89% -3.85% 0.00% 0.00% 0.00% 17.51% 1.05% 8.65% -10.31% 0.00% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00%
P a g e | 10
For the second quarter, four (4) securities advanced, five (5) declined, nine (9) remained unchanged including one (1) delisted security and nine (9) did not trade including one (1) suspension. This is compared to two (2) securities advanced, ten (10) declined, five (5) remained unchanged and eight (8) did not trade with one (1) suspension in the corresponding period in 2012. nd
Table 17 - 2 Quarter Trading Activity By Company (Regular and Junior market only)
SECURITY ANSA MCAL (BARBADOS) LIMITED ALMOND RESORTS INC. BICO INDUSTRIES LTD. BARBADOS DAIRY INDUSTRIES LTD. BARBADOS FARMS LTD. REPUBLIC BANK BARBADOS LIMITED BANKS HOLDINGS LTD. BARBADOS SHIPPING & TRADING CO. LTD. FORTRESS CARIBBEAN PROPERTY FUND CAVE SHEPHERD AND CO. LTD. CABLE AND WIRELESS BARBADOS LTD FIRSTCARIBBEAN INTERNATIONAL BANK GODDARD ENTERPRISES LTD. INSURANCE CORPORATION OF BARBADOS LTD. JAMAICA MONEY MARKET BROKERS LIMITED LIGHT AND POWER HOLDINGS LTD. LIGHT AND POWER HOLDINGS LTD 5.5% PREF NEAL AND MASSY HOLDINGS LTD. ONE CARIBBEAN MEDIA LIMITED SAGICOR FINANCIAL CORPORATION 6.5% PREF SAGICOR FINANCIAL CORPORATION TRINIDAD CEMENT LTD. WEST INDIA BISCUIT CO. LTD. THE WEST INDIES RUM DISTILLERIES LTD. ROYAL FIDELITY TIGRS A FUND ROYAL FIDELITY TIGRS A1 FUND ROYAL FIDELITY TIGRS A2 FUND ROYAL FIDELITY TIGRS A3 FUND TOTAL
2nd Quarter 2013 Volume 0 16,580 0 0 108,299 25,600 20,862 0 77,795 42,154 6,186 3,700 180,951 39,095 1,500 46,265 0 55,334 154,314 4,300 571,400 0 0 2,340 0 0 0 0 1,356,675
2nd Quarter 2013 Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
5,969 108,299 128,000 60,278 53,094 170,698 27,393 10,137 1,111,743 100,186 300 1,189,011 915,411 736,506 9,718 1,175,334 18,720 5,820,796
CLOSING PRICE
CLOSING PRICE
June 30 2013 0.36 1.70 3.00 1.00 5.00 2.90 7.58 0.60 4.04 5.00 2.98 6.15 2.50 0.15 25.70 3.11 16.51 4.80 2.26 2.00 0.80 10.02 8.00 10.50 10.00 10.00 10.00 -
March 31 2013 11.75 0.40 1.70 3.00 1.00 5.00 2.90 7.58 0.80 4.35 5.00 2.98 6.10 2.55 0.15 25.70 3.11 14.60 4.76 2.26 2.15 0.80 10.02 7.99 10.50 10.00 10.00 10.00 -
% Change
NA -10.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -25.00% -7.13% 0.00% 0.00% 0.82% -1.96% 0.00% 0.00% 0.00% 13.08% 0.84% 0.00% -6.98% 0.00% 0.00% 0.13% 0.00% 0.00% 0.00% 0.00%
P a g e | 11
Conclusion Table 18 - Regional Comparison
First
Half
2013
First
Three Month
Six Month
Twelve Month
BSE Composite Index
1.25%
2.46%
JSE Market Index
5.94%
TTSE Composite Index
2.86%
Regional Index Performance
Half
2012
Three Month
Six Month
Twelve Month
3.55%
-0.49%
0.05%
-2.43%
-5.70%
-0.61%
-4.36%
-8.30%
-1.35%
5.84%
10.25%
1.07%
0.94%
7.61%
A look at two other major regional exchanges above shows that moderate improvements are being made by all the Exchanges with all index values recording positive movements. The BSE Composite Index recorded increases over the three periods under examination, the largest being 3.55% over the twelve month period, while the JSE Market Index only recorded positive activity of 5.94% for the three month period. The JSE Market Index was the only measure to record decreases for the six and twelve month periods. The TTSE Composite Index recorded its highest positive index change over the twelve month period of 10.25%, 5.83% over the six month and 2.86% over the three month. A comparison of the index performance over the same periods at the close of first half of 2012 shows that all markets are currently experiencing similar trends in performance. The main highlights of the half were the final transactions pursuant to the take-over of Republic Bank Barbados Limited by Republic Bank Holdings Limited, the implementation of the BSE's Corporate Governance Recommendations and Insider Trading Guidelines and the delisting of ANSA McAL Holdings Limited. In the face of a contracting local economy, the BSE continues to strive for excellence through the delivery of exemplary service to our customers and the provision of a transparent, efficient and effective marketplace for the listing and trading of equity and fixed income securities.