Third Quarter Report 2012 Overview At the close of the first nine months of 2012 the Barbados Stock Exchange (BSE) was recording decreases in both trading volume and trading value. Total trading volume of shares traded decreased by 64% while total trading value of shares traded recorded a decrease of 88% when compared with the corresponding period in 2011. As mentioned in previous reports, these large decreases can be attributed to the extra-ordinary transactions which occurred during the first quarter of 2011; the takeover of ANSA McAL Barbados Limited by AMCL Holdings Limited and the takeover of Light and Power Holdings Limited by EMERA (Barbados) Holdings No. 2 Incorporated. The Odd-Lot and Put-Through Markets both experienced increases in volume with the later also experiencing increases in value. Falling share prices, however, resulted in decreases in the value of shares traded on the Odd-Lot Market. The Put-Through Market experienced the largest increase of 40% in terms of volume traded and the largest increase in terms of value at 46%. There was also nominal activity on the Junior Market and no activity on the Block Trade Market. Table 1 - Trading activity for first nine months
Market
Regular Odd-Lot Put -Through Junior Block Trade Total
Year-toDate 2012 Volume 5,349,917 140,786 260,402 2,000 5,751,105
Year-toDate 2011 Volume 15,451,217 134,529 186,577 5,000 15,777,323
Year-to-Date
Year-to-Date
2012 Value
2011 Value
$ 25,395,011 $ 596,466 $ 1,401,529 $ 20,925 $ $ 27,413,930
$ 234,049,812 $ 694,957 $ 959,910 $ 53,750 $ $ 235,758,429
% Change Volume
% Change Value
-65% 5% 40% -60% NA -64%
-89% -14% 46% -61% NA -88%
The third quarter was characterized by decreases in trading activity across the market with the exception of the Put Through Market which recorded an increase of 2106% in the volume traded and an associated 2107% increase in terms of the value traded. Total trading volume and value for the quarter
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were down 40% and 5% respectively. During the quarter, the BSE was very pleased to welcome two new securities to the Junior Market; Royal Fidelity TIGRS A2 Fund and Royal Fidelity TIGRSA3 Fund. Table 2 - Trading Activity for Third Quarter
Market
Regular Odd-Lot Put - Through Junior Block Trade Total
Third Quarter 2012 Volume 1,689,775 30,338 187,987 1,908,100
Third Quarter 2011 Volume 3,134,558 48,084 8,521 1,800 3,192,963
Third Quarter 2012 Value $ 7,193,375 $ 112,495 $ 970,429 $ $ $ 8,276,300
Third Quarter 2011 Value $ $ $ $ $ $
8,371,215 278,289 43,970 19,350 8,712,824
% Change Volume
% Change Value
-46% -37% 2106% -100% NA -40%
-14% -60% 2107% -100% NA -5%
Regular Market The Regular Market recorded decreases in both the volume and value traded at the end of the third quarter of 2012. As illustrated in Table 3 below, the total share volume was 5,349,917, representing a decrease of 65.38% when compared to the 15,451,217 shares recorded for the same period in 2011. There was also a noticeable decrease of 89.15% in the value of shares traded at the end of the quarter as compared to the same period in 2011. There was a 12.44% decrease in the number of trades occurring on the Regular Market as 676 trades took place thus far in 2012 compared to 772 for 2011. Figure 1 illustrates a monthly comparison of the volume of trades for 2012 and 2011. There was improvement in the advance to decline ratio with positive changes being seen in both the Cross-Listed and Composite indices while the Local Index recorded a year-on-year decrease. The CrossListed Index recorded an increase of 11.73% and the Composite index recorded an increase of 2.17%. Similar results were recorded for the Market Capitalization, where the Cross-Listed and Composite Market Capitalization recorded increases of 12.53% and 0.88% respectively while the Local Market Capitalization recorded a decline of 1.53%. The number of securities listed for the period ended September 30th, 2012 increased to 28; up from 26 at the close of the third quarter of 2011.
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Trade Frequency Comparison 160 140
No. of Trades
120 100 80 60 40 20 0 2012
January 33
February 87
March 132
April 55
May 102
June 78
July 73
August 63
September 53
2011
59
119
100
40
79
78
74
71
152
Figure 1
Table 3 - Year on Year Regular Market Statistics
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-Sep-12 5,349,917 25,395,011 28,457 $135,080 676 188 $5.37 7/8 3,192.87 1,305.35 749.24 9,190,555,963 2,175,651,106 11,374,007,069 28
30-Sep-11 15,451,217 234,049,812 82,627 $1,251,603 772 187 $5.84 7/12 3,304.58 1,168.29 733.32 9,333,117,525 1,933,337,804 11,274,405,328 26
% Change -65.38% -89.15% -65.56% -89.21% -12.44% 0.53% -8.03% N/A -3.38% 11.73% 2.17% -1.53% 12.53% 0.88% 7.69%
Table 4 and Table 5 below show the top traded companies by volume and value for the year-to-date. Sagicor Financial Corporation and ANSA McAL (Barbados) Limited continue to be two top traded securities in terms of both volume and value for the period January 1, 2012 to September 30, 2012.
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Sagicor Financial Corporation's trading activity accounted for 26% of the total volume traded and 12% of the total value traded while ANSA McAL (Barbados) Limited's trading activity accounted for 14% of the total volume traded and 35% of the total value traded. Table 4 - Top Five Traded Companies by Volume: Year to date
Company SAGICOR FINANCIAL CORPORATION ANSA MCAL (BARBADOS) LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK GODDARD ENTERPRISES LIMITED FORTRESS CARIBBEAN PROPERTY FUND
2012 Volume 1,384,758 761,324 583,000 509,170 432,923
2011 Volume 955,029 2,619,845 590,039 262,748 205,712
$ $ $ $ $
2012 Value 3,133,742 8,945,557 1,813,706 2,966,756 379,820
$ $ $ $ $
2011 Value 2,521,417 30,783,179 1,828,208 1,578,607 233,486
Table 5 - Top Five Traded Companies by Value: Year-to-Date
Company ANSA MCAL (BARBADOS) LIMITED SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK ONE CARIBBEAN MEDIA LIMITED
$ $ $ $ $
2012 Value 8,945,557 3,133,742 2,966,756 1,813,706 1,566,504
2011 Value $ 30,783,179 $ 2,521,417 $ 1,578,607 $ 1,828,208 $ 798,781
2012 Volume 761,324 1,384,758 509,170 583,000 398,074
2011 Volume 2,619,845 955,029 262,748 590,039 258,411
As Table 6 and Table 7 illustrate, One Caribbean Media Limited and Sagicor Financial Corporation were the top two traded securities for the third quarter in terms of volume. In terms of value, One Caribbean Media Limited and Light and Power Holdings Limited were the top two traded securities. It must be noted that One Caribbean Media Limited recorded the highest price increase of two dollars and five (2.05) cents for any security listed on the board of the BSE for the period ended September 30th, 2012. Table 6 - Top Five Traded Companies by Volume: 3rd Quarter
Company ONE CARIBBEAN MEDIA LIMITED SAGICOR FINANCIAL CORPORATION BANKS HOLDINGS LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK GODDARD ENTERPRISES LIMITED
2012 Volume 334,692 297,809 194,555 147,230 136,411
2011 2012 2011 Volume Value Value 0 $1,361,758 $ 620,473 $ 668,429 $1,512,908 41,955 $ 583,665 $ 160,488 106,333 $ 459,088 $ 332,808 47,567 $ 750,261 $ 284,594
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Table 7 - Top Five Traded Companies by Value: 3rd Quarter
Company ONE CARIBBEAN MEDIA LIMITED LIGHT & POWER HOLDINGS LIMITED NEAL AND MASSY HOLDINGS LIMITED GODDARD ENTERPRISES LIMITED SAGICOR FINANCIAL CORPORATION
$ $ $ $ $
2012 Value 1,361,758 1,054,882 999,601 750,261 668,429
$ $ $ $ $
2011 Value 403,387 889,387 284,594 1,512,908
2012 Volume 334,692 41,046 73,467 136,411 297,809
2011 Volume 0 15,696 63,935 47,567 620,473
Odd- Lot Market
The Odd-Lot market recorded an increase in trading volume, however, due to falling share prices, it recorded decreases in trading value for the first nine months of 2012. The total volume of shares traded of 140,786 was 5% greater than the 134,529 shares traded for the same period in 2011. The total value of shares traded on the Odd-Lot Market fell by 14%. The 2012 value traded was $596,466 as compared to $694,957 traded at the close of the third quarter of 2011. Table 8 and Table 9 illustrate the top five traded companies for the first nine months of 2012. Sagicor Financial Corporation was the most actively traded security in terms of volume for the year to date, trading 45,506 shares valued at $106,191. They were followed by Banks Holdings Limited and Goddard Enterprises Limited which traded 22,298 and 18,444 shares respectively. Goddard Enterprises Limited's relatively stable share price saw it leading all securities in terms of value traded for the period ended September 30th, 2012. Trading just 18,444 shares at an average share price of $5.82, Goddard Enterprises Limited's traded value of $107,324.70 exceeded Sagicor Financial Corporation's $106,191.48 despite them trading a total volume of 46,506 shares. Table 8 - Top Five Traded Companies by Volume: Year-to-Date
Company SAGICOR FINANCIAL CORPORATION BANKS HOLDINGS LIMITED GODDARD ENTERPRISES LIMITED CABLE & WIRELESS (BARBADOS) LIMITED INSURANCE CORPORATION OF BARBADOS LIMITED
2012 Volume 46,506 22,298 18,444 13,043 11,379
2011 Volume 45,124 8,442 17,734 14,800 9,591
2012 Value $106,192 $ 72,144 $107,325 $ 69,680 $ 30,069
2011 Value $122,252 $ 33,162 $106,186 $ 79,762 $ 28,863
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Table 9 - Top Five Traded Companies by Value: Year-to-Date
Company GODDARD ENTERPRISES LIMITED SAGICOR FINANCIAL CORPORATION NEAL & MASSY HOLDINGS LIMITED BANKS HOLDINGS INCORPORATED CABLE & WIRELESS (BARBADOS) LIMITED
2012 Value $107,325 $106,192 $102,481 $ 72,144 $ 69,680
2011 Value $106,186 $122,252 $141,901 $33,162 $79,762
2012 Volume 18,444 46,506 7,536 22,298 13,043
2011 Volume 17,734 45,124 10,458 8,442 14,800
For the third quarter of 2012, Sagicor Financial Corporation repeated its third quarter 2011 performance and remained the volume leader for the period July to September 2012. They accounted for 48% of the volume traded and 29% of the value traded. They were followed by Goddard Enterprises Limited and Insurance Corporation of Barbados Limited in terms of volume traded. While both Sagicor Financial Corporation and Goddard Enterprises Limited also captured the two top performers in terms of value traded, Neal and Massy Holdings Limited rounded out the top three in terms of value traded. Table 10 and Table 11 show the top five traded companies in terms of volume and value for the Odd-Lot Market over the third quarter.
Table 10 - Top Five Traded Companies by Volume: 3rd Quarter
Company SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED INSURANCE CORPORATION OF BARBADOS LIMITED BANKS HOLDINGS LIMITED NEAL & MASSY HOLDINGS LIMITED
2012
2011
2012
2011
Volume 14,428 4,175 2,851 2,754 1,247
Volume 21,626 6,786 1,602 1,500 2,572
Value $32,389 $22,885 $ 7,207 $ 8,084 $16,951
Value $51,269 $40,386 $ 4,808 $ 5,705 $35,751
Table 11 - Top Five Traded Companies by Value: 3rd Quarter
Company SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED NEAL & MASSY HOLDINGS LIMITED LIGHT & POWER HOLDINGS LIMITED BANKS HOLDINGS LIMITED
2012
2011
2012
2011
Value $32,389 $22,885 $16,951 $11,539 $ 8,084
Value $51,269 $40,386 $35,751 $94,525 $ 5,705
Volume 14,428 4,175 1,247 449 2,754
Volume 21,626 6,786 2,572 3,678 1,500
Junior Market There was no activity on the Junior Market during the third quarter of 2012. To date, however, Royal Fidelity's TIGRS A Fund traded 2,000 shares with a value of $20,295.00. On September 20th, 2012 Royal
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Fidelity (Barbados) Investment Fund Limited listed two of its sub funds - Royal Fidelity TIGRS A2 Fund (RFTA2 - 750,000 shares @ $10.00) and Royal Fidelity TIGRSA3 Fund (RFTA3 - 450,000 shares @ $10.00).
Put-Through Market Table 12 - Put Through Market Activity - YTD
Company BARBADOS FARMS LIMITED GODDARD ENTERPRISES LIMITED ONE CARIBBEAN MEDIA LIMITED SAGICOR FINANCIAL CORPORATION TOTAL
Volume 3,235 70,322 180,846 5,999 260,402
Value $3,235 $425,155 $958,484 $14,655 $1,401,529
Table 12, above, illustrates the Put Through transactions which have occurred as at September 30th, 2012.
Block Trade Market There were no recorded block trades on the board of the BSE for the period ending September 30th, 2012.
Bond Market As at September 30th, 2012, twenty-one (21) Barbados Government Debentures and fourteen (14) Barbados Government Treasury Notes traded on the board of the Exchange as compared to sixteen (16) Barbados Government Debentures, nine (9) Barbados Government Treasury Notes and one (1) Government-backed security trading for the corresponding period in 2011. There were a total of 200 trades occurring on the Bond Market resulting in a volume of 21,791,000 bonds trading. The total face value of the bonds traded was $2,170,846,150.00. Table 13 below summarizes all bonds traded for the period ended September 30th, 2012.
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Table 13 - Summary of Bonds Traded
Security BARBADOS GOVERNMENT DEBENTURE 4.25% 2013 BARBADOS GOVERNMENT DEBENTURE 4.75% 2016 BARBADOS GOVERNMENT DEBENTURE 5.25% 2013 BARBADOS GOVERNMENT DEBENTURE 5.875% 2018 BARBADOS GOVERNMENT DEBENTURE 6.125% 2021 BARBADOS GOVERNMENT DEBENTURE 6.25% 2019 BARBADOS GOVERNMENT DEBENTURE 6.25% 2022 BARBADOS GOVERNMENT DEBENTURE 6.625% 2018 BARBADOS GOVERNMENT DEBENTURE 6.625% 2020 BARBADOS GOVERNMENT DEBENTURE 6.75% 2022 BARBADOS GOVERNMENT DEBENTURE 6.875% 2023 BARBADOS GOVERNMENT DEBENTURE 7% 2017 BARBADOS GOVERNMENT DEBENTURE 7% 2023 BARBADOS GOVERNMENT DEBENTURE 7.125% 2026 BARBADOS GOVERNMENT DEBENTURE 7.375% 2027 BARBADOS GOVERNMENT DEBENTURE 7.5% 2012 BARBADOS GOVERNMENT DEBENTURE 7.50% 2026 BARBADOS GOVERNMENT DEBENTURE 7.750% 2031 BARBADOS GOVERNMENT DEBENTURE 8% 2012 BARBADOS GOVERNMENT DEBENTURE 8.250% 2018 BARBADOS GOVERNMENT DEBENTURE 8.50% 2018 BARBADOS GOVERNMENT T/NOTE 4.25% 2013 BARBADOS GOVERNMENT T/NOTE 4.375% 2014 BARBADOS GOVERNMENT T/NOTE 5.875% 2015 BARBADOS GOVERNMENT T/NOTE 6% 2016 BARBADOS GOVERNMENT T/NOTE 6% 2017 BARBADOS GOVERNMENT T/NOTE 6.125% 2021 BARBADOS GOVERNMENT T/NOTE 6.25% 2018 BARBADOS GOVERNMENT T/NOTE 6.5% 2016 BARBADOS GOVERNMENT T/NOTE 6.625% 2019 BARBADOS GOVERNMENT T/NOTE 7.25% 2014 BARBADOS GOVERNMENT T/NOTE 7.50% 2012 BARBADOS GOVERNMENT T/NOTE 7.75% 2013 BARBADOS GOVERNMENT T/NOTE 7.875% 2015 BARBADOS GOVERNMENT T/NOTE 8% 2014 TOTAL
Volume 1,000 104,000 6,000 80,000 33,000 9,000 2,000 10,000 9,712,000 15,000 2,004,000 535,000 20,000 21,000 7,003,000 100,000 1,000 3,000 10,000 200,000 314,000 103,000 10,000 6,000 246,000 7,000 1,000 12,000 8,000 18,000 265,000 1,000 20,000 410,000 501,000 21,791,000
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Index and Market Capitalization Movement
There were favorable 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 14, only the local index recorded a decline from its positions at June 30th, 2012. The Cross-Listed Index recorded the largest increase of 10.21% resulting in a 3.72% increase in the Composite Index which factors in the performance of both the Local and Cross-Listed securities. When the comparison is extended to nine and 12 months (Table 15 and Table 16), performance was similar, as the Local index recorded declines of 2.27% and 3.38% respectively while the Cross-Listed Index recorded increases in excess of 10% for both periods. The market capitalization comparisons, illustrated in Table 17 - 19, had similar results; the Local Market Capitalization experienced declines over the 3 month and 12 month period but recorded a 0.70% increase over the 9 month period. The Cross-Listed Market Capitalization recorded increases for the 3 month (8.26%), 9 month (14.70%) and 12 month (12.53%) comparisons. These results can be attributed to marked increases in the share prices of both Neal and Massy Holdings Limited and One Caribbean Media Limited. One Caribbean Media Limited's share price appreciated from $2.95 at the close of 2011 to $5.00 by the end of the third quarter; an increase of $2.05. Neal and Massy Holdings Limited's share price went up $0.45 from $13.60 at the close of 2011 to $14.05 at the close of the period ended September 30th, 2012. rd
Table 14 - Index Comparison 3 Quarter
Index Local Cross Listed Composite
30-Sep-12 3,192.87 1,305.35 749.24
30-Jun-12 3,200.26 1,184.41 722.40
% Change -0.23% 10.21% 3.72%
Table 15 - Index Comparison Nine Months
Index Local Cross Listed Composite
30-Sep-12 3,192.87 1,305.35 749.24
31-Dec-11 3,267.18 1,142.23 722.07
% Change -2.27% 14.28% 3.76%
Table 16 - Index Comparison Year-on-Year
Index Local Cross Listed Composite
30-Sep-12 3,192.87 1,305.35 749.24
30-Sep-11 3,304.58 1,168.29 733.32
% Change -3.38% 11.73% 2.17%
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rd
Table 17 - Market Capitalization Comparison 3 Quarter
Market Capitalization Local Cross Listed Composite
30-Sep-12 9,190,555,963 2,175,651,106 11,374,007,069
30-Jun-12 9,192,523,517 2,009,717,950 11,210,041,467
% Change -0.02% 8.26% 1.46%
Table 18 - Market Capitalization Comparison Nine Months
Market Capitalization Local Cross Listed Composite
30-Sep-12 9,190,555,963 2,175,651,106 11,374,007,069
31-Dec-11 9,127,101,474 1,896,819,202 11,031,870,677
% Change 0.70% 14.70% 3.10%
Table 19 -Market Capitalization Comparison Year-on-Year
Market Capitalization Local Cross Listed Composite
30-Sep-12 9,190,555,963 2,175,651,106 11,374,007,069
30-Sep-11 9,333,117,525 1,933,337,804 11,274,405,328
% Change -1.53% 12.53% 0.88%
Index Movement for 2012 16.00% 14.00% 12.00% % Change
10.00%
Local Index
8.00% 6.00%
Cross-Listed index
4.00% 2.00%
Composite index
0.00% August
Month
June
April
Figure 2 - Index Movement 9 months
February
-4.00%
December
-2.00%
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Company Activity Comparative Report For the first nine months of the year, ending September 30th 2012, seven (7) securities advanced, eight (8) declined, five (5) remained unchanged, inclusive of two new listings, and eight (8) did not trade1. This is compared to seven (7) securities advanced, twelve (12) declined, three (3) remained unchanged with one new listing trading (Sagicor Financial Corporation Preference 6.5% - SFC65), four (4) did not trade including one (1) delisted security (Sunbeach Limited - SBH). One Caribbean Media Limited was the top advancer for the first nine months climbing 69.49% after its share price rose from $2.95 at the close of 2011 to $5.00 for the period ended September 30th, 2012.. Jamaica Money Market Brokers Limited and Insurance Corporation of Barbados Limited rounded out the top three companies to increase in price during the first nine months of 2012 increasing 50.00% and 8.00% respectively. The four other companies to increase in price were FirstCaribbean International Bank, Sagicor Financial Corporation 6.5% Preference, Neal and Massy Holdings Limited and Cave Shepherd and Company Limited. Four companies experienced declines in excess of 10% for the first nine months of 2012. Almond Resorts Incorporated suffered the largest decline as their share price fell by 60.00% at the close of the period. Barbados Farms Limited, Sagicor Financial Corporation and Fortress Caribbean Property Fund Limited were the other companies to experience double digit declines. Table 20 - Year-to-date Trading Activity by Company (Regular and Junior market only)
SECURITY
YTD 2012 Volume
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
761,324 10,000 18,034 38,273 47,317 0 405,764 0 432,923 186,824 161,903 583,000 509,170 137,944 1,000
1
YTD 2012 Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
8,945,557 5,000 33,543 202,464 52,464 1,280,659 379,820 869,014 863,140 1,813,706 2,966,756 368,436 150
CLOSING PRICE Sep 30 2012 11.75 0.50 1.86 5.29 1.00 5.50 3.00 7.58 0.85 4.68 5.31 3.11 5.50 2.70 0.15
CLOSING PRICE Dec 31 2011 11.75 1.25 1.86 5.29 1.50 5.50 3.29 7.58 1.00 4.60 5.34 2.90 6.00 2.50 0.10
% Change
0.00% -60.00% 0.00% 0.00% -33.33% 0.00% -8.81% 0.00% -15.00% 1.74% -0.56% 7.24% -8.33% 8.00% 50.00%
The Barbados Stock Exchange (BSE) is pleased to announce that Royal Fidelity (Barbados) Investment Fund Limited has listed two of its sub funds on the Junior Market of the Exchange effective September 20th, 2012. The names of the funds are Royal Fidelity TIGRS A2 Fund (750,000 @ $10.00) and Royal Fidelity TIGRS A3 Fund (450,000 @ $10.00).
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SECURITY 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 Pref 6.5% 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
YTD 2012 Volume
YTD 2012 Value
46,047 0 108,313 398,074 118,000 1,384,758 0 1,249 0 2,000 0 0 0 5,351,917
$ 1,183,408 $ $ 1,473,507 $ 1,566,504 $ 244,640 $ 3,133,742 $ $ 12,502 $ $ 20,925 $ $ $ $ 25,415,936
CLOSING PRICE Sep 30 2012 25.70 3.11 14.05 5.00 2.08 2.30 0.80 10.01 8.00 10.50 10.00 10.00 10.00
CLOSING PRICE Dec 31 2011 25.70 3.11 13.60 2.95 2.00 2.87 0.80 10.01 8.00 10.75 10.00 -
% Change
0.00% 0.00% 3.31% 69.49% 4.00% -19.86% 0.00% 0.00% 0.00% -2.33% 0.00% -
For the third quarter of 2012, six (6) securities advanced, three (3) declined, six (6) remained unchanged including two new listings and thirteen (13) did not trade. This is compared to three (3) securities advanced, seven (7) declined, six (6) remained unchanged with one new listing trading and ten (10) did not trade 2011. rd
Table 21 - 3 Quarter Trading Activity By Company (Regular and Junior market only)
SECURITY
3rd Quarter 2012 Volume
3rd Quarter 2012 Value
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.
0 0 0 24,322 18,348 0 194,555 0 129,767 128,052 29,407 147,230 136,411 33,420 0 41,046
$ $ $ $ 128,663 $ 18,348 $ $ 583,665 $ $ 109,969 $ 594,646 $ 156,171 $ 459,088 $ 750,261 $ 87,392 $ $ 1,054,882
CLOSING PRICE
CLOSING PRICE
% Change
Sep 30 2012 11.75 0.50 1.86 5.29 1.00 5.50 3.00 7.58 0.85 4.68 5.31 3.11 5.50 2.70 0.15 25.70
June 30 2012 11.75 0.50 1.86 5.29 1.19 5.50 3.25 7.58 0.85 4.59 5.30 3.12 5.50 2.69 0.15 25.70
0.00% 0.00% 0.00% 0.00% -15.97% 0.00% -7.69% 0.00% 0.00% 1.96% 0.19% -0.32% 0.00% 0.37% 0.00% 0.00%
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SECURITY Light And Power Holdings Ltd 5.5% Pref Neal And Massey Holdings Ltd. One Caribbean Media Limited Sagicor Financial Corporation Pref 6.5% 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
3rd Quarter 2012 Volume
3rd Quarter 2012 Value
0 73,467 334,692 100,000 297,809 0 1,249 0 0 0 0 0 1,689,775
$ $ 999,601 $ 1,361,758 $ 208,000 $ 668,429 $ $ 12,502 $ $ $ $ $ $ 7,193,375
-
CLOSING PRICE
CLOSING PRICE
% Change
Sep 30 2012 3.11 14.05 5.00 2.08 2.30 0.80 10.01 8.00 10.50 10.00 10.00 10.00
June 30 2012 3.11 13.60 3.55 2.08 2.20 0.80 10.01 8.00 10.50 10.00 -
0.00% 3.31% 40.85% 0.00% 4.55% 0.00% 0.00% 0.00% 0.00% 0.00% -
-
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Conclusion Table 22 - Regional Index Comparative Analysis
Performance
Barbados Stock Exchange Composite Index Jamaica Stock Exchange Market Index Trinidad and Tobago Composite Index
Three Month 3.72% -0.24% 4.30%
Nine Month 3.76% -8.71% 5.29%
Twelve Month 2.17% -4.62% 7.80%
The third quarter of 2012 has been encouraging for the Barbados Stock Exchange despite decreases in both trading volumes and values of 40% and 5% respectively. Two new securities were listed on the board of the Exchange and Composite Index figures showed increases of 3.72% for the three month, 3.76% for the nine month and 2.17% for the twelve month. It should be noted, however, that at the close of the third quarter of 2011 the BSE three month Composite Index declined by 0.95%, while the nine and twelve month Indices recorded increases of 8.62% and 2.48% respectively. The 2012 results, while not indicative of any sustainable long term growth or reversal of negative trends in the local capital market, were caused primarily by movements in the share prices of Cross-Listed securities. A look at our regional counterparts shows that while the Trinidad and Tobago Stock Exchange (TTSE) have recorded index growth over the three, nine and twelve month periods, the Jamaica Stock Exchange (JSE) has recorded declines across all the periods under analysis. The most notable increases were experienced by the TTSE's Composite Index which recorded a 5.29% increase over the nine month period and a 7.80% increase over the twelve month. As we look toward the 4th quarter of 2012 and beyond, the BSE continues to strive to provide the local capital market with an efficient and effective market place for the trading of securities. On October 8th, 2012 the BSE will be removing the Odd-Lot Market threshold of 999 shares and instituting individual thresholds for each security listed on the board of the BSE based on a percentage of their respective listed securities. Share prices will only change when a single trade in a security meets or exceeds the specified threshold. For further information please visit our website - www.bse.com.bb. The BSE also recognizes the value it can add to the International Business and Financial Services Sector (IBFS) and, to this end, have commenced work on the drafting of Rules for the International Securities Market (ISM) which will enhance Barbados' current offering to International Business Companies (IBCs) by allowing them not only to incorporate their operations here, but to also utilize the same prospectus used for incorporation to list their securities to raise capital. The ISM would negate the listing of the IBC's securities in another jurisdiction thus reducing the costs to the IBC associated with generating an additional prospectus for listing thus making Barbados a one stop shop for IBCs. Our consultants will be onshore at the start of the 4th quarter to meet with potential players in the IBFS to gather information to assist in their preparation of the draft rules for the ISM. The BSE continues to strive for excellence and wishes to thank all market participants - Listed Companies, Brokers, Investors - for their support as we fulfill our mandate to 'build a better market'.