BSE First Quarter Report 2015

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

Umquamus. Tur aligenihit autatur autat vello imoluptius es estis eos volut quia vellabo ritiore pudigent.

2015 First Quarter Report | 14

Iciam conseque nonecto tem. Ut eatet aciaepero ea verupta spedis quis dolest, aut ipsape voluptam alit everit doluptat excerovidem remod quat.

First quarter 2015 performance, when compared to the first quarter of 2014 Icipsam appeared estis di veltoeturepe qui berrum quiscipthis santur magnihil figures, be less ritatum than favorable.

However, performance moluptatiate nos stable in re suntium dolore sim fugita follows on from trading quodis activitydisexperienced duringvoluptaquis the fourth alitas asofmilitatatur sam repta conseque sam, idelit restiuntia simil quarter 2014. The as disparity in performance between first quarter 2015 iundigent eturio. odictibeaque poria dolupiti blaccusame ne and 2014 was the Aximent amount of negotiated transactions - both the volume vollam es -quae niendae corest voloremMarket. volut omnit utempor rovidel and value occurring on the Put Through Regular Market activity modigendicid es aliant improvements fugitem volorioand quatis quid eiunt alita is definitely showing weeaare hoping thatdundipsust this trend et volor rethroughout con recum iminist continues 2015. omnim dendae imolupit labo. Andandiorro excearis rectorum istia plique adi resequam eati derest as earionsequis An examination of closing indices for exchanges across the region reveal porepudita praesci quunt. that, much like the BSE, they too are experiencing an upturn in market Minveror ma when numquiam, ventiis magnimp eratist as iatiis eatet apicidu performance compared to their closing values at December 31st, cienditThe omnimus dolorem esto te etur?

2014.

JSE Market Index recorded the highest increase of 9.76%, followed by the BSE - 2.13%, the ECSE Index - 1.41% and the TTSE Composite Index, Caes doluptatius et volut omni dolo quas aut venis volut utendus molorem. which recorded the lowest increase of 0.29%.

To omnisiti net maximai onsequi que od quat.

Us inctiur maion repratem untiam etur repraecte perum nisimen digent Table 13 - Year to date Index Comparison vercia sam idus modigna tinctot atiam.

Closing Mar 31 2015

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

8th Avenue Belleville, St. Michael BB11114, Barbados T: (246) 436-9871/2 | F: (246) 429-8942 | www.bse.com.bb