bse first half report 2015

2015First HalfReport

First Half Report 2015Table 1, illustrates the total trading activity for the first half of 2015 compared to the activity which occurred for the corresponding period in 2014. Total trading volume increased by 8%, while total trading value increased by 13%. The Regular Market has shown improvement at the 2015 half-year close, however, Put Through Market performance continues to show declines in both volume and value traded when compared to performance for the corresponding period in 2014. There was no trading on the Junior or Block Trade Markets for the first half of 2015.

Two securities were delisted from the board of the Exchange during the first half of 2015; there was one new listing1.

There were no extra-ordinary transactions occurring on the board of the BSE for the first half of 2015.

Second quarter 2015 market performance showed improvement in the volumes traded, however, as share prices continue to be constricted, the values traded have not met the same level of performance as the volumes traded but have exceeded the 2014 figures. As illustrated in Table 2, total trading volume was up 57% with a corresponding increase in total trading value of 6%. The Regular Market was the only market to record a decrease in terms of value traded of 7% but a 52% increase in terms of volume traded while the Put Through Market activity recorded large increases - 609% in terms of volumes traded and 1386% in terms of value. There was no activity on the Junior or Block Trade Markets during the second quarter.

1 See Regular Market Section

Table 1 – Total Trading Activity - 1st Half 2015

Market June Volume June Value % Change

2015 2014 2015 2014 Volume Value

Regular 3,843,432 2,891,508 $11,467,172 $9,480,243 33% 21%

Put - Through 279,584 910,376 $1,781,669 $2,247,374 -69% -21%

Junior - - - - NA NA

Block Trade - - - - NA NA

Total 4,123,016 3,801,884 $13,248,841 $11,727,617 8% 13%

Table 2 – Trading Activity - 2nd Quarter

Market 2nd Quarter Volume 2nd Quarter Value % Change

2015 2014 2015 2014 Volume Value

Regular 2,568,509 1,689,665 $4,813,502 $5,192,242 52% -7%

Put - Through 108,941 15,375 $740,647 $49,838 609% 1386%

Junior - - - - NA NA

Block Trade - - - - NA NA

Total 2,677,450 1,705,040 $5,554,149 $5,242,080 57% 6%

2015 First Quarter R

eport | 4

200

150

100

50

0

The trading activity on the Regular Market for the first half of 2015 recorded an increase of 33% in trading volume and a corresponding increase in value of 21%. The total volume of shares traded at the half year was 3,843,432 as compared to 2,891,508 shares traded for the corresponding period in 2014 as illustrated in Table 3. Similarly, the total value traded increased from $9,480,243 in the first half of 2014 to $11,467,172 for the corresponding period in 2015.

Figure 1 below illustrates a monthly comparison of the volume of trades for 2015 and 2014. The number of trades recorded during the first half rose from 598 in 2014 to 777 in 2015; an increase of 30%. The Average Share Price decreased by 2% from $5.47 to $5.36, however, only three securities declined as at June 30th, 2015 as compared to six securities declining at the close of the half of 2014.

Figure 1 - BSE Regular Market Trade Frequency Comparison 2014/2015

■ 2015 ■ 2014

On March 18th, 2015, Royal Fidelity TIGRS A Fund was delisted from the board of the BSE2. On April 14th, 2015, Jamaica Money Market Brokers Limited was delisted from the board of the BSE3. On the same day, JMMB Group Limited was listed on the board of the BSE. Effective April 13th, 2015, 1,630,552,532 Common Shares in JMMB Group Limited were registered (with the Financial Services Commission - FSC) as a result of the Scheme of Arrangement with Jamaica

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 delisted from the Board of the BSE on March 18th, 2015.

3 Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Financial Services Commission, the shares of Jamaica Money Market Brokers Limited were delisted from the Board of the BSE on April 14th, 2015.

Regular Market

0+12+16+15+15+11+90+6+15+10+8+10+9Jan Feb Mar Apr May Jun

64

119 15

7

152

148

103 14

5

81

114

101

94 97

2015

Fir

st Q

uart

er R

epor

t | 5

Money Market Brokers Limited4.

Table 3 – Regular Market Year on Year Comparison

30-Jun-15 30-Jun-14 % Change

Total Share Volume 3,843,432 2,891,508

33%

Total Share Value 11,467,172 9,480,243 21%

Average Daily Share Volume 31,504 23,701 33%

Average Daily Share Value $93,993 $77,707 21%

Number of Trades 777 598 30%

Number of Trade Days 122 122 0%

Average Share Price $ 5.36 $5.47 -2%

Advance/Decline Ratio 7/3 7/6 N/A

Local Index 2,193.49 2,161.03 2%

Cross – Listed Index 1,738.13 1,676.68 4%

Composite Market Index 625.59 611.75 2%

Local Market Capitalization 5,498,518,789 5,423,749,949 1%

Cross-Listed Market Capitalization 2,914,676,250 2,798,239,355 4%

Composite Market Capitalization 8,413,195,039 8,221,989,304 2%

Number Of Listed Securities 25 26 -4%

4 The Barbados Stock Exchange (BSE) is pleased to announce that JMMB Group Limited has been listed on the Board of the BSE. “... The Scheme of Arrangement will see the existing ordinary shares of JMMB being exchanged for ordinary shares in JMMB Group Limited on a one on one basis, and the listing of JMMB Group Limited’s ordinary shares on these stock exchanges. On implementation of the Scheme, JMMB Group Limited will therefore become the new holding company for the JMMB group of companies, and JMMB will be a wholly owned subsidiary of JMMB Group Limited.”


eport | 6

Table 4 and Table 5 show the top five companies traded in the Regular Market for the first half of 2015 based on volume and value respectively. Banks Holdings Limited was the top traded company for the first half of 2015 in terms of volume accounting for 23.81% of the total volume traded. Fortress Caribbean Property Fund - Value Fund and Sagicor Financial Corporation followed, accounting for 18.25% and 18.17% of the volume traded respectively. Although only accounting for 5.96% of the total volume traded, Massy Holdings Limited was the top performer in terms of total value traded accounting for 39.82% of the value of shares traded at the close of the first half of 2015.

Table 4 – Top five traded companies by volume -1st half

Volume Value

Company 2015 2014 2015 2014

Banks Holdings Limited 915,239 146,757 $2,357,067 $447,601

Fortress C’bean Property Fund - Val Fund 701,610 761,642 $368,348 $408,593

Sagicor Financial Corporation 698,405 471,992 $1,226,898 $995,866

Fortress C’bean Property Fund - Dev Fund 538,525 278,787 $125,461 $51,420

FirstCaribbean International Bank 340,978 85,688 $647,536 $188,320

Table 5 – Top Five Traded Companies by Value –1st Half

Volume Value

Company 2015 2014 2015 2014

Massy Holdings Limited $4,566,747 $800,462 228,884 40,876

Banks Holdings Limited $2,357,067 $447,601 915,239 146,757

Sagicor Financial Corporation $1,226,898 $995,866 698,405 471,992

Emera Caribbean Incorporated $672,181 $1,571,769 26,158 61,161

FirstCaribbean International Bank $647,536 $188,320 340,978 85,688

2015

Fir

st Q

uart

er R

epor

t | 7

As Table 6 and Table 7 illustrate, Banks Holdings Limited was the top security traded for the second quarter in terms of both volume and value, trading 738,008 shares or 28.73% of the volume traded and $1,852,159.48 or 38.48% of the value traded. Fortress Caribbean Property Fund - Value Fund was second in terms of volume traded while Sagicor Financial Corporation was second in terms of value traded for the second quarter of 2015.

Table 6 – Top Five Traded Companies by Volume –2nd Quarter

Volume Value

Company 2015 2014 2015 2014

Banks Holdings Limited 738,008 37,470 $1,852,159 $113,909

Fortress C'bean Property Fund - Val Fund 541,052 578,916 $283,235 $321,160

Sagicor Financial Corporation 434,164 198,396 $760,637 $380,346

Fortress C'bean Property Fund - Dev Fund 376,776 78,916 $91,561 $15,768

FirstCaribbean International Bank 245,023 28,659 $465,532 $54,002

Table 7 – Top Five Traded Companies by Value –2nd Quarter

Volume Value

Company 2015 2014 2015 2014

Banks Holdings Limited $1,852,159 $113,909 738,008 37,470

Sagicor Financial Corporation $760,637 $380,346 434,164 198,396

Massy Holdings Limited $526,740 $564,335 26,333 28,646

FirstCaribbean International Bank $465,532 $54,002 245,023 28,659

Fortress C'bean Property Fund - Val Fund $283,235 $321,160 541,052 578,916

2015

Fir

st Q

uart

er R

epor

t | 9

Put Through MarketTable 8 below illustrates Put Through market activity for the first half of 2015. This market recorded decreases in terms of both volume traded (69%) and value (21%) for the period under examination over the corresponding period in 2014. A total of twenty-two (22) trades were conducted across six (6) securities.

Table 8 - Put Through Market Activity - 1st Half

Security No. of Trades Volume Value

Banks Holdings Limited 3 1,936 $5,659

FirstCaribbean International Bank 1 14,166 $26,915

Goddard Enterprises Limited 5 239,069 $1,615,042

Massy Holdings Limited 1 2,780 $55,600

Once Caribbean Media Limited 1 7,913 $54,204

Sagicor Financial Corporation 11 13,720 $24,249

Total 22 279,584 $1,781,669

Block Trade & Junior MarketNeither the Block Trade Market nor the Junior Market recorded activity during the first half of 2015.

Bond MarketFor the first half of 2015, twenty-four (24) Barbados Government Debentures and nine (9) Barbados Government Treasury Notes traded on the board of the Exchange as compared to twenty-two (22) Barbados Government Debentures and thirteen (13) Barbados Government Treasury Notes trading for the corresponding period in 2014. A total of 108 trades occurred on the Bond Market, as compared to 131 trades in 2014, resulting in a face value of $11,682,000 traded for the first half of 2015 as compared to $4,675,000 traded as at June 30th, 2014. Table 9 summarizes all bonds traded for the first half of 2015.


eport | 10

Table 9 - Summary of Bonds Traded

Security No. of Trades Volume

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 6.875% 2020 2 3,900,000













Barbados Government T/Note 5.875% 2015 1 10,000

Barbados Government T/Note 6% 2016 12 5,291,000

Barbados Government T/Note 6% 2017 2 223,000

Barbados Government T/Note 6% 2018 2 2,000






Totals 108 11,682,000

2015

Fir

st Q

uart

er R

epor

t | 1

1

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 2015, as illustrated in Table 10, only the Local Index recorded a nominal decrease of 0.03% when compared to its March 31st 2015 figure. When the comparison is extended to six months and twelve months (Table 11 and Table 12), all index measures recorded increases. The Local Index recorded the highest increase for the six month of 2.63% while the Cross-Listed Index recorded the largest increase over the twelve month of 3.66%. The upturn in index performance can be attributed to share price appreciation in seven securities most notable of which were One Caribbean Medial Limited, Insurance Corporation of Barbados Limited and FirstCaribbean International Bank. Figure 2 below tracks the Index movement over a twelve (12) month period.

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.

Figure 2


eport | 12

Table 10 - Index Comparison 2nd Quarter 2015

Index 30-Jun 31-Mar % Change

Local 2,193.49 2,194.13 -0.03%

Cross Listed 1,738.13 1,726.65 0.66%

Composite 625.59 624.23 0.22%

Table 11 - Index Comparison 1st Half

2015 2014


Local 2,193.49 2,137.26 2.63%

Cross Listed 1,738.13 1,706.54 1.85%

Composite 625.59 611.23 2.35%

Table 12- Index Comparison Year-on-Year

2015 2014


Local 2,193.49 2,161.03 1.50%

Cross Listed 1,738.13 1,676.68 3.66%

Composite 625.59 611.75 2.26%

2015

Fir

st Q

uart

er R

epor

t | 1

3

Table 13 - Market Capitalization comparison 2nd Quarter

2015 2014

Market Capitalization 30-Jun 31-Mar % Change

Local 5,498,518,789 5,499,741,673.59 -0.02%

Cross Listed 2,914,676,250 2,895,433,099.25 0.66%

Composite 8,413,195,039 8,395,174,773 0.21%

Table 14 - Market Capitalization comparison 1st Half

2015 2014


Local 5,498,518,789 5,367,178,305 2.45%

Cross Listed 2,914,676,250 2,849,599,943 2.28%

Composite 8,413,195,039 8,216,778,248 2.39%

Table 15 - Market Capitalization Comparison Year-on-Year

2015 2014


Local 5,498,518,789 5,423,749,949 1.38%

Cross Listed 2,914,676,250 2,798,239,355 4.16%

Composite 8,413,195,039 8,221,989,304 2.33%


eport | 14

For the first half of the year ending June 30th 2015, seven (7) securities advanced, three (3) declined, nine (9) remained unchanged and six (6) did not trade; 2 securities were delisted and 1 new listing5. This is compared to seven (7) securities advanced, six (6) declined, six (6) remained unchanged and seven (7) did not trade; there was 1 delisting for the first half of 2014.

Fortress Caribbean Property Fund - Value Fund was the top advancer for the first half climbing 14% from $0.50 on December 31st 2014 to $0.57 at June 30th 2015. One Caribbean Media Limited and Insurance Corporation of Barbados Limited rounded out the top three companies to increase in price during the first six months of 2015 increasing 12.90% and 7.88% respectively. The four other companies to increase in price were Barbados Dairy Industries Limited (6.67%), FirstCaribbean International Bank (5.56%), BICO Limited (3.03%) and Goddard Enterprises Limited (1.42%).

Two companies experienced declines in excess of 10% for the first six months of 2015. Barbados Farms Limited suffered the largest decline as their share price fell by 20% during the half. Banks Holdings Limited was the other company to experience a double-digit decline of 14.14% over its December 31st, 2014 share price; Sagicor Financial Corporation’s share price declined by 2.22%. Table 16 below illustrates the year to date activity for all listed securities while Table 17 shows the activity for the second quarter.

For the second quarter of 2015, seven (7) securities advanced, three (3) declined, eight (8) remained unchanged and seven (7) did not trade. This is compared to six (6) securities advanced, four (4) declined, seven (7) remained unchanged and nine (9) did not trade in the corresponding period in 2014.

5 See Regular Market Section

Company Activity Comparative Report

2015

Fir

st Q

uart

er R

epor

t | 1

5

Table 16 - 1st Half Trading Activity by Company (Regular and Junior market (J) only)

1st Half 2015 Closing Price

Security Volume Value30-

Jun-1531-

Dec-14%

Change

ABV Investments Incorporated 1,500 $375 0.32 0.32 0.00%

BICO Limited 21,427 $39,138 1.70 1.65 3.03%

Barbados Dairy Industries Limited 4,883 $7,605 1.60 1.50 6.67%

Barbados Farms Limited 10,522 $4,588 0.40 0.50 -20.00%

Banks Holdings Limited 915,239 $2,357,067 2.49 2.90 -14.14%

Fortress C'bean Property Fund - Dev Fund 538,525 $125,461 0.22 0.22 0.00%

Fortress C'bean Property Fund - Val Fund 701,610 $368,348 0.57 0.50 14.00%

Cave Shepherd And Company Limited 48,584 $145,681 3.00 3.00 0.00%

Cable And Wireless Barbados Limited 36,467 $89,720 3.00 3.00 0.00%

FirstCaribbean International Bank 340,978 $647,536 1.90 1.80 5.56%

Goddard Enterprises Limited 92,635 $596,680 6.43 6.34 1.42%

Insurance Corporation Of Barbados Ltd 130,150 $327,406 2.60 2.41 7.88%

JMMB Group Limited 3,562 $534 0.15 0.15 0.00%

Emera (Caribbean) Incorporated 26,158 $672,181 25.70 25.70 0.00%

Emera (Caribbean) Incorporated 5.5% Pref 0 - 3.30 3.30 0.00%

Massy Holdings Limited 228,884 $4,566,747 20.00 20.00 0.00%

One Caribbean Media Limited 41,594 $285,802 7.00 6.20 12.90%

Sagicor Financial Corporation 6.5% Pref 2,259 $5,032 2.26 2.26 0.00%

Sagicor Financial Corporation 698,405 $1,226,898 1.76 1.80 -2.22%

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 50 $375 8.00 8.00 0.00%

Royal Fidelity Tigrs A Fund (Delisted) 0 - - 10.50 NA

Royal Fidelity Tigrs A1 Fund 0 - 10.00 10.00 0.00%



3,843,432 $11,467,172


eport | 16

Table 17 - 2nd Quarter Trading Activity By Company (Regular and Junior Market only)

2nd Quarter 2015 Closing Price

Security Volume Value30-

Jun-1531-

Mar-15%

Change

ABV Investments Incorporated 0 - 0.32 0.32 -

BICO Limited 825 $1,403 1.70 1.85 -8.11%

Barbados Dairy Industries Limited 4,803 $7,485 1.60 1.50 6.67%

Barbados Farms Limited 2,667 $1,077 0.40 0.50 -20.00%

Banks Holdings Limited 738,008 $1,852,159 2.49 2.85 -12.63%

Fortress C'bean Property Fund - Dev Fund 376,776 $91,561 0.22 0.20 10.00%

Fortress C'bean Property Fund - Val Fund 541,052 $283,235 0.57 0.52 9.62%

Cave Shepherd And Company Limited 46,618 $139,781 3.00 3.00 0.00%

Cable And Wireless Barbados Limited 11,901 $28,676 3.00 3.00 0.00%

FirstCaribbean International Bank 245,023 $465,532 1.90 1.90 0.00%

Goddard Enterprises Limited 33,871 $220,171 6.43 6.43 0.00%

Insurance Corporation Of Barbados Ltd 80,729 $208,915 2.60 2.40 8.33%

JMMB Group Limited 3,562 $534 0.15 0.15 0.00%

Emera (Caribbean) Incorporated 4,016 $103,131 25.70 25.70 0.00%

Emera (Caribbean) Incorporated 5.5% Pref 0 - 3.30 3.30 0.00%

Massy Holdings Limited 26,333 $526,740 20.00 19.96 0.20%

One Caribbean Media Limited 17,441 $120,649 7.00 6.77 3.40%

Sagicor Financial Corporation 6.5% Pref 670 $1,441 2.26 2.26 0.00%

Sagicor Financial Corporation 434,164 $760,637 1.76 1.72 2.33%

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 50 $375 8.00 8.00 0.00%

Royal Fidelity Tigrs A Fund (Delisted) 0 - N/A - N/A




2,568,509 $4,813,502 - -

2015

Fir

st Q

uart

er R

epor

t | 1

720

15 F

irst

Qua

rter

Rep

ort |

17

ConclusionA look at four other regional exchanges in Table 18 below shows that there has been general improvement in performance in the Barbados (BSE), Trinidad & Tobago (TTSE) and Jamaica (JSE) markets, however, the Eastern Caribbean (ECSE) market continues to record negative index movements. The BSE Composite Index recorded increases over the three periods under examination, the largest being 2.35% over the six month period. The TTSE Composite Index also recorded its largest increase of 0.96% during this period while the JSE Market Index recorded its largest increase of 37.51% over the twelve month. The ECSE EC Share Index recorded declines of 14.7%, 13.49% and 12.9% for the three, six and twelve month respectively. Comparative index values for 2014 are provided for reference and illustrate definite improvements for the BSE, TTSE and JSE while the ECSE continues to experience a slump in performance.

Looking towards the third quarter of 2015, we are ever hopeful that market conditions continue to improve. As part of its mission to foster an environment of confidence and trust in all activities in the capital markets through education, the BSE is set to host its third annual BSE Corporate Governance & Accountability Conference on September 24th and 25th, 2015 at the Hilton Barbados Resort. Attendees will be exposed to a host of topics including Enterprise Risk Management, Board Composition and Diversity as well as Cyber Security Threats and Mitigation.

Table 18 - Regional Comparison

Regional Index Performance

FirstThree Month

HalfSix

Month

2015Twelve Month

% Change

FirstThree

Month

HalfSix

Month

2014Twelve Month

BSE Composite Index 0.22% 2.35% 2.26% 2.13% -8.54% -17.38% -8.22%

JSE Market Index 16.07% 27.40% 37.51% 9.76% -5.97% -12.27% -8.55%

TTSE Composite Index 0.67% 0.96% -0.40% 0.29% -0.40% -1.56% 3.49%

ECSE EC Share Index -14.70% -13.49% -12.90% 1.41% -1.99% -4.03% -7.42%

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

bse first half report 2015

Documents