bse first quarter report 2015

2015First QuarterReport

First Quarter Report 2015Overall 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 Volume Year-to-Date Value % Change

2015 2014 2015 2014 Volume Value

Regular 1,274,923 1,201,843 $6,653,670 $4,288,001 6% 55%

Put - Through 170,643 895,001 $1,041,023 $2,197,536 -81% -53%

Junior - - $ -

$ -

NA NA

Block Trade - - $ -

$ -

NA NA

Total 1,445,566 2,096,844 $7,694,692 $6,485,537 -31% 19%

1 See Junior Market, Block Trade Market & Put Through Market section.

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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.

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%

Average Daily Share Volume 20,563 19,702 4.37%

Average Daily Share Value $107,317 $70,295 52.67%

Number of Trades 424 289 46.71%

Number of Trade Days 62 61 1.64%

Average Share Price $5.83 $5.53 5.51%

Advance/Decline Ratio 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%

Regular Market

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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%

Number of Listed Securities 25 26 -3.85%

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.

Figure 1 – No. of Trades – 1st Quarter 2015

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.

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Table 3 – Top Five Traded Companies By Volume

Volume Value

Company 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 Volume

Company 2015 2014 2015 2014

Massy Holdings Limited $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


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Junior Market, Block Trade Market & Put Through MarketThere 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.

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

Total 13 170,643 $1,041,023

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.

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Fixed Income MarketThe 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.

Table 6: Fixed Income Market Activity 1st Quarter 2015

Security No. Of Trades AmountTraded

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 1 1,000,000









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





Total 59 2,553,000


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Index and Market Capitalization MovementA 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


Local 2,194.13 2,568.58 -14.58%

Cross Listed 1,726.65 1,539.55 12.15%

Composite 624.23 668.90 -6.68%

Table 8 – Market Capitalization Comparison Year on Year


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%


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Figure 2 - Index Movement March 2014 to March 2015

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%

Composite 624.23 611.23 2.13%

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Table 10 – Market Capitalization Comparison 1st Quarter

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 ReportFor 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.


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Table 11 - 1st Quarter Trading Activity By Company (Regular and Junior market only)

1St Quarter 2015 Closing Price % Change

Security Volume Value 31-Mar -15 31-Dec=14

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

Bico Industries Limited 20,602 $37,735 1.85 1.65 12.12%

Barbados Dairy Industries Limited 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%

Cave Shepherd And Company Limited 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%

Jamaica Money Market Brokers Limited 0 - 0.15 0.15 0.00%

Emera (Caribbean) Incorporated 22,142 $569,049 25.70 25.70 0.00%

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

Massy Holdings Limited 202,551 $4,040,006 19.96 20.00 -0.20%

One Caribbean Media Limited 24,153 $165,154 6.77 6.20 9.19%

Sagicor Financial Corporation 6.5% Pref 1,589 $3,591 2.26 2.26 0.00%

Sagicor Financial Corporation 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%



1,274,923 $6,653,670 - -

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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)

1st Quarter 2015 Closing Price Mar 31 % Change

Security Volume Value 2015 2014

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

Bico Limited 20,602 $37,735 1.85 1.65 12.12%

Barbados Dairy Industries Limited 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%

Cave Shepherd And Company Limited 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%

Jamaica Money Market Brokers Limited 0 - 0.15 0.15 0.00%

Emera (Caribbean) Incorporated 22,142 $569,049 25.70 25.70 0.00%

Emera (Caribbean) Incorporated 5.5% Pref 0 - 3.30 3.11 6.11%

Massy Holdings Limited 202,551 $4,040,006 19.96 17.25 15.71%

One Caribbean Media Limited 24,153 $165,154 6.77 6.13 10.44%

Sagicor Financial Corporation 6.5% Pref 1,589 $3,591 2.26 2.26 0.00%

Sagicor Financial Corporation 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%




1,274,923 $6,653,670 - -

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ConclusionFirst quarter 2015 performance, when compared to the first quarter of 2014 figures, appeared to be less than favorable. However, this performance follows on from stable trading activity experienced during the fourth quarter of 2014. The disparity in performance between first quarter 2015 and 2014 was the amount of negotiated transactions - both the volume and value - occurring on the Put Through Market. Regular Market activity is definitely showing improvements and we are hoping that this trend continues throughout 2015.

An examination of closing indices for exchanges across the region reveal that, much like the BSE, they too are experiencing an upturn in market performance when compared to their closing values as at December 31st, 2014. The 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, which recorded the lowest increase of 0.29%.

Table 13 - Year to date Index Comparison

Index Name Region/ExchangeClosing Mar 31

2015

Closing Dec 31

2014

% Change

BSE Composite Index Barbados Stock Exchange 624.23 611.23 2.13%

JSE Market Index Jamaica Stock Exchange 83,804.68 76,353.39 9.76%

TTSE Composite Index Trinidad & Tobago Stock Exchange 1,154.25 1,150.91 0.29%

ECSE Index Eastern Caribbean Stock Exchange 142.63 140.64 1.41%

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bse first quarter report 2015

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