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Report 2013 Year 2013 Year End Report 8th Avenue Belleville, St. Michael BB11114, Barbados T: (246) 436-9871/2 | F: (246) 429-8942 | www.bse.com.bb The following report reviews the overall performance of the companies listed on the Barbados Stock Exchange for the period January 1, 2013 to December 31, 2013 inclusive. Additionally, in an effort to provide greater detail on the market performance, fourth quarter information has been included. General discussion was also given to the overall economic situation of the country and its impact on the general performance of the market. The report has been structured as follows: • Overall Performance • Economic Factors • Trading activity by Market • Indices and Market Capitalization • Advancers/Decliners for 2013 • Historical Company Trading statistics • Market Events • The Regulatory Roundup • Concluding Remarks 3 Overall Performance General performance on the Board of the Barbados Stock Exchange Inc. (BSE) for the year 2013 showed comparable performance to that of the wider macro-economic environment. Trading for the year started well with the completion of transactions pursuant to the take-over of Republic Bank Barbados Limited (RBBL) by Republic Bank Limited. Average monthly trading was steady from that point until a surge in trading activity during the month of December which saw a spike in activity in both the Regular and Put Through Markets. The Put Through Market had the most improved performance in terms of increased activity as trades occurred on this Market every month with the exception of November. The Junior Market, although only recording one single trade, saw increases in performance in both trading volumes and values; there was one Block Trade transaction during the year 2013. There were also improvements in the level of Bond Market activity during 2013. A comparison of total trading volume and value 2013/2012, inclusive of extraordinary transactions for 2013 mentioned above, as well as those occurring in 2012 - the completion of AMCL Holdings Limited’s takeover of ANSA McAL (Barbados) Limited and the initial trades (Block trades and Regular Market activity) pursuant to Republic Bank Limited’s take-over of Republic Bank Barbados Limited, shows a decline in total trading volume of 43% and an associated decline in total trading value of 60% as illustrated in Table 1 below. However, excluding the extraordinary transactions for both years, total trading volume would have increased by 24% and total trading value would have increased by 42%. Table 1: Trading Activity Comparison by Market % % Market December December December December Change Change 2013 Volume 2012 Volume 2013 Value 2012 Value Volume Value Regular 6,448,758 7,974,092 $ 22,474,461 $ 36,529,235 -19% -38% Odd-Lot** - 142,892 $ - $ 602,889 NA NA Put Through 2,959,128 531,269 $ 17,134,360 $ 2,026,359 457% 746% Junior 7,000 2,000 $ 70,000 $ 20,925 250% 235% Block Trade 12,907,292 30,817,908 $ 38,076,511 $ 154,089,540 -58% -75% Total 22,322,178 39,468,161 $ 77,755,333 $ 193,268,948 -43% -60% **Odd-Lot Market discontinued October 8th, 2012 There were three de-listings and two new listings on the board of the BSE. ANSA McAL Barbados Limited, Fortress Caribbean Property Fund Limited and Republic Bank Barbados Limited were the securities exiting the board during 2013. Subsequent to the delisting of Caribbean Property Fund, Fortress Fund Managers Limited listed two new mutual funds - Fortress Caribbean Property Fund - Development Fund and Fortress Caribbean Property Fund - Value Fund1. Market indices showed mixed results in 2013 when compared to the closing figures for 2012. At year-end, the Local Index was the only measure to record a decrease of 2.82%. The Cross-listed and Composite indices, however, had 1See Market Events 2013 below. 4 risen by 15.31% and 1.42% respectively, above their 2012 year-end figures. These increases were due primarily to the increase in the traded price of Neal and Massy Holdings Limited which, by the close of 2013, had increased 22.78% over its December 31st, 2012 figure. One Caribbean Media Limited’s price also increased but only by 1.05%. The BSE Market Capitalization measures performed similarly, however, the Cross-Listed Market Cap was the only market measure to recorded an increase of 14.92%. It should be noted that the declining Local Market Cap performance was attributed primarily to the de-listing of both ANSA McAL Barbados Limited and Republic Bank Barbados Limited. Table 2 below illustrates the Trading Statistics Comparison 2012 - 2013. Quarters I and IV were the most active; activity was attributed to the takeover transactions previously mentioned in Q1 and an increase in Put Through and Block Trade Market activity in Q4. Table 2: Trading Statistics Comparison 2012 - 2013 Number of Number of Number of Number of Market Value Market Value Shares Shares Transactions Transactions Quarter 2013 2012 2013 2012 2013 2012 I 2,839,680 2,464,186 $ 11,800,514 $ 14,619,815 298 452 II 1,740,158 1,380,819 $ 7,939,745 $ 4,517,815 297 418 III 1,078,955 1,908,100 $ 2,846,227 $ 8,276,300 267 302 IV 16,663,385 33,715,056 $ 55,168,847 $ 165,855,017 332 328 Total 22,322,178 39,468,161 $ 77,755,333 $ 193,268,948 1,194 1,500 There was a 20% decrease in the number of trades occurring in 2013 when compared to 2012. There were 1,194 trades in 2013 as compared to 1,500 for 2012. Figure 1: Total Trade Frequency Comparison, illustrates graphically how the trade frequency has varied between 2013 and 2012. Figure 1: Total Trade Frequency Comparison 200 Total Trade Frequency Comparison 180 160 140 120 100 80 No. of Trades 60 40 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 118 104 76 158 42 97 76 96 95 116 93 123 2012 90 173 189 98 156 164 102 105 95 100 71 157 5 As illustrated in Table 3 below, there was a decrease in both the volume and value traded for the fourth quarter of 2013 when compared to the corresponding period in 2012. The Regular Market recorded a decrease of 34% in terms of volume and 60% in terms of value. The Put Through market recorded a substantial increase in activity as a result of a transaction which saw 1,995,967 shares in Goddard Enterprises Limited trade across the board at $6.25. Total Put Through activity increased by 641% in terms of volume and 1905% in terms of value. One trade occurred on the Junior Market for the year 2013 and there was a Block Trade transaction which saw 12,907,292 shares in Banks Holdings Limited trading at $2.95. For the 4th quarter, the Local and Composite Index measures recorded declines of 6.18% and 1.18% respectively due to large decreases in the prices of two securities - Barbados Farms Limited and Cave Shepherd & Company Limited. The Cross-Listed Index measure was the only index measure to record an increase of 13.90% in the fourth quarter of 2013. Market capitalization performance for the fourth quarter also mirrored that of the indices as the local and composite market capitalizations fell by 12.96% and 7.85% respectively while the cross-listed index increased by 14.05%. Table 3: Fourth Quarter Trading Activity Comparison % % Market Fourth Quarter Fourth Quarter Fourth Quarter Fourth Quarter Change Change 2013 Volume 2012 Volume 2013 Value 2012 Value Volume Value Regular 1,742,315 2,624,175 $ 4,491,422 $ 11,134,223 -34% -60% Odd-Lot** - 2,106 $ - $ 6,423 NA NA Put - Through 2,006,778 270,867 $ 12,530,914 $ 624,831 641% 1905% Junior 7,000 - $ 70,000 $ - NA NA Block Trade 12,907,292 30,817,908 $ 38,076,511 $ 154,089,540 -58% -75% Total 16,663,385 33,715,056 $ 55,168,847 $ 165,855,017 -51% -67% **Odd-Lot Market discontinued October 8th, 2012 6 Economic Factors This segment of the report was compiled from In discussing the recovery of the economy, the CBB the Analysis of Barbados’ Current Economic mentioned that past performance and future recovery Performance dated December 2013 and was hinged on “private investment that improves the quality of Barbados’ internationally traded services, published by the Central Bank of Barbados renews our products, and extends our product (CBB). The review states that the economy of offering.” Proof of this fact was seen as foreign reserves Barbados ‘performed appreciably better during for 2013 fell by $301 million with foreign capital inflows the current economic recession’. reaching approximately $499 million; a decline of $188 million. The CBB sited the ‘slump’ in private foreign “Between 2008, when the current crisis hit, and 2013, investments as “the major reason behind the decline in the economy contracted by 3 percent in total. In the foreign exchange reserves in 2013.” As of December 31, 1981 - 82 recession the decline was 7 percent, and in 2013, “foreign reserves were the equivalent of 15 weeks 1990 - 93 it was as much as 14 percent.” of imports of goods and services.” The CBB noted that Barbados “ranks highest among In discussing fiscal policy, the CBB noted that “the Caribbean countries”, ranking number 47 in the world declines in reserves from May onwards signaled the need in the 2013 - 2014 Global Competitiveness Report. for fiscal contraction measures”. In August 2013, the Barbados outperformed its Caribbean and Latin Government of Barbados detailed an eighteen month American neighbors “in terms of its infrastructure, fiscal adjustment package and later on December 13, institutions, health, education, labor market efficiency, an 11 percent cut in public sector jobs was announced financial market development and technological to further ensure the achievement of the fiscal targets.
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