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Barbados Stock Exchange Inc. Market Activity Report

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Barbados Stock Exchange Inc. Market Activity Report Barbados Stock Exchange Inc. Market Activity Report 2019 Report on the Trading Activity for the Securities Issued by the Listed Companies of the Barbados Stock Exchange Inc. • • • Overview The following report reviews the overall performance of the companies listed on the Barbados Stock Exchange Inc. for the year ended December 31, 2019. Additionally, to provide greater detail on the market performance, fourth quarter market statistics have 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 • Trading Activity by Market • Indices and Market Capitalization • Advancers/Decliners for 2019 • Historical Company Trading Statistics • Market Events – 2019 • The Regulatory Roundup – 2019 • Conclusion Overall Performance Overall market performance for securities listed and traded across the board of the Barbados Stock Exchange Inc. for the year ended December 31, 2019 showed promise as total trading volume and value increased by 2,891% and 2,825% respectively. The Regular market produced mixed results as the increases experienced in traded volume did not have a corresponding effect on the traded value which suffered a decline. The Put Through Market performed well, closing out 2019 with marked increases in both traded volumes and values when compared to its performance at the close of 2018. There was one (1) trade occurring on the Block Trade Market1 while no activity was recorded on the Innovation & Growth Market (IGM) or the International Securities 1 See Block Trade Market section. 1 • • • Market (ISM). The Bond Market recorded some activity as bondholders became more familiar, and comfortable, with these newly restructured fixed income securities. Table 1 illustrates all activity2 occurring on the board of the BSE for the year ended December 31, 2019. Table 1: Trading Activity Comparison by Market – 2019 - 2018 Market December December December December % Change % Change 2019 Volume 2018 Volume 2019 Value 2018 Value Volume Value Regular 18,721,006 6,357,232 $ 18,843,970 $ 21,747,112 194% -13% Put - Through 2,580,945 464,304 $ 9,166,690 $ 1,076,690 456% 751% Innovation & - - $ - $ - N/A N/A Growth Block Trade 182,728,415 - $ 639,549,453 $ - N/A N/A Total 204,030,366 6,821,536 $ 667,560,113 $ 22,823,802 2,891% 2,825% There were three trading suspensions occurring during 20193. On November 11, 2019 trading in Sagicor Financial Corporation Limited was suspended to facilitate the closing of a Scheme of Arrangement. On December 10, 2019 both Banks Holdings Limited and Barbados Dairy Industries Limited were suspended from trading for failure to fulfill their obligations as Listed Companies. One security was delisted from the board of the BSE during 2019. On October 22, 2019 all issued and outstanding shares in JMMB Group Limited were delisted from the board of the BSE. Greater detail on the trading suspensions and delisting can be reviewed in the Market Events section of this report. As at December 31, 2019, all market indices recorded decreases when compared to their corresponding closing positions in 2018. The Local, Cross-Listed and Composite Indices recorded decreases of 8%, 17% and 9% respectively. The year on year Market Capitalization comparison produced declines of 7%, 84% and 17% respectively. 2 Bond Market Activity reported separately. 3 See Market Events Section. 2 • • • Table 2 illustrates the Trading Statistics Comparison 2019 - 2018. Quarters I and IV for 2019 were the most active in terms of both volume and value traded. It must be noted that most of the negotiated market transaction activity occurred during these quarters. Table 2: Trading Statistics Comparison – 2019 - 2018 Number of Number of Market Market Number of Number of Shares Shares Value Value Transactions Transactions Quarter 2019 2018 2019 2018 2019 2018 I 13,036,923 1,955,960 $ 11,729,945 $ 9,757,540 906 451 II 1,450,076 1,189,620 $ 4,229,514 $ 3,511,838 340 337 III 5,762,763 1,709,797 $ 9,135,529 $ 4,190,007 371 463 IV 183,780,604 1,966,159 $ 642,465,125 $ 5,364,417 276 821 Total 204,030,366 6,821,536 $ 667,560,113 $ 22,823,802 1,893 2,072 There was a 7% decrease in the total number of trades occurring in 2019 when compared to 2018. There were 1,893 trades in 2019 as compared to 2,072 trades in 2018. Figure 1: Total Trade Frequency Comparison, illustrates graphically how the trade frequency has varied between 2019 and 2018. Figure 1: Total Trade Frequency Comparison – 2019 - 2018 Total Trade Frequency Comparison 800 700 600 500 400 300 200 NO. OF TRADESNO. 100 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 87 687 132 115 111 114 150 126 95 109 123 44 2018 167 143 141 133 77 127 74 271 118 614 117 90 2019 2018 As illustrated in Table 3, the additional activity on the Block Trade Market had significant impacts on both total volume and value traded for the fourth quarter of 2019 when compared to the corresponding period in 2018. There was a 9247% increase in total 3 • • • volume traded with a corresponding 11876% increase in total value traded for the fourth quarter. The Regular Market recorded volume and value decreases to the tune of 34% and 37% below their respective positions in the corresponding period in 2018, while the Put Through Market recorded more substantial decreases in activity (92% in terms of volume and 85% in terms of value) for the same period under consideration. The previously mentioned Block Trade transaction occurred during the fourth quarter of 2019 which saw a volume of 182.7 million shares in Sagicor Financial Corporation Limited trading with a corresponding value traded of $639.5 million. There was no activity on the IGM Market. For the fourth quarter of 2019, index and market cap measures recorded decreases across the board. The Local, Cross-Listed and Composite Indices recorded decreases of 4%, 11% and 6% respectively. Fourth quarter Market Capitalization measures mirrored the Index measures as the Local, Cross-Listed and Composite measures recorded decreases of 4%, 83% and 14% respectively. Table 3: Fourth Quarter Trading Activity Comparison by Market – 2019 - 2018 Fourth Fourth Fourth Fourth % % Market Quarter Quarter Quarter Quarter Change Change 2018 Volume 2017 Volume 2018 Value 2017 Value Volume Value Regular 1,016,981 1,545,957 $ 2,772,719 $ 4,404,395 -34% -37% Put - Through 35,208 420,202 $ 142,953 $ 960,022 -92% -85% Innovation & Growth - - $ - $ - N/A N/A Block Trade 182,728,415 - $639,549,453 $ - N/A N/A Total 183,780,604 1,966,159 $642,465,125 $ 5,364,417 9,247% 11,876% 4 • • • Trading Activity by Market Regular Table 4 below, illustrates a year on year statistical comparison of Regular Market activity for the reporting period. There was a 194% increase in the volume traded, however the value traded fell by 13%. Despite the decrease in value traded, the average share price increased 11% from $4.34 in 2018 to $4.82 at the close of 2019. The Regular Market’s year on year volume increases can be attributed to substantial increases in the trading of Eppley Caribbean Property Fund SCC’s Value and Development Funds. Unfortunately, the values traded did not produce similar results with only four of the seventeen listed securities experiencing price appreciation with only two advancing in price by more than 10%. Table 4: Regular Market Statistical Comparison – 2019 - 2018 December 31 December 31 % 2019 2018 Change Total Share Volume 18,721,006 6,357,232 194% Total Share Value 18,843,970 21,747,112 -13% Average Daily Share Volume 75,488 25,634 194% Average Daily Share Value $ 75,984 $ 87,690 -13% Number of Trades 1,264 1,515 -17% Number of Trade Days 248 248 0% Average Share Price $ 4.82 $ 4.34 11% Advance/Decline Ratio 4/7 10/6 N/A Local Index 3,142.97 3,398.45 -7.52% Cross – Listed Index 1,400.14 1,691.83 -17.24% Composite Market Index 769.02 846.66 -9.17% Local Market Capitalization 6,860,574,548 7,380,982,354 -7.05% Cross-Listed Market Capitalization 178,782,344 1,142,051,008 -84.35% Composite Market Capitalization 7,039,356,892 8,523,033,362 -17.41% Number of Listed Securities 17 18 -6% 5 • • • Figure 2 illustrates the breakdown of Regular Market trades which occurred during 2019. The number of Regular Market trades conducted decline as 1,264 trades occurred as compared to 1,515 occurring at the close of 2018; a decrease of 17%. Figure 2: Trade Frequency Comparison (Regular Market) – 2019 - 2018 Regular Market Trade Frequency Comparison 300 250 200 150 100 NO. OF TRADESNO. 50 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 83 88 125 115 109 112 147 119 94 108 122 42 2018 104 142 138 133 76 126 72 271 116 132 115 90 2019 2018 Table 5 and Table 6 show the top traded companies for the year in terms of volume and value. Eppley Caribbean Property Fund SCC - Development Fund, Eppley Caribbean Property Fund SCC - Value Fund and Goddard Enterprises Limited were the top three performers in terms of volume traded accounting for 46%, 29% and 9% of the total volume traded respectively. In terms of value traded, Goddard Enterprises Limited was the top performer accounting for 29% of the total value traded while Sagicor Financial Corporation Limited (18%) and Eppley Caribbean Property Fund SCC - Value Fund (16%) rounded out the top three performers in terms of total value traded for the year ended December 31, 2019.
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