REPORT FOR 2005 2nd QUARTER Overview Table 1
Market Regular 1 Put - Through Junior Odd-Lot 2 Total Half Year 2005 Volume 16,113,894 86,273 48,701 404,535 16,653,403 Half Year 2004 Volume 33,861,169 33,315 501,752 642,189 35,038,425 $ Half Year 2005 Value $94,467,102 $ 757,935 $ 73,788 $ 1,940,901 97,239,729 Half Year 2004 Value $ 159,419,435 $ 148,276 $ 636,149 $ 2,776,464 $ 162,980,323 % Change Volume -52% 159% -90% -37% -52% % Change Value -41% 411% -88% -30% -40%
During the first six (6) months of 2005, trading activity on the Exchange declined from that for the same period of 2004. As seen in Table 1 above, the Regular Market, Junior Market and the Odd-Lot Market all had declines in both volume and value, while the Put-Through Market showed increases. For the Junior Market however, it must be noted that there has been no activity for the quarter as Sunbeach Communications Inc. remains suspended from trading and Fortress Caribbean Property Fund was moved to the Regular Market effective April 1, 2005. Regular Market Table 2 Total Share Volume Average Daily Share Volume Local Market Value Cross-Listed Market Value Average Daily Share Value Average Price per share Number of Trades Local Index Cross – Listed Index Number of Member Companies 3 Number of Listed Companies
1 2
June 30, 2005 16,113,894 214,852 10,628,262,588.35 10,279,331,562.20 $1,259,561.37 $5.95 1,562 3,863.16 2,173.08 15 24
June 30, 2004 33,861,169 457,583 7,469,565,230.15 6,772,424,178.30 $2,154,316.69 $5.02 3,902 3,108.38 1,950.43 15 24
% Change -52% -53% 42% 52% -42% 19% -60% 24% 11% 0% 0%
Regular Market numbers contain both ordinary shares and preferred shares volumes and values traded. Odd-Lot Market numbers contain both ordinary and preferred shares volumes and values traded. 3 This number does not include Designated Members.
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As seen in Table 2 above, the Regular Market had 16,113,894 shares traded in 1,562 transactions for the year to date. This compares to 33,861,169 shares traded in 3,902 transactions for the same period in 2004. Despite this decline in trading activity, the average price per share increased from $5.02 to $5.95 per share. Top Five Traded Companies by Volume –Year to Date Table 3.1
Company Goddard Enterprises Ltd. Sagicor Financial Corporation Barbados Farms Ltd. Barbados National Bank B.S. & T Co. Ltd. 2005 Volume 6,567,890 2,673,417 1,371,744 1,138,423 987,661 2005 Value $ 48,415,492 $ 11,865,855 $ 2,056,809 $ 6,756,151 $ 7,797,729 2004 Volume 312,199 17,822,363 200,370 39,800 1,681,510 2004 Value $ 1,623,795 $ 73,252,283 $ 184,094 $ 137,673 $ 9,504,672
Top Five Traded Companies by Value – Year to Date Table 3.2
Company Goddard Enterprises Ltd. Sagicor Financial Corporation B.S. & T Co. Ltd. Barbados National Bank RBTT Financial Holdings Ltd. 2005 Value 48,415,492 11,865,855 7,797,729 6,756,152 4,265,000 2005 Volume 6,567,890 2,673,417 987,661 1,138,423 320,000 2004 Value 1,623,796 73,252,284 9,504,673 137,674 354,687 2004 Volume 312,199 17,822,363 1,681,510 39,800 25,869
$ $ $ $ $
$ $ $ $ $
As depicted in Tables 3.1 and Table 3.2 above, Goddard Enterprises Ltd. had the highest volume and value of shares traded for the first six (6) months of 2005. In traded volume, they accounted for 41% of the shares traded and their value accounted for 51% of the total value of shares traded. This volume of shares traded by Goddard Enterprises was mainly attributed to them having 5,257,880 shares traded on January 26, 2005. Top Five Traded Companies by Volume – 2nd Quarter Table 4.1
2005 Company Barbados Farms Ltd. Sagicor Financial Corporation Barbados National Bank RBTT Financial Holdings Ltd. B.S. & T Co. Ltd. Volume 1,320,089 1,084,776 1,083,600 320,000 308,304 $ $ $ $ $ 2005 Value 1,988,573 4,952,062 6,463,280 4,265,000 2,515,525 2004 Volume 69,500 8,050,567 16,750 16,500 438,027 $ $ $ $ $ 2004 Value 73,600 34,309,859 58,988 240,900 2,571,038
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Table 4.1 shows that Barbados Farms Ltd. was the top traded security for 2Q 2005, accounting for 24% of the total volume of shares traded for the quarter. It was followed by Sagicor Financial Corporation and Barbados National Bank, which both accounted for 19% of the volume traded. Top Five Traded Companies by Value – 2nd Quarter Table 4.2
2005 Company Barbados National Bank Sagicor Financial Corporation RBTT Financial Holdings Ltd. B.S. & T Co. Ltd. Goddard Enterprises Ltd. $ $ $ $ $ Value 6,463,280 4,952,062 4,265,000 2,515,525 2,443,107 2005 Volume 1,083,600 1,084,776 320,000 308,304 262,748 $ $ $ $ $ 2004 Value 58,988 34,309,859 240,900 2,571,038 395,776 2004 Volume 16,750 8,050,567 16,500 438,027 68,383
As seen in Table 4.2 above, the company which had the highest value in securities traded was Barbados National Bank. Their total value accounted for 23% of the total value of shares traded, followed by Sagicor Financial Corporation and RBTT Financial Holdings Ltd., which represented 17% and 15% of the total value of shares traded respectively.
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Odd-Lot Market For the year to date the Odd-Lot Market saw a 37% decline in traded volume and a 30% decline in traded value from that of the same period in 2004. The total number of shares traded was 404,535 (642,189 – 2004), with a total value of $1,940,901 ($2,776, 464 – 2004). For the Quarter ended June 30, 2005, the Odd-Lot Market had 156,869 (262,244 – 2004) shares traded at a total value of $799,285 ($1,159,853 – 2004). Top Five Traded Companies by Volume – Year to Date Table 5.1
Company Sagicor Financial Corporation FirstCaribbean International Bank (Barbados) Limited Almond Resorts Inc. B.S. & T Co. Ltd. Barbados National Bank 2005 Volume 211,568 33,847 28,359 27,505 20,461 $ $ $ $ $ 2005 Value 937,252 141,080 65,317 216,629 110,996 2004 Volume 485,175 9,009 12,066 8,744 2,950 $ $ $ $ $ 2004 Value 1,922,302 25,604 16,027 50,438 10,208
Top Five Traded Companies by Value – Year to Date Table 5.2
Company Sagicor Financial Corporation B.S. & T Co. Ltd. Cave Shepherd & Co. Ltd. FirstCaribbean International Bank (Barbados) Limited Goddard Enterprises Ltd. $ $ $ $ $ 2005 Value 937,252 216,629 141,671 141,080 119,378 2005 Volume 211,568 27,505 18,683 33,847 14,937 $ $ $ $ $ 2004 Value 1,922,302 50,438 31,837 25,604 12,416 2004 Volume 485,175 8,744 6,278 9,009 2,516
As illustrated in Tables 5.1 and 5.2, for the year to date Sagicor Financial Corporation had the highest volume and value of shares traded accounting for 52% of the volume traded and 48% of the value traded. The second and third most actively traded securities for the half-year 2005 were FirstCaribbean International Bank and Almond Resorts Inc., which accounted for 8% and 7% respectively. With regards to the value of shares trades Barbados Shipping & Trading Co. Ltd and Cave Shepherd & Co. Ltd. followed the value leader when they accounted for 11% and 7% of the total value of shares traded.
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Top Five Traded Companies by Volume – 2nd Quarter Table 6.1
Company Sagicor Financial Corporation Cave Shepherd & Co. Ltd. FirstCaribbean International Bank (Barbados) Limited B.S. & T Co. Ltd. Barbados National Bank 2005 Volume 83,029 15,332 14,993 7,928 7,504 2005 Value $ 378,888 $ 109,384 $ $ $ 61,776 65,759 42,324 2004 Volume 201,957 5,378 4,909 4,790 2,350 2004 Value $ 834,183 $ 27,912 $ $ $ 14,664 28,474 8,138
Top Five Traded Companies by Value – 2nd Quarter Table 6.2
Company Sagicor Financial Corporation Cave Shepherd & Co. Ltd. B.S. & T Co. Ltd. FirstCaribbean International Bank (Barbados) Limited Barbados National Bank 2005 Value $ 378,965 $ 109,384 $ 65,759 $ $ 61,776 42,324 2005 Volume 83,029 15,332 7,928 14,993 7,504 2004 Value $ 834,183 $ 27,912 $ 28,474 $ $ 14,664 8,138 2004 Volume 201,957 5,378 4,790 4,909 2,350
Tables 6.1 and 6.2 show that for the Quarter ended June 30, 2005, Sagicor Financial Corporation had the greatest volume (53%) and value (47%) of shares traded. Cave Shepherd & Co. Ltd. and FirstCaribbean International Bank had the second and third highest volumes traded, while Cave Shepherd & Co. Ltd and Barbados Shipping & Trading Co. Ltd. had the second and thirst highest value of shares traded.
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Index & Market Capitalisation Despite the decline in trading activity experienced for the year thus far, the Index and Market Capitalisation for the Regular Market have continued to increase. The tables below (Table 7.1, 7.2 and 7.3) illustrate that the Index for the Local Market increased by 22.79% and the Cross-Listed Index increased 14.35% over last year. The Indices for the Regular Market also increased over those of December 2004 and those of March 2005. Table 7.1
Index Local Cross Listed Composite June-05 3,942.70 2,230.34 1,023.74 June-04 3,210.91 1,950.43 % Change 22.79% 14.35%
Table 7.2
Index Local Cross Listed Composite June-05 3,942.70 2,230.34 1,023.74 December-04 3,711.31 2,173.08 % Change 6.23% 2.63%
Table 7.3
Index Local Cross Listed Composite June-05 3,942.70 2,230.34 1,023.74 March-05 3,863.16 2,173.08 % Change 2.06% 2.63%
The Market Capitalisation has also continued on its upward trend for most of the year before declining in June 2005 to 10,590,102,046.62 (up 27.86% over June 2004; down 0.36% from March 2005) on the Local Market. For the Cross-Listed Market the Market Capitalisation continued on its upward trend to reach an all time high of 10,830,323,063.98 in May before declining to10,754,690,011.83 in June, 2005. Despite this decline in Market Capitalisation, it still remained above that for Last Year, and that of the previous Quarter. This is depicted in Table 8.1, 8.2 and 8.3 below.
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Table 8.1
Market Capitalisation Local Cross Listed Composite June-05 10,590,102,046.62 10,754,690,011.83 21,344,792,058.45 June-04 8,282,742,960.90 6,785,115,388.90 % Change 27.86% 58.50%
Table 8.2
Market Capitalisation Local Cross Listed Composite June-05 10,590,102,046.62 10,754,690,011.83 21,344,792,058.45 December-04 10,407,248,648.50 10,262,214,918.25 % Change 1.76% 4.80%
Table 8.3
Market Capitalisation Local Cross Listed Composite June-05 10,590,102,046.62 10,754,690,011.83 21,344,792,058.45 March-05 10,628,262,588.35 10,279,331,562.20 % Change -0.36% 4.62%
As of April 1, 2005, the Barbados Stock Exchange compiled a Composite Index and Market Capitalisation. It should also be noted that due to Fortress Caribbean Property Fund graduating to the Regular Market and Sunbeach Communications Inc. remaining under suspension there is no longer a Junior Index or Market Capitalisation being calculated. The Composite Index and Market Capitalisation are calculated using information for all of the companies listed on the Exchange.
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Table 9
Index: Regular Market
4,500.00 4,000.00 3,500.00 3,000.00 2,500.00 2,000.00 1,500.00 1,000.00 500.00 04 Au gu st O ct ob er De ce m be r Fe br ua ry Ap ril Ju ne '0 5 Ju ne '
Index Value
Local Index Cross-Listed Index Junior Index Composite Index
Months
Advancers/Decliners For the year to date, 17 securities advanced, 5 declined and 3 did not trade. This compares to 17 securities advancing, 3 declining, 4 trading firm and 2 not trading for the same period in 2004. As seen in Table 10 below, Cave Shepherd & Co. Ltd. had the greatest change in price when it appreciated 107%, followed by ANSA McAL (Barbados) Ltd. (formerly McEnearney Alstons Barbados Ltd.) and Trinidad Cement Ltd., which had increases in share price of 102% and 54% respectively. During the quarter ended June 30, 2005, 13 companies advanced, 8 declined 1 traded firm and 3 securities did not trade. For the Quarter, ANSA McAL (Barbados) Ltd. had the greatest change in share price, when it increased 102%, followed by Trinidad Cement Ltd. and Cave Shepherd & Co. Ltd., which had a 54% and a 34% increase in share price respectively. For the year to date and the quarter ended June 2005, Courts (Barbados) Ltd. had the greatest decline in share price when it fell 12%, followed by Insurance Corporation of Barbados Ltd. and RBTT Financial Holdings Ltd, which both experienced a 10% decline. Due to A. S. Brydens & Sons Barbados Ltd. being de-listed at their request from the Exchange in April of this year, they do not have a closing price as of June 30, 2005.
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Advancers/Decliners Table 10
SECURITY Almond Resorts Inc. A.S. Brydens Banks Holdings Inc. ** B'dos Dairy Industries Barbados Farms Ltd. Barbados National Bank B.S. & T Co. Ltd. BICO ** BWIA West Indies Airways Limited Cable & Wireless (BARBADOS) Ltd. *** Cave Shepherd & Co. Ltd. FirstCaribbean International Bank (Barbados) Ltd. Courts (B'dos) Ltd. Fortress Caribbean Property Fund Goddard Enterprises Ltd. GraceKennedy Ltd. Insurance Corporation of Barbados Ltd. Light & Power Holdings Ltd. ANSA McAL (Barbados) Ltd. Neal & Massy RBTT Financial Holdings Ltd. Sagicor Financial Corporation Trinidad Cement Ltd. Wibisco W.I. Rum Distilleries * Sunbeach Communications Inc. CLOSING PRICE 30.06.2005 2.55 N/A 4.27 7.50 1.52 6.00 8.31 1.80 2.50 2.25 7.23 4.10 4.40 1.60 9.40 3.85 3.45 11.15 13.31 13.45 12.00 4.58 3.38 8.00 6.30 N/A CLOSING PRICE 31.12.2004 1.80 7.00 3.90 7.50 1.35 5.30 7.30 1.85 2.50 1.65 3.50 4.25 5.00 1.40 7.10 3.15 3.85 9.40 6.60 11.20 13.30 4.35 2.20 7.30 5.90 0.55 % Change 42% 9% 0% 13% 13% 14% -3% 0% 36% 107% -4% -12% 14% 32% 22% -10% 19% 102% 20% -10% 5% 54% 10% 7% 0%
* Sunbeach Communications Inc. has been suspended from trading ** Securities have not traded for the year to date. *** Cave Shepherd & Co. Ltd. had a 2 for 1 stock Split March 31, 2005.
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Company News Cave Shepherd & Co. Ltd. Effective April 1, 2005, Fortress Caribbean Property Fund graduated to the Regular Market from the Junior Market.
A. S. Brydens & Cons (Barbados) Ltd A. S. Brydens & Sons (B’dos) Limited (ASB) made a request to the Barbados Stock Exchange Inc to have its shares de-listed from its board. This request was as a result of McEnearney Alstons (B’dos) Limited (McAl) acquiring all of the shares of ASB after its successful take-over bid and in accordance with section 186 of the Companies Act Cap. 308. The BSE conducted a due diligence on the request and we were satisfied that ASB had met the requirements of the Exchange. An application was made to the Securities Commission (SC) as per Section 38 of the Securities Act 2001-13, for an order authorising the de-listing of ASB shares. On May 3, 2005 the SC issued an order authorising the de-listing of ASB shares without conditions as per section 38 of the Securities Act. As a consequence, the shares of A. S. Brydens and Sons (B’dos) Limited were de-listed unconditionally Friday May 6, 2005.
McEnearney Alstons (Barbados) Ltd At the Company’s Annual Meeting on May 6, 2005, the shareholders passed a resolution changing the Company’s name from McEnearney Alstons (Barbados) Ltd. to ANSA McAL (Barbados) Ltd. The change took effect from June 1, 2005.
Grace, Kennedy & Co. Ltd Effective June 1, 2005, by special resolution of the shareholders of the Company, and with approval of the Registrar of Companies, Grace, Kennedy & Co. Ltd. has changed its name to GraceKennedy Ltd.
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BSE News From April 1, 2005, the Exchange created a Composite Index and Market Capitalisation. These new calculations contain all of the companies listed on the Exchange. As previously mentioned, with the graduation of Fortress Caribbean Property Fund to the regular Market and the continued suspension of Sunbeach Communications Inc. there is no longer a Junior Index or Market Capitalisation calculation. Also, from April 1, 2005, the Exchange instituted one (1) cent increments in share pricing on the Board.
Conclusion and Outlook For the last few years, the level of deposits held by private individuals has been steadily increasing. Between the periods ended April 2004 and April 2005, that figure rose 10% from 2,799,200,000 (approx.) to 3,071,800,000 (approx.) 4 . With this increase in funds being held by the public, and with our goal of increasing the activity on the Board of the BSE, we plan on continuing our promotional and education campaign through the offering of various panel discussions.
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Deposit data collected from the Central Bank of Barbados: Economic and Financial Statistics June 2005.
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