Third Quarter Report 2011 Overview At the close of the first nine months of 2011 the Barbados Stock Exchange (BSE) was still recording increases in both trading volume and value. Total trading volume of shares traded increased by 101% while total trading value of shares traded recorded an increase of 796% when compared with the corresponding period in 2010. As mentioned in previous reports, these increases can be attributed to the two takeover transactions which occurred earlier this year for ANSA McAL Barbados Limited and Light and Power Holdings Limited which collectively accounted for 62.18% of the total volume traded and 91.44% of the total value traded. All markets, with the exception of the Odd-Lot Market, experienced increases in both volume and value for the period. The Put-Through Market experienced the largest increase of 523% in terms of volume traded while the Regular Market recorded the largest increase in terms of value of 823% for 2011. There was also nominal activity in the Junior Market. Sagicor Financial Corporation successfully conducted a rights issue exercise and simultaneously listed a new issue of preference shares; the security was named Sagicor Financial Corporation 6.5% Pref. Table 1 - Trading activity for first nine months Market Year-to- Date Year-to- Date Year-to-Date Year-to-Date % Change % Change 2011 Volume 2010 Volume 2011 Value 2010 Value Volume Value Regular 15,451,217 7,648,636 $ 234,049,812 $ 25,362,132 102% 823% Odd-Lot 134,529 159,201 $ 694,957 $ 765,850 -15% -9% Put - Through 186,577 29,961 $ 959,910 $ 186,720 523% 414% Junior 5,000 - $ 53,750 $ - NA NA Block Trade - - $ - $ - NA NA Total 15,777,323 7,837,798 $ 235,758,429 $ 26,314,702 101% 796% The third quarter was characterized by increases in trading activity across the market with the exception of the Put Through Market which recorded a decline of 9% in the volume traded but a 34% increase in the value traded. Total trading volume and value for the quarter were up 132% and 76% respectively. DRAFT 2011-10-17
Report detailing the performance of the securities listed on the Barbados Stock Exchange
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Third Quarter Report 2011
Overview
At the close of the first nine months of 2011 the Barbados Stock Exchange (BSE) was still recording
increases in both trading volume and value. Total trading volume of shares traded increased by 101%
while total trading value of shares traded recorded an increase of 796% when compared with the
corresponding period in 2010. As mentioned in previous reports, these increases can be attributed to
the two takeover transactions which occurred earlier this year for ANSA McAL Barbados Limited and
Light and Power Holdings Limited which collectively accounted for 62.18% of the total volume traded
and 91.44% of the total value traded.
All markets, with the exception of the Odd-Lot Market, experienced increases in both volume and value
for the period. The Put-Through Market experienced the largest increase of 523% in terms of volume
traded while the Regular Market recorded the largest increase in terms of value of 823% for 2011. There
was also nominal activity in the Junior Market.
Sagicor Financial Corporation successfully conducted a rights issue exercise and simultaneously listed a
new issue of preference shares; the security was named Sagicor Financial Corporation 6.5% Pref.
Put - Through 8,521 9,339 $ 43,970 $ 32,702 -9% 34%
Junior 1,800 - $ 19,350 $ - NA NA
Block Trade - - $ - $ - NA NA
Total 3,192,963 1,376,352 $ 8,712,824 $ 4,946,242 132% 76%
Regular Market
The Regular Market continued to record increases in both the volume and values traded at the end of
the third quarter. As illustrated in Table 3 below, the total share volume was 15,451,217, representing
an increase of 102.01% over the 7,648,636 shares recorded for the same period in 2010. There was also
a noticeable increase of 822.83% in the value of shares traded at the end of the quarter as compared to
the same period in 2010. There was a minimal 3.21% increase in the number of trades occurring on the
Regular Marketing days as 772 trades took place thus far in 2011 compared to 748 for 2010. Figure 1
illustrates a monthly comparison of the volume of trades for 2010 and 2011.
While there was a regression in the advance to decline ratio, improvements were seen in both the local
and composite indices while the Cross-Listed Index continued to record a year-on-year decrease. The
Local Index recorded an increase of 8.63% and the Composite index recorded an increase of 2.48%.
Similar results were recorded for the Market Capitalization, where the Local and Composite Market
Capitalization recorded increases of 6.06% and 2.82% respectively while the Cross-Listed Market
Capitalization recorded a decline of 10.12%.
1Additional Shares Listed - Sagicor Financial Corporation – We wish to announce that 12,575,676 common shares
in Sagicor Financial Corporation were listed today on the Exchange representing shares issued under the Rights Issue. (BSE Trading Report - 2011-07-19) 2 BSE Listing Notice - Sagicor Financial Corporation Pref 6.5% – We wish to announce that 120,000,000 Preference
shares (@ $2.00) in Sagicor Financial Corporation were listed today on the Exchange representing shares issued under the Rights Issue. (BSE Trading Report - 2011-07-19)
DRAFT 2011
-10-17
Page 3 of 13
Figure 1
Table 3 - Year on Year Regular Market Statistics
30-Sep-11 30-Sep-10 % Change
Total Share Volume 15,451,217 7,648,636 102.01%
Total Share Value 234,049,812 25,362,132 822.83%
Average Daily Share Volume 82,627 41,344 99.85%
Average Daily Share Value $ 1,251,603 $ 137,093 812.96%
Number of Trades 772 748 3.21%
Number of Trade Days 187 185 1.08%
Average Share Price $ 5.84 $ 5.25 11.27%
Advance/Decline Ratio 7/12 8/10 N/A
Local Index 3,304.58 3,042.04 8.63%
Cross – Listed Index 1,168.29 1,251.07 -6.62%
Composite Market Index 733.32 715.55 2.48%
Local Market Capitalization 9,333,117,525 8,799,778,871 6.06%
For the third quarter of 2011 Sagicor Financial Corporation repeated its second quarter 2011 performance and remained the volume leader for the period July to September 2011. They accounted for 45% of the volume traded but only 18% of the value traded. They were followed by Goddard Enterprises Limited and Cable and Wireless (Barbados) Limited. Light and Power Holdings Limited's increased share price of $25.70, up from the pre-takeover price of $12.00, allowed them to become the value leader trading $94,525 in shares despite only trading 3,678 shares or 8% of the volume traded for the quarter. Table 10 and Table 11 show the top five traded companies in terms of volume and value for the Odd-Lot Market over the third quarter.
Table 10 - Top Five Traded Companies by Volume: 3rd Quarter