BSE First Half Report 2013

First Half Report 2013

Overview

Table 1 below, illustrates the total trading activity for the first half of 2013 compared to the activity

which occurred for the corresponding period in 2012. Total trading volume increased by 19.11%, while

total trading value increased by 3.15%. The Put Through Market recorded the largest increases of

1168.58% and 949.53% in terms of volume and value respectively. There was no trading on the Junior or

Block Trade Markets for the first half of 2013.

There were twelve (12) extra-ordinary transactions pursuant to the take-over of Republic Bank Barbados

Limited by Republic Bank Limited as compared to one (1) extra-ordinary transaction pursuant to a take-

over (AMCL Holdings Limited's take-over of ANSA McAL Holdings Limited) for the corresponding period

in 2012. Excluding these transactions would result in increases in total trading volume of 6.20% and total

trading value of 29.66%

ANSA McAL Holdings Limited was subsequently delisted from the board of the Exchange during the

second quarter of 20131.

Table 1 - Total Trading Activity - 1st

Half 2013

Market June June June June % Change % Change

2013 Volume 2012 Volume 2013 Value 2012 Value Volume Value

REGULAR 3,661,199 3,660,142 $ 15,215,728 $ 18,201,636 0.03% -16.40%

PUT THROUGH 918,639 72,415 $ 4,524,531 $ 431,099 1168.58% 949.53%

JUNIOR - 2,000 $ - $ 20,925 -100% -100%

BLOCK TRADE - - $ - $ - NA NA

TOTAL 4,579,838 3,845,005 $ 19,740,258 $ 19,137,631 19.11% 3.15%

Second quarter 2013 market performance showed some improvements as there were increases in the

number of trades, volume traded and value traded on all markets with the exception of the Junior

Market which recorded no trade activity. As illustrated in Table 2 below, total trading volume was up

1 Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Securities Commission, the

shares of ANSA McAL (Barbados) Limited was delisted from the Board of the BSE on April 23rd

, 2013.

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26% and total trading value was up 76%. Once again, the Put Through Market showed significant

increases in performance, however, it was encouraging to see the Regular Market recorded increases in

both volumes and values traded as well.

Table 2 - Trading Activity - 2nd

Quarter

Market Second Quarter

Second Quarter

Second Quarter

Second Quarter

% Change

% Change

2013 Volume 2012 Volume 2013 Value 2012 Value Volume Value

REGULAR 1,356,675 1,312,491 $ 5,820,796 $ 4,208,295 3% 38%

PUT THROUGH 383,483 4,455 $ 2,118,949 $ 26,953 8508% 7762%

JUNIOR - 2,000 $ - $ 20,925 -100% -100%

BLOCK TRADE - - $ - $ - NA NA

TOTAL 1,740,158 1,380,819 $ 7,939,745 $ 4,517,815 26% 76%

Regular Market

The trading activity on the Regular Market for the first half of 2013 recorded an increase of 0.03% in

trading volume and a decrease in value of 16.4%. The total volume of shares traded at the half year was

3,661,199 as compared to the 3,660,142 shares traded for the corresponding period in 2012 as

illustrated in Table 3. Similarly, the total value traded decreased from $18,201,636 in the first half of

2012 to $15,215,728 for the corresponding period in 2013. Excluding the extra-ordinary transactions,

Regular Market activity would have yielded decreases in both volume and value traded of 18.72% and

6.11% respectively. The number of trades recorded during the first half of 2013 rose from 487 in 2012 to

579 in 2013; an increase of 18.89%. Figure 1 illustrates a monthly comparison of the volume of trades

for 2013 and 2012.

The Average Share Price increased by 3.30% from $5.78 to $5.97 due primarily to a sharp increase in the

share price of Neal and Massy Holdings Limited which, by the close of the half, had risen in excess of

15% of its December 31st, 2012 position.

On April 23rd, 2013, ANSA McAL Barbados Limited (MCAL) was delisted from the board of the BSE. MCAL

was the subject of a take-over bid in which its parent company, AMCL Holdings Limited offered to

purchase the issued and outstanding shares of the Company. Trading activity commenced in October

2010 and prior to delisting a total of 6,405,100 shares at an offer price of $11.75 were traded.

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Figure 1

Table 3 - Regular Market Comparison

Regular Market Year on Year Comparison

30-Jun-13 30-Jun-12 % Change

TOTAL SHARE VOLUME 3,661,199 3,660,142 0.03%

TOTAL SHARE VALUE 15,215,728 18,201,636 -16.40%

AVERAGE DAILY SHARE VOLUME 30,010 29,281 2.49%

AVERAGE DAILY SHARE VALUE $ 124,719 $ 145,613 -14.35%

NUMBER OF TRADES 579 487 18.89%

NUMBER OF TRADE DAYS 122 125 -2.40%

AVERAGE SHARE PRICE $ 5.97 $ 5.78 3.30%

ADVANCE/DECLINE RATIO 6/7 6/7 N/A

LOCAL INDEX 3,062.33 3,200.26 -4.31%

CROSS – LISTED INDEX 1,442.59 1,184.41 21.80%

COMPOSITE MARKET INDEX 748.03 722.40 3.55%

LOCAL MARKET CAPITALIZATION 8,662,306,420 9,192,523,517 -5.77%

CROSS-LISTED MARKET CAPITALIZATION 2,407,563,638 2,009,717,950 19.80%

COMPOSITE MARKET CAPITALIZATION 11,069,870,058 11,210,041,467 -1.25%

NUMBER OF LISTED SECURITIES 27 26 3.85%

Table 4 and Table 5 show the top five companies traded in the Regular Market for the first half of 2013

based on volume and value respectively. Republic Bank Barbados Limited was the top traded company

for the first half of 2013 in terms of both volume and value, accounting for 35.64% of the total volume

traded and 42.88% of the value traded. Sagicor Financial Corporation was second in terms of volume

traded while Goddard Enterprises Limited was second in terms of value traded.

0

20

40

60

80

100

120

140

160

January February March April May June

2013 116 101 72 155 41 94

2012 33 87 132 55 102 78

No

. of

Trad

es

BSE Trade Frequency Comparison

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Table 4 - Top five traded companies by volume -1st

half

2013 2012 2013 2012

Company Volume Volume Value Value

REPUBLIC BANK BARBADOS LIMITED 1,304,956 0 $ 6,524,780 $ -

SAGICOR FINANCIAL CORPORATION 783,818 1,086,949 $ 1,629,203 $ 2,465,313

FORTRESS CARIBBEAN PROPERTY FUND 404,981 303156 $ 314,743 $ 269,851

GODDARD ENTERPRISES LIMITED 271,759 372,759 $ 1,661,568 $ 2,216,495

ONE CARIBBEAN MEDIA LIMITED 248,088 63,382 $ 1,179,326 $ 204,746

Table 5 - Top Five Traded Companies by Value –1st

Half

2013 2012 2013 2012

Company Value Value Volume Volume

REPUBLIC BANK BARBADOS LIMITED $ 6,524,780 $ - 1,304,956 0

GODDARD ENTERPRISES LIMITED $ 1,661,568 $ 2,216,495 271,759 372,759

SAGICOR FINANCIAL CORPORATION $ 1,629,203 $ 2,465,313 783,818 1086949

NEAL AND MASSY HOLDINGS LIMITED $ 1,296,493 $ 473,906 79,841 34,846

LIGHT AND POWER HOLDINGS LIMITED $ 1,278,497 $ 128,526 49,747 5,001

As Table 6 and Table 7 illustrate, Sagicor Financial Corporation was the top security traded for the

second quarter in terms of volume but second in terms of value. Trading 571,400 shares or 42.12% of

the volume traded, they were also the top traded security accounting for 41.72% of the total number of

trades for the quarter. Trading just over $1.18 million, Light and Power Holdings Limited accounted for

20.43% of the value traded for the second half while second place Sagicor Financial Corporation traded

$1.17 million or 20.19% of the value traded.

Table 6 - Top Five Traded Companies by Volume –2nd Quarter

2013 2012 2013 2012

Company Volume Volume Value Value

SAGICOR FINANCIAL CORPORATION 571,400 639,222 $ 1,175,334 $ 1,401,525

GODDARD ENTERPRISES LIMITED 180,951 118,833 $ 1,111,743 $ 692,939

ONE CARIBBEAN MEDIA LIMITED 154,314 31,034 $ 736,506 $ 100,977

BARBADOS FARMS LIMITED 108,299 14,687 $ 108,299 $ 16,978

FORTRESS CARIBBEAN PROPERTY FUND 77,795 37,375 $ 53,094 $ 31,591

Table 7 - Top Five Traded Companies by Value –2nd Quarter

2013 2012 2013 2012

Company Value Value Volume Volume

LIGHT AND POWER HOLDINGS LIMITED $ 1,189,011 $ 88,434 46,265 3,441

SAGICOR FINANCIAL CORPORATION $ 1,175,334 $ 1,401,525 571,400 639,222

GODDARD ENTERPRISES LIMITED $ 1,111,743 $ 692,939 180,951 118,833

NEAL AND MASSY HOLDINGS LIMITED $ 915,411 $ 260,086 55,334 19,124

ONE CARIBBEAN MEDIA LIMITED $ 736,506 $ 100,977 154,314 31,034

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Put Through Market

Table 8 below illustrates Put Through market activity for the first half of 2013. This market recorded

marked increases in performance for the period under examination over the corresponding period in

2012. There were a total of sixteen (16) trades conducted across seven (7) securities.

Table 8 - Put Through Market Activity - 1st

Half

Company Volume Value

CABLE AND WIRELESS (BARBADOS) LIMITED 421,515 $1,991,948.50

GODDARD ENTERPRISES LIMITED 290,804 $1,799,600.60

BANKS HOLDINGS LIMITED 96,000 $ 278,400.00

CAVE SHEPHERD AND COMPANY LIMITED 96,000 $ 422,600.00

SAGICOR FINANCIAL CORPORATION 11,730 $ 24,436.71

LIGHT & POWER HOLDINGS LIMITED 5.5% PREF 1,590 $ 4,944.90

INSURANCE CORPORATION OF BARBADOS LIMITED 1,000 $ 2,600.00

TOTAL 918,639 $4,524,530.71

Junior Market

There was no activity on the Junior Market during the first half of 2013.

Bond Market

For the first half of 2013, twenty (20) Barbados Government Debentures, twelve (12) Barbados

Government Treasury Notes and one (1) Government-backed security traded on the board of the

Exchange as compared to nineteen (19) Barbados Government Debentures and eleven (11) Barbados

Government Treasury Notes trading for the corresponding period in 2012. There were a total of 104

trades occurring on the Bond Market, as compared to 141 trades in 2012, resulting in a volume of

32,224,000 bonds traded for the first half of 2013 as compared to 9,977,500 bonds trading as at June

30th, 2012. Table 9 below summarizes all bonds traded for the first half of 2013.

Table 9 - Summary of Bonds Traded

Security Volume

BARBADOS GOVERNMENT DEBENTURE 4.75% 2016 3,000



BARBADOS GOVERNMENT DEBENTURE 6% 2020 2,000


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Security Volume






BARBADOS GOVERNMENT DEBENTURE 6.875% 2020 5,000,000










BARBADOS GOVERNMENT T/NOTE 4.25% 2013 2,000



BARBADOS GOVERNMENT T/NOTE 5.875% 2015 18,764,000

BARBADOS GOVERNMENT T/NOTE 6% 2016 5,137,000

BARBADOS GOVERNMENT T/NOTE 6% 2017 1,000,000






BARBADOS GOVERNMENT T/NOTE 8% 2014 114,000

BARBADOS TOURISM INC 8.25% 2015 2,000

TOTAL 32,224,000

Index and Market Capitalization Movement

The results for both the Index and Market Capitalization measures were consistent when examined over

the three, six and twelve month periods. For the second quarter of 2013, as illustrated in Table 10, the

Cross Listed Index recorded an increase over its March 31st 2013 figure by 8.79%. When the comparison

is extended to six months and twelve months (Table 11 and Table 12), the local index recorded

decreases of 0.65% and 4.31% respectively while the Cross Listed Index recorded increases of 11.88%

and 21.80% respectively. The Cross-Listed Index performance can be attributed to share price

appreciation in both Neal and Massy Holdings Limited and One Caribbean Media Limited. Figure 2 below

tracks the Index movement over a twelve (12) month period.

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The market capitalization comparisons illustrated in Table 13-15, closely mirror the performance of the

index comparisons discussed above over the same three, six and twelve month periods. For the second

quarter, Cross-Listed Market Capitalization was impacted heavily as Neal and Massy Holdings Limited's

share price rose by 13.08% from $14.60 at the close of March 2013 to $16.51 at the close of the 1st half

of 2013. Unfortunately, this activity was not sufficient to offset the negative impact the delisting of

ANSA McAL Barbados Limited had on both the Local and Composite Index and Market Capitalization

measures.

Table 10 - Index Comparison 2nd Quarter

Index 30-Jun-13 31-Mar-13 % Change

LOCAL 3,062.33 3,084.37 -0.71%

CROSS LISTED 1,442.59 1,325.98 8.79%

COMPOSITE 748.03 738.76 1.25%

Table 11 - Index Comparison 1st

half

Index 30-Jun-13 31-Dec-12 % Change

LOCAL 3,062.33 3,082.38 -0.65%

CROSS LISTED 1,442.59 1,289.35 11.88%

COMPOSITE 748.03 730.04 2.46%

Table 12- Index Comparison year-on-year

Index 30-Jun-13 30-Jun-12 % Change

LOCAL 3,062.33 3,200.26 -4.31%

CROSS LISTED 1,442.59 1,184.41 21.80%

COMPOSITE 748.03 722.40 3.55%

Table 13 - Market Capitalization comparison 2nd

quarter

Market Capitalization 30-Jun-13 31-Mar-13 % Change

LOCAL 8,662,306,419.71 8,869,156,100.67 -2.33%

CROSS LISTED 2,407,563,638.46 2,214,570,568.98 8.71%

COMPOSITE 11,069,870,058.17 11,103,526,670 -0.30%

Table 14 - Market Capitalization comparison 1st

half

Market Capitalization 30-Jun-13 31-Dec-12 % Change

LOCAL 8,662,306,420 8,957,484,391 -3.30%

CROSS LISTED 2,407,563,638 2,159,097,185 11.51%

COMPOSITE 11,069,870,058 11,124,381,576 -0.49%

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Table 15 - Market Capitalization Comparison year-on-year

Market Capitalization 30-Jun-13 30-Jun-12 % Change

LOCAL 8,662,306,419.71 9,192,523,516.72 -5.77%

CROSS LISTED 2,407,563,638.46 2,009,717,949.85 19.80%

COMPOSITE 11,069,870,058.17 11,210,041,467 -1.25%

Company Activity Comparative Report

For the first half of the year ending June 30th 2013, six (6) securities advanced, seven (7) declined, eight

(8) remained unchanged including one (1) delisted security and six (6) did not trade with one (1)

suspension. This is compared to five (5) securities advanced, nine (9) declined, five (5) remained

unchanged and six (6) did not trade with one (1) suspension for the first half of 2012.

Neal and Massy Holdings Limited was the top advancer for the first half climbing 17.51% from $14.05 on

December 31st 2012 to $16.51 at June 30th 2013. Goddard Enterprises Limited and Sagicor Financial

Corporation 6.5% Preference rounded out the top three companies to increase in price during the first

six months of 2013 increasing 13.89% and 8.65% respectively. The three other companies to increase in

price were BICO Industries Limited, One Caribbean Media Limited and West India Biscuit Company

Limited.

Four companies experienced declines in excess of 10% for the first six months of 2013. Almond Resorts

Incorporated suffered the largest decline as their price fell by 28% during the half. Fortress Caribbean

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

% C

han

ge

Year on Year Index Movement

Local Index

Cross-Listed Index

Composite Index

Figure 2 - Index Movement - 12 months

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Property Fund, Cave Shepherd and Company Limited and Sagicor Financial Corporation were the other

companies to experience double digit declines for the half of 25%, 13.68% and 10.31% respectively.

Table 16 - 1st

Half Trading Activity by Company (Regular and Junior market (J) only)

1st Half 2013

1st Half 2013

CLOSING PRICE

CLOSING PRICE

% Change

SECURITY Volume Value June 30 2013

December 31 2012

ANSA MCAL (BARBADOS) LIMITED 1,850 $ 21,738 - 11.75 NA

ALMOND RESORTS INC. 21,580 $ 7,969 0.36 0.50 -28.00%

BICO INDUSTRIES LTD. 3,998 $ 6,197 1.70 1.60 6.25%

BARBADOS DAIRY INDUSTRIES LTD. 500 $ 1,500 3.00 3.00 0.00%

BARBADOS FARMS LTD. 112,660 $ 112,660 1.00 1.00 0.00%

REPUBLIC BANK BARBADOS LIMITED 1,304,956 $ 6,524,780 5.00 5.00 0.00%

BANKS HOLDINGS LTD. 32,903 $ 95,223 2.90 3.00 -3.33%

BARBADOS SHIPPING & TRADING CO. LTD.2 0 $ - 7.58 7.58 0.00%

FORTRESS CARIBBEAN PROPERTY FUND 404,981 $ 314,743 0.60 0.80 -25.00%

CAVE SHEPHERD AND CO. LTD. 44,622 $ 181,246 4.04 4.68 -13.68%

CABLE AND WIRELESS BARBADOS LTD 19,855 $ 90,153 5.00 5.00 0.00%

FIRSTCARIBBEAN INTERNATIONAL BANK 159,176 $ 81,056 2.98 3.05 -2.30%

GODDARD ENTERPRISES LTD. 271,759 $ ,661,568 6.15 5.40 13.89%

INSURANCE CORPORATION OF BARBADOS LTD. 78,411 $ 01,310 2.50 2.60 -3.85%

JAMAICA MONEY MARKET BROKERS LIMITED 12,840 $ ,343 0.15 0.15 0.00%

LIGHT AND POWER HOLDINGS LTD. 49,747 $ ,278,497 25.70 25.70 0.00%

LIGHT AND POWER HOLDINGS LTD 5.5% PREF 0 $ 3.11 3.11 0.00%

NEAL AND MASSEY HOLDINGS LTD. 79,841 $ ,296,493 16.51 14.05 17.51%

ONE CARIBBEAN MEDIA LIMITED 248,088 $ 1,179,326 4.80 4.75 1.05%

SAGICOR FINANCIAL CORPORATION 6.5% PREF 19,500 $ 44,070 2.26 2.08 8.65%

SAGICOR FINANCIAL CORPORATION 783,818 $ 1,629,203 2.00 2.23 -10.31%

TRINIDAD CEMENT LTD. 0 $ - 0.80 0.80 0.00%

WEST INDIA BISCUIT CO. LTD. 2,374 $ 23,787 10.02 10.01 0.10%

THE WEST INDIES RUM DISTILLERIES LTD. 7,740 $ 61,866 8.00 8.00 0.00%

ROYAL FIDELITY TIGRS A FUND (J) 0 $ - 10.50 10.50 0.00%

ROYAL FIDELITY TIGRS A1 FUND (J) 0 $ - 10.00 10.00 0.00%



TOTAL 3,661,199 $ 15,215,728

2 Barbados Shipping and Trading Company Limited - Pursuant to the application for a Certificate of Amalgamation

by BS&T, the company's shares have been suspended from trading - October 6th

, 2011

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For the second quarter, four (4) securities advanced, five (5) declined, nine (9) remained unchanged

including one (1) delisted security and nine (9) did not trade including one (1) suspension. This is

compared to two (2) securities advanced, ten (10) declined, five (5) remained unchanged and eight (8)

did not trade with one (1) suspension in the corresponding period in 2012.

Table 17 - 2nd

Quarter Trading Activity By Company (Regular and Junior market only)

2nd Quarter

2013

2nd Quarter

2013

CLOSING PRICE

CLOSING PRICE

% Change

SECURITY Volume Value June 30 2013

March 31 2013

ANSA MCAL (BARBADOS) LIMITED 0 $ - - 11.75 NA

ALMOND RESORTS INC. 16,580 $ 5,969 0.36 0.40 -10.00%

BICO INDUSTRIES LTD. 0 $ - 1.70 1.70 0.00%

BARBADOS DAIRY INDUSTRIES LTD. 0 $ - 3.00 3.00 0.00%

BARBADOS FARMS LTD. 108,299 $ 108,299 1.00 1.00 0.00%

REPUBLIC BANK BARBADOS LIMITED 25,600 $ 128,000 5.00 5.00 0.00%

BANKS HOLDINGS LTD. 20,862 $ 60,278 2.90 2.90 0.00%

BARBADOS SHIPPING & TRADING CO. LTD. 0 $ - 7.58 7.58 0.00%

FORTRESS CARIBBEAN PROPERTY FUND 77,795 $ 53,094 0.60 0.80 -25.00%

CAVE SHEPHERD AND CO. LTD. 42,154 $ 170,698 4.04 4.35 -7.13%

CABLE AND WIRELESS BARBADOS LTD 6,186 $ 27,393 5.00 5.00 0.00%

FIRSTCARIBBEAN INTERNATIONAL BANK 3,700 $ 10,137 2.98 2.98 0.00%

GODDARD ENTERPRISES LTD. 180,951 $ 1,111,743 6.15 6.10 0.82%

INSURANCE CORPORATION OF BARBADOS LTD. 39,095 $ 100,186 2.50 2.55 -1.96%

JAMAICA MONEY MARKET BROKERS LIMITED 1,500 $ 300 0.15 0.15 0.00%

LIGHT AND POWER HOLDINGS LTD. 46,265 $ 1,189,011 25.70 25.70 0.00%

LIGHT AND POWER HOLDINGS LTD 5.5% PREF 0 $ - 3.11 3.11 0.00%

NEAL AND MASSY HOLDINGS LTD. 55,334 $ 915,411 16.51 14.60 13.08%

ONE CARIBBEAN MEDIA LIMITED 154,314 $ 736,506 4.80 4.76 0.84%

SAGICOR FINANCIAL CORPORATION 6.5% PREF 4,300 $ 9,718 2.26 2.26 0.00%

SAGICOR FINANCIAL CORPORATION 571,400 $ 1,175,334 2.00 2.15 -6.98%

TRINIDAD CEMENT LTD. 0 $ - 0.80 0.80 0.00%

WEST INDIA BISCUIT CO. LTD. 0 $ - 10.02 10.02 0.00%

THE WEST INDIES RUM DISTILLERIES LTD. 2,340 $ 18,720 8.00 7.99 0.13%

ROYAL FIDELITY TIGRS A FUND 0 $ - 10.50 10.50 0.00%

ROYAL FIDELITY TIGRS A1 FUND 0 $ - 10.00 10.00 0.00%



TOTAL 1,356,675 $ 5,820,796 - -

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Conclusion

Table 18 - Regional Comparison

First Half 2013

First Half 2012

Regional Index Performance Three

Month Six

Month Twelve Month

Three Month

Six Month

Twelve Month

BSE Composite Index 1.25% 2.46% 3.55% -0.49% 0.05% -2.43%

JSE Market Index 5.94% -5.70% -0.61% -4.36% -8.30% -1.35%

TTSE Composite Index 2.86% 5.84% 10.25% 1.07% 0.94% 7.61%

A look at two other major regional exchanges above shows that moderate improvements are being

made by all the Exchanges with all index values recording positive movements. The BSE Composite Index

recorded increases over the three periods under examination, the largest being 3.55% over the twelve

month period, while the JSE Market Index only recorded positive activity of 5.94% for the three month

period. The JSE Market Index was the only measure to record decreases for the six and twelve month

periods. The TTSE Composite Index recorded its highest positive index change over the twelve month

period of 10.25%, 5.83% over the six month and 2.86% over the three month. A comparison of the index

performance over the same periods at the close of first half of 2012 shows that all markets are currently

experiencing similar trends in performance.

The main highlights of the half were the final transactions pursuant to the take-over of Republic Bank

Barbados Limited by Republic Bank Holdings Limited, the implementation of the BSE's Corporate

Governance Recommendations and Insider Trading Guidelines and the delisting of ANSA McAL Holdings

Limited.

In the face of a contracting local economy, the BSE continues to strive for excellence through the

delivery of exemplary service to our customers and the provision of a transparent, efficient and effective

marketplace for the listing and trading of equity and fixed income securities.

Documents

BSE First Half Report 2013