BSE Third Quarter Report 2012

Third Quarter Report 2012

Overview

At the close of the first nine months of 2012 the Barbados Stock Exchange (BSE) was recording

decreases in both trading volume and trading value. Total trading volume of shares traded decreased by

64% while total trading value of shares traded recorded a decrease of 88% when compared with the

corresponding period in 2011. As mentioned in previous reports, these large decreases can be attributed

to the extra-ordinary transactions which occurred during the first quarter of 2011; the takeover of ANSA

McAL Barbados Limited by AMCL Holdings Limited and the takeover of Light and Power Holdings Limited

by EMERA (Barbados) Holdings No. 2 Incorporated.

The Odd-Lot and Put-Through Markets both experienced increases in volume with the later also

experiencing increases in value. Falling share prices, however, resulted in decreases in the value of

shares traded on the Odd-Lot Market. The Put-Through Market experienced the largest increase of 40%

in terms of volume traded and the largest increase in terms of value at 46%. There was also nominal

activity on the Junior Market and no activity on the Block Trade Market.

Table 1 - Trading activity for first nine months

Market Year-to-Date

Year-to-Date

Year-to-Date Year-to-Date % Change

% Change

2012 Volume

2011 Volume

2012 Value 2011 Value Volume Value

Regular 5,349,917 15,451,217 $ 25,395,011 $ 234,049,812 -65% -89%

Odd-Lot 140,786 134,529 $ 596,466 $ 694,957 5% -14%

Put -Through 260,402 186,577 $ 1,401,529 $ 959,910 40% 46%

Junior 2,000 5,000 $ 20,925 $ 53,750 -60% -61%

Block Trade - - $ - $ - NA NA

Total 5,751,105 15,777,323 $ 27,413,930 $ 235,758,429 -64% -88%

The third quarter was characterized by decreases in trading activity across the market with the

exception of the Put Through Market which recorded an increase of 2106% in the volume traded and an

associated 2107% increase in terms of the value traded. Total trading volume and value for the quarter

P a g e | 2

were down 40% and 5% respectively. During the quarter, the BSE was very pleased to welcome two new

securities to the Junior Market; Royal Fidelity TIGRS A2 Fund and Royal Fidelity TIGRSA3 Fund.

Table 2 - Trading Activity for Third Quarter

Market Third Quarter

Third Quarter

Third Quarter Third Quarter % Change

% Change

2012 Volume

2011 Volume

2012 Value 2011 Value Volume Value

Regular 1,689,775 3,134,558 $ 7,193,375 $ 8,371,215 -46% -14%

Odd-Lot 30,338 48,084 $ 112,495 $ 278,289 -37% -60%

Put - Through 187,987 8,521 $ 970,429 $ 43,970 2106% 2107%

Junior - 1,800 $ - $ 19,350 -100% -100%

Block Trade - - $ - $ - NA NA

Total 1,908,100 3,192,963 $ 8,276,300 $ 8,712,824 -40% -5%

Regular Market

The Regular Market recorded decreases in both the volume and value traded at the end of the third

quarter of 2012. As illustrated in Table 3 below, the total share volume was 5,349,917, representing a

decrease of 65.38% when compared to the 15,451,217 shares recorded for the same period in 2011.

There was also a noticeable decrease of 89.15% in the value of shares traded at the end of the quarter

as compared to the same period in 2011. There was a 12.44% decrease in the number of trades

occurring on the Regular Market as 676 trades took place thus far in 2012 compared to 772 for 2011.

Figure 1 illustrates a monthly comparison of the volume of trades for 2012 and 2011.

There was improvement in the advance to decline ratio with positive changes being seen in both the

Cross-Listed and Composite indices while the Local Index recorded a year-on-year decrease. The Cross-

Listed Index recorded an increase of 11.73% and the Composite index recorded an increase of 2.17%.

Similar results were recorded for the Market Capitalization, where the Cross-Listed and Composite

Market Capitalization recorded increases of 12.53% and 0.88% respectively while the Local Market

Capitalization recorded a decline of 1.53%. The number of securities listed for the period ended

September 30th, 2012 increased to 28; up from 26 at the close of the third quarter of 2011.

P a g e | 3

Figure 1

Table 3 - Year on Year Regular Market Statistics

30-Sep-12 30-Sep-11 % Change

Total Share Volume 5,349,917 15,451,217 -65.38%

Total Share Value 25,395,011 234,049,812 -89.15%

Average Daily Share Volume 28,457 82,627 -65.56%

Average Daily Share Value $135,080 $1,251,603 -89.21%

Number of Trades 676 772 -12.44%

Number of Trade Days 188 187 0.53%

Average Share Price $5.37 $5.84 -8.03%

Advance/Decline Ratio 7/8 7/12 N/A

Local Index 3,192.87 3,304.58 -3.38%

Cross – Listed Index 1,305.35 1,168.29 11.73%

Composite Market Index 749.24 733.32 2.17%

Local Market Capitalization 9,190,555,963 9,333,117,525 -1.53%

Cross-Listed Market Capitalization 2,175,651,106 1,933,337,804 12.53%

Composite Market Capitalization 11,374,007,069 11,274,405,328 0.88%

Number of Listed Securities 28 26 7.69%

Table 4 and Table 5 below show the top traded companies by volume and value for the year-to-date.

Sagicor Financial Corporation and ANSA McAL (Barbados) Limited continue to be two top traded

securities in terms of both volume and value for the period January 1, 2012 to September 30, 2012.

0

20

40

60

80

100

120

140

160

January February March April May June July August September

2012 33 87 132 55 102 78 73 63 53

2011 59 119 100 40 79 78 74 71 152

No

. of

Trad

es

Trade Frequency Comparison

P a g e | 4

Sagicor Financial Corporation's trading activity accounted for 26% of the total volume traded and 12% of

the total value traded while ANSA McAL (Barbados) Limited's trading activity accounted for 14% of the

total volume traded and 35% of the total value traded.

Table 4 - Top Five Traded Companies by Volume: Year to date

2012 2011 2012 2011

Company Volume Volume Value Value

SAGICOR FINANCIAL CORPORATION 1,384,758 955,029 $ 3,133,742 $ 2,521,417

ANSA MCAL (BARBADOS) LIMITED 761,324 2,619,845 $ 8,945,557 $ 30,783,179

FIRSTCARIBBEAN INTERNATIONAL BANK 583,000 590,039 $ 1,813,706 $ 1,828,208

GODDARD ENTERPRISES LIMITED 509,170 262,748 $ 2,966,756 $ 1,578,607

FORTRESS CARIBBEAN PROPERTY FUND 432,923 205,712 $ 379,820 $ 233,486

Table 5 - Top Five Traded Companies by Value: Year-to-Date

2012 2011 2012 2011

Company Value Value Volume Volume

ANSA MCAL (BARBADOS) LIMITED $ 8,945,557 $ 30,783,179 761,324 2,619,845

SAGICOR FINANCIAL CORPORATION $ 3,133,742 $ 2,521,417 1,384,758 955,029

GODDARD ENTERPRISES LIMITED $ 2,966,756 $ 1,578,607 509,170 262,748

FIRSTCARIBBEAN INTERNATIONAL BANK $ 1,813,706 $ 1,828,208 583,000 590,039

ONE CARIBBEAN MEDIA LIMITED $ 1,566,504 $ 798,781 398,074 258,411

As Table 6 and Table 7 illustrate, One Caribbean Media Limited and Sagicor Financial Corporation were

the top two traded securities for the third quarter in terms of volume. In terms of value, One Caribbean

Media Limited and Light and Power Holdings Limited were the top two traded securities. It must be

noted that One Caribbean Media Limited recorded the highest price increase of two dollars and five

(2.05) cents for any security listed on the board of the BSE for the period ended September 30th, 2012.

Table 6 - Top Five Traded Companies by Volume: 3rd Quarter

2012 2011 2012 2011


ONE CARIBBEAN MEDIA LIMITED 334,692 0 $1,361,758 $ -

SAGICOR FINANCIAL CORPORATION 297,809 620,473 $ 668,429 $1,512,908

BANKS HOLDINGS LIMITED 194,555 41,955 $ 583,665 $ 160,488

FIRSTCARIBBEAN INTERNATIONAL BANK 147,230 106,333 $ 459,088 $ 332,808

GODDARD ENTERPRISES LIMITED 136,411 47,567 $ 750,261 $ 284,594

P a g e | 5

Table 7 - Top Five Traded Companies by Value: 3rd Quarter

2012 2011 2012 2011


ONE CARIBBEAN MEDIA LIMITED $ 1,361,758 $ - 334,692 0

LIGHT & POWER HOLDINGS LIMITED $ 1,054,882 $ 403,387 41,046 15,696

NEAL AND MASSY HOLDINGS LIMITED $ 999,601 $ 889,387 73,467 63,935

GODDARD ENTERPRISES LIMITED $ 750,261 $ 284,594 136,411 47,567

SAGICOR FINANCIAL CORPORATION $ 668,429 $ 1,512,908 297,809 620,473

Odd- Lot Market

The Odd-Lot market recorded an increase in trading volume, however, due to falling share prices, it

recorded decreases in trading value for the first nine months of 2012. The total volume of shares traded

of 140,786 was 5% greater than the 134,529 shares traded for the same period in 2011. The total value

of shares traded on the Odd-Lot Market fell by 14%. The 2012 value traded was $596,466 as compared

to $694,957 traded at the close of the third quarter of 2011.

Table 8 and Table 9 illustrate the top five traded companies for the first nine months of 2012. Sagicor

Financial Corporation was the most actively traded security in terms of volume for the year to date,

trading 45,506 shares valued at $106,191. They were followed by Banks Holdings Limited and Goddard

Enterprises Limited which traded 22,298 and 18,444 shares respectively.

Goddard Enterprises Limited's relatively stable share price saw it leading all securities in terms of value

traded for the period ended September 30th, 2012. Trading just 18,444 shares at an average share price

of $5.82, Goddard Enterprises Limited's traded value of $107,324.70 exceeded Sagicor Financial

Corporation's $106,191.48 despite them trading a total volume of 46,506 shares.

Table 8 - Top Five Traded Companies by Volume: Year-to-Date

2012 2011 2012 2011


SAGICOR FINANCIAL CORPORATION 46,506 45,124 $106,192 $122,252


GODDARD ENTERPRISES LIMITED 18,444 17,734 $107,325 $106,186

CABLE & WIRELESS (BARBADOS) LIMITED 13,043 14,800 $ 69,680 $ 79,762

INSURANCE CORPORATION OF BARBADOS LIMITED 11,379 9,591 $ 30,069 $ 28,863

P a g e | 6

Table 9 - Top Five Traded Companies by Value: Year-to-Date

2012 2011 2012 2011


GODDARD ENTERPRISES LIMITED $107,325 $106,186 18,444 17,734

SAGICOR FINANCIAL CORPORATION $106,192 $122,252 46,506 45,124

NEAL & MASSY HOLDINGS LIMITED $102,481 $141,901 7,536 10,458

BANKS HOLDINGS INCORPORATED $ 72,144 $33,162 22,298 8,442

CABLE & WIRELESS (BARBADOS) LIMITED $ 69,680 $79,762 13,043 14,800

For the third quarter of 2012, Sagicor Financial Corporation repeated its third quarter 2011 performance and remained the volume leader for the period July to September 2012. They accounted for 48% of the volume traded and 29% of the value traded. They were followed by Goddard Enterprises Limited and Insurance Corporation of Barbados Limited in terms of volume traded. While both Sagicor Financial Corporation and Goddard Enterprises Limited also captured the two top performers in terms of value traded, Neal and Massy Holdings Limited rounded out the top three in terms of value traded. 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

2012 2011 2012 2011


SAGICOR FINANCIAL CORPORATION 14,428 21,626 $32,389 $51,269

GODDARD ENTERPRISES LIMITED 4,175 6,786 $22,885 $40,386

INSURANCE CORPORATION OF BARBADOS LIMITED 2,851 1,602 $ 7,207 $ 4,808


NEAL & MASSY HOLDINGS LIMITED 1,247 2,572 $16,951 $35,751

Table 11 - Top Five Traded Companies by Value: 3rd Quarter

2012 2011 2012 2011


SAGICOR FINANCIAL CORPORATION $32,389 $51,269 14,428 21,626

GODDARD ENTERPRISES LIMITED $22,885 $40,386 4,175 6,786

NEAL & MASSY HOLDINGS LIMITED $16,951 $35,751 1,247 2,572

LIGHT & POWER HOLDINGS LIMITED $11,539 $94,525 449 3,678

BANKS HOLDINGS LIMITED $ 8,084 $ 5,705 2,754 1,500

Junior Market

There was no activity on the Junior Market during the third quarter of 2012. To date, however, Royal

Fidelity's TIGRS A Fund traded 2,000 shares with a value of $20,295.00. On September 20th, 2012 Royal

P a g e | 7

Fidelity (Barbados) Investment Fund Limited listed two of its sub funds - Royal Fidelity TIGRS A2 Fund

(RFTA2 - 750,000 shares @ $10.00) and Royal Fidelity TIGRSA3 Fund (RFTA3 - 450,000 shares @

$10.00).

Put-Through Market

Table 12 - Put Through Market Activity - YTD

Company Volume Value

BARBADOS FARMS LIMITED 3,235 $3,235

GODDARD ENTERPRISES LIMITED 70,322 $425,155

ONE CARIBBEAN MEDIA LIMITED 180,846 $958,484

SAGICOR FINANCIAL CORPORATION 5,999 $14,655

TOTAL 260,402 $1,401,529

Table 12, above, illustrates the Put Through transactions which have occurred as at September 30th,

2012.

Block Trade Market

There were no recorded block trades on the board of the BSE for the period ending September 30th,

2012.

Bond Market

As at September 30th, 2012, twenty-one (21) Barbados Government Debentures and fourteen (14)

Barbados Government Treasury Notes traded on the board of the Exchange as compared to sixteen (16)

Barbados Government Debentures, nine (9) Barbados Government Treasury Notes and one (1)

Government-backed security trading for the corresponding period in 2011. There were a total of 200

trades occurring on the Bond Market resulting in a volume of 21,791,000 bonds trading. The total face

value of the bonds traded was $2,170,846,150.00. Table 13 below summarizes all bonds traded for the

period ended September 30th, 2012.

P a g e | 8

Table 13 - Summary of Bonds Traded

Security Volume

BARBADOS GOVERNMENT DEBENTURE 4.25% 2013 1,000








BARBADOS GOVERNMENT DEBENTURE 6.625% 2020 9,712,000



BARBADOS GOVERNMENT DEBENTURE 7% 2017 535,000










BARBADOS GOVERNMENT T/NOTE 4.25% 2013 103,000



BARBADOS GOVERNMENT T/NOTE 6% 2016 246,000











TOTAL 21,791,000

P a g e | 9

Index and Market Capitalization Movement

There were favorable results for the indices and market capitalization when examined over the past

three, nine and twelve month periods. For the third quarter, as illustrated in Table 14, only the local

index recorded a decline from its positions at June 30th, 2012. The Cross-Listed Index recorded the

largest increase of 10.21% resulting in a 3.72% increase in the Composite Index which factors in the

performance of both the Local and Cross-Listed securities. When the comparison is extended to nine

and 12 months (Table 15 and Table 16), performance was similar, as the Local index recorded declines

of 2.27% and 3.38% respectively while the Cross-Listed Index recorded increases in excess of 10% for

both periods.

The market capitalization comparisons, illustrated in Table 17 - 19, had similar results; the Local Market

Capitalization experienced declines over the 3 month and 12 month period but recorded a 0.70%

increase over the 9 month period. The Cross-Listed Market Capitalization recorded increases for the 3

month (8.26%), 9 month (14.70%) and 12 month (12.53%) comparisons. These results can be attributed

to marked increases in the share prices of both Neal and Massy Holdings Limited and One Caribbean

Media Limited. One Caribbean Media Limited's share price appreciated from $2.95 at the close of 2011

to $5.00 by the end of the third quarter; an increase of $2.05. Neal and Massy Holdings Limited's share

price went up $0.45 from $13.60 at the close of 2011 to $14.05 at the close of the period ended

September 30th, 2012.

Table 14 - Index Comparison 3rd

Quarter

Index 30-Sep-12 30-Jun-12 % Change

Local 3,192.87 3,200.26 -0.23%

Cross Listed 1,305.35 1,184.41 10.21%

Composite 749.24 722.40 3.72%

Table 15 - Index Comparison Nine Months

Index 30-Sep-12 31-Dec-11 % Change

Local 3,192.87 3,267.18 -2.27%

Cross Listed 1,305.35 1,142.23 14.28%

Composite 749.24 722.07 3.76%

Table 16 - Index Comparison Year-on-Year

Index 30-Sep-12 30-Sep-11 % Change

Local 3,192.87 3,304.58 -3.38%

Cross Listed 1,305.35 1,168.29 11.73%

Composite 749.24 733.32 2.17%

P a g e | 10

Table 17 - Market Capitalization Comparison 3rd

Quarter

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

Local 9,190,555,963 9,192,523,517 -0.02%

Cross Listed 2,175,651,106 2,009,717,950 8.26%

Composite 11,374,007,069 11,210,041,467 1.46%

Table 18 - Market Capitalization Comparison Nine Months

Market Capitalization 30-Sep-12 31-Dec-11 % Change

Local 9,190,555,963 9,127,101,474 0.70%

Cross Listed 2,175,651,106 1,896,819,202 14.70%

Composite 11,374,007,069 11,031,870,677 3.10%

Table 19 -Market Capitalization Comparison Year-on-Year

Market Capitalization 30-Sep-12 30-Sep-11 % Change

Local 9,190,555,963 9,333,117,525 -1.53%

Cross Listed 2,175,651,106 1,933,337,804 12.53%

Composite 11,374,007,069 11,274,405,328 0.88%

Figure 2 - Index Movement 9 months

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

Decem

ber

Febru

ary

Ap

ril

Jun

e

Au

gust

% C

han

ge

Month

Index Movement for 2012

Local Index

Cross-Listed index

Composite index

P a g e | 11

Company Activity Comparative Report

For the first nine months of the year, ending September 30th 2012, seven (7) securities advanced, eight

(8) declined, five (5) remained unchanged, inclusive of two new listings, and eight (8) did not trade1. This

is compared to seven (7) securities advanced, twelve (12) declined, three (3) remained unchanged with

one new listing trading (Sagicor Financial Corporation Preference 6.5% - SFC65), four (4) did not trade

including one (1) delisted security (Sunbeach Limited - SBH).

One Caribbean Media Limited was the top advancer for the first nine months climbing 69.49% after its

share price rose from $2.95 at the close of 2011 to $5.00 for the period ended September 30th, 2012..

Jamaica Money Market Brokers Limited and Insurance Corporation of Barbados Limited rounded out the

top three companies to increase in price during the first nine months of 2012 increasing 50.00% and

8.00% respectively. The four other companies to increase in price were FirstCaribbean International

Bank, Sagicor Financial Corporation 6.5% Preference, Neal and Massy Holdings Limited and Cave

Shepherd and Company Limited.

Four companies experienced declines in excess of 10% for the first nine months of 2012. Almond Resorts

Incorporated suffered the largest decline as their share price fell by 60.00% at the close of the period.

Barbados Farms Limited, Sagicor Financial Corporation and Fortress Caribbean Property Fund Limited

were the other companies to experience double digit declines.

Table 20 - Year-to-date Trading Activity by Company (Regular and Junior market only)

YTD 2012

YTD 2012

CLOSING PRICE

CLOSING PRICE

% Change

SECURITY Volume Value Sep 30 2012

Dec 31 2011

Ansa Mcal (Barbados) Limited 761,324 $ 8,945,557 11.75 11.75 0.00%

Almond Resorts Inc. 10,000 $ 5,000 0.50 1.25 -60.00%

BICO Industries Ltd. 18,034 $ 33,543 1.86 1.86 0.00%

Barbados Dairy Industries Ltd. 38,273 $ 202,464 5.29 5.29 0.00%

Barbados Farms Ltd. 47,317 $ 52,464 1.00 1.50 -33.33%

Republic Bank Barbados Limited 0 $ - 5.50 5.50 0.00%

Banks Holdings Ltd. 405,764 $ 1,280,659 3.00 3.29 -8.81%

Barbados Shipping & Trading Co. Ltd. 0 $ - 7.58 7.58 0.00%

Fortress Caribbean Property Fund 432,923 $ 379,820 0.85 1.00 -15.00%

Cave Shepherd and Co. Ltd. 186,824 $ 869,014 4.68 4.60 1.74%

Cable and Wireless Barbados Ltd 161,903 $ 863,140 5.31 5.34 -0.56%

FirstCaribbean International Bank 583,000 $ 1,813,706 3.11 2.90 7.24%

Goddard Enterprises Ltd. 509,170 $ 2,966,756 5.50 6.00 -8.33%

Insurance Corporation Of Barbados Ltd. 137,944 $ 368,436 2.70 2.50 8.00%

Jamaica Money Market Brokers Limited 1,000 $ 150 0.15 0.10 50.00%

1 The Barbados Stock Exchange (BSE) is pleased to announce that Royal Fidelity (Barbados) Investment Fund

Limited has listed two of its sub funds on the Junior Market of the Exchange effective September 20th, 2012. The names of the funds are Royal Fidelity TIGRS A2 Fund (750,000 @ $10.00) and Royal Fidelity TIGRS A3 Fund (450,000 @ $10.00).

P a g e | 12

YTD 2012

YTD 2012

CLOSING PRICE

CLOSING PRICE

% Change


Dec 31 2011

Light and Power Holdings Ltd. 46,047 $ 1,183,408 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. 108,313 $ 1,473,507 14.05 13.60 3.31%

One Caribbean Media Limited 398,074 $ 1,566,504 5.00 2.95 69.49%

Sagicor Financial Corporation Pref 6.5% 118,000 $ 244,640 2.08 2.00 4.00%

Sagicor Financial Corporation 1,384,758 $ 3,133,742 2.30 2.87 -19.86%

Trinidad Cement Ltd. 0 $ - 0.80 0.80 0.00%

West India Biscuit Co. Ltd. 1,249 $ 12,502 10.01 10.01 0.00%

The West Indies Rum Distilleries Ltd. 0 $ - 8.00 8.00 0.00%

Royal Fidelity TIGRS A Fund 2,000 $ 20,925 10.50 10.75 -2.33%

Royal Fidelity TIGRS A1 Fund 0 $ - 10.00 10.00 0.00%

Royal Fidelity TIGRS A2 Fund 0 $ - 10.00 - -


5,351,917 $ 25,415,936

For the third quarter of 2012, six (6) securities advanced, three (3) declined, six (6) remained unchanged

including two new listings and thirteen (13) did not trade. This is compared to three (3) securities

advanced, seven (7) declined, six (6) remained unchanged with one new listing trading and ten (10) did

not trade 2011.

Table 21 - 3rd

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

3rd Quarter

2012

3rd Quarter

2012

CLOSING PRICE

CLOSING PRICE

% Change


June 30 2012

Ansa Mcal (Barbados) Limited 0 $ - 11.75 11.75 0.00%

Almond Resorts Inc. 0 $ - 0.50 0.50 0.00%

BICO Industries Ltd. 0 $ - 1.86 1.86 0.00%

Barbados Dairy Industries Ltd. 24,322 $ 128,663 5.29 5.29 0.00%

Barbados Farms Ltd. 18,348 $ 18,348 1.00 1.19 -15.97%

Republic Bank Barbados Limited 0 $ - 5.50 5.50 0.00%

Banks Holdings Ltd. 194,555 $ 583,665 3.00 3.25 -7.69%

Barbados Shipping & Trading Co. Ltd. 0 $ - 7.58 7.58 0.00%

Fortress Caribbean Property Fund 129,767 $ 109,969 0.85 0.85 0.00%

Cave Shepherd and Co. Ltd. 128,052 $ 594,646 4.68 4.59 1.96%

Cable and Wireless Barbados Ltd 29,407 $ 156,171 5.31 5.30 0.19%

FirstCaribbean International Bank 147,230 $ 459,088 3.11 3.12 -0.32%

Goddard Enterprises Ltd. 136,411 $ 750,261 5.50 5.50 0.00%

Insurance Corporation Of Barbados Ltd. 33,420 $ 87,392 2.70 2.69 0.37%

Jamaica Money Market Brokers Limited 0 $ - 0.15 0.15 0.00%

Light and Power Holdings Ltd. 41,046 $ 1,054,882 25.70 25.70 0.00%

P a g e | 13

3rd Quarter

2012

3rd Quarter

2012

CLOSING PRICE

CLOSING PRICE

% Change


June 30 2012

Light And Power Holdings Ltd 5.5% Pref 0 $ - 3.11 3.11 0.00%

Neal And Massey Holdings Ltd. 73,467 $ 999,601 14.05 13.60 3.31%

One Caribbean Media Limited 334,692 $ 1,361,758 5.00 3.55 40.85%

Sagicor Financial Corporation Pref 6.5% 100,000 $ 208,000 2.08 2.08 0.00%

Sagicor Financial Corporation 297,809 $ 668,429 2.30 2.20 4.55%

Trinidad Cement Ltd. 0 $ - 0.80 0.80 0.00%

West India Biscuit Co. Ltd. 1,249 $ 12,502 10.01 10.01 0.00%

The West Indies Rum Distilleries Ltd. 0 $ - 8.00 8.00 0.00%

Royal Fidelity TIGRS A Fund 0 $ - 10.50 10.50 0.00%

Royal Fidelity TIGRS A1 Fund 0 $ - 10.00 10.00 0.00%



1,689,775 $ 7,193,375 - -

P a g e | 14

Conclusion

Table 22 - Regional Index Comparative Analysis

Performance Three

Month Nine

Month Twelve Month

Barbados Stock Exchange Composite Index 3.72% 3.76% 2.17%

Jamaica Stock Exchange Market Index -0.24% -8.71% -4.62%

Trinidad and Tobago Composite Index 4.30% 5.29% 7.80%

The third quarter of 2012 has been encouraging for the Barbados Stock Exchange despite decreases in

both trading volumes and values of 40% and 5% respectively. Two new securities were listed on the

board of the Exchange and Composite Index figures showed increases of 3.72% for the three month,

3.76% for the nine month and 2.17% for the twelve month. It should be noted, however, that at the

close of the third quarter of 2011 the BSE three month Composite Index declined by 0.95%, while the

nine and twelve month Indices recorded increases of 8.62% and 2.48% respectively. The 2012 results,

while not indicative of any sustainable long term growth or reversal of negative trends in the local

capital market, were caused primarily by movements in the share prices of Cross-Listed securities. A look

at our regional counterparts shows that while the Trinidad and Tobago Stock Exchange (TTSE) have

recorded index growth over the three, nine and twelve month periods, the Jamaica Stock Exchange (JSE)

has recorded declines across all the periods under analysis. The most notable increases were

experienced by the TTSE's Composite Index which recorded a 5.29% increase over the nine month

period and a 7.80% increase over the twelve month.

As we look toward the 4th quarter of 2012 and beyond, the BSE continues to strive to provide the local

capital market with an efficient and effective market place for the trading of securities. On October 8th,

2012 the BSE will be removing the Odd-Lot Market threshold of 999 shares and instituting individual

thresholds for each security listed on the board of the BSE based on a percentage of their respective

listed securities. Share prices will only change when a single trade in a security meets or exceeds the

specified threshold. For further information please visit our website - www.bse.com.bb. The BSE also

recognizes the value it can add to the International Business and Financial Services Sector (IBFS) and, to

this end, have commenced work on the drafting of Rules for the International Securities Market (ISM)

which will enhance Barbados' current offering to International Business Companies (IBCs) by allowing

them not only to incorporate their operations here, but to also utilize the same prospectus used for

incorporation to list their securities to raise capital. The ISM would negate the listing of the IBC's

securities in another jurisdiction thus reducing the costs to the IBC associated with generating an

additional prospectus for listing thus making Barbados a one stop shop for IBCs. Our consultants will be

onshore at the start of the 4th quarter to meet with potential players in the IBFS to gather information to

assist in their preparation of the draft rules for the ISM.

The BSE continues to strive for excellence and wishes to thank all market participants - Listed

Companies, Brokers, Investors - for their support as we fulfill our mandate to 'build a better market'.

http://www.bse.com.bb/downloads/Implementation%20of%20Changes%20-%20Odd-Lot%20Limits.pdf

Documents

BSE Third Quarter Report 2012