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.
P a g e | 2
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 5.25% 2013 201,000
BARBADOS GOVERNMENT DEBENTURE 5.875% 2018 1,000
BARBADOS GOVERNMENT DEBENTURE 6% 2020 2,000
BARBADOS GOVERNMENT DEBENTURE 6.125% 2021 1,000
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Security Volume
BARBADOS GOVERNMENT DEBENTURE 6.25% 2019 20,000
BARBADOS GOVERNMENT DEBENTURE 6.25% 2022 2,000
BARBADOS GOVERNMENT DEBENTURE 6.625% 2018 550,000
BARBADOS GOVERNMENT DEBENTURE 6.625% 2020 3,000
BARBADOS GOVERNMENT DEBENTURE 6.75% 2021 2,000
BARBADOS GOVERNMENT DEBENTURE 6.875% 2020 5,000,000
BARBADOS GOVERNMENT DEBENTURE 6.875% 2023 103,000
BARBADOS GOVERNMENT DEBENTURE 7% 2017 3,000
BARBADOS GOVERNMENT DEBENTURE 7% 2023 29,000
BARBADOS GOVERNMENT DEBENTURE 7% 2024 2,000
BARBADOS GOVERNMENT DEBENTURE 7.125% 2026 5,000
BARBADOS GOVERNMENT DEBENTURE 7.25% 2026 3,000
BARBADOS GOVERNMENT DEBENTURE 7.375% 2027 3,000
BARBADOS GOVERNMENT DEBENTURE 7.375% 2029 2,000
BARBADOS GOVERNMENT DEBENTURE 7.750% 2031 5,000
BARBADOS GOVERNMENT T/NOTE 4.25% 2013 2,000
BARBADOS GOVERNMENT T/NOTE 4.375% 2014 3,000
BARBADOS GOVERNMENT T/NOTE 4.5% 2015 734,000
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 6.25% 2018 18,000
BARBADOS GOVERNMENT T/NOTE 6.375% 2019 2,000
BARBADOS GOVERNMENT T/NOTE 6.5% 2019 2,000
BARBADOS GOVERNMENT T/NOTE 6.625% 2019 6,000
BARBADOS GOVERNMENT T/NOTE 7.5% 2017 500,000
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
P a g e | 9
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%
ROYAL FIDELITY TIGRS A2 FUND (J) 0 $ - 10.00 10.00 0.00%
ROYAL FIDELITY TIGRS A3 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
P a g e | 10
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%
ROYAL FIDELITY TIGRS A2 FUND 0 $ - 10.00 10.00 0.00%
ROYAL FIDELITY TIGRS A3 FUND 0 $ - 10.00 10.00 0.00%
TOTAL 1,356,675 $ 5,820,796 - -
P a g e | 11
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.