General performance on the Board of the Barbados Stock Exchange Inc. (BSE) for the year 2013 showed comparable performance to that of the wider macro-economic environment.
Trading for the year started well with the completion of transactions pursuant to the take-over of Republic Bank Barbados Limited (RBBL) by Republic Bank Limited. Average monthly trading was steady from that point until a surge in trading activity during the month of December which saw a spike in activity in both the Regular and Put Through Markets. The Put Through Market had the most improved performance in terms of increased activity as trades occurred on this Market every month with the exception of November. The Junior Market, although only recording one single trade, saw increases in performance in both trading volumes and values; there was one Block Trade transaction during the year 2013. There were also improvements in the level of Bond Market activity during 2013.
A comparison of total trading volume and value 2013/2012, inclusive of extraordinary transactions for 2013 mentioned above, as well as those occurring in 2012 – the completion of AMCL Holdings Limited’s takeover of ANSA McAL (Barbados) Limited and the initial trades (Block trades and Regular Market activity) pursuant to Republic Bank Limited’s take-over of Republic Bank Barbados Limited, shows a decline in total trading volume of 43% and an associated decline in total trading value of 60% as illustrated in Table 1 below. However, excluding the extraordinary transactions for both years, total trading volume would have increased by 24% and total trading value would have increased by 42%.
There were three de-listings and two new listings on the board of the BSE. ANSA McAL Barbados Limited, Fortress Caribbean Property Fund Limited and Republic Bank Barbados Limited were the securities exiting the board during 2013. Subsequent to the delisting of Caribbean Property Fund, Fortress Fund Managers Limited listed two new mutual funds – Fortress Caribbean Property Fund – Development Fund and Fortress Caribbean Property Fund – Value Fund.
Market indices showed mixed results in 2013 when compared to the closing figures for 2012. At year-end, the Local Index was the only measure to record a decrease of 2.82%. The Cross-listed and Composite indices, however, had risen by 15.31% and 1.42% respectively, above their 2012 year-end figures. These increases were due primarily to the increase in the traded price of Neal and Massy Holdings Limited which, by the close of 2013, had increased 22.78% over its December 31st, 2012 figure. One Caribbean Media Limited’s price also increased but only by 1.05%. The BSE Market Capitalization measures performed similarly, however, the Cross-Listed Market Cap was the only market measure to recorded an increase of 14.92%. It should be noted that the declining Local Market Cap performance was attributed primarily to the de-listing of both ANSA McAL Barbados Limited and Republic Bank Barbados Limited.