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Bisx Prices Go In Opposite Direction To Global Indices

Listed share prices on the Bahamas International Securities Exchange (BISX) continue to move in the opposite direction to their global counterparts, with the exchange's All-Share Index down 3.78 per cent for the half-year.

The Index, which only measures movements in stock prices, lost some of the gains experienced during its 7.67 per cent or near-140 point appreciation during the same period in 2016. For the first six months of 2017, it fell by 73.34 points to 1,864.87.

In contrast to the BISX All-Share Index's decline, major market equity indices produced gains during the 2017 first half. The S&P 500 and FTSE 100 indices closed the period up 8.24 per cent and 2.38 per cent, respectively, while the MSCI Emerging Market Index was ahead 17.23 per cent.

Despite generally sluggish share prices, the combined value of equity and debt securities listed on BISX remained above $4.8 billion.

"As at June 30, 2017, the market was comprised of 20 ordinary shares with a market capitalisation of $3.94 billion," BISX said in a statement yesterday. "In addition, there were 13 preference shares with a market capitalisation of $327.25 million, and 19 bonds with a face value of $579 million."

While equity trading volumes were down compared to 2016 first half levels, the exchange's data showed that the total worth of shares traded over BISX was slightly higher than last year.

"Trading volume for the six-month period January 1, 2017, to June 30, 2017, was 2,350,053 shares for a value of $15.487 million," BISX said. "Trading volume for the six-month period January 1, 2016, to June 30, 2016, was 2,960,687 shares for a value of $15.451 million.

"Trading volume for the three-month period April 1, 2017, to June 30, 2017, was 1,354,166 shares for a value of $9.422 million. Trading volume for the three-month period April 1, 2016, to June 30, 2016 was 2,061,562 shares for a value of $8.113 million."

As a result, BISX's average daily trading volume was down from 23,590 shares to 18,328 shares year-over-year. However, the average daily value of shares traded rose from $122,922 to $123,532.

Colina Holdings (Bahamas), the life and health insurance holding company, was the 2017 first half leader for both volume and value of shares traded. It accounted for 33.7 per cent, or more than one-third, of all equities traded, and 29.8 per cent of the total value.

AML Foods was the second most widely traded stock, accounting for 22.6 per cent of the total. Cable Bahamas and Commonwealth Bank produced 13 per cent and 11.3 per cent, respectively, of trading activity, with FOCOL Holdings accounting for 6 per cent.

When it came to value, Commonwealth Bank was second, accounting for 20.6 per cent of the total worth of shares traded during the 2017 first half. AML Foods came in third at 14.9 per cent, with FOCOL and Cable Bahamas in fourth and fifth spots, respectively.

Comments

John 1 year, 6 months ago

The fact is the Bahamas had a very stagnant even declining economy since the Hurricane hit in October. And while the first four months of the year remained steady, May and the months following the election all showed declining economic activity. Min the US for example many states are reporting unemployment rates of under 4%. Some states are reporting shortages of skilled and semiskilled workers. And the US government has had to issue work permits to agricultural workers who normally cross the border during the farming season then return afterwards. They are now afraid of Donald Trump.

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