The market value of all BISX-listed securities rose by nearly $50m during 2018, with a strong fourth quarter enabling the exchange’s All-Share Index to close the year up 2.2 percent.
The Bahamas International Securities Exchange (BISX), unveiling its 2018 trading statistics, said the total market capitalisation of all listed securities - equities, preference shares and debt - had risen from $5.341bn to $5.39bn over the 12 months to end-December.
The latter figure represents a near-$370m increase over BISX’s market capitalisation some two years earlier, with the exchange confirming: “As at December 31, 2018, the market was comprised of 19 ordinary shares with a market capitalisation of $4.48bn.
“In addition, there were 13 preference shares with a market capitalisation of $327m and 19 bonds with a face value of $579m.”
BISX’s All-Share Index, which measures movement in the share prices of its 19 listed equities, closed the year up by 2.2 percent or 45.88 points on its 2017 close. A strong final quarter reversed an earlier decline in the Index, which only captures capital appreciation and does not include dividend payments to shareholders.
While not fully reflecting investor returns, BISX said: “By comparison for the 12-month period ending December 29, 2017, the BISX All-Share Index closed at 2,063.57. That increase was a year-to-date increase of 125.36 or 6.47 percent. The BISX All-Share Index is a market capitalisation weighted index comprised of all primary market listings excluding debt securities.”
The All-Share Index’s 2018 performance stood in stark contrast to that of major global stock market indices, many of which closed the year down on 2017 levels. The S&P 500, FTSE 100 index and MSCI Emerging Market index finished down by 7.01 percent; 12.03 percent; and 17.41 percent, respectively.
BISX facilitated some 1,416 trades, worth $41.832m, that resulted in 8,519,711 securities changing hands in 2018. Most of the trades, some 1,328, involved ordinary shares in the 19 listed equities.
“Trading volume for the 12-month period January 2, 2018, to December 31, 2018, was 8,519,711 shares for a value of $41.833m. Trading volume for the 12-month period January 1, 2017, to December 29, 2017, was 5,128,595 shares for a value of $44.597m,” BISX said.
“Trading volume for the three-month period October 1 to December 31, 2018, was 1,308,443 shares for a value of $ 6.352m. By comparison, for the three-month period from October 1 to December 29, 2017, trading volume was 1,714,335 shares for a value of $8.152m.”
Commonwealth Bank led the market for both the value and volume of shares traded. The commercial bank accounted for 37.6 percent all shares traded, some 3.205m, with AML Foods in second place at 28.6 percent of total volumes.
And Commonwealth Bank’s stock was responsible for 32.1 percent, or $13.434m, of the total value of shares traded over BISX during 2018. AML Foods was again in second place, accounting for $9.313m of total market value.