The Bahamas International Securities Exchange's (BISX) total market capitalisation grew by 58 percent in 2020 due to the listing of more than $3.4bn in long-term government bond debt.
The exchange, in its year-end statistical report, disclosed that the combined total value of listed equity and debt securities jumped by more than $3.2bn year-over-year compared to end-2019. The total worth of listed debt securities alone, which includes the government's bonds, soared from just $507m at the prior year-end to just over $4bn.
As a result, the total value of BISX-listed debt and equity securities rose from $5.531bn at the start of 2020 to $8.763bn by year-end. However, amid the economic devastation caused by the COVID-19 pandemic, the combined worth of listed equity stocks dropped by more than $263m or 5.2 percent year-over-year.
The fall, from $5.024bn at year-end 2019 to $4.761bn some 12 months later, was caused by the decline in value of BISX-listed share prices. The exchange's All-Share Index, which measures only movements in share prices and does not include capital appreciation (dividends), was down for the year by 6.23 percent or 139.14 points at 2,092.46.
"By comparison, for the 12-month period ending December 31, 2019, the BISX All-Share Index closed at 2231.60. That increase was a year to date increase of 122.19 or 5.79 percent," BISX said.
"As at December 31, 2020, the market was comprised of 20 ordinary shares with a market capitalisation of $4.51bn. In addition, there were seven preference shares with a market capitalisation of $244m, ten Bahamas Government Stock (BGS) and corporate bonds with a face value of $479m, and 210 Bahamas Registered Stock (BRS) with a face value of $3.5bn."
Some 5.558m securities, worth a collective $27.886m, were traded across BISX in 2020. The vast majority of this activity involved ordinary shares in BISX-listed companies, of which 4.696m - worth a collective $18.696m - changed hands. Over 32,000 government bonds, worth more than $6.5m, were also traded.
BISX's All-Share Index did not enjoy the increases enjoyed by some global stock market indices, as the S&P 500 and MSCI Emerging Market Index both closed the year up 15.29 percent and 14.2 percent, respectively. In contrast, BISX's equivalent was down 6.23 percent, while London's FTSE 100 was also off 15.04 percent.
"Trading volume for the 12-month period January 2, 2020, to December 31, 2020, was 5.558m shares for a value of $27.886m Trading volume for the 12-month period January 2, 2019, to December 31, 2019, was 8.853m shares for a value of $42.746m," BISX said.
"Trading volume for the three-month period October 1 to December 31, 2020, was 1.85m shares for a value of $10.689m. By comparison, for the three-month period from October 1 to December 31, 2019, trading volume was 2.919m shares for a value of $13.818m."
Turning to average daily volumes and values, BISX added: "For the 12-month period ending December 31, 2020, the average daily trading volume was 22,068 shares, which resulted in an average daily trading value of $110,229. By comparison, for the 12-month period December 31, 2019, the average daily trading volume was 35,627 shares for an average value of $172,307.
"During the three-month period from October 1, 2020, to December 31, 2020, the average volume per trading day was 29,368 shares for a value of $169,665. By comparison, for the three-month period from October 1, 2019, to December 31, 2019, the average volume per trading day was 47,091 shares for an average value of $222,165."
Comments
tribanon 3 years, 2 months ago
Wow! BISX proudly announces its market cap gets a big boost from junk bonds. LOL
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