by Jacquella Gardiner Jacquella Gardiner No Comments

Bahamas Registered Stock Begin to Trade on BISX

FOR IMMEDIATE PUBLICATION – July 8, 2020

BISX CEO Keith Davies with Deputy Prime Minister and Minister of Finance K. Peter Turnquest (file photo from August 2017 courtesy call)

The Bahamas International Securities Exchange (BISX or the Exchange) is pleased to announce that trading in Bahamas Registered Stock (BRS) will begin on Thursday, 9th July 2020. This will be the first time that these instruments are available for trading on BISX, the National Stock Exchange of The Bahamas, and represents a significant advance in the Bahamian capital markets.

BRS represent the medium and long-term debt issued by the Government of The Bahamas, and there will be 220 BRS instruments available for trading with a total face value of $3.6 billion. BRS will be listed with maturities ranging from 1 year to 30 years.

During 2017, the Ministry of Finance, the Central Bank of The Bahamas (Central Bank) and BISX embarked on a three-year project, to facilitate the listing and full electronic trading of BRS on the Exchange.  As a result of these efforts, the Central Bank became a BISX Broker Member on 19th July 2019, all BRS were approved for listing on BISX on 1st August 2019, and now the trading of all BRS will commence during July 2020.  BISX Brokers will be able to trade BRS on behalf of their clients, with all transactions being settled through the Bahamas Government Securities Depository.

Deputy Prime Minister and Minister of Finance, Hon K. Peter Turnquest stated “This is another milestone in the evolution of the Bahamian capital markets, and delivers on a key component of our overall initiative to strengthen the public debt management framework and promote the development of the Government bond market.  In the long term, it will facilitate the issuance of these securities and help to reduce the Government’s overall funding costs. Investors will also benefit from the greater ease of purchasing and transacting these instruments. We are proud to be one of the first Caribbean nations to trade our public debt via our national stock exchange.  We look forward to working with BISX on other projects that benefit Bahamian investors.”

John Rolle Governor of the Central Bank of The Bahamas noted: “We are happy to have been a part of this project which is integral to the development of our domestic financial market infrastructure. Trading of fixed rate government securities creates important benchmarks for investors and other issuers that can then be used in evaluating the rates of other issuers.  As a part of this project, the Central Bank also became a BISX Broker Dealer Member in order to play a role in this regulated market.”

Andrew Strachan, Chairman of BISX commented on this milestone noting: “This project involved a significant effort on the part of the entire BISX, Central Bank and Ministry of Finance staff. We are proud of this foundational development in the Bahamian capital markets and the benefit that it will have to Government, to issuers and to Bahamian investors.”

Keith Davies, the Chief Executive Officer at BISX commented, “From its inception, the goal of BISX was to list and trade Government securities; therefore, this 20 year in the making achievement is a milestone, not only for the Exchange but for our country.  I am delighted that we have finally accomplished this goal. There were some challenges along the way, however, the three organizations worked together to arrive at this trading day. We have prepared a system that will allow for the seamless trading of BRS, utilizing our electronic trading system in a regulated electronic exchange.  Today is certainly historic.”

BRS will be viewable on their own specific section of the BISX website with information for each instrument located separately.

 

by Jacquella Gardiner Jacquella Gardiner No Comments

BISX Q1 Statistical Report 2020

FOR IMMEDIATE PUBLICATION

JANUARY TO MARCH 2020 STATISTICAL REPORT

BISX is pleased to announce its BISX All-Share Index and trading statistics for the three-month period ending March 31, 2020 with comparison to the same period of 2019.

 

BISX ALL SHARE INDEX

For the three-month period ending March 31, 2020 the BISX All-Share Index closed at 2,117.17. This represents a year to date decrease of 114.33 or 5.13%. By comparison for the three-month period ending March 29, 2019 the BISX All-Share Index closed at 2,119.29. That was a year to date increase of 9.88 or 0.47%. The BISX All-Share Index is a market capitalization weighted index comprised of all primary market listings excluding debt securities.

As at March 31, 2020 the market was comprised of 19 ordinary shares with a market capitalization of $4.52 Billion. In addition, there were 7 preference shares with a market capitalization of $244 million and 11 bonds with a face value of $507 Million.

 

MARKET CAPITAL

Over the 3-year period 2018 to 2020, the market value of all securities listed on BISX has shown an increase from 2018 to 2019 and a slight decrease from 2019 to 2020, during the period as indicated by the chart below:

 

COMPARISON OF BISX ALL SHARE INDEX TO INTERNATIONAL INDICES

Over the three-month period January 2 to March 31, 2020, most international equity markets have experienced decreases as indicated by the chart below:

 

TRADING VOLUMES AND VALUES

Trading volume for the three-month period January 2, 2020 to March 31, 2020 was 1,450,402 shares for a value of $7,859,910.56. By comparison, trading volume for the three-month period January 2, 2019 to March 29, 2019 was 2,272,970 shares for a value of $9,788,268.57.

 

AVERAGE DAILY VOLUME AND VALUE

For the three-month period from January 2, 2020 to March 31, 2020, the average volume per trading day was 22,948 shares for a value of $124,226.24. By comparison, for the three-month period from January 2, 2019 to March 31, 2019, the average volume per trading day was 37,333 shares for a value of $160,205.75.

 

SHARE VOLUME AND VALUE LEADERS (THREE MONTH PERIOD)

The top five share volume leaders on BISX for the three-month period January 2, 2020 to March 31, 2020 with their contribution to total traded volume displayed as a percentage were:

 

The top five share value leaders for the three-month period January 2, 2020 to March 31, 2020 with their contribution to total traded value displayed as a percentage were: