Apr 2004 Financial News

Sagicor Trades At New High

Apr 19, 2004

In Barbados, a few weeks ahead of the anticipated release of its first year of results, Sagicor Financial Corporation (SFC) traded at a new high of $4.40. Based on the current Rules and By-Laws of the Barbados Stock Exchange Inc. (BSE) listed companies have 120 days after their year end within which audited financial statements must be issued to shareholders.

Quarterly results are due within 60 days of the end of the quarter. Interest in this security remains high in other markets as well despite the fact that the share has not yet been cross listed. For the week 887,957 shares traded at a low of $4.35 and a high of $4.40 before closing the week at $4.35.

Apart from SFC, six other securities traded. There were Cable & Wireless (Barbados) Limited (CWBL), Almond Resorts Inc. (ARI), McEnearney Alstons (Barbados) Limited (MCAL), Barbados Shipping & Trading Co. Ltd (BST), FirstCaribbean International Bank Limited (FCIB) and the Insurance Corporation of Barbados (ICBL). Volume leader was as usual SFC which accounted for 89% of trades, followed by CWBL with 3.1% and ARI with 2.81%.

MCAL traded 15,000 shares this week and its share price closed up 50 cents at $5.90. This security recorded the largest price appreciation. MCAL has risen by $1.40 or 31% for the year so far. Only two other securities increased in price last week and there were CWBL which increased by 5 cents or 3.03% to $1.70 and BST which increased by 10 cents to close at $5.80 a share. The sole decline was ICBL which traded 1,298 shares and closed down 5 cents at $3.85.

On the Junior Market 1,305 shares traded in Sunbeach Communications Inc. at 50 cents a share. This stock was first listed on the Barbados Stock Exchange in August 2002 at a price of 54 cents a share and traded as high as $1.10 in December 2002. The year end of the company is April 30 and using the 48 million shares in issue the company incurred a loss of $0.054 cents a share.

Net Loss Shares in Issue Share price

April 30, 2003 (2,590,246) 48,177,936 95 cents

Oct 31, 2003 (unaudited) (2,085) 48,177,936 80 cents

Jan 31, 2004 (unaudited) (11,978) 48,177,936 65 cents

It was certainly a roller coaster ride in Jamaica which began on Tuesday with the stock market losing over 4,000 points from the JSE Index which closed at 99,867.67. This led many people in the industry to wonder whether the bull run had finally come to end or whether this was just a temporary glitch as investors anxiously awaited the presentation of the budget from Dr. Omar Davies. However Thursday’s trading saw a recovery in the market when the index advanced by 1,845.36 points or (1.85%) to close at 101,514.29 points. At the end of last week’s trading the JSE Index closed at 103,343.72 points down 919.43 points or 0.88% from the previous week.

Source: Nation Barbados
http://www.nationnews.com/StoryView.cfm?Record=49089&Section=Business&Current=2004-04-19%2000%3A00%3A00