The BISX All Share Index advanced for the third consecutive week, climbing 43.63 points or 2.916 percent to 1,540.00. However, year-to-date, the Index is down 172.36 points or 10.07 percent an improvement over the previous year's YTD return of negative 17.11 percent. The local market experienced a large increase in activity this week as 129,599 shares crossed the exchange over 33 trades to accumulate a value of $809,407.90. This week, there were three price advancements and three price declines. Commonwealth Bank Limited (CBL) was the star performer this week as price per share soared to $6.51 representing an increase of $0.71 or 12.24 percent. Commonwealth
Bank Limited (CBL) has seen three consecutive weeks of advancements. However, year-to-date the stock is down $0.49 or 7.00 percent. FirstCaribbean International Bank (CIB) followed, adding $0.13 or 1.32 percent to close at $9.99. Consolidated Water Company BDRs (CWCB) gained $0.05 or 1.95 percent to end the week at $2.62. Cable Bahamas Ltd. (CAB) led the decliners as price fell $0.02 or 0.20 percent to $9.98. Rounding off the decliners was Bahamas Property Fund (BPF) which slipped $0.01 or 0.09 percent to $10.74 and the Finance Corporation of the Bahamas (FIN) which lost $0.01 or 0.11 percent to settle at $9.28.
FOCOL Holdings Ltd. (FCL) traded the highest volume this week as 53,565 shares crossed the exchange over 4 trades to accumulate a value of $254,429.55. Commonwealth Bank Limited (CBL) was the value leader this week as 44,961 shares were traded over 13 trades to accumulate a value of $289,480.55.
COMPANY UPDATES & CORPORATE ACTIONS
Earnings Releases:
* The Finance Corporation of the Bahamas (FIN) reported net income of $4.56 million for the fiscal year ended October 31st, 2009 representing a decrease of $9.89 million or 68.44 percent year over year. Loan loss provisions increased by 184.9 percent or $9.8 million to $15.1 million. Total assets reported grew $107.8 million or 13.47 percent to $907.9 million. The Board of Directors has decided not to pay a fourth quarter dividend this year because of the large reduction in net income and the high level of loans in arrears.
* FOCOL Holdings Ltd. (FCL) released its audited financial statements for the year ended July 31st, 2009. Net income reported was $12.59 million representing an increase of $974,000 or 8.38 percent. Earnings per share increased $0.03 to $0.37. Total assets decreased $10.437 million or 7.61 percent to126.624 million.
Dividend Payments:
* ICD Utilities (ICD): $0.14 per share of record December 14th, 2009 payable December 21st, 2009.
* Doctors Hospital Health System (DHS): $0.03 per share of record December 15th, 2009 payable December 22nd, 2009.
* Commonwealth Bank Limited (CBL): $0.05 per share to common shareholders and a quarterly payment to A, B, C, D, E, F, G, H, and I preference shareholders of record December 15th, 2009 payable December 31st, 2009.
* Cable Bahamas (CAB): $0.07 per share to common shareholders of record December 18th, 2009 payable December 31st, 2009.
* Colina Holdings Bahamas Limited (CHL): a quarterly payment to Class A preference shareholders of record December 31st, 2009 payable within ten days of record date.
Annual General Meetings:
* Associated Bahamian Distillers and Brewers Limited (ABDAB): Monday, January 4th, 2009 at 4:00 pm at Burns House, #16 JFK St.
INTERNATIONAL MARKET OVERVIEW: December 14th, 2009 – December 18th, 2009
International Equity Indices closed mixed this week as the Dow Jones Industrial Average settled at 10,328.89 after a decline of 142.61 points or 1.36 percent. The S&P 500 fell 3.94 points or 0.36 percent ending at 1,102.47. The NASDAQ Composite Index closed up 21.38 points or 0.98 percent to settle at 2,211.69. The Toronto Composite Stock Exchange Index added 39.47 or 0.35 percent to close at 11,463.40. In the Euro zone, the Dow Jones Stoxx 50 added 8.90 points or 0.31 percent to 2,871.22 while the FTSE 100 lost 64.76 points or 1.23 percent to 5,196.81. The Nikkei 225 gained 34.81 points or 0.34 percent to 10,142.05. Commodities closed mixed as Crude Oil settled at $73.36 per barrel after a gain of $3.80 or 5.46 percent while Gold decreased by $0.41 or 0.04 percent to end at $1,114.99 per ounce.
