Bahamas News

The Bahamas International Securities Exchange opened the week with a single trade; but the trade was formidable enough for the BISX to gain 64 basis points to close the day 1,364.24.

Commonwealth Bank which is clearly the darling of investors is clearly demonstrating its clout in the market place. For the past three weeks and more it has simply dominated the BISX eclipsing even FirstCaribbean which is the most influential stock traded on the BISX.

On Monday it took three trades to move 10,000 Commonwealth Bank shares, picked up $0.04 and hit yet another 52-week high of $9.50.

The interest in Common-wealth Bank has had some impact on holders of the stock. A cursory glance at the BISX’s Sell Volume, shows that as recently as the first Monday in February, there were sellers who were willing to take as little as $9.17. There were 23,415 shares available at that price.

On that day February 6, Commonwealth Bank moved 10,517 shares in three trades and dropped $0.05 to close at $9.10. Another 6,000 shares moved two days later at the same price. In that two-day trading period both the volume available for sale and the price increased. The BISX now showed 26,115 shares up for sale at $9.19.

On February 9, investors had nearly doubled the number of shares for sale to 46,115 and the asking price was $9.17. Twenty four hours later that volume was down to 27,415 shares. That day the last trading day of that week, 14,500 shares were bought at $9.10.

Fast forward to February 20 and the Buy and Sell Volumes on the BISX are reversed. Now the buyers were looking for 26,034 and willing to pay $9.15. At that point there were only 500 Commonwealth shares up for sale at the princely sum of $9.50.

On Tuesday February 21 the buyers were prepared to buy at $9.07 and the stock closed at $9.36 a new 52-week high.

By Thursday February 23, sellers, encouraged by the stock’s steady rise, put 25,000 shares in play and were asking $9.60 which was $0.14 above the current 52-week high. Notwithstanding those high seller’s aspirations, buyers picked up 51,200 shares and paid a $0.10 premium for yet another 52-week high of $9.46.

On Friday February 24, sellers had 25,200 on the table and were asking $9.60, while buyers were looking to pick up as many as 23,000 shares at $9.12.

By the end of trading on the last Monday of February, sellers had up their asking price to $9.67 with 15,200 available for sale while the buyers were not prepared to pay more than $9.07 and were looking for 20,000.

And all this brings us full circle to the opening paragraphs.