Lasco Financial setting for profit explosion

Lasco Financial enjoyed decent gains in profit for Q1

Revenues at Lasco Financial Services jumped 22.4 percent for first quarter over the similar 2016 period to reach $319 million for an increase of $58.5 million, but importantly trading income climbed 31 percent to $303 million.
According to Managing Director, Jacinth Hall-Tracey “this result represents year over year growth of and is being driven by our strategy of expansion which began in the previous financial year”.
Profit before taxation, moved from $69.7 million in 2016 to $81 million, a 16.5 percent increase with profit after tax increasing 15.8 percent to $66.9 million, compared with the corresponding financial period and resulting in earnings per share of 5.4 cents.
Total Expenses grew 24.6 percent over the 2016 quarter to $238 million with Selling and Promotion cost rising by 31 percent. The increase was “largely driven by increases in Selling and Promotion as we continue to push the LASCO Money consumer facing brand name. This brand has resonated well with our customers and has enabled us to fully explain all our services. Previously, most customers were only aware of our Cambio and MoneyGram services. This brand awareness has been paying off in the increased transactions in all our locations as our customers embrace our more friendly community brand,” Hall-Tracey advised shareholders in a release accompanying the financials.
In the previous financial year, Lasco began the implementation of a strategy to expand the Loans Division by adding a Business Loans Unit. This expansion gave rise to several new loan offices as well as an increase in administrative and sales staff. Increased focus on lending, resulted in 70 percent growth in the loan portfolio that should move the portfolio in the region of $340 million. At the end of March loans amounted to $282 million up 43 percent over the $197 million due at the end of March 2016, no figures for loan is disclosed in the quarterly.
The balance sheet shows assets of $1.54 billion, cash funds of $574 million and stockholder’s equity of $1.22 billion.
IC insider.com is forecasting earnings per share of 30 cents for 2018 and should go on to about double in 2019. Lasco Financial last traded on the Junior Market of the Jamaica Stock Exchange at $3.55.

Is Broilers’ inside trade a buy signal?

Insider trading in the stock of the company they are connected to can be a big indicators of future prospects, but it is not always the case.
In the past big purchasing of Jamaica Broilers Group shares by insiders have signaled improved profits down the road.
Could the latest big trade be such a signal? The latest ones are a bit confusing with bought buying and selling although there is a bias towards buying. The company recently reported that three Directors and three Senior Managers purchased a total of 5,735,448 of the company’s shares and that a Director and a Senior Manager sold a total of 5,214,772 of the shares, during the period July 11 to 14.
The company reported earnings of $1.85 per share for the just concluded 2017 fiscal year and IC Insider.com forecast is for $2.60 for the 2018 fiscal year to April as revenues continues to grow and debt is paid down with increasing profits. The stock which traded on the Jamaica Stock Exchange on Friday at $18, is one of IC Insider.com’s TOP 10 main market stocks to own.

 

JSE main indices jump sharply – Friday

NCB Financial Group jumped $2.99 on Friday helping to push indices nearly 2,000 points.

Price movements of Jamaica Stock Exchange main market stocks drove the indices up sharply at the close on Friday, with a slightly negative advance decline ratio. While declining stocks  were greater than advancing ones, big gains of $2.99 in the price of NCB Financial, 4 cents in Cable & Wireless, 50 cents in Jamaica Producers and $2.05 for Pan Jam Investment, helped in pushing the overall market value higher.
A moderate trading ended, with the All Jamaica Composite Index jumped 1,880.59 points to close at 256,031.54, the JSE Market Index climbed 1,713.43 points to 233,273.75 and the JSE US dollar market index inched higher by 0.32 points to close at 188.43.
At the close of trading, 23 securities changed hands in the main market with 2 trading in the US dollar market, leading to 10 stocks advancing and 11 declining. The main market ended with 1,934,322 units valued at $34,659,775 changing hands compared to 1,519,865 units valued at $35,445,679 at the close on Thursday. Trading in the US dollar market accounted for 40,774 units valued at US$15,747 bringing the total of all trades to J$36,681,675.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 6 stocks with bids higher than their last selling prices and 1 with a lower offer.
The main market ended trading with an average of 84,101 units valued at $1,506,947 for each security traded compared to an average of 58,456 units valued at $1,363,295. The average volume and value for the month to date ended at 118,550 units with an average value of $2,611,033 compared with an average of 121,011 units with an average value of $2,689,896 on the previously traded. The average volume and value for June ended at 218,951 units with an average value of $3,871,959.
In market activity, Berger Paints lost $1 and closed at $15, trading 7,279 shares, Cable and Wireless gained 4 cents to close at 94 cents with 370,842 stock units traded, Caribbean Cement closed at $25.75, gaining 75 cents with an exchange of 116,583 shares, Carreras dropped $2.25 to close at $88, with 5,524 units changing hands, Grace Kennedy closed at $41.99, with a loss of 1 cent trading 3,636 shares. Jamaica Broilers closed at $18, gaining 50 cents while exchanging 12,940 shares, Jamaica Producers traded 70,303 shares at $14. Jamaica Stock Exchange closed 49 cents lower to $6, with 412,335 shares traded, JMMB Group exchanged 9,435 shares at $19.20, having gained 20 cents, Kingston Properties closed at $7.15 trading 12,526 units, Kingston Wharves declined $2 to close at $29 exchanging 15,846 units. NCB Financial Group jumped $2.99 to close at $75, after exchanging 45,368 shares, 1834 Investments traded 78,774 shares at $1.35, PanJam Investment closed at $32.50, gaining $2.05 with a turnover of 20,647 shares, Proven Investments added 2 cents to close at $24.67 exchanging 34,000 shares and Pulse Investments closed at $2.49, with gains of 24 cents and 34,600 shares changing owners. Sagicor Group lost 66 cents, with an exchange of 6,200 shares, to close at $31.75, Sagicor Real Estate Fund closed at $11.20, with a loss of 70 cents and 11,000 units being switching. Scotia Group traded $1 lower to $41 with 161,924 shares traded, Seprod lost 20 cents, closing at $29.75 trading 460,673 shares, Supreme Ventures fell 20 cents to $7.50, with an exchange of 24,297 shares. Proven Investments US ordinary shares gained 0.01 US cent to close at 24 US cents trading 34,000 units, Proven 8.25% preference share closed at $4.98, losing 2 cents with 9,700 units traded, Jamaica Money Market Brokers 7.5% preference share gained 5 cents to close at $2.10, with 9,890 units changing hands and JMMB Group US 6% preference share traded 6,774 units at US$1.12.

Express Catering trading fiasco

Ian Dear, Managing Director of Express Catering

The Jamaica Stock Exchange indicated that the maximum price Express Catering could trade at on Friday was $1.86 which came about from a 15 percent average, of the price that triggered the circuit breaker which is $1.75 and the IPO price of $1.50.
Had the first trade, taken place at $1.95 it would have shut down trading in the stock for an hour, but that price would have stood, being 30 percent above the IPO price.
Regardless, investors placed a large number of bids to acquire the stock which was heavily oversubscribed, when the shares were issued to the public. The attached picture shows the bids above $2.20 at the close which are expected to be cancelled, with the closing bids limited to $2 which is the indicative starting price on Monday. That price will determine the maximum price the stock can trade at on Monday. Something must be wrong if investors can place orders into the system only to see them manually cancelled by the exchange after trading ends. This development is public relations and bad news for the exchange, but not many persons seem to care.
The circuit breaker rule put in place to try and prevent wild daily movements in a stock prices seems to have out lived its life. It is not working well with new listings as it is preventing orderly trading in most new listings in the early days of trading.

All the above orders amounting millions of shares in Express Catering will be cancelled after trading on Friday

According to an extract sent by the Jamaica Stock Exchange the Circuit Breaker Rule states that “No stock should trade +/-15% from the close price or the effective close price at the opening of the market. The effective close price is determined whenever the closing bid is greater than the close price or whenever the closing ask is less than the close price. Use the closing bid as the effective close price, if the value is greater than the close price or use the closing ask as the effective close price, if the value is less than the close price. However, during the day if the Circuit Breaker is triggered for a security, the trades at prices outside of the original prescribed band for the security will be disallowed for an hour to allow for the release of market news and a cool down period. The price of the trade that triggered the Circuit Breaker should not be +/-15% outside of the original prescribed price band. After the hour has passed the security will be released for trading within a new prescribed price band based on the new reference price, which is a simple average of the trigger price and the close price. The new reference price will be used to determine the trade range for the remainder of the day. The stock will not be allowed to trade +/- 15% of the new reference price.”
If it is were conceded that there is need for a daily price limit, the above rules have been made more complex than needs be the case. There is no logic in limiting one stock to trade at a 30 percent above the last traded price or indicative price and another to be limited to a lesser amount on the same day because an investor buys a stock at 30 percent above the prior days last price another at 15.1 percent above it which limits the trading for the rest of the day to less than 30 percent in the latter case. The new rules that were approved by the stock exchange in 2014 made no reference to a limit to the bid or offer that can be made during the day, exchange personnel have decided amongst themselves to improperly invoke the additional change that limits trading unnecessarily. The stock exchange should make good sense prevail and allow the above rules to be implemented fully as stated without the introduction of rules that the updated regulations do not include and from all indications were not signed off by the stock exchange council, went the change was submitted for approval. If that is done, it would remove the nonsense that now prevails in the Express Catering trading, with a huge line up of bids above $2 that are slated to be cancelled after trading today.

12 JSE stocks rise 11 fall on Thursday

Proven Investments traded the most shares on Thursday.

Trading resulted in 26 securities changing hands in the main market and 1 trading in the US dollar market, leading to 12 stocks advancing and 11 declining in both markets, as some amount of negative sentiment still hangs over the market.
The All Jamaica Composite Index declined 75.90 points to close at 254,150.95, the JSE Market Index declined 69.15 points to 231,560.32 and the JSE US dollar market index lost 0.32 points to close at 188.11.
The main market ended with 1,519,865 units valued at $35,445,679 changing hands compared to 1,667,980 units valued at $40,302,237 at the close on Wednesday. Trading in the US dollar market accounted for 930,313 units valued at US$222,773 bringing the total of all trades to J$63,960,659.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 6 stocks with bids higher than their last selling prices and 2 with lower offers.
The main market ended trading with an average of 58,456 units valued at $1,363,295 for each security traded compared to an average of 69,499 units valued at $1,679,260. The average volume and value for the month to date ended at 121,011 units with an average value of $2,689,896 compared with an average of 125,823 units at an average value of $2,791,942 on the previous trading day. The average volume and value for June ended at 218,951 units with an average value of $3,871,959.
In market activity, Berger Paints advanced $1.50 to close at $16 trading 600 shares, Cable and Wireless lost 4 cents, closing at 90 cents with 49,774 stock units being swapped, Caribbean Cement closed at $25,after gaining 30 cents with an exchange of 5,582 shares, Carreras traded $1.25 higher to close at $90.25, with 2,228 units changing hands, Grace Kennedy jumped $1 to close at $42, with 240,148 shares trading. Jamaica Broilers closed at $17.50, losing 50 cents in exchanging 229,322 shares, Jamaica Producers dropped 98 cents to $14 with 3,000 shares changing hands. Jamaica Stock Exchange added 39 cents to close at $6.49, trading 96,582 shares, JMMB Group exchanged 76,932 shares at $19, Kingston Properties was down 85 cents to $7.15, trading 1,400 units, Kingston Wharves gained 60 cents to close at $31 while exchanging 1,761 units. NCB Financial Group lost 49 cents to close at $72.01, after exchanging 18,521 shares, PanJam Investment closed at $30.45, after falling $2.75 with 59,375 shares trading, Proven Investments exchanged 300,000 shares at $24.65, Pulse Investments closed at $2.25, gaining 25 cents with 6,500 shares changing owners, Radio Jamaica added 2 cents, to close at $1.40, trading of 117,619 shares, Sagicor Group exchanged 35,756 shares at $32.41, having gained 91 cents, Sagicor Real Estate Fund closed at $11.90, with a loss of 10 cents and 149 units switching owners. Salada Foods traded $1 lower to $9 while exchanging 400 units, Scotia Group gained 50 cents and closed at $42 with trades of 78,658 shares, Scotia Investments lost 40 cents to close at $36 trading 76,543 units, Seprod jumped $3.43 to $29.95 trading 6,350 shares, Supreme Ventures lost 20 cents to $7.70, with 56,978 shares trading. Proven Investments US ordinary shares lost 0.01 US cent to close at 23 US cents in exchanging 930,313 units, Proven Investments 8.25% preference share closed at $5, with 11,640 units traded, Jamaica Money Market Brokers 7.5% preference share was up 5 cents to close at $2.05, with 40,000 units changing hands and JMMB Group 7.5% preference share traded 4,047 units at $1.11.

 

Big drop in main market index – Wednesday

Jamaica Stock Exchange faulty indices movement.

Trading levels remained low on the main market of the Jamaica Stock Exchange on Thursday, with just $40 million worth of stocks changing hands. At the close of trading, 24 securities changed hands in the main market with 3 trading in the US dollar market, leading to 7 stocks advancing and 6 declining.
The All Jamaica Composite Index declined 1,669.64 points to close at 254,226.85, the JSE Market Index declined 1,521.23 points to 231,629.47 and the JSE US dollar market index jumped 11.41 points to close at 188.43.
The main market ended with 1,667,980 units valued at $ 40,302,237 changing hands compared to 5,694,099 units valued at $160,330,278 at the close on Tuesday. Trading in the US dollar market accounted for 2,760,256 units valued at US$1,001,978, bringing the total of all trades to J$168,555,462 .
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 5 stocks with bids higher than their last selling prices and 3 with lower offers.
The main market ended trading with an average of 69,499 units valued at $1,679,260 for each security traded compared to an average of 227,764 units valued at $6,413,211. The average volume and value for the month to date ended at 125,823 units at an average value of $2,791,942 compared with an average of 130,517 units with an average value of $2,884,666 on the previous trading day. The average volume and value for June ended at 218,951 units with an average value of $3,871,959.
In market activity, Berger Paints gained 50 cents to close at $14.50 while exchanging 7,080 shares, Cable and Wireless closed at 94 cents, with 63,481 stock units swapping owners, Caribbean Cement gained 20 cents to close at $24.70 with an exchange of 5,915 shares, Carreras closed at $89, with 5,704 units changing hands, Grace Kennedy declined 50 cents to close at $41 trading 51,098 shares. Jamaica Broilers closed at $18 exchanging 432,020 shares, Jamaica Producers traded at $14.98 with 6,438 shares changing hands. Jamaica Stock Exchange closed at $6.10, with of 86,353 shares trading, JMMB Group lost 1 cent, closing at $19 while exchanging 56,479 shares, Kingston Properties traded 13,150 units after losing 80 cents to close at $8, Kingston Wharves closed at $30.40, with gains of 10 cents trading 200 units. Mayberry Investments exchanged 72,745 shares at $4.52, NCB Financial Group held firm at $72.50, with 51,061 shares traded, 1834 Investments added 2 cents to close at $1.35, with trades of 77,058 units, PanJam Investment closed at $33.20 with 5,285 shares changing owners, Portland JSX lost 50 cents to close at $10 trading only 450 shares, Pulse Investments closed at $2, losing 35 cents with 5,000 shares changing owners, Radio Jamaica closed at $1.38, with trades of 60,959 shares. Sagicor Group exchanged 24,933 shares at $31.50, Sagicor Real Estate Fund closed at $12, with a loss of 24 cents and 22,021 units trading. Scotia Group exchanged 525,595 shares at $41.50, Scotia Investments gained 40 cents to close at $36.40 trading 353 units, Supreme Venture held firm at $7.90, with trades of 65,108 shares. Margaritaville Turks US ordinary shares closed at 36 US cents, with gains of 0.04 US cents in trading 2,700,000 units, Proven Investments US ordinary shares closed at 24 US cents, gaining 0.01 US cents exchanging 41,430 units and JMMB Group US 6% preference share traded 18,826 units at US$1.12.

14 stocks drop on Tuesday 4 rise

Proven Investment Traded nearly 4 million units o0n Tuesday to be the most dominant stock on the JSE on Tuesday.

Trading picked up on the Jamaica Stock Exchange on Tuesday, with 5,694,099 units valued at $160,330,278 changing hands in main market trading, compared to 994,217 units valued at $13,640,909 at the close on Monday leading to a negative advance decline ratio.
At the close of trading, 25 securities changed hands in the main market with 2 trading in the US dollar market, leading to just 4 stocks advancing and 13 declining. Trading in the US dollar market accounted for 1,938,578 units valued at US$450,229, bringing the total of all trades in both markets to J$217,959,583.
The market indices slipped a bit, with the All Jamaica Composite Index declining by just 25.59 points to 255,896.49, the JSE Market Index declined 23.31 points to 233,150.70 and the JSE US dollar market index lost 4.84 points to close at 177.02.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 5 stocks with bids higher than their last selling prices and 2 with lower offers.
The main market ended trading with an average of 227,764 units valued at $6,413,211 for each security traded compared to an average of 45,192 units valued at $620,041. The average volume and value for the month to date ended at 129,324 units with an average value of $2,758,273 compared with an average of 121,676 units with an average value of $2,563,889 on the previous trading day. The average volume and value for June ended at 218,951 units with an average value of $3,871,959.
In market activity, Berger Paints traded $2 lower to close at $14, with an exchange of 3,842 shares, Cable and Wireless closed at 94 cents, with 20,000 stock units trading, Caribbean Cement exchanged 19,667 shares at $24.50, Carreras closed at $89, with 2,993 units changing hands while Grace Kennedy traded 44 cents lower to $41.50 with 82,361 shares. Jamaica Broilers closed at $18 exchanging 16,506 shares, Jamaica Producers gained 48 cents to close at $14.98 with 16,037 shares changing hands. Jamaica Stock Exchange closed at $6.10, losing 40 cents with trades of 10,557 shares, JMMB Group lost 24 cents, closing at $19.01 exchanging 12,633 stock units, Kingston Properties traded 2,288 units, after losing 5 cents to close at $8.80, Kingston Wharves closed at $30.30, with gains of 30 cents trading only 450 units. Mayberry Investments lost 13 cents to close at $4.52 with 1,000 units being switched, NCB Financial Group added 50 cents to close at $72.50, after exchanging 24,371 shares, 1834 Investments lost 4 cents to close at $1.33, with trades of 2,701 units
138 Student Living, closed at $4.55 trading 6,468 shares, PanJam Investment traded 71 cents lower, to $33.20 with 10,840 shares changing owners, Portland JSX closed at $10.50 trading 13,000 shares, Proven Investments gained 2 cents to close at $24.65 with 1,952,814 shares exchanged, Pulse Investments closed at $2.35, with a loss of 24 cents trading 24,559 shares, Radio Jamaica closed at $1.38, losing 12 cents with 3,536 shares changing hands. Sagicor Group traded 3,184,156 shares at $31.50, having lost 50 cents, Sagicor Real Estate Fund closed at $12.24, with a loss of $1.26 and 21,400 units trading. Scotia Group exchanged 68,270 shares at $41.50, Supreme Venture lost 5 cents to close at $7.90, with trades of 143,650 shares. Proven Investments US ordinary share closed at 22.75 US cents, losing 0.01 US cents, trading 1,928,578 units, JMMB 7.5% preference share closed at $2, with an exchange of 50,000 units and JMMB Group US 6% preference share closed US$1.12 trading 10,000 units.

Another miniscule IPO allocation

The general public ended up collecting a miniscule amount of shares in Express Catering recent public offering of shares with the first 12,000 shares being allocated in with the balance in excess allocated approximately 4.57 percent.
Mayberry Investments, brokers to Express Catering public issue, advised that a total of 1,270 applications valued at approximately $1,197,204,000 were received for 327.5 million shares valued at $491,250,000 that were on offer. Mayberry states that 1,237 applications valued at $634,599,000 were received for the public pool, approximately 13 times the value of $48,937,000 on offer in the public pool.
Shares allocated for Company Reserves Shares, Mayberry Reserved Shares and Key Partner Reserved applications were allocated in full. Mayberry states that “the company will endeavour to return refunds within 10 working days after the closing date.

JSE majors slip on Monday

C&W jumped 17.5% to close at 94 cents on Monday.

Market activity on the Jamaica Stock Exchange dived on Monday with the main market ended with 994,217 units valued at $13,640,909 changing hands compared to 4,292,363 units valued at $81,728,669 at the close on Friday.
Trading in the US dollar market accounted for 125,186 units valued at US$29,442, bringing the total of all trades to just J$17,409,489. At the close, the All Jamaica Composite Index declined 474.81 points to 255,922.08, the JSE Market Index declined 432.60 points to 233,174.01 and the JSE US dollar market index gained 8.79 points to end at 181.86.
At the close of trading, 22 securities changed hands in the main market with 1 trading in the US dollar market, leading to 10 stocks advancing and 11 declining.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 5 stocks with bids higher than their last selling prices and 2 with lower offers.
The main market ended trading with an average of 45,192 units valued at $620,041 for each security traded, compared to an average of 165,091 units valued at $3,143,410. The average volume and value for the month to date, ended at 121,676 units with an average value of $2,563,889 compared with an average of 129,324 units with an average value of $2,758,273 on the previous trading day. The average volume and value for June ended at 218,951 units with an average value of $3,871,959.
In market activity, Berger Paints jumped $2.70 to close at $16, with 1,500 shares trading, Cable and Wireless closed at 94 cents, gaining 14 cents with 367,359 stock units switching owners, Caribbean Cement lost 10 cents to close at $24.50, trading 10,000 shares, Carreras closed at $89, losing 95 cents with 100 units changing hands while Grace Kennedy traded 94 cents higher to $41.99, with an exchange of 17,168 shares. Jamaica Broilers closed at $18, with a loss of 20 cents trading 41,365 shares, Jamaica Producers was down 25 cents to close at $14.50 with 2,100 shares changing hands. Jamaica Stock Exchange closed at $6.50, with trades of 14,455 shares, JMMB Group lost 6 cents, closing at $19.25 while exchanging 346,670 shares, Kingston Properties traded 2,000 units, with gains of 5 cents to close at $8.85, Kingston Wharves closed at $30, with a loss of 40 cents with the exchange 1,998 units. Mayberry Investments lost 5 cents to close at $4.65 with 100 units switching owners, NCB Financial Group gained 50 cents to close at $72, after exchanging 818 shares, PanJam Investment traded $3.91 higher, closing at $33.91 with 4,271 shares, Proven Investments declined 38 cents to close at $24.63 with 112,186 shares exchanged, Pulse Investments traded 17,144 shares at $2.59, having gained 10 cents, Radio Jamaica closed at $1.50, gaining 7 cents with 1,150 shares changing hands. Sagicor Group traded 14,566 shares at $32, Sagicor Real Estate Fund closed at $13.50, with gains of 10 cents trading only 100 units. Scotia Group declined 59 cents to close at $41.50, with 28,297 shares trading, Seprod dived $3.48 in closing at $26.52 with a mere 570 shares switching owners. Proven Investments US ordinary shares closed at 23.9 US cents, gaining 0.02 US cents in trading 125,186 units and Proven 8.25% preference share closed 10 cents lower to $5 exchanging 10,300 units.

Over US$5,500 shares for PBS investors

Investors in the recent public offer of Productive Business Solutions’ ordinary shares, will end up receiving the bulk of what they applied for, with the minimum of shares allocated worth the equivalent of J$700,000.
A release from the brokers for the issue, NCB Capital Markets, advised that the basis of allocation resulted in all the Reserve Shares allocated to Portland Private Equity Funds with full allotment up to US$15,000,000, the PBS Employees, will receive full allotment up to US$4,000,000 and subscribers from the general public will receive allotment up to US$5,500 and any amount in excess of this amount will be pro-rated. The release did not state the rate of pro-rating the balance.
The lowest amount allocated for full allocation is equivalents to 10,000 shares and would mean that applications from the general public would be over 450 applicants, coming from 4.55 million shares that were allocated to the general public. PBS therefore raised the full US$41.5 million offered from the issue of ordinary shares at 55 US cents each.
PBS reported revenues rose of US$42.45 million for the March 2017 quarter up from US$39.32 million in 2016, with profit rising to US$838,000 before taxation of US$389,000 from a loss the year before. According to the prospectus, the stock is slated to list on the Jamaica Stock Exchange main market and the Barbados Stock Exchange International market.