GCC Daily Market Update - 18 August

Transcription

1. DAILY MARKET UPDATE August 18 , 2016 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq FTSE 100 DAX 30 CAC 40 BIST 100 Nikkei Hang Seng Shanghai Composite BSE Sensex GCC QE Index Saudi Arabia (TASI) UAE (ADX) UAE (DFM) Kuwait (KSE) Oman (MSM) Bahrain (BAX) S&P GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 2,182.2 18,573.9 4,805.5 6,859.2 10,537.7 4,417.7 78,147.8 16,745.6 22,799.8 3,109.6 28,005.4 4.1 21.9 8.3 (34.8) (139.0) (42.8) 440.7 149.1 (111.1) (0.5) (59.2) 0.2 0.1 0.2 (0.5) (1.3) (1.0) 0.6 0.9 (0.5) (0.0) (0.2) 0.4 0.8 1.6 2.0 1.9 (0.5) 3.6 1.1 4.1 4.4 (0.2) 6.8 6.6 4.6 9.9 (1.9) (4.7) 9.0 (12.0) 4.0 (12.1) 7.2 11,408.8 6,220.3 4,525.4 3,556.6 5,473.6 5,894.1 1,147.8 1,580.2 2,988.3 37.6 (108.3) (17.5) (30.6) (33.4) 7.1 (4.1) 10.3 (4.7) 0.3 (1.7) (0.4) (0.9) (0.6) 0.1 (0.4) 0.7 (0.2) 7.6 (1.3) (1.1) 2.1 0.4 0.9 (0.7) 4.0 0.5 9.4 (10.0) 5.1 12.9 (2.5) 9.0 (5.6) 8.9 6.8 49.9 46.8 2.6 1,342.7 215.2 0.6 0.2 0.0 (7.8) (2.0) 1.3 0.5 0.1 (0.6) (0.9) 17.0 12.3 (8.8) (0.5) (2.5) 33.2 26.2 12.2 26.6 1.5 Source: Bloomberg Global Global markets closed on a mixed note on Wednesday. US benchmarks turned positive after minutes from the Fed’s July meeting showed policymakers are in no hurry to raise interest rates and will look for further economic indicators for the same. Utilities lead sectoral peers as the sector offers higher dividend yield. European markets closed lower, with the STOXX 600 down 0.8% amidst a broad based sell-off. A stronger euro also weighed on the markets. Miners led decline amid weak commodity prices. Asian markets closed majorly lower on back of weakness in US markets overnight, however Japan's Nikkei gained 0.9% on the back of a weaker yen. China’s benchmark closed marginally lower as investors reacted little to the move by China’s cabinet that would give foreign investors more access to Chinese stocks by linking exchanges in Hong Kong and Shenzhen. GCC Most major gulf indices retreated with Saudi Arabia’s benchmark down 1.7% as petrochemical stocks weighed on the broader index. All 14 listed petrochemical shares declined with index major Saudi Basic Industries dropping 2.1%. Saudi Steel Pipes bucked the negative trend closing 5.4% higher after it announced that it had been awarded a SAR 127 mn contract by Saudi Aramco to supply pipes. In UAE, Dubai’s index retreated 0.9%, while Abu Dhabi’s index lost 0.4% weighed by Abu Dhabi Commercial Bank. Qatar QE index reached a 9 month high on Wednesday, adding 0.3% on back of continued buying by Foreign and Gulf institutions. Buying interest was majorly witnessed in Insurance and Telecom sector, which soared 2.9% and 2.6%, respectively. In terms of volumes, Banking, Telecom and Realty stocks together constituted more than 66% of the total traded, with high activity witnessed in Qatar Insurance, Industries Qatar, Aamal Company, Ooredoo, Vodafone Qatar and Qatar Islamic Bank. Out of 44 companies listed, 43 exchanged hands, of which 20 advanced, 20 declined and 3 stayed unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 15.0 1.7 3.6 123.4 11,500 DSM 20 15.9 1.7 3.6 107.5 11,000 Saudi Arabia (TASI) 14.7 1.4 3.9 873.3 10,500 UAE (ADX) 12.1 1.5 5.4 58.3 10,000 UAE (DFM) 12.7 1.3 4.2 86.5 Kuwait (KSE) 19.2 1.0 4.3 20.5 Oman (MSM) 10.3 1.2 5.0 12.1 Bahrain (BAX) 9.6 0.4 4.6 1.1 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Qatar Insurance Co Ooredoo Qsc Aamal Co Vodafone Qatar Qatar Islamic Bank Top Losers QCFS Mannai Corporation Ezdan Holding Group Barwa Real Estate Co Qatar Islamic Insurance Close Price 91.4 104.9 14.4 12.3 115.6 28.8 86.7 19.7 37.6 59.4 3.4 2.9 0.3 0.2 1.7 3.9 2.8 1.8 1.6 1.5 31.5 39.9 3.0 (3.5) 8.3 8.9 322.1 18.6 39.9 341.7 13.0 (0.2) 401.4 14.2 (17.3) 2,030.5 NA 4.2 120.0 13.1 (3.2) (10.0) (2.7) (3.0) (0.4) (2.0) (0.7) (1.7) (0.9) (1.5) (15.3) (9.0) 23.6 (6.1) (17.5) (31.4) 0.0 11.9 (17.7) 55.0 8.3 8.0 1,618.3 29.8 (22.6) 249.2 18.0 (24.7) 32.4 13.2 Source: Bloomberg; Note: Prices are in local currency. Qatar DSM Index 12,000 9,500 22/May 20 11,408.8 10 0 5/Jun 19/Jun 3/Jul Index Volume (mn) 17/Jul 31/Jul 14/Aug Index Value Source: Bloomberg QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Closing Level 3,140.2 6,559.2 3,398.6 4,763.4 2,753.4 1,298.6 2,664.1 1D Change (%) 0.4 (0.1) 0.5 2.9 (1.6) 2.6 0.0 Buy (%) 18.9 14.2 33.1 9.2 57.7 66.9 Sell (%) 29.1 36.6 65.7 12.0 22.3 34.3 Source: Qatar Exchange Qatar Trading Summary Qatari Individuals Qatari Institutions Qatari – Total Foreign Individuals Foreign Institutions Foreign – Total Source: Qatar Stock Exchange, Bloomberg 1
2. DAILY MARKET UPDATE August 18 , 2016 (USD 4.20bn) in May-15, while imports dropped to SAR 45.5bn (USD 12.1bn) from SAR 57.1bn (USD 15.2bn) for the same period. (Source: GLOBAL NEWS   Minutes of US Federal Reserve’s July meeting showed that voting members are divided over whether to raise interest rates soon. While policymakers agreed that more economic data is needed before raising rates, some expected a hike will be needed soon. (Source: Reuters) UK unemployment remained at 4.9% in Q2-16, according to The UK Statistics Agency. The breakdown of the figure shows that unemployment fell by 52,000 to 1.64mn in the May-June 2016, in run up to the Brexit vote. The number of people claiming out of work benefits fell 8,600 in July-16, which is 2.2% of the workforce. (Source: Trade Arabia)  Mubasher)  Oman's seafood export volumes jumped 42% YoY to 110,579 tons in 2015 from 77,645 tons in 2014, as it got boost from sharp increase in fish landings. Despite the growth in volumes, value of seafood exports dropped by 7% YoY to OMR 48.9mn from OMR 52.5mn for the same period. (Source: Muscat Daily)  Ooredoo Oman plans to invest OMR 60mn (USD 155mn) in 2015 for expanding its network, the Chief Executive Officer said. A substantial amount will be invested in enhancing its 4G Internet quality and coverage to expand its customer base. (Source: Trade Arabia)  The total net profits of the banks listed on the Kuwait Stock Exchange grew 2.3% YoY to KWD 219mn (USD 724.6mn) in Q2-16 compared to KWD 214mn (USD 708mn) in Q2-15. The banking sector’s net profits amounted to 51.36% of the total net profits recorded by listed companies, followed by telecom sector at 13.9%. (Source: Mubasher)  Kuwait’s Jeeran Holding’s board has recommended the voluntary withdrawal from Kuwait Stock Exchange. The delisting decision was due to lower market value of the share when compared with the book value and weak trading activity. (Source: Mubasher)  Kuwait’s Arzan Financial Group for Financing and Investment reported 36% YoY fall in net profit to KWD 1.37mn in H1-16 compared to KWD 2.14mn in H1-15. The decline is attributed to lower profits from investments at the fair value. (Source: Mubasher) CNBC)  Moody’s has raised its economic growth forecasts for China to 6.6% for 2016 from 6.3%. Forecast for 2017 was raised to 6.3%, up from 6.1%. It sighted that significant fiscal and monetary stimulus policies implemented by Chinese government is the reason for the upgrade. (Source: CNBC)  Fitch said that China housing demand has risen in 2016 due to easy credit, supportive home ownership policies and lower prices in lower tier cities compared to Tier 1 cities. However, sales volume is likely to fall due to regulatory tightening. The fall will be gradual as China's credit environment remains accommodative in the near to medium term. (Source: Reuters)  Japan posted a trade surplus of JPY 513.5bn (USD 5.1bn) in July-16 compared to trade deficit of JPY 261.4bn in July-15, though exports sank 14% YoY as the JPY surged against the dollar. Stronger JPY has helped reduce costs for oil and gas imports. Japan's imports of fuels fell 42% YoY in July-16. (Source: ABC News)  Moody's has affirmed Australia's AAA credit rating, as it has shown strong institutional framework and stronger fiscal metrics despite an increase in government debt. Moody’s expect the debt to remain consistent with AAA rating over medium term. (Source: ABC News) GCC NEWS       Resident debt levels in the UAE rose by 7.5% YoY in H1-16 with the total amount of personal loans reaching AED 430bn (USD 117bn) in H1-16 compared to AED 400bn for the same period in 2015. Residents cited high housing cost, rising education and utility bills as reasons for increased debt level. (Source: Arabian Business) Construction tenders and costs are projected to remain flat in the UAE in 2016 due to low cash availability, according to a report by Ken Research. The output value in real terms is expected to rise at a CAGR of 6.5% in 2016-19 from 3.6% in 2010-14. (Source: Trade Arabia) Abu Dhabi investment firm Waha Capital has secured a five-year, USD 500mn revolving credit facility from local and international banks. The fund replace a previous USD 375mn revolving facility obtained in 2014. First Gulf Bank and Abu Dhabi Commercial Bank will act as book runners and mandated lead arrangers. (Source: Reuters) S&P has upgraded Abu Dhabi’s Aldar Properties long and short-term corporate credit ratings from BBB/A-3 to BBB/A-2 with a stable outlook. Improvement in Aldar's operating performance, on the back of steady recurring income from its rental portfolio is the reason for the upgrade. (Source: Arabian Business) UAE’s Al Firdous Holding reported net loss of AED 2.12mn (USD 577,000) in Q1-16 ending 30th June-16 compared to AED 2.95mn (USD 803,000) in Q1-15. Direct costs fell 46.8% YoY to AED 2.34mn in Q116, while administrative expenses slid 21% YoY to AED 667,500 for the same period. (Source: Mubasher) Saudi Arabia's imports fell 20.3% YoY in May-16, according to The Central Department of Statistics and Information. Non-oil exports fell 0.4% YoY to SAR 15.68bn (USD 4.18bn) in May-16 from SAR 15.75bn Saudi Arabia leads the Arab world and ranks 16th globally in terms of reserves for the precious metal with 333 tons in Q2-16. In case of gold demands, Saudi Arabia came in 6th with 16.7 tons, followed by UAE which came in at 10th with 12.5 tons for the same period. (Source: QATAR NEWS  Qatar’s central bank sold QAR 4.6bn (USD 1.26bn) of conventional and Islamic government bonds in its first domestic government bond offer in 2016. The central bank sold a total of QAR 3bn of conventional bonds, which exceeded the amount offered by QAR 50mn. The issuance included three, five, seven and ten year debt. (Source: Gulf Business)  Qatar’s investments in Sudan amounted to USD 1.7bn, which was the result of the efforts of the Sudan Ministry to facilitate investment procedures and remove obstacles. (Source: All Africa)  The total foreign investment in Qatar rose by QAR 1.6bn to QAR 525.7bn in 2014, according to The Ministry of Development Planning and Statistics. On an annual basis, country’s total inward investments increased by QAR 1.6bn in 2014. FDI in Qatar stood at QAR 141.1bn, while portfolio investments amounted to QAR 78.6bn. (Source: Gulf Times)  Qatar’s real estate market made a significant recovery during the week ended 11th August-16, in terms of the value of deals and the number of transactions, according to a report by Ezdan Holding. The total value of trading in real estate rose 80% to QAR 400.7mn for the same week compared to QAR 222.6m in previous week. (Source: The Peninsula)  The first three lines of Phase I of the Doha Metro and the Lusail LRT are expected to be operational by the end of 2020, according to Qatar Rail. Phase I is expected to be completed by Q4-16. As of the beginning of June-16, more than 100km of tunnels out of the total 111 km have been dug in Phase I of Doha Metro. (Source: Gulf Times)  Al Meera Consumer Goods Company is among the five Qatari firms in 30 most valuable non-banking companies in the GCC list published by Marmore MENA Intelligence. The selection was based on three parameters, namely the company’s ROE, D/E ratio, and average Net Profit growth percentage for the past three financial years. (Source: Mubasher) 2
3. DAILY MARKET UPDATE August 18 , 2016 FX RATES Currencies Value Currencies Value EUR/USD 1.1319 USD/QAR 3.6400 100.2800 EUR/QAR 4.1201 USD/JPY GBP/USD 1.3072 JPY/QAR 0.0363 USD/CHF 0.9621 GBP/QAR 4.7582 USD/CAD 1.2844 CHF/QAR 3.7834 AUD/USD 0.7655 CAD/QAR 2.8340 NZD/USD 0.7252 AUD/QAR 2.7864 USD/INR 66.2650 INR/QAR 0.0549 USD/TRY 2.9228 TRY/QAR 1.2454 USD/ZAR 13.3816 ZAR/QAR 0.2720 USD/BRL 3.2064 BRL/QAR 1.1352 FX Commentary The USD closed lower on Wednesday against its peer currencies after minutes from the Federal Reserve's July meeting showed general agreement that more data was needed before the next rate increase from the central bank. The minutes showed that members of the US central bank's rate-setting Federal Open Market Committee were generally upbeat about the US economic outlook and labor market, but several said a slowdown in the future pace of hiring would argue against a near-term hike. This dampened expectation for a near term rate hike, with Federal funds futures now implying a 47% probability of hike against 58% before the release of the minutes. CAD opened on a weak note after registering strong gains on Tuesday as domestic data showed a rebound in factory sales. However pared losses as USD lost steam post release of minutes. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.42 0.44 0.51 0.80 1.50 (0.40) (0.38) (0.37) (0.30) (0.05) 1.02 1.16 1.32 1.53 1.91 LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year SAIBOR NA NA 2.04 2.27 2.54 EIBOR 0.34 0.48 0.74 1.18 1.76 BMIBOR 0.43 0.65 0.93 1.33 1.83 KIBOR 0.75 NA 1.25 1.56 2.19 Source: Bloomberg 3.95% 1.81% 2.5% 0.0% 1.92% 1.62% 2.20% 0.97% 1.0% 1.26% 1.14% 1.41% 2.63% 1.74% 0.56% 1.00% 2 Yrs 2.22% 1.25% 1.51% 5 Yrs Qatar 7 Yrs 10 Yrs US 2.24% 30 Yrs 10 Yrs Last Year Source: Bloomberg 30 Yrs 5 Years CDS Spread 6M Change 26.5 5.3 Turkey 244.8 (62.2) UK 33.9 2.9 Brazil 252.7 (227.8) Germany 16.2 (4.5) Egypt 449.6 (51.9) 75.5 (45.5) France 29.4 (6.1) Abu Dhabi 130.4 (14.4) Bahrain 395.5 37.0 1,010.1 (442.5) Dubai 160.0 (83.3) Russia 224.8 (114.5) Qatar 91.9 (32.7) Japan 34.1 (19.2) Saudi Arabia 158.0 (20.9) Greece 5 Yrs 7 Yrs Current Spreads 6M Change US Italy 0.0% 2 Yrs 2.22% 0.75% 5 Years CDS 3.0% 0.90% 5.0% Source: Bloomberg US Swap Rates 2.0% Qatar vs US Treasuries Yields Source: Bloomberg ECONOMIC CALENDAR Time Country Event Period Survey Prior 08:30 France ILO Unemployment Rate 2Q 10.10% 10.20% 09:00 Japan Machine Tool Orders YoY Jul F -- (19.60%) 11:30 UK Retail Sales Ex Auto Fuel MoM Jul 0.30% (0.90%) 11:30 UK Retail Sales Ex Auto Fuel YoY Jul 3.90% 3.90% 11:30 UK Retail Sales Inc Auto Fuel MoM Jul 0.10% (0.90%) 11:30 UK Retail Sales Inc Auto Fuel YoY Jul 4.20% 4.30% 11:30 Italy Current Account Balance Jun -- 3,189m 12:00 EC CPI MoM Jul (0.50%) 0.20% 12:00 EC CPI YoY Jul F 0.20% 0.10% 12:00 EC CPI Core YoY Jul F 0.90% 0.90% 15:30 Canada Int'l Securities Transactions Jun -- 14.73b 15:30 US Initial Jobless Claims Aug-13th 265k 266k Aug-06th 2142k 2155k Aug 2 (2.9) Aug-12th -- 396.4b Aug -- 44.5 Aug-14th -- 41.8 15:30 US Continuing Claims 15:30 US Philadelphia Fed Business Outlook 16:00 Russia Gold and Forex Reserve 16:45 US Bloomberg Economic Expectations 16:45 US Bloomberg Consumer Comfort Source: Bloomberg 3
4. DAILY MARKET UPDATE August 18 , 2016 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing First Bank (QFC) Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Medicare Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Industries Qatar Mannai Corp. Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Al Kaleej Takaful Doha Insurance Qatar Insurance General Insurance Islamic Insurance Insurance Barwa Ezdan Holding Mazaya Qatar United Dev. Company Real Estate Ooredoo Vodafone Qatar Telecoms Gulf warehousing Co Nakilat Qatar Navigation Transportation Market Dividend Yield (%) 3.4 6.7 0.0 7.6 1.6 5.5 4.6 2.7 0.0 3.7 6.1 1.9 5.2 3.2 5.3 4.1 4.7 4.9 0.0 8.4 4.1 4.6 4.9 7.1 2.8 4.3 5.6 3.6 3.2 2.3 6.7 3.7 4.1 4.2 4.7 2.3 3.0 6.5 2.6 5.8 2.5 1.9 7.1 3.6 3.0 0.0 2.3 2.1 5.1 5.6 4.9 3.5 P/B Ratio (x) 1.8 1.0 2.6 1.1 2.8 1.1 2.5 0.9 1.2 2.0 1.8 2.1 1.2 1.9 2.7 3.4 1.5 2.1 1.4 0.8 4.5 0.8 2.0 1.1 1.7 2.1 1.7 1.8 3.5 2.8 1.5 1.8 2.1 1.2 1.0 2.6 0.6 2.9 1.7 0.8 1.8 1.1 0.7 1.3 1.5 2.1 1.6 2.4 1.7 0.8 1.2 1.7 P/E Ratio (x) 12.5 16.1 (M) (‫)س‬ 8.0 (H) (‫)م‬ 10.1 13.6 (M) (‫)س‬ 50.3 12.7 12.5 11.1 31.3 11.9 23.0 27.1 13.2 11.2 (M) (‫)س‬ 11.7 14.7 6.9 13.2 13.2 18.9 17.5 8.6 20.7 16.4 23.4 11.8 11.1 16.8 21.9 12.3 19.2 4.5 13.7 12.7 18.3 30.5 14.1 16.2 24.6 12.6 (M) (‫)س‬ 20.2 17.3 13.8 10.4 12.6 14.5 EPS (QR) 3.4 2.8 (M) (‫)س‬ 5.0 0.2 1.8 2.8 (M) (‫)س‬ 0.2 9.0 5.2 14.2 0.4 6.0 4.1 8.2 2.4 13.7 (M) (‫)س‬ 1.0 4.5 12.6 6.3 1.0 1.9 6.6 10.4 0.9 14.1 2.3 3.8 8.0 3.0 1.1 1.8 4.4 10.2 4.5 5.1 2.1 0.7 1.0 1.3 0.9 8.1 (M) (‫)س‬ 1.8 3.4 1.8 8.7 3.0 3.3 BV/Share (QR) 24.1 44.1 9.5 35.2 24.7 16.4 15.7 20.5 10.3 56.6 35.5 74.2 9.9 38.1 34.9 64.7 20.9 73.5 8.6 14.2 14.6 104.7 41.2 12.2 21.0 53.8 52.6 11.0 65.7 19.5 30.3 48.4 24.3 20.8 21.0 32.4 70.7 21.0 37.9 46.0 11.0 13.1 30.0 16.9 69.9 5.8 23.4 24.2 14.5 115.6 31.2 27.1 Stock Price (QR) 42.1 44.5 24.4 39.7 68.1 18.1 38.5 18.7 12.0 114.0 65.2 158.0 11.6 93.8 221.9 32.0 154.0 12.4 11.9 65.5 87.0 13.4 36.4 115.4 89.4 19.4 232.4 53.5 44.9 88.4 24.1 21.5 85.0 45.5 61.6 38.0 19.9 14.6 21.2 101.0 12.2 58.5 24.8 90.0 Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫الرعاية‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫صناعات قطر‬ ‫مجمع المناعي‬ ‫مسيعيد‬ ‫كهرباء وماء‬ ‫المستثمرين‬ ‫التحويلية‬ ‫االسمنت‬ ‫الصناعات‬ ‫الخليج‬ ‫الدوحة‬ ‫قطر‬ ‫العامة‬ ‫االسالمية‬ ‫التأمين‬ ‫بروة‬ ‫إزدان القابضة‬ ‫مزايا قطر‬ ‫المتحدة للتنمية‬ ‫العقارات‬ ‫كيوتل‬ ‫فودافون قطر‬ ‫االتصاالت‬ ‫مخازن‬ ‫ناقالت‬ ‫المالحة‬ ‫النقل‬ Source: Qatar Exchange; Note: The above mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. 4