GCC Daily Market Update - 26 May

Transcription

1. DAILY MARKET UPDATE May 26 , 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) 2,090.5 17,851.5 4,476.4 6,262.9 10,205.2 4,481.6 78,609.1 16,757.4 20,368.1 2,815.1 25,881.2 14.5 145.5 32.1 43.6 147.9 50.1 (825.5) 258.6 537.6 (6.6) 575.7 0.7 0.8 0.7 0.7 1.5 1.1 (1.0) 1.6 2.7 (0.2) 2.3 1.2 0.4 3.1 0.3 1.7 1.2 (7.9) 0.5 (3.3) (4.2) 1.1 2.3 2.4 (2.5) 0.3 (5.0) (3.4) 9.6 (12.0) (7.1) (20.5) (0.9) 9,705.7 6,516.5 4,288.6 3,308.8 5,368.3 5,930.5 1,099.6 1,421.3 2,836.8 40.9 41.7 66.5 61.2 45.6 (6.9) (1.0) 6.3 20.1 0.4 0.6 1.6 1.9 0.9 (0.1) (0.1) 0.4 0.7 (4.7) (4.3) (5.6) (5.2) (0.4) (0.2) (1.0) (6.4) 0.0 (6.9) (5.7) (0.4) 5.0 (4.4) 9.7 (9.6) (0.4) 1.5 49.7 49.6 2.0 1,223.8 210.5 1.1 0.9 0.0 (5.4) 3.6 2.3 1.9 0.6 (0.4) 1.7 4.1 8.6 (9.1) (5.2) (7.6) 34.4 34.7 (15.3) 15.4 (1.4) Source: Bloomberg Global Global markets rallied on Wednesday with gains in oil prices and as positive US data raised expectations for a strong recovery. US stocks advanced for a second straight session. The S&P 500 rose 0.7%, as Energy and Materials sectors both gained more than 1%. The DJIA added 0.8%, led by a 2.3% jump in Goldman Sachs Group Inc. The Nasdaq closed 0.7% up. European markets closed higher as international creditors reached a deal to unlock more bailout funds for Greece and were also supported by gain in oil prices. The DAX 30 and CAC 40 gained 1.5% and 1.1%, respectively, while FTSE 100 added 0.7%. Most benchmarks across the Asia-Pacific region moved higher. Japan's Nikkei was up 1.6%, while Hong Kong's Hang Seng added 2.7%. GCC Most GCC markets closed on a higher note on Wednesday, supported by improvement in oil prices. Saudi Arabia’s index gained 0.6% in modest volume, mainly helped by Petrochemical shares. SABIC climbed 1.2%. Saudi Cement added 2.0% after the company said it sold its 40% stake in Kuwaiti cement company group International Cement for USD 6.59mn. Dubai's index rose 1.9%, led by the Real Estate stocks. Emaar Properties jumped 4.0%. Deyaar, gained 3.0% after saying it had formed a partnership with Turkey's Ascioglu. Abu Dhabi’s benchmark added 1.6%, buoyed by the Real Estate firms with Aldar Properties adding 3.5%. Qatar QE index edged up 0.4% on Wednesday, as oil prices rallied. Domestic and foreign institution’s buying support, especially in Telecom (+1.2%), Banking & Financial Services (+0.5%) and Industrials (+0.5%) segments, supported the broader index. Islamic stocks were seen gaining slower than the conventional stocks. Most of the sectors closed in green, with major movers being Ooredoo, Vodafone Qatar, Qatar Islamic Bank, Doha Bank, Gulf International Services. Out of 44 stocks listed, 41 exchanged hands of which 24 advanced, 12 declined and 5 remained unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Dividend Yield (%) Value Traded (USD mn) Qatar All share 12.9 1.5 4.2 38.5 10,400 DSM 20 13.3 1.5 4.2 30.2 9,900 Saudi Arabia (TASI) 15.0 1.5 3.8 1,011.1 9,400 UAE (ADX) 11.3 1.4 5.7 35.9 8,900 UAE (DFM) 11.1 1.2 4.3 109.8 Kuwait (KSE) 17.3 1.0 4.4 45.3 Oman (MSM) 11.3 1.3 4.3 4.7 Source: Bloomberg Bahrain (BAX) 9.2 0.4 5.0 0.8 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation GCC Fundamentals Source: Bloomberg Qatar Trading Activity Top Gainers Qatar German Co Gulf Int. Services Mannai Corporation Al Ahli Bank Widam Food Co Top Losers Zad Holding Co Al Khaleej Takaful Qatar National Cement Qatar Industrial Manuf Al Khalij Com. Bank Close Price 12.2 37.9 90.4 42.3 59.1 0.5 0.8 1.8 0.8 1.1 3.9 2.2 2.0 1.9 1.9 (11.2) (26.5) (5.1) (3.6) 11.9 (34.5) (51.5) (20.3) (7.3) (2.0) 441.5 NA 734.2 13.4 22.7 8.4 87.0 12.6 54.5 13.7 84.6 24.6 85.2 40.0 16.5 (2.8) (0.8) (2.2) (0.9) (0.3) (3.2) (3.1) (2.5) (2.2) (1.8) (0.2) (19.3) (8.1) 0.4 (8.2) (14.6) (43.8) (24.4) (13.0) (24.0) 1.8 NA 10.0 20.9 0.3 11.0 0.4 NA 157.7 9.3 Source: Bloomberg; Note: Prices are in local currency. Qatar DSM Index 10,900 8,400 28/Feb 20.0 9,705.7 10.0 0.0 13/Mar 27/Mar 10/Apr Index Volume (mn) 24/Apr 8/May 22/May Index Value Closing Level 2,611.2 6,456.0 3,048.4 4,110.8 2,383.9 1,090.6 2,481.5 1D Change (%) 0.5 0.1 0.5 (0.4) 0.3 1.2 (0.4) Buy (%) 38.0 13.6 51.6 17.6 30.8 48.4 Sell (%) 49.4 10.6 60.0 18.6 21.4 40.1 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 May 26 , 2016 kingdom has been slowing infrastructure projects and paring back state spending, the head of the implementing body stated. (Source: GLOBAL NEWS  US home prices rose 5.7% YoY in the Q1-16 as buyers competed for a limited supply of listings, while prices climbed 1.3% QoQ on a seasonally adjusted basis from the Q4-15, the 19th consecutive quarterly gain, according to the Federal Housing Finance Agency. (Source: Bloomberg)  British car production rose 16.4% YoY in April-16 to 149,334 units, according to the Society of Motor Manufacturers and Traders (SMMT). Export volumes surged 23.7% offsetting a 7.8% slump in domestic demand in the same period. (Source: Reuters)  German business sentiment improved in May-16 to 107.7 from a revised 106.7 in April-16, ignoring brexit fear, according to survey from Munich-based Ifo institute. (Source: Bloomberg)  Italy’s trade surplus climbed to EUR 3.6bn in April-16 from EUR 2.4bn in April-15, while in March-16, the surplus was EUR 3.5bn. Exports fell 3.6% YoY in April-16 while imports were down 13.0% YoY, according to statistical office Istat. (Source: London South East)    Italy's industrial new orders fell a seasonally adjusted 3.3% MoM in March-16, reversing a 0.7% MoM increase in Feb-16. Industrial sales also slid 1.6% MoM in March-16, in contrast to a 0.1% increase in the preceding month, according to Istat. (Source: London South East) Japan's producer price were up 0.2% YoY April-16, according to Bank of Japan, in line with expectations and unchanged from the previous month. On a monthly basis, prices dipped 0.2% MoM in April-16 after jumping 0.6% in March-16. (Source: RTT News) Arabian Business)  Kuwait is expected to sign, a USD 1bn contract with Italy's Salini Impregilo and Turkey's Limak Construction for its planned South Al Mutlaa City project. (Source: Arabian Business)  National Bank of Kuwait-Egypt has reported net profits of EGP 186.6mn (USD 20.96mn) for Q1-16 compared with EGP 126.3mn for Q1-15, growing at 47.7% YoY. Total assets as of Q1-16 grew 24.7% YoY reaching EGP 39bn, while customer deposits grew by 19.% during the same period to reach EGP 31bn. (Source: Arabian Business)  Oil workers in Kuwait are to receive an annual salary raise of 7.5%. The increase, which follows threats of strikes, comes after negotiations between Minister of State for Cabinet Affairs, the Oil and Petrochemical Industries Workers Confederation and heads of oil unions. (Source: Arabian Business)  Bahrain’s Housing Ministry is set to build 25,000 homes as part of the Government Action Plan to create 40,000 housing units across the country. (Source: Arabian Business)  Oman's Bank Muscat has signed a USD 315mn three-year loan with a group of seven banks. Bank ABC, Citigroup, Credit Agricole, HSBC, National Bank of Abu Dhabi and Standard Chartered acted as mandated lead arrangers and book runners on the deal. (Source: Zawya) QATAR NEWS  The State of Qatar is poised to raise USD 9bn through a triple-tranche bond deal. It has launched a USD 3.5bn five-year at Treasuries plus 120bp, a USD 3.5bn 10-year at plus 150bp, and a USD 2bn 30-year at plus 210bp. (Source: Zawya)  UAE’s Etihad Airways has confirmed it has raised a further USD 500mn in a group-wide bond issue to be used for a range of things, from capital expenditure to repaying loans, according to group’s president and CEO. (Source: Arabian Business) Qatar has cut its planned spending on building healthcare facilities by about two-thirds to QAR 2.5bn down from previously estimated QAR 7bn, while authority has cut its 2016 budget for public building to QAR 15bn – QAR 17bn, down from previously estimated QAR 25bn due to drop in energy prices. (Source: Zawya)  Dubai-based Limitless has confirmed that its early payment of AED 2.07bn (USD 653mn) to banks and trade creditors will take place on 28 May-16. (Source: Arabian Business) Qatar accounts for 8.57% of the total value of the pipeline of projects planned in the GCC as of May-16, which amounted to USD 2tn, according to Meed. (Source: Gulf Times)  Minister of Economy and Commerce has called for further bolstering of trade, investment and cooperation between Qatar and Belgium. The trade volume between Qatar and Belgium reached USD 1.6bn in 2015, showing a rise of 1% YoY. Exports from Qatar to Belgium in 2015 stood around USD 1.3bn while Qatari imports from Belgium increased by 7.3% to USD 264m in 2015. (Source: The Peninsula)  Qatar will give USD 10bn (QAR 36.4bn) to humanitarian and development programs across the world in the coming decade, according to its foreign minister. (Source: Doha news)  Qatar expects exports from its Golden Pass joint venture in Texas to begin in 2021, an advisor to the government said. State-run Qatar Petroleum owns a 70% stake in an LNG receiving terminal in Texas that is backed by Exxon Mobil and ConocoPhillips. (Source: Zawya)  Qatar Central Securities Depository Company (QCSD) announced that the new subscribed shares of the Qatar Insurance Company have been deposited into the investors’ accounts, the new capital is QAR 2.411.386.590, and the new total shares is 241.138.659. (Source: QSE)  The QSE is eyeing an upgrade from emerging market to developed market status and is all set to further develop an efficient market infrastructure, according to its top official. (Source: Gulf Times)  The shareholders of Qatar Fuel (Woqod) approved all the agenda on the Extra Ordinary General Assembly meeting, including changes in the Articles of Association related to abolish the minimum shares requirement. (Source: The Peninsula) Australia's private capital expenditure fell 5.2% QoQ to USD 30.6bn in the March-16, according to Australian Bureau of Statistics. (Source: Business Insider) GCC NEWS    Dubai-based DP World has launched a seven-year USD 1.2bn sukuk issue on 24 May-16. The transaction will be used to fund the partrepurchase of DP World's USD 1.5bn sukuk which is due to mature in 2017. (Source: Arabian Business)  Abu Dhabi International Airport registered a 4.8% YoY increase in passenger traffic in April-16. It recorded 1.96mn passengers in April16, exceeding April-15’s figure of 1.86mn. (Source: Arabian Business)  Average consumer prices in Abu Dhabi rose 3% in the first four months of 2016 compared to the same period in 2015, according to the Statistics Centre Abu Dhabi. In April-16 alone, the CPI rose 2.4% YoY compared to April-15, but registered a drop of 0.1% MoM compared to March-16. (Source: Zawya)  Saudi Arabia’s Public Investment Fund, a wealth fund headed by Deputy Crown Prince, is likely to make an offer of about SAR 30bn (USD 7.9bn) next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns. (Source: Gulf Times)   Saudi Arabia's Sisban Holding has joined hands with leading developer Egyptian Mountain View to launch its giant USD 3.6bn luxury residential project. (Source: Trade Arabia) A USD 16.5bn mass transit project planned for Saudi Arabia's Mecca has been delayed so that its financing can be restructured, as the 2
3. DAILY MARKET UPDATE May 26 , 2016 FX RATES Currencies Value Currencies Value EUR/USD 1.1185 USD/QAR 3.6414 110.1900 EUR/QAR 4.0729 USD/JPY GBP/USD 1.4727 JPY/QAR 0.0330 USD/CHF 0.9913 GBP/QAR 5.3627 USD/CAD 1.3020 CHF/QAR 3.6734 AUD/USD 0.7198 CAD/QAR 2.7968 NZD/USD 0.6738 AUD/QAR 2.6211 USD/INR 66.8350 INR/QAR 0.0545 USD/TRY 2.9369 TRY/QAR 1.2399 USD/ZAR 15.6687 ZAR/QAR 0.2324 USD/BRL 3.5835 BRL/QAR 1.0162 FX Commentary The US dollar fell yesterday against the euro, after surging strongly on Tuesday while it recorded a slight gain against the Japanese yen. The traders resorted to profit booking after the USD’s recent rally. The EUR was up about 0.17% against the USD towards the close. Against the JPY, the greenback was last up about 0.11%. The USD weakened against the CHF to trade about 0.25% in a late trade. The CAD too strengthened against its US counterpart due to a surge in oil prices and due to Bank of Canada’s statement that was less dovish than the expectation of some of the investors, after the central bank decided to keep the interest rates unchanged. The dollar index that measures the strength of the greenback against a basket of six major currencies, was last down 0.21% at 95.373. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 1 Month 3 Month 1 Year 0.39 0.41 0.44 0.67 1.31 (0.40) (0.36) (0.35) (0.26) (0.01) QAIBOR 1.26 1.33 1.47 1.69 1.93 SAIBOR NA NA 1.86 2.15 2.36 EIBOR 0.27 0.38 0.68 1.10 1.70 BMIBOR 0.45 0.65 0.93 1.33 1.80 KIBOR 0.75 NA 1.00 1.31 1.69 LIBOR EURIBOR Qatar vs US Treasuries Yields 4.49% 5.0% 2.31% 2.58% 2.58% 1.27% 5 Yrs 1.55% 1.83% 7 Yrs 10 Yrs US 1.00% 0.0% 2.64% 0.71% 2 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 22.4 1.9 Turkey 276.0 22.0 UK 33.1 16.4 Brazil 351.5 (74.8) Germany 19.2 5.9 Egypt 477.8 12.0 France 38.1 10.1 Abu Dhabi 98.0 23.4 Italy 125.7 29.4 Bahrain 371.0 26.2 Greece 964.2 37.0 Dubai 215.0 10.0 Russia 262.6 (3.6) Qatar 110.0 34.8 Japan 33.5 (18.0) Saudi Arabia 160.0 5.8 1.95% 1.67% 2.0% 0.88% 2.62% 2.17% 1.04% 1.0% 2.21% 1.51% 1.34% 1.71% 0.0% 2 Yrs 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs Spreads 6M Change 5 Years CDS Spread 6M Change Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 11:00 Italy Retail Sales MoM Period Survey Prior Mar -- 0.30% 11:00 Italy Retail Sales YoY 11:30 UK GDP QoQ Mar -- 2.70% 1Q P 0.40% 0.40% 11:30 UK GDP YoY 15:30 US Initial Jobless Claims 1Q P 2.10% 2.10% May-21st 275k 15:30 US Continuing Claims 278k May-14th 2142k 2152k 15:30 US Durable Goods Orders Apr P 0.50% 1.30% 15:30 US Durables Ex Transportation 16:00 Russia Gold and Forex Reserve Apr P 0.30% (0.20%) May-20th -- 16:45 US Bloomberg Consumer Comfort May-22nd -- 390.9b 42.6 17:00 US Pending Home Sales MoM Apr 0.70% 1.40% 2:30 Japan Natl CPI YoY Apr (0.40%) (0.10%) 2:30 Japan Natl CPI Ex Fresh Food YoY Apr (0.40%) (0.30%) 2:30 Japan Natl CPI Ex Food, Energy YoY Apr 0.70% 0.70% 2:30 Japan Tokyo CPI YoY May (0.50%) (0.40%) 2:30 Japan Tokyo CPI Ex-Fresh Food YoY May (0.40%) (0.30%) 2:30 Japan Tokyo CPI Ex Food, Energy YoY May 0.60% 0.60% Source: Bloomberg 3
4. DAILY MARKET UPDATE May 26 , 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 8.1 0.0 8.4 1.6 6.1 5.3 2.9 N/A (‫)غ‬ 4.6 6.6 2.2 5.4 3.7 4.9 4.3 4.3 5.0 0.0 9.0 4.7 4.6 5.0 7.3 2.8 5.1 5.6 3.8 3.7 2.5 7.3 3.8 4.6 3.9 5.1 3.0 2.8 6.9 3.2 7.0 2.9 2.0 8.1 4.2 3.6 N/A (‫)غ‬ 2.7 2.0 5.4 5.8 5.1 4.0 P/B Ratio (x) 1.8 0.9 2.4 1.1 2.8 1.0 2.2 0.8 N/A (‫)غ‬ 1.7 1.8 1.9 1.1 1.7 3.0 3.4 1.7 2.2 1.4 0.7 3.6 0.8 2.0 1.1 1.8 1.9 1.8 1.7 3.2 2.6 1.4 1.9 1.9 1.2 0.9 2.8 0.7 2.9 1.6 0.7 1.5 1.1 0.6 1.1 1.2 N/A (‫)غ‬ 1.6 2.6 1.6 0.8 1.2 1.6 P/E Ratio (x) 12.6 9.6 (M) (‫)س‬ 7.0 (H) (‫)م‬ 9.3 11.9 (M) (‫)س‬ N/A (‫)غ‬ 10.7 11.6 9.9 26.3 10.4 20.0 24.8 16.3 11.1 (M) (‫)س‬ 11.0 13.5 7.2 12.9 13.1 12.8 14.1 8.2 19.4 14.7 23.4 10.5 11.3 14.5 19.6 9.0 14.5 4.7 12.3 10.2 26.9 26.5 13.3 9.6 22.2 10.7 N/A (‫)غ‬ 14.5 18.4 12.8 9.2 11.6 12.6 EPS (QR) 3.4 3.9 (M) (‫)س‬ 5.1 0.5 1.8 2.8 (M) (‫)س‬ N/A (‫)غ‬ 8.7 5.3 13.6 0.4 5.9 5.2 8.4 2.1 13.8 (M) (‫)س‬ 1.0 4.3 12.1 6.4 1.0 2.8 6.9 10.8 0.9 13.7 2.1 3.9 7.8 3.1 1.3 2.2 5.3 10.3 4.7 5.7 1.2 0.7 1.0 1.9 0.9 7.8 N/A (‫)غ‬ 2.1 3.3 1.8 9.5 3.1 3.3 BV/Share (QR) 23.2 43.4 9.4 34.0 24.5 15.9 15.0 20.5 N/A (‫)غ‬ 54.2 34.1 70.9 10.0 36.1 34.4 62.4 20.4 71.0 8.8 15.0 15.9 106.6 40.7 12.0 20.6 51.7 50.5 10.8 62.4 18.8 29.2 46.3 23.4 21.5 21.0 27.8 70.7 20.0 36.0 44.7 11.6 12.8 29.8 17.2 69.5 N/A (‫)غ‬ 19.1 23.3 14.1 114.2 30.6 25.9 Stock Price (QR) 42.6 37.0 22.3 35.7 67.4 16.5 33.3 17.3 12.2 92.5 61.0 134.9 11.1 103.0 209.0 35.0 153.1 11.9 11.1 58.1 87.4 13.1 36.1 97.6 89.0 18.3 201.1 49.6 40.9 87.4 25.4 19.5 76.3 48.0 57.9 31.3 17.3 13.7 18.6 83.3 11.2 60.0 23.1 87.0 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