GCC Daily Market Update - 27 October

Transcription

1. DAILY MARKET UPDATE October 27 , 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) 2,139.4 18,199.3 4,860.6 6,958.1 10,709.7 4,534.6 79,397.9 17,391.8 23,325.4 3,116.3 27,836.5 (3.7) 30.1 (30.9) (59.6) (47.6) (6.3) (35.4) 26.6 (239.7) (15.6) (254.9) (0.2) 0.2 (0.6) (0.9) (0.4) (0.1) (0.0) 0.2 (1.0) (0.5) (0.9) (1.3) (0.6) (0.3) 0.9 1.9 1.9 3.8 5.7 0.1 3.7 (0.1) 4.7 4.4 5.8 11.5 (0.3) (2.2) 10.7 (8.6) 6.4 (11.9) 6.6 10,362.7 5,885.0 4,265.8 3,304.2 5,403.7 5,513.7 1,144.9 1,504.6 2,908.8 (41.5) 2.6 1.4 (32.6) 14.7 (9.2) 1.4 6.6 (6.9) (0.4) 0.0 0.0 (1.0) 0.3 (0.2) 0.1 0.4 (0.2) (0.7) 4.7 (4.7) (4.9) 0.1 (3.7) (0.4) (1.1) (2.4) (0.6) (14.9) (1.0) 4.9 (3.8) 2.0 (5.8) 4.0 3.8 50.0 49.2 2.7 1,264.8 214.6 (0.8) (0.8) (0.0) (7.1) 0.7 (1.6) (1.6) (1.6) (0.6) 0.3 1.9 1.9 (5.7) (3.7) (3.5) 34.1 32.8 17.3 19.3 (0.1) Source: Bloomberg Global Most Global stocks fell on Wednesday. US Stocks closed lower, as fall in Apple Inc. shares weighed on the market, with S&P 500 and Nasdaq declining 0.2% and 0.6% respectively after the company reported first annual revenue decrease in 15 years. DJIA outperformed its peer indices rising 0.2% supported by aerospace giant Boeing which rose 4.7% after the company reported better than expected earnings. The pan European stocks closed lower as a slew disappointing earnings results weighed on the investor sentiment. Additionally, Oil stocks also closed weak weighed by drop in oil prices. UK’s mining heavy FTSE (-0.9%) underperformed its European peers, weighed by decline in mining stocks, which fell on back of profit booking ahead of key earnings announcements. Japan’s Nikkei bucked the broader trend rising 1% buoyed by better than expected earnings report from NTT Docomo Inc. GCC Gulf Markets ended on a mixed note on Wednesday. Saudi Arabia's Index was flat as gains in the Kingdom's largest listed lender, National Commercial Bank (5%) were offset by losses in petrochemical, cement and retail stocks. Petrochemical stocks fell tracking the drop in oil prices, with industry heavyweight SABIC down 0.6%. Dubai’s Index fell 1% dragged down by Emaar Properties which fell 1.9%, while Abu Dhabi’s benchmark rose marginally supported by First Gulf Bank which was up by 2.8%. Kuwait’s Index gained 0.3% lifted by Zain Telecom. Qatar QE index closed in red as lower oil prices and weak earnings weighed on the investor sentiments. The sell-off was broad based, with most major sectors closing in red. Real Estate and Industrial stocks led declines with selling pressure visible from Foreign and Gulf institutions’. In terms of volumes, banking and realty stocks together constituted more than 81% of the total traded. Out of 44 companies listed, 39 exchanged hands, of which 23 declined, 13 advanced and 3 remain unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 13.9 1.6 4.0 50.2 DSM 20 14.8 1.6 3.9 40.9 Saudi Arabia (TASI) 14.1 1.4 4.0 873.5 UAE (ADX) 11.1 1.4 5.7 18.0 UAE (DFM) 12.0 1.2 4.2 57.0 Kuwait (KSE) 18.7 1.0 4.4 111.9 Oman (MSM) 10.5 1.1 5.2 4.7 Source: Bloomberg Bahrain (BAX) 9.5 0.4 4.9 0.1 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 Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Qatari Investors Group Mannai Corporation Al Khalij Comm Bank Aamal Co Vodafone Qatar Top Losers Medicare Group Industries Qatar Al Meera Cons Goods Islamic Holding Group Gulf Intl Services Close Price 56.6 79.9 18.0 14.9 10.7 5.1 1.7 0.3 0.2 0.1 9.9 2.2 1.7 1.5 1.3 50.1 (16.2) 0.2 6.7 (15.6) 20.4 595.0 24.6 (19.0) 2.6 7.3 (15.7) 268.2 11.1 4.9 22.7 14.8 (27.5) 2,451.6 NA 73.5 101.2 188.2 55.0 33.7 (3.5) (3.8) (4.9) (1.2) (0.5) (4.5) (3.6) (2.5) (2.1) (1.5) (38.4) (8.9) (14.5) (30.1) (34.6) (54.9) (17.7) (21.6) (37.1) (48.2) Source: Bloomberg; Note: Prices are in local currency. 122.5 98.6 18.7 25.3 37.8 23.8 18.3 23.8 196.4 17.6 Qatar DSM Index 12,000 11,500 11,000 10,500 10,000 9,500 9,000 31/Jul 30.0 20.0 10,362.7 10.0 0.0 14/Aug 28/Aug 11/Sep Index Volume (mn) 25/Sep 9/Oct 23/Oct Index Value Closing Level 2,914.8 6,091.7 3,115.7 4,570.2 2,365.4 1,192.7 2,447.5 1D Change (%) (0.1) (0.3) (0.6) 0.7 (1.1) 0.0 (0.3) Buy (%) 43.1 27.2 70.3 11.7 18.0 29.7 Sell (%) 44.0 17.5 61.5 12.1 26.4 38.5 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 October 27 , 2016 GLOBAL NEWS  US new home sales rose 3.1% YoY to 593,000 units in September-16. The demand for new homes is being driven by rising wages and low mortgage rates. (Source: Reuters)  US crude stockpiles fell by 553,000 barrels in week ending 23rd October-16, according to the Energy Information Administration as crude stocks at the Cushing, Oklahoma fell by 1.3mn barrels for the period. (Source: Reuters)  US preliminary goods trade deficit fell 5.2% MoM to USD 56.1bn in September-16 from USD59.1bn in August-16. The exports rose 0.9% MoM mainly due to improvement in exports of consumer goods, capital goods and industrial supplies, while overall imports declined 1.1% on a monthly basis. (Source: Economic Calendar)  UK trade minister said that global banks and insurance companies will probably lose their current legal rights to provide services in the European Union post Brexit, as ‘passporting’ which allows this companies to access the bloc’s single market will be discontinued.  National Bank of Abu Dhabi (NBAD)’s net profit stood at AED 1.32bn in Q3-16 remaining broadly flat as against AED 1.33bn in Q3-15. The marginal dip was mainly due to impairments, which jumped 68% YoY in Q3-16 to AED 287mn. NBAD's loan book totalled AED 205.3bn at the end of Q3-16, down from AED 205.9bn in Q4-15. (Source: Arabian Business)  Dubai's Gulf Navigation Holding has signed a deal with China's Wuchang Group, under which the Chinese firm will six chemical tankers for the firm, enabling it to cater to increasing demand for transferring chemicals from the UAE and other GCC countries to global markets. (Source: Arabian Business)  Oman’s government aims at attracting 80% of funding from private sector for developing major projects that will help diversify the economy, in a move to minimize state funding in view of dwindling oil revenue, according to officials at the Supreme Council of Planning. (Source: Times of Oman)  (Source: Bloomberg)  China's industrial firms recorded a profit growth of 7.7% YoY to CNY 577.1bn, slowing from 19.5% YoY growth in August-16, as profits in industries such as electronics, steel and electricity grew at a slower pace. (Source: Reuters)  Bank of Japan (BoJ) Governor is of the opinion that there is no immediate need to change the negative 0.1% short-term interest rate target and the 10-year government bond yield target of around 0%. The governor also rejected the idea of buying foreign-currency denominated bonds. (Source: Reuters)  Turkey’s official reserve asset fell 4.2% MoM to USD 117.8bn in September-16 from USD 123.0bn in August-16, as foreign currency reserve declined 4.6% MoM to USD 97.5bn for the period. The gold reserve also dropped 2.0% MoM for the same period. (Source: Central Bank of the Republic of Turkey) Arabian Business)  Kuwait Finance House, sees attractive opportunities in financing the budget deficits of Kuwait and other oil exporting countries in the region, its group chief executive said. The bank accounted for 51% of Islamic banks' financing of Kuwait's budget deficit through securities operations, which totalled KWD 725mn (USD 2.4bn) between April-16 and KFH's last disclosure on 26th July-16. (Source: Arabian Business)  Kuwait’s Ahli United Bank has announced the listing of a USD 200mn sukuk on Nasdaq Dubai, the region’s international financial exchange. It would use the funds to enhance the bank's capital base in line with Basel III global banking standards, it had said in August-16. (Source: Arabian Business) QATAR NEWS  GCC economies are expected to grow at 1.7% in 2016 and 2.3% in 2017, the Managing Director of the IMF commented after her meeting with the Saudi king and the governor of SAMA. (Source: KUNA) The Qatar Central Bank has adequate cushion of reserves to meet contingencies, based on a host of traditional measures of reserve adequacy, QCB stated in its 7th Financial Stability Review report released recently. (Source: QCB)  Abu Dhabi's total non-oil foreign trade rose to AED 84.3bn in H1-16 increasing by AED 59mn, over the previous year. The volume of imports was worth AED 57.3bn in H1-16, down 1.9% YoY while the volume of exports was worth AED 17.3bn, up 2.9% YoY for the same period. (Source: Arabian Business) The total value of real estate transactions during the week (16th to 20th October-16) rose 1.5% to QAR 628mn compared to the previous week, boosted by a deal worth QAR 140mn for a multi-use building in Najma area. (Source: The Peninsula)  The occupancy rate of hotels across Abu Dhabi at the end of Q3-16 fell to 65.8%, down from 71.1% in Q3-15. Average Daily Rates fell 6.7% YoY to AED 372.46 (USD 101.4) and RevPAR dropped 9.7% YoY to AED245.08 (USD 66.72), according to a research report by STR. (Source: The revenues for Gulf International Services for 9M-16, stood at QAR 2.3bn down from QAR 3.3bn in 9M-15, impacted by the downward rates-revision and reduced level of activities across all segments of the group. (Source: The Peninsula)  Al Meera’s Group sales increased 7.2% YoY to QAR 1.93bn whereas the operating income increased by 9.4% YoY to QAR382.6mn in Q316. The company additionally informed that it reported a 49.6% YoY increase in gross shops rental income, which stood at QAR 53.3mn for the period. (Source: Gulf Times)  Mesaieed Petrochemical Holding Company, reported profits of QAR 716mn for the period 9M-16, a decline of 9% YoY due to the decline in selling prices despite improved sales volumes. This reduction was partially offset by a tax refund of approximately QAR 65mn booked during the period. (Source: The Peninsula)  Revenues of Qatar First Bank, surged 39% YoY to QAR 491mn (USD 135mn) for the period Q3-16. The bank reported a net profit of QAR 3.4mn for the same period. (Source: Trade Arabia)  The net profit of Aamal, fell 3.6% YoY to QAR 101.2mn in Q3-16. However, for the period 9M-16, the net profits stood at QAR 356.8mn up from QAR 325.9mn in 9M-15. (Source: Reuters) GCC NEWS    Arabian Business)    Kuwait Projects Co. (KIPCO)’s net profit rose 2% YoY to KWD 12.0mn (USD 39.6mn) in Q3-16. The company has recently repaid a USD 500mn bond, issued in 2009, which will result in an annual interest savings of around KWD 6mn, it said in a separate statement. (Source: Saudi Arabian bank-lending costs declined in a sign the kingdom’s cash squeeze may be easing after the government pledged to inject USD 5.3bn into its financial institutions. The three-month SIBOR fell for a second consecutive day on 26th Oct-16, the first back-to-back decline since June. (Source: Bloomberg) First Gulf Bank reported a 31% YoY rise in Q3-16 net profit, which stood at AED 1.86bn, boosted by gains from real estate sales. The bottom line was partially impacted by increase in provisions for bad loans over the period to AED 420mn. (Source: Arabian Business) Abu Dhabi-based telecoms company Etisalat’s net profit jumped 16% YoY to AED 1.9bn (USD 517.4mn) during Q3-16. Consolidated revenue for the group gained 3% YoY to AED 13.2bn, led by a 4% YoY rise in revenue from domestic operations. (Source: Arabian Business) 2
3. DAILY MARKET UPDATE October 27 , 2016 FX RATES Currencies Value Currencies Value EUR/USD 1.0938 USD/QAR 3.6414 104.4700 EUR/QAR 3.9830 USD/JPY GBP/USD 1.2277 JPY/QAR 0.0349 USD/CHF 0.9935 GBP/QAR 4.4705 USD/CAD 1.3381 CHF/QAR 3.6652 AUD/USD 0.7651 CAD/QAR 2.7213 NZD/USD 0.7154 AUD/QAR 2.7860 USD/INR 66.3325 INR/QAR 0.0549 USD/TRY 3.0811 TRY/QAR 1.1819 USD/ZAR 13.8906 ZAR/QAR 0.2621 USD/BRL 3.1405 BRL/QAR 1.1595 FX Commentary USD started on a strong note after the release of upbeat new home sales data and goods trade deficit which narrowed sharply, however the currency pared gains to close 0.09% lower as nervousness surrounding Fed monetary policy meet in Nov-16 weighed on the greenback. CAD weakened against its US counterpart as the currency was impacted by declining oil prices. The looming failure of Canada-EU trade deal and risk that the Bank of Canada’s interest rates cut further weakened the currency. GBP rose as confidence in the currency was boosted by a rise in UK mortgage approvals for September. EUR strengthened, supported by higher than expected German import price index figures. CNY weakened against USD as substantial liquidity injection via open market operation continue and recovery in profit growth for Chinese industrial firms remains fragile. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.43 0.45 0.54 0.89 1.58 (0.41) (0.38) (0.37) (0.31) (0.07) 1.24 1.34 1.42 1.61 2.02 LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year SAIBOR NA NA 2.10 2.38 2.65 EIBOR 0.38 0.49 0.74 1.29 1.83 BMIBOR 0.43 0.65 0.95 1.53 1.90 KIBOR 0.75 NA 1.25 1.50 2.13 Qatar vs US Treasuries Yields 4.01% 4.0% 1.98% 2.0% 2.39% 2.39% 1.44% 1.73% 7 Yrs 10 Yrs US 0.94% 2.53% 1.15% 0.55% 0.0% 2 Yrs 5 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 26.5 5.5 Turkey 251.6 13.0 UK 38.5 2.4 Brazil 268.9 (68.2) Germany 19.3 1.1 Egypt 481.8 1.3 France 30.6 (6.9) Abu Dhabi 68.2 (22.3) 140.5 19.6 Bahrain 374.0 20.7 (62.3) 2.0% 2.50% 1.10% 1.0% 0.0% 2.03% 1.76% 1.46% 1.65% 1.48% 1.33% 1.99% Italy 0.82% 2 Yrs Greece 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs Spreads 6M Change 5 Years CDS Spread 6M Change 1,012.3 (122.1) Dubai 152.7 Russia 227.2 (24.0) Qatar 89.2 (4.6) Japan 33.0 (3.0) Saudi Arabia 135.3 (18.2) Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 11:00 Italy Manufacturing Confidence Period Survey Prior Oct 102.2 101.9 11:30 UK 11:30 UK GDP QoQ 3Q A 0.30% 0.70% GDP YoY 3Q A 2.10% 2.10% 255k 260k - 391.4b 15:30 US Initial Jobless Claims Oct-22nd 16:00 Russia Gold and Forex Reserve Oct-21st Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) Barwa Real Estate Co 456.6 6.0 6.5 297.1 136.0 (45.9) Aamal Co 603.1 (16.9) (15.0) 101.2 (3.7) (19.9) Al Meera Consumer Goods Co 584.0 0.4 (17.6) 34.5 (4.4) (34.8) Mazaya Qatar Real Estate Dev NA NA NA 13.3 (59.9) (60.8) Kuwait Projects Co Holdings NA NA NA 12.0 1.5 (17.2) First Gulf Bank NA NA NA 1,864.0 31.4 42.8 3,697.4 11.8 (0.7) 1,320.3 (0.5) (4.1) Commercial Bank Of Dubai NA NA NA 215.7 (29.4) (12.0) Emirates Telecom Group Co NA NA NA 1,900.0 (2.4) (17.9) National Bank Of Abu Dhabi Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE October 27 , 2016 QSE MAIN FINANCIAL INDICATORS (as on 20th October, 2016) 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 Mannai Corp. Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Industries Qatar 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 (%) 3.6 8.1 0.0 8.1 1.8 5.7 5.0 2.8 0.0 4.0 6.3 1.8 5.6 3.3 6.4 6.5 4.7 4.8 5.0 0.0 9.1 4.2 5.1 5.4 6.4 2.9 4.7 4.1 3.5 2.4 7.1 4.0 4.3 4.4 5.1 2.2 3.0 7.7 2.6 6.6 2.9 2.0 7.6 4.1 3.1 2.0 2.8 2.1 5.3 5.9 5.1 3.8 P/B Ratio (x) 1.6 0.9 2.4 1.0 2.4 1.1 2.1 0.9 1.0 1.8 1.8 2.1 1.1 1.8 2.2 1.5 3.0 1.5 2.1 1.2 0.8 4.4 0.8 1.8 1.2 1.7 2.0 1.5 3.2 2.6 1.4 1.7 1.9 1.1 0.9 2.6 0.6 2.4 1.7 0.7 1.6 1.0 0.7 1.1 1.4 1.8 1.5 2.4 1.6 0.7 1.1 1.6 P/E Ratio (x) 11.7 19.4 (M) (‫) س‬ 7.7 (H) (‫)م‬ 10.9 12.4 (M) (‫) س‬ 44.7 11.7 12.3 11.1 28.8 11.6 25.2 7.4 23.6 12.9 11.1 (M) (‫) س‬ 10.9 14.4 6.2 11.6 14.7 18.1 16.3 18.1 15.0 22.5 11.1 10.7 16.1 20.9 9.8 19.7 4.4 12.8 12.7 16.0 26.1 13.0 15.0 21.3 12.1 (M) (‫) س‬ 19.0 16.9 13.4 10.9 12.7 13.8 EPS (QR) 3.4 1.9 (M) (‫) س‬ 4.8 0.2 1.6 2.8 (M) (‫) س‬ 0.2 9.1 5.2 14.5 0.4 5.9 3.1 10.4 8.2 2.4 13.7 (M) (‫) س‬ 1.0 4.5 12.6 6.7 1.0 1.9 6.6 0.9 14.1 2.3 3.8 7.7 2.9 1.1 2.0 4.4 10.2 4.1 5.1 2.1 0.7 1.0 1.3 0.9 8.1 (M) (‫) س‬ 1.8 3.4 1.8 7.8 2.8 3.2 BV/Share (QR) 25.0 43.6 9.3 36.6 24.7 16.9 16.4 20.5 10.3 58.6 35.5 77.2 9.9 39.3 35.1 52.6 64.7 20.9 73.5 8.6 14.2 14.6 104.7 42.7 12.2 21.0 53.8 11.0 65.7 20.0 30.3 50.2 23.9 20.8 21.3 33.1 70.7 22.0 38.4 46.0 11.0 13.1 30.0 16.9 69.9 5.8 23.4 24.2 15.0 120.1 32.3 27.6 Stock Price (QR) 39.5 37.0 22.5 37.2 58.3 17.7 35.0 17.7 10.7 106.6 64.0 161.6 10.7 78.0 77.5 193.0 31.0 151.9 10.5 11.1 64.2 78.2 14.8 34.7 107.2 16.9 212.4 51.9 42.0 83.0 22.9 19.5 86.7 45.0 52.0 33.2 17.0 13.5 19.7 97.5 10.6 57.2 23.5 85.2 Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫الرعاية‬ ‫مجمع المناعي‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫صناعات قطر‬ ‫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