GCC Daily Market Update - 26 March

Transcription

1. DAILY MARKET UPDATE March 26 , 2018 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) 2,588.3 23,533.2 6,508.1 6,921.9 11,886.3 5,095.2 116,602.8 20,617.9 30,309.3 3,152.8 32,596.5 (55.4) (424.7) (174.2) (30.7) (213.8) (72.0) (507.5) (974.1) (761.8) (110.7) (409.7) (2.1) (1.8) (2.6) (0.4) (1.8) (1.4) (0.4) (4.5) (2.5) (3.4) (1.2) (4.6) (6.0) (5.1) (4.3) (4.4) (4.2) (2.0) (6.6) (1.7) (3.3) (4.6) (3.2) (4.8) 1.7 (10.0) (8.0) (4.1) 1.1 (9.4) 1.3 (4.7) (4.3) 8,752.7 7,842.6 4,615.3 3,115.2 6,631.9 4,802.6 1,335.0 1,653.6 3,560.2 (73.0) 1.7 37.4 (34.4) (30.4) 1.6 1.1 0.1 (0.0) (0.8) 0.0 0.8 (1.1) (0.5) 0.0 0.1 0.0 (0.0) 1.1 5.7 0.4 (4.0) (2.1) (4.0) (2.6) 1.8 (3.0) 2.7 8.5 4.9 (7.6) 3.5 (5.8) 0.2 3.8 (2.2) 70.5 65.9 2.6 1,349.9 298.5 1.5 1.6 (0.0) 22.5 (2.8) 2.2 2.5 (1.0) 1.7 (0.9) 7.0 6.5 (3.3) 2.4 (5.1) 5.3 8.7 (12.7) 3.1 (10.6) Global Global equity markets declined on Friday, amid escalating tensions of a global trade war after the US President slapped fresh tariffs on Chinese goods. All major US equity indices traded lower, with Nasdaq underperforming its peers. The S&P 500 declined 2.1%, weighed by selling pressure in Financial and Technology shares. Financial shares lost ground, tracking decline in US treasury yields. The Stoxx Europe 600 inched 0.9% lower, as investors shunned risky assets on the back of global jitters, while the index was also weighed by strength in EUR. The UK benchmark also edged 0.4% lower, partly weighed by strength in GBP. In Asia, the Japanese benchmark inched 4.5% lower, weighed by gains in JPY, which weighed on major export-oriented stocks. The Chinese benchmark fell 3.4%, with stocks having sizeable exposure towards US weighing on the benchmark. GCC Most GCC equity markets ended higher yesterday. In Saudi Arabia, National Agriculture Development rose 4.9%, after company revealed an agreement to acquire dairy product and juice maker Al Safi Danone. The Abu Dhabi index inched 0.8% higher, led by strong buying in Dana Gas after company announced to seek shareholders’ approval for dividend. The Dubai benchmark declined 1.1%, led by weakness in Emaar Properties. Qatar The QE index declined 0.8% during yesterday’s trading session, on account of profit booking amongst foreign institutional investors. Trade turnover and volumes declined during the trading session, with Banking, Real Estate and Industrials sectors together accounting for about 80% of the total volume. Out of the 45 listed stocks, 43 exchanged hands of which, 30 declined, 10 advanced and 3 remained unchanged. Source: Bloomberg QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 13.7 1.3 4.8 51.7 DSM 20 13.5 1.3 5.0 37.3 Saudi Arabia (TASI) 17.5 1.7 3.0 1,176.2 UAE (ADX) 11.9 1.3 5.1 55.3 UAE (DFM) 11.0 1.1 5.7 33.8 Kuwait (KSE) 15.1 1.0 5.7 30.9 Oman (MSM) 11.8 1.0 5.3 46.5 Bahrain (BAX) 8.9 0.8 6.1 1.5 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 Al Ahli Bank Commercial Bank Pqsc Mazaya Qatar Islamic Holding Group Qatar Fuel Qsc Top Losers Medicare Group Qatar Islamic Insurance Al Khaleej Takaful Grp Qatar Navigation Widam Food Co Close Price 32.7 30.7 8.0 30.9 116.0 2.6 0.9 0.2 0.4 1.2 8.6 3.0 2.8 1.3 1.0 (11.9) 6.2 (11.1) (17.6) 13.7 (1.9) 61.1 10.6 (4.9) 123.5 33.8 (39.0) 1,500.4 33.3 (52.5) 5.9 NA (14.8) 186.0 12.0 65.6 55.5 10.6 59.5 60.8 (7.0) (2.5) (0.4) (1.6) (1.5) (9.6) (4.3) (3.5) (2.6) (2.5) (6.1) 1.0 (19.9) 6.4 (2.8) (35.0) (20.3) (45.6) (22.7) (5.1) Source: Bloomberg; Note: Prices are in local currency. 42.5 1.9 12.5 3.6 11.5 23.0 13.5 18.5 14.4 10.1 Qatar DSM Index 9,500 20.0 8,752.7 9,000 8,500 10.0 8,000 7,500 27/Dec 0.0 10/Jan 24/Jan 7/Feb Index Volume (mn) 21/Feb 7/Mar 21/Mar Index Value Source: Bloomberg QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Closing Level 2,863.0 5,331.5 2,949.9 3,265.0 1,877.0 1,091.3 1,849.8 1D Change (%) (0.8) (0.8) (0.3) (1.7) (1.8) (0.5) (1.3) Buy (%) 45.4 22.8 68.2 17.9 13.9 31.8 Sell (%) 46.0 22.3 68.3 19.8 11.9 31.7 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 March 26 , 2018 GLOBAL NEWS  the country. (Source: BNA)  Saudi Arabia would witness the construction of mixed-used development project by US based consortium, Global Business Ventures. The project would develop 25,000 housing units and 1.0mn sq.ft of commercial space in Riyadh. (Source: Trade Arabia)  Saudi Arabia based National Agricultural Development Company, which is partly owned by the sovereign wealth fund, is planning to acquire Danone’s venture in the country. The acquisition would be funded by Nadec through a capital increase worth SAR 536.0mn (USD 143.0mn). (Source: Arabian Business)  Oman’s total production of refineries and petroleum industries increased by 25.8% YoY in February-18. The production of regular grade petrol, Mogas 91, increased by 52.0% YoY to 1.9mn barrels, while domestic sales of Mogas 91 rose by 67.0% YoY to 1.8mn barrels during the same period. (Source: Gulf Base) US President, Donald Trump, has signed the newly passed spending bill worth USD 1.3tn after hours of disputes. The increase of military spending worth USD 60.0bn increase convinced him to sign the bill. (Source: EuroNews)  Minneapolis Fed President, Neel Kashkari, stated that he supports the US Fed’s decision of rate hike and expect the central bank tighten its monetary policy if wage growth increases. (Source: Reuters)  Boston Fed President, Eric Rosengren, expects the central bank’s policymakers to become more careful while considering the financial stability policy tools, such as requiring banks to add further capital so as to cope up with large financial shocks in future. (Source: Reuters)  US new home sales decreased by 0.6% MoM to a seasonally adjusted annual rate of 618,000 in February-18. The average sale price amounted to USD 326,800 during the same period. (Source: Census)   Canada’s consumer price index increased by 2.2% YoY in February-18, driven by rise in energy cost by 5.3% YoY and a 0.6% YoY rise in prices of durable goods. (Source: Statcan) Oman based Telecom Company, Omantel’s wholly owned subsidiary, Oztel Holdings SPC Limited, has received an approval to finance the acquisition of 21.9% strategic share in Zain Telecom. (Source: Gulf Base)   Bank of England’s member of policy maker committee (MPC), Gertjan Vlieghe, expects that interest rate would increase once or twice a year over the next few years, if growth and inflation moved against the MPC forecast. (Source: Reuters) Bahrain based Seef Properties has announced its plans for its mixeduse development project, Liwan, worth BHD 50.2mn (USD 132.7mn).  Turkey’s total number of unemployed persons increased by 3.7% YoY to 3.5mn in FY-17. Thus, the unemployment rate stood at 10.9% during the same period. (Source: Turkstat) (Source: Trade Arabia)  Bahrain based GFH Financial Group’s subsidiary, GFH Capital Limited, is selling its 70.0% stake in the Dubai based Philadelphia Private School to Businessman Engineer, Nashat Sahawaneh, the school’s existing 30.0% shareholder. (Source: Trade Arabia)  Kuwait Petroleum Corporation has signed a major agreement with a leading foreign company to import liquefied natural gas for 15 years, effective from 2020, the country’s Oil and Minister of Electricity and Water, Bakheet Al-Rashidi, stated. (Source: Trade Arabia) GCC NEWS    Dubai and Abu Dhabi bourses’ listed 62 companies reported total cash dividend payout worth AED 33.1bn (USD 9.0bn) for the FY-17. Thirteen out of the eighteen listed banks accounted for 54.3% of the total cash dividend payout. (Source: Arabian Business) QATAR NEWS   DP World has signed a framework agreement with Kazakhstan’s government for the acquisition, governance and management of Special Economic Zones in Aktau (Kazakhstan) and Khorgos (China). The total number of building permits decreased by 32.0% MoM to 640 in February-18. The new building permits accounted for 62.0% of the total issues during the same period. (Source: MDPS)  Qatar is seeking growth opportunities to enhance its bilateral trade relations with China. The focus area mainly includes construction, information technology, electronics, mining, textiles and tourism sector. (Source: Gulf Times)  According to Capital Intelligence, a credit rating agency, Qatar has overcome the negative impact of blockade and accustomed to the new change in supply chain and logistic arrangements. (Source: Gulf Times)  Qatar and the Tunisian civil aviation authority has signed an updated agreement along with the consideration of necessary approvals for their aviation services, which was first signed in 1984. (Source: Gulf Times)  The Ministry of Transport and Communications has been awarded with an ISO 9001:2015 Quality Management Systems certification from the British Standards Institution. (Source: Gulf Times)  Qatar Petroleum has signed a set of principal guidelines focusing on reduction in methane emission across the natural gas value chain. Gulf Times) (Source: Trade Arabia)   The total value of non-oil exports of the country increased by 4.8% MoM to QAR 2.2bn in February-18. Total number of trading partners increased by 5.1% MoM to 62 countries during the same period. (Source: Dubai based DP World has been awarded a 30 years concession deal for the management and development of a greenfield multi-purpose port project at Banana, Democratic Republic of the Congo. The deal has an option for an additional extension of 20 years. (Source: Trade Arabia) Dubai based Lootah Real Estate Development company has announced the sale of its 5 residential buildings within its key properties, Ewan Residences and The Waves communities, in the country. (Source: Trade Arabia) Abu Dhabi Ports signed an agreement with China Council for the Promotion of International Trade to seek new commercial opportunities between the Chinese companies, who are willing to invest in Khalifa Industrial Zone Abu Dhabi and Khalifa Port Free Trade Zone. (Source: Gulf Base)  Abu Dhabi based Aldar Properties has announced the introduction of a boutique residential development project worth AED 440.0mn (USD 120.0mn) on Reem Island. (Source: Arabian Business)  Abu Dhabi based Tawazun Economic Council has announced the successful closing of its Alfia, an investment fund for defence contractors. (Source: Trade Arabia)   Sharjah Cement and Industrial Development Company has received an approval to distribute cash dividend amounting to 8.0% of its capital for the FY-17. (Source: Mubasher) The London listed Gulf Investment Fund which was earlier known as Qatar Investment Fund has retained its overweight position in the country’s equity market. (Source: The Peninsula)   Saudi Arabia's General Investment Authority and Ministry of Labour and Social Development has given approval for foreign investment in domestic workers' recruitment agencies and contracting companies in Woqod is planning to invest QAR 634.0mn during this year for its expansion projects in the country so as to cater to the growing demand in the local market, the company’s Chairman stated. (Source: (Source: The Peninsula) Gulf Times) 2
3. DAILY MARKET UPDATE March 26 , 2018 FX RATES Currencies Value Currencies Value EUR/USD 1.2383 USD/QAR 3.6415 104.7400 EUR/QAR 4.5093 USD/JPY GBP/USD 1.4162 JPY/QAR 0.0348 USD/CHF 0.9474 GBP/QAR 5.1571 USD/CAD 1.2895 CHF/QAR 3.8437 AUD/USD 0.7699 CAD/QAR 2.8240 NZD/USD 0.7233 AUD/QAR 2.8036 USD/INR 64.5125 INR/QAR 0.0564 USD/TRY 3.9829 TRY/QAR 0.9143 USD/ZAR 11.7473 ZAR/QAR 0.3100 USD/BRL 3.3123 BRL/QAR 1.0994 FX Commentary The USD ended lower against the basket of major currencies on Friday with the dollar index declining 0.4% to settle at 89.495. Mounting tensions about a global trade war weighed on the greenback, after the US President imposed tariffs on Chinese goods. The GBP strengthened against the greenback on account of hawkish comments from BoE official Gertjan Vlieghe, indicating interest rate hikes in the coming peirod. The JPY strengthened against the dollar after the demand for safe haven currency increased on back of expectations of global trade war. The CAD strengthened against its US counterpart on back of data showing upbeat domestic inflation data and higher-than-expected retail sales data for January-18, strengthening case for the Bank of Canada to lift its interest rates in the coming period. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 1.70 1.74 1.88 2.29 2.67 (0.44) (0.38) (0.37) (0.33) (0.19) LIBOR EURIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 6.0% QAIBOR 2.24 2.31 2.44 2.66 3.00 4.0% SAIBOR NA 1.88 2.01 2.23 2.63 2.0% EIBOR 1.44 1.64 1.87 2.27 2.81 BMIBOR 1.63 1.90 2.43 2.78 3.28 NA NA 1.75 2.00 2.50 KIBOR 2.71% 2.27% 4.76% 3.45% 3.52% 3.59% 2.61% 2.75% 2.83% 3.08% 7 Yrs 10 Yrs US 30 Yrs 0.0% 2 Yrs 5 Yrs Qatar Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 4.0% US 27.0 (2.4) Turkey 200.3 UK 19.2 (7.6) Brazil 173.4 (29.8) Germany 11.8 (2.4) Egypt 267.5 (100.0) 2.60% 2.86% 2.80% 2.76% 2.0% 1.62% 2.40% 2.23% 2.06% 2.92% 2.64% 0.0% 2 Yrs 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs France Spreads 6M Change 5 Years CDS Spread 6M Change 13.3 19.2 (3.4) Abu Dhabi 62.1 (2.5) Italy 104.8 (39.1) Bahrain 273.4 27.5 Greece 367.5 (160.1) Dubai 108.1 (28.7) Russia 123.3 (24.2) Qatar 86.8 (14.9) Japan 22.7 (17.9) Saudi Arabia 84.8 (4.6) Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event Period Survey Prior 09:45 France GDP QoQ Q4 F 0.60% 0.60% 09:45 France GDP YoY Q4 F 2.50% 2.50% 11:30 UK UK Finance Loans for Housing Feb 39,000 40,117 15:30 UK Chicago Fed Nat Activity Index Feb 0.15 0.12 17:30 US Dallas Fed Manf. Activity Mar 33.5 37.2 02:50 Japan PPI Services YoY Feb 0.70% 0.70% Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) Mazaya Qatar Real Estate Dev 57.6 156.2 75.2 10.5 1,617.0 150.3 Saudi Pharmaceutical Industr NA NA NA 45.4 (78.6) 473.2 Aseer Trading Tourism & Manu 496.3 (2.6) (1.6) (352.8) 250.1 NA Red Sea International Co 160.7 (33.0) (13.7) (55.8) NA 340.4 Sasco 315.6 14.5 3.5 9.2 (29.0) 1.0 NA NA NA (1.7) NA NA Al Jouf Agriculture Develop. Basic Chemical Industries Tabuk Agricultural Development NA NA NA 17.1 12.6 106.5 36.7 13.2 37.6 (10.9) (57.5) (24.4) Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE March 26 , 2018 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing Qatar First Bank (QFC) Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Mannai Corp. Medicare Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Investment Holding Industries Qatar Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Alkhaleej 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 (%) 2.9 3.3 0.0 10.9 0.0 6.8 5.5 4.7 N/A (‫)غ‬ 0.4 7.0 4.5 6.7 4.4 7.0 6.1 5.8 N/A (‫)غ‬ 6.9 N/A (‫)غ‬ 0.0 7.0 N/A (‫)غ‬ 6.0 6.0 0.0 N/A (‫)غ‬ 4.6 4.8 4.1 2.3 7.4 7.7 4.5 0.0 5.4 3.3 4.7 6.3 3.8 7.5 0.0 N/A (‫)غ‬ 8.3 2.9 N/A (‫)غ‬ 0.0 0.0 4.2 6.5 5.9 6.0 4.1 P/B Ratio (x) 1.3 0.7 1.4 0.8 1.3 0.6 2.1 0.5 N/A (‫)غ‬ 1.5 1.3 1.8 0.9 1.5 0.9 1.8 2.1 N/A (‫)غ‬ 1.6 N/A (‫)غ‬ 0.5 3.2 N/A (‫)غ‬ 1.6 0.8 1.0 N/A (‫)غ‬ 1.9 1.3 2.3 1.5 1.2 1.2 1.6 0.6 0.7 1.6 0.7 2.4 1.2 0.7 1.0 N/A (‫)غ‬ 0.5 0.8 N/A (‫)غ‬ 1.6 7.5 1.5 1.0 0.5 0.7 1.4 P/E Ratio (x) 10.8 20.6 20.1 7.7 (M) (‫)س‬ 7.2 13.3 (H) (‫)م‬ N/A (‫)غ‬ 9.6 10.3 9.4 25.1 10.2 5.2 25.9 15.1 N/A (‫)غ‬ 12.0 N/A (‫)غ‬ (M) (‫)س‬ (H) (‫)م‬ N/A (‫)غ‬ 13.5 12.6 42.5 N/A (‫)غ‬ 19.7 17.0 12.9 16.2 10.3 11.7 17.0 18.4 16.6 29.9 13.4 13.4 21.8 7.6 17.1 N/A (‫)غ‬ 9.9 12.2 N/A (‫)غ‬ (M) (‫)س‬ (M) (‫)س‬ 11.2 10.1 14.5 11.6 13.2 EPS (QR) 3.0 1.5 0.6 3.6 (M) (‫)س‬ 1.5 2.7 0.1 N/A (‫)غ‬ 10.2 5.5 14.2 0.3 5.8 11.1 2.5 9.7 N/A (‫)غ‬ 9.7 N/A (‫)غ‬ (M) (‫)س‬ 0.6 N/A (‫)غ‬ 4.6 0.8 0.5 N/A (‫)غ‬ 5.5 0.9 14.7 2.0 3.9 5.0 2.4 0.6 0.8 1.3 3.5 4.1 1.7 4.4 0.6 N/A (‫)غ‬ 1.5 1.1 N/A (‫)غ‬ (M) (‫)س‬ (M) (‫)س‬ 3.7 1.5 4.1 2.1 2.8 BV/Share (QR) 25.2 42.1 8.2 34.9 24.0 17.5 17.6 20.1 N/A (‫)غ‬ 64.7 45.0 73.4 8.8 39.4 64.5 35.6 69.0 N/A (‫)غ‬ 71.1 N/A (‫)غ‬ 12.9 19.0 N/A (‫)غ‬ 39.9 12.7 19.8 N/A (‫)غ‬ 56.6 11.6 81.7 21.4 34.4 48.0 24.8 19.3 20.8 25.1 70.8 23.4 32.4 48.6 11.4 N/A (‫)غ‬ 31.3 17.1 N/A (‫)غ‬ 5.3 3.9 27.9 15.7 118.3 32.8 26.1 Stock Price (QR) 32.7 30.7 11.8 27.7 30.9 11.0 36.1 10.7 7.1 98.0 56.8 133.5 7.5 57.4 65.6 146.0 22.7 116.0 6.0 5.8 60.8 100.0 10.0 19.4 6.1 108.0 14.7 189.9 33.0 40.4 58.6 10.6 14.0 39.7 47.0 55.5 33.4 10.9 8.0 15.1 83.5 8.5 41.0 15.4 59.5 - Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫مجمع المناعي‬ ‫الرعاية‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫ا س ت ثمار ال قاب ضة‬ ‫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