GCC Daily Market Update - 27 March

Transcription

1. DAILY MARKET UPDATE March 27 , 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) 2,658.6 24,202.6 6,753.8 6,888.7 11,787.3 5,066.3 116,420.3 20,766.1 30,548.8 3,133.7 33,066.4 70.3 669.4 245.7 (33.3) (99.1) (28.9) (182.5) 148.2 239.5 (19.0) 469.9 2.7 2.8 3.8 (0.5) (0.8) (0.6) (0.2) 0.7 0.8 (0.6) 1.4 (2.0) (3.3) (1.5) (4.7) (5.2) (4.8) (2.1) (5.9) (1.0) (3.9) (3.3) (0.6) (2.1) 5.6 (10.4) (8.8) (4.6) 0.9 (8.8) 2.1 (5.2) (2.9) 8,711.9 7,857.5 4,651.1 3,103.8 6,624.3 4,758.4 1,325.6 1,653.3 3,624.4 (40.8) 14.8 35.8 (11.4) (7.7) (44.1) (9.3) (0.3) 64.2 (0.5) 0.2 0.8 (0.4) (0.1) (0.9) (0.7) (0.0) 1.8 0.7 5.9 1.2 (4.3) (2.2) (4.9) (3.2) 1.7 (1.3) 2.2 8.7 5.7 (7.9) 3.4 (6.7) (0.5) 3.8 (0.1) 70.1 65.6 2.6 1,355.0 296.1 (0.3) (0.3) 0.0 5.1 (2.4) (0.5) (0.5) 1.0 0.4 (0.8) 6.9 6.9 (1.1) 2.8 (4.2) 5.2 9.1 (10.7) 3.5 (9.8) Global The US equity market ended higher yesterday on the back of reports that US and China might enter into talks to avert global trade war, easing recent tensions. The S&P 500 inched 2.7% higher, buoyed by strong buying activity in Financials stocks. The Nasdaq outperformed its peer indices, as Semiconductors shares gained after China offered to buy more semiconductors from the US to reduce the nation’s trade deficit with China. The Stoxx Europe 600 declined 0.7%, on back of strength in EUR after German central bank President Jens Weidmann provided hawkish comments. The UK benchmark ended 0.5% lower, on account of rising geopolitical tensions with Russia and partly due to strength in GBP. In Asia, the Japanese benchmark inched 0.7% higher, led by gains in Technology stocks and weakness in JPY. GCC Most GCC equity markets ended lower during yesterday’s trading session. The Saudi Arabian benchmark inched 0.2% higher, buoyed by strength in Saudi Arabian Mining after foreign institutional investors increased their stake in the company. Advanced Petrochemical inched 4.6% higher after the company announced to go ex-dividend, whereas Middle East Healthcare gained 3.2%, after the company reported upbeat Q4-17 net income. The Dubai’s benchmark declined 0.4%, weighed by weakness in DXB Entertainments after the company reported annual net loss on account of lower foot-fall. Qatar The QE index declined 0.5% during yesterday’s trading session after the market witnessed selling pressure from domestic institutional investors. Trade turnover and volumes declined during the session, with Banking, Industrials and Real Estate sectors together accounting for more than 82% of the total volume. Out of the 45 listed stocks, 42 exchanged hands of which, 25 declined, 10 advanced and 7 remained unchanged. Source: Bloomberg QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 13.6 1.3 4.9 41.2 DSM 20 13.5 1.3 5.0 32.3 Saudi Arabia (TASI) 17.6 1.7 3.0 1,093.1 UAE (ADX) 11.9 1.3 5.1 37.1 UAE (DFM) 10.9 1.1 5.7 48.8 Kuwait (KSE) 15.4 1.1 5.7 32.4 Oman (MSM) 11.7 1.0 5.4 6.5 Source: Bloomberg Bahrain (BAX) 8.8 0.8 6.2 3.3 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 Medicare Group Al Khaleej Takaful Grp Zad Holding Co Al Khalij Com. Bank Ezdan Holding Group Top Losers Qatar Fuel Qsc Qatar Insurance Co Qatar Navigation National Leasing Islamic Holding Group Close Price 69.2 10.9 102.0 11.2 11.0 3.6 0.3 2.0 0.2 0.1 5.5 2.8 2.0 1.6 1.0 (0.9) (17.7) 25.9 (21.3) (8.9) (30.8) (46.3) 18.6 (23.4) (30.8) 77.6 58.6 1.0 82.4 341.7 24.3 19.0 11.1 8.1 17.0 106.2 37.9 57.6 10.4 30.3 (9.8) (1.8) (1.9) (0.3) (0.6) (8.5) (4.4) (3.2) (2.4) (1.9) 4.1 (16.2) 2.9 (2.9) (19.2) (21.9) (38.6) (24.6) (45.5) (53.4) 61.0 191.8 21.5 142.4 6.2 11.0 33.2 13.9 173.9 NA Source: Bloomberg; Note: Prices are in local currency. Qatar DSM Index 9,500 20.0 8,711.9 9,000 8,500 10.0 8,000 7,500 28/Dec 0.0 11/Jan 25/Jan 8/Feb Index Volume (mn) 22/Feb 8/Mar 22/Mar Index Value Closing Level 2,853.3 5,317.6 2,939.7 3,166.5 1,880.1 1,083.9 1,824.5 1D Change (%) (0.3) (0.3) (0.4) (3.0) 0.2 (0.7) (1.4) Buy (%) 36.5 12.5 49.0 14.9 36.1 51.0 Sell (%) 36.0 27.1 63.1 13.6 23.3 36.9 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 27 , 2018 GLOBAL NEWS  New York Fed President William Dudley stated that the banking sector should adopt compensation plans which avoids excessive risk taking capacity. These changes are advised in order to avoid the repetition of financial crisis. (Source: Reuters)  International Monetary Fund’s Head, Christine Lagarde, has advised Eurozone to set up a “rainy day fund” which would help protect member states from economic recessions. She further added that Eurozone countries will contribute to the rainy day fund each year so as to build up assets in good times. (Source: Reuters)  German Bundesbank’s President, Jens Weidmann, along with other the members of policy making committee, expects that the European Central Bank would increase the interest rate by mid of 2019. (Source: Reuters)  Japan’s services producer price index increased by 0.6% YoY and 0.2% MoM to a reading of 103.9 in February-18. (Source: BOJ)  Indian government stated that they are planning to borrow fund worth INR 2.9tn (USD 44.4bn) thus making the country’s gross market borrowing to reach INR 6.1tn and a net market borrowing to INR 4.6tn for the period H1-19. (Source: Reuters) GCC NEWS    UAE's free zones exports increased by 6.6% YoY to AED 225.5bn (USD 61.4bn) during 2017. The free zones exports accounted for 19.5% of the UAE’s total exports during the same period. (Source: Zawya) Dubai's total value of non-oil external trade with South Korea increased 8.0% YoY to AED 27.4bn (USD 7.5bn) during 2017. Out of the total non-oil trade, imports amounted to AED 22.1bn, exports worth AED 4.5bn and re-exports worth AED 866.0mn. (Source: Trade Arabia) Dubai based 50 projects reported the total sale value worth AED 5.1bn for the FY-17, according to Dubai Land Department report. (Source: technology. (Source: Trade Arabia)  Saudi Arabia based Maalem Financing Company has received a firsttime corporate ratings of ‘BB-’ for Long-Term and ‘B’ for Short-Term by Capital Intelligence Ratings with a Stable outlook. This was due to the company’s strong capital along with low leverage and adequate liquidity. (Source: Saudi Gazette)  Oman’s total value of non-oil exports increased by 30.0% YoY to OMR 2.6bn between January-17 and October-17, driven by stronger growth in the demand for Omani products in neighboring countries like Qatar and Saudi Arabia. (Source: Muscat Daily)  Oman’s central bank has ordered commercial banks to factor their local interbank money market positions, while calculating lending ratios, effective from 1st April-18. It’s an effort to boost lending to the companies. (Source: Reuters)  National Bank of Oman has received an approval to distribute cash dividend accounting for 15.0% and stock dividend accounting for 5.0% of the company’s capital for FY-17. (Source: Muscat Daily)  Bahrain’s Shura Council has given approval for the pension benefit law which would allow private sector employees to purchase assumed years of service in the insurance subscription period, but should not exceed 5 years. (Source: Zawya)  Bahrain based Bank ABC has received an approval to distribute cash dividend worth USD 93.3mn for FY-17. This would account for 3.0% of the lender’s issued share capital. (Source: Trade Arabia)  Kuwait based Mabanee, is planning to receive financial aid worth more than USD 1.3bn from banks for developing The Avenues Riyadh shopping mall, the company’s CEO stated. (Source: Zawya) QATAR NEWS  Qatar is planning to make investments worth USD 190bn in Turkey with an objective to strengthen their business ties, according to the senior official of the Qatar Financial Centre. (Source: The Peninsula)  The Government Procurement and Contracting Conference & Exhibition, Moushtarayat, organized by Qatar Development Bank, would offer opportunities worth QAR 4.6bn to SMEs in Qatar during its third instalment. (Source: Gulf Times)  Qatar’s World Trade Center has signed a MoU with China Council for the Promotion of International Trade with an objective to promote international commerce in both the countries. (Source: Gulf Times)  Qatar Tourism Authority’s acting Chairman, announced that the National Tourism Council would start operating in Q2-18, under the new governance of the tourism sector. (Source: Gulf Times)  The Suakin Port development and management project is expected to be completed by 2020 through the means of Qatari funding worth USD 4.0bn, of which USD 500.0mn would be allocated for the first phase of the project. The Sudanese and Qatari share in the project would be 51.0% and 49.0%, respectively. (Source: Gulf Times)  Qatar International Islamic Bank is planning to issue sukuk for raising USD 300.0-500.0mn in 2018. As a part of its promotional activity, the bank would be organizing a roadshow in selected Asian and European markets in April-18, the bank’s CEO stated. (Source: The Peninsula)  Qatar Fuel (WOQOD) has received an approval to distribute 80.0% cash dividend which amounts to QAR 8 per share for FY-17. (Source: QE) Mubasher)  Dubai based, retail operator, Marka Holding, has reported a revenue of AED 99.6mn, while loss of AED 242.1mn (USD 65.8mn) for FY-17, driven by the increase in company’s restructuring programme cost and a challenging regional operating environment. (Source: Arabian Business)  Dubai based leisure and entertainment company, DXB Entertainments, has signed a debt restructuring deal worth AED 4.2bn (USD 1.1bn) with creditors to restructure its debt linked to Phase I of the project. (Source: Trade Arabia)    Dubai based energy consultancy firm, Taka Solutions, has signed a MoU with Denmark based pump and water application systems manufacturer, Grundfos. This aims to offer energy savings opportunities to customers. (Source: Trade Arabia) Abu Dhabi National Oil Company has awarded two contracts worth more than USD 3.5bn to South Korea's Samsung Engineering Company. The contract includes engineering, procurement and construction contract worth USD 3.1bn for flexibility in crude oil processing. (Source: Zawya) Sharjah based Dana Gas is seeking approval from shareholders to distribute cash dividend worth AED 349.0mn (USD 95.0mn), which accounts for 5.0% of the company’s capital for FY-17. This could impact its legal dispute to settle claim worth USD 700.0mn. (Source: Zawya)  The Saudi Arabian General Investment Authority has awarded a license to US based consortium, Global Business Ventures, which grants them permission to invest in the housing projects in the country. (Source: Mubasher)  Retaj Hotels and Hospitality has signed a five year partnership agreement with Thailand based Taj Hana Group to operate around 27 hotels, in the Far East region, Retaj Group’s Vice Chairman and Managing Director stated. (Source: Gulf Times)  Saudi Arabia based domestic payment service provider, Mada, signed a joint partnership agreement with Mastercard to allow online payment service using Mastercard’s Payment Gateway Services  Ooredoo has signed a partnership agreement with Ahlibank to provide Ooredoo’s customers access to pay their bills and top-ups through Ahlibank’s ATMs. (Source: Qatar Tribune) 2
3. DAILY MARKET UPDATE March 27 , 2018 FX RATES Currencies Value Currencies Value EUR/USD 1.2474 USD/QAR 3.6415 105.4100 EUR/QAR 4.5424 USD/JPY GBP/USD 1.4259 JPY/QAR 0.0345 USD/CHF 0.9456 GBP/QAR 5.1924 USD/CAD 1.2843 CHF/QAR 3.8510 AUD/USD 0.7748 CAD/QAR 2.8354 NZD/USD 0.7298 AUD/QAR 2.8214 USD/INR 64.3663 INR/QAR 0.0566 USD/TRY 3.9655 TRY/QAR 0.9183 USD/ZAR 11.6337 ZAR/QAR 0.3130 USD/BRL 3.3143 BRL/QAR 1.0987 FX Commentary The USD ended lower against the basket of major currencies with dollar index ending 0.4% lower at 89.039. Easing tensions of the global trade war increased the demand for the riskier currencies, which weighed on the greenback. The GBP strengthened against the USD on the back of rising investors’ confidence that Bank of England would raise interest rates in its May-18 meeting. The EUR strengthened against the dollar after German Bundesbank President Jens Weidmann, part of the ECB’s rate-setting committee provided hawkish comments about normalizing monetary policy. The CAD strengthened against its US counterpart as abating fears of global trade war supported the prospects of further rate hikes the Bank of Canada over the coming months. 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 2.26 2.33 2.47 2.68 3.03 4.0% SAIBOR NA 1.88 2.01 2.24 2.64 2.0% EIBOR 1.44 1.66 1.87 2.31 2.81 BMIBOR 1.63 1.90 2.43 2.78 3.28 NA NA 1.75 2.00 2.50 KIBOR 2.74% 2.31% 4.78% 3.44% 3.53% 3.61% 2.64% 2.78% 2.85% 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 27.6 (1.8) Turkey 202.8 9.4 UK 18.8 (7.4) Brazil 169.4 (35.9) Germany 12.0 (2.2) Egypt 267.5 (99.8) France 19.3 (3.4) Abu Dhabi 61.7 (3.6) Italy 107.7 (34.9) Bahrain 277.8 28.9 Greece 373.0 (177.8) Dubai 108.6 (25.7) Russia 124.9 (23.4) Qatar 88.3 (14.5) Japan 22.3 (17.4) Saudi Arabia 84.9 (6.3) 2.61% 2.88% 2.83% 2.79% 2.0% 1.60% 2.35% 2.19% 2.03% 2.93% 2.60% 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 Period Survey Prior 11:00 Eurozone M3 Money Supply YoY Feb 4.60% 4.60% 11:00 Italy Manufacturing Confidence Mar 109.9 110.6 11:00 Italy Consumer Confidence Index Mar 115 115.6 12:00 Eurozone Consumer Confidence Mar F 0.1 0.1 17:00 US Richmond Fed Manufact. Index Mar 22 28 17:00 US Conf. Board Consumer Confidence Mar 131 130.8 Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) Taiba Holding Co 89.5 (26.1) (33.8) 36.6 (35.7) (41.0) 1,257.5 4.9 22.9 4.9 (93.8) (77.9) NA NA NA (14.8) (61.1) 49.4 183.3 9.9 (2.2) 15.1 (19.9) (27.6) NA NA NA (7.5) (44.1) 253.8 147.1 (27.8) (8.1) 8.0 87.2 NA Zamil Industrial Investment Methanol Chemicals Co Al Khaleej Training Al-Ahsa Development Co. Middle East Specialized Wafrah For Industry And Dev NA NA NA (36.4) 237.8 340.9 Anaam International Holding 32.2 136.8 106.2 (10.3) 84.1 40.8 Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE March 27 , 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 6.7 5.6 4.8 N/A (‫)غ‬ 0.4 7.1 4.5 6.7 4.4 7.0 5.8 5.9 N/A (‫)غ‬ 7.5 N/A (‫)غ‬ 0.0 7.1 N/A (‫)غ‬ 6.3 6.1 0.0 N/A (‫)غ‬ 4.6 4.8 4.1 2.3 7.4 7.7 4.6 0.0 5.4 3.4 4.7 6.3 3.9 7.6 0.0 N/A (‫)غ‬ 8.4 2.9 N/A (‫)غ‬ 0.0 0.0 4.2 6.5 6.1 6.0 4.1 P/B Ratio (x) 1.3 0.7 1.4 0.8 1.3 0.6 2.0 0.5 N/A (‫)غ‬ 1.5 1.3 1.8 0.9 1.5 0.9 1.9 2.1 N/A (‫)غ‬ 1.5 N/A (‫)غ‬ 0.5 3.2 N/A (‫)غ‬ 1.5 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 1.5 0.7 2.4 1.1 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) 10.9 20.7 20.1 7.7 (M) (‫)س‬ 7.3 13.2 (H) (‫) م‬ N/A (‫)غ‬ 9.6 10.3 9.4 25.1 10.1 5.2 27.3 15.0 N/A (‫)غ‬ 11.0 N/A (‫)غ‬ (M) (‫)س‬ 99.9 N/A (‫)غ‬ 13.0 12.5 42.2 N/A (‫)غ‬ 19.8 16.8 12.7 16.0 10.3 11.6 16.9 18.9 16.6 28.5 13.4 13.4 21.2 7.5 17.2 N/A (‫)غ‬ 9.7 12.2 N/A (‫)غ‬ (M) (‫)س‬ (M) (‫)س‬ 11.2 10.0 14.0 11.4 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) 33.0 30.8 11.8 27.5 30.3 11.2 35.8 10.4 7.1 98.0 56.7 133.0 7.5 57.4 69.2 145.0 22.7 106.2 6.0 5.8 60.0 102.0 9.9 19.3 6.0 108.6 14.5 187.0 32.5 40.5 58.1 10.9 14.0 37.9 47.0 55.5 33.1 11.0 7.9 14.8 83.5 8.4 41.0 15.3 57.6 - 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