GCC Daily Market Update - 3 August

Transcription

1. DAILY MARKET UPDATE August 3 , 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) 2,157.0 18,313.8 4,719.2 6,645.4 10,144.3 4,328.0 75,803.9 16,391.5 22,129.1 2,971.3 27,981.7 (13.8) (90.7) (36.8) (48.6) (186.2) (81.2) (907.8) (244.3) NA 17.9 (21.4) (0.6) (0.5) (0.8) (0.7) (1.8) (1.8) (1.2) (1.5) NA 0.6 (0.1) (0.8) (0.6) (0.2) (1.2) (1.9) (2.5) 0.5 (1.1) 1.1 (0.3) (0.3) 5.5 5.1 2.7 6.5 (5.6) (6.7) 5.7 (13.9) 1.0 (16.0) 7.1 10,650.9 6,268.1 4,507.4 3,469.5 5,463.2 5,856.3 1,161.8 1,522.5 2,959.5 (29.6) (77.6) (72.8) (45.7) (6.5) (4.4) 0.4 3.9 (15.6) (0.3) (1.2) (1.6) (1.3) (0.1) (0.1) 0.0 0.3 (0.5) 0.4 (0.5) (1.5) (0.4) 0.2 0.2 0.5 0.3 (0.5) 2.1 (9.3) 4.6 10.1 (2.7) 8.3 (4.4) 4.3 5.5 41.8 39.5 2.7 1,364.4 220.9 (0.3) (0.6) (0.0) 13.0 1.0 (0.8) (1.4) (1.4) 1.0 0.4 (1.1) (4.5) (5.0) 1.1 (0.6) 12.6 7.3 16.9 28.7 3.4 Source: Bloomberg Global Global markets closed in red on Tuesday. In Asia, Japan’s Nikkei plunged 1.5% after yen hit a three-week high as Japanese government’s fiscal plans underwhelmed investors. Sustained weakness in oil prices raised concerns on global growth, further impacting Asian markets. China’s index bucked the broader negative trend, boosted by real estate shares which jumped on encouraging price reports. European indices tracked their Asian peer lower. The broader Stoxx 600 fell 1.3% with banks leading the fall. The UK’s benchmark fell 0.7% with losses capped as GBP weakened. US markets closed lower dragged by a set of poor economic data. Retailers tumbled as data showed US consumers tapped into savings to boost spending last month. Rise in personal incomes also came in less than expected, further lending to the pessimism. GCC Gulf indices closed in red, dragged by weakness in oil prices and global equities. Saudi Arabia’s index sank 1.2% as index major SABIC, along with some petrochemical firms plunged on back of weak oil prices. A rebound in retail major Jarir Marketing, which had dropped 18% from its June-16 peak supported the market to some extent. Dubai's index dropped 1.3% as Emaar Properties lost 1.6% as investors booked profit on gains posted by company on back of strong Q2-2016 earnings. Abu Dhabi’s benchmark dropped 1.6% dragged by banking stocks. Qatar QE index fell 0.3% on Tuesday as falling oil prices and week global markets weighed on the index. Vodafone Qatar, most heavily traded stock, dropped 1.6% after QNB Financial cut the stock to an 'underperform' rating. Most sectors closed in red with major sell-off witnessed in Consumer goods & services and Insurance sector. Banks and Financial Services sector bucked the broader negative trend, supported by Qatar National Bank which rose 1.3%. Out of the 44 companies listed, 40 exchanged hands, of which 8 advanced, 30 declined and 2 stayed unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 14.0 1.6 3.9 46.8 DSM 20 14.7 1.6 3.8 36.5 10,400 10.0 Saudi Arabia (TASI) 14.8 1.5 3.9 1,182.0 9,900 5.0 UAE (ADX) 12.1 1.5 5.4 40.5 UAE (DFM) 12.1 1.3 4.3 64.8 Kuwait (KSE) 19.0 1.0 4.3 12.2 Oman (MSM) 10.2 1.2 5.0 5.5 Source: Bloomberg Bahrain (BAX) 9.7 0.4 4.7 0.9 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 Qatar National Bank Qatar Islamic Insurance Widam Food Co Qatar Navigation Ooredoo Qsc Top Losers Medicare Group QIMD Al Khaleej Takaful Grp Doha Insurance Co Al Meera Close Price 154.5 62.0 63.8 89.1 95.8 2.0 0.8 0.3 0.3 0.3 1.3 1.3 0.5 0.3 0.3 5.9 (13.9) 20.8 (6.2) 27.7 (0.3) (23.0) 7.2 (9.7) 18.3 139.5 1.9 40.8 10.2 154.5 10.9 13.1 14.8 9.4 11.9 95.1 43.1 24.4 21.0 218.7 (2.2) (1.0) (0.5) (0.4) (3.5) (2.3) (2.2) (1.9) (1.9) (1.6) (20.3) 8.0 (19.9) 0.0 (0.6) (45.1) (6.4) (39.7) (17.6) (19.1) 197.8 0.3 12.4 3.5 4.8 18.4 11.3 22.4 9.7 26.5 Source: Bloomberg; Note: Prices are in local currency. Qatar DSM Index 10,900 9,400 8/May 15.0 10,650.9 0.0 22/May 5/Jun 19/Jun Index Volume (mn) 3/Jul 17/Jul 31/Jul Index Value Closing Level 2,898.3 6,536.5 3,189.9 4,263.9 2,695.4 1,188.8 2,561.8 1D Change (%) 0.4 (1.1) (0.9) (1.1) (0.6) (0.1) (0.1) Buy (%) 27.5 25.2 52.7 10.6 36.7 47.3 Sell (%) 33.3 26.5 59.8 9.2 31.1 40.2 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 3 , 2016 Saudi Arabian cities of Dammam, Jeddah, Riyadh and Medina. The code-share has been in effect from 29th June-16. (Source: Gulf News) GLOBAL NEWS  US consumer spending adjusted for inflation rose 0.3% MoM in June16 compared to a rise of 0.2% in May-16. Consumer spending was lifted by a 0.7% MoM rise in purchases of non-durable goods and spending on services rose 0.5% MoM, but outlays on long-lasting manufactured goods such as automobiles fell 0.3%. (Source: CNBC)   Euro zone producer prices rose 0.7% MoM in June-16 compared to 0.6% MoM in May-16. Energy was the key component to drive the prices up, recording a 2.4% MoM rise. The industry prices excluding the more volatile component of energy rose 0.2% MoM in June-16, the same as in May-16. (Source: Reuters)  Bahrain Mumtalakat Holding Company, the investment arm of the Gulf kingdom, has announced the acquisition of an equity stake in KOS Group, a European healthcare group. The investment will take place through a consortium organized by F2i, the Italian infrastructure fund, and including one other international investor. (Source: Arabian Business)  UK construction PMI fell to 45.9 in July-16 from 46 in June-16, as the sector came under pressure from economic uncertainty prompted by Britain’s vote to leave the EU. The drop was driven by a steep fall in the commercial building sector, while civil engineering sector also tumbled in July-16. (Source: The Guardian)  Aluminium Bahrain (Alba), one of the largest aluminium smelters in the world, has awarded GE and Gama Consortium with engineering, procurement and construction contract for its new power station, which will commission the 1,792MW combined cycle gas turbine power plant with an efficiency of 54%. (Source: Trade Arabia)  Japan’s Services PMI edged up to 50.4 in July-16 from 49.4 in June-16, as companies worked off business backlogs. Moreover, new orders showed signs of steadying, rising to 49.7 in July-16 from 47.3 in the previous month. (Source: Reuters)  Bahrain based financial group, GFH Financial Group has announced that it has repaid USD 45mn to its debt syndicates, which represents more than 25% of the Group’s outstanding facilities. GFH’s outstanding syndicated facilities now stand at USD 105mn. (Source: CPI  China’s Services PMI fell to 51.7 on a seasonally adjusted basis in July16 from 52.7 in June-16, however still was in expansion territory of above 50. All of the index categories showed signs of deterioration, with employment falling back into contraction territory. (Source: Reuters) GCC NEWS  The number of IPOs in the GCC region diminished by half in Q2-16 compared to the same period in 2015 as uncertainty and volatile market conditions weighed on investors and issuers, according to PwC. The total proceeds raised in Q2-16 were approximately four times less as compared to Q2-15. (Source: Trade Arabia)  Dubai plans to invest AED 1bn (USD 275mn) over 5 years in projects and companies taking part in a new technology innovation program, the Minister of Cabinet Affairs said. (Source: Arabian Business)  Abu Dhabi Airports saw passenger traffic jump 6.6% YoY to 11.8mn passengers in H1-16, compared to 11.1mn passengers in H1-15. Traffic to and from Doha and Jeddah both grew by 12% YoY in June-16 to 60,395, and 58,816, respectively. (Source: Trade Arabia)  Dubai’s Emirates is seeking to raise USD 2.5bn, to fund the purchase of Airbus Group SE A380 superjumbos, in the form of 18 month bridge loan priced at about 135 basis points over the LIBOR rate. The bridge facility will later be converted to a 12 year loan. (Source: Bloomberg)  Abu Dhabi's Aldar Properties has reported a 9.7% YoY rise in net profit to AED 657.4mn (USD 179mn) in Q2-16 from AED 599.2mn in Q2-15, as it posted higher revenue. Aldar's revenue was AED 1.70bn in Q2-16, up from AED 1.11bn in Q2-15 as it made more than AED 1bn of offplan sales. (Source: Arabian Business)  Aldar Properties has agreed with banks to refinance loans worth AED 1.8bn (USD 490.4mn) with longer maturities, company’s CFO said. The loans being refinanced will mature at different points between December-16 and 2018. (Source: Reuters)  Saudi Company for Hardware (SACO) has announced signing of a service contract with Medscan Terminal Company (LLC), specializing in transportation and logistics. The contract duration is one year starting from 2nd August-16 and will include services of transportation and warehousing. (Source: Tadawul)  Oman Air and Saudi Arabian Airlines (Saudia) have signed a code-share agreement covering flights between Oman’s capital, Muscat and the The Central Bank of Bahrain announced that BHD 70mn issue of Government Treasury Bills with issue date of 3rd August-16 has been oversubscribed by 132%. The weighted average rate of interest is 2.05%, equivalent to 2.05% for the previous issue on 27th July-16. (Source: Bahrain News Agency) Financial)  Kuwait’s Burgan Bank reported a 14% YoY fall in net profit to KWD 17.1mn (USD 56.7mn) in Q2-16 from KWD 19.9mn in Q2-15. The reason for the fall was a slide in net interest income, which sank to KWD 37.6mn in Q2-16, compared to KWD 41.1mn for the same period in 2015. (Source: Reuters)  Kuwait’s government approved an increase in prices of gasoline sold locally by as much as 73%. It will raise the price of the lowest octane gasoline by 42% to 85 fils per liter (30cents) starting September-16, while the price of the highest grade of gasoline will be increased to 165 fils per liter from 90 fils per liter. (Source: Bloomberg) QATAR NEWS  Qatar National Cement Company (QNCC) signed a USD 100mn financing deal with Saudi Arabia's Samba Financial Group, for the construction of the QNCC’s fifth cement plant, which is expected to become operational in next 27 months, taking the QNCC's total clinker production capacity to 17,000 tpd (tons per day). (Source: Trade Arabia)  Nakilat-Keppel Offshore Marine (N-KOM) has signed a fleet agreement with Samos Steamship Company, which is an existing client of N-KOM. Under the agreement, N-KOM will be the preferred shipyard in the Middle East for the repairs of all vessels owned by Samos. (Source: The Peninsula)  Qatar International Islamic Bank (QIIB) has announced the issuance of its QAR 1bn sukuk which will increase the bank’s capital adequacy to about 20%, above the regulatory requirement. This is the first issue by QIIB within the capital boosting tools compatible with Basel 3. (Source: The Peninsula)  AL-Khaleej Takaful Group reported net profit of QAR 14.8mn in H1-16 compared to a net profit of QAR 30.2mn in H1-15. The EPS amounted to QAR 0.58 in H1-16 compared to QAR 1.18 for the same period in 2015. (Source: QSE)  Mazaya Qatar Real Estate Development Company has reported a net profit of QAR 60.7mn in H1-16 compared to a net profit of QAR 59.3mn in H1-15. The EPS amounted to QAR 0.550 in H1-16 compared to an EPS of QAR 0.538 for the same period in 2015. (Source: QSE)  Gulf International Services reported a net profit of QAR 160.7mn in H1-16 compared to a net profit of QAR 605.4mn in H1-15. The EPS amounted to QAR 0.86 in H1-16 compared to QAR 3.26 for the same period in 2015. (Source: QSE) 2
3. DAILY MARKET UPDATE August 3 , 2016 FX RATES Currencies Value Currencies Value EUR/USD 1.1254 USD/QAR 3.6416 100.8900 EUR/QAR 4.0983 USD/JPY GBP/USD 1.3387 JPY/QAR 0.0361 USD/CHF 0.9642 GBP/QAR 4.8750 USD/CAD 1.3110 CHF/QAR 3.7768 AUD/USD 0.7609 CAD/QAR 2.7777 NZD/USD 0.7243 AUD/QAR 2.7709 USD/INR 66.2400 INR/QAR 0.0550 USD/TRY 2.9913 TRY/QAR 1.2174 USD/ZAR 13.9998 ZAR/QAR 0.2601 USD/BRL 3.2591 BRL/QAR 1.1174 FX Commentary The USD fell against a basket of currencies, with the dollar index down 0.65% at 95.094. The USD has been weighed by prospects of delay in interest rate rise, post disappointing Q2-16 GDP data released last week. JPY continued to gain strength, hitting its strongest point in 3 weeks after Japan's cabinet approved a package of spending including JPY 13.5 tn in new fiscal measures. The package failed to impress investors as it was way lesser than one announced. AUD gained against the greenback, despite the Reserve Bank of Australia cutting interest rates to a fresh low of 1.5%. EUR also edged up against the USD as Eurozone PPI and Spanish Unemployment Change both beat expectations. CAD gained on back of weakness in USD, however pared most of the gains, following a continued fall in oil prices. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.41 0.45 0.49 0.76 1.43 (0.40) (0.38) (0.37) (0.30) (0.05) 0.98 1.10 1.27 1.54 1.91 LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year SAIBOR NA NA 2.03 2.24 2.50 EIBOR 0.29 0.43 0.72 1.16 1.72 BMIBOR 0.43 0.65 0.93 1.30 1.80 KIBOR 0.75 NA 1.25 1.56 2.19 Qatar vs US Treasuries Yields 4.08% 5.0% 1.86% 2.5% 2.29% 2.29% 1.22% 1.51% 7 Yrs 10 Yrs US 0.78% 2.30% 0.96% 0.55% 0.0% 2 Yrs 5 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 18.3 (4.0) Turkey 267.2 (23.3) UK 36.0 7.9 Brazil 292.2 (183.6) Germany 16.9 2.6 Egypt 449.7 (37.0) France 32.5 2.4 Abu Dhabi 85.5 (53.0) Italy 133.4 9.7 Bahrain 388.7 2.4 Greece 973.8 (408.4) Dubai 171.2 (103.6) Russia 239.0 (99.0) Qatar 107.0 (34.5) Japan 35.2 (12.5) Saudi Arabia 182.1 (19.4) 1.74% 2.0% 2.31% 2.04% 0.96% 1.0% 0.93% 2.70% 1.85% 1.45% 1.27% 1.13% 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 10:55 Germany Markit/BME Germany Composite PMI Jul F 55.3 55.3 11:00 EC Markit Eurozone Composite PMI Jul F 52.9 52.9 11:30 UK Markit/CIPS UK Composite PMI Jul F 47.7 47.7 Jul-29th 14:00 US MBA Mortgage Applications -- (11.20%) 15:15 US ADP Employment Change Jul 170k 172k 16:45 US Markit US Composite PMI Jul F -- 51.5 17:00 US ISM Non-Manf. Composite Jul 55.9 56.5 Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) 97.37 9.53 5.65 17.14 (13.70) 19.93 Gulf International Services 827.47 (23.70) 6.75 81.78 (67.25) 3.61 National Corp Tourism & Hote 199.85 (3.85) (5.31) 37.77 18.51 (16.41) Gulf Medical Projects 220.09 21.05 (0.13) 42.31 8.79 (15.33) NA NA NA 34.00 2.26 27.36 Burgan Bank Mazaya Qatar Real Estate Dev Al Khaleej Takaful Group Gulf Navigation Holding Pjsc NA NA NA 0.67 (88.27) (95.28) 36.15 1.37 (5.59) 8.02 57.03 26.62 Source: Bloomberg 3
4. DAILY MARKET UPDATE August 3 , 2016 QSE MAIN FINANCIAL INDICATORS (As on 28th July 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 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 7.9 0.0 8.1 1.6 5.9 4.9 2.8 0.0 3.9 6.3 1.9 5.4 3.4 5.1 4.1 4.6 5.0 0.0 8.5 4.2 4.4 4.9 7.1 2.7 4.7 5.6 3.7 3.3 2.5 6.9 3.7 4.3 4.1 4.7 2.4 2.9 6.6 2.7 6.3 2.5 1.9 7.6 3.7 3.2 1.9 2.9 2.1 5.1 5.6 4.9 3.7 P/B Ratio (x) 1.8 0.9 2.7 1.1 2.7 1.0 2.3 0.9 1.2 1.9 1.8 2.1 1.1 1.8 2.8 3.5 1.6 2.2 1.4 0.8 4.0 0.8 2.0 1.1 1.8 2.1 1.8 1.8 3.4 2.6 1.4 1.9 2.0 1.1 1.0 2.5 0.7 3.0 1.7 0.8 1.8 1.1 0.7 1.3 1.4 1.9 1.5 2.4 1.7 0.8 1.2 1.7 P/E Ratio (x) 12.6 13.7 (M) (‫)س‬ 7.5 368.2 9.5 12.7 (M) (‫)س‬ 51.0 12.2 12.2 10.8 29.9 11.4 19.0 26.0 15.1 11.1 (M) (‫)س‬ 11.6 14.8 7.5 13.1 13.2 13.0 15.4 8.2 20.3 15.9 22.4 11.4 11.4 15.4 18.9 9.8 18.4 4.7 12.9 12.1 16.9 30.3 13.8 15.1 23.9 11.8 (M) (‫)س‬ 18.9 17.3 13.7 9.4 12.0 13.8 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 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 14.1 2.3 3.8 7.8 3.1 1.3 2.2 4.4 10.3 4.7 5.2 2.1 0.7 1.0 1.3 0.9 8.1 (M) (‫)س‬ 1.8 3.4 1.8 9.5 3.1 3.3 BV/Share (QR) 24.1 44.1 9.4 35.2 24.7 16.4 15.7 20.5 10.3 56.6 35.5 74.2 9.9 38.1 34.4 62.4 20.4 71.0 8.8 15.0 15.9 106.6 40.7 12.2 20.6 51.7 50.5 10.8 65.7 19.5 30.3 46.3 23.6 21.5 21.0 32.4 70.7 20.0 37.9 46.0 11.0 12.8 30.0 16.9 69.9 5.8 23.4 24.2 14.5 114.2 31.0 27.0 Stock Price (QR) 42.4 37.9 24.9 37.2 66.9 17.0 36.0 18.0 12.2 109.0 63.4 153.0 11.1 97.8 219.0 32.4 153.5 12.3 11.8 64.0 90.0 13.4 36.8 106.8 88.8 19.1 224.8 51.1 43.5 88.9 24.5 21.1 81.3 47.9 60.8 0.0 35.1 19.8 14.2 19.7 95.2 11.1 58.7 24.5 89.2 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