GCC Daily Market Update - 3 February

Transcription

1. February 3 , 2021 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) MSCI GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 3,826.3 30,687.5 13,456.1 6,516.7 13,835.2 5,563.1 1,511.4 28,362.2 29,248.7 3,533.7 49,797.7 52.5 475.6 207.2 50.2 213.1 101.4 19.0 271.1 355.8 28.4 1,197.1 1.4 1.6 1.6 0.8 1.6 1.9 1.3 1.0 1.2 0.8 2.5 3.0 2.4 4.1 1.7 3.0 3.0 2.6 2.5 3.4 1.5 7.6 1.9 0.3 4.4 0.9 0.8 0.2 2.4 3.3 7.4 1.7 4.3 10,517.9 8,618.6 5,698.2 2,724.1 5,752.8 3,622.6 1,466.7 557.5 5,610.7 44.3 (29.9) 63.4 27.7 (6.2) (27.6) 0.3 0.6 64.0 0.4 (0.4) 1.1 1.0 (0.1) (0.8) 0.0 0.1 1.2 0.4 (1.0) 1.9 2.6 (0.5) (0.8) 0.3 (0.2) 3.0 0.8 (0.8) 12.9 9.3 3.7 (1.0) (1.6) 1.6 3.1 57.5 54.8 2.8 1,830.5 352.5 1.1 1.2 (0.0) (30.3) (2.2) 2.0 2.3 (0.2) (1.6) (0.6) 3.2 5.3 9.9 (0.9) (1.2) 11.3 13.3 11.0 (3.4) (0.2) Source: Bloomberg Global The US equity markets ended higher for a second session yesterday, ahead of Q4-20 results for blue-chip technology stocks. Further, optimism over the progress of the US fiscal stimulus package as Democrats take steps to fast-track the process also supported the markets. The S&P 500 ended higher by 1.4%, as gains in Financial and Industrial stocks lifted the index. The European markets ended higher yesterday, due to investor optimism over a faster economic recovery. Further, better than expected Q4-20 GDP and Jan-21 CPI for the Eurozone also supported the markets. The Stoxx Europe 600 increased by 1.2% to end at 405.9. Financial stocks were the notable sector gainers. In Asia, the Nikkei index increased yesterday, despite expectations for the Japanese government to extend lockdown in Tokyo and surrounding cities. The index rose on the back of growing optimism around domestic and US corporate earnings resulting from a global economic recovery. GCC Most GCC markets ended on a positive note yesterday. The Saudi Arabian index decreased by 0.4% driven by losses in Consumer Durable & Apparel and Pharmaceutical stocks. Dubai’s index increased by 1.0%, as gains in Consumer Staples & Discretionary and Real Estate & Construction stocks lifted the index. Abu Dhabi index increased by 1.1%, due to gains in Real Estate and Banking stocks. The Bahraini Index remained flat, as gains in Service stocks were set off by losses in Banking stocks. Qatar The Qatari index increased by 0.4% yesterday. Buying support of foreign retail and domestic & foreign institutional investors lifted the index. Trade volumes and turnover increased with Banking & Financial Service, Industrial and Real Estate sectors together accounting for 81.9% of the total traded volumes. Out of the 48 listed stocks, 47 exchanged hands, 22 advanced, 19 declined while 6 remained unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 19.0 1.5 3.4 112.9 DSM 20 18.3 1.5 3.6 60.6 10,600 Saudi Arabia (TASI) 33.4 2.1 2.4 2,239.2 10,200 UAE (ADX) 22.5 1.6 4.3 190.2 9,800 UAE (DFM) 13.4 0.9 3.6 68.5 GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Qatar DSM Index 11,000 9,400 8-Nov 10,517.9 200.0 0.0 22-Nov 6-Dec 20-Dec Index Volume (mn) Kuwait (KSE) 37.7 1.4 3.4 125.8 Oman (MSM) 13.1 0.7 6.9 2.2 Source: Bloomberg Bahrain (BAX) 14.2 1.0 4.6 1.3 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 Source: Bloomberg Qatar Trading Activity Top Gainers Dlala Holding Widam Food Co Qatar First Bank Qatari Investors Group Ezdan Holding Group Top Losers Qatar Islamic Insurance Al Khaleej Takaful Qatar Industrial Qatar & Oman Al Khalij Commercial Close Price 1.9 6.2 1.8 1.9 1.8 0.1 0.1 0.0 0.0 0.0 3.3 2.5 2.3 1.9 1.8 3.6 (2.1) 7.0 6.1 (1.3) 224.0 (7.1) 75.3 13.1 183.2 6.7 2.7 3.0 0.8 2.0 (0.2) (0.1) (0.1) (0.0) (0.0) (2.7) (2.6) (2.0) (1.7) (1.5) (2.9) 41.1 (7.7) (4.7) 9.8 (0.4) 27.0 14.0 38.8 1,562.1 22.9 (13.4) 14.5 17.1 53.4 1,552.2 21.1 54.1 10,473.2 11.6 Source: Bloomberg; Note: Prices are in local currency. 7,815.0 NA 369.3 13.0 27,403.8 NA 8,589.6 28.9 15,505.9 NA 400.0 3-Jan 17-Jan Index Value 31-Jan Closing Level 4,219.1 7,953.3 3,264.3 2,451.7 1,876.9 1,147.4 3,471.6 1D Change (%) (0.1) (0.4) 1.3 (0.5) 1.1 1.4 0.7 Buy (%) 43.1 16.5 59.6 16.7 23.7 40.4 Sell (%) 49.6 13.1 62.7 15.4 21.9 37.3 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. February 3 , 2021 GLOBAL NEWS  Saudi Arabia’s merchandise exports fell by 28.1% YoY to SAR 58.2bn (USD 15.5bn) in November-20 due to fall in oil exports by 39.8% YoY to SAR 24.9bn (USD 6.6bn). The non-oil exports rose by 12.0% YoY to SAR 20.6bn (USD 5.5bn) due to rise in 'Plastics and Rubber and Articles Thereof' by 11.6% YoY. (Source: General Statistics Authority)  Saudi Arabia's sovereign wealth fund, Public Investment Fund might raise between USD 13.0bn to USD 15.0bn through a revolving loan to arrange for extra liquidity to source for its future plans. The loan could be renewed 4 times by the lenders. (Source: NASDAQ)  The US Treasury Secretary and the World Bank President discussed to combat global pandemic by improving access of the vaccines to the poorest nations and tackle climate change. They also urged to help nations to reduce debt and maintain transparency. (Source: Yahoo Finance)  The US Democrats initiated advancement in the US President’s proposed stimulus package of USD 1.9tn without the support of Republicans. (Source: Reuters)  The Finance Ministry of the UK announced that the nation would launch rules for buy-now pay-later (BNPL) credit after the unregulated market surged as consumers struggled during the COVID-19 pandemic. The new rules would ensure fair treatment of people eligible for receiving loan. (Source: CNBC)  Saudi Arabia has announced to suspend the entry to the nation from over 20 nations including the UAE, Germany, the US, the UK, South Africa, France, Egypt, Lebanon, India and Pakistan from 3rd February21. The suspension would not apply to Saudi citizens, medical practitioners and their families, and diplomats. (Source: US News)  As per Eurostat, Eurozone’s GDP declined by 0.7% QoQ and 5.1% YoY in Q4-20. The decline in economic growth is projected to be steeper in Q1-21. Germany’s economy increased by 0.1% YoY. (Source: Reuters)   According to the Deputy Governor of the Bank of Japan, the policy review by the central bank of the nation would not include scaling back the stimulus package and would rather opt for a policy which could quickly adapt to the economic changes. (Source: US News) Saudi Arabia-based National Commercial Bank and Samba Financial Group have announced to receive approval for the merger from the Saudi Central Bank. The merger is expected to be completed by H1-21. The new name for the merged entity is expected to be 'Saudi National Bank' having assets worth USD 223.0bn. (Source: Argaam)  As per Jadwa Investment, Saudi Arabia’s unemployment rate fell to 14.9% in Q3-20 from 15.4% in Q2-20. The total number of expats fell by 231,000 in Q3-20 on quarterly basis. In 2021, the nation’s economy is expected to accelerate due to progress in vaccine circulation and the unemployment rate is projected to improve in Q4-20. (Source: Argaam)  Al Rabie Saudi Foods Company secured sharia-compliant credit facilities worth SAR 342.0mn (USD 91.2mn) from Samba Financial Group. The loan is divided into a long term loan of SAR 150.0mn (USD 40.0mn) and working capital financing of SAR 192.0mn (USD 51.2mn) due in 5 years and 1 year, respectively. (Source: Argaam)  According to Information & eGovernment Authority, the value of Bahrain’s exports of national origin rose by 4.0% YoY to BHD 2.4bn (USD 6.3bn) in 2020. The trade balance recorded an improvement in deficit by 8.0% YoY to BHD 1.7bn (USD 4.5bn). (Source: Trade Arabia) GCC NEWS   According to S&P, the economy of the nations in GCC region might take many quarters to get back to pre-pandemic levels due to COVID19 pandemic and lower oil prices. The corporate and infrastructure companies in the GCC region are expected to recover conservatively in 2021. (Source: Bloomberg Quint) According to the Federal Competitiveness and Statistics Authority, the UAE’s CPI declined by 2.1% YoY to 105.9 points in December-20. (Source: Mubasher)    According to the Dubai real estate report by Deloitte, the acceleration in the growth of e-commerce sector in Dubai increased demand for warehousing space in the emirate. As per Statista, revenue from ecommerce sector in the UAE is expected to reach USD 7.5bn and USD 11.0bn by 2021 and 2025, respectively. (Source: Arab News)  Dubai Aerospace Enterprise has announced to price the notes issued at USD 300.0mn and is due in 2024, at an aggregate principal amount of 1.625%. (Source: Zawya) According to Fitch, Qatari banks could see more consolidation due to pressure on banks' profitability from the coronavirus pandemic and common government ownership. (Source: Zawya)  Qatar Central Bank announced the issuance of treasury bills for February-21, worth QAR 600.0mn (USD 164.8mn), distributed as QAR 300.0mn (USD 82.4mn) for 3 months, QAR 200.0mn (USD 54.9mn) for 6 months and QAR 100.0mn (USD 27.5mn) for 9 months at an interest rate of 0.12%, 0.15% and 0.18%, respectively. (Source: QCB)  As per to Mwani Qatar, the nation’s transshipment volumes grew by 89.0% YoY to 54,321 in January-21. The general cargo handled through the three ports of the nation reached 188,274 tons. (Source: Gulf TImes)  Qatar-based Ahli Bank has announced to issue USD 300.0mn fixed rate resettable RegS Registered Additional Tier 1 Perpetual Non-callable bond having a maturity of 5 years. (Source: Qatar Stock Exchange)  Qatar-based Widam Food Company has announced to receive a shipment of Sudanese 1600 heads of livestock. The Chairman of the company said that the company aims to import QAR 150.0mn (USD 41.2mn) worth of livestock and chilled meat from Sudan in 2021. QATAR NEWS First Abu Dhabi Bank announced to launch bonds worth USD 546.6mn which are due in December-25 at 98 basis points over UK gilts. (Source: Zawya)  ADNOC announced to sign and complete a strategic real estate investment partnership with Abu Dhabi Pension Fund (ADPF). In the deal, the latter would acquire a 31.0% holding in Abu Dhabi Energy Real Estate Company from the former for USD 900.0mn. (Source: Emirates News Agency)  Ras al Khaimah-based RAKBANK has reported decline in net profit by 53.9% YoY to AED 505.4mn (USD 137.6mn), while the total assets reduced by 7.6% YoY to AED 52.8bn (USD 14.4bn) in 2020. (Source: RAKBANK)  As per Saudi Central Bank, the loans granted by Saudi banks to public and private sectors rose by 15.0% YoY to SAR 1.8tn (USD 480.0bn) in December-20. The private sector lending rose by 14.0% YoY to SAR 1.7tn (USD 453.3bn), while loans granted to non-financial public sector’s institutions rose by 28.0% YoY to SAR 79.2bn (USD 21.1bn). (Source: Argaam)  As per Saudi Central Bank, remittances from expatriates in the nation rose by 19.0% YoY to SAR 149.7bn (USD 39.9bn) in 2020. Personal remittances of Saudis declined by 16.0% YoY to SAR 48.6bn (USD 12.9bn). (Source: Argaam) (Source: Qatar Stock Exchange)  Vodafone Qatar has reported the net profit of the company to rise by 28.8% YoY to QAR 185.1mn (USD 50.9mn) and the revenue increased by 3.5% YoY to QAR 2.2bn (USD 604.4mn) in 2020. (Source: Qatar Stock Exchange) 2
3. February 3 , 2021 FX RATES Currencies Value Currencies Value EUR/USD 1.2074 USD/QAR 3.6415 104.9800 EUR/QAR 4.3967 USD/JPY GBP/USD 1.3698 JPY/QAR 0.0347 USD/CHF 0.8973 GBP/QAR 4.9881 USD/CAD 1.2781 CHF/QAR 4.0583 AUD/USD 0.7607 CAD/QAR 2.8492 NZD/USD 0.7192 AUD/QAR 2.7701 USD/INR 72.4688 INR/QAR 0.0502 USD/TRY 7.1866 TRY/QAR 0.5067 USD/ZAR 14.9660 ZAR/QAR 0.2433 USD/BRL 5.3593 BRL/QAR 0.6795 FX Commentary The USD increased against the basket of major currencies yesterday, with the dollar index settling higher by 0.2% to end at 91.2. The dollar strengthened, as markets expected the US to rebound from the pandemic sooner than other countries. The EUR decreased against the dollar, as concerns over extended lockdowns in the region dampened investor sentiment. Further, worse than expected data on German retail sales for December-20 led to concerns over a recession in Q1-21 that weighed on the currency. The GBP increased against the dollar, due to optimism of a faster economic recovery on the back of Britain’s lead in vaccinations against COVID-19. The CAD increased against the dollar, as oil prices climbed to a one-year high and the progress on the US stimulus strengthened risk appetite. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.08 0.08 0.11 0.20 0.31 (0.59) (0.56) (0.56) (0.54) (0.51) 3.0% 0.75 0.82 0.87 1.02 1.27 2.0% LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year SAIBOR 0.55 0.59 0.65 0.81 0.93 EIBOR 0.12 0.16 0.22 0.29 0.55 BMIBOR 0.65 0.85 1.75 1.88 2.24 KIBOR 0.56 0.88 1.19 1.44 1.94 Source: Bloomberg 1.42% 1.48% 1.40% 1.35% 1.0% 1.16% 0.19% 0.85% 0.56% 2 Yrs 0.0% 0.11% 1.87% 0.44% 2 Yrs 5 Yrs 1.79% 1.32% 0.91% 0.40% 1.0% 5 Years CDS 1.68% 1.64% 0.0% 3.01% Qatar 1.10% 0.78% 7 Yrs 10 Yrs US 30 Yrs Source: Bloomberg US Swap Rates 2.0% Qatar vs US Treasuries Yields 5 Yrs Current 7 Yrs 10 Yrs Last Year 30 Yrs Source: Bloomberg Spreads 6M Change 5 Years CDS Spread 6M Change US 14.1 (9.2) Turkey 303.9 (228.1) UK 19.2 (3.0) Brazil 159.5 (58.5) Germany 12.6 (0.4) Egypt 352.3 (97.0) France 17.5 (2.8) Abu Dhabi 45.4 (3.1) Italy 96.9 (38.9) Bahrain 258.8 (78.5) Greece 95.6 (56.0) Dubai 122.3 (51.3) Russia 96.7 (5.9) Qatar 45.6 (2.2) Japan 17.3 (1.6) Saudi Arabia 69.1 (16.3) Source: Bloomberg ECONOMIC CALENDAR Time Country Event Period Survey Prior 11:50 France 11:50 France Markit France Services PMI Jan F 46.5 46.5 Markit France Composite PMI Jan F 47 11:55 47 Germany Markit Germany Services PMI Jan F 46.8 46.8 12:00 Eurozone Markit Eurozone Composite PMI Jan F 47.5 47.5 13:00 Italy CPI EU Harmonized YoY Jan P 0.20% (0.30%) 13:00 Italy CPI EU Harmonized MoM Jan P (1.40%) 0.20% 13:00 Eurozone CPI MoM Jan P (0.10%) 0.30% 15:00 US MBA Mortgage Applications Jan-29TH -- (4.10%) 16:15 US ADP Employment Change Jan 50k (123k) 18:00 US ISM Services Index Jan 56.7 57.7 Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) Vodafone Qatar 588.1 2.9 9.0 58.4 65.6 27.9 Qatari Investors Group 183.8 (2.8) (1.3) 37.5 13.8 NA Agthia Group Pjsc 479.5 (2.3) (2.6) 24.6 24.3 NA Source: Bloomberg; Note: All figures are in local currency 3
4. February 3 , 2021 st QSE MAIN FINANCIAL INDICATORS (as of 31 January 2021) 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 Baladna 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 QAMCO 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 (%) 4.2 2.3 0.0 0.0 0.9 2.8 3.9 2.1 0.0 2.4 3.7 2.5 2.4 2.7 1.2 6.7 3.2 4.3 2.6 2.5 0.0 0.0 5.0 5.7 3.1 4.8 0.0 0.0 3.3 3.5 0.1 4.4 2.8 5.0 4.6 3.4 1.8 5.1 6.2 0.0 5.4 4.7 6.1 0.0 0.0 3.2 1.5 3.0 3.4 3.1 1.9 3.0 4.0 3.2 2.8 P/B Ratio (x) 1.3 1.0 2.4 0.7 2.1 1.1 2.3 0.9 2.6 2.1 2.1 2.2 0.9 1.9 1.5 0.7 2.5 2.7 1.8 2.2 12.4 0.5 2.7 2.4 1.9 0.1 0.8 0.5 2.2 1.6 0.9 2.1 0.9 0.9 0.9 0.9 1.3 0.7 0.8 0.5 2.7 0.8 0.7 1.4 1.2 0.5 1.0 1.2 1.4 1.2 1.6 1.9 0.6 1.2 1.3 P/E Ratio (x) 12.3 13.4 (M) (‫)س‬ 10.0 50.2 10.5 15.0 46.6 (M) (‫)س‬ 12.7 14.2 13.8 21.1 13.7 30.0 (M) (‫)س‬ 29.2 19.8 52.8 25.7 (M) (‫)س‬ (M) (‫)س‬ 13.8 17.6 30.4 34.0 51.3 9.5 48.7 24.3 (H) (‫)م‬ 13.1 30.5 17.9 19.0 30.0 23.9 14.5 (H) (‫)م‬ (M) (‫)س‬ 14.5 15.3 9.0 (H) (‫)م‬ 48.6 27.6 38.8 14.0 37.9 15.8 12.8 15.6 17.0 15.6 18.1 EPS (QR) 0.3 0.3 (M) (‫)س‬ 0.2 0.1 0.2 0.3 0.0 (M) (‫)س‬ 1.3 0.6 1.3 0.0 0.6 0.1 (M) (‫)س‬ 0.3 1.0 0.1 0.7 (M) (‫)س‬ (M) (‫)س‬ 0.4 0.9 0.2 0.0 0.0 0.1 0.3 0.1 0.0 1.4 0.1 0.2 0.2 0.1 0.1 0.1 0.2 (M) (‫)س‬ 0.5 0.2 0.4 0.0 0.0 0.1 0.1 0.6 0.0 0.3 0.4 0.2 0.5 0.3 0.3 BV/Share (QR) 2.7 4.5 0.7 3.2 2.5 1.8 1.9 1.4 0.7 7.8 4.1 8.2 1.0 4.4 1.2 4.5 3.5 7.5 2.2 8.5 0.3 1.4 2.3 6.2 3.4 12.4 1.9 1.0 5.4 1.2 1.0 8.5 2.3 3.3 4.7 4.2 2.1 2.1 3.0 5.7 2.5 3.3 5.1 1.2 1.1 3.1 1.8 7.2 1.1 3.7 3.3 1.8 12.3 3.5 3.5 Stock Price (QR) 3.6 4.3 1.8 2.3 5.3 2.0 4.4 1.2 1.8 16.5 8.8 17.9 0.8 1.8 3.0 8.7 20.0 3.9 18.3 3.2 0.6 6.0 15.0 0.8 1.6 0.5 12.0 2.0 0.9 17.8 2.0 3.0 4.3 2.8 1.6 2.4 2.6 6.9 3.3 1.7 1.3 1.6 8.4 1.5 5.2 3.3 7.6 - 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 ‫قامكو‬ ‫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 material or for any delays, inaccuracies, errors in, or omissions of the said information. 4