GCC Daily Market Update - 8 March

Transcription

1. DAILY MARKET UPDATE March 8 , 2017 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) 2,368.4 20,924.8 5,351.3 7,339.0 11,966.1 4,955.0 90,813.6 19,344.2 23,681.1 3,242.4 28,999.6 (6.9) (29.6) (9.0) (11.1) 7.7 (17.2) (231.4) (35.0) 84.8 8.5 (48.6) (0.3) (0.1) (0.2) (0.2) 0.1 (0.4) (0.3) (0.2) 0.4 0.3 (0.2) 0.2 0.5 0.4 1.0 1.1 2.0 3.8 1.2 (0.3) 0.0 0.9 5.8 5.9 10.0 2.7 4.2 1.9 16.2 1.2 7.6 4.5 8.9 10,416.9 6,993.1 4,591.5 3,502.4 6,665.9 5,795.7 1,333.0 1,661.6 3,082.0 (205.7) 16.8 (12.8) (54.5) (84.9) (4.2) (5.1) 1.0 (7.7) (1.9) 0.2 (0.3) (1.5) (1.3) (0.1) (0.4) 0.1 (0.3) (2.7) 0.3 0.9 (3.5) (1.7) 0.3 (1.2) 0.8 0.0 (0.2) (3.0) 1.0 (0.8) 16.0 0.2 9.2 4.4 6.0 55.9 53.1 2.8 1,216.1 261.0 (0.1) (0.1) (0.1) (9.4) (3.4) (0.2) (0.1) (2.7) (0.8) (1.3) 0.1 (2.2) 2.9 (3.0) (3.3) (2.1) (1.7) (23.4) 5.6 4.4 Source: Bloomberg Global Most of the global indices fell on Tuesday. US equities ended in red dragged by Healthcare stocks after Republicans unveiled a controversial health bill that traders worry could delay enactment of tax cuts and other growth measures. The US Presidents tweet about lowering drug costs further weighed on the sector. The losses were however capped following gains in Technology stocks led by Apple and Microsoft. A higher than expected trade deficit for January-17, further weighed on the sentiment. The Stoxx Europe 600 Index declined 0.3% led by Healthcare stocks as sector heavy weights- Novartis, Roche, Shire and Sanofi all fell after Trump’s comments. In Asia, Hang Seng ended 0.4% higher with tech heavyweight, Tencent leading gainers after Beijing identified the sector as key to China's economic restructuring. Nikkei fell on back of weaker yen. GCC Most of the Gulf indices ended in red. Saudi Arabia’s benchmark index edged up 0.2% with much of the activity in Riyadh focused on second or third tier stocks favored by local retail investors. Atheeb Telecommunications gained 4.2% after the Capital Market Authority approved its proposal to reduce its capital, while Saudi German Hospital climbed 3.5%. Dubai’s main index fell 1.5% as Emaar was down 3.8% after it kept its dividend unchanged, despite growth in profits. Arabtec dropped 2.1% on profit booking following its gains on Monday. Qatar QE index fell 1.9% on Tuesday on the back of broad based selling particularly in Insurance and Telecom sectors. Ex-dividend woes in companies like Qatar Electricity & Water and Doha Bank weighed on the overall index. Doha Bank also suffered after its shareholders approved 20% capital increase through the issue of new shares. Foreign institutions turned bearish and there was a weakened buying support from their domestic counterparts. Out of 44 stocks listed, 40 exchanged hands of which 9 rose and 31 declined. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 14.9 1.5 3.8 140.4 11,000 DSM 20 15.3 1.5 3.8 76.6 10,500 Saudi Arabia (TASI) 17.3 1.6 3.4 927.5 UAE (ADX) 12.9 1.4 5.3 62.6 UAE (DFM) 15.0 1.2 3.9 93.6 Kuwait (KSE) 22.4 1.2 3.6 92.7 Oman (MSM) 11.0 1.2 4.9 7.4 Source: Bloomberg Bahrain (BAX) 8.6 0.8 4.8 3.5 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 Dlala Holding Islamic Holding Group Widam Food Co QGRI Top Losers Doha Bank Qsc Qatar Fuel Qsc Qatar Elec. & Water Co Mesaieed Petrochem Qatar Insurance Co Close Price 95.0 21.6 62.9 66.0 41.6 35.1 136.0 216.1 15.0 71.7 7.9 0.7 2.0 1.0 0.6 9.1 3.4 3.3 1.5 1.5 51.0 0.5 3.1 (2.9) (11.5) (3.9) (10.0) (9.5) (6.5) (13.8) (6.0) (0.8) (4.8) (2.2) (3.0) 0.6 2.0 (4.8) (5.1) (2.8) Source: Bloomberg; Note: Prices are in local currency. (14.4) 725.2 34.4 130.5 (14.9) 61.0 29.7 67.0 (13.7) 1,007.2 (10.6) 2.8 8.6 (18.1) (4.1) 634.3 163.3 39.4 665.2 98.8 41.1 157.4 85.9 NA 16.6 10.9 15.3 15.4 18.9 17.9 Qatar DSM Index 20.0 10,416.9 10.0 10,000 9,500 11/Dec 0.0 25/Dec 8/Jan 22/Jan Index Volume (mn) 5/Feb 19/Feb 5/Mar Index Value Closing Level 2,972.5 6,387.7 3,322.1 4,364.0 2,347.8 1,218.3 2,415.5 1D Change (%) (1.5) (0.3) (1.6) (2.2) (1.1) (2.0) (1.5) Buy (%) 37.8 24.4 62.1 18.0 19.9 37.9 Sell (%) 37.2 24.1 61.3 9.5 29.2 38.8 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 8 , 2017 GLOBAL NEWS   The US trade deficit increased 9.6% MoM to USD 48.5bn, soaring to a near five-year high in January-17, as rising oil prices pushed up the import bill. When adjusted for inflation, the trade deficit rose to USD 65.3bn from USD 62.0bn in December-16. (Source: Reuters) The Eurozone economy grew 0.4% QoQ and 1.7% YoY in Q4-16, driven by household consumption and a rebound in investment. (Source:  Saudi Arabia is expected to launch major development projects towards the end of 2017 to re-energize an economy which has been hit by austerity measures, industry sources said, citing Deputy Crown Prince Mohammed bin Salman. (Source: Arabian Business)  Saudi Aramco's listing process is going as planned, and is expected to take place in H2-18, Chief Executive Amin Nasser said. (Source: Arabian Business)  Saudi Aramco has finalised definitive agreements with Royal Dutch Shell to separate and transfer the assets, liabilities and businesses of their JV, Motiva Enterprises. (Source: Trade Arabia)  Oman’s Central Bank plans to float OMR 450mn worth of government development bonds in separate issues to partly cover deficit in the nation’s budget for 2017 and repay a maturing bond issue. This is in addition to OMR 150mn bond issued recently, which takes the total issue size to OMR 600mn in 2017. (Source: Times of Oman)  Bank Muscat raised USD 525mn, through a syndicated loan. The threeyear facility pays an all-in 170bps over the LIBOR, comprising a margin of 155bps plus 45bps of bank fees spread over the loan period. (Source: Reuters)  UK's upper house of parliament voted in favor of lawmakers to get more power to reject the final terms of the country's exit from the EU, ignoring pleas from Prime Minister Theresa May's government not to hamstring their negotiations. (Source: Reuters)  German factory orders, adjusted for seasonal swings and inflation, plunged 7.4% MoM in January-17, its steepest decline since January09, as demand for investment goods weakened. (Source: Bloomberg)  Japan's economy grew at an annualized 1.2% in Q4-16, more than the preliminary reading of a1.0% estimated earlier. The higher growth was majorly due to rise in capital expenditure, which grew at its fastest in almost three years. (Source: Reuters)  Times of Oman)  Al Jazeera Steel Products Co’s net profit surged to OMR 4.58mn in 2016 as against OMR 1.71mn in 2015. It recorded a robust growth in sales, despite sluggish demand in the GCC region and anti-dumping action by the US on Oman’s steel pipe exports, as the company diversified into other export markets. It achieved highest ever volume dispatches of 335,951MT, a growth of 18% YoY. (Source: Trade Arabia)  Bahrain based Rapid Telecom, announced that it is in the process of acquiring GCCIX cable system, the first privately owned terrestrial cable system that connects the Gulf countries together while simultaneously providing onward connectivity to the rest of the world. Overall bank lending in Japan was up 2.8% YoY in February-17, reaching JPY 510.8tn following a 2.5% YoY increase in January-17. (Source: RTT)  China's foreign exchange reserves unexpectedly rose for the first time in eight months in February-17, rebounding above USD 3tn as a regulatory crackdown and a steadying yuan helped stop capital outflows. Reserves rose USD 6.9bn during the month as against a drop of USD 12.3bn in January-17. (Source: Reuters) GCC NEWS   New Zealand’s Minister of Foreign Affairs Murray McCully expressed optimism on completion of its stalled free trade deal with the GCC in 2017 as part of the nation’s efforts to deepen economic ties with the region. (Source: Arabian Business) The UAE will be the most affected by the introduction of VAT given its larger consumer base, as the country will raise 2.1% of GDP from the tax, compared to 1.1% in Qatar and 2.0% in Kuwait, according to BMI. (Source: Trade Arabia)  Kuwait based Zain Group joined the Telecom Infra Project (TIP), an initiative co-founded by Facebook, Intel, Nokia, SK Telecom, Deutsche Telekom and others in 2016. (Source: Trade Arabia) QATAR NEWS  Qatar is moving ahead with some revenue-raising measures, but these will be relatively limited in scope and therefore unlikely to have a substantially negative impact on private consumption and investment, according to a BMI Research report. (Source: Gulf Times) (Source: Arabian Business)  Abu Dhabi’s CPI was up by an annualized 2.1% and rose 0.1% MoM in February-17, mainly due to rise in cost of housing, water, electricity, gas and fuels. (Source: The National)  Qatar announced that the Ras Abu Fontas A3, the country's first water desalination project with reverse osmosis technology, is likely to be completed in Q1-17. (Source: Trade Arabia)  India’s cabinet approved the deal signed with Abu Dhabi National Oil Co. (ADNOC) in January to lease part of its Mangalore storage. The storage facility is ADNOC's first major investment in India's energy sector. (Source: Arabian Business)  Qatar Electricity and Water Company (QEWC) registered a net profit of QAR 1.54bn (USD 422mn) for 2016 compared to QAR 1.5bn (USD 411mn) in 2015 translating into EPS of QAR 14.02 in 2016 as against QAR 13.64 in 2015. Revenues increased 4% YoY to QAR 3.1bn. (Source:  Dubai based Emaar Properties proposed a cash dividend of 15.0% to its shareholders following a robust performance in 2016 which saw its net profit soar 28.0% YoY to AED 5.2bn (USD 1.42bn). (Source: Trade Trade Arabia)  Qatar plans to start work on Siraj Power, a major solar power plant, in June-17. The plant has an initial capacity of 200 MW of electricity, and is expected to be operational by 2020. (Source: Gulf Times)  Qatar First Bank (QFB) sold a 44.0% stake in one of the leading healthcare platforms operating in Abu Dhabi, Dubai, Sharjah and Kuwait. The sale generated more than two times cash-on-cash returns on the exited stake. (Source: Gulf Times)  Ahlibank’s EGM approved the increase of its capital by issuing 5% free shares amounting to 9,540,156 shares, following which the bank’s capital will now comprise of 200,343,271 shares. (Source: Gulf Times)  Ooredoo and Qatar Railways Company (Qatar Rail) signed an agreement at QITCOM that will see Ooredoo implement its next generation In-Building Solution (IBS) across the Qatar Rail Red Line Metro network. (Source: QNA) Arabia)  Dubai based Select Group announced the launch of sales of Jumeirah Living Marina Gate, a residential tower offering more than 500 units. It had signed an agreement with Dubai based Jumeirah Group in January-16, to manage 508 units within Marina Gate under its Jumeirah Living brand. (Source: Arabian Business)  Dubai based Noor Bank signed a partnership deal with Damac Properties, a luxury real estate developer in the region, to offer financing options for select residential units. (Source: Trade Arabia)  The opening of Abu Dhabi Airports' USD 2.94bn Midfield Terminal has been pushed back by two years to 2019, in the latest setback for a project seen as crucial to the emirate's wider expansion into tourism. (Source: Arabian Business) 2
3. DAILY MARKET UPDATE March 8 , 2017 FX RATES Currencies Value Currencies Value EUR/USD 1.0596 USD/QAR 3.6414 113.9800 EUR/QAR 3.8584 USD/JPY GBP/USD 1.2230 JPY/QAR 0.0319 USD/CHF 1.0133 GBP/QAR 4.4534 USD/CAD 1.3413 CHF/QAR 3.5936 AUD/USD 0.7588 CAD/QAR 2.7148 NZD/USD 0.6954 AUD/QAR 2.7631 USD/INR 66.1725 INR/QAR 0.0550 USD/TRY 3.6801 TRY/QAR 0.9895 USD/ZAR 12.9730 ZAR/QAR 0.2807 USD/BRL 3.1193 BRL/QAR 1.1674 FX Commentary The US Dollar edged up 0.15% against other major currencies on Tuesday buoyed by falls in major European currencies. Increased prospects on interest rate hike, post hawkish statements from Fed officials lent support to the currency, however gains were limited as investors awaited the nonfarm payrolls data, due on Friday. Concerns expressed by US Presidents’ trade adviser on a deficit with Germany, also weighed on the greenback. GBP fell to a seven-week low against the greenback after weak consumer spending data added to worries that the Britain's economy is slowing. The CHF also fell to multi-week lows post statements from SNB Chairman Thomas Jordan, who said that the franc was "significantly over-valued". The CAD reacted little to data showing a third consecutive monthly trade surplus in January. The yen weakened on the back of a stronger dollar. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.68 0.71 0.85 1.11 1.80 (0.42) (0.38) (0.37) (0.33) (0.11) QAIBOR 1.26 1.41 1.60 1.87 2.60 SAIBOR NA 0.92 1.33 1.75 2.20 EIBOR 0.65 0.72 0.97 1.41 2.09 BMIBOR 0.60 0.78 1.25 1.75 2.30 NA NA 1.19 1.44 2.06 LIBOR EURIBOR KIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 4.0% 2.75% 3.10% 3.46% 2.04% 2.33% 2.51% 7 Yrs 10 Yrs US 4.54% 1.98% 2.0% 1.33% 3.11% 0.0% 2 Yrs 5 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 25.9 0.8 Turkey 236.3 (0.2) UK 28.5 (3.6) Brazil 221.1 (24.4) Germany 20.5 4.6 Egypt 336.4 (59.3) France 64.2 35.9 Abu Dhabi 171.6 37.6 2.0% 2.46% 2.29% 2.12% 2.70% 1.64% 2.13% 1.0% 0.0% 0.91% 2 Yrs 1.68% 1.45% 1.26% Italy Greece 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs Spreads 6M Change 1,037.7 5 Years CDS Spread 6M Change 40.6 (27.8) Bahrain 213.8 (147.5) 12.3 Dubai 114.8 (33.5) Russia 161.8 (35.2) Qatar 61.9 (26.6) Japan 23.0 (8.5) Saudi Arabia 91.6 (50.5) Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 10:00 Germany Industrial Production SA MoM 15:00 US MBA Mortgage Applications 16:15 US ADP Employment Change 16:15 Canada Housing Starts 18:00 US Wholesale Inventories MoM 02:50 Japan 02:50 Japan 16:30 10:00 Period Survey Prior Jan 2.70% (3.00%) Mar 3rd -- 5.80% Feb 187k 246k Feb 200.0k 207.4k Jan F (0.10%) (0.10%) Money Stock M2 YoY Feb 4.20% 4.10% Money Stock M3 YoY Feb 3.60% 3.50% Canada Building Permits MoM Jan 3.00% (6.60%) Germany Industrial Production WDA YoY Jan (0.60%) (0.70%) 03:00 Japan Labor Cash Earnings YoY Jan 0.40% 0.50% 03:01 UK RICS House Price Balance Feb 23% 25% Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) 3.1 (85.6) (88.7) 3.4 (72.5) (77.2) 56.7 32.1 3.9 12.7 1,016.2 166.7 NA NA NA 5.5 (65.1) (54.1) Abu Dhabi National Takaful C Al Ahli Bank Of Kuwait Kuwait Projects Co Holdings Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE March 8 , 2017 QSE MAIN FINANCIAL INDICATORS 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 (%) 2.7 0.0 0.0 8.6 1.6 5.1 5.0 2.9 N/A (‫)غ‬ 4.8 5.9 2.2 4.8 3.1 3.2 4.7 5.2 3.4 4.7 N/A (‫)غ‬ 7.5 5.3 5.3 4.8 N/A (‫)غ‬ 3.6 3.5 4.0 3.5 1.7 6.4 4.5 3.3 N/A (‫)غ‬ 3.3 1.8 3.6 5.2 2.2 7.0 3.3 N/A (‫)غ‬ 5.8 4.3 3.4 0.0 2.7 3.0 4.3 4.2 4.1 3.4 P/B Ratio (x) 1.5 0.8 2.4 1.0 2.5 0.9 2.4 0.8 N/A (‫)غ‬ 1.6 1.8 2.3 1.1 1.8 2.6 1.5 2.5 1.4 1.9 N/A (‫)غ‬ 0.7 3.9 0.8 1.8 N/A (‫)غ‬ 1.4 2.0 1.3 2.9 2.9 1.4 1.7 2.1 N/A (‫)غ‬ 0.8 2.4 0.6 3.0 1.6 0.8 1.4 N/A (‫)غ‬ 0.7 1.1 1.5 1.6 1.5 2.0 1.5 0.7 1.1 1.7 P/E Ratio (x) 11.2 24.6 (H) (‫)م‬ 8.6 86.8 12.5 14.5 (H) (‫)م‬ N/A (‫)غ‬ 10.9 13.1 11.0 24.6 11.9 41.0 7.3 17.5 43.4 15.3 N/A (‫)غ‬ 10.7 13.0 6.7 13.3 N/A (‫)غ‬ 78.3 23.1 19.0 15.4 26.4 11.6 11.1 21.6 N/A (‫)غ‬ 12.4 19.2 16.6 16.0 18.7 8.7 22.5 N/A (‫)غ‬ 12.3 15.8 15.1 (M) (‫)س‬ 23.0 15.1 13.4 13.4 13.6 14.9 EPS (QR) 3.3 1.3 0.1 4.1 0.7 1.2 2.8 0.1 N/A (‫)غ‬ 9.1 5.2 13.4 0.4 5.6 2.3 11.7 10.0 0.7 8.9 N/A (‫)غ‬ 1.0 5.1 12.8 5.8 N/A (‫)غ‬ 0.4 4.9 0.8 14.0 2.2 4.1 7.3 2.2 N/A (‫)غ‬ 1.4 3.7 2.5 4.2 3.1 4.1 0.7 N/A (‫)غ‬ 1.8 1.2 6.8 (M) (‫)س‬ 1.5 3.5 1.7 6.2 2.6 2.9 BV/Share (QR) 25.5 39.7 9.1 36.3 25.2 16.8 16.9 20.6 N/A (‫)غ‬ 60.3 37.5 65.0 9.8 36.4 36.1 56.5 70.1 21.6 70.7 N/A (‫)غ‬ 14.7 16.8 108.5 43.6 N/A (‫)غ‬ 20.4 55.4 11.4 75.2 20.4 32.7 47.2 22.2 N/A (‫)غ‬ 21.5 29.7 72.8 23.0 35.2 46.9 11.4 N/A (‫)غ‬ 30.8 16.9 69.3 5.6 23.1 25.9 15.4 123.9 33.3 26.5 Stock Price (QR) 37.0 31.9 21.6 35.1 62.9 14.9 40.0 17.1 9.8 99.1 68.0 147.0 10.5 95.0 85.0 174.0 29.7 136.0 10.0 10.7 66.0 85.3 14.5 28.2 113.0 15.0 216.1 58.9 47.2 81.0 20.8 18.0 71.7 41.6 67.7 35.8 15.4 14.0 21.6 103.5 9.2 53.0 23.1 83.5 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