Summary of Tier 1 Gas Company Quarterly Performance

Tier 1 majors’ quarterly sales rose sequentially in Q3 to over $15Bn but were again down YoY by -5% in reported terms driven by a continued decline in underlying growth combined with negative impacts of lower energy cost pass-through and currency, AL and TNSC showed highest fall

Underlying decline driven by -2½% impact of volume declines YoY only partially offset by price impact of +1½%. Decline in TNSC sales greater than peer group 

Profitability indicators show contrasting trends with OROS remaining at over 20% but OROCE down over recent years to around 10% - AP remains highest operating margin business while AL highest OROCE but AP saw steepest fall in profitability

Capex reported at around $2.15Bn in Q3 but still equivalent to over 14% of sales – higher rate in Asia Pacific region reflecting project activity in region – AP highest capex/sales ratio



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Key Industry Performance Parameters

Index Q1 2005 = 100
  • OROS
  • ROCE
,OROS,ROCE 2005 Q1,14.8%,12.8% 2005 Q2,14.7%,13.0% 2005 Q3,14.3%,12.6% 2005 Q4,14.9%,13.6% 2006 Q1,14.8%,13.5% 2006 Q2,15.5%,14.1% 2006 Q3,16.2%,15.2% 2006 Q4,13.8%,13.1% 2007 Q1,14.0%,12.7% 2007 Q2,14.7%,13.5% 2007 Q3,15.0%,12.6% 2007 Q4,15.4%,12.2% 2008 Q1,15.0%,12.3% 2008 Q2,15.2%,12.8% 2008 Q3,15.2%,12.9% 2008 Q4,14.8%,11.8% 2009 Q1,14.5%,10.3% 2009 Q2,15.4%,10.4% 2009 Q3,16.6%,11.3% 2009 Q4,16.3%,11.1% 2010 Q1,16.1%,11.1% 2010 Q2,16.8%,11.9% 2010 Q3,16.5%,11.7% 2010 Q4,16.5%,11.8% 2011 Q1,16.5%,12.0% 2011 Q2,16.3%,12.2% 2011 Q3,16.8%,12.8% 2011 Q4,16.6%,12.0% 2012 Q1,16.6%,12.0% 2012 Q2,16.9%,12.1% 2012 Q3,16.4%,11.8% 2012 Q4,16.5%,11.5% 2013 Q1,16.4%,11.0% 2013 Q2,16.5%,11.3% 2013 Q3,17.4%,11.9% 2013 Q4,16.8%,11.5% 2014 Q1,16.4%,11.1% 2014 Q2,16.7%,11.3% 2014 Q3,17.1%,11.7% 2014 Q4,16.7%,11.3% 2015 Q1,16.7%,11.0% 2015 Q2,17.3%,11.6% 2015 Q3,17.3%,11.6% 2015 Q4,17.6%,11.8% 2016 Q1,17.0%,10.9% 2016 Q2,17.8%,11.3% 2016 Q3,17.4%,10.6% 2016 Q4,17.5%,10.5% 2017 Q1,16.7%,10.0% 2017 Q2,17.1%,10.3% 2017 Q3,18.0%,11.0% 2017 Q4,17.6%,11.0% 2018 Q1,17.8%,11.1% 2018 Q2,18.2%,11.6% 2018 Q3,17.9%,11.7% 2018 Q4,17.7%,11.7% 2019 Q1,18.4%,9.8% 2019 Q2,19.2%,9.2% 2019 Q3,19.9%,9.7% 2019 Q4,20.2%,9.8% 2020 Q1,20.1%,9.7% 2020 Q2,20.3%,8.9% 2020 Q3,21.9%,10.0%
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Total reported gas revenues of the four leading industrial gas companies recovered +4% sequentially to over $15Bn in Q3 but was still down -10% from late 2018 following the downward adjustment due to divestments by majors combined with the more significant recent decline due to macro-economic impacts

EBIT rose to a new peak of $3.35Bn in Q3 – despite the impact of volume declines offset by efficiency programmes and price gains continuing to offset cost pressures

Capital employed rose sequentially to over $136Bn after increasing sharply in 2018/9 reflecting increased goodwill from acquisitions and substantial cash accumulated by business disposals. These compounded the long term increase in capital intensity across the industry due to the relative growth of the onsites business

As a result of these trends Operating Margin has risen to new peaks while OROCE continues to trend down


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Gas Quarterly Revenues

All 4 majors show similar trend of flat/declining gases revenues in recent quarters - and relatively modest growth performance after adjusting for acquisitions/divestments, energy pass-through and currency

AL and Linde have become clearly established as industry leaders in revenue terms with each having quarterly gas sales around $5.5Bn in Q3 – most significantly driven by the 2014 acquisition of Airgas by AL and the Linde/Praxair merger in 2019 

AP and TNS are significantly smaller Tier 1 companies with quarterly sales of around $2Bn with the latter having grown faster, particularly after the acquisition of parts of former Praxair and Linde businesses

Further details of the respective dimensions of Tier 1 and Tier 2 companies are shown in the Appendix


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Revenue Trends

% change YoY
  • Total
  • Underlying
,Total,Underlying 2013 Q1,4.5%,1.0% 2013 Q2,8.1%,2.7% 2013 Q3,2.2%,3.3% 2013 Q4,0.5%,3.0% 2014 Q1,1.7%,3.8% 2014 Q2,0.1%,3.0% 2014 Q3,2.7%,3.8% 2014 Q4,2.9%,2.9% 2015 Q1,2.2%,2.1% 2015 Q2,3.0%,1.9% 2015 Q3,0.5%,1.7% 2015 Q4,-0.4%,1.5% 2016 Q1,-3.1%,1.6% 2016 Q2,-3.6%,0.9% 2016 Q3,-1.6%,0.0% 2016 Q4,1.5%,1.5% 2017 Q1,7.3%,2.8% 2017 Q2,5.8%,3.2% 2017 Q3,4.2%,4.5% 2017 Q4,3.8%,5.2% 2018 Q1,1.0%,5.3% 2018 Q2,3.2%,5.9% 2018 Q3,5.5%,6.2% 2018 Q4,6.1%,4.8% 2019 Q1,1.1%,5.1% 2019 Q2,-0.3%,4.5% 2019 Q3,-2.6%,3.5% 2019 Q4,-5.8%,2.1% 2020 Q1,-1.2%,1.9% 2020 Q2,-11.4%,-6.7% 2020 Q3,-5.0%,-1.3%
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Reported gases revenue for the four major gas companies were again down YoY in Q3 by -5% – a comparable decline to the 2008/9 recession and representing the sixth successive quarter of negative growth

Underlying revenue growth remains negative YoY but at -1½% YoY Q3 represented a smaller decline than in the previous quarter

Tier 2 companies have shown reported growth significantly above that of the Tier 1 majors in recent quarters boosted by acquisitions from the restructuring of the new Linde/Praxair combination combined with positive impact of business and geographic mix in some cases 



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'Other' Revenue Drivers

% change YoY
  • Energy
  • Currency
  • Acq/Div
,Energy,Currency,Acq/Div 2013 Q1,0.2%,-1.1%,4.4% 2013 Q2,1.2%,-1.0%,5.2% 2013 Q3,0.1%,-3.3%,2.2% 2013 Q4,-0.2%,-3.0%,0.6% 2014 Q1,1.1%,-3.3%,0.1% 2014 Q2,-0.2%,-2.8%,0.1% 2014 Q3,-0.4%,-0.7%,0.0% 2014 Q4,-0.3%,0.3%,0.0% 2015 Q1,-2.8%,2.4%,0.4% 2015 Q2,-2.2%,2.9%,0.4% 2015 Q3,-1.7%,0.0%,0.5% 2015 Q4,-2.3%,-0.4%,0.9% 2016 Q1,-2.1%,-3.1%,0.5% 2016 Q2,-1.8%,-3.6%,0.9% 2016 Q3,-0.9%,-1.7%,0.9% 2016 Q4,0.5%,-1.1%,0.6% 2017 Q1,2.2%,1.7%,0.6% 2017 Q2,2.0%,0.6%,0.0% 2017 Q3,0.8%,-1.9%,0.8% 2017 Q4,0.3%,-2.5%,0.0% 2018 Q1,-0.1%,-4.0%,-0.2% 2018 Q2,0.2%,-2.7%,-0.2% 2018 Q3,1.3%,-1.9%,-0.2% 2018 Q4,1.9%,-0.7%,0.1% 2019 Q1,0.8%,-1.6%,-3.1% 2019 Q2,-0.4%,-1.6%,-2.8% 2019 Q3,-2.0%,-0.8%,-3.4% 2019 Q4,-2.4%,-0.5%,-4.9% 2020 Q1,-2.1%,-1.1%,0.1% 2020 Q2,-2.2%,-2.3%,-0.3% 2020 Q3,-0.8%,-1.6%,-1.3%
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Energy cost pass-through continued to have a negative impact on gases revenues in Q3 at nearly –1% reflecting further weakness in global energy prices 

Currency also had a similar overall negative impact (around      – 1½%) but mixed across all majors depending on reporting currency and geographic profile

Net revenue impact of acquisitions and divestments on reported revenues of Tier 1 majors was again negative YoY in Q3 (-1½%) after recent required Linde/Praxair divestments in Americas, Europe, India and Korea (sales to TNS remain within the Tier 1 gas company total). These have been followed by some smaller divestments as companies seek to consolidate their portfolios



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Underlying Revenue Drivers

% change YoY
  • Volume
  • Price
,Volume,Price 2013 Q1,-0.6%,1.6% 2013 Q2,1.5%,1.3% 2013 Q3,2.1%,1.1% 2013 Q4,2.0%,1.1% 2014 Q1,2.8%,1.0% 2014 Q2,2.1%,0.9% 2014 Q3,2.5%,1.3% 2014 Q4,2.1%,0.8% 2015 Q1,1.8%,0.3% 2015 Q2,1.3%,0.6% 2015 Q3,1.2%,0.5% 2015 Q4,1.0%,0.5% 2016 Q1,1.3%,0.3% 2016 Q2,0.9%,0.0% 2016 Q3,0.0%,0.0% 2016 Q4,1.4%,0.1% 2017 Q1,2.8%,0.0% 2017 Q2,3.2%,-0.1% 2017 Q3,4.3%,0.2% 2017 Q4,4.9%,0.3% 2018 Q1,4.4%,0.9% 2018 Q2,4.7%,1.2% 2018 Q3,4.9%,1.4% 2018 Q4,3.5%,1.3% 2019 Q1,3.4%,1.7% 2019 Q2,2.2%,2.3% 2019 Q3,1.6%,2.0% 2019 Q4,0.3%,1.8% 2020 Q1,0.2%,1.7% 2020 Q2,-7.9%,1.2% 2020 Q3,-2.6%,1.4%
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Underlying revenue growth remains negative YoY but, at -1½% YoY, Q3 represented a smaller decline than in the previous quarter

Driven by continued weak contribution from volumes which contributed -2½% 

New project start-ups and ramp-ups continue to contribute positively to volume growth while existing base business growth appears to show negative growth 

Healthcare continues to be an important underlying growth driver across the business although its importance varies between companies while electronics appears to have shown continued strong positive growth in Q3

Pricing continued to have a significant positive but easing impact on underlying global revenue growth (around +1½%)


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Volume growth contribution by company

Relatively narrow range of underlying volume growth impact between competitors in recent years but all continued to show negative volume growth contribution in Q3

AL and Linde showed the smallest negative volume impact at around –2% in Q3 while volume impact on AP was at -3½% and TNS at -5½%

Narrower range in contribution to revenue growth contribution from pricing with TNS and AL appearing lowest at around +1% and AP and Linde highest in Q3 at close to +2% recent quarters



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Industrial Gases performance vs Economy

% YoY Growth
  • Gases Volume
  • Gases Prices
,Gases Volume,Gases Prices 2011 Q1,8.1%,1.1% 2011 Q2,6.2%,1.7% 2011 Q3,5.6%,1.7% 2011 Q4,2.1%,1.7% 2012 Q1,2.7%,1.6% 2012 Q2,0.5%,1.2% 2012 Q3,0.2%,1.0% 2012 Q4,1.5%,1.1% 2013 Q1,-0.6%,1.6% 2013 Q2,1.5%,1.3% 2013 Q3,2.1%,1.1% 2013 Q4,2.0%,1.1% 2014 Q1,2.8%,1.0% 2014 Q2,2.1%,0.9% 2014 Q3,2.5%,1.3% 2014 Q4,2.1%,0.8% 2015 Q1,1.8%,0.3% 2015 Q2,1.3%,0.6% 2015 Q3,1.2%,0.5% 2015 Q4,1.0%,0.5% 2016 Q1,1.3%,0.3% 2016 Q2,0.9%,0.0% 2016 Q3,0.0%,0.0% 2016 Q4,1.4%,0.1% 2017 Q1,2.8%,0.0% 2017 Q2,3.2%,-0.1% 2017 Q3,4.3%,0.2% 2017 Q4,4.9%,0.3% 2018 Q1,4.4%,0.9% 2018 Q2,4.7%,1.2% 2018 Q3,4.9%,1.4% 2018 Q4,3.5%,1.3% 2019 Q1,3.4%,1.7% 2019 Q2,2.2%,2.3% 2019 Q3,1.6%,2.0% 2019 Q4,0.3%,1.8% 2020 Q1,0.2%,1.7% 2020 Q2,-7.9%,1.2% 2020 Q3,-2.6%,1.4%
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Global economic performance can be compared to combined performance of the major industrial gas companies

The cyclical pattern and rate of gases volume growth has broadly followed that of global industrial output growth in recent years (both averaging +2½% 2011-19). The declines in Q1 and Q2 due to Covid were greater in the overall economy due to the dampening impact of onsite take or pay contracts and bulk and packaged gas equipment rental declines combined with the positive impact of new gases projects coming onstream. In Q3 the margin narrowed significantly with gas volumes at over        -2½% and global industrial growth at over -3% YoY as these factors diminished

Historically industrial gases prices have risen less than global inflation as represented by increase in the Consumer Price Index – the latter is clearly a broad measure of inflation with many factors impacting it, while industrial gas price inflation is significantly impacted by energy cost inflation and the solid productivity gains achieved in the gases sector. The margin between gas price inflation and overall global inflation virtually disappeared in the last 2 quarters



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Underlying Growth by Geography

% change YoY
  • Americas
  • Europe
  • Asia Pacific
,Americas,Europe,Asia Pacific 2014 Q1,6.0%,0.0%,8.8% 2014 Q2,4.3%,-0.7%,7.1% 2014 Q3,4.5%,0.7%,7.5% 2014 Q4,4.7%,-0.8%,4.3% 2015 Q1,2.2%,0.0%,3.9% 2015 Q2,2.0%,1.1%,3.3% 2015 Q3,1.0%,1.9%,3.9% 2015 Q4,-0.4%,2.1%,5.9% 2016 Q1,-0.9%,0.9%,7.2% 2016 Q2,0.5%,0.8%,3.4% 2016 Q3,-0.5%,-1.3%,1.9% 2016 Q4,0.4%,2.0%,2.4% 2017 Q1,1.9%,3.1%,2.6% 2017 Q2,0.3%,2.3%,8.0% 2017 Q3,2.6%,4.2%,9.9% 2017 Q4,3.9%,2.1%,9.9% 2018 Q1,4.3%,4.4%,8.0% 2018 Q2,5.4%,4.1%,8.1% 2018 Q3,6.1%,4.5%,9.1% 2018 Q4,3.8%,1.6%,9.0% 2019 Q1,2.1%,2.2%,8.8% 2019 Q2,3.0%,4.3%,7.2% 2019 Q3,2.8%,4.3%,5.1% 2019 Q4,1.8%,3.1%,1.4% 2020 Q1,2.8%,2.9%,-0.6% 2020 Q2,-7.9%,-5.5%,-5.7% 2020 Q3,-1.5%,-0.3%,-1.5%
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The narrow range of underlying gases growth performance across the major global regions for gas majors continued in Q3 with all three regions remaining negative although lower than in the previous quarter


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Americas Underlying Sales Growth

% change YoY
  • 2019 Q1
  • 2019 Q2
  • 2019 Q3
  • 2019 Q4
  • 2020 Q1
  • 2020 Q2
  • 2020 Q3
,2019 Q1,2019 Q2,2019 Q3,2019 Q4,2020 Q1,2020 Q2,2020 Q3 Total,2.1%,3.0%,2.8%,1.8%,2.8%,-7.9%,-1.5% AL,2.4%,2.4%,2.0%,-0.6%,1.3%,-11.4%,-3.3% Linde,5.0%,4.0%,5.0%,3.0%,4.0%,-7.0%,0.0% AP,8.0%,4.0%,1.0%,4.0%,5.0%,-6.0%,-1.0% TNS,2.3%,0.8%,0.4%,4.3%,1.9%,-7.6%,-3.7%
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All four majors saw a reduced negative performance in Q3 except Linde which was virtually flat YoY after the sharp downturn in the previous quarter

The other three Tier 1 companies saw their negative underlying growth performance at least halved in Q3



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Europe Underlying Sales Growth

% change YoY
  • 2019 Q1
  • 2019 Q2
  • 2019 Q3
  • 2019 Q4
  • 2020 Q1
  • 2020 Q2
  • 2020 Q3
,2019 Q1,2019 Q2,2019 Q3,2019 Q4,2020 Q1,2020 Q2,2020 Q3 Total,2.2%,4.3%,4.3%,3.1%,2.9%,-5.5%,-0.3% AL,2.8%,5.7%,3.3%,2.1%,2.7%,-2.5%,0.5% Linde,1.0%,1.0%,2.0%,1.0%,1.0%,-6.0%,-1.0% AP,3.0%,6.0%,9.0%,9.0%,7.0%,-4.0%,2.0% TNS,null,3.5%,2.3%,-0.1%,-1.4%,-16.8%,-7.3%
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AP and AL both returned to positive underlying growth in Europe in Q3 albeit at modest rates while Linde continued to be marginally negative YoY

TNS continued to indicate significantly negative performance in the region for the third successive quarter with the former Praxair business 

Amongst the Tier 2 companies, Sol showed further solid growth in its European group sales with gases returning to positive growth in Q3 after negative growth in the previous quarter while its healthcare business continued to out-perform the rest of the business (mirroring the relative performance of AL’s gases and healthcare businesses in Europe)  



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Asia Pacific Underlying Sales Growth

% change YoY
  • 2019 Q1
  • 2019 Q2
  • 2019 Q3
  • 2019 Q4
  • 2020 Q1
  • 2020 Q2
  • 2020 Q3
,2019 Q1,2019 Q2,2019 Q3,2019 Q4,2020 Q1,2020 Q2,2020 Q3 Total,8.8%,7.2%,5.1%,1.4%,-0.6%,-5.7%,-1.5% AL,13.2%,9.2%,7.2%,1.9%,-0.9%,-3.3%,1.6% Linde,7.0%,5.0%,0.0%,0.0%,-3.0%,-8.0%,0.0% AP,17.0%,15.0%,19.0%,13.0%,8.0%,-1.0%,-3.0% TNS,1.3%,2.3%,0.0%,-5.0%,-2.4%,-8.7%,-6.4%
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Contrasting performance across Tier 1 majors in Asia Pacific in Q3 2020.

AL returned to marginally positive growth in the latest quarter while Linde was flat YoY – in both cases after 2 negative quarters

AP has seen its second quarter of negative growth in Q3 after having previously shown the strongest growth performance amongst the majors in this region

TNS remains the weakest Tier 1 performers in the region in Q2 driven by weakness in its Japanese domestic market 

China now firmly established as largest and most critical Asia Pacific market for all majors except TNS, although even in this case China was the company’s fastest growing market in the region

Japan based Tier 2 gas companies appear to show similar underlying patterns to TNS with significant weakness in their domestic market and growth in other countries across the region 



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Reported sales growth by business

% change YoY
  • 2020 Q1
  • 2020 Q2
  • 2020 Q3
,2020 Q1,2020 Q2,2020 Q3 Total Global gases,-1.7%,-11.8%,-5.1% Merchant Global Gas,-0.6%,-13.0%,-4.8% Onsites Global Gas,-8.4%,-17.2%,-7.1% Total Americas,0.6%,-12.6%,-6.6% Merchant Americas,1.8%,-11.9%,-6.8% Onsites Americas ,-3.7%,-18.9%,-9.0% Total Europe,-2.8%,-11.4%,-4.3% Merchant Europe,-2.1%,-14.5%,-5.9% Onsites Europe,-11.7%,-20.7%,-13.7% Total Asia Pacific,-4.4%,-10.1%,-3.0% Merchant Asia Pacific,-6.8%,-11.3%,-2.4% Onsites Asia Pacific,-6.8%,-15.8%,-4.3%
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The easing of the YoY decline in reported gases in Q3 was seen across both key global businesses of merchant and onsites (based on AL, TNS and TNS)

Onsites again showed a sharper reported decline than merchant at -7% vs -5% globally. Fall in onsites continued to be significantly impacted by negative energy cost pass-through

Europe onsites reported sales appear to be down over -13% while Americas and Asia Pacific were down -9% and -4% respectively

Americas merchant sales are estimated to have been down -7% YoY in Q3 while Europe were down nearly -6% and -4% respectively

Reported growth in gas sales in Europe and Asia Pacific is above that of both merchant and onsites due to the impact of higher growth in healthcare and electronics business which can be reported separately 

Although AP does not provide quarterly data for regions by business, its fiscal year 2020 results indicate similar relative performance between businesses to that described above 



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Comparable sales growth by business

% change YoY
  • 2020 Q1
  • 2020 Q2
  • 2020 Q3
,2020 Q1,2020 Q2,2020 Q3 Total Global gases,1.1%,-7.4%,-1.3% Merchant Global Gas,0.2%,-11.7%,-2.1% Onsites Global Gas,0.1%,-7.3%,1.7% Total Americas,3.0%,-9.4%,-1.8% Merchant Americas,1.8%,-11.3%,-3.1% Onsites Americas ,3.6%,-7.9%,2.0% Total Europe,1.7%,-5.5%,-1.0% Merchant Europe,-0.1%,-13.0%,-1.2% Onsites Europe,-1.1%,-7.9%,-1.0% Total Asia Pacific,-2.1%,-6.4%,-0.8% Merchant Asia Pacific,-4.7%,-8.6%,-2.5% Onsites Asia Pacific,-1.6%,-5.7%,1.7%
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Comparable growth has been identified adjusting reported sales growth for the impact of energy cost pass-through, currency and net acquisitions 

Global merchant sales remained negative on underlying basis in Q3 albeit at a significantly slower rate at around -2% reflecting the smaller decline in macro-economic output

Underlying onsites growth returned to marginally positive in Q3, apparently mostly driven by new start-ups and ramp-ups

This balance is reflected across all three regions although European onsites remain in negative growth alongside merchant  

This merchant turnround mirrors the easing of the decline in rate of decline in underlying welding sales in Q3 (down by -3-10% YoY). Similarly it appears that cylinder gases have performed weaker than liquid bulk across regions


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Price Impact by Geography

Gases pricing impact YoY remained in the range of +1% to +3% range across the 3 major regions in Q3 but appearing to continue to ease  from recent highs

Americas and Europe showed the highest impact amongst major regions at over +2% in Q3 and both are below their peak 

Asia Pacific continues to fall back from its late 2017 peak (when it was boosted by pricing recovery in China)



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Key Industry Profitability Trends

% Change YoY
  • Revenue
  • EBIT
  • Capital Employed
,Revenue,EBIT,Capital Employed 2005 Q1,100.0,100.0,100.0 2005 Q2,103.3,103.1,101.1 2005 Q3,104.3,101.0,101.6 2005 Q4,110.2,111.0,104.9 2006 Q1,113.6,113.7,107.8 2006 Q2,113.0,118.8,105.8 2006 Q3,117.2,128.6,107.7 2006 Q4,123.9,116.1,117.4 2007 Q1,123.5,117.4,116.4 2007 Q2,126.4,125.7,119.9 2007 Q3,129.0,131.0,143.0 2007 Q4,133.6,139.0,144.3 2008 Q1,137.9,140.4,143.6 2008 Q2,142.8,146.7,145.7 2008 Q3,144.2,148.7,145.6 2008 Q4,134.9,135.7,145.1 2009 Q1,121.1,118.8,146.4 2009 Q2,116.9,122.0,151.4 2009 Q3,122.4,137.8,156.6 2009 Q4,126.0,139.2,160.0 2010 Q1,130.1,141.9,163.2 2010 Q2,136.7,155.6,169.3 2010 Q3,140.3,157.2,170.7 2010 Q4,142.2,159.4,172.6 2011 Q1,146.6,164.0,172.5 2011 Q2,150.1,166.0,172.4 2011 Q3,152.7,174.2,173.4 2011 Q4,149.5,168.1,182.0 2012 Q1,154.8,174.2,184.0 2012 Q2,153.9,176.0,185.5 2012 Q3,162.3,180.1,201.0 2012 Q4,164.3,183.8,205.2 2013 Q1,161.6,179.7,209.2 2013 Q2,166.9,186.8,208.3 2013 Q3,166.1,195.9,207.6 2013 Q4,165.8,189.0,208.5 2014 Q1,165.3,183.9,212.2 2014 Q2,167.1,189.3,213.8 2014 Q3,170.7,197.7,215.4 2014 Q4,170.1,192.7,215.6 2015 Q1,168.4,190.3,220.7 2015 Q2,171.6,201.5,220.8 2015 Q3,171.5,200.8,215.9 2015 Q4,169.3,202.3,219.6 2016 Q1,163.3,188.0,218.0 2016 Q2,166.2,200.1,230.4 2016 Q3,168.3,198.1,241.5 2016 Q4,172.5,204.1,249.4 2017 Q1,176.3,199.1,256.3 2017 Q2,176.1,204.3,246.1 2017 Q3,175.2,213.5,247.4 2017 Q4,179.5,213.6,244.2 2018 Q1,176.8,212.9,243.1 2018 Q2,180.2,222.1,241.5 2018 Q3,183.8,222.6,242.1 2018 Q4,189.0,226.0,247.3 2019 Q1,175.5,219.0,319.6 2019 Q2,176.6,229.0,310.7 2019 Q3,175.6,236.5,307.4 2019 Q4,174.5,238.2,310.4 2020 Q1,172.3,233.9,301.7 2020 Q2,156.1,215.1,311.1 2020 Q3,166.8,247.6,318.2
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Underlying EBIT in Q3 resumed its upward trend and reached a new quarterly peak of over $3.35Bn and generated average Tier 1 operating margins approaching 22%

Recent margin performance partly reflects top line impact of negative energy cost pass-through which has no direct impact on reported profit but reduces the margin denominator by some 2% in each quarter since early 2019 

However the trend rise in Operating Margin has been offset by a long term decline in average ROCE although in Q3 it recovered towards 10% from its previous record low. The downward trend of recent years driven by the rising capital intensity of the business compounded by the balance sheet implications of recent major acquisitions and divestments

Tier 1 operating margins typically above those of Tier 2 companies



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EBIT Margin Trends by Company

Improving EBIT margins in recent years appears common to all of the gas majors

AP continues to shows the highest operating margin although Q3 saw a drop back from its previous new peak of over 28% - 

The former Praxair business closely matched AP in previous years and the gap between AP and the new Linde plc has narrowed significantly in recent quarters with the latter reaching a new peak at over 25% in Q3

AL also posted a new peak of over 20% in the latest quarter while TNS similarly set a new peak of over 10% but remain significantly below its peers

Tier 2 companies also appear to be on a modestly improving trend in operating margin although the wide range in performance 5% to 14% remains


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Operating Margin by Geography

% of Sales
  • EMEA
  • Americas
  • Asia/Pacific
,EMEA,Americas,Asia/Pacific 2014 Q1,18.8%,15.3%,13.1% 2014 Q2,19.2%,15.7%,12.0% 2014 Q3,19.1%,17.0%,12.3% 2014 Q4,18.2%,16.7%,12.9% 2015 Q1,18.7%,15.6%,15.3% 2015 Q2,19.4%,16.9%,14.3% 2015 Q3,18.7%,17.3%,16.9% 2015 Q4,18.9%,17.2%,15.2% 2016 Q1,19.3%,15.8%,15.3% 2016 Q2,20.0%,17.2%,15.1% 2016 Q3,19.9%,16.8%,15.7% 2016 Q4,19.5%,16.9%,16.5% 2017 Q1,19.1%,16.1%,15.9% 2017 Q2,19.2%,17.0%,15.3% 2017 Q3,20.2%,18.5%,16.5% 2017 Q4,20.0%,17.3%,15.5% 2018 Q1,20.4%,17.3%,16.3% 2018 Q2,18.8%,18.3%,17.2% 2018 Q3,18.5%,18.9%,17.3% 2018 Q4,18.4%,18.9%,17.2% 2019 Q1,19.3%,18.4%,17.5% 2019 Q2,19.2%,19.5%,18.6% 2019 Q3,20.6%,20.8%,19.4% 2019 Q4,20.9%,20.9%,19.9% 2020 Q1,20.4%,20.8%,20.0% 2020 Q2,19.7%,21.4%,20.6% 2020 Q3,20.6%,22.2%,20.5%
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Operating margins for Tier 1 gas companies in Americas again outperform other regions continuing the fast improving trend of recent years

The similar improving trend in Asia Pacific faltered slightly in Q3 and was marginally overtaken by a margin recovery in Europe where the long term upward trend has been less pronounced

AP appears to show the highest operating margin of the majors in all three regions while TNS is lowest in all cases both on a historic basis and also in Q2 when it suffered a fall in all geographies



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OROCE Trends by Competitor

% Change YoY
  • AL
  • Praxair
  • AP
  • Linde
  • TNSC
  • Airgas
,AL,Praxair,AP,Linde,TNSC,Airgas 2010 Q1,12.9%,16.2%,13.1%,7.1%,6.3%,10.5% 2010 Q2,13.0%,17.5%,13.1%,8.3%,6.9%,12.5% 2010 Q3,13.1%,17.1%,13.1%,7.9%,7.1%,11.8% 2010 Q4,13.5%,17.2%,13.5%,7.5%,7.4%,11.6% 2011 Q1,13.5%,17.4%,13.1%,8.2%,7.7%,12.3% 2011 Q2,13.6%,17.7%,12.2%,8.7%,6.0%,13.1% 2011 Q3,13.5%,17.9%,14.0%,9.3%,7.8%,12.7% 2011 Q4,13.1%,18.0%,12.2%,8.6%,6.4%,11.7% 2012 Q1,13.7%,17.7%,10.5%,8.9%,6.5%,13.5% 2012 Q2,13.6%,17.8%,11.0%,9.0%,4.6%,14.2% 2012 Q3,14.1%,17.2%,10.5%,8.7%,5.5%,13.1% 2012 Q4,13.9%,16.0%,11.4%,8.1%,5.6%,13.0% 2013 Q1,12.9%,15.3%,11.3%,7.8%,4.4%,13.4% 2013 Q2,13.1%,15.7%,11.0%,8.3%,5.9%,13.2% 2013 Q3,13.3%,16.0%,11.8%,9.1%,6.0%,15.1% 2013 Q4,13.6%,15.9%,10.9%,8.0%,6.2%,14.4% 2014 Q1,13.0%,15.1%,10.0%,8.1%,6.4%,13.6% 2014 Q2,12.7%,15.2%,10.8%,8.6%,5.5%,13.3% 2014 Q3,13.3%,15.9%,11.9%,8.4%,5.9%,14.4% 2014 Q4,13.0%,15.2%,12.0%,8.2%,6.2%,13.4% 2015 Q1,13.2%,14.5%,11.0%,8.2%,6.7%,12.3% 2015 Q2,13.0%,14.9%,12.8%,9.0%,6.4%,12.9% 2015 Q3,12.9%,14.9%,13.9%,8.8%,5.5%,14.5% 2015 Q4,13.7%,15.2%,14.8%,8.2%,6.9%,12.1% 2016 Q1,12.1%,13.1%,14.5%,8.2%,5.5%,11.9% 2016 Q2,12.3%,13.6%,15.5%,9.1%,7.0%,6.2% 2016 Q3,10.7%,13.7%,14.0%,8.7%,8.7%,null 2016 Q4,9.6%,13.9%,12.7%,9.4%,8.4%,null 2017 Q1,9.4%,13.7%,11.2%,8.6%,7.3%,null 2017 Q2,9.5%,14.4%,11.7%,8.9%,7.6%,null 2017 Q3,10.1%,14.9%,12.6%,9.5%,8.0%,null 2017 Q4,10.5%,14.7%,11.5%,9.7%,9.0%,null 2018 Q1,9.8%,15.7%,11.0%,10.7%,8.1%,null 2018 Q2,10.1%,16.9%,12.0%,11.3%,7.7%,null 2018 Q3,10.7%,17.0%,12.0%,10.7%,7.0%,null 2018 Q4,11.1%,17.2%,11.6%,10.7%,6.8%,null 2019 Q1,10.7%,null,12.7%,7.1%,7.1%,null 2019 Q2,10.8%,null,13.6%,8.1%,5.7%,null 2019 Q3,10.9%,null,14.1%,8.5%,6.3%,null 2019 Q4,11.2%,null,13.1%,8.7%,6.1%,null 2020 Q1,10.7%,null,13.1%,9.0%,6.1%,null 2020 Q2,9.8%,null,11.4%,8.5%,4.0%,null 2020 Q3,11.1%,null,10.4%,9.5%,6.2%,null
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A narrower range of relative profit performance by company was seen in OROCE where AL overtook AP as the highest performer in Q3 while Linde improved to be close third and TNS remained the lowest OROCE business


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Industry Majors' Capex

Reported capital expenditure by gas majors again close to new peak of $2.7bn in Q3 – however underlying capex (after adjusting for exceptional AP capex item) appears to have fallen by up to -10% sequentially and YoY. New onsite contract announcements by gas majors continued to slow in Q3 partly offset by the continued rise in the scale of such projects

While reported Capex/Sales ratio trended higher in Q3, underlying ratio remained at around 14% equivalent to its highest levels of recent years and significantly above recent troughs of close to 10%. This ratio has been maintained by the weakening of underlying capex being smaller than that of the short term collapse in sales

Linde plc, combining much of the former Linde and Praxair businesses, has emerged as the highest absolute investor with over $3.5Bn annual capex accounting for around 40% of majors’ total underlying investment compared with 30% in AL and over 20% in AP

AP continues to show the highest capex/sales ratio at over 20% (following a step change in early 2018) with Linde and AL at over 15% and 13% respectively while TNS moved above 10%

 

Continued significant differences are seen in the geographic pattern of capital expenditure between major competitors with Americas and Asia Pacific each nearly 40% of majors’ capex vs around 25% in Europe/M.East/Africa. The capex/sales ratio for Asia Pacific region is significantly higher than for the other two regions while Europe’s ratio is the lowest reflecting relative development opportunities across the regions

Asia Pacific and Americas represent around half of capex for AP and Linde respectively, while AL regional profile indicates Americas and Europe significantly higher than Asia Pacific. Linde are the largest investor in the Americas while Linde and AP are the largest in Asia Pacific while AL accounts for over 40% of European capex by the majors

The peaking of capex spending and ratio to gas sales also appears to be reflected in Sale of Equipment business with third parties by gas companies and specialist engineering companies

Short term pressures for tightening capex also continue to be reflected in support equipment investment as reflected in lower sales by cylinder equipment suppliers



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Industrial Gas Majors' Share Prices

Index 2015 Average = 100
  • AL
  • APD
  • Linde
  • TNS
,AL,APD,Linde,TNS 2015-01-02,89.2,102.0,111.6,92.9 2015-01-05,86.5,98.8,108.6,92.9 2015-01-06,85.7,98.7,107.2,89.6 2015-01-07,86.1,99.8,108.4,90.1 2015-01-08,89.7,102.1,110.2,90.5 2015-01-09,87.7,100.6,108.7,87.0 2015-01-12,89.3,99.9,108.5,87.0 2015-01-13,90.1,99.4,107.8,87.9 2015-01-14,89.0,98.2,107.0,87.7 2015-01-15,90.9,97.8,106.9,91.5 2015-01-16,91.6,98.0,106.1,91.3 2015-01-19,92.3,98.0,106.1,94.3 2015-01-20,93.3,99.2,107.3,96.6 2015-01-21,93.5,100.4,107.9,95.2 2015-01-22,95.1,101.3,109.4,94.0 2015-01-23,96.7,100.7,108.5,95.4 2015-01-26,98.4,100.4,106.9,96.2 2015-01-27,97.7,99.5,105.8,99.1 2015-01-28,97.3,97.4,105.3,101.3 2015-01-29,98.8,103.1,104.3,100.0 2015-01-30,98.5,102.2,103.5,100.4 2015-02-02,99.5,103.6,104.9,101.5 2015-02-03,99.5,104.1,106.0,100.2 2015-02-04,100.2,104.1,105.4,104.8 2015-02-05,100.3,106.3,107.0,102.9 2015-02-06,98.7,105.5,107.5,101.5 2015-02-09,98.8,105.1,107.4,101.9 2015-02-10,100.0,105.4,107.3,102.0 2015-02-11,99.9,105.2,106.8,102.0 2015-02-12,101.9,106.8,107.6,103.3 2015-02-13,102.0,107.2,109.0,103.3 2015-02-16,101.1,107.2,109.0,103.2 2015-02-17,100.4,107.7,109.4,103.4 2015-02-18,101.1,108.0,109.6,107.3 2015-02-19,101.6,109.5,110.6,116.4 2015-02-20,101.9,110.6,111.0,127.6 2015-02-23,102.0,109.5,110.2,124.3 2015-02-24,102.6,110.1,110.2,123.3 2015-02-25,102.7,110.2,110.4,123.1 2015-02-26,103.4,109.9,109.8,124.1 2015-02-27,103.9,109.5,109.8,130.6 2015-03-02,103.6,110.9,111.9,136.7 2015-03-03,102.7,109.5,110.8,134.1 2015-03-04,103.7,108.6,109.7,130.0 2015-03-05,104.6,108.7,109.7,126.2 2015-03-06,104.4,107.1,108.4,126.3 2015-03-09,104.5,108.0,108.4,126.0 2015-03-10,103.4,106.7,106.8,124.5 2015-03-11,106.6,106.2,106.7,123.6 2015-03-12,106.2,107.5,107.9,124.7 2015-03-13,106.2,106.6,106.3,124.1 2015-03-16,107.7,107.1,106.7,120.7 2015-03-17,107.6,107.1,105.5,126.7 2015-03-18,107.7,108.5,107.2,127.5 2015-03-19,106.9,106.8,104.8,122.8 2015-03-20,107.2,107.1,104.7,121.3 2015-03-23,106.3,106.6,104.7,121.9 2015-03-24,107.2,106.8,104.4,121.2 2015-03-25,105.9,105.7,103.3,119.5 2015-03-26,105.4,106.1,103.5,115.7 2015-03-27,105.7,107.2,103.2,113.9 2015-03-30,106.8,107.9,104.3,114.3 2015-03-31,105.4,106.1,103.7,116.1 2015-04-01,105.8,105.3,103.9,112.4 2015-04-02,105.4,106.0,105.0,113.9 2015-04-03,105.4,106.0,105.0,115.3 2015-04-06,105.4,106.7,105.0,115.0 2015-04-07,106.7,106.1,105.4,117.8 2015-04-08,105.9,105.9,105.1,117.8 2015-04-09,107.7,106.7,105.2,117.5 2015-04-10,107.9,106.6,105.1,116.1 2015-04-13,107.6,105.6,104.1,114.7 2015-04-14,107.3,106.5,103.9,116.1 2015-04-15,107.8,106.9,104.3,114.5 2015-04-16,106.9,106.4,104.1,114.3 2015-04-17,105.5,105.1,103.4,109.8 2015-04-20,106.5,106.2,104.8,110.5 2015-04-21,108.4,106.6,104.1,113.8 2015-04-22,108.1,106.3,104.1,113.4 2015-04-23,106.6,105.7,104.6,113.0 2015-04-24,105.0,105.3,105.1,112.0 2015-04-27,106.8,106.0,106.1,110.7 2015-04-28,105.0,107.3,105.4,113.9 2015-04-29,102.1,106.6,107.1,113.9 2015-04-30,102.8,100.6,104.7,109.8 2015-05-01,102.8,102.9,105.4,107.1 2015-05-04,104.4,103.5,105.0,107.1 2015-05-05,102.1,102.0,103.8,107.1 2015-05-06,102.7,102.1,102.9,107.1 2015-05-07,102.3,102.6,103.7,107.0 2015-05-08,106.1,103.8,103.9,107.6 2015-05-11,104.6,102.4,102.3,101.2 2015-05-12,103.1,101.4,101.2,102.3 2015-05-13,102.6,101.7,101.2,103.1 2015-05-14,104.1,103.6,103.6,102.0 2015-05-15,103.2,104.2,105.1,105.4 2015-05-18,102.1,103.8,104.6,105.1 2015-05-19,104.3,103.5,104.2,105.5 2015-05-20,104.2,103.2,104.3,106.6 2015-05-21,104.4,103.8,104.6,107.1 2015-05-22,104.3,103.0,104.8,105.9 2015-05-25,104.1,103.0,104.8,105.9 2015-05-26,103.1,102.5,104.5,106.1 2015-05-27,105.7,103.5,104.3,105.7 2015-05-28,105.6,104.0,105.4,106.4 2015-05-29,103.2,103.0,105.5,108.4 2015-06-01,103.3,103.5,105.1,106.4 2015-06-02,102.1,103.9,105.2,105.1 2015-06-03,103.1,104.1,105.5,103.0 2015-06-04,102.0,102.4,104.2,104.9 2015-06-05,100.3,102.1,104.2,103.8 2015-06-08,99.3,101.4,104.6,102.8 2015-06-09,99.6,101.3,104.7,100.5 2015-06-10,101.8,102.4,105.6,101.3 2015-06-11,103.1,102.6,105.8,103.9 2015-06-12,101.1,101.7,105.8,103.9 2015-06-15,99.2,101.1,104.1,104.1 2015-06-16,99.7,102.2,104.5,103.9 2015-06-17,99.4,102.6,105.3,103.4 2015-06-18,100.1,103.1,106.3,102.2 2015-06-19,99.6,101.9,105.6,102.5 2015-06-22,104.4,102.3,105.9,104.1 2015-06-23,105.3,101.6,106.0,108.3 2015-06-24,104.9,100.8,105.2,109.2 2015-06-25,105.2,100.2,104.9,107.8 2015-06-26,105.5,99.7,104.4,109.6 2015-06-29,101.8,96.2,102.4,105.2 2015-06-30,99.8,96.0,102.6,104.9 2015-07-01,101.8,97.2,102.4,104.8 2015-07-02,100.6,96.4,102.1,106.7 2015-07-03,100.4,96.4,102.1,103.0 2015-07-06,98.6,95.5,101.2,102.2 2015-07-07,96.0,96.1,101.7,103.0 2015-07-08,96.6,93.3,99.7,99.9 2015-07-09,99.6,92.8,99.6,101.1 2015-07-10,102.6,95.4,100.8,96.9 2015-07-13,104.5,95.8,101.7,97.6 2015-07-14,104.6,96.3,102.4,98.2 2015-07-15,105.3,96.5,101.9,99.5 2015-07-16,106.1,96.2,101.5,103.0 2015-07-17,106.2,95.6,100.5,107.1 2015-07-20,106.5,94.9,100.2,107.1 2015-07-21,105.8,93.6,99.1,109.8 2015-07-22,104.7,93.2,98.9,106.3 2015-07-23,104.2,93.1,98.9,105.6 2015-07-24,103.4,91.3,97.0,105.1 2015-07-27,101.1,90.4,96.0,100.6 2015-07-28,102.3,93.2,99.1,99.6 2015-07-29,101.6,94.1,99.5,100.6 2015-07-30,103.0,99.9,98.1,102.5 2015-07-31,104.3,100.0,98.0,103.2 2015-08-03,105.4,102.4,97.6,103.6 2015-08-04,105.9,102.5,97.4,104.7 2015-08-05,107.3,103.5,97.4,119.8 2015-08-06,107.0,103.2,97.3,120.5 2015-08-07,106.1,102.6,97.2,120.8 2015-08-10,107.2,104.1,99.1,124.3 2015-08-11,104.2,102.9,97.9,123.2 2015-08-12,100.9,102.0,97.4,121.7 2015-08-13,101.9,102.3,97.6,120.7 2015-08-14,101.7,103.0,97.9,116.9 2015-08-17,101.5,103.0,97.9,117.7 2015-08-18,101.2,102.5,97.5,117.3 2015-08-19,98.9,101.5,96.5,110.3 2015-08-20,96.9,98.5,95.9,110.8 2015-08-21,94.1,96.5,93.3,106.5 2015-08-24,89.5,92.8,90.5,101.8 2015-08-25,93.7,94.6,88.4,96.0 2015-08-26,90.9,96.7,89.3,100.7 2015-08-27,94.0,98.7,90.3,100.8 2015-08-28,94.7,98.7,91.2,106.1 2015-08-31,94.0,97.9,90.8,105.2 2015-09-01,92.7,95.4,87.9,98.0 2015-09-02,93.3,97.5,88.4,95.9 2015-09-03,95.2,97.9,88.4,94.7 2015-09-04,92.2,95.3,87.1,91.5 2015-09-07,93.3,95.3,87.1,88.8 2015-09-08,93.8,97.7,89.5,86.1 2015-09-09,94.9,96.3,89.6,90.1 2015-09-10,93.1,95.8,90.3,90.3 2015-09-11,92.3,95.7,90.0,89.2 2015-09-14,92.0,95.1,89.7,88.0 2015-09-15,92.7,95.2,90.8,86.3 2015-09-16,93.3,97.3,92.3,85.7 2015-09-17,92.9,97.5,91.9,86.6 2015-09-18,90.9,94.4,90.3,84.1 2015-09-21,92.7,94.6,90.4,84.1 2015-09-22,89.8,93.0,88.8,84.1 2015-09-23,89.8,91.5,86.4,84.1 2015-09-24,88.5,90.8,86.7,78.7 2015-09-25,91.5,89.5,86.7,80.4 2015-09-28,89.4,87.9,85.2,81.3 2015-09-29,90.6,88.3,86.3,77.8 2015-09-30,93.0,89.5,87.5,80.2 2015-10-01,91.9,90.7,87.1,83.2 2015-10-02,93.0,91.6,88.6,80.4 2015-10-05,95.6,93.3,91.3,83.7 2015-10-06,96.3,93.2,91.0,83.8 2015-10-07,96.1,94.1,92.1,85.0 2015-10-08,96.3,96.8,93.2,83.7 2015-10-09,97.2,98.2,93.3,85.7 2015-10-12,96.9,97.4,93.2,85.7 2015-10-13,95.7,97.0,93.1,88.4 2015-10-14,94.4,97.2,93.6,85.0 2015-10-15,96.7,98.1,94.0,85.3 2015-10-16,97.1,97.4,94.0,86.2 2015-10-19,97.2,96.8,93.7,83.3 2015-10-20,95.9,96.4,93.9,85.6 2015-10-21,96.5,95.1,92.6,88.0 2015-10-22,99.7,96.7,94.7,89.1 2015-10-23,102.0,98.2,96.0,89.9 2015-10-26,102.4,98.1,94.6,92.0 2015-10-27,103.2,97.7,93.8,86.7 2015-10-28,104.3,99.7,94.4,85.7 2015-10-29,104.1,96.4,96.8,87.0 2015-10-30,103.7,97.5,95.4,89.0 2015-11-02,105.1,97.2,96.5,88.0 2015-11-03,106.2,97.3,97.5,88.0 2015-11-04,106.4,97.0,97.0,87.7 2015-11-05,107.0,96.3,97.4,84.4 2015-11-06,108.0,97.3,97.5,85.5 2015-11-09,106.8,95.7,96.6,87.0 2015-11-10,106.6,95.9,95.8,86.3 2015-11-11,108.2,96.0,95.3,87.3 2015-11-12,106.6,94.9,94.6,86.3 2015-11-13,105.3,96.4,97.5,84.6 2015-11-16,106.1,98.5,99.6,82.6 2015-11-17,108.8,97.9,97.4,82.7 2015-11-18,100.7,97.8,99.2,84.7 2015-11-19,101.1,98.2,99.2,85.6 2015-11-20,102.3,97.7,98.8,86.4 2015-11-23,102.2,98.4,98.4,86.4 2015-11-24,100.4,97.9,97.9,85.5 2015-11-25,102.3,97.1,97.2,84.5 2015-11-26,102.7,97.1,97.2,84.2 2015-11-27,102.1,96.8,97.8,83.1 2015-11-30,101.6,96.0,96.9,83.3 2015-12-01,96.6,96.8,96.2,83.7 2015-12-02,95.0,97.2,94.8,81.8 2015-12-03,92.9,95.3,93.6,81.8 2015-12-04,92.8,97.1,94.7,79.9 2015-12-07,94.4,96.0,94.1,79.7 2015-12-08,93.1,93.3,91.6,78.2 2015-12-09,92.2,93.9,91.9,77.2 2015-12-10,91.9,93.0,91.6,76.2 2015-12-11,90.6,91.5,90.4,77.2 2015-12-14,89.8,90.5,89.9,75.1 2015-12-15,92.1,92.3,90.9,74.0 2015-12-16,92.0,92.8,91.0,76.4 2015-12-17,93.2,91.5,88.4,76.6 2015-12-18,92.2,89.7,87.2,75.5 2015-12-21,89.5,91.2,87.7,74.0 2015-12-22,89.7,92.3,88.3,74.2 2015-12-23,91.8,93.4,89.9,74.2 2015-12-24,91.5,93.4,89.7,77.0 2015-12-25,91.5,93.4,89.7,77.0 2015-12-28,91.3,93.0,89.1,78.3 2015-12-29,92.9,93.5,89.6,79.2 2015-12-30,92.4,92.8,88.6,78.0 2015-12-31,92.4,91.3,87.9,78.0 2016-01-04,88.7,90.6,87.3,76.5 2016-01-05,88.2,89.0,87.0,76.1 2016-01-06,87.0,86.9,86.1,74.6 2016-01-07,85.0,83.9,84.0,72.7 2016-01-08,83.7,83.5,84.0,71.8 2016-01-11,82.7,83.8,84.5,71.8 2016-01-12,85.0,85.0,85.8,71.3 2016-01-13,85.4,83.2,84.2,73.4 2016-01-14,84.4,83.1,85.7,70.9 2016-01-15,83.0,82.7,83.6,71.6 2016-01-18,82.3,82.7,83.6,70.9 2016-01-19,82.4,83.9,84.3,71.2 2016-01-20,81.4,82.5,84.0,68.4 2016-01-21,82.6,82.2,84.1,66.4 2016-01-22,84.8,83.5,84.2,70.9 2016-01-25,84.1,81.6,82.5,73.1 2016-01-26,84.2,83.1,84.3,70.2 2016-01-27,83.7,82.8,84.2,73.3 2016-01-28,83.3,83.5,84.3,72.6 2016-01-29,83.8,88.9,85.9,76.2 2016-02-01,83.5,92.1,86.3,77.1 2016-02-02,82.7,91.8,84.3,74.5 2016-02-03,83.2,93.6,88.7,72.4 2016-02-04,83.9,95.5,90.6,83.3 2016-02-05,83.9,95.1,90.2,80.8 2016-02-08,81.3,91.7,87.5,82.7 2016-02-09,82.0,92.9,89.1,77.2 2016-02-10,83.3,91.5,88.8,74.0 2016-02-11,81.4,89.3,87.6,74.0 2016-02-12,82.6,91.5,89.2,68.0 2016-02-15,84.9,91.5,89.2,75.2 2016-02-16,80.8,92.2,89.3,75.0 2016-02-17,82.4,93.0,89.7,72.4 2016-02-18,82.9,92.0,89.7,73.0 2016-02-19,83.7,92.3,88.7,71.4 2016-02-22,85.1,93.3,89.5,71.2 2016-02-23,83.1,92.1,87.8,72.0 2016-02-24,81.7,92.3,87.5,70.9 2016-02-25,82.7,93.3,88.1,73.1 2016-02-26,84.4,93.8,88.6,73.6 2016-02-29,84.6,92.9,87.4,72.6 2016-03-01,85.6,94.3,90.4,73.2 2016-03-02,85.2,94.2,89.4,75.8 2016-03-03,85.3,94.6,90.9,76.9 2016-03-04,85.9,94.6,93.4,78.5 2016-03-07,86.8,94.7,93.2,79.9 2016-03-08,86.8,94.2,92.9,78.5 2016-03-09,87.6,94.5,93.6,77.1 2016-03-10,85.6,94.4,95.0,77.2 2016-03-11,87.4,95.7,95.4,79.6 2016-03-14,87.5,95.6,94.4,79.4 2016-03-15,86.5,94.1,94.0,78.2 2016-03-16,86.4,95.5,94.6,75.5 2016-03-17,85.6,98.9,97.1,74.7 2016-03-18,86.2,99.3,96.9,75.2 2016-03-21,86.6,98.7,97.0,75.2 2016-03-22,87.1,100.4,96.7,77.2 2016-03-23,87.9,101.0,96.9,76.1 2016-03-24,86.3,99.5,95.9,75.1 2016-03-25,86.3,99.5,95.9,75.7 2016-03-28,86.3,100.4,96.6,77.4 2016-03-29,86.9,101.8,96.6,77.0 2016-03-30,88.8,101.9,98.7,77.2 2016-03-31,87.0,101.1,98.3,75.6 2016-04-01,85.3,102.0,98.9,72.7 2016-04-04,85.4,100.1,98.5,72.7 2016-04-05,83.0,100.1,97.0,69.6 2016-04-06,83.7,100.8,97.3,68.2 2016-04-07,82.2,99.5,95.9,68.2 2016-04-08,83.0,100.0,96.4,69.2 2016-04-11,83.9,100.6,96.8,68.3 2016-04-12,86.1,101.2,97.9,68.9 2016-04-13,89.0,101.3,99.2,72.2 2016-04-14,89.1,101.8,99.2,76.0 2016-04-15,89.4,101.8,99.9,74.9 2016-04-18,90.2,102.8,99.7,72.9 2016-04-19,92.4,104.7,102.0,76.1 2016-04-20,93.4,104.4,102.4,76.0 2016-04-21,93.3,104.1,102.0,77.0 2016-04-22,92.3,103.9,102.7,77.1 2016-04-25,93.0,103.8,102.3,76.6 2016-04-26,88.6,103.5,102.5,76.9 2016-04-27,87.9,104.1,101.7,76.9 2016-04-28,88.3,104.2,101.5,72.7 2016-04-29,87.1,102.4,100.9,72.7 2016-05-02,87.4,102.3,100.8,69.3 2016-05-03,85.8,100.4,98.8,69.3 2016-05-04,83.8,100.2,97.8,69.3 2016-05-05,83.8,100.5,97.4,69.3 2016-05-06,84.0,101.4,98.1,68.9 2016-05-09,83.8,100.1,97.1,69.0 2016-05-10,84.2,101.3,97.9,71.5 2016-05-11,83.9,99.9,97.4,71.0 2016-05-12,83.4,100.6,97.5,77.2 2016-05-13,84.7,99.5,96.1,75.8 2016-05-16,84.5,100.7,97.0,75.9 2016-05-17,84.5,100.2,96.4,77.5 2016-05-18,84.9,99.4,95.1,76.9 2016-05-19,84.2,99.4,94.5,74.2 2016-05-20,85.5,99.2,94.5,74.4 2016-05-23,82.8,99.4,94.9,71.2 2016-05-24,84.9,100.5,95.1,69.6 2016-05-25,85.5,100.8,95.8,71.0 2016-05-26,86.4,100.4,94.9,71.4 2016-05-27,86.0,100.4,95.1,70.5 2016-05-30,86.8,100.4,95.1,70.9 2016-05-31,84.9,100.1,94.3,70.6 2016-06-01,85.2,101.0,95.2,71.4 2016-06-02,85.4,100.7,94.9,68.7 2016-06-03,83.8,100.5,94.7,67.7 2016-06-06,83.6,102.1,95.9,68.2 2016-06-07,83.8,101.9,96.0,69.5 2016-06-08,83.4,103.1,97.6,69.9 2016-06-09,82.8,102.9,97.4,68.5 2016-06-10,82.0,102.7,97.7,67.2 2016-06-13,81.0,101.1,96.9,64.6 2016-06-14,79.4,101.0,96.6,64.2 2016-06-15,80.3,100.8,96.2,64.4 2016-06-16,80.1,101.3,96.3,61.7 2016-06-17,80.3,100.5,96.3,61.7 2016-06-20,82.3,101.1,96.7,63.1 2016-06-21,82.9,100.4,96.0,63.2 2016-06-22,83.3,100.7,96.9,62.0 2016-06-23,84.6,102.4,98.9,63.0 2016-06-24,80.0,98.3,94.7,56.4 2016-06-27,78.1,94.6,91.9,63.3 2016-06-28,79.3,95.9,93.1,67.6 2016-06-29,81.9,97.7,95.0,64.5 2016-06-30,82.8,99.7,96.5,66.1 2016-07-01,83.3,98.9,97.4,66.6 2016-07-04,83.1,98.9,97.4,67.1 2016-07-05,82.3,97.2,95.7,65.6 2016-07-06,78.8,97.8,96.0,64.4 2016-07-07,79.2,98.0,96.0,62.7 2016-07-08,79.1,101.3,98.5,61.1 2016-07-11,81.1,101.6,98.2,61.1 2016-07-12,82.2,103.6,100.5,66.2 2016-07-13,82.4,103.8,100.9,67.5 2016-07-14,83.4,104.5,101.6,69.9 2016-07-15,84.4,104.8,102.2,69.2 2016-07-18,84.4,104.7,101.9,69.2 2016-07-19,83.7,104.8,101.5,69.8 2016-07-20,83.7,104.8,101.6,67.5 2016-07-21,83.7,104.0,101.0,69.0 2016-07-22,84.2,104.3,101.1,68.5 2016-07-25,84.2,104.2,101.1,70.9 2016-07-26,84.6,105.1,101.7,69.2 2016-07-27,85.2,104.5,101.6,70.7 2016-07-28,83.8,104.5,100.6,70.7 2016-07-29,83.9,104.8,100.1,70.6 2016-08-01,81.9,104.6,99.5,69.0 2016-08-02,80.7,104.0,99.6,67.3 2016-08-03,81.0,104.0,100.1,65.4 2016-08-04,80.6,104.5,100.2,67.5 2016-08-05,82.0,104.7,100.2,63.2 2016-08-08,82.3,104.4,100.3,66.3 2016-08-09,84.3,104.6,100.4,65.9 2016-08-10,84.5,104.6,100.0,65.4 2016-08-11,85.5,104.6,100.4,65.4 2016-08-12,85.4,105.1,100.3,66.0 2016-08-15,85.3,106.3,101.3,64.9 2016-08-16,87.3,107.2,104.1,64.2 2016-08-17,86.6,107.9,103.4,67.8 2016-08-18,86.9,108.7,104.7,67.0 2016-08-19,86.5,109.2,105.2,68.1 2016-08-22,85.7,109.1,105.1,70.5 2016-08-23,86.1,109.1,105.1,67.8 2016-08-24,86.2,108.9,104.8,67.9 2016-08-25,85.4,109.3,105.6,66.6 2016-08-26,87.1,108.2,104.6,67.3 2016-08-29,86.6,109.4,105.0,70.8 2016-08-30,86.8,109.9,105.2,73.0 2016-08-31,86.5,109.2,104.8,74.3 2016-09-01,86.0,109.7,105.5,73.0 2016-09-02,87.1,110.2,106.0,73.0 2016-09-05,86.8,110.2,106.0,73.3 2016-09-06,86.8,110.4,104.9,73.5 2016-09-07,86.9,110.4,105.0,73.0 2016-09-08,85.5,109.4,103.5,73.1 2016-09-09,84.1,106.3,100.8,74.5 2016-09-12,83.3,105.6,101.8,73.6 2016-09-13,87.3,103.6,101.3,74.4 2016-09-14,88.4,103.0,100.3,74.1 2016-09-15,87.6,102.8,101.5,73.1 2016-09-16,87.0,102.3,101.0,74.3 2016-09-19,87.6,103.0,101.2,74.3 2016-09-20,86.8,103.2,101.0,73.5 2016-09-21,86.4,104.4,101.3,76.1 2016-09-22,88.0,103.9,101.6,76.1 2016-09-23,87.1,103.5,100.3,76.0 2016-09-26,85.3,104.1,100.0,74.5 2016-09-27,85.2,104.4,100.5,76.2 2016-09-28,86.5,105.1,101.6,75.3 2016-09-29,86.1,105.6,102.1,76.0 2016-09-30,86.2,105.5,103.7,74.1 2016-10-03,87.3,106.6,104.1,75.0 2016-10-04,87.7,104.1,103.3,75.8 2016-10-05,86.9,103.9,103.3,76.3 2016-10-06,85.1,103.9,103.8,76.0 2016-10-07,84.0,102.4,102.0,74.8 2016-10-10,84.4,102.7,102.0,74.8 2016-10-11,83.9,100.6,100.6,75.7 2016-10-12,83.6,100.7,100.7,74.3 2016-10-13,83.4,100.3,100.5,74.7 2016-10-14,84.2,100.6,100.6,75.6 2016-10-17,83.2,100.3,100.5,76.7 2016-10-18,84.1,101.5,101.7,76.8 2016-10-19,83.9,101.6,102.9,76.6 2016-10-20,84.1,101.9,102.8,76.9 2016-10-21,84.3,102.0,102.9,77.2 2016-10-24,83.9,102.2,102.7,77.4 2016-10-25,84.9,101.3,101.8,77.1 2016-10-26,83.1,100.9,101.8,77.5 2016-10-27,83.6,101.2,100.1,78.3 2016-10-28,84.5,101.5,100.8,78.7 2016-10-31,83.7,101.2,100.5,78.2 2016-11-01,83.1,100.3,99.6,77.9 2016-11-02,82.7,101.3,98.7,74.8 2016-11-03,81.9,100.9,98.6,74.8 2016-11-04,82.1,101.2,98.3,73.3 2016-11-07,83.6,104.0,100.9,73.0 2016-11-08,83.9,103.9,101.2,73.9 2016-11-09,84.4,104.1,101.9,70.3 2016-11-10,86.1,106.2,103.2,79.2 2016-11-11,85.8,105.1,101.2,80.6 2016-11-14,86.3,104.6,100.3,83.5 2016-11-15,84.9,104.8,100.5,80.5 2016-11-16,84.4,105.2,100.6,79.9 2016-11-17,85.6,104.7,99.9,81.3 2016-11-18,84.8,104.6,99.4,82.1 2016-11-21,85.0,106.0,100.2,82.6 2016-11-22,85.3,106.0,100.3,83.4 2016-11-23,84.9,106.8,101.9,83.4 2016-11-24,85.4,106.8,101.9,85.4 2016-11-25,85.6,107.3,102.2,85.7 2016-11-28,84.8,107.5,101.9,86.5 2016-11-29,85.7,108.8,104.9,87.2 2016-11-30,86.8,109.6,103.3,88.6 2016-12-01,86.7,109.3,102.8,88.9 2016-12-02,86.1,109.6,102.7,87.4 2016-12-05,87.0,111.7,102.8,91.5 2016-12-06,88.7,111.2,102.2,94.1 2016-12-07,91.2,112.7,105.0,95.7 2016-12-08,92.8,113.1,105.6,97.9 2016-12-09,94.0,113.4,106.4,98.9 2016-12-12,93.7,113.5,106.0,97.1 2016-12-13,94.0,113.1,106.2,96.8 2016-12-14,93.8,112.4,105.3,96.6 2016-12-15,95.2,113.1,106.0,96.3 2016-12-16,95.8,111.8,105.2,99.5 2016-12-19,95.8,112.0,105.6,98.5 2016-12-20,94.9,111.9,101.7,98.5 2016-12-21,95.1,111.8,101.8,97.5 2016-12-22,94.9,110.8,100.6,96.9 2016-12-23,95.0,111.1,101.0,96.9 2016-12-26,95.0,111.1,101.0,99.1 2016-12-27,95.2,111.8,101.8,98.6 2016-12-28,95.3,110.1,100.9,98.6 2016-12-29,95.3,109.5,100.8,96.3 2016-12-30,95.4,109.1,100.6,95.9 2017-01-02,95.2,109.1,100.6,95.9 2017-01-03,95.4,108.8,100.4,95.9 2017-01-04,95.4,109.7,100.3,99.2 2017-01-05,95.4,108.6,99.3,99.7 2017-01-06,95.8,109.5,99.8,98.3 2017-01-09,94.6,111.0,100.1,98.3 2017-01-10,94.4,110.2,99.5,95.5 2017-01-11,95.3,110.7,100.4,96.2 2017-01-12,94.1,110.6,100.7,97.6 2017-01-13,94.8,110.2,100.5,97.2 2017-01-16,93.0,110.2,100.5,97.1 2017-01-17,92.6,110.2,100.4,95.4 2017-01-18,92.5,111.0,100.1,93.7 2017-01-19,93.3,110.3,99.7,95.4 2017-01-20,93.1,111.2,100.8,96.2 2017-01-23,92.7,110.8,100.2,95.7 2017-01-24,92.8,111.6,101.1,94.9 2017-01-25,93.6,112.7,102.7,97.5 2017-01-26,93.5,112.9,102.6,99.3 2017-01-27,92.4,107.7,103.2,98.7 2017-01-30,91.5,106.9,102.4,97.1 2017-01-31,90.3,106.0,101.7,94.6 2017-02-01,90.6,105.2,101.3,95.3 2017-02-02,90.7,105.6,100.1,91.6 2017-02-03,91.2,106.3,100.9,92.1 2017-02-06,89.8,105.5,100.0,92.1 2017-02-07,90.5,105.3,99.9,92.1 2017-02-08,90.5,105.1,99.9,100.8 2017-02-09,91.6,105.1,99.4,97.1 2017-02-10,91.8,106.3,99.8,99.8 2017-02-13,93.3,106.6,100.8,101.6 2017-02-14,92.7,107.8,100.7,101.4 2017-02-15,95.6,108.0,101.0,101.9 2017-02-16,94.8,107.6,100.9,102.9 2017-02-17,94.7,107.3,100.8,101.5 2017-02-20,94.8,107.3,100.8,101.0 2017-02-21,94.4,107.3,101.6,102.4 2017-02-22,93.2,106.4,101.1,102.5 2017-02-23,92.7,106.5,101.4,101.0 2017-02-24,92.3,106.8,101.4,99.8 2017-02-27,92.6,105.7,101.8,98.1 2017-02-28,92.1,106.5,101.9,98.8 2017-03-01,93.5,109.0,103.3,101.0 2017-03-02,92.8,106.6,102.0,103.0 2017-03-03,92.9,105.8,101.0,103.8 2017-03-06,92.9,105.7,101.1,102.4 2017-03-07,92.2,105.9,102.0,100.5 2017-03-08,92.4,105.8,101.8,99.0 2017-03-09,92.4,105.1,100.5,98.4 2017-03-10,92.4,105.2,100.4,98.8 2017-03-13,93.5,104.5,100.2,97.9 2017-03-14,93.5,103.3,100.2,98.2 2017-03-15,94.0,104.7,101.9,96.5 2017-03-16,94.6,104.6,100.6,96.5 2017-03-17,95.3,105.8,101.6,97.3 2017-03-20,95.4,105.2,101.5,97.3 2017-03-21,95.5,103.5,100.4,95.8 2017-03-22,95.8,103.5,100.5,92.8 2017-03-23,96.3,103.9,101.0,93.1 2017-03-24,95.9,102.3,100.0,94.0 2017-03-27,96.2,103.1,101.2,92.6 2017-03-28,95.9,104.1,102.0,94.0 2017-03-29,96.7,103.7,101.6,94.3 2017-03-30,96.5,102.8,101.8,93.0 2017-03-31,96.8,102.6,101.8,92.2 2017-04-03,96.6,102.4,101.3,94.0 2017-04-04,96.6,102.7,102.4,92.8 2017-04-05,96.8,102.6,101.4,92.6 2017-04-06,97.5,102.5,102.5,90.3 2017-04-07,98.7,102.4,102.0,91.1 2017-04-10,97.9,103.0,102.7,92.2 2017-04-11,96.7,103.5,102.3,91.4 2017-04-12,97.1,102.8,101.5,89.2 2017-04-13,97.1,101.9,100.9,87.6 2017-04-14,97.1,101.9,100.9,87.2 2017-04-17,97.1,103.0,101.4,86.8 2017-04-18,96.4,102.6,101.6,87.4 2017-04-19,95.8,102.4,101.5,88.1 2017-04-20,96.6,103.8,102.8,87.9 2017-04-21,95.5,104.1,102.7,89.4 2017-04-24,100.0,106.0,105.6,90.6 2017-04-25,100.2,107.5,107.1,91.7 2017-04-26,101.4,107.4,107.4,93.8 2017-04-27,100.3,107.0,107.7,95.0 2017-04-28,99.9,106.6,107.3,94.2 2017-05-01,99.9,107.7,107.3,95.3 2017-05-02,101.5,108.9,107.8,95.8 2017-05-03,102.0,109.1,107.8,95.8 2017-05-04,102.4,109.8,108.5,95.8 2017-05-05,104.0,111.7,111.2,95.8 2017-05-08,102.5,110.9,110.8,98.4 2017-05-09,103.3,110.2,110.4,97.6 2017-05-10,102.9,110.2,110.9,96.3 2017-05-11,102.4,109.1,110.8,90.8 2017-05-12,103.3,109.3,111.4,88.3 2017-05-15,101.1,110.0,111.8,86.2 2017-05-16,100.3,109.5,112.5,85.7 2017-05-17,99.0,108.1,110.6,83.2 2017-05-18,99.0,108.2,110.2,80.3 2017-05-19,100.1,108.5,111.0,81.4 2017-05-22,99.9,108.7,111.5,82.3 2017-05-23,100.6,108.3,111.6,82.5 2017-05-24,99.9,109.3,113.6,83.6 2017-05-25,100.0,109.3,113.3,81.8 2017-05-26,100.2,109.1,113.3,79.9 2017-05-29,100.0,109.1,113.3,79.6 2017-05-30,98.4,109.2,113.0,79.6 2017-05-31,98.0,109.3,113.6,79.6 2017-06-01,99.2,110.0,115.1,81.8 2017-06-02,100.4,111.3,117.3,84.3 2017-06-05,99.8,109.9,114.6,82.4 2017-06-06,98.9,109.3,114.4,82.5 2017-06-07,98.1,108.7,114.3,82.2 2017-06-08,97.9,108.8,114.2,80.9 2017-06-09,99.2,110.6,116.9,81.5 2017-06-12,98.6,109.5,115.9,83.0 2017-06-13,99.5,110.9,117.0,83.5 2017-06-14,98.1,110.4,116.1,84.8 2017-06-15,97.1,110.1,115.8,83.3 2017-06-16,99.2,110.4,116.8,84.4 2017-06-19,101.6,110.8,117.2,84.7 2017-06-20,101.9,109.8,115.7,86.0 2017-06-21,101.7,108.8,114.1,86.0 2017-06-22,101.1,109.4,113.7,87.3 2017-06-23,100.7,109.9,114.0,88.9 2017-06-26,100.7,109.9,114.1,87.8 2017-06-27,100.3,109.1,113.5,87.9 2017-06-28,99.8,109.9,114.7,88.8 2017-06-29,97.8,107.5,113.1,88.8 2017-06-30,97.7,108.5,113.8,89.3 2017-07-03,99.4,109.4,115.2,89.2 2017-07-04,98.6,109.4,115.2,88.6 2017-07-05,98.2,108.2,113.9,89.9 2017-07-06,97.4,107.8,113.7,89.0 2017-07-07,97.0,109.2,114.2,88.1 2017-07-10,97.5,108.8,114.5,88.2 2017-07-11,96.7,108.3,114.2,88.8 2017-07-12,98.6,109.0,114.9,88.2 2017-07-13,98.3,109.5,114.7,88.0 2017-07-14,98.8,110.4,115.3,89.4 2017-07-17,99.0,110.4,115.5,89.4 2017-07-18,98.0,110.2,115.2,89.6 2017-07-19,98.7,110.9,116.4,90.8 2017-07-20,98.0,110.7,116.1,93.2 2017-07-21,95.8,110.5,115.7,94.1 2017-07-24,96.1,109.9,116.1,95.0 2017-07-25,96.2,110.0,116.7,92.9 2017-07-26,96.9,109.1,115.9,93.3 2017-07-27,96.5,108.9,113.9,93.0 2017-07-28,94.9,108.8,113.6,91.6 2017-07-31,93.7,107.8,111.8,90.5 2017-08-01,94.0,112.9,112.2,91.0 2017-08-02,93.7,112.3,112.1,92.3 2017-08-03,94.2,111.4,111.9,92.6 2017-08-04,95.7,111.7,111.8,91.2 2017-08-07,95.2,111.7,111.8,92.5 2017-08-08,95.4,110.6,110.4,92.0 2017-08-09,94.1,110.9,110.6,91.0 2017-08-10,93.2,110.0,109.6,91.9 2017-08-11,92.9,109.7,109.4,91.9 2017-08-14,94.0,111.2,112.5,90.6 2017-08-15,94.2,111.3,112.9,92.0 2017-08-16,94.7,112.3,114.7,91.9 2017-08-17,94.4,110.4,113.2,92.0 2017-08-18,93.1,110.5,113.6,89.4 2017-08-21,92.6,110.1,112.7,91.4 2017-08-22,93.8,110.7,114.0,91.6 2017-08-23,93.7,110.1,113.7,90.6 2017-08-24,93.2,110.1,113.5,90.9 2017-08-25,93.1,110.7,113.7,91.1 2017-08-28,92.6,110.6,113.4,91.9 2017-08-29,92.1,110.3,112.4,91.0 2017-08-30,92.6,110.4,112.2,90.4 2017-08-31,92.6,110.3,112.9,90.8 2017-09-01,93.0,110.5,112.5,90.9 2017-09-04,92.8,110.5,112.5,89.4 2017-09-05,92.5,109.6,111.9,87.7 2017-09-06,93.0,109.6,113.1,87.4 2017-09-07,93.7,109.5,113.5,86.7 2017-09-08,93.3,110.0,113.7,87.1 2017-09-11,95.5,113.1,115.9,87.0 2017-09-12,96.8,113.2,115.8,88.6 2017-09-13,95.5,113.2,115.2,89.4 2017-09-14,96.6,113.8,115.1,89.1 2017-09-15,95.7,113.9,115.2,89.9 2017-09-18,96.1,114.5,115.7,89.9 2017-09-19,97.0,114.1,117.2,90.9 2017-09-20,97.6,114.5,118.5,91.3 2017-09-21,98.7,114.6,119.0,92.0 2017-09-22,99.1,114.0,118.1,91.8 2017-09-25,99.3,114.9,118.2,92.8 2017-09-26,100.7,114.5,118.9,93.3 2017-09-27,100.1,114.8,119.1,93.6 2017-09-28,100.8,114.8,121.1,94.3 2017-09-29,101.9,114.7,120.0,94.3 2017-10-02,93.3,115.4,121.2,93.1 2017-10-03,94.5,116.2,122.3,95.9 2017-10-04,94.8,116.0,122.2,95.8 2017-10-05,94.7,116.3,122.2,95.1 2017-10-06,94.2,116.3,121.9,95.0 2017-10-09,94.5,115.8,121.0,95.0 2017-10-10,94.2,116.2,120.7,96.1 2017-10-11,94.0,116.0,121.2,95.4 2017-10-12,93.9,116.3,121.8,94.5 2017-10-13,94.3,116.4,122.1,94.4 2017-10-16,94.5,116.2,121.3,94.7 2017-10-17,93.8,116.4,121.4,94.5 2017-10-18,94.0,116.2,120.1,95.3 2017-10-19,93.9,115.9,120.6,95.5 2017-10-20,94.8,117.0,122.9,95.8 2017-10-23,95.4,116.5,122.3,97.4 2017-10-24,94.4,116.7,122.7,96.7 2017-10-25,96.8,117.2,123.3,94.7 2017-10-26,97.7,122.4,128.5,95.4 2017-10-27,98.6,122.0,127.2,95.8 2017-10-30,98.5,121.3,126.6,95.9 2017-10-31,98.7,120.9,125.5,95.8 2017-11-01,99.8,121.3,127.0,95.7 2017-11-02,100.1,120.9,127.0,99.9 2017-11-03,100.7,120.8,126.6,99.9 2017-11-06,100.2,120.4,126.6,101.9 2017-11-07,99.4,121.2,127.9,103.9 2017-11-08,98.5,122.1,128.8,105.1 2017-11-09,96.4,121.8,127.5,105.5 2017-11-10,96.3,121.6,127.3,102.9 2017-11-13,95.4,123.4,127.2,102.0 2017-11-14,95.2,123.0,126.8,102.1 2017-11-15,94.9,122.0,125.5,99.9 2017-11-16,95.2,122.2,128.0,100.4 2017-11-17,94.9,122.5,129.3,100.8 2017-11-20,95.9,122.5,129.5,100.8 2017-11-21,96.8,123.1,130.0,103.5 2017-11-22,95.7,122.6,130.3,103.8 2017-11-23,95.9,122.6,130.3,103.8 2017-11-24,96.0,122.5,131.3,104.3 2017-11-27,95.1,122.1,130.6,106.5 2017-11-28,95.2,123.8,134.3,105.4 2017-11-29,95.2,123.3,133.2,106.8 2017-11-30,95.0,123.7,132.2,109.1 2017-12-01,93.2,122.6,130.4,110.2 2017-12-04,95.6,123.2,131.7,109.5 2017-12-05,96.3,122.9,131.4,110.1 2017-12-06,97.1,121.7,129.1,109.7 2017-12-07,97.0,122.1,129.6,110.5 2017-12-08,97.4,122.0,130.0,111.1 2017-12-11,97.0,123.7,130.7,111.6 2017-12-12,97.7,123.5,129.9,110.7 2017-12-13,97.5,123.2,129.9,110.7 2017-12-14,96.7,121.8,128.1,109.5 2017-12-15,97.9,121.7,128.5,109.7 2017-12-18,98.2,123.0,131.7,111.9 2017-12-19,97.4,123.3,132.4,111.2 2017-12-20,96.6,123.5,132.2,111.8 2017-12-21,96.7,123.7,132.3,111.7 2017-12-22,96.3,123.9,132.1,111.2 2017-12-25,96.3,123.9,132.1,112.7 2017-12-26,96.3,123.6,131.0,112.3 2017-12-27,96.4,124.1,132.4,112.4 2017-12-28,95.6,124.9,133.3,111.9 2017-12-29,94.9,124.4,132.8,111.7 2018-01-01,94.9,124.4,132.8,111.7 2018-01-02,94.4,125.5,134.1,111.7 2018-01-03,95.1,126.2,135.2,111.7 2018-01-04,97.3,126.7,137.4,115.2 2018-01-05,98.1,127.8,138.6,119.1 2018-01-08,99.2,127.9,138.5,119.1 2018-01-09,99.3,128.2,139.9,117.5 2018-01-10,98.1,127.7,139.6,119.0 2018-01-11,96.8,128.9,140.7,119.7 2018-01-12,97.4,129.0,140.9,119.9 2018-01-15,97.7,129.0,140.9,119.2 2018-01-16,97.9,126.5,139.2,119.9 2018-01-17,98.4,127.8,140.4,119.4 2018-01-18,99.2,126.6,138.7,116.2 2018-01-19,98.5,127.3,139.0,119.4 2018-01-22,98.6,127.9,137.9,120.8 2018-01-23,98.1,128.6,136.7,121.2 2018-01-24,97.2,129.5,138.1,124.2 2018-01-25,98.1,132.0,140.3,122.6 2018-01-26,98.3,128.8,142.3,122.4 2018-01-29,98.6,126.4,139.8,124.1 2018-01-30,97.7,127.6,138.0,121.1 2018-01-31,98.1,127.7,138.7,119.5 2018-02-01,96.6,126.5,137.2,122.4 2018-02-02,94.4,123.5,133.1,120.9 2018-02-05,93.2,118.6,129.1,117.4 2018-02-06,91.5,121.5,133.4,113.8 2018-02-07,93.0,120.0,128.8,110.7 2018-02-08,90.2,115.9,123.7,110.9 2018-02-09,88.5,119.9,128.3,107.7 2018-02-12,89.2,121.1,132.0,107.7 2018-02-13,88.5,120.9,132.1,107.2 2018-02-14,89.1,122.3,133.1,105.4 2018-02-15,91.2,124.1,133.8,106.8 2018-02-16,92.1,124.1,131.9,106.9 2018-02-19,92.0,124.1,131.9,111.8 2018-02-20,92.2,123.6,131.9,111.5 2018-02-21,92.1,121.9,131.1,111.7 2018-02-22,93.0,123.3,131.9,110.7 2018-02-23,92.9,124.6,133.6,111.1 2018-02-26,93.3,125.5,133.8,111.1 2018-02-27,93.4,124.1,132.2,111.7 2018-02-28,93.2,121.9,128.6,111.2 2018-03-01,91.8,122.0,127.0,107.4 2018-03-02,90.0,121.2,128.3,104.4 2018-03-05,91.0,123.8,131.1,103.7 2018-03-06,90.6,124.5,131.9,104.9 2018-03-07,91.7,124.8,133.2,103.4 2018-03-08,93.4,126.7,135.6,103.6 2018-03-09,93.3,129.8,137.5,104.4 2018-03-12,92.8,129.6,138.3,106.8 2018-03-13,91.8,129.6,137.7,107.3 2018-03-14,91.2,128.2,135.3,109.5 2018-03-15,91.9,128.2,133.7,110.5 2018-03-16,91.8,128.6,132.5,112.9 2018-03-19,90.6,126.4,128.4,111.2 2018-03-20,91.0,125.6,129.0,111.6 2018-03-21,90.8,126.1,130.3,111.6 2018-03-22,90.0,122.3,125.4,112.6 2018-03-23,89.7,119.9,122.4,108.4 2018-03-26,88.8,122.1,125.5,108.5 2018-03-27,89.9,120.3,123.7,113.3 2018-03-28,90.2,120.0,122.1,112.4 2018-03-29,89.9,120.6,123.9,112.7 2018-03-30,89.9,120.6,123.9,114.1 2018-04-02,89.9,118.7,122.0,114.6 2018-04-03,89.3,120.8,123.3,114.5 2018-04-04,89.0,123.0,124.5,113.9 2018-04-05,92.2,124.5,126.0,113.7 2018-04-06,91.5,121.3,122.9,112.7 2018-04-09,91.7,121.5,123.6,112.4 2018-04-10,91.4,123.8,126.0,114.1 2018-04-11,90.4,122.6,124.2,113.9 2018-04-12,91.2,123.7,126.2,112.9 2018-04-13,91.5,123.6,125.8,117.1 2018-04-16,91.2,125.5,129.8,118.7 2018-04-17,92.8,127.5,133.0,117.5 2018-04-18,93.0,127.7,131.6,120.3 2018-04-19,93.6,126.5,130.1,118.7 2018-04-20,94.6,126.1,129.4,117.9 2018-04-23,94.9,126.0,129.1,117.0 2018-04-24,95.8,124.4,126.0,116.7 2018-04-25,94.9,125.6,128.6,115.8 2018-04-26,95.6,126.1,133.9,115.3 2018-04-27,96.9,125.2,131.6,114.9 2018-04-30,97.6,123.1,131.0,114.9 2018-05-01,97.6,123.2,131.6,114.0 2018-05-02,97.8,122.6,129.9,116.3 2018-05-03,97.5,121.7,131.2,116.3 2018-05-04,98.2,123.4,132.7,116.3 2018-05-07,98.0,124.0,133.3,116.3 2018-05-08,98.0,124.0,132.2,119.0 2018-05-09,97.7,125.1,133.5,119.2 2018-05-10,98.1,125.6,134.8,117.4 2018-05-11,97.7,126.1,135.3,117.1 2018-05-14,97.5,126.5,136.1,116.7 2018-05-15,97.8,126.0,136.2,116.7 2018-05-16,99.6,126.3,136.5,118.0 2018-05-17,101.1,126.5,137.3,122.1 2018-05-18,101.2,127.6,137.0,122.4 2018-05-21,101.9,128.5,137.8,121.9 2018-05-22,101.9,127.2,136.7,121.6 2018-05-23,100.7,126.7,136.2,122.1 2018-05-24,100.3,126.0,135.2,120.6 2018-05-25,100.6,125.1,134.9,119.1 2018-05-28,96.8,125.1,134.9,118.8 2018-05-29,96.1,122.7,131.6,117.0 2018-05-30,96.5,123.6,134.4,113.8 2018-05-31,95.2,122.4,134.2,114.3 2018-06-01,97.5,124.0,135.5,115.3 2018-06-04,97.5,124.0,135.3,118.2 2018-06-05,98.1,125.0,137.0,119.8 2018-06-06,99.1,127.2,139.3,123.5 2018-06-07,98.9,127.2,137.2,125.7 2018-06-08,98.9,127.8,137.2,125.3 2018-06-11,100.1,127.8,137.9,129.4 2018-06-12,99.5,127.4,138.5,125.0 2018-06-13,99.8,126.0,137.8,124.9 2018-06-14,101.3,125.7,138.7,121.4 2018-06-15,100.0,124.5,137.6,119.4 2018-06-18,99.3,123.9,136.1,117.3 2018-06-19,97.7,121.0,133.4,115.6 2018-06-20,97.6,119.5,133.1,117.8 2018-06-21,97.2,118.7,133.8,116.1 2018-06-22,98.3,119.9,135.8,115.5 2018-06-25,96.4,118.1,132.9,112.7 2018-06-26,95.8,118.2,132.4,113.7 2018-06-27,96.3,117.7,133.6,113.6 2018-06-28,95.7,118.3,134.5,113.1 2018-06-29,97.3,118.1,135.8,112.4 2018-07-02,96.6,117.9,135.9,108.1 2018-07-03,97.0,117.6,135.0,107.0 2018-07-04,96.1,117.6,135.0,106.8 2018-07-05,97.7,118.2,139.0,105.8 2018-07-06,98.7,118.8,140.9,118.2 2018-07-09,98.8,119.7,141.5,123.3 2018-07-10,99.9,121.1,142.9,130.2 2018-07-11,98.4,119.4,140.9,129.2 2018-07-12,99.1,119.8,142.4,130.1 2018-07-13,99.0,119.3,143.2,129.3 2018-07-16,98.4,118.0,143.4,129.3 2018-07-17,99.0,118.5,143.3,132.1 2018-07-18,100.1,118.3,141.7,131.3 2018-07-19,99.1,117.1,141.9,129.9 2018-07-20,98.2,117.1,142.2,127.1 2018-07-23,97.6,116.7,139.0,126.3 2018-07-24,98.5,117.8,140.2,129.2 2018-07-25,98.8,119.3,142.4,129.8 2018-07-26,100.0,122.5,142.9,130.8 2018-07-27,100.7,122.3,142.9,130.9 2018-07-30,98.2,122.3,142.0,131.8 2018-07-31,98.9,124.5,143.8,121.1 2018-08-01,99.1,122.9,142.1,120.5 2018-08-02,98.5,121.3,140.7,120.3 2018-08-03,97.7,121.3,141.0,119.6 2018-08-06,97.6,122.1,135.6,116.6 2018-08-07,98.8,122.0,134.8,111.6 2018-08-08,98.1,121.8,134.8,111.0 2018-08-09,97.9,121.7,134.9,109.1 2018-08-10,96.1,119.7,132.9,107.9 2018-08-13,96.4,123.2,132.5,107.4 2018-08-14,96.5,124.6,133.4,108.6 2018-08-15,95.1,124.5,132.8,109.6 2018-08-16,95.9,124.9,132.7,109.0 2018-08-17,95.6,126.4,134.0,109.0 2018-08-20,96.3,126.7,135.9,107.6 2018-08-21,96.8,126.0,135.9,109.8 2018-08-22,97.2,124.7,133.1,115.4 2018-08-23,97.5,124.7,133.0,111.2 2018-08-24,97.2,125.9,134.1,110.9 2018-08-27,98.6,126.9,135.7,114.5 2018-08-28,98.6,126.7,136.0,114.4 2018-08-29,99.1,127.6,137.0,114.6 2018-08-30,99.4,126.5,135.6,117.1 2018-08-31,98.0,126.1,135.8,115.8 2018-09-03,98.4,126.1,135.8,113.8 2018-09-04,96.3,124.6,134.1,114.1 2018-09-05,95.4,125.4,134.1,114.4 2018-09-06,94.9,125.9,134.5,115.7 2018-09-07,95.5,125.0,133.1,116.4 2018-09-10,95.4,125.9,133.8,117.5 2018-09-11,95.4,126.4,134.9,117.5 2018-09-12,95.5,126.1,134.5,115.4 2018-09-13,95.6,127.1,136.7,116.8 2018-09-14,96.3,127.9,134.8,116.2 2018-09-17,96.6,128.0,135.7,116.2 2018-09-18,96.4,127.9,135.8,118.1 2018-09-19,97.5,128.3,141.1,118.2 2018-09-20,98.2,129.3,142.7,119.7 2018-09-21,99.6,129.4,143.0,122.2 2018-09-24,99.5,128.8,140.8,122.2 2018-09-25,99.3,128.1,140.0,121.4 2018-09-26,101.5,127.3,139.6,122.8 2018-09-27,102.5,127.8,139.4,119.1 2018-09-28,102.4,126.7,138.0,120.4 2018-10-01,102.7,128.5,145.0,123.4 2018-10-02,103.2,129.1,145.1,122.8 2018-10-03,104.0,128.7,143.9,123.8 2018-10-04,102.2,128.7,142.4,127.8 2018-10-05,101.0,128.1,141.0,127.9 2018-10-08,100.9,128.4,141.1,127.9 2018-10-09,101.6,124.6,138.4,126.8 2018-10-10,98.4,121.8,135.7,125.7 2018-10-11,96.3,119.1,132.5,119.0 2018-10-12,94.9,120.0,134.2,117.7 2018-10-15,95.1,118.8,134.6,116.1 2018-10-16,97.0,121.1,138.0,120.9 2018-10-17,96.4,121.0,137.2,122.9 2018-10-18,96.0,118.8,138.5,121.6 2018-10-19,95.5,117.9,137.3,123.3 2018-10-22,95.9,116.3,143.3,122.1 2018-10-23,94.8,115.3,141.0,126.0 2018-10-24,95.1,112.9,138.4,124.8 2018-10-25,97.3,114.9,141.7,119.5 2018-10-26,96.3,113.3,141.6,120.7 2018-10-29,95.4,114.5,142.1,122.6 2018-10-30,95.1,116.6,141.2,126.8 2018-10-31,96.7,117.1,142.1,128.7 2018-11-01,95.7,117.8,139.1,132.2 2018-11-02,95.5,118.2,137.2,133.8 2018-11-05,96.3,119.4,139.1,132.8 2018-11-06,95.2,119.9,142.1,135.8 2018-11-07,96.8,122.1,143.3,136.5 2018-11-08,96.8,122.3,141.9,137.0 2018-11-09,96.3,121.3,138.7,138.9 2018-11-12,96.5,119.4,136.7,138.8 2018-11-13,96.8,119.9,134.7,138.6 2018-11-14,95.6,119.2,131.7,134.2 2018-11-15,96.2,121.8,133.2,135.2 2018-11-16,95.3,124.3,135.7,132.1 2018-11-19,94.8,121.3,137.0,133.1 2018-11-20,92.9,119.5,135.6,131.4 2018-11-21,93.6,120.7,136.6,130.7 2018-11-22,92.7,119.4,134.1,131.0 2018-11-23,93.3,119.4,134.1,131.0 2018-11-26,95.3,120.3,135.1,133.8 2018-11-27,94.3,118.5,131.0,135.4 2018-11-28,93.8,120.3,134.2,136.0 2018-11-29,94.1,120.8,136.8,134.7 2018-11-30,96.4,122.0,136.6,135.4 2018-12-03,96.7,126.4,141.1,138.1 2018-12-04,96.8,124.3,138.1,136.8 2018-12-05,95.8,124.3,138.1,135.1 2018-12-06,94.0,122.4,133.9,132.6 2018-12-07,95.3,119.2,131.1,134.4 2018-12-10,95.2,119.1,134.7,132.4 2018-12-11,95.8,118.3,135.2,131.1 2018-12-12,96.9,119.6,137.9,134.6 2018-12-13,97.0,119.3,135.7,135.9 2018-12-14,96.8,117.9,134.7,136.9 2018-12-17,96.1,116.7,135.1,139.4 2018-12-18,95.1,117.4,135.3,137.1 2018-12-19,97.2,116.9,133.8,130.4 2018-12-20,96.5,117.2,132.3,127.5 2018-12-21,97.2,117.7,131.5,127.1 2018-12-24,96.5,113.7,127.2,127.1 2018-12-25,96.5,113.7,127.2,121.4 2018-12-26,96.5,119.0,131.1,122.5 2018-12-27,94.7,121.2,134.3,128.5 2018-12-28,96.0,121.9,134.2,127.2 2018-12-31,98.0,121.4,134.0,127.2 2019-01-02,95.8,121.0,135.0,127.2 2019-01-03,94.1,117.8,130.8,127.2 2019-01-04,96.7,122.6,134.5,126.9 2019-01-07,96.2,121.3,134.4,129.0 2019-01-08,96.3,119.9,135.8,128.1 2019-01-09,95.0,118.9,136.1,129.9 2019-01-10,94.0,119.2,139.0,127.0 2019-01-11,93.3,118.9,137.6,124.6 2019-01-14,92.5,117.6,135.7,124.6 2019-01-15,93.5,117.6,135.0,124.0 2019-01-16,93.9,117.3,135.0,124.7 2019-01-17,93.9,118.3,135.0,125.0 2019-01-18,95.4,120.3,138.1,126.0 2019-01-21,95.0,120.3,138.1,126.7 2019-01-22,94.8,119.6,138.1,125.4 2019-01-23,94.9,118.4,136.5,125.3 2019-01-24,95.1,118.7,135.1,124.1 2019-01-25,95.0,122.0,136.4,122.9 2019-01-28,94.4,121.3,135.8,123.2 2019-01-29,95.1,123.8,138.4,120.6 2019-01-30,95.8,124.4,139.9,119.4 2019-01-31,95.7,124.7,140.0,121.8 2019-02-01,96.2,125.8,142.3,123.1 2019-02-04,95.9,126.6,140.4,123.6 2019-02-05,96.7,127.4,141.7,122.1 2019-02-06,95.6,128.9,140.3,116.3 2019-02-07,94.9,126.1,138.0,112.2 2019-02-08,94.3,125.8,138.4,110.5 2019-02-11,94.9,127.1,138.5,110.5 2019-02-12,95.8,129.9,143.8,111.8 2019-02-13,96.2,130.4,143.7,113.5 2019-02-14,95.8,130.2,143.0,112.2 2019-02-15,96.5,132.0,144.7,111.7 2019-02-18,96.7,132.0,144.7,111.9 2019-02-19,96.5,132.8,144.1,111.4 2019-02-20,97.7,134.7,146.2,111.7 2019-02-21,98.3,135.5,147.2,111.7 2019-02-22,98.9,136.6,149.0,112.8 2019-02-25,98.8,137.4,149.9,112.4 2019-02-26,99.9,137.6,149.3,112.4 2019-02-27,98.9,137.7,149.8,113.0 2019-02-28,99.1,137.4,148.7,111.4 2019-03-01,99.8,136.6,144.6,112.2 2019-03-04,99.3,137.0,144.9,114.6 2019-03-05,100.1,135.9,144.6,113.9 2019-03-06,101.0,136.7,145.2,116.1 2019-03-07,100.0,136.3,143.8,113.6 2019-03-08,100.1,137.6,145.5,112.0 2019-03-11,100.7,139.5,147.1,114.6 2019-03-12,100.6,139.6,148.0,116.3 2019-03-13,100.9,140.4,149.7,113.7 2019-03-14,101.6,140.5,149.6,113.5 2019-03-15,102.8,140.2,151.5,114.4 2019-03-18,101.6,140.6,149.9,115.5 2019-03-19,101.0,140.2,149.0,114.4 2019-03-20,101.8,140.0,151.7,115.6 2019-03-21,102.0,142.0,150.3,115.6 2019-03-22,100.0,141.3,145.8,117.5 2019-03-25,101.3,141.0,146.0,113.9 2019-03-26,102.0,141.9,146.8,118.5 2019-03-27,101.8,142.3,145.5,119.6 2019-03-28,102.0,144.2,149.1,119.0 2019-03-29,102.4,144.8,151.1,119.4 2019-04-01,103.0,145.2,151.6,121.4 2019-04-02,103.1,144.5,152.9,121.5 2019-04-03,104.4,145.4,156.9,122.3 2019-04-04,104.5,145.4,157.9,124.5 2019-04-05,105.3,146.5,158.5,126.2 2019-04-08,105.4,146.4,158.7,126.7 2019-04-09,104.7,145.8,157.0,126.2 2019-04-10,105.3,146.4,155.4,127.2 2019-04-11,104.5,146.8,154.4,126.7 2019-04-12,104.5,147.3,154.9,127.0 2019-04-15,104.7,147.1,154.7,130.4 2019-04-16,105.3,149.5,155.1,130.1 2019-04-17,105.8,150.0,154.5,130.4 2019-04-18,106.9,150.2,154.9,126.2 2019-04-19,106.9,150.2,154.9,129.8 2019-04-22,106.9,149.1,153.6,130.9 2019-04-23,106.6,149.2,154.0,131.2 2019-04-24,106.4,151.2,152.5,129.5 2019-04-25,107.5,151.4,151.4,131.2 2019-04-26,107.3,153.6,153.1,130.9 2019-04-29,106.6,154.4,152.1,130.9 2019-04-30,107.1,156.1,154.8,130.9 2019-05-01,107.1,153.3,153.1,130.9 2019-05-02,107.0,157.5,155.0,130.9 2019-05-03,107.1,159.0,155.4,130.9 2019-05-06,106.4,156.2,153.4,130.9 2019-05-07,104.5,152.6,149.9,133.1 2019-05-08,104.2,155.7,151.6,131.7 2019-05-09,102.2,155.1,148.8,128.4 2019-05-10,102.6,158.0,155.9,128.9 2019-05-13,102.4,155.1,155.1,128.0 2019-05-14,104.1,156.1,155.3,143.3 2019-05-15,103.9,155.5,155.3,146.1 2019-05-16,106.8,158.8,161.1,150.1 2019-05-17,106.7,159.2,162.3,152.2 2019-05-20,102.2,155.8,159.1,151.2 2019-05-21,102.4,157.0,160.8,149.5 2019-05-22,103.6,156.4,161.6,150.1 2019-05-23,101.6,154.9,158.9,149.5 2019-05-24,102.7,155.1,161.3,151.5 2019-05-27,103.4,155.1,161.3,152.0 2019-05-28,102.1,153.4,158.3,150.1 2019-05-29,101.1,153.9,157.1,148.7 2019-05-30,102.0,154.9,157.5,147.0 2019-05-31,100.7,154.4,155.0,144.2 2019-06-03,101.9,158.5,160.8,142.3 2019-06-04,103.3,162.0,164.3,143.9 2019-06-05,103.2,164.8,165.5,147.1 2019-06-06,103.2,168.0,169.5,147.6 2019-06-07,105.6,169.2,171.8,150.5 2019-06-10,104.9,167.9,172.1,153.1 2019-06-11,105.9,166.1,172.4,154.1 2019-06-12,106.9,166.8,173.2,156.1 2019-06-13,106.8,167.0,174.1,156.4 2019-06-14,107.3,166.3,174.1,162.1 2019-06-17,106.9,164.5,172.8,162.6 2019-06-18,109.4,166.0,175.2,163.1 2019-06-19,109.1,167.2,172.2,167.0 2019-06-20,109.1,168.4,173.7,165.5 2019-06-21,110.5,168.5,173.6,165.8 2019-06-24,110.2,169.6,174.6,165.1 2019-06-25,110.1,170.4,174.1,166.2 2019-06-26,109.0,169.8,172.2,164.8 2019-06-27,110.0,169.5,171.3,166.5 2019-06-28,111.2,171.7,172.4,162.0 2019-07-01,110.8,173.5,174.3,161.8 2019-07-02,111.1,174.6,174.8,161.9 2019-07-03,111.7,175.5,174.8,160.0 2019-07-04,110.9,174.9,173.8,160.9 2019-07-05,110.7,174.9,173.8,159.7 2019-07-08,110.9,173.2,173.2,157.3 2019-07-09,110.6,171.4,172.6,155.5 2019-07-10,111.2,171.6,173.2,151.5 2019-07-11,110.1,172.7,174.1,152.7 2019-07-12,111.1,172.3,175.1,153.5 2019-07-15,111.3,172.7,175.2,153.5 2019-07-16,111.2,172.2,174.0,155.8 2019-07-17,110.7,171.7,173.3,156.3 2019-07-18,110.5,171.1,174.9,153.9 2019-07-19,110.1,170.3,174.6,155.5 2019-07-22,111.1,171.4,174.8,153.6 2019-07-23,112.4,173.6,177.6,154.1 2019-07-24,112.2,170.5,174.1,151.5 2019-07-25,110.8,172.7,171.6,152.7 2019-07-26,112.0,174.9,172.6,152.8 2019-07-29,112.2,175.3,171.5,154.5 2019-07-30,113.1,175.8,168.7,153.3 2019-07-31,112.9,173.1,164.2,158.7 2019-08-01,114.1,171.7,163.5,153.9 2019-08-02,109.6,169.0,161.2,152.9 2019-08-05,109.1,166.9,163.7,150.8 2019-08-06,108.9,167.9,162.1,152.3 2019-08-07,109.4,169.5,163.8,150.4 2019-08-08,112.4,172.9,165.4,153.1 2019-08-09,110.7,174.3,164.8,155.4 2019-08-12,111.4,172.3,165.0,155.4 2019-08-13,112.9,174.2,165.6,158.3 2019-08-14,109.8,168.8,159.4,161.0 2019-08-15,109.8,171.7,160.3,162.1 2019-08-16,111.3,173.5,162.1,162.3 2019-08-19,111.5,173.4,162.4,162.0 2019-08-20,110.8,171.2,161.2,162.9 2019-08-21,112.9,173.4,162.1,159.0 2019-08-22,112.2,170.9,160.7,159.1 2019-08-23,110.4,167.3,158.2,153.2 2019-08-26,111.7,169.0,158.8,149.9 2019-08-27,111.7,171.1,158.6,147.6 2019-08-28,111.8,171.2,158.8,148.9 2019-08-29,114.0,170.2,161.1,149.0 2019-08-30,114.4,171.3,162.2,149.1 2019-09-02,115.1,171.3,162.2,146.6 2019-09-03,113.2,171.1,160.8,147.3 2019-09-04,113.7,172.5,161.0,147.6 2019-09-05,112.3,170.3,160.7,148.9 2019-09-06,113.2,171.1,162.7,149.1 2019-09-09,111.6,164.1,159.0,147.7 2019-09-10,112.6,162.1,159.5,146.9 2019-09-11,113.5,164.1,161.1,147.8 2019-09-12,115.7,167.4,164.5,148.0 2019-09-13,114.5,168.6,165.0,149.6 2019-09-16,113.9,163.2,161.9,149.6 2019-09-17,115.6,168.0,165.1,148.7 2019-09-18,115.8,168.1,165.4,147.3 2019-09-19,117.4,168.6,166.8,151.5 2019-09-20,118.2,168.0,166.7,154.6 2019-09-23,117.5,167.2,166.2,154.6 2019-09-24,117.5,167.2,164.4,159.5 2019-09-25,116.5,167.3,165.1,158.5 2019-09-26,117.1,169.4,165.1,156.3 2019-09-27,116.9,167.7,164.5,157.3 2019-09-30,118.0,168.3,166.3,154.6 2019-10-01,116.5,164.2,161.9,155.1 2019-10-02,113.0,159.6,158.1,157.7 2019-10-03,113.0,159.9,158.5,150.7 2019-10-04,114.7,162.2,159.9,150.7 2019-10-07,116.3,162.3,161.9,147.3 2019-10-08,114.3,157.6,158.1,150.7 2019-10-09,115.5,160.6,160.9,156.6 2019-10-10,116.8,162.8,164.2,162.6 2019-10-11,118.5,164.8,166.8,168.6 2019-10-14,117.8,162.2,165.3,168.6 2019-10-15,118.0,163.2,167.6,172.1 2019-10-16,117.8,162.5,169.0,174.4 2019-10-17,116.3,162.6,168.8,174.3 2019-10-18,116.8,163.0,168.1,175.4 2019-10-21,115.8,161.9,167.4,176.9 2019-10-22,115.4,157.0,164.4,176.9 2019-10-23,116.3,159.3,166.3,175.9 2019-10-24,115.8,160.4,165.7,175.9 2019-10-25,116.1,161.7,167.4,179.4 2019-10-28,116.6,160.4,169.0,174.3 2019-10-29,116.6,165.2,171.0,181.1 2019-10-30,116.5,164.4,171.0,175.8 2019-10-31,118.4,161.7,170.3,180.7 2019-11-01,117.7,162.0,170.7,175.8 2019-11-04,118.4,162.6,172.4,175.8 2019-11-05,118.7,164.3,172.0,179.5 2019-11-06,119.1,166.0,172.7,182.7 2019-11-07,118.4,172.6,174.0,185.0 2019-11-08,118.8,177.4,174.3,182.6 2019-11-11,118.0,178.3,173.7,183.7 2019-11-12,117.9,179.8,176.7,183.4 2019-11-13,119.0,180.1,178.4,187.4 2019-11-14,118.7,180.6,179.1,184.8 2019-11-15,120.6,182.7,180.1,188.7 2019-11-18,121.4,182.9,179.5,186.8 2019-11-19,120.6,183.0,178.1,184.2 2019-11-20,120.2,180.4,177.0,179.4 2019-11-21,120.0,180.2,177.1,176.1 2019-11-22,121.2,180.2,175.9,175.3 2019-11-25,121.3,178.0,176.8,177.1 2019-11-26,121.2,177.8,176.1,176.7 2019-11-27,121.0,179.0,176.9,176.0 2019-11-28,121.4,179.0,176.9,175.4 2019-11-29,122.3,179.2,177.1,172.6 2019-12-02,118.8,175.2,172.3,173.5 2019-12-03,118.2,174.2,173.5,173.9 2019-12-04,120.0,173.6,174.1,170.6 2019-12-05,120.6,174.8,174.9,173.5 2019-12-06,121.6,176.0,176.5,174.2 2019-12-09,121.9,175.1,176.3,173.9 2019-12-10,121.5,174.1,175.1,174.2 2019-12-11,121.6,174.1,176.6,171.8 2019-12-12,122.1,176.3,180.2,172.9 2019-12-13,123.0,175.0,179.5,174.5 2019-12-16,124.0,177.8,180.3,174.3 2019-12-17,123.6,178.7,180.0,174.2 2019-12-18,123.8,176.8,178.9,173.3 2019-12-19,124.3,176.8,179.8,173.3 2019-12-20,126.1,178.2,182.1,172.5 2019-12-23,125.7,178.3,181.8,172.0 2019-12-24,125.2,178.3,181.7,171.2 2019-12-25,125.2,178.3,181.7,170.9 2019-12-26,125.2,179.1,182.7,173.1 2019-12-27,126.1,178.6,182.3,172.4 2019-12-30,125.2,178.5,181.6,171.9 2019-12-31,125.4,178.2,182.8,171.9 2020-01-02,125.9,175.3,180.9,171.9 2020-01-03,125.5,171.4,176.2,171.9 2020-01-06,124.7,171.3,175.5,169.9 2020-01-07,124.1,172.1,175.9,172.1 2020-01-08,124.2,173.0,178.1,168.8 2020-01-09,124.7,177.1,179.3,170.1 2020-01-10,125.0,176.0,179.5,170.7 2020-01-13,125.5,179.6,181.9,170.7 2020-01-14,126.2,177.9,180.3,175.0 2020-01-15,126.0,178.6,181.5,174.5 2020-01-16,126.5,178.8,182.9,174.6 2020-01-17,128.6,179.7,183.8,173.5 2020-01-20,128.0,179.7,183.8,176.9 2020-01-21,128.9,179.9,181.8,172.8 2020-01-22,128.7,180.5,181.2,176.6 2020-01-23,127.7,180.0,180.0,173.5 2020-01-24,129.8,185.0,180.3,173.8 2020-01-27,126.8,177.1,175.9,170.0 2020-01-28,128.6,179.3,178.5,170.0 2020-01-29,130.2,180.0,178.8,170.4 2020-01-30,130.1,183.1,178.8,165.9 2020-01-31,129.9,181.0,174.4,171.1 2020-02-03,131.1,184.3,179.8,169.1 2020-02-04,132.2,187.4,183.3,172.0 2020-02-05,134.1,189.8,186.1,173.7 2020-02-06,134.4,190.4,186.1,159.7 2020-02-07,134.1,189.5,183.9,161.6 2020-02-10,133.8,190.9,185.0,160.7 2020-02-11,137.0,191.4,185.7,160.7 2020-02-12,137.9,192.7,186.5,162.3 2020-02-13,139.1,193.3,190.0,162.7 2020-02-14,137.9,194.2,191.2,163.8 2020-02-17,138.9,194.2,191.2,158.7 2020-02-18,138.9,194.0,191.9,154.6 2020-02-19,139.4,194.0,191.0,154.1 2020-02-20,137.6,193.7,189.9,155.3 2020-02-21,138.4,193.4,187.5,153.4 2020-02-24,132.9,186.2,180.8,144.7 2020-02-25,130.3,178.6,173.1,144.7 2020-02-26,130.8,178.6,174.7,146.0 2020-02-27,127.0,170.0,167.4,142.9 2020-02-28,122.1,166.6,164.0,136.7 2020-03-02,124.3,174.9,170.1,139.5 2020-03-03,126.1,172.4,167.8,139.3 2020-03-04,128.0,179.9,176.5,138.7 2020-03-05,126.7,177.5,168.7,141.0 2020-03-06,122.5,174.2,162.5,136.6 2020-03-09,113.2,155.6,148.7,127.5 2020-03-10,111.4,162.7,151.3,134.1 2020-03-11,112.2,157.6,149.3,133.8 2020-03-12,99.7,142.4,135.7,127.8 2020-03-13,104.7,156.5,151.5,114.8 2020-03-16,98.6,136.8,136.0,105.2 2020-03-17,105.1,155.6,140.7,100.5 2020-03-18,99.2,152.9,135.2,92.2 2020-03-19,104.3,144.9,132.2,82.6 2020-03-20,104.4,143.5,129.9,82.6 2020-03-23,103.8,134.0,128.8,98.5 2020-03-24,108.1,147.5,141.5,100.2 2020-03-25,107.6,145.0,141.9,109.3 2020-03-26,109.2,152.7,149.6,111.8 2020-03-27,106.2,146.5,143.7,115.7 2020-03-30,111.9,156.6,151.8,117.7 2020-03-31,115.9,151.4,148.5,113.4 2020-04-01,113.3,143.6,138.1,108.3 2020-04-02,112.6,147.5,140.9,105.2 2020-04-03,114.5,141.5,139.2,105.0 2020-04-06,115.8,147.0,151.1,109.3 2020-04-07,119.3,153.2,154.5,110.6 2020-04-08,117.4,163.6,160.5,109.4 2020-04-09,117.7,166.3,162.7,112.2 2020-04-10,117.7,166.3,162.7,115.7 2020-04-13,117.7,164.0,159.8,116.0 2020-04-14,123.9,167.5,163.0,121.2 2020-04-15,119.7,162.2,155.5,122.8 2020-04-16,119.1,161.5,157.2,119.9 2020-04-17,120.0,168.0,161.9,120.7 2020-04-20,120.8,162.6,158.8,118.7 2020-04-21,115.0,157.3,153.6,113.6 2020-04-22,116.7,162.6,155.9,111.4 2020-04-23,116.9,160.2,155.7,114.0 2020-04-24,114.6,164.4,155.8,112.6 2020-04-27,117.0,168.6,158.5,116.6 2020-04-28,118.8,169.6,160.5,115.4 2020-04-29,119.4,174.9,162.0,119.1 2020-04-30,115.4,171.1,158.0,116.1 2020-05-01,115.4,168.6,154.8,116.1 2020-05-04,112.2,169.4,156.8,116.1 2020-05-05,115.9,170.1,156.3,116.1 2020-05-06,115.6,169.4,153.7,116.1 2020-05-07,119.2,172.0,158.7,114.6 2020-05-08,119.1,177.1,161.8,118.0 2020-05-11,116.1,176.5,160.4,117.6 2020-05-12,115.6,174.6,157.2,117.2 2020-05-13,114.0,171.3,153.5,122.2 2020-05-14,111.4,171.1,153.9,126.7 2020-05-15,111.5,173.0,156.8,126.0 2020-05-18,116.6,181.2,165.1,124.9 2020-05-19,115.1,179.0,163.4,129.1 2020-05-20,115.7,181.9,168.3,127.4 2020-05-21,115.3,178.6,166.3,127.2 2020-05-22,116.6,177.7,163.9,125.0 2020-05-25,118.3,177.7,163.9,126.1 2020-05-26,116.1,180.4,165.7,127.0 2020-05-27,115.4,178.4,165.8,128.7 2020-05-28,119.7,182.5,171.8,130.9 2020-05-29,121.3,183.3,173.7,128.3 2020-06-01,121.6,184.0,176.2,127.0 2020-06-02,122.5,186.0,177.1,132.8 2020-06-03,125.2,188.4,182.8,136.1 2020-06-04,124.6,185.0,182.5,138.9 2020-06-05,126.0,188.5,190.0,144.7 2020-06-08,126.6,189.3,185.8,147.3 2020-06-09,125.4,190.3,183.9,145.0 2020-06-10,125.4,188.0,183.2,140.1 2020-06-11,123.2,176.8,171.0,133.8 2020-06-12,122.3,178.3,173.4,128.9 2020-06-15,122.7,179.8,174.5,127.5 2020-06-16,125.2,180.5,178.8,135.7 2020-06-17,126.6,180.1,178.1,133.8 2020-06-18,125.8,180.6,178.7,130.7 2020-06-19,127.3,178.6,178.6,131.3 2020-06-22,126.5,179.3,180.3,130.4 2020-06-23,128.2,181.3,182.3,131.1 2020-06-24,125.4,176.8,176.9,127.3 2020-06-25,126.1,180.0,179.6,122.5 2020-06-26,125.3,179.0,177.6,123.8 2020-06-29,126.7,181.0,181.4,124.0 2020-06-30,127.6,183.1,182.1,127.5 2020-07-01,127.6,184.9,184.4,125.8 2020-07-02,131.8,187.7,190.0,124.8 2020-07-03,129.5,187.7,192.9,125.3 2020-07-06,130.8,188.8,192.8,126.6 2020-07-07,131.2,201.1,190.2,125.2 2020-07-08,131.4,204.6,190.6,125.5 2020-07-09,131.4,206.0,194.0,125.3 2020-07-10,134.2,207.2,193.9,125.6 2020-07-13,137.1,208.1,200.2,127.4 2020-07-14,135.1,213.1,204.0,130.3 2020-07-15,136.6,213.9,205.1,131.8 2020-07-16,137.9,217.8,208.3,130.8 2020-07-17,137.9,223.0,206.3,132.1 2020-07-20,137.9,220.6,209.5,130.5 2020-07-21,139.1,220.2,210.7,130.4 2020-07-22,138.6,224.1,211.2,131.9 2020-07-23,139.7,222.4,209.6,131.9 2020-07-24,138.2,221.1,212.0,131.9 2020-07-27,138.8,223.5,209.2,133.6 2020-07-28,140.2,219.4,210.1,132.1 2020-07-29,139.8,219.1,207.8,131.8 2020-07-30,138.8,216.0,210.5,125.8 2020-07-31,138.7,217.4,209.8,117.5 2020-08-03,141.7,211.2,209.4,119.6 2020-08-04,141.3,212.0,213.2,126.3 2020-08-05,140.9,215.9,211.8,128.6 2020-08-06,138.5,214.6,210.6,128.9 2020-08-07,139.2,213.6,208.9,126.0 2020-08-10,138.0,213.3,210.2,126.0 2020-08-11,139.4,213.6,213.5,134.2 2020-08-12,141.9,216.5,214.0,134.1 2020-08-13,140.8,218.7,213.4,138.9 2020-08-14,139.1,219.8,213.3,137.4 2020-08-17,139.6,219.6,212.0,135.3 2020-08-18,139.0,217.2,212.3,132.7 2020-08-19,139.8,217.6,210.6,133.1 2020-08-20,138.1,217.0,209.8,129.1 2020-08-21,137.3,217.2,213.7,127.6 2020-08-24,140.2,218.2,214.7,128.4 2020-08-25,139.3,219.5,217.1,133.3 2020-08-26,141.3,223.0,215.5,130.6 2020-08-27,139.1,222.0,217.7,128.4 2020-08-28,138.7,225.1,214.4,131.5 2020-08-31,138.2,221.7,220.6,132.1 2020-09-01,138.3,229.6,223.4,129.5 2020-09-02,141.3,235.4,215.0,129.0 2020-09-03,139.6,225.4,212.7,130.6 2020-09-04,137.9,226.3,212.7,126.7 2020-09-07,140.3,226.3,208.7,125.3 2020-09-08,138.4,223.4,215.6,123.9 2020-09-09,141.4,230.0,212.3,122.9 2020-09-10,140.5,223.9,214.8,129.6 2020-09-11,141.1,227.8,215.7,128.9 2020-09-14,140.2,230.5,215.3,128.8 2020-09-15,140.3,230.6,213.7,124.2 2020-09-16,140.1,229.4,215.0,121.4 2020-09-17,139.3,229.0,211.3,120.3 2020-09-18,139.3,224.4,204.7,120.9 2020-09-21,134.9,220.5,204.6,120.9 2020-09-22,135.1,222.6,200.2,120.9 2020-09-23,136.0,216.5,201.3,118.5 2020-09-24,134.7,219.9,199.8,118.7 2020-09-25,133.6,220.5,203.5,119.5 2020-09-28,136.3,222.0,203.0,121.2 2020-09-29,136.6,222.9,204.5,119.9 2020-09-30,134.6,225.9,199.8,114.4 2020-10-01,134.2,223.5,199.3,114.4 2020-10-02,134.3,224.5,201.9,113.9 2020-10-05,132.7,227.8,199.3,118.2 2020-10-06,131.6,224.6,205.2,119.2 2020-10-07,132.0,229.1,204.1,118.5 2020-10-08,132.4,227.3,206.0,118.9 2020-10-09,132.7,228.0,206.3,118.5 2020-10-12,134.6,229.7,202.6,117.0 2020-10-13,134.7,228.4,201.7,115.3 2020-10-14,134.1,225.9,197.1,111.9 2020-10-15,131.4,224.5,200.1,111.7 2020-10-16,134.0,226.1,197.4,109.0 2020-10-19,134.0,223.1,200.3,111.8 2020-10-20,130.5,223.4,198.3,110.2 2020-10-21,129.9,222.4,200.2,115.4 2020-10-22,129.4,221.7,201.2,114.6 2020-10-23,132.5,223.0,195.8,115.2 2020-10-26,130.5,217.2,193.6,116.5 2020-10-27,128.9,215.0,186.2,116.0 2020-10-28,124.3,207.0,188.8,114.0 2020-10-29,124.9,209.9,189.2,111.9 2020-10-30,124.7,209.5,196.3,108.1 2020-11-02,128.3,217.4,201.0,112.2 2020-11-03,131.2,219.2,202.0,112.2 2020-11-04,134.0,219.4,214.5,114.3 2020-11-05,136.2,230.1,214.9,114.4 2020-11-06,137.0,232.6,221.2,114.4 2020-11-09,141.3,237.1,225.0,116.2 2020-11-10,140.3,235.1,222.9,120.8 2020-11-11,140.8,213.0,219.0,127.9 2020-11-12,139.2,201.2,220.7,123.6 2020-11-13,138.1,200.1,219.3,122.1 2020-11-16,137.0,202.1,216.5,124.0 2020-11-17,137.4,202.0,214.9,123.9 2020-11-18,138.0,203.0,217.3,123.3 2020-11-19,138.0,205.1,216.4,126.2 2020-11-20,138.6,205.1,216.5,125.9 2020-11-23,135.8,208.8,219.9,125.9 2020-11-24,135.1,215.4,217.5,130.4 2020-11-25,135.0,210.9,221.0,131.2 2020-11-26,136.7,210.7,220.2,129.7 2020-11-27,137.2,212.5,222.3,128.2 2020-11-30,136.8,214.8,215.5,123.5
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Share prices of all the industrial gas majors faltered in recent months in their recovery from the sharp fall at the beginning of 2020 as global stock markets strengthened despite continuing impact of Covid and global economic weakness

Linde plc share price reached a new peak in November and was up nearly a quarter vs the previous year. APD was down nearly -10% vs its peak earlier in 2020 but was still up over one fifth YoY

In contrast AL is marginally below its early 2020 peak and less than 15% up on last year while TNS has remain significantly below its peak following its sharp fall in early 2020 as Japanese markets overall fell sharply

P/E ratio of the major gas companies are all significantly above the average ratios for the markets on which they are quoted (30x or higher except TNS) while market capitalisations are a significant multiple of sales (at least 3x). 

Market capitalisation of welding and engineering companies are typically around 1.7 to 2 x sales while monitored new H2 technology companies at over 20 x sales reflects market views of the growth potential in this sector



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Outlook

Latest projected outturn for 2020 global output projected by IMF now shows a decline of around -4½%, a less severe contraction than its previous forecast – 2021 is expected to show a rebound at +5% with medium term growth forecast at around +3½% pa. on the assumption that low level transmission of Covid is reached in all geographies by end 2022. However the structural and financial consequences of the pandemic mean that downside risks remain dominant. Major developed economies are down by -4% (US) to over -8% (Europe) in 2020 while all leading developing economies are also expected to be significantly negative except China which is forecast to have +2% growth

Underlying top line growth in the gases industry has mirrored the pace and cycles in overall economy in recent years with underlying merchant revenues in line with industrial production partly offset by a solid contribution from new onsites starting up based on pre-crisis project decisions – a similar contribution may be seen in 2021 due to a number of major projects due to come onstream. Clearly, due to the nature of this crisis, there should be a boost to growth in medical oxygen and related respiratory treatments but this only represents a small share of total sales

Global inflation is forecast to remain low but could edge higher – historically gas industry price inflation has underperformed against macro-economy inflation but the margin is expected to continue to narrow resulting in industrial gas pricing having minimal top line impact through 2020

On the basis of these growth and inflation scenarios, underlying gases growth should be expected to return to around +5% pa

Another key consideration is the energy context of this crisis compared to that in 2008/9 – global energy prices were on a sharply increasing path in the early stages of 2008/9 which meant that reported revenues were boosted by energy cost pass-through but operating margins were adversely impacted. The context for the current crisis has been a scenario of falling global energy prices which results in negative energy pass-through impacting reported top line but helping reported profitability margins

While these developments should increase absolute profits, pricing impact and benefits of industry-wide productivity/efficiency improvements drive expectations of maintained profit margins; specific restructuring actions are expected to continue to impact on underperforming or acquired businesses

Capex is expected to continue to fall back from recent levels both in absolute terms (towards $6-7Bn pa) and relative to sales (10-11%) as customers and majors avoid over-aggressive tonnage expansion and limited standalone merchant investment – however this may be offset by swings associated with large scale environmental/energy related projects

Continued impact of merger and acquisition activity at all size levels and in all business sectors along with pursuit of customer owned large plants for conversion to onsites, further consolidation of associated companies

As previously indicated potential for divestment of non-core businesses by major gas companies are expected to continue with remaining small non-core businesses at Tier 1 gas companies eg Praxair Surface Technologies, Linde’s Gist distribution business and TNS Thermos

Downward trend in R&D spend in absolute terms and relative to sales appears to have stabilised. However remains at relatively low intensity vs sales compared with many other industries. Innovation activity across majors primarily in areas of operational improvements, cylinder technology, energy and environmental opportunities and also the opportunities driven by digital technologies

Key opportunity area for new technology is hydrogen fuel – nascent market where gas majors active but also substantial R&D activity from small start-up businesses equivalent to a relatively high proportion of gas majors R&D commitments – remains to be seen if/when any of these start-ups break through to become substantial players and then whether they remain independent or link with gas majors (as occurred historically with non-cryo separations) or energy companies



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Appendices

gasworld analyses the quarterly financial reports published by the industrial gas companies. This report summarises the 3rd quarter of CY2020 reported by each company. In the case of AL and Linde plc calendar year is equivalent to their fiscal reporting year. For AP this is equivalent to their ‘4th quarter’ results for FY2020; for Taiyo Nippon Sanso this represents their ‘2nd quarter’ results for FY2021. Similarly for the analysis of Tier 2 companies and those in gas related sectors the 3rd quarter of CY2020 reflects different quarters in reporting years.


gasworld analyses the quarterly reported figures and adjust the results to put each company on a level comparison. Only gas business data is analysed although judgements are made and use a consistent allocation when analysing OROCE if only corporate capital employed data is provided. Analysis and commentary on developments are based on information available up to end Noveber



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Global Gases

$m
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,23589,23411,8452,6880,2744,2128,1742,1020,1015
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Americas Gases

$m
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,9484,10989,3735,1810,1391,0,0,0,0
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EMEA Gases

$m
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,8729,6643,2111,1538,740,0,0,0,1015
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Asia Pacific gases

$m
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,5375,5779,2606,4262,513,2128,1742,1020,0
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