2005 ASEA Yearbook.pdf

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ASEA Member Exchanges

Abidjan Stock Exchange

Bond Exchange of South AfricaBotswana Stock Exchange

Cairo & Alexandria Stock Exchanges

Casablanca Stock Exchange

Dar-Es-Salam Stock Exchange

Ghana Stock Exchange

JSE Limited

Lusaka Stock ExchangeMalawi Stock Exchange

Mozambique Stock Exchange

Nairobi Stock Exchange

Namibian Stock Exchange

Stock Exchange of Mauritius

Stock Exchange of Swaziland

The Nigerian Stock ExchangeUganda Securities Exchange

Zimbabwe Stock Exchange

1

23

4

5

6

7

8

910

11

12

13

14

15

1617

18


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Table of Contents

Chairmans Letter

ASEA Executive Committee

ASEA at a Glimpse

Main Economic Indicators (ASEA Member Countries)

Market Highlights (ASEA Member Stock Exchanges)

Member Exchanges Profile

Botswana Stock Exchange



Dar-Es-Salam Stock Exchange

JSE Limited

Lusaka Stock Exchange

Malawi Stock Exchange Mozambique Stock Exchange

Nairobi Stock Exchange

Namibian Stock Exchange

Swaziland Stock Exchange

The Stock Exchange of Mauritius

Uganda Securities Exchange

Zimbabwe Stock Exchange

Bond Exchange of South Africa

ASEA Audited Financial Statements - June 2005

2

5

7

11

19

35

36

40

53

58

62

71

7880

82

92

98

103

110

116

120

123


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Chairmans Letter

The African Securities Exchanges Association (ASEA) is pleased to present the first issue of its annual Yearbook, whichserves as a work of reference for African member securities markets, by providing consolidated information on ASEAmembers in a single source.

Founded in 1993, as a non-profit organization limited by guarantee in Kenya, ASEA aims at establishing systematic

mutual cooperation, exchange of information as well as harmonization of market standards, to enable its members toattain a greater role in the competitive global market environment.

Throughout 2005, ASEA Working Committee has worked on reviewing the Memorandum and Articles of Associationto enable the association to function more effectively and provide value to its members, preparing and reviewing ASEAsustainability budgets and investment policy.

ASEA has also worked on improving information and promotional avenues by upgrading its website with more information

about the association as well as trading statistics and profiles about member countries. This first issue of ASEA Yearbookwas also developed, to further enhance the level of transparency about the African members.

Moreover, ASEA is holding annual conferences hosted by one of the members, each year. The 9th ASEA conferencewas hosted by Cairo & Alexandria Stock Exchanges in September 2005, under the theme Accelerating Developmentin African Securities Markets.

From another perspective, ASEA is trying to coordinate with regional bodies such as the United Nations Economic

Commission for Africa (UNECA) and the New Partnership for Africa Development (NEPAD), to promote the role of theAfrican securities exchanges in capital mobilization and economic development strategies.

ASEA has also grown in membership and currently comprises 18 exchanges in 17 African countries. An applicationfor membership from the nascent Bourse des Valeurs Mobilieres de LAfrique Centrale (BVMAC) was recently approvedby ASEA. Other potential members were also approached by ASEA members to give them assistance in setting up

Maged ShawkyPresident

African Securities Exchanges Association

Chairmans Letter


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stock exchanges. These include the Democratic Republic of Congo, Angola, Rwanda, Madagascar and Lesotho.

To establish a structured approach towards fulfilling ASEA mission and ensure its continuity, the association is in theprocess of developing a 5-year business plan, in cooperation with Kenya Institute of public Policy Research & Analysis

(KIPRA). Our focus will be on areas of creating awareness and visibility for the region, promoting stronger corporategovernance, holding joint development programs and bilateral visits, supporting African countries in the establishmentof stock exchanges and development of financial products as well as harmonizing markets regulations to pave theway for cross-border listing and facilitate the process of financial integration within the region.

We will strive to make the association a central reference point for the regional markets, by offering member exchangesguidance in their business strategies.

Individually, member exchanges continued to work hard to step up global challenges by developing regulations,expanding their services, promoting corporate governance as well as enhancing their operational infrastructure.

To date, three ASEA members; JSE limited, Cairo & Alexandria Stock Exchanges and Stock Exchange of Mauritius, haveattained the membership status of the World Federation of Exchanges (WFE), reflecting their compliance with internationalstandards and market principles.

On the trading front, ASEA member markets witnessed an impressive performance in 2005, with positive annualised

returns on members indices ranging from 146 percent in Cairo & Alexandria Stock Exchanges to 13 percent in theStock exchange of Mauritius. The member markets concluded 2005 with a total of 1468 companies listed on theirboards, recording a total market capitalization of US$ 845 billion; a 28 percent growth over 2004. The gain in returnwas accompanied by higher trading volume and value which leapt by a robust 27 percent and 21 percent to culminateat 72 billion and US$ 250 billion, respectively.

Finally, I would like to seize this opportunity to express my sincere appreciation and to extend my grateful thanks toall our members for their commitment and contributions. Special thanks are also due to the Secretariat for their efforts

in maintaining a cohesive organization. I am confident that together we will achieve our worthwhile goals.

ASEA Yearbook 2005

Maged Shawky

President

African Securities Exchanges Association


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ASEA Executive Committee

Office Bearers

PresidentMr. Maged Shawky Sourial

Cairo and Alexandria Stock Exchanges (CASE)

Member

Mr. Joseph ChikolwaLusaka Stock Exchange (LuSE)

Member

Mr. Chris MwebesaNairobi Stock Exchange (NSE)

Member

Mr. Geoff RothschildJSE Limited

Member

Mr. Jonathan NjauDar-Es-Salaam Stock Exchange (DSE)

First Vice President

Mr. Ekow AfedzieGhana Stock Exchange (GSE)

Second Vice President

Mr. Sunil BenimadhuStock Exchange of Mauritius (SEM)

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ASEA Member Countries

Egypt

Ghana

CoteDvoire

Nigeria

Uganda Kenya

Tanzania

MozambiqueZambia

Malawi

Namibia Zimbabwe

Botswana

South Africa

Morocco

Swaziland

Mauritius


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ASEA

ASEA AtA Glimpse


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African Securities

Exchanges AssociationASEA Background

ASEA is a non-profit company limited by guarantee that was found in Kenya on the 13th of November 1993,

according to Chapter 486 of the Laws of Kenya, with the aim of establishing systematic mutual cooperation

and exchange of information among its members.

The association started with Nairobi Stock Exchange as the first member in 1993, followed by Mauritius, Uganda

and Dar-es-Salam Stock Exchanges in the nineties. The association is currently represented by 18 regional

exchanges in 17 countries.

ASEA Mission Statement

ASEA provides a forum for mutual communication, exchange of information, cooperation and technologicalassistance among its members, to facilitate the process of financial integration within the region for the effective

mobilization of capital to accelerate economic development of Africa.

ASEA supports members in the establishment of Stock Exchanges and the development of financial instruments.

The association also assists in promoting the development of standards of training and professionalism amongst

members and other market players, standards of listing, trading and settlement of securities, the products and

services of Africas capital markets as well as the establishment of a data bank and information system.

Together with enhancing member exchanges joint programs, the association aims to harmonize standards for

market principals in the region.

ASEA Membership

The membership of the association is open to any Securities Exchange or nascent Stock Exchange located in

the African region after filling the admission application and getting the Executive Committee approval.

On 1st August 2005, the ASEA Secretariat received an application for membership from the Bourse des Valuers

Mobilieres de L' Afrique Centrale (BVMAC), which introduced itself as a private organization owned by some

of the largest financial institutions and industries of the Central African region. Through the CEMAC (Central

ASEA At A Glimpse


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Africa Economic and Monetary Union) Treaty, the six governments of the CEMAC (Cameroon, Congo, Gabon,

Equatorial Guinea, Chad and Central African Republic), have given BVMAC the exclusive mandate to animate

and develop a regional stock exchange.

At the 9th ASEA Executive Committee meeting, the application of the BVMAC to be a member of ASEA wasaccepted, on the condition that the BVMAC kept the ASEA informed of developments and notifies the ASEA

when the BVMAC is finally incorporated as a regional securities exchange and is operational.

ASEA Working Committee Meetings

Three ASEA Working Committee meetings took place in 2005, which were hosted by Dar-es Salam Stock

Exchange, JSE Limited and Cairo & Alexandria Stock Exchanges on the 26th of January 2005, the 13th of May

2005 and the 10th of September 2005, respectively. The meetings have mainly focused on the following issues:

- The review of the Memorandum and Articles of Association to enable ASEA to function more effectively and

to provide value for its members.

- The preparation and review of ASEA sustainability budgets and investment policy.

- The preparation of a 5-year business plan for ASEA, with the cooperation of Kenya Institute of Public Policy

Research and Analysis (KIPRA).

- Improving information and promotional avenues for ASEA (upgrade website, developing annual yearbooks,holding regional workshops).

- Approaching potential members and development of procedures for admission.

- Leveraging on regional bodies such as the United Nations Economic Commission for Africa (UNECA) and the

New Partnership for Africa Development (NEPAD) to promote the role of African stock exchanges in economic

development, by sharing resources and collaborating on mutually beneficial initiatives.

- Changing the name of the organization from African Stock Exchanges Association to African Securities

Exchanges Association.

ASEA Conferences

One of the key activities of ASEA is holding annual conferences, which are hosted by different members almost

each year since its inception in 1993, whereby issues relevant to the growth of the regional securities markets

ASEA Yearbook 2005


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ASEA

ASEA Member Countries

Main EconomicIndicators


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2002/2003 2003/2004 2004/2005

70.0

69.04

986

3.13,902

10.5

5.8

69.3

61.95

894

17.3407

11.1

6.2

Population (million) *

Real GDP (billion)

Real per capita GDP

Inflation Rate (%)Net FDI (million)

Unemployment Rate (%)

Exchange Rate (LE/USD)

68.0

60.86

895

NA701

10.5

6.0

Indicators

* Excluding Egyptians living abroad

Egypt (USD)

Botswana2003 2004 2005

1.64

9.05

10,500NA

NA

23.8

5.06

NA

4.10

2,2657.00

2.53

NA

4.69

Population (million)

Real GDP (billion)

Real per capita GDPInflation Rate (%)

FDI (billion)


Exchange Rate (local currency versus USD)

NA

3.66

2,0689.20

2.25

NA

4.93

Indicators

(USD)

Economic Indicators

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Kenya (USD)2003 2004 2005

34.30

19.40

NA10.50

NA

75.38

33.18

16.11

430.3311.62

46.00

79.28


Real GDP (billion)

Real per capita GDPInflation Rate (average annual %)

FDI (million)



32.23

15.04

431.339.82

81.00

75.93

Indicators

Over 50% unemployment

2003 2004 2005

12.1

NA

NA

15.4

NA

NA

123.7806

11.9

NA

NA

11.5

NA

NA

109.4382


Real GDP

Real per capita GDP

Inflation Rate (%)

FDI



10.8

NA

NA

9.6

NA

NA

97.9188

Indicators

Malawi (USD)

ASEA Yearbook 2005

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2003 2004 2005

1.24

NA

5,1305.6

1.37

9.5

30.25

1.23

NA

5,1503.9

1.80

8.5

27.98


Real GDP


FDI (billion)

Unemployment Rate (mid-year) (%)


1.22

NA

4,5505.1

1.97

7.7

26.23

Indicators

Mauritius (USD)

2003 2004 2005

38.7

49

NA

1.0NA

NA

9.249

31.1

54

NA

2.0NA

NA

8.211


Real GDP (billion)

Real per capita GDP

Inflation Rate (%)FDI



30.6

49

NA

1.5NA

NA

8.762

Indicators

Morrocco (USD)

Economic Indicators

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2003 2004 2005

19.424

23.38

1,3007.8

NA

21

24,300

18.071

21.00

1,11712.8

228.7

21

22,581


Real GDP (billion)


FDI (million)

Unemployment Rate *1997 est. (%)


17.481

19.20

1,00015.2

NA

21

24,000

Indicators

(USD)Mozambique

2003 2004 2005

2.03

5.88

2,895

3.4

230

40

6.345

2.00

5.70

2,843

4.9

67

NA

5.670


Real GDP (billion)

Real per capita GDP

Inflation Rate (%)

FDI (million)



1.97

5.50

2,794

3.6

NA

NA

6.651

Indicators

Namibia (USD)

ASEA Yearbook 2005

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2003 2004 2005

46.9

242.2

5,1643.7

NA

26.5

6.29

44.8

252.6

5,6384.3

64.7

29.2

5.49


Real GDP (billion)


FDI (billion)



44.8

191.9

4,2836.8

46.3

31.2

6.55

Indicators

South Africa (USD)

2003 2004 2005

1.136

2.117

1,863

4.7

NA

40

6.32

1.105

1.615

1,462

3.4

5.22

NA

6.45


Real GDP (billion)

Real per capita GDP

Inflation Rate (%)

FDI (million)



1.081

1.607

1,487

7.4

4.78

NA

7.56

Indicators

Swaziland (USD)

Economic Indicators

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2003 2004 2005

35.0

NA

NA4.8

273.2

NA

1,165.5

35.0

2,008.2

57.04.2

260.2

NA

1,043.0


Real GDP (million)


FDI (million)



34.2

1,844.7

53.93.4

247.8

NA

1,063.6

Indicators

Tanzania (USD)

2003 2004 2005

26.8

8.3

311.9

3.5

NA

NA

1,816.0

25.1

8.1

304.4

4.9

NA

NA

1,739.1


Real GDP (billion)

Real per capita GDP

Inflation Rate (%)

FDI


Exchange Rate (Ushs per USD)

24.4

6.6

253.5

5.9

NA

NA

1,943.2

Indicators

(USD)Uganda

ASEA Yearbook 2005

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2003 2004 2005

11.4

901.0078.75

15.9

259

NA

3,500

11.1

638.1357.54

17.5

239

NA

4,700


Real GDP (million)Real per capita GDP

Inflation Rate (%)

FDI (million)



10.7

636.0959.20

17.2

172

NA

4,475

Indicators

Zambia (USD)

2003 2004 2005

13.5

NA

NA

360

NA

76

84588

13

19.1

2000

350

NA

74

5729


Real GDP (million)

Real per capita GDP

Inflation Rate (%)

FDI (million)



13

19.5

2000

365

200

72

824

Indicators

Zimbabwe (USD)

Economic Indicators

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ASEA

Member Stock Exchanges

MarketHighlights


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Value Traded(USD million)

Average MonthlyTraded Co.

Market Capas % of GDP

ExchangesNumber ofListed Co.

Volume Traded(million)

29.3

55.2

77

0.1

235.4

28.65

14.7

10.4

31.6

NA

42.6

NA

22.3

NA

NA

53

186

8

388

NA

9

6

NA

21

35

2

NA

80

Botswana SE

Casablanca SE

CASE

Dar-Es- Salam SE

JSE Ltd

Luska SE

Malawi SE

Mozambique SE

Nairobi SE

Namibian SE

SE of Mauritius

Swaziland SE

Uganda SE

Zimbabwe SE

47.19

16,060

27,937

13.36

203,300

19.58

7.59

34

484.5

529

179.82

0.03

3.1

760

28

54

744

8

388

13

10

13

48

28

41

6

7

80

44.16

440

5,311

29.69

54,510

215.33

61.56

8.5

874.2

121

306.28

0.06

14

9600

Market Cap(USD billion)

2.65

27.28

79.35

2.28

570

2.5

9.05

0.24

6.14

121.27

2.65

0.20

1.85

20

TurnoverRatio

1.78%

14.87%

31.10%

0.58%

36.00%

0.62%

3.07%

0.10%

7.90%

0.44%

5.68%

1.00%

0.17%

NA

2005 Market Highlights

Comparative Market Statistics (2005 vs. 2004)

% Change

21.31%

27.43%

28.00%

-3.86%

Value Traded (USD million)

Volume Traded (million)

Market Capitalization (USD billion)

Number of Listed Companies

205,573

56,139

660

1527

2004 2005

249,375

71,535

845

1468

ASEA Members Trading Aggregates *

* Excluding Bond Exchange of South Africa (BESA)

Market Highlights

20


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% ChangeExchanges

194.54%

110.24%100.00%

73.96%

63.82%

59.07%

51.52%

39.54%

21.93%

19.83%

14.22%10.65%

8.46%

1.60%

Dar-Es- Salam SE

CASEZimbabwe SE

Uganda SE

Mozambique SE

Nairobi SE

Luska SE

Malawi SE

JSE Ltd

Namibian SE

Botswana SESE of Mauritius

Casablanca SE

Swaziland SE

0.77

37.7410.00

1.06

0.15

3.86

1.65

6.49

467.50

101.21

2.322.40

25.15

0.19

Market Cap (USD billion)

2004 2005

2.28

79.3520.00

1.85

0.24

6.14

2.5

9.05

570.00

121.27

2.652.65

27.28

0.20

% ChangeMemberExchange

1545.18%

146.29%

80.57%74.66%

57.60%

55.42%

42.98%

34.88%

31.87%

22.49%

13.12%

-0.46%

Zimbabwe SE

CASE

Uganda SEBotswana SE

Luska SE

Malawi SE

JSE Ltd

Nairobi SE

Namibian SE

Casablanca SE

SE of Mauritius

Swaziland SE

1,097,492.53

2567.99

381.87693.63

506.67

583.48

12656.86

2945.58

425.93

4521.98

710.77

157.40

Index Closing (end of year)

2004 2005

18,055,724.01

6324.70

689.541211.49

798.52

906.85

18096.54

3973.04

561.68

5539.13

804.03

156.68

Index Name

Industrials

CASE 30

USE All Share IndexAll Companies Index (ACI)

LuSE All Share (LASI)

MASI

FTSE/JSE All Share

NSE 20 Share Index

NSX Overall Index

MASI

SEMDEX

All Share Index

Return on Index

Market Capitalization

ASEA Yearbook 2005

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% ChangeExchanges

1880.6%

310.3%

174.6%83.8%

72.1%

23.4%

21.6%

17.6%

8.3%

5.0%

-12.6%

-25.0%-37.7%

-52.1%

Uganda SE

CASE

Luska SECasablanca SE

Nairobi SE

Malawi SE

SE of Mauritius

Namibian SE

JSE Ltd

Botswana SE

Mozambique SE

Swaziland SEZimbabwe SE

Dar-Es- Salam SE

0.16

6,808

7.138,740

281.58

6.15

147.84

450

187,800

44.94

39

0.041,220

27.88


2004 2005

3.1

27,937

19.5816,060

484.5

7.59

179.82

529

203,300

47.19

34

0.03760

13.36

Value Traded

Volume Traded

% ChangeExchanges

3660.55%

144.37%

118.20%

64.40%

43.28%

39.80%

29.54%

19.97%

1.89%-13.10%

-23.90%

-24.73%

-26.08%

-44.33%

Uganda SE

Casablanca SE

CASE

SE of Mauritius

Zimbabwe SE

Nairobi SE

Dar-Es- Salam SE

JSE Ltd

Luska SESwaziland SE

Namibian SE

Mozambique SE

Botswana SE

Malawi SE

0.37

179.85

2,434

186.30

6,700

625.33

22.92

45,438

2110.07

159

11.29

59.74

110.59


2004 2005

14

440

5,311

306.28

9600

874.2

29.69

54,510

215.330.06

121

8.5

44.16

61.56

Market Highlights

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2005 Gains in ASEA Stock Exchanges Indices (in local currency) *

Swaziland SE

SE of Mauritius

Casablanca SE

Namibian SE

Nairobi SE

JSE Ltd

Malawi SE

Luska SE

Botswana SE

Uganda SE

CASE

0% 25% 50% 75% 100% 125% 150% 175%

ASEA Yearbook 2005

23

* Zimbabwi SE index realized 1545.2% gains in 2005 compared to 2004.

-0.5%

13.1%

22.5%

31.9%

74.7%

80.6%

146.3%

55.4%

57.6%

43.0%

34.9%


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Top 5 Stock Exchanges by Value Traded in 2005 (USD million)

203,300

27,937

16,060

760

529Namibian SE

Zimbabwe SE

Casablanca SE

CASE

JSE Ltd

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000

Market Highlights

24


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Gains in Value Traded (2005 vs. 2004)

0% 50% 100% 150% 200% 250% 300% 350%

1881%

5%

8%

22%

18%

310%

175%

84%

72%

23%

-13%

-25%

-38%

-52%Dar-Es- Salam SE

Zimbabwe SE

Swaziland SE

Mozambique SE

Botswana SE

JSE Ltd

Namibian SE

SE of Mauritius

Malawi SE

Nairobi SE

Casablanca SE

Luska SE

CASE

Uganda SE

ASEA Yearbook 2005

25


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Top 5 Stock Exchanges by Volume Traded in 2005 (million)

874

5,311

9,600

440

54,510

Casablanca SE

Nairobi SE

CASE

Zimbabwe SE

JSE Ltd

0 2,500 5,000 7,500 10,000 12,500 15,000

Market Highlights

26


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Gains in Volume Traded (2005 vs. 2004)

Malawi SE

Botswana SE

Mozambique SE

Namibian SE

Swaziland SELuska SE

JSE Ltd

Dar-Es- Salam SE

Nairobi SE

Zimbabwe SE

SE of MauritiusCASE

Casablanca SE

Uganda SE

0% 30% 60% 90% 120% 150% 180%

20%

30%

40%

43%

64%118%

144%

3661%

-44%

-26%

-25%

-24%

-13%

2%

ASEA Yearbook 2005

27


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Top 5 Stock Exchanges by Market Cap End of December 2005 (USD billion)

27.3

79.4

121.3

570.0

20.0

0 50 100 150 200 250

Zimbabwe SE

Casablanca SE

CASE

Namibian SE

JSE Ltd

Market Highlights

28


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Gains in Market Capitalization (2005 vs. 2004)

Swaziland SE

Casablanca SE

SE of Mauritius

Botswana SE

Namibian SEJSE Ltd

Malawi SE

Luska SE

Nairobi SE

Mozambique SE

Uganda SEZimbabwe SE

CASE

Dar-Es- Salam SE

0% 30% 60% 90% 120% 150%

8%

11%

14%

20%22%

40%

52%

59%

64%

74%100%

110%

195%

2%

ASEA Yearbook 2005

29


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Market Cap as % of GDP (End of December 2005)

0.1%

14.7%

22.3%

28.7%

29.3%

31.6%

42.6%

55.2%

77.0%

235.4%

10.4%

0% 20% 40% 60% 80% 100% 120%

Dar-Es- Salam SE

Mozambique SE

Malawi SE

Uganda SE

Luska SE

Botswana SE

Nairobi SE

SE of Mauritius

Casablanca SE

CASE

JSE Ltd

Market Highlights

30


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Number of Listed Companies (End of December 2005)

0 100 200 300 400 500

Swaziland SE

Uganda SE

Dar-Es- Salam SE

Malawi SE

Luska SE

Mozambique SE

Botswana SE

Namibian SE

SE of Mauritius

Nairobi SE

Casablanca SEZimbabwe SE

JSE Ltd

CASE

6

7

8

10

13

13

28

28

41

48

5480

388

744

ASEA Yearbook 2005

31


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Average Monthly Traded Companies in 2005

2

6

8

9

21

35

53

80

186

388

0 40 80 120 160 200

Swaziland SE

Mozambique SE

Dar-Es- Salam SE

Malawi SE

Namibian SE

SE of Mauritius

Casablanca SE

Zimbabwe SE

CASE

JSE Ltd

Market Highlights

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Turnover Ratio (%) (End of December 2005)

Mozambique SE

Uganda SE

Namibian SE

Dar-Es- Salam SE

Luska SE

Swaziland SE

Botswana SE

Malawi SE

SE of Mauritius

Nairobi SE

Casablanca SE

CASE

JSE Ltd

0.2%

0.4%

0.6%

0.6%

1.0%

1.8%

3.1%

5.7%

7.9%

14.9%

0.1%

31.1%

36.0%

0% 10% 20% 30% 40%

ASEA Yearbook 2005

33


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37/135

ASEA

Member

ExchangesProfile


38/135


BackgroundThe Botswana Stock Exchange is Botswanas national stock exchange given the responsibility to operate and

regulate the equities and fixed interest securities market. Formally established in 1989, the BSE continues to be

pivotal to Botswanas financial system, and in particular the capital market, as an avenue on which government,

quasi- government and the private sector can raise debt and equity capital. The BSE plays host to the most

preeminent companies doing business in Botswana. These companies represent a spectrum of industries and

commerce, from Banking and Financial Services to Wholesaling and Retailing, Tourism and Information Technology.

The main law which governs all the activities between the Exchange and its members, the proceedings of the

main Committee and its composition; the relationship between the Minister and the Exchange together with

the relations between the Registrar, the exchange and members of the exchange is the Botswana Stock Exchange

Act No 11 of 1994.

The members have promulgated Rules (Members Rules) which provide for the requirements to be fulfilled forthe securities listed and trading on the Exchange. Members Rules provide as the main objective thereof, to

operate a Stock Exchange in Botswana with due regard to the public interest, and to maintain fair and efficient

dealing in securities for the protection of investors and to regulate the affairs of members.

In addition, the Exchange has a set of Listing Requirements which provide the pre-listing requirements and post

listing requirements to be observed by the issuers of listed Securities. The emphasis is to make sure issuers disclose

as much information to the public and investors so that the latter can make informed investment decisions.


36


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Trading Statistics

2003 2004 2005

47.1947.19

-

44.1644.16

-

2.69

28

NA

NA

2.65

29.3

1.78

44.9444.94

-

59.7459.74

-

1.91

25

NA

NA

2.32

56.6

1.94

41.1741.17

-

77.4177.41

-

2.38

25

NA

NA

1.94

53.0

2.32

Trading StatisticsIndicators

Total Value Traded (USD million)Value Traded on Listed Securities

Value Traded on Unlisted Securities

Total Volume Traded (million)Volume of Listed Securities Traded

Volume of Unlisted Securities Traded

Total Number of Transactions (billion)


Number of Traded Companies

Average Monthly Traded Companies

Market Capitalization End of Year (USD billion)

Market Capitalization as % of GDP

Turnover Ratio (%)

Number of Companies Included in Each Sector

Sectors Traded

Sectors Traded on the Stock Exchange

4

42

5

2

1

1

7

0

1

1

4

42

6

2

1

1

4

1

1

1

Banking

Financial Services and InsuranceTourism

Retailing, Wholesaling and Consumer Staples

Property and Property Trusts

Healthcare and Emergency Services

Energy

Mining and Materials

Transport Services

Information Technology

Security Services

4

42

6

2

1

1

2

1

1

1

2003 2004 2005

ASEA Yearbook 2005

37


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Issue Value (USD million) Issue Date Maturity Date

9.65

10.25

1-Mar-08

31-Oct-15

BW 002

BW 003

26-Mar-03

26-Nov-03

Government Bonds# Yield (%)

850

900

Sector

5 Most Active Sectors in 2005

Banking

Financial Services and Insurance

Mining and Materials

1

2

3

Sector

Retailing, Wholesaling and Consumer Staples

Property and Property Trusts

4

5

2003 2004 2005

288.69260.37

28.32

23.23-

23.23

Total Value Traded (USD million)Value traded on government bonds

Value traded on corporate bonds

0.56-

0.56

Bonds StatisticsBonds

Description of the Product Year

1989

1997

1999

Stocks

Bonds

Commercial Paper

Equities

Fixed Income

Fixed Income

ProductsProduct


38


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Description of the Index Methodology of Calculation

Market cap indx

Market cap indx

Market cap indx

Covers all domestic listed companies

Covers all foreign listed companies

Covers both foreign and domestic listed companies

Domestic Company Index (DCI)

Foreign Company Index (FCI)

All Companies Index (ACI)

IndicesIndex Name

Indices Trading Statistics

Index


Foreign Company Index (FCI)

All Companies Index (ACI)

Market Cap. (USD billion)

2.65

59.56

62.22

2.32

34.58

36.90

2004 2005


39.56

4.60

44.16

56.78

2.96

59.74

2004 2005


44.79

2.40

47.19

42.78

2.16

44.94

2004 2005

Indices Performance

Index


Foreign Company Index (FCI)All Companies Index (ACI)

% Change

23.21

78.0274.66


3559.14

1129.941211.49

2888.68

634.71693.63

2004 2005

ASEA Yearbook 2005

39

C i & Al d i St k E h


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Chairmans LetterIn a year of mixed fortunes for markets, CASE has continued to reinforce and improve its position in terms ofbenchmark performance. Our core trading business has performed exceptionally well during a period ofincreasing competition among markets.

Undoubtedly, 2005 was the most remarkable year for CASE over the past decade. CASE ranked top, compared

to developed and emerging markets, tracked by Standard & Poors and Morgan Stanley indices. The wellacclaimed magazine Newsweek pointed out that CASE was one of the top and best performing markets inthe world. All CASE main market indicators reached their all time high: market capitalization soared to $80billion almost 110 percent higher than 2004, value traded increased sharply to $28 billion around 310 percentmore than 2004, market capitalization as a percent of GDP exceeded 75 percent etc. The domestic markethas seen significant growth in equities trading, which was mainly fuelled by the active participation of internationaland retail customers.

Our vision is to be the Exchange of Choice in the Middle East and North Africa (MENA) Region and as suchwe will spare no efforts to better serve our customers.

This year, we have worked on building and renewing our critical regulatory and infra structural platforms. Ourcommitment to develop a quality marketplace is indisputable. In line with our annual efforts, we released a setof new rules i.e. margin trading, intraday trading and some amendments in the listing rules. These measures wereaimed at raising the responsibilities of intermediaries and facilitating mergers and acquisitions among issuers.

These changes are important in continually improving the robustness of our marketplace. Furthermore, we havecemented our leadership in technology and driven ahead with an agreement with one of the key technologyexchange companies worldwide, OMX Group, to establish a joint venture company in Cairo that will betterserve the Egyptian, Middle Eastern and African capital markets.

In the coming year, we plan to introduce new products such as Exchange Traded Funds. We will also be exploringnew structured products and distribution channels for greater retail penetration. Furthermore, CASE will focus

its coming efforts on encouraging new domestic and regional listings. By constructing a market of quality listedcompanies, we are in a position to greatly advance the reforms of the Egyptian economy. Moreover, CASE


40


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will continue its educational programs in collaboration with various universities in Egypt in order to enhanceinvestor education.

Year 2005 witnessed the passing of several important economic laws by the Egyptian government, whichconfirmed the governments commitment to reform and impacted positively on the activity and turnover of CASE.

In its drive to be the major player in the MENA region, CASE also strives to be recognized globally. Consequently,CASE was the first Arab Exchange to be a member of the World Federation of Exchanges in 2005, whichconfirms the compliance of CASE to international standards.

Maged Shawky

Chairman - CASE

ASEA Yearbook 2005

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BackgroundThe history of Cairo and Alexandria stock exchanges can be traced to the19th century, when the merchantsof Alexandria used to meet in coffee houses to cut their deals, then found the urge to establish the AlexandriaBourse in 1883, to be one of the oldest among the Middle East stock markets, followed by the Cairo StockExchange in 1903 with 97 listed companies at an aggregate capital of LE 29 million, which jumped to 228listed companies in 1907 with a combined capital of LE 91 million.

Both Cairo and Alexandria Stock exchanges merged and managed to outperform throughout the 1940s andthe early 1950s, to the extent that they ranked fifth among the world exchanges. Twenty-one brokerage firmswere on hand to take care of this swelling trading.

Following the socialist regime and the nationalization policy adopted by the government in the early 1960s,the role of Egypts private sector has diminished and likewise the activities of the Cairo and Alexandria StockExchanges (CASE). Only 9 companies were listed on the market during 3 decades, nevertheless the Exchangewas never shut down.

In consistency with Egypts new era of economic reform and restructuring undertaken in 1991, the role of Cairoand Alexandria Stock Exchanges was re-activated in 1992, with the issuance of the Capital Market Law no.95of 1992, issued by the Capital Market Authority (CMA), which laid the regulatory framework for the financialintermediaries; brokers, fund management firms, venture-capital firms, underwriters, investment banks..etc. Duringthis year, 656 companies were listed and available on the trading floor.

One automated trading system was to link both Exchanges in 1994, which facilitated the implementation of theprivatization program that had started in the same year leading to another push in the revival of the EgyptianStock Market. A number of Initial Public Offerings (IPOs) of the state-owned companies were executed throughCairo and Alexandria Stock Exchanges.

Starting 1997, as the importance of the Stock Exchange was established - as a gateway for companies to raisecapital and for investors to share in companies profits the number of issued and listed shares kept on increasing,

which attracted both retail and institutional investors to the market, leading to higher trading volumes.


42


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It is worth mentioning that starting1997 and pursuant to Presidential Decree no. 51 for 1997, both stock exchangeswere managed by the same Chairman and Board of Directors. The Chairman is appointed by the Prime Minister,whereas the Board of Directors are elected from the market participants, representatives of the Capital MarketAuthority, the Central Bank of Egypt (CBE) and the banking sector.

ASEA Yearbook 2005

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Trading Statistics

2003 2004 2005

27,93726,248

1,689

5,3114,199

1,112

4,210,092

744

441

186

79

77

31.1





Total Number of Transactions






Turnover Ratio (%)

4,5143,740

775

1,4231,202

221

1,229,377

978

540

206

28

36

11.5


6,8085,807

1,001

2,4341,786

648

1,743,654

795

503

200

38

44

14.2

% of the Total Value Traded

Investors Type

Investor

27%

73%

47%

53%

Foreign Investors

Local Investors

Institutions

Individuals

20%

80%

54%

46%

2003 2004 2005

30%

70%

47%

53%


44


47/135


Sectors Traded


24

106

3412

55

55

69

63

42

5

66

65

12

13

20

33

10

34

4

48

28

27

120

3412

57

60

73

68

39

5

74

66

13

12

21

32

11

38

4

54

29

Agriculture and Fishing

Building Materials and Construction

ChemicalsConsumer & Household Goods

Electrical Equipment and Engineering

Entertainment

Financial Services

Food and Beverages

Health and Pharamceuticals

Holding Companies

Housing and Real Estate

Information TechnologyMedia

Mills and Storage

Mining & Gas

Miscellaneous Services

Paper & Packaging & Plastics

Retailers

Textile and Clothing

Telecommunication

Trade

Utilities

28

148

3216

75

73

102

78

45

5

103

80

14

14

24

44

13

48

0

73

35

2003 2004 2005

ASEA Yearbook 2005

45


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Sector


Textile and Clothing

Building Materials and Construction

Telecommunication

1

2

3

Methodology of Calculation

Indices

Index Name

It is a free floated market capitalization index that was released on

the 2nd of February 2003 and was retroactively computed as of

1 January 1998 with a base value of 1000 points. The most importantcriterion for inclusion in the index is liquidity.

CASE 30 Index

Description of the Index

free floated

market cap

index

2003 2004 2005

1,5401,512

28

456448

8



531494

37


Products

Product

All common stocks as well as 2 companies with preferred stocks

Government and corporate bonds with the bulk owed to Treasury bonds issued through the Primary Dealers System.

Three closed ended funds

Stocks

Bonds

Mutual Fund

Description of the Product

Sector

Financial Services

Holding Companies

4

5


46


49/135


Index

CASE 30 Index Constitiuents


4317

2004 2005


2,5591,313

2004 2005


15,5114,161

2004 2005

Date of Offering

GDRsGDR

London Stock Exchange



London Stock ExchangeLondon Stock Exchange


New York Stock Exchange

LondonStock Exchange

Luxemburg Stock Exchange




Stock Exchange

Egyptian Financial Group Hermes Holding

Orascom Construction Industries

Orascom Telecom

Ezz SteelMisr International Bank

Commercial International Bank (CIB)

Commercial International Bank (CIB)

Paint & Chemical Industries (Pachin)

LAKAH Group

Suez Cement

Egypt Lebanon Ceramics (Lecico)

Telecom Egypt

Aug-98

Aug-02

Jul-00

Jun-99Apr-98

Jul-96

Jul-96

Oct-97

Jul-99

Jul-96

Nov-04

Dec-05

Indices Performance

Index

CASE 30

% Change

146.29


6324.72567.99

2004 2005

ASEA Yearbook 2005

47


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Latest AchievementsIn view of the Exchange's vision to become the main gateway for investment in the MENA region, CASEundertook an ambitious plan to develop its technology, regulations, information dissemination, public awarenessand products development.

a) Technological Development

Having recognized technology, as one of the key foundations in the capital market, CASE spared no efforts inupgrading its technology platform and infrastructure to accommodate new features and products.

In 2005, CASE has upgraded the capacity of the trading system to meet the surge in turnover and activityand the corresponding increase in number of transactions and volume trading. Accordingly, the capacity ofthe system was enlarged to accommodate more than 100,000 transactions per day.

Year 2005 has also witnessed the linking of the trading system of CASE with the clearing system of the MCDR,to provide a Straight through Processing environment. The new system ensures investor protection as it guaranteesthe availability of the securities before effecting selling transactions (the correct or the wrongly executed ones),which in turn ensures timely and proper settlement, on one hand and a reduction in the number of cancelledtransactions, on the other.

In order to accomodate the extensive implementation of the privatization program undertaken by the Egyptian

government, CASE has recently designed and developed a special program for the OPR market that accommodatesand compiles IPO and private placements orders before execution in the market. This program facilitates ordersregistrations and cancellations, ensures accurate calculations of the allocation percentages and smoothes thedealing with the large number of transactions related to the offerings.

From another perspective, CASE is currently working on building a Disaster Recovery Site in Alexandria StockExchange to act as the back-up system in case of any unexpected failure in the main trading system locatedin Cairo Stock Exchange premises.

Moreover, a new coding program is currently under prepartion to enable brokerage firms to register their newclients from their offices.


48


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Finally, the Exchange is planning to upgrade its backbone network in order to enhance its trading infrastructure,with support from its new partner; OMX Group.

b) Regulatory Development

Year 2005 witnessed the issuance and amendments of some rules and regulations covering a number of toolsand mechanisms introduced by CASE to the market. These include amendments to the Listing rules to accommodatenew offerings, mergers and acquisitions undertaken under the privatization program, formulation of the Intra-day Trading rules (which became operative in October 2005) and finalizing the executive regulation of themargin trading rules. CASE has also finalized online trading (e-trading) rules, pending the Capital MarketAuthority (Regulator) approval for implementation.

c) Information Dissemination

In order to increase the level of transparency and improve the quality of information in the market, CASE hasre-launched its website in September 2005, providing the most recent market statistics with only 15 minutesdelay, together with a wealth of information about CASE rules and regulations, member firms, up-to-date news,education corner as well as information services.

Moreover, through its subsidiary (EGID), CASE ensures a proper dissemination of information to market participants

and data vendors.

Its worth mentioning that in October 2005, the Minister of Investment and Chairman of the Board of Trusteesof Egypt Institute of Directors approved the release of Egypt's Code of Corporate Governance, conformingto OECD principles, which would be adopted by companies listed on CASE, financial institutions and largenon-traded family members and would further enhance the level of transparency in the Egyptian market.

d) Public Awareness

Within the framework of its investor education and public awareness campaign, CASE held Borsa Step X StepForum and Exhibition, which targeted this year students in the different universities in Egypt.

ASEA Yearbook 2005

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The Forum offered interactive sessions in order to educate students about the basics and fundamentals ofinvestment and trading in the stock market.

It is worth mentioning that throughout 2005, Borsa Step x Step was held in Ain Shams University in April 2005,Cairo University in July 2005, the Canadian University and the German University (GUC) in November 2005.

Moreover, Borsa Step X Step has moved to Egypt's Governorates, starting with Mansoura University, wherethe forum was held over the period (20 - 24 November 2005).

The Forum will be continued at the American University (AUC), Mansoura University, Ain Shams University andCairo University in 2006. It is expected that the forum will be also held in other governorates.

CASE has also conducted road shows in the Gulf region to promote the Egyptian market and encouragereputable blue chip companies to come and list on CASE.

A workshop defining the concept of Islamic Finance, how Islamic methods are integrating into global capitalmarkets, was conducted jointly between CASE, HSBC Egypt and HSBC Amanah in July 2005. This workshopwas attended by bankers, investment bankers, asset & portfolio managers in Egypt, as well as senior stockexchange management.

Finally, CASE has concluded a joint project with Egypts Post Office to launch a new mutual fund that invests

in the stock market in order to attract the savings of small investors into the market. In this respect, CASE hasconducted educational courses about the basics of investment and financial instruments available in the capitalmarket, for the Post Office officials amd employees.

e) International Alliances

CASE became a member of WFE (World Federation of Exchanges) in November 2005, making it the first Arabcountry to enjoy this status at the WFE, which in turn reflects the compliance of the Egyptian Stock Exchange

to international standards recognized by financial institutions and regulatory bodies in different markets.


50


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The WFE currently consists of 57 member exchanges from different regions, representing almost 97percent ofthe world market capitalization.

On the regional front, CASE was elected to preside over the African Stock Exchanges Association (ASEA),which consists of 18 African Stock Exchanges members. The elections took place at the end of ASEA 9th

conference, which was held in Cairo mid September 2005.

Moreover, CASE is an active member of the Federation of Euro-Asian Stock Exchanges (FEAS) and the Unionof Arab Stock Exchanges.

On 18 January 2006, CASE and Borsa Italiana signed a Memorandum of Understanding to enhance theactivities of intermediaries and investors in both the Egyptian and Italian markets. The two Exchanges will consultand cooperate on issues of mutual interest such as market regulation, investor education, market efficiency and

training programs. The two Exchanges also agreed to share information on the principles of corporate governancefor listed companies and on listing criteria, market surveillance, electronic platforms and statistics.

The Exchange has also signed Memoranda of Understanding (MOUs) with various stock exchanges includingKorea, Hong Kong, London, Madrid, Nigeria, Johannesburg, Kuala Lumpur, Malta, China, Thesssaloniki andNational Stock Exchange of India, in addition to joint cooperation agreements with most of the Arab StockExchanges including Kuwait, Lebanon, Jordan, Bahrain, Oman and Sudan.

f) Product Development

ABN-AMRO Bank got a license from CASE to issue open end certificates on CASE 30 Index to be tradedon 4 international stock markets. On 27 October 2005, 500 thousand certificates were listed and traded onthe Swiss Exchange.

CASE has also signed on 3 January 2006, a joint branding and marketing agreement with Dow Jones Indexes,

ASEA Yearbook 2005

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a leading global index provider, to create the Dow Jones CASE Egypt Titans Index, a blue-chip index that coversthe largest and most liquid companies in Egypt. The index is scheduled to be launched by the end of the firstquarter 2006.

CASE is looking ahead to undertake the following:

Re-locate the Exchange to the Smart Village, being a main component of the regional financial center. Commitment to best practices (conduct standards and integrity). Increasing diversity of offerings. Continuous review of Listing and governance rules to ensure quality issuers on its main board. Introduce a new segment for SMEs and growing companies. Encouraging dual listings of blue chip companies.

Introduce new trading mechanisms such as margin trading, short selling and online trading to further enhancemarket liquidity.

Introduce Exchange Traded Funds and derivatives.


52



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BackgroundOn 7 November 1929, the Casablanca Stock Exchange held its first trading session. In the course of its 77-

year history, the institution has undergone three major reforms. Under the first, in 1948, the Securities exchange

acquired legal personality. The second, in 1967, involved a legal and technical reorganization, and a change

in legal status to that of a public establishment. The third was initiated in 1993, and amended and supplemented

in 1996. This reform defined the various market players, and introduced a range of rules and technical procedures

needed for the development of the Moroccan financial market.

In March 1997, the Stock Exchange has launched the electronic-based trading system followed by the central

securities depository Maroclear in 1998. In end of the same year the Central Market and Block-Trade Market

replaced the Official Market and Direct Transfer Market. Another milestone was in May 2001 when the

settlement period for market transactions was reduced from T+5 to T+3. The new indices of the Casablanca

Stock Exchange: MASI, MADEX, as well as sector indices, return indices and currency indices were all launched

in the beginning of year 2002, while during 2004, the Exchange has adopted the float-weighted market

capitalization method for calculating indices.

g

ASEA Yearbook 2005

53


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Trading Statistics

2003 2004 2005


6.136.13

-

37.437.4

-

38,102

52

52

50

13.18

27.14

5.66

8.748.74

-

179.8179.8

-

73,133

53

53

52

25.15

46.75

7.36

16.0616.06

-

439.5439.5

-

160,98254

54

53

27.28

55.23

14.87

Total Value Traded (USD billion)Value Traded on Listed Securities




Total Number of Transactions (million)






Turnover Ratio (%)


Sectors Traded


6

36

5

3

2

4

2

1

1

11

3

5

36

5

3

2

4

2

1

1

-1

3

Food Producers & Processors

InsuranceBanks

Construction & Building Materials

Beverages

Chemicals

Distributors

Wrapping

Electrical & Electronic Equipment

Real Estate

Pharmaceutical IndustrySoftware & Computer Services

Mining

5

36

5

3

2

4

2

1

1

-1

3

2003 2004 2005


54


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2003 2004 2005

477.82-

477.82

862.25-

862.25



939.30-

959.30



Sectors Traded


2

1

73

1

1

1

2

-

93

1

1

1

Oil & Gas

Utilities

Investment Companies & Other FinanceHolding Companies

Forestry & Paper

Telecommunications

Transport

2

-

93

1

-

1

2003 2004 2005

Sector5 Most Active Sectors in 2005

Telecommunications

Banks

Food Producers and Processors

1

2

3

Sector

Holding Companies

Mining

4

5

ASEA Yearbook 2005

55


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Index

MASI

MADEX


5.53

4.22

5.33

4.01

2004 2005Volume Traded (million)

439.22

419.14

168.29

162.88

2004 2005Value Traded (USD billion)

15.59

12.42

5.85

4.79

2004 2005


Indices

Index Name Description of the Index

Morroccan All Shares Index

Most Active Shares Index

Morroccan All Shares Index

Most Active Shares Index

MASI

MADEX

MASIR

MADXR

Free Float Index / Market cap index

Free Float Index / Market cap index

Return Index

Return Index

Indices Performance

Index

MASIMADEX

MASIR

MADXR

% Change

22.4923.75

27.71

28.45


5539.134358.87

8453.02

6373.44

4521.983522.38

6619.16

4961.66

2004 2005


56


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Latest Achievements Application of new listing requirements.

Extension of trading hours. The trading session begins at 09:00 am (pre-open) and closes at 03:30 pm instead

of 01:30 pm previously.

Increase in the price change limit for the reference price to 10 percent during each of the first five stock-market trading sessions following listing of a company on the Casablanca Stock Exchange instead of 6 percent

previously.

De-listing of DIAC-EQUIPMENT by the Casablanca Stock Exchange for non-respect of listing requirements.

Approval by the Ministry of Finance and Privatization of guidelines concerning the supervision of brokerage

firms.

ASEA Yearbook 2005

57

Dar Es Salaam Stock Exchange


60/135

Chairmans LetterDar es Salaam Stock Exchange (DSE) is one of the youngest stock exchanges in Africa. The DSE was established

in 1996 through the Government of Tanzania initiatives, to facilitate among other things, the privatization exercise

being implemented by the Government. Today DSE is eight years old. The listings have increased from two

in 1998 when the DSE started operations to eight, which includes two cross-listings from Nairobi Stock Exchange

(NSE). A lot of efforts have been made to achieve what we see at the DSE today. These efforts include public

awareness programmes, market development initiatives such as identifying potential companies and theirsensitization to list at the DSE and cross border listings and linkage of the markets in the East African region

as well as in the SADC area. The above efforts have facilitated the harmonization of rules and regulations as

well as cross listings. So far, there are two companies which are cross listed in the East African Markets. The

two companies are listed at the Nairobi Stock Exchange (NSE) as their primary listing market and in Uganda

Securities Exchange (USE) as well as at the DSE. The two companies are Kenya Airways and East African

Breweries Ltd. Several other companies are in the process of obtaining cross listings in all the three markets.

The cross-listings in an indication of the commitment by East African Securities Exchanges, to integrate their

markets.

As ASEA seeks to consolidate the information on all ASEA members, the inclusion of the DSE data on the ASEA

fact book will provide the needed information on the African Stock Exchanges so that investors may have a

single source of information pertaining to all African markets in a single source.

We, at the DSE, are committed to providing an update on our activities as and when required so that the fact

book is continuously updated. It is our hope that the enclosed facts on the DSE will provide the starting pointof the preparation of ASEA fact book and the step towards the provision of necessary information on the African

Stock Exchanges to the wide investor base across the globe.

We wish ASEA all the best in this endeavor.

G.E. Maganga

Chairman DSE

Dar Es Salam Stock Exchange

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BackgroundThe Dar Es Salaam Stock Exchange (DSE) was incorporated in September 1996 as a private company limited

by guarantee and not having a share capital under the Companies Ordinance (Cap. 212). The DSE is therefore

a non-profit making body created to facilitate the Government implementation of the economic reforms and

in future to encourage the wider share ownership of privatized and all the companies in Tanzania and facilitate

raising of medium and log-term capital.

The formation of the DSE followed the enactment of the Capital Markets and Securities Act, 1994 and the

establishment of the Capital Markets and Securities Authority (CMSA), the industry regulatory body charged

with the mandate of promoting conditions for the development of capital markets in Tanzania and regulating

the industry. The governing organ of the DSE is the Council of the Exchange, which consists of 10 members

representing various interest groups in the society.

Trading activities at the DSE commenced on 15 April 1998 after two years of background preparatory work

under the stewardship of the Government through the Capital Markets and Securities Authority. The openingof the Trading Floor coincided with the listing of TOL Limited as the first company on the new Exchange.

The Exchange is open for 5 days in a week. The trading days are currently four days in the week, Tuesdays,

Wednesdays, Thursdays and Fridays. Trading takes place between 10-11 am. The securities currently being

traded are ordinary shares of eight companies, six corporate bonds and ten Government of Tanzania bonds.

The DSE membership consists of Licenced Dealing Members (LDMs) and Associate Members. LDMs are allowed

access to the trading floor. Associate members are institutions and companies which support the DSE.

ASEA Yearbook 2005

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Trading Statistics


Sectors Traded


71

2

61

2

ManufacturingAgriculture

Transport

51

0

2003 2004 2005

2003 2004 2005

13.3613.36

NA

29.6929.69NA

2,285

8

8

8

2,283.03

0.109

0.58

27.8827.88

NA

22.9222.92NA

3,426

7

7

7

774.10

0.037

3.60



Total Volume Traded (million)Volume of Listed Securities TradedVolume of Unlisted Securities Traded





Market Capitalization End of Year (USD million)


Turnover Ratio (%)

30.9530.95

NA

42.9442.94NA

5,429

5

5

5

668.57

0.034

4.63


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Sector


Manufacturing

Agriculture

1

2

Issue Value Issue Date Maturity Period

17.84

16.48

18.13

17.99

2 yrs

5 yrs

7 yrs

10 yrs

1

2

3

4

2002

2003

2003

2003

Government Bonds# Yield (%)

Sector

Transport3


1998

1999

Equities

Bonds

Corporate

Treasury and Corporate

ProductsProduct

NA

NA

NA

NA

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Chairmans LetterIn the over one hundred years since its establishment, the JSE remains the economic crucible of South Africa

and a vital contributor to wealth creation on the African continent. Despite this, we understand the importance

of constantly evolving to remain relevant to stakeholders.

We recognise that our relevance is entirely dependent on the JSEs ability to uphold state-of-the-art standards

and to run a low cost, highly efficient market offering a wide, superior range of financial products and servicesthat attract both local and international capital flows to invest in South African markets.

Our exposure to both local and international market practices has allowed us to constantly innovate for the

benefit of our issuers and investors, whilst still exercising prudence in the way we manage our business. It is

these lessons and experiences that we would hope to share with our African neighbours as they develop their

financial markets.

Today, the JSE Limited remains heavily focused on its core business of offering the issuer and investor a trulyfirst world trading environment, with world class technology, surveillance and settlement in an emerging market

context. However we realize the ever-increasing role that we will need to play in educating existing and new

investors about the opportunities that abound on the exchange. It is these exciting opportunities that continue

to propel us forward.

Humphrey Borkum

Chairman - JSE Ltd

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BackgroundIn a humble miners tent on the 8 November 1887, a mere year after the feverish cries of gold rang through

the Witwatersrand, the JSE was born. It created an economic crucible in the heart of an infant Johannesburg

and, in the hundred years since then, this has not changed, despite constantly evolving to remain relevant to

stakeholders.

It wasnt long after opening the trading floor in 1887, that dealing overflowed from the market hall where theJSE was housed, into Simmonds Street, leading to a decree by the Mining Commissioner that the area between

Market Street and Commissioner Street be chained off to keep out horse-driven traffic. This became the historic

"between the chains" area. Subsequently the exchange moved to Diagonal Street where trading took place

manually using a system of open outcry.

Now housed in a new state-of-the-art building in Sandton, the JSE has emerged as a technological and innovative

exchange, on par with its international counterparts, concerned with satisfying stakeholder needs as efficiently

and cost effectively as possible. Today, the JSE Limited offers the investor a truly first world trading environment,with world class technology, surveillance and settlement in an emerging market context. It is the 17th largest

equities exchange in the world, with a total market capitalization of some R3.2 trillion. With approximately 400

listed companies and a market liquidity of 36 percent, the JSE is marginally smaller than Stockholm and larger

than 9 markets classified as Developed.

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Trading Statistics

2003 2004 2005

203.3203.3

-

54.554.5-

5,064,042

388

388

388

570.1

235.4

36

187.8187.8

-

45.445.4-

3,911,451

403

403

403

467.5

185.1

40

Total Value Traded (USD billion)Value Traded on Listed Securities


Total Volume Traded (billion)Volume of Listed Securities TradedVolume of Unlisted Securities Traded







Turnover Ratio (%)

114.8114.8

-

43.143.1-

3,253,858

426

426

426

272.9

142.2

42



Sectors Traded

Sectors Traded on the Stock Exchange2003 2004 2005

51

2523

15

22

67

7

101

23

11

1715

11

54

2625

16

25

75

11

98

25

12

198

9

Resources

Basic IndustriesGeneral Industrials

Cyclical Consumer Goods

Non Cyclical Consumer Goods

Cyclical Services

Non Cyclical Services

Financials

Information Technology

Development Capital

Venture CapitalAlt-X

Specialist Securities

61

2726

18

27

81

14

99

27

14

205

7

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Sector


Financials

Cyclical Services

Resources

1

2

3

Sector

Basic Industries

Non Cyclical Consumer Goods

4

5


1887

1992

1997

1992

1999

2000

2003

ProductsProduct

Equities

Index Futures

Bond Futures

Single Stock Futures

Kruger Rands

Bond Index Futures

Warrants

Exchange Traded Funds

Interest Rate Product

An instrument that signifies an ownership position, or equity, in a corporation, and represents

a claim on its proportionate share in the corporation's assets and profits.

A standardized, transferable, exchange-traded contract that requires delivery of a commodity,bond, currency, or stock index, at a specified price, on a specified future date.

A single transaction equivalent to the simultaneous sale of a put and purchase of a call

for a given stock. Single stock futures essentially allow investors to sell a stock short without

waiting for a downtick as would otherwise be required.

A standardized, transferable, exchange-traded contract that requires delivery of a bond

index, at a specified price, on a specified future date.

The right to purchase or sell shares (the underlying security) at a specified date in the future

at a specified price.

An Exchange Traded Funds (ETF) is a fund that tracks an index, but can be traded like a

stock.

The interest rate product offers a single platform for the trading of interest rate products

on a yield basis. It is a single point access and one stop yield shop.

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Indices

Index Name

The FTSE/JSE All Share Index represents 99% of the full market capital

value, i.e. before the application of any investibility weightings, of all ordinary

securities listed on the main board of the JSE which qualify as eligible for

inclusion in the index.

The FTSE/JSE Top 40 Index will consist of the largest 40 companies ranked

by full market value, i.e. before the application of any investibility weightings,

in the All Share Index. The number of consitutents in this index is mantained

at a constant level.

The FTSE/JSE Mid Capitalisation Index consists of the next 60 companies

ranked by full market value, i.e. before the application of any investibility

weightings, in the All Share Index.

The FTSE/JSE Small Capitalisation Index consists of shares that are in the

FTSE/JSE All Share Index, but are not large enough to qualify for the

FTSE/JSE Top 40 Index or the FTSE/JSE Mid Capitalisation Index.

The FTSE/JSE Fledgling Index will consist of all ordinary securities listed on

the JSE which qualify under Rules 4.1 to 4.4 as eligible for inclusion in an

index but are too small to be included in the FTSE/JSE All Share Index.

FTSE/JSE All Share

FTSE/JSE Top 40

FTSE/JSE Mid Cap

FTSE/JSE Small Cap

FTSE/JSE Fledgling

Description of the Index

Two values are provided, i.e.

the price and the total return

index.



index.



index.



index.



index.


Indices Performance

Index

FTSE/JSE All Share

FTSE/JSE Top 40

% Change

42.98

44.12


18096.54

16438.05

12656.86

11405.72

2004 2005

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Index

FTSE/JSE All Share

FTSE/JSE Top 40

FTSE/JSE Mid CapFTSE/JSE Small Cap

FTSE/JSE Fledgling

Market Cap.(USD billion)

402.95

348.31

44.949.70

2.61

323.78

276.97

39.357.45

2.13

2004 2005

Volume Traded (billion)

31.99

19.50

8.543.95

3.77

32.67

20.53

8.503.65

2.92

2004 2005

Value Traded (USD billion)

188.64

163.47

21.553.63

0.77

179.96

158.01

19.162.79

0.51

2004 2005

Year

GDRs

GDR

PORTAL

PORTAL

PORTAL

PORTAL

African Rainbow Minerals

Dimension Data Holdings

Randgold & Eploration Co

Woolworths Holdings

Stock Exchange Country

Worldwide

Worldwide

Worldwide

Worldwide

1995

1997

1997

1998

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Latest AchievementsThe JSEs relevance is entirely dependent on its ability to uphold state-of-the-art standards and to run a low

cost, highly efficient market offering a wide, superior range of financial products and services that attract both

local and international capital flows to invest in South African markets. One of the largest of the exchanges

initiatives to reduce costs and improve services to its stakeholders, is Project Orion.

Project Orion is an ambitious IT project aimed at transforming the JSEs legacy systems to the latest technologyis currently underway and will make the exchange even more attractive to investors.

Broadening the investor base and bringing economic prosperity and, as a result, social growth and development

to Africa are two of the JSEs main goals. It is an African Exchange dedicated to assisting existing exchanges

on the rest of the continent and working towards a Pan-African Board.

Project Thusanang, meaning: Let us help each other, is a JSE initiative aimed at growing the economies of

Southern Africa and the African continent. It will provide a hub of opportunity for investors who will be ableto access quality investments across Africa using the JSEs trading technology. As a national institution that assists

in enriching the South African and African economies, the JSE recognises that in order to be a catalyst for

change and prosperity, it needs to drive the process. The JSE is an exchange concerned with remaining relevant

to all its stakeholders - providing opportunities for the fulfilment of financial hopes, from small investors to listed

companies as well as research material for the investor community through the provision of data services.

Recognising that innovation is key to meeting the needs of its investors and other stakeholders, this recentlydemutualised public company, has developed several innovative services and products, including the Socially

Responsible Investment Index, AltX, YieldX, Itrix and Satrix.

The JSE Socially Responsible Investment (SRI) Index was established in 2003 to further the principles of good

business practice as outlined in the King II Report on Corporate Governance as well as the importance of triple

bottom-line sustainability espoused at the World Summit on Sustainable Development held in Johannesburg

in 2002. The SRI Index - the first such index in an emerging market - encourages and acknowledges companies

that care about people, planet and prosperity. It is hoped that the Index will lead to a premium rating forcompanies that are included in it as investors assess the behaviour of the companies in which they invest.

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AltX, the Alternative Exchange which recently celebrated its 2nd birthday, has a market cap of R1, 8 billion

and is a joint initiative of the Department of Trade and Industry and the JSE. The creation of this exchange is

an echo of the JSEs concern for the success and sustainability of organisations at all levels in South Africa and

comes from the realisation that in a developing economy, small companies need a place to go. AltX, which

has successfully listed a total of 16 companies to date, has proved intensely attractive to investors interested in

the growth potential of smaller companies, as it lacks the wild volatility of share movements that typically markthe small to mid-cap sector. The small-to-medium-sized-companies market allows a business culture of flexibility

to thrive. It is an investment friendly, well-connected supplier of choice that is excellently positioned in Africa

and very quickly becoming a recognised and respected local and international brand.

Yield-X launched in 2005 is dedicated to trading a wide range of interest rate products. Yield-X makes it simpler,

cheaper and more transparent for investors to trade in interest rate products and so makes this market highly

attractive to prospective and existing investors. Yield-X represents the second development of the JSEs plans

to expand their existing derivatives markets and offer more instruments to fulfil investor needs and demands.It follows the successful development of the Single Stock Futures market, a market that is now the fourth largest

in the world, trading 135 futures and comprising 73 percent of the derivatives traded on the exchange.

Itrix, also launched in 2005, is an entirely new series of Exchange Traded Funds (ETFs) that paves the way for

South African investors to invest in a portfolio of offshore listed companies through the local market. Itrix tracks

the performance of major international benchmark indices. Two Itrix ETFs were listed first - tracking the FTSE100 and Dow Jones Euro Stoxx 50 - with another two - tracking the performance of major US and Eastern

indices - planned for listing in 2006. Itrix is a joint initiative between the JSE and Deutsche Bank who regard

the new ETF as one of the most exciting opportunities for South Africans to gain offshore investment exposure

to come about in many years.

Satrix is a series of three index tracker funds that are listed and traded on the JSE Limited. It is also part of

an effort by the JSE to broaden their investor base in order to better encompass a consumer market. The

advantage of Satrix is that it allows investors to own the performance of the JSEs top companies with a singletransaction and receive an excellent return at a very affordable price.

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The JSE now looks to the future better equipped to meet the needs of its stakeholders and contribute to growingthe economies of South Africa and the African continent. It remains committed to the concept of providing a

single market place for investors into Africa. It sees its role as acting as a hub of opportunity for a broad base

of investors who will be able to access quality investments across Africa using the JSEs trading technology and

acting as a conduit for much needed investment into Africa. The spirit of change and community constantly

blazes its ways through the veins of this institution guaranteeing further development and prosperity for both

our country and our continent.

JSE Limited

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Chairmans LetterAs we look at the first 10 years of our nascent market, we note very exciting developments which the Lusaka

Stock Exchange has been experiencing, that are illustrated into details in the achievements part.

As we look to the next 10 years of the Exchange, we foresee LuSE playing a central role in the economy as

the premier long term capital raising mechanism of choice and core driver of economic activity. The quoted

tier is being restructured to allow medium sized growth companies to access cheaper long term capital and

also provide an exit and market valuation mechanism for venture capitalists.

Our intended link into the JSE will make our market more visible to the prying eyes of emerging market investors.

We are looking at unlocking the potential that lies in our bond market for both corporate and Treasury bonds.

Most of these initiatives are ably tackled under the national Financial Sector Development Plan which is a five

year plan for the development and rationalization of the overall financial sector.

Friday Ndhlovu

Chairman - LuSE

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BackgroundThe Lusaka Stock Exchange (LuSE) was established in 1993 and started formal operations on 21 February, 1994.

The stock exchange was setup with initial financial and technical support from the World Bank/IFC, UNDP and

the Government of the Republic of Zambia as a capital market development project. LuSE was incorporated

as a private not-for-profit limited liability company owned by the Member Brokers.

LuSE was setup to provide access to cheaper long term capital for the private sector as Government moved

away from conducting business to facilitating its

Documents

2005 ASEA Yearbook.pdf