A Newsletter 0f AFRICAN EXCHANGES · 2017-10-03 · 4 AFRICAN I 2014 I Issue 3 A Newsletter 0f AFRICAN EXCHANGES EXCHANGES Sun, Sand & Securities 23rd - 25th November, 2014 Leisure

AFRICANA Newsletter 0f AFRICAN EXCHANGES

EXCHANGESIssue 3 | October | 2014

2 I 2014 I Issue 3AFRICANA Newsletter 0f AFRICAN EXCHANGES

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Content

All rights reserved. Reproduction in whole or in part without written permission of the editor is strictly prohibited. The greatest care has been taken in compiling this Newsletter publication. However, no responsibility can be accepted by the publishers or compilers for accuracy of the information presented.

5EXPERT ARTICLE

11MEMBER NEWS

25STATISTICS

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3I 2014 I Issue 3AFRICANA Newsletter 0f AFRICAN EXCHANGES

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Welcome NoteEDITORCaroline [email protected]

CONTRIBUTORSKimathi IkiaoSoji ApampaTom Minney

PUBLISHED BY:African Securities Exchanges AssociationWebsite: www.african-exchanges.orgTelephone: + 254 20 2831000

DESIGN & LAYOUT:Kichimbi Brand SolutionEmail: [email protected]: +254 722 8989 22

ADVERTISING:Fanon MwendaASEA [email protected]+254202831000

SEND YOUR FEEDBACK TO:

ASEA SECRETARIATExchange Building, 55 Westlands RoadP.O. Box 43633 - 00100 NairobiWebsite: www.african-exchanges.orgTelephone: + 254 20 2831000Email: [email protected]

africaexchanges

African Securities Exchanges Association

In this Edition of the ASEA Newsletter, we celebrate with the Nairobi

Securities Exchange as they become only the second Exchange to

list on the Continent. Kimathi Ikiao, a senior portfolio associate with

Acumen Fund discusses what this means for Kenyan capital markets.

Soji Apampa, co-founder of the Convention on Business Integrity,

examines the Corporate Governance Framework for Nigeria,

and Tom Minney writes about the currency futures instrument

introduced by the JSE.

We bring the usual coverage of the market news and statistics from

page 11

We look forward to seeing you all at the ASEA Conference 2014. We

urge those of you still not registered to do so as soon as possible.

The time for registrations is drawing to a close.

Thank you all for your continued support.

Karibuni Kenya.

Editor

Fanon Mwenda

[email protected]

ASEA Secretariat


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Sun, Sand & Securities23rd - 25th November, 2014

Leisure Lodge - Diani

GOLD PARTNER SILVER PARTNERS BRONZE PARTNERS

www.2014aseaconference.org

The Nairobi Securities Exchange plays host to the 18th Edition of the annual African Securities Exchange Association (ASEA) Conference. Come share ideas with global Capital Market players by the serene waters that shore up Diani beach.


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EXPERT ARTICLE

Sometime ago in the late 1990’s the amazing world of Microsoft Windows 95 found its way to middle-class Nairobi largely through cyber cafe’s and desktop PC’s. It was sometime during that era when the powerful aspects of digital technology begun to show the signs of what the future would hold. As an avid business student, the Nairobi Securities Exchange, NSE (then Nairobi Stock Exchange), was an interesting phenomena that intrigued me in many ways. In those days, there was a widespread undignified likening of the NSE to “another market that should be in a village”. Its players, the red jacket stockbrokers who would participate in ‘open outcry shouting matches’ to trade, were likened to mad men that wonder in markets.

Technology promised a new lease of life for the NSE amidst the dark fortunes of the late 90’s through the early 2000’s when the country’s economic performance was weighed down heavily by the political fortunes of the time. Increased regulatory scrutiny and the closure of a leading brokerage house set the stage for renewed demands by investors to have more transparency at the bourse. Soon, other events that brought out the weak corporate governance systems in NSE associated companies resulted in the loss of investor confidence and led to the questioning of the NSE’s “skin in the game” when it came to listing.

At some point during the NSE’s rollercoaster ride of the mid 2000’s, I was privileged to count among the ranks of its employees as well as to serve its member firms and to partake in the intrigues of the time. With the number of NSE members being limited, the value of a seat on the NSE skyrocketed, and large premiums were paid by the few who were desirous of engaging in the high stakes. For its shareholders to unlock the value of their holding and for them to drink the “listing” wine they preached, the NSE opted to take the road to listing.

The initial hurdle was for the demutualization of the NSE which involved the transformation of the NSE from a company limited by guarantee to a company limited by shares. The challenges of this initial step came to light when different stakeholders came to the table to claim their stakes and the regulatory process laid bare. In general, optimisim was abound that the demutualization and listing would lead to improved governance, improve investor confidence, make the NSE more competitive, allow a wider reach of shareholders and to cement its place as The Bourse in East Africa. The demutualization process having begun in 2005 ended in June 2014 when the CMA gave formal approval for the demutualization of the NSE. For investors, the road to the NSE’s demutualization and listing has resulted in an increased focus on trading initiatives. In its strongest pointer towards increased trading initiatives, the

NSE changed its name and made a strategic shift to increasingly focus on all forms of tradeable securities and instruments rather than on stocks alone. In addition, the NSE has moved to entrench shorter settlement cycles which enable investors to trade more frequently. The NSE has also made stides to align itself on the global investment scene by adopting CFA Institute® code of practice and in the development of indicies with the FTSE.

NSE’s listing has made it the second exchange on the African continent to be after South Africa’s JSE. Ultimately for me as an investor, NSE’s listing has added on another company in my investment universe. With the few companies we have listed, it will take several hundred listed companies before we can think of a sizeable investment palette.

Kimathi Ikiao is a Senior Portfolio Associate with Acumen Fund and is based in Nairobi.

The views expressed here are those of the author and do not necessarily reflect those of any organisation.

[email protected]: @kimathi.ikiao

Demutualisation comes of Age


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The 3 new currency futures are the first to track exchange rate between the rand (ZAR) and Nigeria’s Naira (NGN), Kenya Shilling (KES) and Zambia Kwacha (ZMW). The move will allow investors, importers and exporters to protect themselves against the currency movement in the foreign country. The JSE has partnered with Barclays Africa and specialist brokers, Tradition Futures, to bring this new offering to market. A press release from the JSE quotes Andrew Gillespie of Tradition Futures: “It is a groundbreaking development to have a transparent, independent, well-regulated platform to mitigate or assume FX (foreign exchange) risk in these African countries, against any other currency of their choice – that does not prejudice anyone, irrespective of size, domicile or nationality.

Representatives of JSE, Reserve Bank, Kenya and Zambia open trading in African currencies (credit: JSE) “The ability to transact anonymously, through specialist brokers such as Tradition Futures, and to have access to full and fair, timeous price discovery is an international benchmark requirement for a developed market. This allows for a level and fair playing field, where the best price is available to all, without bias or favour, which is a significant facet and feature of this market in African FX on the JSE.” Guide to African currencies (see www.charterresource.org/african-currencies) The JSE already offers futures against the ZAR in: USD (contracts of $1,000), Euro, Sterling, Australian dollar, Japan Yen, Canada dollar, New Zealand dollar, Chinese Renminbi, Swiss Franc,

JSE launches futures trading for 3 African currencies

by Tom Minney

South Africa’s Johannesburg Stock Exchange (www.jse.co.za) has launched currency future instruments which will help investors and businesspeople looking to hedge against African currency movements.


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Botswana Pula and a couple of custom instruments. See the helpful brochure available here.

How they workA currency futures contract is an obligation to buy or sell an underlying currency at a fixed exchange rate at a specified date in the future. For example, a futures contract can give an investor the right to buy USD at ZAR10 per USD1 at the end of December. One party to the agreement is obligated to buy (longs) the currency at a specified exchange rate and the other agrees to sell (shorts) it at the expiry date. A futures contract is therefore an agreement between two investors with different views on the way or extent a currency will move. The underlying instrument of a currency future contract is the rate of exchange between one unit of foreign currency and the South African rand. The value of the futures contract moves up and down with this exchange rate – the level of the exchange rate determines the value of the futures contract. Currency futures contracts therefore allow participants to take a view on the movement of the exchange rate as well as to hedge against currency risk. Currency futures are used as a trading, speculating and hedging tool by all interested participants.

The new JSE futures contracts will provide the market participants with the ability to get exposure on the JSE to the exchange rate between the USD and the Zambian, Kenyan and Nigerian currencies through trading synthetic cross-currencies. For example, investors can get exposure to the exchange rate between the USD and the KES by trading both against the ZAR. To promote cross-currency trading the JSE will charge trading fees on only one of the foreign trade logs and not both.

Boosting African tradeThe currency futures were launched on 3 October. The press release quotes Warren Geers, General Manager: Capital Markets at the JSE: “The JSE is very excited about this new groundbreaking initiative as we have been working on this strategy for 2 years. With Africa being a global investment destination it makes sense for the JSE as a major exchange player in Africa to be involved in providing appropriate products to mitigate currency risk and exposure when dealing in Africa.” Trade statistics from the South African Revenue Service (SARS) show trade between South Africa and Nigeria totalled R34.4 billion, between South Africa and Zambia was nearly R18bn, and between South Africa and Kenya amounted to R4.6bn for for January-July 2014.

For more information, look at the currency futures details on the JSE website. - See more at: http://www.africancapitalmarketsnews.com/2450/jse-launches-futures-trading-for-3-afr ican- currencies/#sthash.LTFpwGpQ.dpuf

A currency futures contract is an obligation to buy or sell an underlying currency at a fixed exchange rate at a specified date in the future. For example, a futures contract can give an investor the right to buy USD at ZAR10 per USD1 at the end of December. One party to the agreement is obligated to buy (longs) the currency at a specified exchange rate and the other agrees to sell (shorts) it at the expiry date.


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EXPERT ARTICLE

Is there a right corporate Governance Framework for Nigeria?In developing an appropriate corporate governance framework, should Nigeria copy international paradigms that may or may not fit our context? Should we borrow wholesale the rules-based or principles-based approaches to corporate governance or would we be better off developing our own unique response based on lessons from these international approaches?

The role of sound corporate governance practice in creating market transparency and efficiency is undeniable, however, there is currently on-going debate around the world regarding what the optimal corporate governance framework is. Is the right framework the rules-based framework as practiced in the United States or the principles-based framework as practiced in the United Kingdom or a hybrid of the two? And if a hybrid is the answer, where along the spectrum should it lie?

The United States responded to Enron and WorldCom’s corporate governance failures by establishing the Sarbanes-Oxley Act in 2002. This is a regulator–based system enforced through US SEC regulations, stock exchange listing rules and various state laws, given the federal nature of the US constitution. The US Securities and Exchange Commission, SEC requires that companies adhere to strict disclosure requirements including annual and quarterly reports, tender offers and documents related to mergers and acquisitions, etc. Failure to comply with the corporate governance requirements could lead to suspension from trading on stock exchanges or delisting from the markets.

Alternatively, the United Kingdom’s principles-based system of corporate governance adopts a “comply or explain non-compliance” stance. The UK Combined Code of Corporate Governance contains recommendations for companies covering directors, board structure, remuneration, accountability and audit, and relations with shareholders. It also contains recommendations for institutional shareholders covering their responsibilities to enter into dialogue with companies, to evaluate governance


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disclosures and make considered use of their votes. The benefit of comply or explain is that it may encourage good practice over and above legislative requirements however it is only as strong as ability of stakeholders to hold company boards accountable for their decisions to comply and whether they accept justifications for non compliance. Do Nigerian companies have enough motivation (such as arising from a strong need to protect reputation, an ethos of integrity, or core values) to be compliant? Is there agreement amongst them over minimum acceptable standards of behaviour

(against which to judge actual or anticipated behaviour)? Is there an effective system of incentives and sanctions in place? Although we have some codes of corporate governance such as the Securities and Exchange Commission (SEC) code, the consequences for bad governance practices have not been consistently applied. Also, going by convention, can we find companies who truly deal with integrity? And where they exist, do they constitute a significant majority? From the foregoing, it is clear that a “comply or explain” framework, which relies heavily on self-regulation, may not be the most appropriate one for Nigeria. The objective of government regulation is to set standards, gather information on how this is being adhered to in practice and then intervene where needed for behaviour modification. This presupposes that the regulator has the capacity to monitor and measure compliance and in case of a deviance from standards, the capacity to intervene effectively. Even with the best intentions, regulators do not always have the resources to consistently monitor compliance across all industries all the time. Shall we leave government to be the pivot of ensuring compliance like it is with the US?

Some have argued that it is time for greater levels of stakeholder activism but with the chequered history of relations between shareholder associations, labour associations, non-governmental organizations and the listed companies in Nigeria would we leave it to them alone? Stakeholder activism presumes a social consensus on the need to act and lots of social capital to get mobilization between groups, and the presence of levers that stakeholders can use. Such levers could include market-based responses that affect stock prices, business takeovers, reputational blacklists, etc. The conditions of social consensus and social capital are difficult to achieve or sustain in Nigeria at the moment. Also, stakeholder activism without strong regulation may only bring about change within a specific firm and not the much needed system-wide improvements.

Given the peculiarities of Nigeria, business, government and stakeholders, each on its own would be hard pressed to improve the quality of corporate governance in Nigeria due to the systemic nature of the challenges, mutual capture, weak institutions and perverse incentives. Consequently, to solve the problems inherent in adopting a sole locus of control, we need to find an appropriate corporate governance response to what is a systemic failure. Nigeria needs a response that corrects for the inadequacies of self-regulation by companies, inadequacies of government regulation,

and inadequacies of stakeholder activism whilst strengthening the overall system at the same time. Could the right framework be one that allows business, government and stakeholders each play their role in governance but permit an overlay of collective action by all three? Collective action will enable a system of incentives and sanctions, shared standards, strong monitoring and control, social capital and motivations that ensure the development and adoption of sound corporate governance in Nigeria. The beauty of collective action is that it is a self reinforcing mechanism, the quality of government or regulatory oversight will motivate companies to self regulate. Likewise, stakeholder activism will serve as a check against ineffective regulation. Sometimes the regulator needs to be “regulated”.

Is this really different from what is done elsewhere? Would we be inventing something new? Not really, we would merely be combining good practice from a number of tested approaches in a way that fits the Nigerian context.

Soji Apampa is the co-founder of The Convention on Business Integrity, which sponsors the Corporate Governance Rating System in partnership with the Nigerian Stock Exchange.

[email protected], twitter: @sojapa

Do Nigerian companies have enough motivation (such as arising from a strong need to protect reputation, an ethos of integrity, or core values) to be compliant? Is there agreement amongst them over minimum acceptable standards of behaviour (against which to judge actual or anticipated behaviour)? Is there an effective system of incentives and sanctions in place? Although we have some codes of corporate governance such as the Securities and Exchange Commission (SEC) code, the consequences for bad governance practices have not been consistently applied.


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MEMBERNEWS


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DOUALA STOCK EXCHANGE

It is therefore carrying out an intensive marketing strategy which aims to draw attention to the tax advantages offered by the State of Cameroon in order to attract the next wave of privatized companies as well as companies and local groups seeking long term finance.With this aim in mind the organisational capacities are being reinforced both in terms of information systems and human capital. In addition to the three existing departments (Markets, Administration and Finance, and Information Systems), a promotion department is being created as well as contracting a legal expert to advise on all aspects of good governance.

As far as sources of revenues are concerned, these are extremely diversified. IT equipment is being upgraded in order to integrate itself into the pan African inter-stock exchange system or international system like EURONEXT.Creation of a division for small and medium sized businesses, an listing sponsor.

In addition to the division for large companies, a division dealing with small and medium sized businesses is planned to be created. Admission criteria shall be flexible but integrated into the framework of a guarantee fund.Partnerships and exchanges with other stock exchanges

Douala Stock Exchange intends to reinforce co-operation and exchange of information with other stock exchanges in the franc Zone and beyond.

Douala Stock Exchange seeks to increase the number of listed companies.


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KHARTOUM STOCK EXCHANGE

1. The council of ministers have passed the new bill of the securities commission law and Khartoum stock exchange law

2. Ministry of finance emphasized the importance of Khartoum stock exchange role in enhancing the Sudanese national economy.

3. KSE board of directors met on 25/05/2014.

4. KSE board of directors Authorized regulatory rules to govern anti-money laundering in the financial sectors.

5. KSE board of directors passed the regulatory rules for corporate governance of the Sudanese public company.

6. KSE participated in the annual meeting of the union of Arabic Stock Exchange.

7. Representative from united state embassy visited KSE in order to acquaint with KSE’s activities.

8. Director of the Arab Authority for Agricultural Investment and Development visited KSE so as to be informed about KSE activity and discuss how to make use of the KSE market mechanisms to finance Authority projects.

9. KSE conducted specialized training in anti-money laundering for its staff.

Director of the Arab Authority for Agricultural Investment and Development visited KSE so as to be informed about KSE activity and discuss how to make use of the KSE market mechanisms to finance Authority projects.


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Review of Market Performance In Q2 2014The Malawi Stock Exchange registered a positive return on index of 4.96% (8.71% in US$ terms) in Q2 2014 though lower than 8.98%(33.08% in US$ terms) in Q2 2013 and an increase in both traded volume and value.

The Malawi Stock Exchange transacted a total of 1,547,492,034 shares at a total consideration of MK6,251,723,966.95 (US$15,724,609.58) in 398 trades. In Q2 2013, the market transacted a total of 1,030,320,035 shares at a total consideration of MK2,104,703,874.86 (US$5,535,290.03) in 290 trades, reflecting a 50.20% increase in terms of share volume and a 197.04% (184.08% in US Dollar terms) increase in value.

The turnover velocity as measured by the ratio of Total Value of Trades to Market Capitalisation (TVT/MCAP*) was 2.49% in Q2 2014 compared to 3.48% recorded in Q2 2013. The ratio of Total Value of Trades to Gross Domestic Product (TVT/GDP) recorded a liquidity level of 0.59% in the review period while in 2013 liquidity was at 0.55%.

Latest AchievementsMarket Development• Therewas no activity in the primarymarket in the review

period but the Exchange is still optimistic of listing a bond in Q4 2014.

• StandardBankMalawiissuedbonussharesinQ22014.

Future OutlookDespite the general economic challenges and the uncertainty relating to the general elections on 20 May 2014, the market continued attracting foreign portfolio investors and remained buoyant in 2014 with a YTD return on index of 11.38%. Liquidity remains a challenge as investors take a hold strategy in anticipation of continued share price gains coupled with marginal floats in some counters.

The Exchange will continue;• Toholdsensitizationworkshopsthroughoutthecountryon

stock investment and listing opportunities on the Exchange.• ToencouragethelistingofbothCorporateandGovernment

Bonds on the MSE.• Working with the central bank and other stakeholders in

the establishment of the Central Share Depository System in 2014.

MALAWI STOCK EXCHANGE

The turnover velocity as measured by the ratio of Total Value of Trades to Market Capitalisation (TVT/MCAP*) was 2.49% in Q2 2014 compared to 3.48% recorded in Q2 2013. The ratio of Total Value of Trades to Gross Domestic Product (TVT/GDP) recorded a liquidity level of 0.59% in the review period while in 2013 liquidity was at 0.55%.


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NAMIBIAN STOCK EXCHANGE

Head of Exchange Traded Products at the Corporate and Investment Banking division of Barclays Africa Vladimir Nedeljkovic spoke about the new ETFs in an interview this week.He said as commodities in general, and precious metals in particular, are not correlated with other asset classes (for example equities or bonds), including as little as five percent of total portfolio holdings into these instruments significantly improves the risk-return characteristics of the portfolio.

Barclays, through the NewGold Issuer Limited, the largest issuer ofexchange-traded funds in South Africa, listed its three flagship exchange traded funds, NewGold, NewPlat and NewPalladium on the Namibia Stock Exchange (NSX) last week. This listing marked the first time that Barclays Africa had listed multiple funds simultaneously on one African exchange.

The listing of the investment funds on the NSX will provide retail and institutional investors in Namibia with a new type of investment opportunity, and the chance to invest directly in gold, platinum and palladium in Namibian dollars. The three ETFs have been granted local asset status making them very attractive for local institutional investors, Nedeljkovic noted. He said he was optimistic that three products would be successful on the local market as they had experienced healthy investor demand during investor presentations.

“Namibian investors, in particular local institutions, already have astake in our ETFs through the Johannesburg Stock Exchange (JSE).Listing of our ETFs on the NSX provides these and other investors the opportunity to get exposure to our funds in a simple and convenient way, in local currency, with favourable regulatory treatment,” he said. NSX CEO Tiaan Bazuin said the ETFs had enjoyed a positive reception on the local market, with various pension funds and asset managers looking at these products to optimise their investments.

“It diversifies the market and gives all investors more options toinvest in locally. These products are useful in various ways – as

The recently launched investment funds,Exchange Traded Funds (ETFs)

THE recently launched investment funds, Exchange Traded Funds (ETFs), will provide solid protection againstdepreciation of the local currency against the US dollar as well asprotection against inflation, Barclays Africa said this week.


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direct investment if you have a positive view on the underlyingcommodity, but also as hedging tools for investors that take a view on the currencies involved,” he said. Nedeljkovic explained that ETFs were passive investment funds listed and trading on exchanges in the same manner as stocks. “However, they enable investors to gain broad, diversified exposure to entire stock markets, specific sectors, asset classes or investment themes through a single security, in a fast and efficient, fully liquid, transparent, convenient and a cost effective way.

Specifically, the costs of investment tend to be significantly lowerthan those of comparative investment opportunities (for example unit trusts),” he said. Exchange traded funds were safe, he said, because they were fully backed by the holding of the physical underlying; were transparent as they fully disclosed their holdings at any moment; and were fully liquid, due to the presence of authorised market makers.

NewGold first listed on the Johannesburg Stock Exchange in 2004 and it has since then listed on multiple African exchanges (Botswana, Ghana, Mauritius, Nigeria and, now, Namibia). It is the second largest ETF in Africa. It currently has US$1.5 billion in assets under management, backed by 40 tonnes of gold bullion, Nedeljkovic said. In April 2013, Barclays Africa created the NewPlat ETF. Within a year, it became the largest platinum ETF in the world, and the largest ETF in Africa. Currently, it holds 36 tonnes of physical platinum bullion underlying the securities in issue, with US$ 1.6 billion in assets under management, he noted. The fund has listings in Mauritius, Botswana and Namibia.

Barclays created NewPalladium in March 2014 to track the price ofpalladium bullion. The fund currently has almost US$370 million inassets, backed by close to 14 tonnes of palladium. The NSX listing is the first listing of NewPalladium outside South Africa. “To list an investment product on an exchange requires that several elements – regulatory enablement, systems and trading as well asmarket demand. All of these need to be in place. We believe that all these elements are in place at present and that the listing of ourflagship products in Namibia will prove to be a success,” Nedeljkovicconcluded.

Specifically, the costs of investment tend to be significantly lower than those of comparative investment opportunities (for example unit trusts),” he said. Exchange traded funds were safe, he said, because they were fully backed by the holding of the physical underlying; were transparent as they fully disclosed their holdings at any moment; and were fully liquid, due to the presence of authorised market makers.

NAMIBIAN STOCK EXCHANGE


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NAIROBI SECURITIES EXCHANGE

Nairobi Securities Exchange commences trading of its shares on the Bourse at an opening price of Kshs 16.00

The Nairobi Securities Exchange this morning listed its 194,625,000 issued and fully paid up shares on the Main Investment Market Segment (MIMS) under a new sector - Investment Services of the bourse. The share which traded at a high of Kshs.18.00 on its first day, and a low of Kshs.15.00, closed its first trading session at a volume weighted average price of Kshs.16.30.

Mr. Adan Mohammed, the Cabinet Secretary for Industrialization and Enterprise Development presided over the NSE Self Listing Bell Ringing Ceremony on behalf of His Excellency President Uhuru Kenyatta. The distinguished guests included Mr. Henry Rotich, Cabinet Secretary for the National Treasury, Mr. Najib Balala, Cabinet Secretary for Mining and Dr. Evans Kidero, Governor, Nairobi County.

The listing comes after a successful Initial Public Offering which sought to raise Kshs.627 million by selling 66 million new shares at a price of Kshs. 9.50 per share. 17,859 investors applied for 504,189,700 new shares worth Kshs. 4.789 billion; a subscription rate of 763.9%, garnering an oversubscription of 663.92%.

“The demutualization and self-listing of the NSE are part of the government’s plans to position Kenya as the financial services hub of East and Central Africa. The listing of the NSE builds on

The listing of the NSE builds on the Capital Markets Master Plan reforms which aim to enhance accountability, transparency, market discipline as well as corporate governance. We expect it to encourage further innovation in the product and service offerings and deepen market participation.


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the Capital Markets Master Plan reforms which aim to enhance accountability, transparency, market discipline as well as corporate governance. We expect it to encourage further innovation in the product and service offerings and deepen market participation. We seek transformative economic development, and this is a step in that direction.” said Mr. Adan Mohammed.

The Cabinet Secretary, National Treasury reiterated these remarks by adding that “The NSE IPO is indeed a timely impetus for Kenya’s progress towards the achievement of middle-income status. Today therefore marks a milestone in the development of the Capital Market in Kenya and the East African region as the Nairobi Securities Exchange becomes the second African securities exchange after the Johannesburg Stock Exchange to self-list its own shares”.

NSE Chairman, Mr. Eddy Njoroge thanked all the 17,859 new shareholders who participated in the NSE IPO, saying it was a clear indication of the great confidence that both local and foreign investors have in the future of the Exchange.

“With the IPO funds, we are now in a position to finance the acquisition of new generation technology systems that will provide the backbone for the listing and trading of these new products which, going forward, will not only have an incremental positive impact on the top line of the company but also contribute to the development of the overall economy,” Mr. Njoroge said.

The Exchange will invest in new trading infrastructure to increase efficiency in preparation for introduction of new products. Some of the products planned for introduction include the Exchange Traded Funds (ETFs) which operate like unit trusts, Real Estate Investment Trusts (REITS), the Derivatives Exchange and Asset Backed Securities.

ABOUT THE NAIROBI SECURITIES EXCHANGE:The Nairobi Securities Exchange (NSE) is the principal securities exchange of Kenya. Besides equity securities, the NSE offers a platform for the issuance and trading of debt securities. The NSE is a member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). It is an affiliate member of the World Federation of Exchanges (WFE) and an associate member of the Association of Futures Markets (AFM).

“With the IPO funds, we are now in a position to finance the acquisition of new generation technology systems that will provide the backbone for the listing and trading of these new products which, going forward, will not only have an incremental positive impact on the top line of the company but also contribute to the development of the overall economy,” Mr. Njoroge said.


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Nairobi September 25, 2014

On September 16, 2014, the Nairobi Securities Exchange was added as a constituent of

the auspicious FTSE Mondo Visione Exchanges Index, the first Index in the world to

focus on listed exchanges and other trading venues.

The FTSE Mondo Visione Exchanges Index, a joint venture between FTSE

Group and Mondo Visione was established in 2000. The FTSE Mondo Visione Exchanges

Index compares the performance of individual exchanges and trading platforms and

provides a reliable barometer of the health and performance of the exchange sector. It

enables investors to track 27 publicly listed exchanges and trading floors and focuses

attention of the market on this important sector.

In making the announcement, Mr. Peter Mwangi, Chief Executive of the Nairobi

Securities Exchange noted, “The NSE is elated to be added to the FTSE Mondo Visione

Exchanges Index. The Index aims to reflect market sentiment and is a key indicator of

the exchanges’ performance. This addition is in line with our vision ‘To be a leading

securities exchange in Africa, with a global reach’, benchmarking our Exchange against

the most competitive Exchanges in the world and giving the Kenyan market

international visibility.”

New issues become constituents of the FTSE Mondo Visione Exchanges Index after the

close of business on the fifth day of official trading.

The current composition of the index (as at 19 September 2014) is shown in this table:


Nairobi Securities Exchange joins FTSE Mondo Vision Exchange Exchanges Index


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-ENDS-

Name Sedol Country Market Cap (USD Billion)

ASX 6129222 Australia 6.21

BM&F Bovespa B2RHNV9 Brazil 10.25

Bolsa Mexicana de Valores SAB de CV

B39VVF6 Mexico 1.33

Bolsas y Mercados Espanoles B18S767 Spain 3.33

Bulgarian Stock Exchange B643ZD4 Bulgaria 0.01

Bursa Malaysia B06FV38 Malaysia 1.33

CBOE Holdings B5834C5 United States of America 4.74

CME Group 2965839 United States of America 27.50

Deutsche Boerse 7021963 Germany 13.11

Dubai Financial Market B1GPBP7 United Arab Emirates 7.91

Euronext BNBNSG0 Netherlands 1.78

Hellenic Exchanges SA 4108278 Greece 0.58

Hong Kong Exchanges & Clearing

6267359 Hong Kong 26.48

Intercontinental Exchange BFSSDS9 United States of America 23.34

Japan Exchange Group 6743882 Japan 6.73

JSE B12W5L6 South Africa 0.80

London Stock Exchange Group

B0SWJX3 United Kingdom 10.70

Moscow Exchange B9GFHQ6 Russia 3.52

Multi Commodity Exchange of India

B7L5LS7 India 0.70

Nairobi Securities Exchange BPCX391 Kenya 0.05

NASDAQ OMX Group 2965107 United States of America 7.47

NZX Ltd 6623155 New Zealand 0.26

Philippine Stock Exchange 6725619 Philippines 0.48

S.C. Bursa de Valori Bucuresti S.A.

B3LQ5G8 Romania 0.07

Singapore Exchange 6303866 Singapore 6.09

TMX Group Limited B8KH5G7 Canada 2.73

Warsaw Stock Exchange B55XKV9 Poland 0.51



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NOTES TO EDITORS ABOUT FTSE GROUP FTSE Group (FTSE) is a world-leader in the provision of global index and analytical solutions. FTSE calculates indices across a wide range of asset classes, on both a standard and custom basis. FTSE indices are used extensively by investors worldwide for investment analysis, performance measurement, asset allocation, portfolio hedging and the creation of a wide range of index derivatives, funds, Exchange Traded Funds (ETFs), and other structured products. FTSE has built an enviable reputation for the reliability and accuracy of their indices and related data services. FTSE has a long tradition of listening and responding to the market so that it is at the forefront of developing new approaches to index design, many of which are now accepted as the market standard. FTSE prides itself in continuing to invest significant resource in researching and developing new index solutions. ABOUT MONDO VISIONE Mondo Visione is the leading source of insight and knowledge about the world’s exchanges and trading venues. Since 1991, Mondo Visione has provided those who operate and invest in the global markets with fast, reliable information, delivered in print and online. The company also organises conferences and events where market professionals can share ideas and experience with their peers, regulators, system providers, academics and journalists. FOR FURTHER INFORMATION PLEASE CONTACT: Waithera Mwai-Ireri Manager, Investor Relations & Communications Nairobi Securities Exchange Ltd. Tel: +254 (020) 283 1000 Email: [email protected] Website: www.nse.co.ke



EXCHANGES

On the Development & Enterprise Market (DEM), the DEMEX and the DEMTRI territory during the second quarter of 2014 indices, the DEMEX and the DEMTRI185.02 and 225.12 points respectivelystanding of listed stocks on the market registered a growth of 4.16% and 4. Official Market Index Performance

Celebration of the 25th Anniversary of the Stock Exchange of Mauritius This year coincides with the celebration of the 25th Anniversary of the Stock Exchange of Mauritius. A wide range of SEM’s stakeholders attended the Event marking the celebration of SEM’s 25th Anniversaryon 18 July. This event constituted an excellent occasion to thank the trailblazers who had the foresight of setting up the SEM in 1989, to assess the path followed since then, and to delineate the policies and strategic orientation that need to be pursued to address the key challenges that are likely to characterise the Exchange landscape in the coming decade.

Financial Analysis Course for listed issuersIn June 2014, SEM held an interactive one-day seminar on “Financial analysis for listed companies”, aimed at top management and investor relations executives of listed companies, fund managers,stockbrokers, and pension fund administrators. The seminar was well attended. The course focused on key aspects of company valuations, probed into the way listed companies should present their financial statements and highlighted the relevant ratios

The Stock Exchange of Mauritius was marked by a spurt inTotal value traded combining both Official and Development & Enterprise Market (DEM) amounted toRs 5.3 billion compared to Rs 2.6 billion traded during the same time frame in 2013, growth, as depicted in the table below.

Total volume of shares for the period under review reachedthe Banks & Insurance sector as shown in the chart below

Total market capitalization, combining both Official Market and June 2014,

Total market capitalization, combining both Official Market andJune 2014, representing 75% of the 12.82 and a dividend yield of 2.93% The second quarter of 2014 was also form of new issues and bond issues companies listed on both markets operated by the SEM

As depicted in the above chart, market indices on the Official Market evolved in a volatile environment during the period under review. The total return index, SEMTRI gained 0.46% whilst the main index SEMDEX lost 0.37% during the same frame.admission of Lottotech Ltd on the Official list.

STOCK EXCHANGE OF MAURITIUS

Total Value Traded (Rs)

Quarter 2, 2014Quarter 2, 2013

5,257,856,780.062,618,739,853.63

Change (%) 100.78

The Stock Exchange of Mauritius

Stock Market Review – Quarter 2, 2014

The Stock Exchange of Mauritius was marked by a spurt in

Total value traded combining both Official and Development & Enterprise Market (DEM) amounted to

Rs 5.3 billion compared to Rs 2.6 billion traded during the same time frame in 2013,

growth, as depicted in the table below.

Total volume of shares for the period under review reached

the Banks & Insurance sector as shown in the chart below

Total market capitalization, combining both Official Market and

June 2014, representing 75% of the

12.82 and a dividend yield of 2.9

The second quarter of 2014 was also

form of new issues and bond issues

companies listed on both markets operated by the SEM

Quarter 2, 2014

Quarter 2, 2013

Change (%)

INVESTMENTS

21.5%

LEISURE & HOTELS

20.5%

INDUSTRY

4.0%

TRANSPORT

0.3%

Total Turnover by Sector (Offcial Market & DEM)

The Stock Exchange of Mauritius

Quarter 2, 2014

Mauritius was marked by a spurt in activities during the second quarter of 2014.


Rs 5.3 billion compared to Rs 2.6 billion traded during the same time frame in 2013,

depicted in the table below.

Total volume of shares for the period under review reached 876.2 million. The top trading sector has been

r as shown in the chart below.

otal market capitalization, combining both Official Market and DEM stood at Rs 275.5 billion at end of

% of the country’s GDP. The market was trading at a price

2.93%.

was also characterised by sustained activity on the capital

and bond issues by listed companies whereby Rs 12.5

companies listed on both markets operated by the SEM.


Quarter 2, 2014 5,257,856,780.06

Quarter 2, 2013 2,618,739,853.63

100.78

BANKS , INSURANCE &

OTHER FINANCE

46.2%

INVESTMENTS

TRANSPORT

0.3%

SUGAR

1.5%

PROPERTY

DEVELOPMENT

0.3%

COMMERCE

2.2%

OTHERS

3.5%

Total Turnover by Sector (Offcial Market & DEM) - Quarter 2, 2014

activities during the second quarter of 2014.


Rs 5.3 billion compared to Rs 2.6 billion traded during the same time frame in 2013, representing a 100%

The top trading sector has been

stood at Rs 275.5 billion at end of

GDP. The market was trading at a price-earnings ratio of

on the capital-raising front in the

billion were raised by


5,257,856,780.06

2,618,739,853.63

100.78

BANKS , INSURANCE &

OTHER FINANCE

46.2%

Quarter 2, 2014

INDEX PERFORMANCE

As depicted in the above chart, market indices on the Official Market evolved in a volatile environment

during the period under review. The total return index, SEMTRI gained 0.46% whilst the main index

SEMDEX lost 0.37% during the same frame.

admission of Lottotech Ltd on the Official list.

On the Development & Enterprise Market (DEM), the DEMEX and the DEMTRI

territory during the second quarter of 2014

indices, the DEMEX and the DEMTRI

185.02 and 225.12 points respectively

standing of listed stocks on the market

registered a growth of 4.16% and 4.

Official Market Index Performance

INDICES

SEMDEX

SEM-7

SEMTRI (Rs)

SEMTRI (US$)

Market Capitalisation ( Rs )

DEM Index Performance

INDICES

DEMEX

DEMTRI(RS)

DEMTRI (US$)




SEMDEX lost 0.37% during the same frame. Market capitalization grew by 2.16% triggered by the



territory during the second quarter of 2014 and ended the month of June 2014 on a strong

indices, the DEMEX and the DEMTRI ended the month of June 2014 at their all time high level of

185.02 and 225.12 points respectively. The good performance on the DEM was mainly due to the

stocks on the market. As shown in the table below the DEMEX and the DEMTRI

% and 4.73% respectively during the second quarter of 2014


1-Apr-14 30-Jun-14

2,092.40 2,084.70

405.87 402.92

6,673.07 6,703.44

3,440.50 3,434.75

224,381,581,554.63 229,217,501,983.65

1-Apr-14 30-Jun-14

177.63

214.96

222.95

43,784,007,844.14 46,250,532,133.71



Market capitalization grew by 2.16% triggered by the

On the Development & Enterprise Market (DEM), the DEMEX and the DEMTRI evolved in positive

month of June 2014 on a strong note. Both

at their all time high level of

The good performance on the DEM was mainly due to the healthy

As shown in the table below the DEMEX and the DEMTRI

during the second quarter of 2014.

% change

2,084.70 (0.37)

402.92 (0.73)

6,703.44 0.46

3,434.75 (0.17)

229,217,501,983.65 2.16

30-Jun-14 % change

185.02 4.16

225.12 4.73

232.05 4.08

46,250,532,133.71 5.63

INDEX PERFORMANCE












INDICES

SEMDEX

SEM-7

SEMTRI (Rs)

SEMTRI (US$)



INDICES

DEMEX

DEMTRI(RS)

DEMTRI (US$)













1-Apr-14 30-Jun-14

2,092.40 2,084.70

405.87 402.92

6,673.07 6,703.44

3,440.50 3,434.75

224,381,581,554.63 229,217,501,983.65

1-Apr-14 30-Jun-14

177.63

214.96

222.95

43,784,007,844.14 46,250,532,133.71










% change

2,084.70 (0.37)

402.92 (0.73)

6,703.44 0.46

3,434.75 (0.17)

229,217,501,983.65 2.16

30-Jun-14 % change

185.02 4.16

225.12 4.73

232.05 4.08

46,250,532,133.71 5.63

INDEX PERFORMANCE












INDICES

SEMDEX

SEM-7

SEMTRI (Rs)

SEMTRI (US$)



INDICES

DEMEX

DEMTRI(RS)

DEMTRI (US$)













1-Apr-14 30-Jun-14

2,092.40 2,084.70

405.87 402.92

6,673.07 6,703.44

3,440.50 3,434.75

224,381,581,554.63 229,217,501,983.65

1-Apr-14 30-Jun-14

177.63

214.96

222.95

43,784,007,844.14 46,250,532,133.71










% change

2,084.70 (0.37)

402.92 (0.73)

6,703.44 0.46

3,434.75 (0.17)

229,217,501,983.65 2.16

30-Jun-14 % change

185.02 4.16

225.12 4.73

232.05 4.08

46,250,532,133.71 5.63

Achievements during Quarter 2 :

Celebration of the 25th Anniversary of the Stock Exchange of Mauritius

This year coincides with the celebration of the 25th Anniversary of the Stock Exchange of Mauritius. A

wide range of SEM’s stakeholders attended the Event marking the celebration of SEM’s 25th Anniversary

on 18 July. This event constituted an excellent occasion to thank the trailblazers who had the foresight of

setting up the SEM in 1989, to assess the path followed since then, and to delineate the policies and

strategic orientation that need to be pursued to address the key challenges that are likely to characterise

the Exchange landscape in the coming decade.


EXCHANGES

applicable to their specific lines of business. In a nutshell, the course added value to the high level executives present who took home useful lessons learnt to improve the way they operate as listed entities, and the way they communicate their performance to the capital market stakeholders.

Bringing the South African market through one single product to Mauritius: Information awareness campaign for the NewFunds eRAFI Overall SA Index ETF In the context of the forthcoming launching of the NewFunds eRAFI Overall SA Index ETF, an information awareness campaign was held in August 2014 which targeted all capital market stakeholders namely investment dealers, custodians, fund managers, retail and institutional investors at large, and members of the press. The courses covered the operational mechanics of the NewFunds eRAFI Overall SA Index ETF, advantages and drawbacks as well as risks associated with this new product.

The eRAFI ETF bringing the South African market through one single product to Mauritius and has been established with the intention of allowing an investor to obtain market exposure to the constituent companies in the eRAFI Overall SA Index in an easily tradable form and to replicate as far as possible the price and yield performance of the Index. The 40 stocks which make up the ETF are selected and weighted based on fundamental valuation metrics rather than market capitalisation. The economic valueof each company and the investable universe is determined using the methodology which uses thefollowing audited ZAR values:

•Salescompany-salesaveragedoverthepriorfiveyears;•Cashflow - companycashflowaveragedover thepriorfive

years. If cash flow is not reported, it is estimated based on net

income plus depreciation and other non-cash items;•Bookvalue-companybookvalueatthereviewdate;•Dividend-totaldividenddistributionsaveragedoverthelast

five years, including both special and regular dividends paid in cash.

Introducing SEM-10In line with a number of initiatives implemented since 2009 to improve its services to stakeholders, we are introducing a new index, the SEM-10 index, in replacement of the current SEM-7 Index, with effect from Thursday 2nd October 2014. The SEM-7 index was launched, comprising the 7 largest and most liquid shares listed on its Official Market, on 31 March 1998.The key reasons underpinning the creation of the SEM-7 were: (1) to provide investors with an investible index tracking the most liquid stocks traded on the SEM, (2) to better market the SEM and attract more local and foreign investors to our market, (3) to enhance market efficiency and liquidity overtime and (4) to facilitate the creation of tracker funds in Mauritius. The SEM-7 index is backed by a Reserve List comprising the next three largest and most liquid stocks.Since the creation of the SEM-7 Index in 1998, the stock market in Mauritius has witnessed a surge in total market capitalization due to the growth in size of the listed companies and the growing number of listings on the Official Market. Some of these newly listed companies have expanded the list of highly capitalized, liquid and frequently traded stocks.

The underlying changes in the market environment since 1998 have underscored the need to re-actualize the SEM-7 Index, to better reflect current market conditions and introduce an Index that tracks the performance of the ten largest eligible stocks of the Official Market, measured in terms of market capitalization, liquidity and investibility criteria. The Reserve List of the SEM-10 Index will comprise five stocks. The SEM-10 is designed to meet international standards and provide a larger and more attractiveinvestible benchmark for both domestic and foreign market participants.

Investor educationSEM will further expand its educational role by engaging with the Mauritius Post at national level to leverage off their presence across the country, with a view to promoting awareness amongst the public on stock market investment. SEM will use the offices of the Mauritius Post to organise open-days for the public. The open-days will be done also in association with investment dealers, asset managers and pension funds as well as with the MBC TV station and a private radio station. The objective is to enhance the process of democratisation and increase the number of shareholders from 100,000 to 150,000 by year 2017.

SEM will kick off the educational campaign on 08 November in Vacoas. The Country has been divided into four areas, namely namely Vacoas, Triolet, Rose-Belle and Flacq. The open-days will be on a Saturday from 10 am – 1pm.

STOCK EXCHANGE OF MAURITIUS

Since the creation of the SEM-7 Index in 1998, the stock market in Mauritius has witnessed a surge in total market capitalization due to the growth in size of the listed companies and the growing number of listings on the Official Market. Some of these newly listed companies have expanded the list of highly capitalized, liquid and frequently traded stocks.


EXCHANGES

ZIMBABWE STOCK EXCHANGE

Harare Agricultural Show 2014

The ZSE takes this opportunity to thank all those ZSE Members who spared their time to be part of this initiative. Changes On The Zimbabwe Stock Exchange (“Zse”) Official List: Interfin Financial Services LimitedInterfin Financial Services Limited was removed from the ZSE Official List with effect from 24 September 2014. The issuer’s shares were suspended from trading on the ZSE with effect from 12 June 2012 following the placement of Interfin Bank Limited under curatorship by the Reserve Bank of Zimbabwe.

See more at: http://wwww.zimbabwe-stock-exchange.com/profiles/investor/ResLibraryView.asp?ResLibraryID=72554&BzID=2104&g=701&to=rl&Nav=1&LangID=1&s=0#sthash.4rbPVL78.dpuf

The ZSE Stand at the Harare Agricultural Show held from 20 – 31 August 2014. This year’s edition was held

under the theme, ‘Sustaining and Transforming Agricutural Growth’.

The ZSE successfully exhibited at this year’s edition of the Harare Agricultural Show (HAS) which was held from the 20th to the 31st of August. The HAS provides the opportunity to interface with a wide audience, through which we seek to fulfil the broad objective of promoting capital markets and investment education.


EXCHANGES

STATISTICS


EXCHANGES

BRVM

April 2014 May 2014 June 2014

Total Value Traded USD 17,544,818 29,072,552 21,608,122

Equity Market Value Traded 13,597,739 19,176,252 17,226,053

Bond Market Value Traded 3,947,080 9,896,300 4,382,069

Others 0 0 0

Total Volume Traded 3,477,255 8,741,648 2,214,715

Equity Market Volume Traded 3,292,061 8,232,222 1,979,536

Bond Market Volume Traded 185,194 509,426 235,179

Others 0 0 0

Total Number of Transactions 0 3,257 3,033

Equity Market Number of Transactions 2,871 3,187 2,942

Bond Market Number of Transactions 70 70 91

Others 0 0 0

Market Capitalization USD 12,201,763,190 11,614,807,970 12,028,736,576

Number of Listed Companies 76 76 71

Number of Traded Companies 57 62 62

Number of Trading Days 21 20 20

Exchange Rate/US$ 473.62 482.07 481.61

Main Index Name BRVM-10 BRVM-10 BRVM-10

Main Index (Points) 245.12 236.77 248.17

Gains in Main Index (%) -3.05% -3.41% 4.81%

P/E Ratio 18.00 21.12 26.18

Dividend Yield (%) 5.30% 5.75% 5.33%


EXCHANGES

DAR ES SALAAM STOCK EXCHANGE


Total Value Traded USD 27,158,018 53,090,166 30,121,979

Equity Market Value Traded 9,649,025 9,233,459 7,129,424

Bond Market Value Traded 17,508,993 43,856,707 22,992,555

Others 0 0 0



Bond Market Volume Traded 337000 839230 468000

Others 0 0 0


Equity Market Number of Transactions 934 1,064 1,280


Others 0 0 0





Exchange Rate/US$ 1633.22 1644.42 1649.68

Main Index Name ASI ASI ASI

Main Index (Points) 2,043.56 2,019.68 2,172.71

Gains in Main Index (%) 4.36% -1.17% 7.58%


EXCHANGES

DOUALA STOCK EXCHANGE


Total Value Traded USD 103,739.04 61,945.673 308,483.979

Equity Market Value Traded 103,739.04 30,543.898 304,339.683

Bond Market Value Traded 0.00 31,401.775 4,144.296

Others 0 0 0

Total Volume Traded 520 1,770 2,912

Equity Market Volume Traded 520 270 2,712

Bond Market Volume Traded 0 1,500 200

Others 0 0 0

Total Number of Transactions 37 17 15

Equity Market Number of Transactions 37 16 13


Others 0 0 0

Market Capitalization USD 280,376,758.76 288,331,276.719 288,557,696.399




Exchange Rate/US$ 474.9 477.680 482.591

Main Index Name - - -

Main Index (Points) - - -

Gains in Main Index (%) - - -


EXCHANGES

EGYPTIAN EXCHANGE


Total Value Traded USD 2,919,366,076 4,001,883,007 5,862,772,880

Equity Market Value Traded 2,139,972,907 2,965,089,176 2,540,205,492

Bond Market Value Traded 688,748,101 935,538,889 1,580,466,885

Others 90,645,068 101,254,942 1,742,100,503

Total Volume Traded 4,819,142,874 5,433,485,385 5,639,406,618

Equity Market Volume Traded 4,758,406,928 5,386,950,606 5,540,599,833

Bond Market Volume Traded 4,938,159 6,337,956.00 10,858,063

Others 55,797,787 40,196,823 87,948,722

Total Number of Transactions 592,904 594,623 541,087



Others 7,194 4,844 3,945

Market Capitalization USD 68,314,650,310.76 66,703,569,577.11 66,892,788,439.59




Exchange Rate/US$ 6.9976 7.1404 7.1404

Main Index Name EGX,30 EGX,30 EGX,30

Main Index (Points) 8,256 8,242.94 8,162

Gains in Main Index (%) 5.7797 -0.16 0.09795

P/E Ratio 58.1453 58.4916 57.4872

Dividend Yield (%) 6.7224 6.6394 6.6659


EXCHANGES

MALAWI STOCK EXCHANGE


Total Value Traded USD 1,785,577.45 12,366,167.04 1,572,865.09

Equity Market Value Traded - - -

Bond Market Value Traded - - -

Total Volume Traded 35,558,864 1,494,922,408 17,010,762

Equity Market Volume Traded - - -

Bond Market Volume Traded - - -

Total Number of Transactions 141 114 143

Equity Market Number of Transactions - - -

Bond Market Number of Transactions - - -





Exchange Rate/US$ 397.7037 396.7407 395.7778

Main Index Name MASI MASI MASI


Gains in Main Index (%) 4.44% 5.61% 7.07%

P/E Ratio 9.68 9.7 9.88

Dividend Yield (%) 3.8 3.8 3.73


EXCHANGES

MAURITIUS STOCK EXCHANGE


Total Value Traded USD $40,357,797.52 $31,311,066.65 $55,046,180.64

Equity Market Value Traded $39,776,226.16 $30,685,300.51 $53,421,811.50

Bond Market Value Traded $542,225.68 $621,850.24 $1,561,362.83

Others $ $39,345.67 $ $3,915.89 $ $63,006.31


Equity Market Volume Traded 182,981,734.00 110,275,101.00 167,581,371.00

Bond Market Volume Traded 182,981,734.00 523,374.00 302,745.00

Others 3,245.00 300 4,788.00

Total Number of Transactions 6,731 5,949 6,211



Others 3 4 9Market Capitalization USD 8,872,687,100.91 8,730,951,162.56 879,519,807,802.00




Exchange Rate/US$ $ 30.63 $ 30.64 $ 30.49

Main Index Name SEMDEX SEMDEX SEMDEX


Gains in Main Index (%) -0.43% -0.35% 0.63%

P/E Ratio 14.34 13.25 10.79

Dividend Yield (%) 2.62% 2.57% 2.90%


EXCHANGES

STOCK EXCHANGE MAURITIUS



Equity Market Value Traded 27,025,909.50 49,312,644.92 85,370,092.83

Bond Market Value Traded 8,902,210.77 448,740.32 725,784.00

Others 28,105.62

Total Volume Traded 35,928,120.27 49,789,490.86 86,095,876.83

Equity Market Volume Traded 27,025,909.50 49,312,644.92 85,370,092.83

Bond Market Volume Traded 8,902,210.77 448,740.32 725,784.00

Others 28,105.62


Equity Market Number of Transactions 5697 6,566 7,911


Others 0 6 -

Market Capitalization USD 8,813,994,372.66 8,796,828,784.05 8,978,749,482




Exchange Rate/US$ 30.46 30.57 30.68

Main Index Name SEMDEX SEMDEX SEMDEX

Main Index (Points) 2073.81 2,077.87 2084.7

Gains in Main Index (%) -0.89% 0.20% 0.33%

P/E Ratio 12.82 12.86 12.82

Dividend Yield (%) 2.89% 2.92% 2.93%


EXCHANGES

TUNIS STOCK EXCHANGE



Equity Market Value Traded 42,903,248.89 46,370,098.48 98,498,084.34

Bond Market Value Traded 3,308,614.77 409,498.80 8,713,404.71

Others 13,599,955.16 17,067,183.36 58,942,446.70

Total Volume Traded 11,355,514 11,183,635.00 22,505,131.00


Bond Market Volume Traded 17,164 4,110 2,739

Others 933,861 1,008,463 2,801,086

Total Number of Transactions 34,538 27566 30499

Equity Market Number of Transactions 34455 27453 30324


Others 67 76 100





Exchange Rate/US$ 1.60 1.63 1.69

Main Index Name Tunindex Tunindex Tunindex


Gains in Main Index (%) -2.26 1.11 1.29

PER 14.57 14.85 12.99

Dividend Yield (%) 3.6 3.6 3.9


EXCHANGES

UGANDA STOCK EXCHANGE


Total Value Traded USD 927,602 86,185,432 8,142,498

Equity Market Value Traded 927,602 86,185,432 8,142,498

Bond Market Value Traded 0 0 0

Others 0 0 0



Bond Market Volume Traded 0 0 0

Others 0 0 0

Total Number of Transactions 404 1,234 457

Equity Market Number of Transactions 404 1,234 457


Others 0 0 0





Exchange Rate/US$ 2521.1 2557.1 2598.29

Main Index Name ALSI ALSI ALSI


Gains in Main Index (%) 6.94% 0.37% 5.14%

P/E Ratio 17.49 17.33 18.85

Dividend Yield (%) 3.48% 3.44% 3.60%


EXCHANGES

ZIMBABWE STOCK EXCHANGE


Total Value Traded USD 25,244,550.43 66,399,632.85 34,056,010.69 Equity Market Value Traded 25,224,550.43 66,399,632.85 34,056,010.69

Bond Market Value Traded - - -

Others - - -

Total Volume Traded 322,407,141.00 328,161,452.00 210,942,393.00 Equity Market Volume Traded 322,407,141.00 328,161,452.00 210,942,393.00

Bond Market Volume Traded - - -

Others - - -

Total Number of Transactions 1,359.00 1,272.00 1,298.00

Equity Market Number of Transactions 1,359.00 1,272.00 1,298.00

Bond Market Number of Transactions - - -

Others - - -

Market Capitalization USD 4,959,213,299.00 5,186,634,353.00 5,140,164,893.00 Number of Listed Companies 66.00 66.00 65.00

Number of Traded Companies 62.00 62.00 62.00

Number of Trading Days 23.00 19.00 22.00

Exchange Rate/US$ - - - Main Index Name Industrials Industrials Industrials Main Index (Points) 188.08 196.43 195.25

Gains in Main Index (%) 0.81 4.44 (0.60)


EXCHANGES

BOTSWANA STOCK EXCHANGEExchange HousePlot 64511 FairgroundsGaborone BotswanaPrivate Bag 00417Telephone: (+267) 367-4400Fax:(+267) 318-0175Contact Person: Mr.Hiran Mendis (CEO)Website : http://www.bse.co.bw/Email : [email protected]

DOUALA STOCK EXCHANGE 1450 Bd de la Liberté Douala P.O Box 442, Douala, CAMEROONTelephone: 343-85-83Fax: 343-85-84Website: http://www.douala-stock-exchange.com/Email: [email protected]

BOLSA DE VALORES DE CABO VERDEAchada de Santo AntónioLg. Europa nº 16 CP 115/A PraiaCape Verde Ilha de Santiago C.P. 115/A CaboTelephone:+ (238) 260 30 30/31/32Fax:+ (238) 260 30 38Contact Person: Manuel Joaquim de LimaWebsite: http://www.bvc.cv /Email: [email protected] EGYPTIAN EXCHANGE5 Sherif El Saghir St. Down TownP.O.Box 358 Mohamed FaridPostal Code 11513, Cairo, EgyptTelephone: +20 2 23970461Fax: +20 2 23933984Contact Person: Mr. Mohamed FarragWebsite: http://www.egx.com.eg/Email:[email protected]

GHANA STOCK EXCHANGECedi House, 5th and 6th Floor Liberia RoadP O Box 1849, Accra, GhanaTelephone: +233 302 66-9908/9914/9935Fax:+233 302 66-9913Contact Person: Diana Okine, Manager Marketing & PR / Ekow Afedzie, Deputy Managing DirectorWebsite: http://www.gse.com.gh/Email: [email protected]

BRVM18 Joseph Anoma Ave, (Rue des Banques)Abidjan 01 BP 3802 Abidjan, Cote D’IvoireTelephone: (+255) 2032-6685Fax: (+255) 2032-4777Contact Person: Edoh Kossi Amenounve (Chief Executive/Director General)Website: http://www.brvm.org/Email: [email protected]

NAIROBI SECURITIES EXCHANGEThe Exchange, 55 Westlands RoadP O Box 43633 – 00100Nairobi, KenyaTelephone:+254 20 2831000Fax:+254 20 2224200Contact Person: Mr. Donald Ouma (Head of Market and Product Development)Website:http://www.nse.co.ke/Email:[email protected] LIBYAN STOCK MARKETBenghazi- Alshatea Street Hai Aljazeera (Juliana)Nearest Alfadl Hotel Tripoli- Omar Almoktar stTelephone: +218213365050, +218619093067Fax: +218213365025, +218619091097Contact Person: Mr. Husein MadjubWebsite: http://www.lsm.gov.ly/Email: [email protected]

MALAWI STOCK EXCHANGEOld Reserve Bank Building, Victoria AvenueP/Bag 270, Blantyre, MalawiTelephone: (+265) 0182-4233Fax: +(265) 0182-3636Contact Person: Mr. Symon W. Msefula(Chief Executive Officer)Website: http://www.mse.co.mw/Email: [email protected] STOCK EXCHANGE OF MAURITIUS4th Floor, One Cathedral Square Building16 Jules Koenig Street, Port Louis, MauritiusTelephone: (+230) 212 9541Fax: (+230) 208 8409Contact Person: Mr Sunil Benimadhu (Chief Executive)Website: http://www.stockexchangeofmauritius.com/Email: [email protected]

BOURSE DE CASABLANCAAngle Avenue des Forces Armées Royales et Rue Arrachid Mohamed, Casablanca, MoroccoTelephone:+(212) 22 45 26 26 27Fax:+(212) 22 45 26 25Contact Person: Mr. Ayoub YOUSSEFIWebsite: http://www.casablanca-bourse.com/bourseweb/en/index.aspxEmail:[email protected] BOLSA DE VALORES DE MOCAMBIQUEAvenida 25 de Setembro no. 12305th Floor Maputo, MozambiqueTelephone:+258-21-308826/7/8Fax:+258-21-310559Contact Person: Mrs. Anabela Chambuca (CEO) or Mr, Joao Pedro RodriguesWebsite:http://www.bolsadevalores.co.mz/Email:[email protected]

MEMBER CONTACT DETAILS


EXCHANGES

BOTSWANA STOCK EXCHANGEPrivate Bag 00417Office Block 6Plot 64511, FairgroundsGABORONE, BotswanaSwitchboard: +267 3674400Fax: +267 3180151Contact Person: Mr Hiran Mendis (Chief Executive Officer)Website: www.bse.co.bw

NAMIBIAN STOCK EXCHANGEP.O. Box 2401Robert Mugabe Avenue 4, Windhoek, NamibiaTelephone:(+264) 61 227-647Fax:(+264) 61 248-531Contact Person: Mr. Tiaan Bazuin (Chief Executive Officer)Website: http://www.nsx.com.na/Email:[email protected] NIGERIAN STOCK EXCHANGEStock Exchange House 2-4 Customs StreetP.O. Box 2457, Marina, Lagos NigeriaTelephone:+234 (0)1 448 9366 Mobile: +234 (0)808 034 7840Contact Person: N. Yvonne Emordi (Head of Strategy)Website: http://www.nse.com.ngEmail: [email protected]

SIERRA LEONE STOCK EXCHANGEBank of Sierra Leone Main Building30 Siaka Stevens Street, Freetown, Sierra LeoneTelephone: + 232 22 228150Contact Person: Mr. Gibrilla Sesay, Acting Director GeneralWebsite: Email:[email protected] RWANDA STOCK EXCHANGE1st Floor, Kigali City Tower,( KCT)P.O.Box 3882, Kigali RWANDATelephone: +250 252 575968Contact Person: Pierre Celestin Rwabukumba Website: http://www.rse.rw/Email:[email protected]

JOHANNESBURG STOCK EXCHANGEOne Exchange Square, Gwen Lane, SandownPrivate Bag X991174Sandton 2146, South AfricaTelephone:+27 11 520 7391Fax:+27 11 520 8998Contact Person: Mr. Geoff Rothschild(Director: Government and International Affairs)Website: http://www.jse.co.za/Email:[email protected]

KHARTOUM STOCK EXCHANGE Al Baraka TowerP.O. Box 10835 KhartoumTelephone: +249782152, +249782250Fax: +249782225Contact Person: Mr. Osman KhairWebsite: http://www.kse.com.sd/Email:[email protected] ES SALAAM STOCK EXCHANGEGolden Jubilee Towers14th Floor Ohio StreetP. O. Box 70081 Dar es Salaam, TanzaniaTelephone:+255 22 2128522Fax:+255 22 2133849Contact Person: Moremi MarwaWebsite: http://www.dse.co.tzEmail: [email protected] BOURSE DE TUNIS34, Avenue de la Bourse, les Jardins du Lac,1053, Les Berges du Lac 2, Tunis TunisieTelephone:+ 216 71 197 910Fax: +216 71 197 903Contact Person: Abderraouf BOUDABOUSWebsite: http://www.bvmt.com.tn/Email: [email protected]

UGANDAN SECURITIES EXCHANGEPlot 71/73, Kampala Road, Prism Building 4th FloorP.O. Box 23552 Kampala, UgandaTelephone:+256 414 343297/342818Fax:+256 414 342841Website:http://www.use.or.ug/Email:[email protected] LUSAKA STOCK EXCHANGE3rd Floor, Exchange Building, Central Park, Cairo RoadP O Box 34523 Lusaka, ZambiaTelephone:(+260) 1 228391/228537/228594Fax:(+260) 1 225969Contact Person: Mr. Brian Tembo (Chief Executive)Website:http://www.luse.co.zm /Email:[email protected]

ZIMBABWE STOCK EXCHANGE4th Floor , 101 Union Avenue, HarareP O Box CY 2231, Causeway Harare, ZimbambweTelephone:+263 4 701097/7, 252779/80Fax:+263 4 762348Contact Person: Martin Matanda(Operations Executive)Website:http://www.zse.co.zw/Email:[email protected]

MEMBER CONTACT DETAILS

AFRICAN SECURITIES EXCHANGES ASSOCIATION

The Exchange, 55 Westlands RoadP.O. Box 43633 - 00100 Nairobi Telephone: +254 20 2831000Contact: [email protected]

Website: www.african-exchanges.org

Documents

A Newsletter 0f AFRICAN EXCHANGES · 2017-10-03 · 4 AFRICAN I 2014 I Issue 3 A Newsletter 0f AFRICAN EXCHANGES EXCHANGES Sun, Sand & Securities 23rd - 25th November, 2014 Leisure