January 14, 2011

Exchange news

Nigerian Stock Exchange asks stockbrokers to recapitalize

The Nigerian Stock Exchange is warning stockbrokers that they must meet capital adequacy requirements. Dealing members and stockbroking firms require a capital base of N1.5 billion (US$9.8 million), while issuing houses are required to have N5 bn.

Nigeria

Nigerian Stock Exchange Annual Review 2010

The Nigerian Stock Exchange reported on 19 January that a total volume of 93.3 billion shares valued at N797.6 billion (3.2% of gross domestic product) were traded in 2010, with volume down 9% and value up 16% compared to 2009 when 102.8 billion shares were traded, valued at N685.72 billion (2.9% of GDP).

Exchange news

Zimbabwe Minister “blocks” Duration gold miner’s Toronto SE listing

According to media reports, Zimbabwe’s Indigenization Minister Saviour Kasukuwere is declining to give permission for leading gold miner Duration Gold to raise US$7 mn by listing on the Toronto Stock Exchange, using powers to block equity deals if he is not sataisfied the company complies with indigenization rules introduced last March.