Exchange news

Exchange news

Waiting for Nairobi SE demutualization

Stakeholders in the Kenyan capital market are still waiting for changes to the Capital Markets Act to allow demutualization of the Nairobi Stock Exchange. According to a recent report in the Standard, Peter Mwangi, NSE chief executive, said amendments to the CMA Act would come into force on 1 January 2011.

Exchange news

Nigerian SE to boost market cap by 37% if it lists Dangote Cement

Nigeria’s biggest cement producer has been approved for listing on the Nigerian Stock Exchange, and is expected to boost market capitalization by 37% in the process

Exchange news

Nigerian SE may be privatised

The Nigerian Stock Exchange could be demutualized and foreign exchanges may be invited to invest, accroding to Ms Arunma Oteh, Director General of the Securities and Exchange Commission. She said first steps are to bring in a good team to run the exchange.

Exchange news

Rwanda regulator approves cross-listing of Nation Media

Rwanda’s capital market regulator told Bloomberg newsagency on 7 September that it had approved the cross listing of shares in Nation Media Group Ltd., and the cross listing could come this month.

Exchange news

Ghana SE to set up small business market

The Ghana Stock Exchange is to establish a separate market so that smaller businesses can raise capital for expansion

Exchange news

Africa investor conference, New York, 17 September

Africa investor is holding its annual Index Series conference at the New York Stock Exchange on 17 September. The aim is to bring African CEOs and capital markets leaders to meet investors, including sessions on private equity, bonds markets and stock exchanges.

Exchange news

Volatility boosts JSE first half year results

After a strong first half performance, the JSE Limited, which operates the Johannesburg Stock Exchange, is making 2010 a year of consolidation. Africa’s biggest exchange reported a 14.5% increase in revenue but managed to control its operating costs, leading to increased net profit after tax of R207.6 million (US$28.4 mln) up 13.1% on H1 in 2009, when it was R183.5 mln.

Exchange news

For capital markets managers – how the JSE gets its revenues

For full details, the interim results for the first half year to June 2010 are published on the JSE website. A recent JSE press release …

Exchange news

Swaziland issues first 3-year Government debt, raises $34 million

The Central Bank of Swaziland on 27 August sold the first longer-term Government bonds to raise money for development projects. It plans further sales this year, a central bank official told Bloomberg news agency.

Exchange news

SEC clamps down on Nigerian Stock Exchange, sacks DG and orders President to stop acting

The Securities and Exchange Commission has moved in hard on the Nigerian Stock Exchange on 4 August, ordering the Director-General to leave her post and Alhaji Aliko Dangote, one of Africa’s richest men, to stop acting as NSE President. The SEC appointed the former chief executive of audit firm Deloitte in West and Central Africa, Emmanuel Ikazaboh, as interim manager.

Exchange news

Phosphate miner is 63rd listing on Namibian Stock Exchange

Australia’s Minemakers Limited on 27 July became the 63rd company to list on the Namibian Stock Exchange when it joined the Development Capital Board (DevX). Minemakers has interests in phosphate mining – for which it says Namibia has the world’s sixth biggest resource – used in making fertilizers.

Exchange news

Preparations continue for Angola Securities Exchange (BVDA)

Angola will have a securities exchange covering equities and other securities – including derivatives – in 2011, according to a report on the Angolan Press Agency. The report cites remarks by Finance Minister, Carlos Alberto Lopes who was speaking on 28 July in Luanda at a seminar on Insurance and Pension Funds.

Exchange news

African Stock Exchanges Association 2010 conference in Zambia (11-12 November)

Zambia’s Lusaka Stock Exchange will host the 14th African Stock Exchange Association (ASEA) conference from 10 -12 November. The theme this year is “Integration of African Capital Markets through Technology” which occupies a few sessions.

Exchange news

Nigeria Stock Exchange – Dangote’s struggle to be President, also denies management succession crisis

The Nigeria Stock Exchange on 26 July denied that there was any succession crisis. Court cases on the succession had led to there not being any meetings of the Council said the NSE. The court wrangles following the election of the reported billionaire business mogul Alhaji Aliko Dangote as President of the NSE.

Exchange news

Zimbabwe Stock Exchange fails to attract investors

“Currently our capitalisation is just above US$3 billion and is falling, but if we attract big companies to list, especially in the mining and banking sectors, we can grow the size of the market up to levels of US$10 billion.” These brave words come from the new chair of the management committee of the Zimbabwe Stock Exchange, Ndodana Mguquka.

Exchange news

NASDAQ Dubai outsources equities trading and settlement to Dubai Financial Markets

From when trading started at 10am last Sunday, 11 July, NASDAQ Dubai is routing listed equities trades through the trading platform of Dubai Financial Market. NASDAQ Dubai is one of the leading exchanges contesting the crown of financial centre of the Middle East and North Africa, and also has potential for channeling investments into African countries.

Exchange news

Rwanda continues to ready for BRALIRWA public offer

Preparations continue in Rwanda for the listing of BRALIRWA. It will be the first Initial Public Offer on the Rwanda Over-The-Counter stock market

Exchange news

Uganda moves towards immobilization

The Uganda Securities Exchange is aiming to finish immobilizing the shares listed for trading on 28 June, according to a statement issued by the bourse, as reported in local media. Companies whose shares are being moved into electronic form include Bank of Baroda, East African Breweries, Equity Bank, Jubilee Holdings, Kenya Airways, National Insurance Corporation and British American Tobacco.

Exchange news

More trading records fall as JSE passed 200k trades in a day

South Africa’s full service securities exchange, the JSE Ltd, on 17 May recorded 205,748 trades valued at more than R20 billion (US$2.6 billion). This coincided with the JSE’s equity futures “close out” when trades in derivatives called futures contracts had to be settled.
It is the first time in its 123-year history that more than 200,000 trades have been done in a day. On 7 May 2010 the previous record number of trades was 189,253.

Exchange news

Car dealer offers shares before double listing in Tunis and Casablanca

Tunisian car retailer Ennakl Automobiles, official distributor of Volkswagen, Seat, Audi and Porsche and part of the Group Princesse El Materi Holding, headed by Mohamed Sakher El Materi Holding, is offering 40% of its share capital for sale. This is preparation to a double listing of 30% of its capital on the Tunis stock exchange and 10% on the Casablanca stock exchange in Morocco. The offer is open from 23 June – 2 July.