Kenya seeks to change investor protection
Proposed amendments to Kenya’s Capital Markets Authority (CMA: www.cma.or.ke) Act would block institutional investors from getting compensation for money lost in cases of collapse of …
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Proposed amendments to Kenya’s Capital Markets Authority (CMA: www.cma.or.ke) Act would block institutional investors from getting compensation for money lost in cases of collapse of …
Stockbroker and investment bank Exotix Limited says the Ghana Stock Exchange’s All-Share Index has so far been the world’s worst performer in 2009, falling 49% after being among world beaters in 2008 with a 58% gain. London-based analyst Christopher Hartland-Peel says the index is likely to climb 25% to 30% in 2010 as the west African nation starts producing oil for export.
It has been hard to get news of the African Stock Exchanges Association this year, but news reports talk of integration between the Ghana and Nigerian stock exchanges and the Bourse Regionale des Valeurs Mobilieres, an African share prices index and better regulation and corporate governance.
South African investors can trade two of the best-known IT names through the listing of single stock futures (SSFs) on Microsoft (www.microsoft.com) and Google (www.google.com) on the JSE Limited (www.jse.co.za) on 11 December.
The curriculum of the Securities Industry Training Institute (SITI) has been launched in Kampala, Uganda.
SITI aims to standardize training on a wide range of programmes on capital markets and investments, corporate finance, asset management, entrepreneurship, corporate governance and other related fields of study. Eventually, all brokers, fund managers and investment advisors will require certificates to operate.
Another step has been taken towards the appointment of the new Director-General for Nigeria’s Securities and Exchange Commission. The Senate last week confirmed the appointment of Ms. Arunma Oteh, currently Vice President Corporate Management at the African Development Bank (AfDB) and focusing on the bank’s institutional development.
The Uganda Securities Exchange (www.use.or.ug) is seeking innovative steps to make its market more relevant to the development needs of the local economy by relaxing listing rules to allow smaller and medium-size enterprises.
Kenya is considering speeding up plans to privatize the Nairobi Stock Exchange (www.nse.co.ke), the biggest market in East Africa. The aim is initially that stockbrokers …
Zimbabwe’s 2010 budget includes slashing transaction costs on the Zimbabwe Stock Exchange (ZSE) by more than half, to 3.21% (buying 1.73%, selling 1.48%) from 7.5%, according to a local stockbroker.
The recently formed Egyptian Financial Supervisory Authority (www.efsa.gov.eg) is tightening regulation for listed companies and other financial market intermediaries. It is working with the Egyptian Stock Exchange (www.egyptse.com) to combat insider trading and improve disclosure, including urging better investor relations skills. Good regulation is critical to attracting local and foreign investment.
The African Securities Exchanges Association (ASEA) is set to discuss “Global Crisis: Opportunities for African Capital Markets” within 2 weeks. The 13th ASEA conference will be hosted by the Nigerian Stock Exchange (NSE) from 2-5 December 2009.
The Nigerian Stock Exchange is seeking some US$33 million in capital for its fifth software upgrade and also to help finance the Sierra Leone stock exchange.
From 9 November, Nigeria’s Securities and Exchange Commission is to call stockbrokers and other market participants before its Administrative Proceedings Committee (APC). This is part of joint investigations into the financial sector.
Extracts from the keynote speech by US stockbroker Jonathan Auerbach at a joint conference between his company, Auerbach-Grayson & Company, Nedgroup Securities and Nedbank Capital on 5-6 October in Johannesburg.
Three excellent sites offer fine material and services on promoting investor relations, and feature an enticing line-up of online published annual reports of listed companies from all over Africa as well as many other useful tips and advice.
The Nairobi Stock Exchange (NSE) has readvertised its request for IT vendors to express their interest in providing a Broker Back Office (BBO) system to handle administration and client accounts for its 18 active and licensed stockbroking members. The closing date is 27 October.
A bill to regulate the capital markets and collective investment schemes was tabled in the Rwandan Parliament last week.
South Africa’s securities exchange, the JSE Ltd (www.jse.co.za), is offering trading in gold, platinum and sweet crude oil futures contracts on its commodities derivatives market.
Kenya’s Capital Markets Authority is giving limited refunds to people who lost money with stockbroker Nyagah Securities which collapsed in 2008 and it has set up a telephone hotline for people to report suspect dealings.
New bond issues are springing across Africa, including Kenya’s Kengen issue for more power generation which closed on 29 September, and bank issues in Nigeria and Uganda.
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