Talks have started in Liberia on establishing a stock exchange and the Central Bank of Liberia is set to play a leading role, according to CBL Executive Governor Dr. J. Mills Jones.
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.
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.
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.