South Africa is ranked 1st out of 139 countries for its regulation of securities exchanges, according to the latest World Economic Forum Competiveness Report 2010-2011. Previously South Africa was 2nd but it has overtaken Sweden for the top position.
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.
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 …
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.
South Africa’s first, specialised, private equity clean technology fund, Evolution One Fund, has reached its final closing after raising R700 million (US$92 million) from local and foreign investors, including development finance institutions, a family office and sovereign wealth funds. This capital is to be invested into equity in clean technology projects and enterprises including new energy and environment focused technologies in South Africa and across the Southern African Development Community
Adlevo Capital Managers (www.adlevocapital.com) announced on 10 June that it has completed the first closing of Adlevo Capital Africa LLC fund with capital commitments of US$52 million. The fund will make expansion capital investments into companies with technology-enabled business models across sub-Saharan Africa.
South Africa’s JSE stock exchange is requiring listed companies to integrate their sustainability reports with their annual reports, with effect from this month. According to a report in Business Day newspaper Mervyn King, chairman of the King committee and a leading expert on governance, said: “SA is among the first countries in the world to require integrated reporting of listed companies.”
Volatility and increased uncertainty in global markets last week meant extra demands for huge trading volumes on world markets. South Africa’s JSE Ltd. handled the increased action and it broke three trading records with record numbers of trades first on Wednesday and then again on Friday. At least one leading US exchange had some error trades last week.
South Africa’s JSE Ltd this week announced that it was close to creating Africa’s first “dark pool” for trading large orders. These are structures that allow bidders to post and transact very large orders or block orders without disrupting the market, for instance prices and volumes may not be revealed publicly before the trade but only get posted after the event.
South Africa could be the centre of mining finance for Africa, according to Mick Davis, CEO of international mining company Xstrata, as reported in the local Business Day newspaper. However, he is reported to have told a business school audience that restrictions by the JSE Ltd stock exchange and remaining exchange controls made this almost impossible to achieve.
Companies on Johannesburg’s Alternative Stock Exchange (AltX), a division of the JSE Ltd (www.jse.co.za), continue to struggle to attract sufficient mainstream attention. However, at a recent conference, one fund manager told them to concentrate on running their companies well and not to watch the share price continuously.
Conservation tourism pioneer Wilderness Safaris is aiming for a primary listing on the Botswana Stock Exchange (www.bse.co.bw) and a simultaneous secondary listing on the Johannesburg Stock Exchange’s Africa Board on 8 April. The company’s Botswana and South Africa share offers are set to close on 26 March.
Imara Holdings Ltd, an investment banking and asset management group with operations in 10 countries mostly in southern Africa, aims to expand in Zimbabwe, according to Zimbabwe’s Herald newspaper.
African Capital Markets News recently visited Johannesburg and has an EXCLUSIVE email interview with Geoff Musekiwa of the JSE on 2010 prospects for Africa’s securities exchanges.
Financial information company McGregor BFA is offering investors new products, Realtime, which will stream data from South Africa’s JSE Limited securities exchange at lower cost
South Africa’s Nedbank has announced an agreement with international non-governmental organisation Wildlife Works Incorporated to launch an African carbon credit scheme.
South African listed companies are to change accounting standards next July, after the Department of Trade and Industry in December released the long-awaited regulations to the new Companies Act of 2008.
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.
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.
Trading soared 31% in number of deals on the JSE Ltd (South Africa’s Johannesburg Stock Exchange) and the merger with teh Bond Exchange of South Africa was finalized, promising dynamic new growth in the South African interest-rate market.
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