Tunisia Stock Exchange positive on economic prospects
Share prices on the Tunisian Stock Exchange have been moving ahead all November, starting with a positive reaction to the meeting between Rachid Ghannouchi, leader of the Islamist Ennahda party and stock market executives only days after the election and moving forward as the politics progressed well.
African Stock Exchanges Association conference tackles key issues
Developing Africa’s securities exchanges is critical for the continent’s development, with capital markets standing between huge demand for capital for growth and huge demand to invest. The key issues are on the agenda of The 15th Annual African Securities Exchange Association conference (in Marrakesh, Morocco), hosted by Casablanca Stock Exchange, 12-13 December.
Mobius remains bullish on Nairobi Securities Exchange, says FT
Mark Mobius, veteran emerging markets investor and head of Templeton Emerging Markets, is bullish about the Nairobi Securities Exchange (NSE), although it is the worst-performing stock market in sub-Saharan Africa this year, according to the Financial Times.
Precision Air IPO launches tomorrow in Tanzania
The Initial Public Offering (IPO) of 58,841,750 shares at TSh 475 (US$ 28 cents) each in Tanzania’s Precision Air Services is set to start on 7 October and continue to 28 October, aiming for a listing and trading on the Dar Es Salaam Stock Exchange from 8 December.
Kenya’s Capital Markets Authority regulator proposes corporate governance law
Kenya’s Capital Markets Authority has drafted proposals on corporate governance and is waiting for approval so they can be gazetted and become law.
Dar Es Salaam bourse aims for IPO and 2 cross listings, capital controls easing
The Dar Es Salaam Stock Exchange aims to increase to 18 listed companies and is preparing for an initial public offering (IPO) for Precision Air during September and cross-listings of 2 mining firms listed in London. Tanzania is also set to ease controls on the amount of shares foreigners can buy.
JSE sets new trading record – 230,797 trades on 10 August
South Africa’s Johannesburg Stock Exchange says that a record number of trades were executed on the exchange today (10 August). The new record is 230,797 trades, valued at more than $4 billion.
Nigeria’s Securities and Exchange Commission educates, partners Nollywood film
Nigerian regulator, the Securities & Exchange Commission, is travelling the country to build education and awareness. SEC Director General Arunma Oteh, SEC Commissioners and senior officials visited Port Harcourt, capital of Rivers State, for 4 days of meetings with stakeholder groups.
British American Investment launches Kenya IPO
British American Investment Company (Kenya) Ltd launched its initial public offer (IPO) this week. It aims to raise KES 5.58 billion (US$62.2 million) for expansion. The offer is open until 5 August, and it to list its shares on the Nairobi Stock Exchange.
BRVM bourse comes home from 16 May
West Africa’s Bourse Regionale des Valeurs Mobilieres BRVM regional stock exchange is to move trading operations back to Cote d’Ivoire next Monday (16 May), after moving to Mali to avoid a violent political crisis.
Rwanda Chair calls for integrated East African capital market
Dr James Ndahiro, Chairperson of the Rwanda Stock Exchange, said East African countries should form a single stock market by 2015.
JSE Africa Board launches advisory committee to boost appeal
The JSE securities exchange has appointed an advisory committee to boost its JSE Africa Board to achieve its mission and attracet dual listings to a world-class stock exchange platform and help attract capital.
JSE revenues climb 9% despite challenging year
South Africa’s securities exchange the JSE Limited increased group revenues by 9% to R1,255 million ($178 mn) from R1,156 mn in 2009. Results were driven by strong performances from the cash equity market, information products sales and commodity derivatives.
Giant growth foreseen for African stock exchanges over 10 years
African exchanges could grow dramatically in both market capitalization and turnover in the coming decade, following the explosive trends already charted by the Indian and Chinese markets. This was the view of Sunil Benimadhu, President of the African Stock Exchanges Association (ASEA), speaking at an African investment conference organized by stockbroker Securities Africa in London on 14 March.
Stock exchange merger trend will end with “three, four” global exchanges
The world is moving into fast consolidation of stock exchanges through mergers and acquisitions among the world’s giant exchanges. London Stock Exchange chief executive Xavier Rolet said: “In five years there will be three, four international exchange groups with global distribution capabilities”.
Egyptian Exchange again delays reopening
The Egyptian Exchange has again postponed its reopening and says it will only open when the strike-hit banking system gets back to normal. Dates mentioned include 20 or 22 Feb, and the bourse is likely to introduce rules to limit trading volatility. It closed on 27 Jan after a 16% fall in its EGX30 Index.
Cote d’Ivoire defaults on $2.3bn Eurobonds
Cote d’Ivoire has formally reneged on $2.3 billion of Eurobonds, becoming the first nation to default since Jamaica in January 2010. The default comes after it was unable to pay $29 million of interest which had become due and after a 30-day grace period had expired. However, the market appears to have faith the crisis will eventually end.
London Stock Exchange sets love date for switch to MillenniumIT system
The London Stock Exchange is hoping for some love from traders, by announcing 14 February – Valentine’s Day – as the date to switch to anew system for its main SETS trading platform to systems provided by its subsidiary, MillenniumIT. The switch was delayed after a 2-hour outage on 2 November on the LSE’s Turquoise pan-European multi-lateral trading facility, already using technology provided by MillenniumIT.
Tunisie Telecom aims to list on Tunis and Paris stock exchanges
Tunisie Telecom has announced the first stage of registration with the aim of listing on the Tunisian stock exchange Bourse de Tunis and NYSE Euronext Paris with a reference document filed with regulators in Tunis and France on 17 December.
Kenya regulator cuts bond charges, banks still push for bond OTC market
Kenya’s Capital Markets Authority has cut the cost of trading bonds from 0.04% per cent (KSh400 for every KSh1 million transacted) to 0.035% (KSh350 for every KSh1 mn) in order to pass on the lower costs due to automated trading on the Nairobi Stock Exchange. Banks say they still want an Over-The-Counter market to trade bonds alongside the NSE.