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[FSRA] QUARTERLY STATISTICAL BULLETIN 1St APRIL 2018

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[FSRA] QUARTERLY STATISTICAL BULLETIN 1St APRIL 2018 FINANCIAL SERVICES REGULATORY AUTHORITY [FSRA] QUARTERLY STATISTICAL BULLETIN 1st APRIL 2018 – 30TH JUNE 2018 SECOND QUARTER (Q2-2018) CAPITAL MARKETS DEVELOPMENT DIVISION 1 | P a g e Contents Contents .................................................................................................................................................. 2 Table of Figures ....................................................................................................................................... 3 1. INTRODUCTION .............................................................................................................................. 4 1.1 Highlights: Overview of the Capital Market Industry .................................................................. 4 2. Overview ............................................................................................................................................. 5 2.1 Collective Investment Scheme Managers ..................................................................................... 5 2.2 Collective Investment Scheme (CIS) Asset Allocation ................................................................ 7 2.3 Investment Advisory ................................................................................................................... 10 3. Domestic Securities Exchange Report............................................................................................... 11 3.1 LISTED EQUITY COMPANIES ........................................................................................................ 11 3.2 EQUITY TURNOVER ........................................................................ Error! Bookmark not defined. 3.3 CAPITAL GAINS COMPARISON ON EQUITY PRICES ..................................................................... 12 3.4 SSX ALL SHARE INDEX TREND ......................................................... Error! Bookmark not defined. 3.5 MARKET CAPITALISATION ........................................................................................................... 13 3.8 MARKET CAP. IN 2nd QUARTER 2018............................................................................................. 15 3.9 GOVERNMENT DEBT ...................................................................... Error! Bookmark not defined. 3.10 CORPORATE BONDS ..................................................................... Error! Bookmark not defined. 3.11 NEW BOND ISSUANCES ................................................................ Error! Bookmark not defined. 3.12 SSX MEMBERS .............................................................................. Error! Bookmark not defined. 3.13 CORPORATE EVENTS ON THE SSX ............................................................................................. 19 4.0 LICENCED ENTITIES .......................................................................................................................... 20 2 | P a g e Table of Figures Figure 1 - Evolution of Total Assets ......................................................................................................... 4 Figure 2: Geographical Allocation of Total Assets .................................................................................. 5 Figure 3: Source of Funds (CIS) ............................................................................................................... 6 Figure 4: Geographical breakdown of assets under management (CIS)................................................. 7 Figure 5: Assets Allocation (CIS) .............................................................................................................. 8 Figure 6: Money Market Asset Allocation............................................................................................... 8 Figure 7: Geographical breakdown of CIS Assets .................................................................................... 9 Figure 8: Geographical breakdown of Money Market Assets .............................................................. 10 Figure 9: Geographical breakdown of Total Assets under Advisory ..................................................... 10 Figure 11: SSX All Share Index 2017 VS 2018 ........................................... Error! Bookmark not defined. Figure 12: SSX Market Capitalization 2017 VS 2018 ................................ Error! Bookmark not defined. Figure 13: Government Bonds as at Q2-2018 .......................................... Error! Bookmark not defined. Disclaimer: While reasonable care has been taken to prepare the Statistical Bulletin, the Authority accepts no responsibility or liability whatsoever resulting from the use of information contained herein. Note further, that the FSRA has no objection to the material contained herein being referenced, provided an acknowledgement of the same is made. Any comments and/or suggestions on any of the statistics may be sent to [email protected]. 3 | P a g e 1. INTRODUCTION Financial data reported in the Financial Services Regulatory Authority (FSRA) quarterly Statistical Bulletin has been sourced from licensees’ statutory returns to the FSRA. The data from the statutory returns is for the second quarter ended 30 June 2018. All the figures reported in the statutory returns and in this bulletin are in Emalangeni. 1.1 Highlights: Overview of the Capital Market Industry As at 30th June 2018, assets managed and advised within the capital markets industry, decreased by 1% to E 25 040 076 641.28 from the E 25 238 451 570.29 reported in Q1-2018. The assets in the capital markets industry as at 30 June 2018 represents 56% of GDP. The assets under management for the quarter under review decreased from E6 993 153 403.96 reported in Q1-2018 to E6 037 998 339.30. This represents a 13.6% decrease in assets under management as compared to the previous period. Assets under advisory increased by1.2% from E 18 816 513 395.94 in Q1 to E 19 002 078 301.98 in Q2. Figure 1 below, depicts the growth in total assets from Q1-2015 to Q2-2018. Figure 1 - Evolution of Total Assets Figure1-Evolution of Total Assets As At 30 June 2018 30 000 000 000,00 25 000 000 000,00 20 000 000 000,00 15 000 000 000,00 10 000 000 000,00 5 000 000 000,00 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1- Q2 - 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 Source: FSRA 2018 4 | P a g e Figure 2 below illustrates the geographic asset allocation of all assets within the capital markets industry. As seen in the graph, 26% are invested domestically; 60% are invested within the Common Monetary Area (CMA), excluding Swaziland; and 14% is invested offshore (Outside of CMA). It is worth noting that currently, Investment Advisors do not have a local asset requirement, hence they tend to skew the geographic asset allocation away from domestic assets. Figure 2: Geographical Allocation of Total Assets Figure 2- Geographical Allocation Of Total Assets As At 30 June 2018 Domestic - 26% CMA - 60% Offshore - 14% Source: FSRA 2018 2. Overview 2.1 Collective Investment Scheme Managers The total assets under management for the quarter under review were E 6 037 998 339.30. The source of funds of these assets are depicted in figure 3 with 46% from pension funds 19% from companies while retail investors accounted for 17%. 5 | P a g e Figure 3: Source of Funds (CIS) Collective investments scheme source of funds Retail -17% Professional Investors/High Net Worth -4% Institutional-Pension - 46% Institutional-Medical Aid Scheme - 1% Institutional-Insurance short term - 1% Institutional-Insurance long term - 2% Unit Trust Schemes - 8% Companies - 19% Institutional-SACCO - 0% Institutional-Other- 2% Source: FSRA 2018 6 | P a g e On aggregate, the 50% local asset requirement was met by the Collective Investment Scheme Managers, having invested 57% of their assets in local (Eswatini) assets, as illustrated by figure 4. Figure 4: Geographical breakdown of assets under management (CIS) Figure 4- Geographical Breakdown Assets Under Management as at 30 June 2018 Domestic -57% CMA-30% Offshore-13% Source: FSRA 2018 2.2 Collective Investment Scheme (CIS) Asset Allocation Figure 5 gives an overview of the types of assets that are being invested in. As at 30 June 2018, 41% were money markets, 13% were collective investment schemes, 7% were equities and 31% were other portfolio assets. Collective Investment Schemes represents assets that are re- invested in foreign collective investment schemes. Other portfolio assets consist of financial derivatives and money market funds of asset managers in the common monetary area (CMA) and offshore. 7 | P a g e Figure 5: Assets Allocation (CIS) Figure 5- Structure Of Assets As At 30 June 2018 Corporate Bonds - 3% Bonds/ Debentures - 5% Equities - 7% Collective Investment Schemes - 13% Real Estate -0% Other Portfolio Assets - 31% Money Markets - 41% Source: FSRA 2018 The money markets are further broken down with the aggregate holdings shown in figure 6, 0% were in commercial paper, 18% were treasury bills, 51% were cash holdings in banks and 30% were in certificates of deposits. Figure 6: Money Market Asset Allocation Figure 6- Money Market As At 30 June 2018 Treasury Bills -18% Negotiable Certificate of Deposit - 30% Commercial Paper - 0% Banks - 51% 8 | P a g e Source: FSRA 2018 Figure 7 gives a geographical breakdown of the aggregate investment holdings. In the quarter under review, 41% of fund holdings were in the money markets. This suggests that collective
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