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Edition-6.Pdf OCK T S E X A C N H A B A W S N S G T EE O B ISSUE NO.6 • APRIL – JUNE 2019 P25 (INCLUDING VAT) Sold In Botswana Only BSEL NEWS • APRIL - JUNE | 2019 2 FOREWORD ello Readers. It is my pleasure to welcome you to the latest edition of the Botswana Stock Exchange Limited (BSEL) publication, H the BSEL News. Time really does fly by when you are having fun! This year, the national stock exchange turns 30! As you are all aware, we trace our humble beginnings to 1989 when Botswana’s local capital market operated as an informal market with five (5) listed companies and one (1) brokerage firm. In subsequent years that followed, the Botswana Share Market was formalized through an act of Parliament in 1994 (The Botswana Stock Exchange Act) to become the Botswana Stock Exchange. From inception, the BSEL As we fast-track the years, in 2018, the Botswana Stock has now increased its Exchange fully demutualized following its conversion from a product offerings to three mutual exchange to a company incorporated in terms of the (3) asset classes consisting Companies Act of Botswana to become the Botswana Stock of equity, bonds and Exchange Limited. Indeed, it has been quite the journey. With the support of various stakeholders, we have seen the exchange traded funds tremendous development of Botswana’s capital market as we (ETFs). Moreover, to stay now rank amongst the continent’s best stock exchanges. abreast and maintain a competitive advantage, From inception, the BSEL has now increased its product offerings to three (3) asset classes consisting of equity, bonds we have ensured and exchange traded funds (ETFs). Moreover, to stay abreast that improvements in and maintain a competitive advantage, we have ensured that technology become improvements in technology become a vital aspect of our a vital aspect of our operations. In 2008, we introduced the Central Securities Depository Botswana (CSD) system and established the Central operations. Securities Depository Botswana (CSDB). 3 BSEL NEWS • APRIL - JUNE | 2019 FOREWORD The CSD has facilitated the dematerialization of Lastly, the BSEL joined hands with the rest of shares, bonds and ETFs and has improved the the world to commemorate and celebrate gender safety of these assets. In 2012, we commissioned equality by acknowledging International Women’s the Automated Trading System (ATS) to replace Day on 8th March, 2019 through our monthly the manual trading of securities. Opening Bell Ceremony. The Co-Chair of the Global HIV Prevention Coalition and the Co- The ATS is integrated with the CSD system to Chair of the Nursing Now Global Campaign, ensure efficient clearing and settlement of trades. Professor Shelia Tlou, was the Guest of Honour The implementation of the CSD and ATS projects as we centered the conversation on celebrating along with other market development initiatives women's achievements and contributions in our has led to increased trading activity on the BSEL. country as we strive towards a more gender- balanced world through recognizing this year’s Quarter one (Q1) of 2019 also saw the kick start theme, ‘Balance for Better’. of our flagship public outreach programme in Hukuntsi, the Annual BSEL Open Days. Open We hope you enjoy this edition of the BSEL News. Days are a strategic market development initiative Your feedback is important to us, therefore feel aimed at educating the public about the operations free to utilize any of our platforms to provide it. of the stock exchange. During this half-day event, the Chief of Hukuntsi, Kgosi Cosmas Moapare officiated and delivered the Official Remarks with ‘Your Partner in Wealth Creation’ over 200 residents of Hukuntsi in attendance. Thapelo Tsheole Chief Executive Officer BSEL NEWS • APRIL - JUNE | 2019 4 Botswana Stock Exchange Limited OCK T S E X A C N H A B A W S N S G T EE O B NEWSPUBLISHED EVERY QUARTER h Established in 2017 h Published by the Botswana Stock Exchange Limited h Physical Address – 4th Floor, Fairscape Precinct, Plot 70667, Fairgrounds h Postal Address – Private Bag 00417 h To place an advert call +267 3674420 or email [email protected] h Website www.bse.co.bw Botswana Stock Exchange @TheOfficialBSE Botswana Stock Exchange Botswana Stock Exchange theofficialbsel 5 BSEL NEWS • APRIL - JUNE | 2019 CONTENTS 8 KNOW YOUR STOCK MARKET TERMS 38 INTERVIEW AN OVERVIEW OF THE BOTSWANA 9 A FOCUS ON THE YEAR THAT WAS 40 BOND INDEX SERIES 15 JANUARY OPENING BELL CEREMONY 44 FAQS 16 FEBRUARY OPENING BELL CEREMONY 46 BROKER RESEARCH 17 MARCH OPENING BELL CEREMONY 52 COMPANIES AND YEAR OF LISTING ON THE BSEL BSEL WINS THE BEST EDUCATIONAL 18 54 BSEL REGISTERED ADVISERS INITIATIVE AFRICA AWARD THE AFTERMATHS OF THE 2019 BUDGET 20 55 CAPITAL RAISED OF SOME LISTED COMPANIES SPEECH PROJECTIONS TLOU ENERGY SET TO PIONEER 24 56 AFRICA BOTSWANAS CBM INDUSTRY THE EVOLUTION OF THE BOTSWANA POSITIVE IMPACTS THROUGH DIPOELO 27 60 STOCK EXCHANGE LIMITED PROGRAMME 28 WORDS FROM BSEL MANAGEMENT 61 SAVE THE DATES THE WORLD FEDERATION OF EXCHANGES (WFE) 35 CEO'S OUTLOOK 62 PUBLISHES 2018 FULL YEAR MARKET HIGHLIGHTS The BSEL NEWS is a quarterly magazine published • Disclaim any and all liability and responsibility to by the Botswana Stock Exchange Limited (BSEL). All any person or party, be they a purchaser, reader, rights reserved. No part of this publication may be advertiser or consumer of this publication or not reproduced, distributed, or transmitted in any form or in regards to the consequences and outcomes of by any means, including photocopying, recording, or anything done or omitted being in reliance whether other electronic or mechanical methods, without the partly or solely on the contents of this publication prior written permission of the publisher, except in the and related website and products; case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted • Are not responsible in any way for the actions by copyright law. The BSEL worked with a team of or results taken by any person, organization or contributors to compile this publication. any party on the basis of reading information, or contributions in this publication, website or related The content of this publication is made available on product. the terms and conditions that the publisher, editors, contributors and related parties; For permission requests, write to the publisher. • Shall have no responsibility for any action or omission by any other contributor, consultant, Contributors in this edition: Imara Capital Securities, editor or related party; Bakang Tiro, Koobonye Ramokopelwa and Keabetswe Newel. BSEL NEWS • APRIL - JUNE | 2019 6 HALF PAGE ADVERT – ARTHUR PORTLAND BSEL RADIO SHOWS CATCH US ON ANY OF OUR RADIO SHOWS • Monday 0630-0635 RB1 Sefalana sa Papadi • Thursday 1830-1845 RB2 Understanding Stock Markets • Friday 1610-1615 RB2 Eazy Drive • Friday 1730-1735 RB2 Tsele le Tsele 7 BSEL NEWS • APRIL - JUNE | 2019 MARKET TERMS Bull Market (Bullish): If you Over-The-Counter (OTC): Twisting: An unethical expect the stock prices to refers to stocks that are practice of convincing go up then you are said trade via a dealer network a customer to trade to be bullish on the stock as opposed to on a unnecessarily, thereby price. Therefore, if the stock centralized exchange. This generating a commission market index is going up is characterized by fewer for the broker. during a particular time regulations and in most period, then it is referred to cases less transparent. Flipping: Buying shares as the ‘bull market’. in an Initial Public Blue-Chip Stock: The Offering and selling them Bear Market (Bearish): stock of a large, well- immediately for a profit. A market in which stock established and financially prices are decreasing or sound company that has Defensive Stock: A stock expected to decrease. operated for many years. that provides a constant dividends and stable Market Index: A earnings even in the benchmark that is used periods of economic as a reference marker downturn i.e. even in the for traders and portfolio extreme critical situations managers. of the stock market these companies continue to Turnover: Volume of shares pay the dividends at a traded as a percentage constant rate. of total shares listed on the exchange. Limit Order: An order to buy or sell a share at a specified price. The order will be executed only at the specified limit price or even better. A limit order sets a minimum price the seller is willing to accept and maximum price the buyer is willing to pay for it. BSEL NEWS • APRIL - JUNE | 2019 8 MARKET PERFORMANCE A ON THE YEAR THAT WAS Market Status Report for the Period of Domestically, real GDP contracted by 1.5% in 1st January to 31st December 2018 the first quarter of 2018 and grew 2.4% in the second quarter. In the 2018 Budget Speech, the The year 2018 was remarkable in the manner Ministry of Finance and Economic Development in which the BSEL evolved and with respect to (MFED) had projected growth of 5.3% in the strategic accomplishments. In particular, 2018, slightly above IMF’s projection of 4.6%. the successful completion of demutualisation Notwithstanding, optimism in 2018 emanated in record time opened a new chapter of mainly from Government’s spending objectives development and created a launch pad for as outlined in the 2018 Budget Speech. Against innovative strategic initiatives of the Exchange this background, Government has indeed been in the short term and going into the future as active in the bond market in order to fund the outlined in the five-year strategic plan. The gains fiscal. from this transition are broad-based but the most critical one, being robust governance, will On the back of historically low levels of economic undoubtedly elevate the stature of the market, output listed companies continually emphasized the business and also the attractiveness of in their annual reports the suppressed trading the Exchange to a wider audience especially conditions and low consumption spending international investors.
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