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Issue 1 | April | 2016 AFRICANEXCHANGES A Newsletter 0f AFRICAN EXCHANGES
l 2016 l Issue 1 1
2 l 2016 l Issue 1 Content
4 WELCOME NOTE
5 EXPERT OPINION
6 NEWS - BOTSWANA
11 NEWS - EGYPT
15 NEWS - COVER STORY
20 NEWS - NAIROBI
22 NEWS - RWANDA
24 NEWS - MAURITIUS 26 NEWS - UGAN
29 NEWS - ZAMBIA
30 NEWS - ZIMBABWE
31 STATISTICS
All rights reserved. Reproduction in whole or in part without written permission of the editor is strictly prohibited. The greatest care has been taken in compiling this Newsletter publication. However, no responsibility can be accepted by the publishers or compilers for accuracy of the information presented.
l 2016 l Issue 1 3 WELCOME NOTE
A warm welcome to the first issue of the African Exchanges in 2016. The African Economy Outlook (AEO) predicted that in 2015, the world economy would improve and Africa would soon be closing in on the impressive growth levels seen before the 2008/2009 global economic crisis. According to the IMF, the growth level in Sub-Saharan Africa is projected at 4¼ % in 2016 up from 3¾ in the previous year. Factors that could fortify the region’s robust performance include: (i) a much improved business and macroeconomic environment; (ii) high commodity prices; and (iii) highly accommodative global financial condition. Additionally, with sound policymaking, effective leadership, and adequate foresight being the key enablers of economic growth, Africa will be propelled to the next level. For members of the ASEA, 2016 kicked off on a high note with some Exchanges ‘Ringing the Bell for Gender Equality’ as a part of the Sustainable Stock Exchanges (SSE) Initiative and others announcing positive turnover growth despite the bearish market in 2015. This quarter’s edition features a number of recent developments within the region; from changes in the C-suites of the Botswana Stock Exchange (BSE), investor education initiatives to member Exchanges’ market statistics. The Association has lined-up a series of exciting events to enhance members’ and investors’ participation; starting with the Building African Financial Market (BAFM) Seminar themed “Addressing Liquidity Concerns in African Capital Market” which will be hosted by the Nigerian Stock Exchange in Lagos, from 28th to 29th of April 2016. The BAFM will attract accomplished market professionals from various jurisdictions across the globe to address relevant topics touching on the continent’s financial market. In the spirit of enhancing growth and developing capacity in our markets, there will be a second Seminar in the last quarter of 2016. This year, all roads lead to the land of “Milles Collines” for the annual flagship ASEA Conference in November. As per tradition, we look forward to interacting with decision makers and industry leaders from the African continent. Wishing you all a bullish year ahead! Editors
Furaha Karba Kuria Waithaka
EDITORS: PUBLISHED BY: DESIGN & LAYOUT
Furaha Karba, African Securities Exchanges Association Modern Lithographic (K) Ltd. [email protected] Website: www.african-exchanges.org Tel: 051 800 6363 / 4 | 020 211 1960 ASEA Secretariat Telephone: + 254 20 2831000 Cell: 0722 412135 | 0734 209 515 Email: [email protected] Kuria Waithaka, SEND YOUR FEEDBACK TO: [email protected] ASEA SECRETARIAT ASEA Secretariat Exchange Building, 55 Westlands Road @ASEASecretariat P.O. Box 43633 - 00100 Nairobi Website: www.african-exchanges.org Telephone: + 254 20 2831000
4 l 2016 l Issue 1 EXPERT OPINION
AGRICULTURE ON THE SPOT
New bourse for African beef commodities
April 1st, 2016 by Tom Minney
s securities exchanges seek new products Chinese rail network currently under construction to boost liquidity and trading, a team across the region. This will enable herders to “demat” of market experts announced backing the herds into specially padded train wagons for Afor an exchange to trade southern and speedy T+2 settlement at kraals across the region. eastern Africa’s agricultural commodities. African Beef Exchange, headquartered in Gaborone, Botswana, The ABE is aiming to create a first in terms of launches today and brings together trading of a wide sustainable energy usage and health, reversing range of cattle and cattle products. the trend in which stockbrokers worry about their growing waistlines as they gaze at slow-moving “We address the full range of this commodity – from trading screens: “We are creating a virtual trading savannah to sirloin” said CEO Bea Feater. “We offer room using advanced movement sensors and cash trading and speedy T+2 international standard interactive technology. Traders will once again be able clearing and settlement and we will move towards to trade better by rushing about, waving their arms futures trading along a 6 month exchange rollout and shouting, which will be better for their physical roadmap.” movement during trading hours. Our advanced system will capture the energy generated in order to The ABE offers southern and eastern African countries provide energy for the order routing system. If you the chance to quash arguments about which country don’t move, the screen will gradually go to sleep.” produces the best beef. “We all know Botswana’s beef is the best in the world, except for the colleagues in The full range of beef commodities will be traded, Namibia, Zimbabwe and a few others. Now traders including futures (semen samples and calves) to post- can put their money where their mouths are”, said trade in the form of ready-to-cook steaks. Interest is Feater. soaring as Africa’s top beef solutions continue to lead Key innovation is the settlement and clearing of the cattle-loving world. physical commodity, enabled by a high-speed
l 2016 l Issue 1 5 NEWS BOTSWANA
Appointment Of Botswana Stock Exchange (BSE) Chief Executive Officer
he Botswana Stock Exchange (BSE) is Markets from Rhodes University (RSA). Further, he pleased to announce the appointment holds a Masters in Business Administration (MBA) of Mr. Thapelo Tsheole as Chief Executive from the Graduate School of Business, University of TOfficer of the BSE effective 01 January 2016. Cape Town (RSA). Thapelo has extensive experience in the capital He has also attended a Leadership Development markets and financial services industry. He joined Programme at the University of Stellenbosch the BSE in February 2007 as Product Development Business School (RSA). Thapelo has also completed Manager and was subsequently appointed Deputy several financial markets programmes which include Chief Executive Officer in February 2014. He has Registered Person Examination (RPE) conducted contributed immensely to the development of by South African Institute of Financial Markets the BSE and African stock markets, especially in (SAIFM) and SAFEX, and the Enforcement and the development and structuring of financial Market Oversight programme by the United States instruments, bond market development, capital of America’s Securities and Exchange Commission markets development and policy. (SEC), inter alia.
Thapelo holds a Bachelor of Social Sciences (Single He is a Member of the Institute of South African Major Economics) from the University of Botswana Financial Markets. and a Master of Commerce (MComm) in Financial
6 l 2016 l Issue 1 NEWS BOTSWANA BENEFITS OF LISTING AS PRIVATE COMPANIES
he Botswana Stock Exchange (BSE) will product offerings. In 2015, the BSE registered a record host its inaugural listings conference on total turnover of P3-billion. Thursday 10th March at the Gaborone TInternational Conference Centre - “Opening Notwithstanding its achievements the BSE will the BSE to the Business Community – Creating Value continue developing the breadth and depth of the through Listing” - with the objective of attracting market and recognises that its success is underpinned private companies to list on the BSE. by its attractiveness towards not only investors, but also unlisted companies. As such, the supply side The BSE conference aims to discuss the benefits of the market, being issuers of securities, has to be for private companies of listing on the BSE, the consistently nurtured. listing process and requirements. Already listed companies will have a platform to share lessons on RMB Botswana is the main sponsor of the BSE how they created value thorough a BSE listing and listings conference. “By listing on the BSE, companies used their listing to expand products and services acquire access to a new form of capital which usually outside Botswana while experts will discuss ways takes them onto on a new growth trajectory,” says in which Botswana companies RMB Botswana head Pauline can use growth prospects in Motswagae. “RMB’s equity capital Africa to expand their businesses. markets team has been involved Delegates will also be able to in many of the largest public hear about the cross-border “ We would like to offerings and private placements experiences of companies listed attract more privately- in southern Africa, skills which we on other stock exchanges in the are able to use in Botswana too. region. held companies which have the potential to As well as structuring and “We would like to attract more underwriting listings, we are privately-held companies which list on the BSE by able to offer clients an equity have the potential to list on initiating a dialogue.” distribution and research the BSE by initiating a dialogue platform with a global reach. between these companies, the Two recent deals done by RMB BSE and other capital markets in Botswana include the listing stakeholders via presentations, BSE Chief Executive of Wilderness Safaris on the panel discussions and networking Officer. BSE with a secondary listing on opportunities at our conference,” the JSE (a first for a Botswana says BSE Chief Executive Officer, company); and the secondary Thapelo Tsheole. “We have invited listing of Botswana-based retailer over 130 private companies in Choppies Enterprises on the JSE.” Botswana to attend.”
Since its inception in 1989, the BSE has grown from five listed companies to 32 companies, 38 listed debt securities and four exchange traded funds. Contact: The BSE plays a critical role in Botswana’s economic Kopano Bolokwe development given its strategic positioning as the only Botswana Stock Exchange national stock exchange. Trading levels have increased Acting Product Development Manager dramatically over the years as a result of infrastructure Botswana Stock Exchange developments such the Central Securities Depository Tel: +267 3674423 (CSD) System and the Automated Trading System Email: [email protected] (ATS), market development initiatives and increased Website: www.bse.bo.bw
l 2016 l Issue 1 7 NEWS BOTSWANA
BOTSWANA STOCK EXCHANGE HOLDS THE INAUGURAL BSE LISTINGS CONFERENCE
1. State the need to attract private companies the sense that we want to create relationships with to list on the BSE. businesses from a young age, be involved in their developmental process by way of exposing them The BSE recognizes the fact that the survival to an ecosystem that can enable them to thrive of a Stock Exchange is underpinned by its and grow further, and consistently educating attractiveness towards not only investors, but them about the value of listing. This ecosystem also companies. As such, the supply side of the comprises the stock exchange, listed companies, market, being issuers of securities, has to be advisors in capital markets, regulators, investment consistently nurtured. With this conference, the banks, auditors, etc. This conference will bring BSE is creating relationships with the private and these players together and set the tone for unlisted companies and establishing a means succeeding one-on-ones or closed seminars with of educating the present and future business private companies to advance the conversation. owners about the value of utilizing the BSE to pursue growth opportunities. Similarly, the BSE 2. In your views what is needed to be done for is harnessing and nourishing relationships with local businesses to flourish? companies that are already listed by giving them a platform to give back to the unlisted companies Already, Government is playing a meaningful in the form of sharing inspirational and practical in terms of providing a conducive and enabling business experiences. The reason we are doing environment and Government is supportive this is to generate more listings over the short, of fostering private sector growth. However, as medium to long term. Ultimately, increased a nation we need to collectively improve our listings make the BSE more vibrant and liquid and economic competitiveness. We need to create, more attractive to investors and highly beneficial test and adopt new ways of doing business. to listed companies. We need to challenge our current business model of small, stable, family owned businesses 2. What are the key things that the BSE looks that are maintained for subsistence. We need at in a company to attract it or advice it to to explore opportunities within our current consider listing? customer base and also beyond our borders. Botswana is very small in terms of population The universe of companies that can list on the BSE and consumption capacity, hence the need is broad. This includes small, medium and large grow regionally and internationally. Businesses companies currently operating in Botswana and and investors all over the world are cognizant outside Botswana. It also includes business ideas – of Africa’s growth potential. There is significant instances where an entrepreneur raises capital to improvement in the demographics, particularly finance an idea he has in a business proposal that the fast growing middle income class. Markets investors find feasible, investible and deployable in Africa which were previously inaccessible are that they can buy into. A pure startup basically. opening up, primarily because of improving As such, our approach is all-inclusive and is not economic fortunes, improving political stability to look at companies that are already popular and ongoing investments in infrastructure. As and are well established, we are also looking at Botswana businesses these are opportunities very small and young companies. This is why our we cannot ignore. On this backdrop, am happy approach also involves an incubation strategy in to say that BSE listed companies which are truly
8 l 2016 l Issue 1 NEWS BOTSWANA
homegrown have demonstrated over the years, 4. Kindly elaborate the relevance of the theme and particularly after they listed on the BSE, of the conference. that indeed opportunities in the region can be explored feasibly. We attribute this to one key The conference is scheduled for 10th March 2016 thing – the ability to raise capital on the BSE. at the Gaborone International Convention Centre Through this conference, we want our private and the theme of the conference is “Opening the unlisted companies to appreciate and align BSE to the Business Community – Creating Value themselves to benefit from his key advantage of through Listing”. Businesses exist for their owners listing on the BSE. or shareholders, and they exist to maximize shareholder value. How? By pursuing projects 3. State major benefits to a company when whose returns exceed the cost of undertaking listed on the BSE such projects. The way the BSE fits in this value chain is that the BSE, which is at the epicenter of There are many benefits associated with a listing the capital market, is a platform where companies on the BSE. Major ones include; can raise capital to fund expansion projects so to a) Ability to raise capital: this is done at the IPO grow their value and maximize shareholder. With stage and subsequently through corporate this conference and pursuant to this conference, actions such as rights issues and issues for cash. the BSE wants to raise this role it plays very high Compared to a listed company, private unlisted for all to see because in the few instances we companies do not have a broad shareholder base have interacted with the business community we they can use to raise capital when required to. have identified common perceptions that a stock Capital is key to any company looking to expand exchange is for companies that are very large; that its business fortunes. a stock exchange and a bank are similar; that the process of listing is difficult and expensive; and that b) It helps improve the stature or profile of the business owners themselves are comfortable the company: Directors of listed companies operating a subsistence type of business model are obliged to adhere to the highest level of and they see business opportunities as limited accountability and corporate governance to Botswana. As such we want to open our arms standards. This is done to protect the interests wide to affirm that indeed we accommodate all of shareholders, particularly those that are not businesses regardless of size which is why we involved in the day-to-day management of the have invited small, medium and large businesses; company. As such, a company that is listed on we want to become friends of the business the Exchange is perceived to be well managed community so that where they need guidance or and duly accountable to shareholders. Compared clarity they can readily approach us; and we want to a private company, this attribute also helps in to be involved in their developmental process. raising credit at reasonable cost. The theme encapsulates all these aspirations by the BSE. c) It gives the company increased visibility: the BSE’s trading statistics is carried through international data vendors such as Bloomberg, 5. What is the BSE hoping to achieve from the and this helps companies to be readily accessed conference? and be followed by international investors. A lot is expected. We are using this conference d) This is a way of sharing risk and reducing risk as a platform where currently listed companies concentration on the founder, much as it is a way of ( in the BSE and in the region) can share lessons sharing business fortunes: Most entrepreneurs will and experiences with private unlisted companies share my view that it is better to own 1% of something about the value of listing and the manner in which valuable and significant than 100% of nothing. they have utilized a listing to expand their products
l 2016 l Issue 1 9 and services beyond Botswana or beyond private unlisted businesses through one-on-ones borders. We expect this to challenge them to as we bring the education to their level, expose begin to introspect, to challenge and refresh their them to the expertise within the capital market business aspirations and strategies, and begin to ecosystem and begin to handhold them through look to the capital market for avenues for growth. the process of listing as opportunities arise. We are using this conference as a way to reach out to private unlisted businesses and educate 6. What range of private companies is BSE them about a listing as a way of raising capital targeting: SMEs, Micro medium and why? in comparison to traditional sources of capital. It is important for them to be able to distinguish Small, medium and large enterprises, which we clearly between these sources, weigh the benefits believe have the potential to list on the BSE in the and eventually adopt one that optimizes their near, medium to long term. Several companies capital structure and create significant value for listed on the BSE have demonstrated that a listing them. The real life experiences that will be shared is not determined by the size of the business, for by CEOs of listed companies will help a great the diversity of our listings boards has enabled us deal. Businesses will possibly never look down to list even pure startups with no assets on the on themselves and say “we are small and not big ground. In closing, we want to say to the business enough to list”. Information availed to them and community that we are open to all businesses, we interactions with them on an ongoing basis will are a conduit to access larger pools of capital, we highlight fresh and new possibilities. The other are a catalyst to growth, we are a springboard to outcome is that the conference will pave a way regional markets and we are their partner in this for the BSE to begin intimate conversations with journey of transition!
SWIFT in Africa. SWIFT African Regional Conference Balaclava, Mauritius, 17-19 May 2016 Africa: Facing Global Challenges
SWIFT has been present in Africa for more than 30 years and is part of the financial services fabric. As part of this, SWIFT's African Regional Conference is a unique event, creating a collaborative space where the African financial industry can share experiences and look for solutions to common challenges. This year, for the second time at ARC, we will host an African showcase of the Innotribe Startup Challenge to find the continent's most promising young financial technology companies. This will enable SWIFT to support and nurture the new technologies that are going to play a big role in the future of the financial industry across the continent.
#ARC2016 – www.swift.com
10 l 2016 l Issue 1 THE CASABLANCA STOCK EXCHANGE SEEKS NEW INVESTORS
today includes more than 300 companies, 150 corporate ecosystem professionals and 90 investors from 17 European countries. Today, Morocco is the first non-European stock exchange to implement this program. A “ring the bell for gender equality”
At the end of 2015, the Casablanca Stock Exchange started the process of opening its capital by signing a Memorandum of Understanding among the Government, AMMC (Council for the Code of Ethics in Securities), the current shareholders of the Stock Exchange, namely the stock exchange firms and future shareholders.
This operation aims at involving key capital market operators in defining their development strategy in order to introduce a stock exchange established as an integrated financial hub within its regional area. On the occasion of the International Women’s Day, Therefore, this will facilitate access to capital and Casablanca Stock Exchange has organized the “Ring meet the needs of African issuers and investors. the Bell for Gender Equality” ceremony, in partnership with the Moroccan Institute of Administrators (IMA) and the Club of Women Officials in Morocco (CFA The Casablanca Stock Morocco).
Exchange launches the This event is part of an international initiative supported by IFC - member of the World Bank Group, Business Support Program the Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women, Women in ETFs and the in Morocco « elite » International Federation of Stock Exchanges (WFE) to promote gender equality and involves 34 stock The Casablanca Stock Exchange will launch in April exchanges worldwide. 2016, the ELITE program intended for high-growth potential companies. This program aims to provide member companies with the skills and tools needed to ensure their growth. It provides support, training and connecting with its community platform which
l 2016 l Issue 1 11 NEWS EGYPT
AFRICAN INVESTMENT FORUM Dr .Mohammad Omran EGX Chairman participated in the African Investment Forum at Sharm El Sheikh.
Dr. Mohammed Omran, Chairman of the Egyptian Exchange (EGX), participated in a panel about the Ringing EGX Bell to future of direct investment to the African continent Celebrate International at the African investment forum which was held in Sharm el-Sheikh under the auspices of his Excellency Women’s Day in Mr. Abdel Fattah El Sisi President of Egypt participated also a major number of heads and officials of the Collaboration with UN African continent. Women, UN Global Dr. Omran has emphasized in his speech during the forum on the growing importance of the African Compact and International continent on the map of global investment, adding that the annual growth in foreign investment inflows Finance Corporation (IFC) to Africa has increased by 65% to reach $ 87 billion, On Tuesday, 8th of March 2016, EGX joined 34 Stock compared to a growth of only 1% of foreign investment Exchanges around the world celebrating “Ringing the in the world, which means that the African continent bell ceremony for gender equality”. This is the 2nd has great attraction for investment, including created time for EGX celebrating this event. by the outstanding returns opportunities. Worth mentioning, 35 Stock Exchanges launched ringing the bell ceremony initiative with the support of a group of international institutions.
The opening was attended by the Minister of Investment, his Excellency Mr. Ashraf Solman, Dr. Ashraf al Araby Minister of Planning, her Excellency Mrs. Ghada Waly Minister of Social Solidarity, Dr. Maya Morsi President of the National Council for Woman, Dr. Miwa Kato UN Women Egypt Country Director, Mr. Muhammad Al - Fouly Chief Executive of UN Global Compact Local Network in Egypt and Ms. Nada Shusha IFC Regional Manager, among other distinguished public figures who are interested in promoting sustainable development and gender equality.
12 l 2016 l Issue 1 NEWS EGYPT
Dr .Mohammad Dr. Mohammed Omran Omran EGX Chairman, EGX Chairman, headed participated in the Egypt a panel discussion in Energy Investment the first international Summit. conference for Islamic
Egypt Energy Investment Summit took place during finance and banking. the period 16 - 18 February in Cairo, Egypt. The summit aimed at driving forward investments into Egypt’s energy sector. Dr. Mohammad Omran invited by Umm Al-Qura’ The summit’s central issues included the progress university to head a panel discussion at the first in the renewable energy program, the ‘Build-Own- international conference for Islamic finance and Operate’ projects and the IPP (Independent Power banking, with high-level international participation. Producer Procurement) scheme, and showcasing the The conference sessions witnessed the participation pro-activeness of government to engage credible of the senior deputy chairman of the World Bank investors efficiently and commercially. and a number of heads and representatives of major Dr. Omran EGX chairman, participated as a speaker financial and banking institutions worldwide led in the panel about the investments into Egypt’s by Merrill Lynch, Standard & Poor’s and the Islamic energy where he stated that EGX will always be the development Bank, in addition to a large number of gateway to finance. It will offer financial engineering prestigious universities such as Harvard and Chicago for such companies, as EGX has always encouraged Universities. sustainable efforts. Dr. Omran said that the invitation came to head the He also added, ‘we can’t ignore the importance of panel related to discuss the extent of the Islamic renewable, clean energy for our nation and for the banking competitiveness and sustainability, where future generation. I can see a lot of opportunities waiting for companies working in the field of renewable energy as this sector in particular hold a lot of promising prospects that can help support economic growth”
l 2016 l Issue 1 13 NEWS EGYPT
Dr .Mohammad Dr. Mohammed Omran Omran EGX Chairman, EGX Chairman, headed participated in the Egypt a panel discussion in Energy Investment the first international Summit. conference for Islamic
Egypt Energy Investment Summit took place during finance and banking. the period 16 - 18 February in Cairo, Egypt. The summit aimed at driving forward investments into Dr. Mohammad Omran invited by Umm Al-Qura’ Egypt’s energy sector. university to head a panel discussion at the first The summit’s central issues included the progress international conference for Islamic finance and in the renewable energy program, the ‘Build-Own- banking, with high-level international participation. Operate’ projects and the IPP (Independent Power The conference sessions witnessed the participation Producer Procurement) scheme, and showcasing the of the senior deputy chairman of the World Bank pro-activeness of government to engage credible and a number of heads and representatives of major investors efficiently and commercially. financial and banking institutions worldwide led Dr. Omran EGX chairman, participated as a speaker by Merrill Lynch, Standard & Poor’s and the Islamic in the panel about the investments into Egypt’s development Bank, in addition to a large number of energy where he stated that EGX will always be the prestigious universities such as Harvard and Chicago gateway to finance. It will offer financial engineering Universities. for such companies, as EGX has always encouraged sustainable efforts. Dr. Omran said that the invitation came to head the panel related to discuss the extent of the Islamic He also added, ‘we can’t ignore the importance of banking competitiveness and sustainability, where he renewable, clean energy for our nation and for the stressed that despite of the increasing growth of that future generation. I can see a lot of opportunities industry in the recent years, but the need is increasing waiting for companies working in the field of for the presence of a consensual framework to ensure renewable energy as this sector in particular hold the continuation of that growth, also to ensure that a lot of promising prospects that can help support those resources are not only employed to achieve economic growth” growth and profitability for the industry, but also to contribute for the sustainable development within the community.
14 l 2016 l Issue 1 NEWS COVER STORY FMDQ 2015 Market Turnover Achieves 137.40trn
FMDQ OTC Securities Exchange (“FMDQ” or the 9% and 8% respectively. The turnover represents trades “Exchange”), with a vision of becoming No. 1 in executed between the FMDQ Dealing Members, the Africa in the fixed income and currency markets by Dealing Members & Clients, and Dealing Members & 2019 and a mandate to develop the Nigerian debt the Central Bank of Nigeria (CBN). capital market (DCM), through empowering the financial markets to be innovative and focused on FMDQ is optimistic about the year ahead, albeit enhancing the liquidity of fixed income instruments, with caution, considering the expected challenges continues to strive to ensure the realisation of these the financial markets will likely face, and remains goals towards making the Nigerian financial markets committed to initiating and engaging in initiatives globally competitive. that will develop and make the FMDQ markets globally competitive by improving liquidity, transparency, In spite of the challenges the market faced in 2015, governance and efficiency in the Nigerian capital FMDQ saw its turnover grow from N103.60trn in 2014 to market. To achieve success in its objectives, FMDQ N137.40trn in 2015, a growth rate of 33% year-on-year. will continue to work collaboratively with and garner In the first half of 2015, the FMDQ Dealing Members the support of its stakeholders. achieved an overall OTC market turnover of N58.60trn and by December 2015, this rose significantly by 134% 2016 is expected to be exciting for the Nigerian to close at N137.40trn. This figure saw the forecast of financial markets as a result of FMDQ’s planned N125.00trn turnover for 2015 surpassed by 10%. initiatives for the year. These initiatives include but will not be limited to: The most actively traded products were Treasury Bills • Offering a more diversified products portfolio (T.bills), accounting for the largest share of the market including short-term and Islamic (Sukuk) bonds turnover at 35%, followed by Foreign Exchange (FX) (including FX derivatives) with a share of 25% • The quotation of Private companies’ bonds and Repurchase Agreements (Repos)/Buy-Backs at 23%. Unsecured Placements/Takings and Federal • Integration of FMDQ markets to include securities Government of Nigeria (FGN) bonds, on the other dealing and investment banking firms in the hand, had a smaller share of the market, accounting for fixed income secondary markets through the
l 2016 l Issue 1 15 NEWS COVER STORY
introduction of a new membership category - • Feasibility Study and Implementation Plan for the Dealing Member (Specialists) introduction of OTC Derivatives We look forward to working with our stakeholders to deliver an • Capacity building and financial markets education improved market in 2016. for FMDQ stakeholders
• Implementation of FMDQ’s Nigerian debt capital market (DCM) transformation Agenda
closing prices of Benchmark bonds and treasury FMDQ, in Collaboration bills traded on the Exchange. The FMDQ Price Ticker with Channels Television, Tape on Channels TV, which is a complimentary to the Price Ticker Tapes on FMDQ’s website and on Launches the FMDQ Price permanent display on the Exchange’s office building in Lagos, will be broadcasted to a wider and more Ticker Tape on Channels TV diverse audience via the extensive reach of Channels TV’s coverage. FMDQ, Nigeria’s foremost debt capital securities exchange, and Channels Television (Channels TV), In addition to launching the FMDQ Price Ticker Nigeria’s business news leader and multiple award Tape on Channels TV, the event also signaled the winning station, on February 25, commemorated the beginning of a partnership between FMDQ and activation of the FMDQ Price Ticker Tape on Channels Channels TV, in their joint quest to transform the TV. Nigerian financial markets landscape through the The FMDQ Price Ticker Tape on Channels TV, an provision and dissemination of current and accurate unprecedented initiative of the securities exchange, market data to the investing public around the globe. will provide Channels TV viewers, local and This partnership, which is geared towards bringing international, with up-to-date information on the transparency to the Nigerian financial markets (debt FMDQ Fixings (the Nigerian Inter-Bank Offered Rate capital and currencies) is a welcome development to (NIBOR), the Nigerian Inter-Bank Treasury Bills True the Exchange, its media partner, Channels TV and the Yield (NITTY) and the Nigerian Inter-Bank Foreign investing public, at large. Exchange Fixings (NIFEX)); as well as intraday and
16 l 2016 l Issue 1 NEWS COVER STORY
FMDQ Admits 10.00bn FMDQ Admits 7.23bn and Transcorp Hotels PLC Bond 2.77bn Guinness Nigeria
FMDQ commenced the year with the commemoration PLC Commercial Papers of the successful listing of the Transcorp Hotels PLC 10.00bn Series 1, 7-Year 16.0% Fixed Rate FMDQ achieved another stride in its commitment to Unsecured Bond under a 30.00bn Medium-Term the development of the Nigerian commercial paper Bond Programme (the Transcorp Hotels Bond) on its (CP) market with the admission of the Guinness platform. To this end, FMDQ played host to the issuer Nigeria PLC 7,225,956,000.00 and 2,774,044,000.00 and Registration Member (Listings)/sponsor of the Commercial Paper (CP) Notes for quotation on the bond on FMDQ to a prestigious Listing Ceremony Exchange. These CPs represent series 2 and 3 under which the Exchange is becoming known for. the organisation’s 10,000,000,000.00 Commercial Paper Issuance Programme. As is customary of FMDQ Listing Ceremonies, this Ceremony, which took place on January 18, was The Board Listings, Markets and Technology afforded full accolades, which included the signing Committee of FMDQ granted its approval for of the FMDQ Bond Listings Register, presentation of the quotation of the Guinness Nigeria CP after it the FMDQ Listing Certificate, unveiling of the FMDQ successfully met the requirements as contained in Listing Scroll for the issuer, presentation of the FMDQ the FMDQ Commercial Paper Quotation Rules. As has Issuer Listing Plaque, and the autographing of the become a norm, a Quotation Ceremony was held, on FMDQ Bond Listing Wall of Fame. February 18, to commemorate the admission of the Guinness Nigeria CPs on the Exchange. The listing of this bond would contribute, in no small measure, to the growth of the Nigerian corporate The Guinness Nigeria CPs are the second and third bond market as well as provide a more efficient non-bank real sector CPs to be quoted on the capital mix and access to a more diversified funding Exchange, following the quotation of the pioneer non- source for the issuer. The FMDQ Listing Service has bank real sector CP, the 17,709,445,000.00 Nigerian been tailored to provide, among others, a unique Breweries PLC CP on the Exchange in November opportunity for issuers to raise the profiles of their 2015. This quotation has enabled the issuer to issues and access a deep pool of capital, thereby successfully diversify its short-term funding sources meeting their long term funding needs even as the at a reduced cost. The quoted CPs would gain access Nigerian debt capital market becomes aligned with to the full complement of the FMDQ Quotations international best practices and standards. Service, which includes but is not limited to global visibility, transparency and continuous disclosure of FMDQ, true to its commitment to transparency, will relevant information (such as issuer rating, issuance provide continuous information disclosure on the type, outstanding value and issuer history). Transcorp Bond and include price/value data and detailed issuers’/issue information to stakeholders via FMDQ, as a securities exchange with a desire to the ‘Listings & Quotations’ page on the FMDQ website. develop the Nigerian CP market, promotes credibility As part of its mandate to promote an efficient and for quoted CPs, through a highly efficient registration well-regulated market, which will attract and retain process, instituting requisite world-class standard both domestic and foreign investors, improve price financial market infrastructures to the end of discovery and transparency for issuers, dealers, powering growth in the Nigerian financial markets. regulators and the general public, the Bond shall FMDQ is committed to promoting an efficient, also be included on the FMDQ-Bloomberg E-Bond transparent and well regulated market, which will Trading System (E-Bond). attract and retain investors.
l 2016 l Issue 1 17 NEWS COVER STORY
first phase of the membership application process FMDQ Launches Dealing and prudently positioning to take advantage of this Member (Specialists) opportunity. Membership for Fixed As part of the implementation exercise for this Project roll-out, a robust web-based proprietary trading Income Trading system, FMDQ Q-Deal, has been deployed to facilitate the trading of fixed income securities by the DMSs. FMDQ, with a vision of becoming No. 1 in Africa in With integrated multi-trading style functionalities, the Fixed Income and Currency Markets by 2019, the Q-Deal features anonymous and bilateral maintains its commitment to develop the Nigerian trading capabilities and enhances accessibility, price financial markets by implementing initiatives formation, pre- & post-trade price discovery and directed towards the achievement of this goal. In market surveillance. Incorporated into the system line with its desire to, not just integrate the Nigerian is a frontier trade order management solution that financial markets, thereby improving the markets’ will enable DMSs monitor their trading position and network effects, but to also promote market liquidity, profitability on a real-time basis. with particular focus on the debt capital market (DCM), FMDQ is proud to launch its Dealing Member Furthermore, a 2-day Simulation Workshop was (Specialists) (DMSs) category of membership, for organised in March for the twenty-three (23) non-bank financial institutions (NBFIs) to act as institutions that successfully completed the initial market makers in the FMDQ fixed income market. membership application to become DMSs. The Participation of the NBFIs, typically the investment Simulation Workshop, which was witnessed by banking firms and securities dealing firms, will the CEOs of the DMSs, was a crucial step in the generate additional liquidity to the Nigerian fixed implementation process as it provided participants income market and serve as an avenue for effective with a trial-run of the trading system, FMDQ Q-Deal, and efficient retail participation in this market. a glimpse into how the DMS market will operate and most importantly, an avenue for feedback and This unique initiative, where fixed income dealers recommendations to ensure a seamless activation of NBFIs can trade Bonds, Commercial Papers (CPs) of the market at go-live. Following this Workshop, a and Treasury Bills (T.bills) in the FMDQ market, was 1-month trial period, for the DMSs to “dummy” trade, birthed from the identification of an innovative has begun, helping them to further entrench their opportunity for the much needed participation of understanding of the FMDQ Q-Deal and the DMS NBFIs in the Nigerian fixed income market. The DMS Market Rules ahead of the commencement of live market will be one where the participants, DMSs, trading on T.bills (and later FGN Bonds) on the FMDQ will make market in T.bills (to begin with) and FGN platform. Bonds, providing two-way quotes to other DMSs and one-way quotes to clients (institutional and retail), The FMDQ DMS is a subset of the FMDQ Dealing thereby generating the required fixed income market Member category of membership which also liquidity in these factions of the investor market. consists of the Central Bank of Nigeria (CBN) licenced The DMS market will operate like the existing FMDQ banks as the primary subset in this membership Dealing Member (Banks) market with a view to the category. The Dealing Members, combined, will full integration of the Dealing Member (Banks) and make market in the products traded on the OTC Dealing Member (Specialists) markets at some point Exchange, under the efficient governance of FMDQ, serving to promote the integrity of the market, in the future. Forward-thinking and resourceful NBFIs, thereby improving, deepening market liquidity and via this new membership category, will contribute to ultimately developing the Nigerian DCM market and the development of the Nigerian DCM and indeed overall economy. leverage on this potentially highly beneficial business opportunity. FMDQ currently has twenty-three (23) FMDQ, with the support of the Securities and institutions that have successfully completed the Exchange Commission (SEC), Nigeria, continues
18 l 2016 l Issue 1 NEWS COVER STORY
to innovate to ensure its markets maintain high OTC Exchange will deliver on its mandate to develop levels of transparency, governance and integrity, the Nigerian DCM, through empowering the DCM advocating investor protection and supporting its ecosystem to be innovative and credible, whilst long-term ability to continue to create value for all focusing on promoting and enhancing the liquidity its stakeholders. Through its unique initiatives, the of fixed income markets.
2016 FMDQ OTC MARKET TRADE STATISTICS 2016 FMDQ OTC MARKET TRADE STATISTICS Quarter 1 TURNOVER (₦ 'mm) YTD January February March** Total Quarter 1 TURNOVER (₦ 'mm) YTD Foreign Exchange January1,717,969 February1,076,666 March**917,232 3,711,867Total 3,711,867 Foreign ExchangeForeign Exchange Derivatives 1,717,969354,648 1,076,666492,123 350,473917,232 1,197,2443,711,867 3,711,8671,197,244 Foreign Exchange DerivativesTreasury Bills 2,068,798354,648 2,342,131492,123 2,259,681350,473 1,197,2446,670,609 1,197,2446,670,609 Treasury BillsFGN Bonds 2,068,7981,160,055 2,342,131815,419 2,259,681663,238 6,670,6092,638,712 6,670,6092,638,712 FGN BondsOther Bonds* 1,160,05517,750 815,4194,173 663,2382 2,638,712 21,925 2,638,71221,925 Other Bonds*Eurobonds** 17,7501,799 16,5904,173 2,3232 20,712 21,925 21,92520,712 Eurobonds**Repurchase Agreements/Buy‐Backs 1,785,3131,799 1,677,10316,590 2,010,8162,323 5,473,23320,712 5,473,23320,712 Repurchase Agreements/Buy‐BacksUnsecured Placements/Takings 1,785,313239,538 1,677,103141,267 2,010,816177,345 5,473,233558,150 5,473,233558,150 Unsecured Placements/TakingsMoney Market Derivatives 239,538‐ 141,267 177,345‐ 558,150‐ 558,150‐ Money Market Derivatives 7,345,871‐ 6,565,471 6,381,110‐ 20,292,452‐ 20,292,452‐ USD equivalent ('mm) 37,052 33,115 33,115 102,234 102,234 USD/NGN rate 7,345,871 198.26 6,565,471198.26 6,381,110198.72 20,292,452 198.49 20,292,452198.49 USD equivalent ('mm) 37,052 33,115 33,115 102,234 102,234 No. of Business DaysUSD/NGN rate 198.2206 198.2206 198.7215 198.4955 198.4955 Average Daily Turnover 367,294 328,274 425,407 368,954 368,954 No. of Business Days 20 20 15 55 55 USD equivalent ('mm) 1,853 1,656 2,141 1,859 1,859 Average Daily Turnover 367,294 328,274 425,407 368,954 368,954 USD equivalent ('mm) 1,853 1,656 2,141 1,859 1,859 Quarter 1 NUMBER OF TRANSACTIONS YTD January February March** Total Quarter 1 NUMBER OF TRANSACTIONS YTD Foreign Exchange January23,830 February20,121 March**17,287 Total61,238 61,238 Foreign ExchangeForeign Exchange Derivatives 23,830168 20,121183 17,287136 61,238487 61,238487 Foreign Exchange DerivativesTreasury Bills 7,239168 7,840183 7,244136 22,323487 22,323487 Treasury BillsFGN Bonds 7,2395,056 7,8403,449 7,2444,228 22,32312,733 22,32312,733 FGN BondsOther Bonds* 5,05640 3,4496 4,2288 12,73354 12,73354 Other Bonds*Eurobonds** 4010 1036 208 13354 13354 Eurobonds**Repurchase Agreements/Buy‐Backs 94010 934103 88520 2,759133 2,759133 Repurchase Agreements/Buy‐BacksUnsecured Placements/Takings 940297 934183 885169 2,759649 2,759649 Unsecured Placements/TakingsMoney Market Derivatives 297‐ 183‐ 169‐ 649‐ 649‐ Money Market DerivativesTotal 37,580‐ 32,819‐ 29,977‐ 100,376‐ 100,376‐ Total 37,580 32,819 29,977 100,376 100,376
Note YTD ‐ Year To date mm ‐ millionNote *Other Bonds include Agency, Sub‐national, Corporate & Supranational BondsYTD ‐ Year To date March** data is as at March 18, 2016mm ‐ million Note: Figures may be subject to change due to potential adjustm*Other Bonds include Agency, Sub‐national, Corporate & Supranational Bondsents from Dealing Members March** data is as at March 18, 2016Source: FMDQ Data Portal as @ March 4, 2016; Figures reported by Dealing Members on a week‐ending basis Note: Figures may be subject to change due to potential adjustments from Dealing Members Source: FMDQ Data Portal as @ March 4, 2016; Figures reported by Dealing Members on a week‐ending basis
l 2016 l Issue 1 19 NEWS NAIROBI
NSE Issues its Debut Bonus Shares and Declares a 29% Increase in Dividend Pay-Out The Nairobi Securities Exchange continues to deliver noted, ” The financial performance in 2015 was substantial shareholder value in the midst of the impacted by the introduction of the Capital Gains Tax volatile macro- economic environment in 2015. (CGT) that had a negative effect on trading activity. Shareholders of the Exchange will receive a payout In addition, the rise in interest rates and volatility of of Kshs. 0.49 per ordinary share for the year 2015, an the currency also impeded market performance. increase of 29% from the dividend paid in 2014. In spite of the decline in profit, we are confident of better performance in 2016 in light of the new For the first time since its listing, the Exchange will products the Exchange will be bringing to market. make a bonus issue of one new ordinary share for every The company will continue to deepen shareholder three fully paid up ordinary shares. This accentuates value as evidenced in the 29% increase in dividend the company’s long term growth strategy. payout for 2015.” Overall, the NSE realized a marginal decrease of Kshs 13.6 million (1.7%) in total income of Kshs. 808.3 The Exchange is working towards an improved million compared to 821.9 million the previous year. performance in 2016 through its growth strategy Profit After Tax stood at Kshs. 305.6 million, a 4.5% initiatives such as the launch of new products which decrease in net earnings of Kshs. 320 Million recorded include; Derivatives and Exchange Traded Funds in 2014. Equity turnover dropped by 3% to Kshs 419 (ETFs), while aggressively seeking new listings in its billion from Kshs 431 billion and fixed income market existing product lines. The Exchange is also upgrading performance declined by 39.7% from Kshs 1,012 its Automated Trading System (ATS) to support its Billion in 2014 to Kshs 610 Billion in 2015. new product and service offerings.
Speaking during the results announcement, the Chief Executive of the Exchange, Mr. Geoffrey Odundo
Nairobi Securities Exchange CEO, Geoffrey O. Odundo
20 l 2016 l Issue 1 NEWS NAIROBI
NSE signs the Women Empowerment Principles (WEPs)
‘Ring the Bell for Gender Equality’
On March 3 2016, the Nairobi Securities Exchange join in. She further called for the implementation of (NSE) joins 34 stock exchanges globally to ‘Ring the the Principles in Kenya through specific action plans Bell for Gender Equality’ commemorating International involving voluntarily reporting to stakeholders on Women’s Day (8 March) and raising awareness on the achievements, future goals and partnerships for action importance of gender equality to capital markets. in realization of the recently unveiled Sustainable The 35 exchanges are supported by a global Development Goals (SDGs). “Investing in women and partnership between the Sustainable Stock Exchanges girls, and enabling their full economic participation is (SSE) Initiative, UN Global Compact, IFC, UN Women, important for business and society” said Ms Kavuma. Women in ETFs and the World Federation of Stock Exchanges. NSE, as a partner to the SSE initiative, joins NSE Chairman reiterated these remarks saying “The this global collaboration to highlight the business Exchange remains committed to championing case for women’s economic empowerment, as well as Gender Equality in realization of the UN Sustainable opportunities for the private sector to advance gender Development Goals (SDGs). As we sign the WEPs today, equality and sustainable development. I urge other capital market players to take their own steps towards promoting gender equality”. Nairobi Securities Exchange becomes the first The event which brought together investors, Exchange to Ring the Bell for Gender Equality with the regulators and civil society was organized by the NSE series concluding on 11 March at Bursa Malaysia. The in partnership with UN Women Kenya, Global Compact events will range from stand-alone bell ceremonies Network Kenya, The International Finance Corporation to half-day educational programs on topics such as (IFC) World Bank and Technobrain. gender diversity on boards and management of listed companies, as well as women’s entrepreneurship in These events are in line with the SSE’s larger effort to the market. contribute to the UN Sustainable Development Goals. In September 2015, the SSE published an SDG briefing Speaking during the bell ringing ceremony Ms document in advance of its SDG Leaders’ Luncheon at Zebib Kavuma Country Director, UN Women Kenya the New York Stock Exchange (NYSE) which identified applauded NSE for signing the Women Empowerment Goal 5, Gender Equality, as one of four goals stock Principles (WEPs),urging other Listed Companies to exchanges are best positioned to support.
l 2016 l Issue 1 21 NEWS RWANDA 5 Years of the Rwanda Stock Exchange as it hosts this African Securities Exchanges Association Annual General Meeting and Conference from 28th – 29th , November 2016. Africa’s emerging bourse Rwanda Stock Exchange CEO, CEO talks development, Celestin integration and business Rwabukumba
Celestin Rwabukumba is the Chief Executive Officer of the Rwanda Stock Exchange (RSE) which this year marks its 5-year anniversary operating in Rwanda.
He talked to ASEA on what has taken place at the exchange over the past couple of years. Below are the excerpts; to regional integration, we have finished coming up with the supporting legal framework in form of EAC QN: How have the past 5 years been for the RSE? regional capital market directives with that will see us have one regional stock market by linking all the Mr Rwabukumba: It’s been an exciting 5 years for exchanges in Kenya, Rwanda, Tanzania and Uganda us. We have grown our balance sheet consistently, using technology. have seven companies listed and transactions have been taking place better than they were happening QN: What impact will integrating the regional before. stock markets have on the RSE?
Basically, we have grown on all fronts. We are Mr. Rwabukumba: By linking our markets, we increasing our numbers every year in terms of market shall be connecting Rwandan investors from having participation, companies coming on board and access to the seven companies listed at the RSE to technology. more than 80 companies in the region to invest in and allow regional investors to directly access our The market performance has been excellent too. market as well. The Capital Markets Infrastructure People have made money which has attracted more (CMI) will allow investors to view what is happening in people to come to the market. Kenya, for example and access the Nairobi Securities In the past five years we have put in place Exchange listed companies through their brokers in infrastructure and created a conducive environment Rwanda and vice versa. to do business. QN: The RSE was last year admitted to the United More investors are making inquiries, and the debt Nations Sustainable Stock Exchanges Initiative market is deepening in that more companies are (UN SSI). How are you taking advantage of this showing interest in corporate bonds and other debt to promote more sustainable investments? instruments such as commercial papers among other products we are introducing. We are also talking to Mr. Rwabukumba: Joining the United Nations different people about Real Estate Investment Trusts Sustainable Stock Exchanges Initiative (UN SSI) will (REITs). Last year, the Rwanda National Investment see us become a part of the sustainability model Fund was established which is going to be that is being adopted under the UN’s Sustainable supporting mainly the retail demand side. As regards Development Goals.
22 l 2016 l Issue 1 NEWS RWANDA
economy , We need to pull up our sleeves and make We were the fifth stock exchange in Africa to join it happen. after Mauritius, Nigeria, Ivory Coast and Nairobi Securities Exchange which was another milestone Basically, we need to move out of our offices and for us. It shows that we have not been left behind as reach out to the people in the streets and be relevant an exchange in moving in the right direction of the to the whole value chain of our economy. We want to global challenge of SDGs. be the main choice for businesses to raise long term capital. People need to shift from going to the banks We are learning on how we shall be contributing for long term finance and come to the stock market towards encouraging sustainable investment because it is cheaper, long term and easy to access. practises because today’s investors are not only looking for value but responsible investments too. We are seeing more eco-friendly investments coming up, tree plantings, women emancipation among many others.
It starts voluntarily when we start talking to companies about it because investors will soon not invest in companies that are degrading the environment, using child labour, degrading women or doing things of the like.
Investors will be looking at company policies and practises before investing. Basically, we want to join the entire world in order to develop our planet sustainably.
QN: As a parting shot, where do you see the RSE in the next 5 years?
Mr. Rwabukumba: In the next five years, we want to be fully automated, very efficient and increase the number of listed companies because we want to be a big player to the economy.
As per this year’s African Stock Exchanges Association (ASEA) theme: Making the Afrcian Capital Markets relevant to real
l 2016 l Issue 1 23 NEWS MAURITIUS
Investor Education: Launching of the 24th Edition of the SEM Young Investor Award 2016 Introduction: This competition also hopefully triggers the interests of college students in the financial sector activities, Initiated in 1993, the SEM Young Investor Award with the expectations that they pursue higher studies Competition now stands at its 24th edition. and professional careers in this growing sector of the Throughout the years, this annual event has Mauritian economy. generated a growing interest from lower 6 students from secondary institutions across the country, both To mark the launching of this Event, a briefing session in towns and villages, and the number of participants was held by the SEM at the Octavié Auditorium on and schools registered has considerably increased Wednesday 16 March, for all participating students over the last 23 years. This year’s competition has to explain the practical aspects of portfolio creation, registered 184 teams of five students from 92 colleges pricing of shares following corporate actions as well across the country, representing 920 students. as research components relevant to this competition. SEMYIA 2016 was launched on 16 March, whereby a briefing session will be held by the SEM at the The calendar for 2016 has been established as follows: Octavié Auditorium for all participating students to • Submission of Initial Portfolio: Wednesday 30 explain the practical aspects of portfolio creation, March pricing of shares following corporate actions as well • Competition starts on: Friday 1 April as research components relevant to this competition. • Competition ends on: Thursday 30 June Similarly, a briefing session from the angle of an • Submission of Report (Investment Plan & investment dealer, was held by Swan Securities Ltd on Investment Report): Monday 11 July 18 March, to give participating students an overview of the stockmarket and stock picking strategies. Swan A second briefing session was also be held by a Securities Ltd is a long-standing partner with SEM licensed investment dealer with SEM, and partnering along this national investor education initiative. In with the Exchange over the years, namely Swan terms of prizes, there is a cash prize of Rs 200, 000 Securities Ltd, to give participants a technical offered by the MCB Group for the 1st prize. The 2nd overview of the stockmarket and stock picking prize comprises a cash prize of Rs 100, 000 offered by strategies. The national competition starts on 1 April the National Mutual Fund (NMF) and the 3rd prize is 2016 and end on 30 June 2016, spreading over a a cash prize of Rs 50, 000 offered from Aon Hewitt Ltd. period of 3 months. Each team is required to invest an investment fund of Rs 200,000 of token money in This year’s SEMYIA Edition has recorded 184 teams a portfolio consisting of the shares of 5 companies of five students from 82 colleges across the country, listed on the Official Market of the Stock Exchange representing 920 students. One of the objectives of of Mauritius. Each team is allowed to make up to 10 the competition is to inculcate an investment culture investment swaps at any time during the period of among college students by giving them a hands on the competition. exposure to a key component of the financial services sector, namely the securities industry. Investment Portfolios are updated on a daily basis, and on 30 June each portfolio is valued as it stands as A second aim is to give participants an opportunity that that date using the quoted prices of the to understand the operational aspects of the Stock final trading session of 30 June, and taking into Exchange and experience how to invest in the consideration all dividends receivable, dividends re- real-life environment and liaise with investment invested, bonus issues and proceeds from the sale of dealers(stockbrokers which are members of SEM). rights.
24 l 2016 l Issue 1 Each team is also required to present at the end of the stock market indices during that period, despite the competition a report in two parts (Investment plan & high volatility that prevailed. In fact, as many as 100 Investment report). The report to be submitted at the teams outperformed the all-share index SEMDEX and end of the competition carries 30% of the marks, the 88 teams have outperformed the Total Return Index remaining 70% being allocated to the profits realised SEMTRI over the 3-month period. The best team on the investment portfolio. portfolio-wise, realised an attractive overall portfolio performance of 11.52% over the 3-month period. The Prizes offered stand as follows: 1st prize: A challenge trophy from the SEM and a The winning team of the SEMYIA Edition 2015, cash prize of Rs 200, 000 from the MCB Group namely Loreto College Team A won the cash prize of Rs 150,000 offered by the MCB Group, MCB shares to the value of Rs 2500, MCB luxury bags, an individual A shield from the SEM and a Cash Prize 2nd prize: MCB shield as well as a one-week traineeship within of Rs 100, 000 from the National Mutual Fund (NMF) the MCB Group, as part of the winning prize package offered by the MCB Group. The runners-up of SEMYIA 3rd prize: A shield from the SEM and a Cash Prize Edition 2015, namely MGSS Solferino, Team B, won the of Rs 50, 000 from Aon Hewitt Ltd cash prize of Rs 75,000 offered by NMF, NMF General Fund units to the value of Rs 5000 as well as a one- Prize for Best Report: A challenge trophy by day visit within the NMF Savings and Investments the CFA Society Mauritius and a shield from the SEM. Department, as part of the package offered by NMF. The third prize comprising a cash-prize of of Rs 35,000 In retrospect, for last year’s edition, a commendable was offered by Aon Hewitt Ltd and went to Queen number of teams were able to outperform the main Elizabeth College, Team B.
Mr. Bertrand Casteres, Director of National Mutual Fund Mr.Gilbert Gnany, Chief Strategy Officer and Director of MCB and CEO of the Mauritius Union Group with MGSS Solferino, Group, with Loret oCollege Team A: Ramful Vandana, Bhoyrub Team B: Mohussur Ashlesh, Dabydoyal Leenisha, Keesoon Chetna, Boodhun Heshina, Luchoomun Darshinee, Jhummun Ramchandra, Ramnarainsing Jayesh, BundhooVidya Urmila
Sunil Benimadhu,Chief Executive of the Stock Exchange Mr. Imrith Ramtohul, Senior Investment Consultant of of Mauritius, Gilbert Gnany, Chief Strategy Officer Aon Hewitt Ltd with Queen Elizabeth College, Team and Director of MCB Group , Hon. (Mrs) Leela Devi B.: Parboteeah Prishinee,Ah-Moo Alison,Brijmohun Dookhun,Minister of Education and Human Resources, Shweta,Chutoo Shajila,Jogarah Vidoushi Tertiary Education and Scientific Research and Gopallen Mooroogen,Chairman of the Stock Exchange of Mauritius with 2015 SEMYIA winning team. l 2016 l Issue 1 25 NEWS UGANDA
Uganda Securities Exchange
Business Review therefore able to provide uninterrupted services to their clients seamlessly. As Uganda Securities Exchange, our goal is to provide investment products or market opportunities that Eligibility of Securities to be traded on the new meet the diverse needs of our customers. We do this Platform: The new platform trades only dematerialized by offering liquid markets for our products, which securities in conjunction with services offered by trade via automated trading Our operations aim Securities Central Depository. Securities not yet towards efficiently facilitating the equity transactions, registered on the Securities Central Depository ensuring efficient and timely trade reporting, clearing (“SCD”) are not eligible for trading on the USE’s new and settlement, market data dissemination, market electronic platform. surveillance and market regulation. Hours of Business: Following the Automation, Automation of Trading the USE’s operating hours changed from the previous With effect from July 22nd 2015, the Uganda Securities 2 hourly daily schedule between 10:00am – 12:00pm Exchange launched an electronic market to replace to a daily schedule operated between 09:30am to the current manual outcry system which required 01:00pm excluding weekends and public holidays. stockbrokers to convene on each trading day to Product Development conduct business (buying and, or, selling of shares) on behalf of investors. The ATS is able to trade equity, debt, ETFs (exchange- traded funds), and GDRs (global depository receipts). The new electronic platform enables participants Instruments that are currently actively trading to conduct their business from various locations by through the ATS/CSD are equities and corporate accessing the Uganda Securities Exchange through bonds. the internet. The automated trading system operates Our emphasis for 2016 is to achieve: on agreed rules which are in-built in the system and • Bringing new listings to the market; therefore guarantees adherence to price and time • Trading and settlement of government bonds priority principles in the interest of market fairness through the USE’s infrastructure; and transparency. • Exploring availing market data in real-time to data Participants: The participants to the new system vendors ( Data Vending) are all stock broking firms who have been examined • Enabling direct market access and internet and for competency and understanding of the new mobile trading environment. All registered Member firms of the • Public Awareness campaign. Uganda Securities Exchange meet the requirements Trading Statistics 2016 to participate in the new electronic market and are Equities Trading Activity by Month Jan 2016-Feb 2016
Jan 2016 Feb 2016 Total Volume 168,354,690 52,868,784 221,223,474 Turnover 28,358,256,648 18,919,245,447 47,277,502,095 Daily avg Turnover 1,492,539,824 995,749,760 2,488,289,584 Trades 545 329 874 Daily avg Trades 29 17 46 Trading days 19 19 38
Source: USE Product Markets Department
26 l 2016 l Issue 1 NEWS UGANDA
USE ALSI/LCI TREND: Jan 2010 - Feb 2016. The SCD significantly improved the efficiency of the settlement mechanism in the stock market. Securities Central Depository Performance This simultaneous exchange of cash and securities, as at Jan-Feb 2016. guarantees irrevocability of settlement and offers the The Securities Central Depository (SCD) works hand high level of investor protection. in hand with the Automated Trading Platform (ATS) The settlement cycle has been reduced to T+3 from platform. A total of 2,015,412 shares have so far been T +5. · immobilized and 150 accounts SCD accounts opened SCD plans to achieve a 100% dematerialization by to make the total number of accounts in SCD 26581. June 2016. Settlement has been emphasized by implementing Below is the percentage breakdown of investor strict delivery versus payment within a T+3 settlement participation in the SCD as at Feb 2016. cycle.
Dematerialization Summary as at 29th February 2016.
Shares Introduced Security Share Capital Issued from NSE %age in SCD
CENTUM* 665,441,775 5,916,296 100.00 EABL 790,774,356 0 100.00 EBL 3,702,777,020 0 100.00 JHL 59,895,000 0 100.00 KCB 3,025,219,832 0 100.00 KA 1,496,469,035 0 100.00 NMG 188,542,286 0 100.00 UCHUMI* 364,959,616 30,554 100.00 Security Shares Immobilized Shares immobilized SBU 51,188,669,700.0 50,956,504,815 99.55 UMEM 1,623,878,005.0 1,623,878,005.0 100.0 NIC/1 1,415,779,718.0 1,396,859,507 98.7 UCL 900,000,000.0 811,615,785 90.2 BATU 49,080,000.0 4,390,869 9.0 BOBU 2,500,000,000.0 2,490,316,181 99.6 NVL 76,500,000.0 31,869,869 41.7 DFCU 497,201,822.0 487,591,754 98.1
l 2016 l Issue 1 27 NEWS UGANDA
Legal and Compliance 2016. both government and corporate bonds have been developed and are to be submitted to 1. Dematerialization of securities CMA for approval by the end of Q2. Rules for listed on the Exchange the trading of Real Estate Investment Trusts USE will embark on the dematerialization of (REITs), rules for listing by introduction, private all securities listed on the Exchange. A process placements, Exchange Traded Fund (ETFs) as that will see the elimination of physical share well as derivative rules will be developed this certificates as a record of security ownership year. and will no longer be evidence of ownership of securities in the Securities Central 3. Demutualization of USE Depository. Efforts to demutualise the USE are underway The dematerialization date (deadline) has and our target is to be demutualized by end been set for 30th June 2016. of 2016.With the introduction of the ATS, USE will aim to facilitate more competitive 2 . USE Rules development future strategies which when run under a Full automation of USE’s trading platform has demutualised exchange will be in a better enabled for the introduction of new products position to remain competitive in terms of into the market. To this end, fixed income price, variety and quality of services provided. trading rules for the secondary trading of
The Uganda Stock Exchange
28 l 2016 l Issue 1 NEWS ZAMBIA Lord Mayor of the city of London meets Zambian capital market players
The Securities and Exchange Commission in Collaboration with KPMG and The Lusaka Securities Exchange met the Lord Mayor of the City of London Hon. Jeffrey Mountevans and a British business delegation at a round table meeting at Intercontinental Hotel Lusaka on 27th February 2016.
The Lord Mayor of the City of London is a dedicated ambassador, Championing and promoting collaborations with the United Kingdom based financial, professional and associated business services sector. His visit to Zambia offered an opportunity to foster business relationships among decision-makers in government and business between the UK and Zambia.
The Mayor and his Business delegation ended their to a networking luncheon the topic under discussion was “Facilitating Foreign Direct Inflows using the Zambian Capital Markets-Growing Zambia’s Capital Markets and Raising Capital for infrastructure and SME Development”. The round table was a useful forum for the exchange of information amongst all participants, and gave the lord Mayor’s delegation to learn more about the investment opportunities in The Lord Mayor of the City of London Hon. Zambia Jeffrey Mountevans with LuSE Chief Executive Officer Mr. Brian Tembo
Securities and Exchange Commission LuSE Board Chairman Alfred Jack Lungu observes Board Chairman Mr. Chintu Mulendema the meeting deliberations and the Lord Mayor of the City Hon. Jeffrey Mountevans
l 2016 l Issue 1 29 NEWS ZIMBABWE
Industrial Development Corporation Executive Director Investment Charles Mate left , Director, Africa Advisory Partners/Chartered Institute for Securities & Investment Mr. Christopher Morris middle and Director, Financial Sector Deepening Africa Mr. Mark Napier far right
New Board of Directors for Zimbabwe Stock Exchange
A new Board of Directors for the Zimbabwe Stock investors to acquire up to 15% of listed shares per Exchange (“ZSE”) was appointed in February 2016 to counter, up from the previous limit of 10%. In order replace the board appointed in 2010 as part of the to align the Exchange Control to the Indigenisation demutualisation exercise. The new 7-member board and Economic Empowerment regulations, the limit is chaired by Mrs Caroline Sandura who is deputised for total foreign investors on listed shares on the ZSE by Mr Bartholomew Mswaka. Other members include was also moved up from 40% to 49% per counter. Full Mr Benson Gasura, Mr Markus de Klerk, Mr Kholisani fungibility for counters with prior Exchange Control Moyo, Mr Daniel Muchemwa and the ZSE CEO, Mr approval has also been increased from 40% to 49%. Alban Chirume. Proceeds arising from the sale of shares within this fungible threshold, must however be repatriated back into the country through normal banking channels. Zimbabwe raises investment threshold for foreign investors New listings
In order to promote portfolio investments by foreign GetBucks Financial Services Limited listed through an investors on the ZSE, with the overall objective of IPO on 15 January 2016, becoming the first IPO since enhancing market liquidity, the Reserve Bank of 2008 and the third listing for ZSE since June 2015. ZSE Zimbabwe issued new Exchange Control Guidelines is expecting a minimum of two listings for the year in February 2016 which permit single foreign ending 31 December 2016.
30 l 2016 l Issue 1 Seychelles Stock Exchange
2016 Year to Date January USD February USD Total Value Traded 25,508.07 12,854.00 Equity Market Value Traded 25,508.07 12,854.00 Bond Market Value Traded 0.00 0.00 Others 0.00 0.00 Total Volume Traded 2,372 1,200 Equity Market Volume Traded 2,372.00 1,200.00 Bond Market Volume Traded 0 0 Others 0 0 Total Number of Transactions 16 6 Equity Market Number of Transactions 16 6 Bond Market Number of Transactions 0 0 Others 0 0 Market Capitalization 41,152,860.72 40,003,179.00 Number of Listed Companies 4 5 Number of Traded Companies 3 4 Number of Trading Days 20 21 Exchange Rate/US$ 13.00 13.07 Domestic Companies Domestic Companies Main Index Name Index(DCI) Index(DCI) Main Index (Points) 0 0 Gains in Main Index (%) 0.00% 0.00% P/E Ratio 0 0 Dividend Yield (%) 0.00% 0.00% Exchange Members Number of Equity members 2 2 Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies 1 1 Number of Secondary Board listed com- panies Comments
l 2016 l Issue 1 31 Stock Exchange of Mauritius
2016 Year to Date January USD February USD March USD Total Value Traded 18,875,266.90 80,657,907.05 25,889,610.34 Equity Market Value Traded 17,962,300.45 80,240,963.06 25,321,350.88 Bond Market Value Traded 912,966.45 410,044.73 565,577.59 Others 0.00 6,899.26 2,681.87 Total Volume Traded 205,084,785 246,730,546 171,353,239 Equity Market Volume Traded 204,879,371.00 245,466,359.00 171,318,759.00 Bond Market Volume Traded 205,414.00 1,263,597.00 34,255.00 Others 0 590 225 Total Number of Transactions 3,998 5,465 4,728 Equity Market Number of Transactions 3,960 5,420 4,681 Bond Market Number of Transactions 38 44 46 Others 0 1 6 Market Capitalization 6,964,845,266.82 6,857,409,664.09 6,882,112,437.53 Number of Listed Companies 95 94 95 Number of Traded Companies 95 94 95 Number of Trading Days 20 19 22 Exchange Rate/US$ 36.60 36.43 36.07 Main Index Name SEMDEX SEMDEX SEMDEX Main Index (Points) 1,843.03 1,810.69 1,797.16 Gains in Main Index (%) 1811.07% -1.75% -0.75% P/E Ratio 12.03 11.9 12.71 Dividend Yield (%) 3.66% 3.67% 3.98% Exchange Members Number of Equity members Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies Number of Secondary Board listed companies Comments
32 l 2016 l Issue 1 Malawi Stock Exchange
2016 Year to Date January USD February USD March USD Total Value Traded 143,759.67 141,811.08 125,394.56 Equity Market Value Traded 143,759.67 141,811.08 125,394.56 Bond Market Value Traded 0.00 0.00 0.00 Others 0.00 0.00 0.00 Total Volume Traded 2,795,087 1,830,916 5,067,001 Equity Market Volume Traded 2,795,087.00 1,830,916.00 5,067,001.00 Bond Market Volume Traded 0 0 0 Others 0 0 0 Total Number of Transactions 80 65 73 Equity Market Number of Transactions 80 65 73 Bond Market Number of Transactions 0 0 0 Others 0 0 0 Market Capitalization 846,822,717.73 821,556,991.02 840,110,565.68 Number of Listed Companies 14 14 14 Number of Traded Companies 13 11 14 Number of Trading Days 20 20 20 Exchange Rate/US$ $728.48 741.69 682.42 Main Index Name MASI MASI MASI Main Index (Points) 14,440.24 14,263.58 13,419.95 Gains in Main Index (%) -0.84% -2.05% -7.85% P/E Ratio 11.76 11.78 7.26 Dividend Yield (%) 3.99% 3.99% 6.05% Exchange Members Number of Equity members 4 4 4 Number of Equity Derivative members 0 0 0 Number of Equity Bond members 4 4 4 Number of Commodity Members 0 0 0 Exchange Listings Number of Main Board listed companies 14 14 14 Number of Secondary Board listed com- panies 0 0 0 Comments There were no trades for the two government bonds. For a detailed Market Performance Report visit www.mse.co.mw
l 2016 l Issue 1 33 Bolsa de Valores de Cabo Verde
2016 Year to Date January USD Febraury USD Total Value Traded 11,104.07 62,931.70 Equity Market Value Traded 303.88 $0.00 Bond Market Value Traded 10,800.20 62,931.70 Others 0.00 0.00 Total Volume Traded 550,010 6,396 Equity Market Volume Traded 10 0 Bond Market Volume Traded 550,000.00 6,396.00 Others 0 0 Total Number of Transactions 3 3 Equity Market Number of Transactions 1 0 Bond Market Number of Transactions 2 3 Others 0 0 Market Capitalization 622,852,641.75 630,935,922.64 Number of Listed Companies 16 0 Number of Traded Companies 2 0 Number of Trading Days 1 0 Exchange Rate/US$ 101.85 101.63 Main Index Name None None Main Index (Points) 0 0 Gains in Main Index (%) 0.00% 0.00% P/E Ratio 0 0 Dividend Yield (%) 0.00% 0.00%
34 l 2016 l Issue 1 Uganda Stock Exchange
2016 Year to Date January USD February USD March USD Total Value Traded $9,055,586.40 $5,649,981.57 $4,645,338.76 Equity Market Value Traded $9,055,586.40 $5,649,981.57 $4,645,338.76 Bond Market Value Traded $0.00 $0.00 $0.00 Others $ $0.00 $ $0.00 $ $0.00 Total Volume Traded 173,374,992 52,868,784 72,128,384 Equity Market Volume Traded 173,374,992.00 52,868,784.00 72,128,384.00 Bond Market Volume Traded 0 0 0 Others 0 0 0 Total Number of Transactions 545 329 497 Equity Market Number of Transactions 545 329 497 Bond Market Number of Transactions 0 0 0 Others 0 0 0 Market Capitalization 69,126,748.53 71,874,412.77 73,033,033.50 Number of Listed Companies 16 16 16 Number of Traded Companies 9 8 9 Number of Trading Days 19 19 20 Exchange Rate/US$ $3,479.55 $3,348.55 $3,373.91 USE All SHare USE All SHare USE All SHare Main Index Name Index Index Index Main Index (Points) 1,760.30 1,749.25 1,802.54 Gains in Main Index (%) -0.20% -0.59% 3.40% P/E Ratio 15.7 15.88 16.39 Dividend Yield (%) 0.00% 0.00% 0.00% Exchange Members Number of Equity members 8 8 8
l 2016 l Issue 1 35 Botswana Stock Exchange
2016 Year to Date January USD February USD March USD Total Value Traded 17,018,261.88 26,333,644.94 19,674,646.73 Equity Market Value Traded 16,498,168.19 25,979,124.33 19,263,700.76 Bond Market Value Traded 514,487.45 0.00 119,671.82 Others 5,606.24 354,520.61 291,274.16 Total Volume Traded 48,039,316 73,889,087 71,159,206 Equity Market Volume Traded 43,038,211.00 73,856,606.00 70,084,108.00 Bond Market Volume Traded 5,000,000.00 0 1,050,000.00 Others 1,105.00 32,481.00 25,098.00 Total Number of Transactions 884 1,038 870 Equity Market Number of Trans- actions 869 1,017 853 Bond Market Number of Transactions 2 0 3 Others 13 21 14 Market Capitalization 36,735,997,716.00 36,559,177,968.00 38,413,585,815.00 Number of Listed Companies 32 32 32 Number of Traded Companies 30 22 24 Number of Trading Days 20 21 21 Exchange Rate/US$ 0.09 0.09 0.09 Domestic Compa- Main Index Name (DCI) nies Index(DCI) DCI Main Index (Points) 10,440.28 10,233.43 10,202.64 Gains in Main Index (%) -1.53% -1.98% -0.30% P/E Ratio 12.3 13.05 13.06 Dividend Yield (%) 4.00% 3.71% 3.82% Exchange Members Number of Equity members 4 4 4 Number of Equity Derivative members 0 0 0 Number of Equity Bond members 4 4 4 Number of Commodity Members 0 0 0 Exchange Listings Number of Main Board listed companies 22 22 22 Number of Secondary Board list- ed companies 10 10 10
36 l 2016 l Issue 1 Namibian Stock Exchange
2016 Year to Date January USD February USD March USD Total Value Traded 58,235,132.00 61,151,396.00 86,087,154.00 Equity Market Value Traded 57,649,645.00 58,068,157.00 80,967,282.00 Bond Market Value Traded 567,831.00 2,152,080.00 5,077,324.00 Others 17,656.36 931,158.00 42,549.00 Total Volume Traded 25,636,952 47,729,563 91,512,362 Equity Market Volume Traded 16,633,452.00 13,047,653.00 16,255,122.00 Bond Market Volume Traded 9,000,000.00 34,500,000.00 75,250,000.00 Others 3,500.00 181,910.00 7,240.00 Total Number of Transactions 490 450 542 Equity Market Number of Transactions 488 442 530 Bond Market Number of Transactions 1 4 9 Others 1 4 3 Market Capitalization 88,452,420,069.00 91,264,249,688.00 110,051,377,657.00 Number of Listed Companies 41 43 43 Number of Traded Companies 26 33 26 Number of Trading Days 20 21 21 Exchange Rate/US$ 15.85 16.03 14.82 NSX Overall NSX Overall Main Index Name Index Index NSX Overall Index Main Index (Points) 850.58 877.2 992.25 Gains in Main Index (%) -1.72% 3.13% 13.12% P/E Ratio 0 0 0 Dividend Yield (%) 0.00% 0.00% 0.00% Exchange Members Number of Equity members 4 4 4 Number of Equity Derivative members n/a n/a n/a Number of Equity Bond members n/a n/a n/a Number of Commodity Members n/a n/a n/a Exchange Listings Number of Main Board listed companies 8 local listed 8 local listed 8 local listed Number of Secondary Board listed companies 33 25 35
l 2016 l Issue 1 37 Bourse Regionale des Valeurs Mobiliere
2016 Year to Date January USD February USD Total Value Traded 40,918,301.00 120,987,291.00 Equity Market Value Traded 39,281,330.00 64,566,410.00 Bond Market Value Traded 1,636,971.00 56,420,881.00 Others $ $0.00 $ $0.00 Total Volume Traded 5,197,228 41,376,544 Equity Market Volume Traded 5,099,551.00 37,976,232.00 Bond Market Volume Traded 97,677.00 3,400,312.00 Others 0 0 Total Number of Transactions 4,644 5,452 Equity Market Number of Transactions 4,545 5,307 Bond Market Number of Transactions 99 145 Others 0 0 Market Capitalization 11,903,371,365.00 12,409,192,183.00 Number of Listed Companies 76 76 Number of Traded Companies 64 65 Number of Trading Days 20 21 Exchange Rate/US$ 60,069.00 60,246.00 Main Index Name BRVM-10 BRVM-10 Main Index (Points) 27,312.00 28,139.00 Gains in Main Index (%) -594.00% 303.00% P/E Ratio 2,276.00 2,390.00 Dividend Yield (%) 343.00% 325.00% Exchange Members Number of Equity members Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies Number of Secondary Board listed companies
38 l 2016 l Issue 1 Egyptian Stock Exchange
2016 Year to Date January USD Febraury USD Total Value Traded 2,532,496,222.68 2,600,959,508.78 Equity Market Value Traded 1,135,965,426.49 1,078,444,224.02 Bond Market Value Traded 1,083,204,724.00 1,323,938,054.75 Others 313,326,072.19 198,577,230.01 Total Volume Traded 4,880,635,987 3,960,279,111 Equity Market Volume Traded 4,766,807,080.00 3,821,483,667.00 Bond Market Volume Traded 8,253,639.00 9,912,046.00 Others 105,575,268.00 128,883,398.00 Total Number of Transactions 426,046 432,456 Equity Market Number of Transactions 424,084 429,956 Bond Market Number of Transactions 148 138 Others 1,814 2,362 Market Capitalization 50,723,955,819.69 50,979,519,282.84 Number of Listed Companies 251 253 Number of Traded Companies 219 218 Number of Trading Days 19 21 Exchange Rate/US$ $7.73 $7.73 Main Index Name EGX 30 EGX 30 Main Index (Points) 5,992.72 6,146.93 Gains in Main Index (%) -14.46% 2.57% P/E Ratio 11.75 11.22 Dividend Yield (%) 8.88% 9.03% Exchange Members Number of Equity members 134 134 Number of Equity Derivative members 0 0 Number of Equity Bond members 134 134 Number of Commodity Members 0 0 Exchange Listings Number of Main Board listed companies 221 222 Number of Secondary Board listed companies 30 31
l 2016 l Issue 1 39 Nigerian Stock Exchange
2016 Year to Date January USD February USD Total Value Traded 211,678,124.96 295,332,228.11 Equity Market Value Traded 210,925,185.98 294,114,143.04 Bond Market Value Traded 724,445.62 $1,131,201.21 Others 28,493.35 86,883.85 Total Volume Traded 5,668,925,415 12,639,210,740 Equity Market Volume Traded 5,668,571,502.00 12,638,750,915.00 Bond Market Volume Traded 121,375.00 199,583.00 Others 232,538.00 260,242.00 Total Number of Transactions 67,623 62,172 Equity Market Number of Transactions 67,479 62,016 Bond Market Number of Transactions 12 12 Others 132 144 Market Capitalization 76,118,089,943.66 77,921,810,482.00 Number of Listed Companies 184 184 Number of Traded Companies 166 173 Number of Trading Days 20 21 Exchange Rate/US$ 199.36 199.37 Main Index Name NSE All-Share Index NSE All-Share Index Main Index (Points) 23,916.15 24,570.73 Gains in Main Index (%) -16.50% 2.74% P/E Ratio 15.97 14.6 Dividend Yield (%) 6.20% 6.65% Exchange Members Number of Equity members Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies Number of Secondary Board listed companies
40 l 2016 l Issue 1 Mozambique Stock Exchange
2016 Year to Date January USD February USD Total Value Traded 7,712,414.88 225.08 Equity Market Value Traded 128,090.85 225.08 Bond Market Value Traded 6,646,495.78 0.00 Others 937,828.25 0.00 Total Volume Traded 3,550,097 78,487 Equity Market Volume Traded 43,864.00 78,487.00 Bond Market Volume Traded 3,072,675.00 0 Others 433,558.00 0 Total Number of Transactions 23 13 Equity Market Number of Transactions 20 13 Bond Market Number of Transactions 1 0 Others 2 0 Market Capitalization 1,199,716,256.33 1,169,018,659.84 Number of Listed Companies 4 4 Number of Traded Companies 2 2 Number of Trading Days 20 20 Exchange Rate/US$ 46.23 47.36 Main Index Name (DCI) (DCI) Main Index (Points) 0 0 Gains in Main Index (%) 0.00% 0.00% P/E Ratio 12.1 12.2 Dividend Yield (%) 8.50% 8.50% Exchange Members Number of Equity members Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies Number of Secondary Board listed companies
l 2016 l Issue 1 41 Zimbabwe Stock Exchange
2016 Year to Date January USD February USD March USD Total Value Traded 11,345,452.00 15,556,982.00 16,428,570.00 Equity Market Value Traded 11,345,452.00 15,556,982.00 16,428,570.00 Bond Market Value Traded 0.00 0.00 0.00 Others 0.00 0.00 0.00 Total Volume Traded 61,882,757 95,020,938 97,601,725 Equity Market Volume Traded 61,882,757.00 95,020,938.00 97,601,725.00 Bond Market Volume Traded 0 0 0 Others 0 0 0 Total Number of Transactions 685 510 764 Equity Market Number of Transactions 685 510 764 Bond Market Number of Transactions 0 0 0 Others 0 0 0 Market Capitalization 2,790,443,132.00 2,694,927,768.00 2,645,057,408.00 Number of Listed Companies 65 64 64 Number of Traded Companies 60 59 59 Number of Trading Days 20 20 22 Exchange Rate/US$ 1.00 1.00 1.00 Main Index Name Industrials Industrials Industrials Main Index (Points) 103.04 99.5 97.61 Gains in Main Index (%) -10.30% -3.00% -1.90% P/E Ratio 0 0 0 Dividend Yield (%) 0.00% 0.00% 0.00% Exchange Members Number of Equity members 13 13 13 Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies 65 64 64 Number of Secondary Board listed companies
42 l 2016 l Issue 1 Nairobi Securities Exchange
2016 January USD February USD March USD Total Value Traded 339,378,360.75 342,297,278.80 800,205,519.00 Equity Market Value Traded 127,444,235.67 100,606,449.70 133,155,582.70 Bond Market Value Traded 211,934,125.08 241,690,829.10 667,049,936.00 Others 0.00 0.00 0.00 Total Volume Traded 422,742,310 73,474,012,098 5,306,241 Equity Market Volume Traded 422,742,285.00 341,032,223.00 5,306,185.00 Bond Market Volume Traded 25 52 56 Others 0 0 5,306,241.00 Total Number of Transactions 27,039 26,114 31,697 Equity Market Number of Transac- tions 26,857 25,727 30,789 Bond Market Number of Transac- tions 182 387 908 Others 0 0 0 Market Capitalization 18,812,982,298.50 18,516,476,722.10 20,577,034,382.00 Number of Listed Companies 63 63 63 Number of Traded Companies 61 61 61 Number of Trading Days 20 21 21 Exchange Rate/US$ 102.00 101.00 101.00 NSE 20 Share NSE 20 Share NSE 20 Share Main Index Name Index Index Index Main Index (Points) 3,773.00 3,871.00 3,982.00 Gains in Main Index (%) 6.61% 2.60% 2.87% P/E Ratio 12.01 12.37 3.48 Dividend Yield (%) 3.43% 3.41% 3.46% Exchange Members Number of Equity members Number of Equity Derivative mem- bers Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed com- panies Number of Secondary Board listed companies
l 2016 l Issue 1 43 Johannesburg Stock Exchange
2016 Year to Date January USD February USD Total Value Traded 194,366,569,676.00 232,731,820,456.00 Equity Market Value Traded 29,500,553,603.00 31,625,449,381.00 Bond Market Value Traded 124,979,731,876.00 157,574,694,922.00 Others 39,886,284,197.00 43,531,676,153.00 Total Volume Traded 6,590,447,294 7,529,989,531 Equity Market Volume Traded 6,572,788,180.00 7,515,562,611.00 Bond Market Volume Traded 0 0 Others 17,659,114.00 14,426,920.00 Total Number of Transactions 6,228,162 6,357,084 Equity Market Number of Transactions 5,831,237 5,934,228 Bond Market Number of Transactions 39,249 42,298 Others 357,676 380,558 Market Capitalization 922,873,737,274.00 900,012,260,600.00 Number of Listed Companies 395 395 Number of Traded Companies 357 356 Number of Trading Days 21 21 Exchange Rate/US$ $15.86 $16.14 Main Index Name FTSE/JSE All Share FTSE/JSE All Share Main Index (Points) 49,141.94 49,415.31 Gains in Main Index (%) -0.03% 0.56% P/E Ratio 35.86 38.07 Dividend Yield (%) 3.00% 2.65% Exchange Members Number of Equity members 61 Number of Equity Derivative members 94 Number of Equity Bond members 100 Number of Commodity Members 65 Exchange Listings Number of Main Board listed companies 331 331 Number of Secondary Board listed companies 64 66
44 l 2016 l Issue 1 Bourse de Tunis
2016 Year to Date January USD February USD March USD Total Value Traded 81,863,466.50 127,234,444.05 89,650,352.05 Equity Market Value Traded 63,079,644.45 100,534,983.36 73,567,100.97 Bond Market Value Traded 1,592,096.58 2,194,155.01 2,338,454.26 Others 17,191,725.47 24,505,305.68 13,744,796.82 Total Volume Traded 25,285,352 26,889,199 24,263,330 Equity Market Volume Traded 23,906,552.00 23,570,239.00 21,280,568.00 Bond Market Volume Traded 24,419.00 63,779.00 58,565.00 Others 1,354,381.00 3,255,181.00 2,924,197.00 Total Number of Transactions 42,242 43,377 43,972 Equity Market Number of Transactions 42,042 43,140 43,647 Bond Market Number of Transactions 67 118 132 Others 133 119 193 Market Capitalization 9,297,854,077.71 9,089,907,235.80 9,378,038,496.83 Number of Listed Companies 78 78 78 Number of Traded Companies 77 77 77 Number of Trading Days 19 21 23 Exchange Rate/US$ 2.04 2.04 2.02 Main Index Name TUNINDEX TUNINDEX TUNINDEX Main Index (Points) 5,415.98 5,288.13 5,421.00 Gains in Main Index (%) 7.41% -2.36% 2.51% P/E Ratio 14.83 14.53 15.02 Dividend Yield (%) 3.60% 3.70% 3.50% Exchange Members Number of Equity members Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies Number of Secondary Board listed companies
l 2016 l Issue 1 45 Rwanda Stock Exchange
2016 Year to Date January USD February USD Total Value Traded 3,108,952.00 3,264,217.00 Equity Market Value Traded 3,042,741.00 3,237,469.00 Bond Market Value Traded 66,211.00 26,748.00 Others 0.00 0.00 Total Volume Traded 60,693,300 35,055,000 Equity Market Volume Traded 12,393,300.00 15,055,000.00 Bond Market Volume Traded 48,300,000.00 20,000,000.00 Others 0 0 Total Number of Transactions 73 76 Equity Market Number of Transactions 71 74 Bond Market Number of Transactions 2 2 Others 0 0 Market Capitalization 3,738,471,225.00 3,696,647,448.00 Number of Listed Companies 7 7 Number of Traded Companies 3 3 Number of Trading Days 19 20 Exchange Rate/US$ 754.35 762.30 Main Index Name Rwanda SE Index Rwanda SE Index Main Index (Points) 146.79 145.98 Gains in Main Index (%) 0.00% 0.00% P/E Ratio 11.32 11.21 Dividend Yield (%) 0.04% 0.04% Exchange Members Number of Equity members Number of Equity Derivative members Number of Equity Bond members Number of Commodity Members Exchange Listings Number of Main Board listed companies Number of Secondary Board listed companies
46 l 2016 l Issue 1 AFRICAN SECURITIES EXCHANGES ASSOCIATION
The Exchange, 55 Westlands Road P.O. Box 43633 - 00100 Nairobi Telephone: +254 20 2831000 Website: www.african-exchanges.org
l 2016 l Issue 1 47