The Bourse d’Alger (Société de la Gestion de la Bourse des Valeurs Mobilières – www.sgbv.dz) was set up in 1997 under a 1993 law and started trading in 1999. According to Les Afriques: “At the moment there are only 2 listed companies in Algeria: state pharmaceutical company Saidal and the El Aurassi hotel. Trading takes place twice a week, on Monday and Wednesday mornings for two hours. Average volume so far in 2010 was €80 000 and the float is €15m.”
The bourse website says the listed equities are Egh el Aurassi and Saidal while the listed debt obligations are Air Algerie, Algerie Telecom, Spa DAHLI and Sonelgaz securities. It says there were a total of 488 trades in 2009 (worth $6.7 million) and 293 to date in 2010.
Reuters reports that Khelifati said he had received assurances from Algerian officials that a programme of reform was underway to encourage the development of the exchange. This will include a new law to give exemption from tax for all capital gains on stock-market operations for 5 years. The agency comments; “An opening up of the stock exchange would go against the trend in Algeria, where investors and analysts say the government has been creating new obstacles for some private businesses and especially foreigners.”