News and developments on African capital markets, includes: African securities, African stock exchanges/stock markets, African equities, African bonds, African private equity/venture capital, and African social impact investment
Share prices on the Tunisian Stock Exchange have been moving ahead all November, starting with a positive reaction to the meeting between Rachid Ghannouchi, leader of the Islamist Ennahda party and stock market executives only days after the election and moving forward as the politics progressed well.
Developing Africa’s securities exchanges is critical for the continent’s development, with capital markets standing between huge demand for capital for growth and huge demand to invest. The key issues are on the agenda of The 15th Annual African Securities Exchange Association conference (in Marrakesh, Morocco), hosted by Casablanca Stock Exchange, 12-13 December.
Mark Mobius, veteran emerging markets investor and head of Templeton Emerging Markets, is bullish about the Nairobi Securities Exchange (NSE), although it is the worst-performing stock market in sub-Saharan Africa this year, according to the Financial Times.
The Initial Public Offering (IPO) of 58,841,750 shares at TSh 475 (US$ 28 cents) each in Tanzania’s Precision Air Services is set to start on 7 October and continue to 28 October, aiming for a listing and trading on the Dar Es Salaam Stock Exchange from 8 December.
Kenya’s Capital Markets Authority has drafted proposals on corporate governance and is waiting for approval so they can be gazetted and become law.
The Dar Es Salaam Stock Exchange aims to increase to 18 listed companies and is preparing for an initial public offering (IPO) for Precision Air during September and cross-listings of 2 mining firms listed in London. Tanzania is also set to ease controls on the amount of shares foreigners can buy.
South Africa’s Johannesburg Stock Exchange says that a record number of trades were executed on the exchange today (10 August). The new record is 230,797 trades, valued at more than $4 billion.
Nigerian regulator, the Securities & Exchange Commission, is travelling the country to build education and awareness. SEC Director General Arunma Oteh, SEC Commissioners and senior officials visited Port Harcourt, capital of Rivers State, for 4 days of meetings with stakeholder groups.
British American Investment Company (Kenya) Ltd launched its initial public offer (IPO) this week. It aims to raise KES 5.58 billion (US$62.2 million) for expansion. The offer is open until 5 August, and it to list its shares on the Nairobi Stock Exchange.
West Africa’s Bourse Regionale des Valeurs Mobilieres BRVM regional stock exchange is to move trading operations back to Cote d’Ivoire next Monday (16 May), after moving to Mali to avoid a violent political crisis.