Top performances for USD investors at Africa’s stock exchanges
Malawi came out as Africa’s top-performing exchange to USD-based investors over 2013 with a strong 62.4% return. Eight out of 13 African exchanges beat the S&P 500.
New York Institute of Finance launches Nigerian links
Nigerian stockbrokers are to build their expertise under a working relationship between the New York Institute of Finance (NYIF) and the Chartered Institute of Stockbrokers (CIS) on building capacity.
Africa’s bourses should work together to channel investors
Africa’s 24 stock markets should learn to work together better if they are to seize high levels of investor interest, said Nicky Newton-King, CEO of South Africa’s JSE Ltd. She told an interviewer that plumbing, – technology and other links between exchanges and clearing and settlement – were more likely routes to more liquidity than trying to create a single exchange.
Nigeria’s SEC pushes for privatization listings, stockbroker consolidation and NSE demutualization
Nigeria’s Securities and Exchange Commission hopes to boost liquidity on the Nigerian Stock Exchange by getting previously privatized enterprises to list their shares and is progressing demutualization and higher standards for stockbrokers.
Nigerian Stock Exchange launches market-making today
Today the Nigerian Stock Exchange is to launch its market-making programme. This will be a hybrid process, with market makers offering 2-way (buy-sell) price quotes in selected securities and a continuation of the current process in which licensed broker/dealers of the NSE submit orders.
West African stock markets talking integration – will they walk the talk?
West African stock exchange leaders are again talking about integrating the markets. The exchanges in Ghana, Nigeria, Sierra Leone and Cote d’Ivoire have said they will seek to integrate by 2014.
Nigerian Stock Exchange to roll out top-speed NASDAQ OMX trading platform
The Nigerian Stock Exchange says it will have the fastest trading system in Africa when it upgrades its trading to NASDAQ OMX Group’s X-Stream platform, with a target date of second quarter of 2013. The new system will handle a wide range of instruments.
Is lack of liquidity driving African issuers to list on London Stock Exchange and others?
Reuters newsagency has put together stories on issuers’ and investors’ difficulties with African stock markets. These include lack of liquidity and sinking currencies. It notes that African companies are increasingly dual listing on international stock exchanges.
African Stock Exchanges Association conference tackles key issues
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.
Nigeria’s Securities and Exchange Commission (SEC) to set up Investor Protection Fund
The Securities and Exchange Commission Nigeria is considering setting up an Investor Protection Trust Fund. This comes after news that no-one has claimed from a reported N500 million fund for investor protection at the Nigerian Stock Exchange.
Nigeria’s Securities and Exchange Commission educates, partners Nollywood film
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.
Nigerian Stock Exchange suspends 27 shares, including 3 banks
The Nigerian Stock Exchange has placed 24 companies on full suspension for failing to submit their financial statements for the year ended 31 December, 2010 and has also suspended 3 banks that are being rescued.
Wind of change blows world markets, African stock exchanges unruffled
I have the honour to be published on the opinions section of the Royal African Society website and the article can be seen along with their excellent blogs I also reprint the article, which is meant to spark debate, and I welcome your comments – is it time for change and what is the way forward?
Nigerian bank’s $0.5 bn high yield eurobond
Nigeria’s Guaranty Trust Bank is coming to the market with a $500 million Eurobond, which may roll out into a $2 billion offering. The bank is listed on the Nigerian and London Stock Exchanges.
Nigerian SE: CEO Onyema in full charge
The new Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema, had taken up office on 4 April, but the SEC had asked for a one-month transitional period. Interim Administrator Emmanuel Ikhazoboh, appointed in August 2010 by the Securities and Exchange Commission (SEC), bowed out on 28 April.
Nigerian Stock Exchange asks stockbrokers to recapitalize
The Nigerian Stock Exchange is warning stockbrokers that they must meet capital adequacy requirements. Dealing members and stockbroking firms require a capital base of N1.5 billion (US$9.8 million), while issuing houses are required to have N5 bn.
Plans for Nigeria’s $500 mn Eurobond
Citigroup expects to see strong demand for Nigeria’s $500 million debut Eurobond despite volatility in global capital markets. It plans roadshow this week.