Issue 4 June 2018 2 · 2018-08-08 · Nairobi, Kenya by the Nairobi Securities Exchange (NSE) was a...

Issue 4 June 20182

“We are pleased to welcome the Chartered Institute for Securities & Investment as an Associate member of ASEA. One of the focus areas of my Presidency of ASEA is human resources development across member exchanges. I believe that trained practitioners and trusted individuals are key

to boosting professionalism, and in turn enhancing the attractiveness of Africa as an investment destination. We look forward to working with the CISI and from their international footprint and globally portable

Oscar Onyema, ASEA President and CEO at the Nigerian Stock Exchange

About the CISI

educational charity

Awarded a Royal Charter

Evolved from London Stock Exchange

Formal recognition in 40 jurisdictions

Representation in over 12 countries

40,000 members in 116 countries

Our Mission

“To set standards of professional excellence and integrity for securities, investment, wealth and planning professionals, providing

and promoting the highest level of competence to our members, individuals and

“We are delighted to be a part of ASEA membership and to be able to our experience to introduce internationally-recognised and

Kevin Moore, Chartered MCSI, Global Business Director at

the CISI

Existing Engagement in Africa

Tunis: The Institut de Formation de la Bourse de Tunis recognises our for practitioner licensing

Nigeria: We work with Nigerian membership bodies to promote international learning opportunities and integrity

Morocco: In 2013, we signed an MOU with the Casablanca Finance City Authority to enhance and promote professional standards

Tanzania: In 2014, we signed an MOU with the Capital Markets and Securities Authority; training for our starts in December 2016

Kenya: In 2016, the Capital Markets Authority launched the Capital Market Program using our

Uganda: In 2016, at the Capital Markets Authority of Uganda took our a launch to market is planned for 2017

Rwanda: In 2016, we signed an MOU with the Capital Markets Authority to promote professionalism and our

Zambia: In 2016, we signed an MOU with the Securities and Exchange Commission. Training for our was held in September 2016

South Africa: We partner with the University of Johannesburg, enabling students to graduate with our alongside their degree

FSDA: We work with the Financial Sector Deepening Africa platform on capacity building initiatives across Africa

ASEA: In 2016, we signed an MOU with the African Securities Exchange Commission to promote a common standard

CISI and ASEA aim to

Grow the services profession

Standardise the entry requirements by introducing for licensing

Align professional and labour skills

�enefits of CISI �ua�ifications

Written by practitioners for practitioners

Vocational – work based, not academic

Globally portable

Independently

Internationally recognised

Building blocks for career development

Instant results with computer-based-testing

ABOUT ASEA

The African Securities Exchanges Association is the Premier Association of 28 Securities Exchanges in Africa, that have come together with the aim of developing Member Exchanges and providing a platform for networking.The Association was established in 1993, and works closely with Member Exchanges to unlock the potential of the African Capital Markets and the African economies in the following ways:-

1. Enhancing the visibility of ASEA members at the international level with a view to attract capital inflows to African Capital Markets.

2. Providing an authoritative information portal on African public markets and provide aggregated statistics and information on African Exchanges.

3. Being a powerful lobbying and advocacy voice for Member Exchanges

4. Promoting market developmentamong Member Exchanges.

5. Promoting Capacity Building and Training for Member Exchanges.

6. Initiating Strategic Alliances on behalf of Member Exchanges ASEA seeks to position the African Capital Markets as key enablers of economic recovery in Africa by the year 2025.

ASEA MEMBERS

FULL MEMBERS

• Bolsa de Valores de Cabo Verde

• Botswana Stock Exchange• Bourse de Tunis• BRVM• Casablanca Stock Exchange• Dar-es-Salaam Stock

Exchange• Douala Stock Exchange• Egyptian Exchange• FMDQ OTC Securities

Exchange • Ghana Stock Exchange • Johannesburg Stock Exchange • Khartoum Stock Exchange • Libyan Stock Market • Zimbabwe Stock Exchange • Lusaka Stock Exchange• Malawi Stock Exchange• Mozambique Stock Exchange • Namibian Stock Exchange • Nairobi Securities Exchange • NASD OTC Securities

Exchange • Rwanda Stock Exchange • Seychelles Securities

Exchange (Trop- X) • Sierra Leone Stock Exchange • Stock Exchange of Mauritius • Swaziland Stock Exchange • Uganda Securities Exchange • Nigerian Stock Exchange• ZARX

OBSERVER MEMBERS

• African Development Bank (AFDB)

• Society for Worldwide Interbank Financial Telecommunication (SWIFT)

ASSOCIATE MEMBERS

• South Asian Federation of Exchanges

• Chartered Institute for Securities and Investment

• Chartered Financial Analyst Institute

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 magazine publication.However, no responsibility can be accepted by the publishers or compilers for accuracy of the informatition presented

Welcome Note .................................................................... 5

Market Profile ..................................................................... 6

Cover Story ........................................................................ 8

Opinion Piece ................................................................... 10

NEWS

Egyptian stock exchange .................................................. 12

Advert ............................................................................... 17

Botswana Exchange ......................................................... 14

Mauritius Exchange ......................................................... 22

Dar es salaam Exchange .................................................. 27

Nigeria Exchange ........................................................... 28

Mozambique Exchange .................................................. 32

JSE ..................................................................................... 34

Cabo verde Exchange ....................................................... 36

Statistics ........................................................................... 37

TABLE OF CONTENTS

4Issue 2 / June /2018

WELCOME NOTE

EDITORSFuraha Karba,[email protected] Secretariat

Kuria Waithaka,[email protected]

ASEA Secretariat

PUBLISHED BY:African Securities ExchangesAssociationTelephone: +254 20 2831000Website: www.african-exchanges.org

DESIGN & LAYOUTGraphitec Designs LimitedCell: 0721 243 386 | 0791 204 333Email: [email protected]

SEND YOUR FEEDBACK TO:ASEA SECRETARIATExchange Building,55 Westlands RoadP.0. Box 43633 - 00100 NairobiTelephone: +254 20 2831000website: www.african-exchanges.org

Furaha Karba Kuria Waithaka


A warm welcome to the second issue of the African Exchanges Magazine 2018!

There have been immense developments in the ASEA community thus far in 2018. For starters the 7th Edition of the Building African Financial Markets (BAFM) Seminar that was hosted on April 189-20, 2018 in Nairobi, Kenya by the Nairobi Securities Exchange (NSE) was a success! The Seminar highlighted relevant issues on emerging trends technological and policy matters in the financial industry. Mr. Anthony Kirui, Director Head of Markets, Corporate and Investment Banking Barclays Bank of Kenya; features in the opinion piece segment as he shares his views on creating efficient fixed income market depth and increasing investor participation.

Going to the southern part of the region, the Botswana Stock Exchange (BSE) hosted the 3rd Annual BSE Listings and Investment Conference on March 8, 2018. The Conference brought together companies to discuss the value add of the listing on the stock exchange. Additionally the CEO of BSE Mr. Thapelo Tsheole was elected as the Chairman of the Committee of SADC Stock Exchanges (CoSSE) replacing Ms. Zeona Jacobs of the Johannesburg Securities Exchanges (JSE).

In the market profile segment, we feature the Mozambique Stock Exchange; read on to learn more about this nascent market. Meanwhile, the Stock Exchange of Mauritius (SEM), hosted the Green Bonds Capacity Building Programme on May 9-10, 2018 in collaboration with the UNEP Finance Initiative, the Ministry of Financial Services and Good Governance, and the Ministry of Finance and Economic Development to promote the Green Bonds Markets in Mauritius.

Looking west, the Nigerian Stock Exchange (NiSE) received the 2018 award for “CSR in Education” from Lagos Chamber of Commerce & Industry (LCCI). NiSE emerged the winner of this award in recognition of its effort in educating Internally Displaced Persons in Borno State.

All roads lead to Lagos this year as preparations for the 22nd Annual ASEA Conference are in high gears. The event will take place at the Oriental Hotel, Lagos on 27-29 November, 2018.

This year’s theme: “Champions on the rise: Africa’s ascension to a more sustainable future” will seek to highlight on key issues around Africa’s global competitiveness, emerging technologies and inclusive growth in perspective of sustainability. Registration for the Conference is now open. To make your registration, visit the conference site at www.asea-ngx2018.com and enjoy the early bird registration offer.

See you in Lagos!

Market profile

Mozambique Market Profile Questions1. Established 19 years ago, the Mozambican market has weathered tough times especially due to the unstable political climate. Today with a more stable operating environment, what plans are there to deepen your Capital Market and attract for foreign investors?

The institutional planning of the Mozambique Stock Exchange (based on the Strategic Vision 2017-2019) brings with it a set of actions that will contribute to the growth of the Capital Market and attract foreign investors. To highlight:

(1) To boost BVM’s market capitalization growth, reaching 10% of GDP in 2019. It should be noted that this indicator is currently at 8.9% of GDP.

(2) To promote the listing of companies in the stock market, both large companies and SMEs, to reach a cumulative number of 10 companies in 2019. Currently, the Stock Exchange has six listed companies, one of them being a SME.

(3) To stimulate the entry of more companies/securities and more investors into the Capital Market by registering in the Central Securities Depository until reaching a target of 45 securities in 2019. Currently, the CSD has a total of 58 securities registered

(4) Improve the trading platform in order to contribute to the creation of new Capital Market products and services, access to SADC’s regional stock market, allowing for increased investment alternatives and greater investor confidence.

2. Mozambique is a country richly endowed with minerals, are there plans of introducing a

commodities market by bvm? If so, tell us more about this strategic undertaking.

The Mozambique Stock Exchange is an entity created by the Government and aims at diversifying investment alternatives, promoting savings and converting them into productive investments, and its object is only in securities, the trading system not being extensive to commodities. It is important to note that in Mozambique there is an entity dedicated to trading commodities, which is the Mozambique’s Commodities Exchange.

3. Every Exchange endeavors to boost the capacity ofits market participants through capacity building and or financial literacy initiatives? How has BVM faired on these fronts.

In 2017 the Mozambique Stock Exchange continued with capacity-building / training of key market players, through conferences, workshops, meetings and trainings, video presentations and audio spots in the main media (radio, television, with 9,533 participants being trained and 93% of the planned target of 10,300 for the year, of which 1,294 Entrepreneurs, 2000 Investors, 403 guilds, 176 State employees, 1,701 Students, and 3959 people in general).

4. What is Financial Education Program (FEP)and what are theim mediate out comesanticipated from this initiative?

Answer: Financial Education Program is a rolling instrument to promote and guide strategic actions in the dissemination of Information, Education and Communication with a view to boosting the market.

In Mozambique, the Stock Exchange has a Financial Education Program, defined for a three-year horizon (2017 to 2019), with a specific target (entrepreneurs, potential investors, stock market

MARKET PROFILE


Market profile

operators, state institutions and directors, guilds, academic communities, students among others), in order to endow them with knowledge about the Capital Market and the Stock Exchange.

The program’s main scope is directed to a series of training and dissemination activities, in the form of training sessions, lectures, workshops, conferences, seminars and direct contacts with companies and investors.

The program is expected to improve the public’s knowledge of the Capital Market and the Stock Exchange in order to attract more investors and companies to the stock market quotation, and to make all market players use of services, in order to benefit from the advantages offered by the market.


8

Cover Story

7th Building African Financial Markets (BAFM) SeminarThe African Securities Exchange Association (Asea) and The Nairobi Securities Exchange (nse) hosted the 7th Building African Financial Markets (BAFM) Seminar on April 19-20, 2018 at the Villa Rosa Kempinski Hotel, Nairobi. The BAFM Seminar is a capacity building initiative by Asea that was designed to equip the players in the region’s financial industry with the relevant skills to compete effectively on the global space. The 7th BAFM Seminar themed “Adaptive innovation as a lever for the growth and sustainable development of African financial markets” highlighted emerging trends technological, product and policy matters among other topical issues in the financial industry that have changed the way business is being

conducted today. These new trends continue to play a key role as a force for sustainable development, social inclusion and peace, because of their potential to generate intangible and tangible social changes. The event received a great representation across the regions – 203 delegates – and was officially opened by the Vice President of the Republic of Kenya, H.E. Hon. William Ruto. H.E. Ruto commended the Nairobi Securities Exchange (Nse) on its effort in hosting this Pan-African event and encouraged the bourse in its various endeavors in advancing one of the country’s goals of becoming an International Financial Centre. Hon. Ruto equally challenged the Exchange to go beyond its call of duty of providing a trading platform but rather identifying and aggressively pur

Issue 2 / June /2018

suing business opportunities locally, that would seek to promote financial inclusion. Other keynote speakers during the Seminar included the President of ASEA, Mr. Onyema, the Chairman of the nse, Mr. Kimani, the Chief Executive Officer (CEO) of the Capital Markets Authority (CMA) of Kenya, Mr. Muthaura and the CEO of the NSE, Mr. Odundo.

The Seminar was characterized by a series of very educative sessions delivered by subject matter experts. Some of the facilitators included Mr. Anthony Miller from UNCTAD, Ms. Selloua Chakri- Managing director SCL Advisory Limited, Mr. Archie Stebbings- Principal, Oliver Wyman as well as Mr. Abimbola Ogunbanjo - President of the National Council of the Nigerian Stock Exchange amongst others. Some of the topics that were addressed during the 7th BAFM Seminar included the following:

i. RegTech – Leveraging Technology in the Effective Risk Management and Regulation of African Capital Marketsii. Building Blocks for Innovative Markets: A Guide for Managing Cyber Riskiii. FinTech as Enabler for Sustainable Development – An Innovation Showcase

iv. Building New Markets in a Frontier Economy and the Impact on Indigenized Solutions: the Kenyan Experience v. Disruptive Technologies Reshaping the Future of Africa Financial Markets: M-Akibavi. Disruptive Technologies Block chain- The future of Finance or a Flash in the Pan?

The 7th BAFM Seminar achieved its objectives of demystifying FinTech and its impact, potential and the African markets’ readiness to such developments. On the second day of the Seminar, Asea launched a report dubbed Capital raising opportunities for small and medium enterprises on Stock Exchanges in Africa. This report by the Association complements other literatures on the importance of SMEs in promoting the economic advancement in Africa. The Seminar was closed with a very colorful farewell dinner at the Kenya National Museum; whereby the delegates were entertained to some multicultural regals.


Creating An Efficient Fixed Income Market To Support Market Depth And Increase Investor Participation

At the end of last year, Barclays Africa Group in partnership with the Official Monetary and Financial Institutions Forum (OMFIF) launched the African Financial Markets Index (AFMI), a first of its kind thought leadership report that reviewed the breadth and depth of 17 financial markets in Africa across six key pillars namely: market depth; access to foreign exchange; market transparency , regulatory environment and capacity of local investors. The other two are macroeconomic opportunity and legality, and enforceability of standard financial markets master agreements. South Africa, being the most sophisticated market in Africa with a score of 92%. Mauritius (66%); Botswana (65%); Namibia (62%); and Kenya (59%) completed the list of top five performers. The report holds up a mirror to capital markets players across Africa to review available opportunities and challenges present in their markets and develop the requisite strategies to enhance the sophistication of African financial markets. Further to this, the report shows how economies can improve market frameworks to meet yardsticks for investor access and sustainable growth and therefore enhance their contribution to their respective countries’ economic development.Key to all our markets is how we deepen liquidity to ensure that investors are able to access financial assets, have clear price discovery with active market makers giving them the ability to easily buy and sell their securities. .

Repo Market In Kenya’s case, one of the areas that we need to focus on is the development of an efficient repo market that adheres to global standards both from an operational basis allowing the transfer of titles/securities between counterparties and on a legal basis as pertains to the recognition of bilateral documentation. Critically, developing a local appendix as an addendum to the Global Master Repurchase Agreement (GMRA) and supporting it with relevant legislation.In 2016, Barclays put together an industry wide white paper after engaging the various legal teams from the Central Bank of Kenya (CBK) and other banks on the changes that needed to be made to the 2008 Master Repo Agreement that was issued by CBK as well as legislative changes required on Kenya Deposit Insurance Corporation (KDIC) Act in order to recognise some of these bilateral documentation. In tandem, the Capital Markets Authority (CMA) was working towards developing a local addendum to the GMRA while at the same time making proposals for the various legislative changes that would support the efficient implementation of the GMRA. Simultaneously the CBK has also been looking at the operational aspects that will be required to support the transfer of securities. The repo market is important because as we develop a two way fixed income market, market makers need to be able to borrow against the securities that they are pricing in the market. This is necessary to develop a vibrant and deep securities market. As the conversation around the development of over-the-counter trading (OTC) and fixed income has grown, we have seen various initiatives by the Central Bank, CMA and other service providers around realising a


BY Director, head of market corporate and investment banking banking, barclays bank of kenya limited, Anthony Kirui

OPINION PIECE

government securities OTC market. These markets are very reliant on the capacity of the market to repo securities. The growth of the fixed income market has multiple benefits. It allows for the deepening of the FX market and ready and regular participation of foreign players in the market. It also allows governments to raise debt quickly, efficiently and cheaply. Therefore, a more liquid fixed income market has the capacity to over time lower the cost of borrowing. Tied to that, it also allows for the effective redistribution of liquidity in the market which is currently concentrated on tier 1 and 2 banks. Similarly, it also contributes the deepening of the corporate debt market thus enabling corporates to borrow money more efficiently.

Simplifying The Bonds Universe

The second issue that needs to be addressed is the simplification of the bond universe. We currently

have 58 bonds outstanding, and new issuances still coming up. Increasingly, there is a need for us to focus on benchmark issuances which this is something that CBK is trying to do. Similar action needs to be taken with respect to T–Bills. Presently, three T-Bills are issued every week which means that when an OTC market is created, we will have many different securities that need pricing at any one time and in the absence of a benchmark security it becomes very difficult to price this large array of securities. It is imperative therefore, that we simplify the bond universe, clear outstanding securities, create key benchmark securities for both T-Bills and T-Bonds and focus a lot more on the reopening of securities rather than on the issuance of new securities. This is by no means a conclusive study of the Fixed income however by tackling these two issues, Kenya will be well on its way to realising its goal of being a regional financial hub.


EGYPTIAN EXCHANGE

NEWS: EGYPT

As a step towards raising awareness about the role of the stock exchange in funding companies to grow, Mr. Mohamed Farid, egx Chairman and Mr. Mohsen Adel, egx Vice Chairman met with the members of the Egyptian Businessmen Association (EBA), Banks and Stock Exchanges Committees. Representing the EBA in this meeting was Eng. Ali Issa, Chairman and interested members of the association. Farid said that well-performing companies financially and administratively desiring to expand and grow are welcomed to list on the stock market. Meanwhile, egx working on improving the efficiency and quality of the disclosure of the listed companies thereby is increasing the available valuable stocks at various sectors. Also listing new companies will enrich the market through the diversification offered. He added, trading value significantly soared to reach between EGP 1 billion to EGP1.5 billion in a session

compared to EGP600 million before the reforms. “This should result in efficient and disciplined stock valuation”. From another perspective, Mr. Ali Issa, EBA Chairman, said that egx is an important platform for financing and investment, which all companies should benefit from to diversify their sources for financing. He also stressed that listing will strengthening corporate governance to contribute to sustainable economic growth. Hassan Hossein, head of the banks and stock exchanges committee, praised egx performance in adopting development plans that enhances the role of the capital market as an important platform for financing and saving

The Egyptian Exchange Held a Workshop with the Egyptian Businessmen Association


EGX Chairman Meets with Members of British Egyptian Business Association The Egyptian British Business Association organized a workshop hosting Mr. Mohamed Farid, Chairman of egx, as a keynote speaker on the egx’s strategy to develop the performance of the stock market as a platform for financing, saving and investing during the upcoming period.egx Chairman started by stating that egx is seeking to raise the efficiency and depth of the stock market and increase trading volumes by raising awareness and knowledge of investment and financing opportunities. He stated that investing in the stock market is a long-term saving and investment

opportunity for everyone in the society and egx is currently working on correcting this wrong idea, and that egx’s ability to mobilize savings to generate financing for growth is closely related to the level of financial awareness of society, due to its high impact on the number of listed companies, trading volumes and number of Investors in the market.

He finalized by stating facts and representing data from the market, to insure that Net purchases of foreigners recorded unprecedented jumps since 2011 to reach LE 13.5 billion from January to the end of 2017 compared to LE 800 million in the same period of 2016, reflecting the improved investment appetite of foreign institutions. He said that the priorities of.

MOU Signing Ceremony between EGX & The Junior Businessmen Association (EJB)

Mr. Mohamed Farid, The Egyptian Exchange Chairman, signed a Memorandum of Understanding with The Egyptian Junior Business Association (EJB) represented by Mr. Amr El Sejini, Chairman. The MOU’s objective is to accelerate egx’s efforts in

introducing the investment opportunities of the stock market to the business community.

Egx Chairman said, “The MOU with EJB aims to inform the association’s members, companies and individuals of the advantages of listing and investing on the stock exchange, especially long-term investment, in order to attract new resilient companies”.Farid noted that this move comes within the framework of a comprehensive strategy led by egx Board of Directors in order to spread the financial awareness. This contributes in raising the efficiency and depth of the market, through listing new companies and increasing trading volumes by introducing the public to the benefits of listing and investment.Mr. Amr El Sejaini, Chairman of EJB said: “I expect


this cooperation to have positive results as the Egyptian Exchange is a pioneer market and an important platform for the financing of small and medium enterprises playing an important role in the development of the economy”. El Sejaini mentioned that the MOU with egx will be followed by the organization of detailed workshops and seminars to motivate members of the association to invest in egx. Moreover, companies will benefit from the listing too.

Egyptian Squash Champions Open the Trading Session at EGX Today

As part of The Egyptian Exchange’s recognition of the importance of supporting young Egyptian leaders of various fields, the Egyptian squash champions opened the trading session with the presence of Mr. Mohamed Farid Saleh, Chairman, and top management of egx. The Egyptian champions attending were; Ranim ElWelily, Tarek Momen and Nouran Gohar.

Mr. Farid said that egx will extend all kinds of support and assistance to sports institutions which contribute to building the capacity of Egypt athletes to compete globally and promote Egypt’s name internationally. He added that representing Egypt at World Championships contributes in showing the world the unprecedented developments at all levels and promoting investment in Egypt and support the tourism sector.

He added that the Egyptian stock market was and will continue to be one of the main platforms for financing direct investment companies and funds

to provide financing to companies that work on building and refurbishing and building sports leaders to compete globally.

The squash champions thanked egx Chairman and management for inviting them to this celebration today, hoping that the number of entities that support athletes in Egypt increase stressing on their importance in promoting Egypt abroad.

EGX Chairman Participates in the Annual Summit for Capital Markets Mohamed Farid, egx Chairman, participated in the 3rd Annual Capital Markets Summit, attended by Dr. Sahar Nasr, Minister of Investment & International Cooperation, Mr. Mohamed Abd El Salam, Chairman of Misr for Central Clearing, Depositary and Registry company, and Dr. Fadi Khalaf, Secretary General of the Arab Stock Exchanges’ union.

During the opening session, Mr Farid said that the stock exchange is considered to be a long-term gradual savings mean for all Egyptians, enabling them


International Women’s Day.

Mohamed Farid, egx Chairman, stated that egx is highly supporting the gender equality issue expressing his full commitment to supporting all efforts aiming to empower women and enhance their role in various political, economic and social fields.

Mr. Farid added that all international institutions assert that women empowerment pushes the vehicle of the economic growth and improves society. In this respect, he added that egx signed in July 2017, a memorandum of understanding with the Business School of the American University to promote for the participation of women on egx Listed Companies’ Boards.

The Minister of Investment, Dr. Sahar Nasr said that women are an important pillar in the economic and social development, stressing that the investment law stipulates gender equality, explaining the ministry’s support for women entrepreneurs and women’s projects, which allocated about 50% of grants to women. She pointed out that women in Egypt have achieved great progress. President Abd El-Fattah Al-Sisi allocated Year 2017 for women. The current government has about 6 ministers and the parliament has witnessed the largest representation of women in its history.

to hedge against prices’ fluctuations and inflation.

The Minister of Investment added that the government is serious and keen to implement a program to expand the ownership base of government companies through the stock market. Through doing this the governmental offerings would contribute to raising the stock market efficiency.

Farid stated that the recent amendment approved by the parliament on the capital market law is an important step. He added that this is the beginning of develop, modernize and raise the capital market capacity to serve as a platform for companies wishing to expand and grow on the long-term.

EGX Chairman and the Minister of Investment Ring the Bell for Gender EqualityThe Egyptian Exchange (egx), in collaboration with the International Finance Corporation (IFC), a member of the World Bank Group, the United Nations (UN), the Global Compact Network in Egypt, the National Council for Women and the Egyptian Institute of Directors held a conference in the occasion of the International Women’s Day on order to raise awareness about enhancing women’s participation in the economy. The event commencedwith ringing of bell celebrating the


The Egyptian Exchange (egx ) organized a celebration on the occasion of the Orphans’ Day, recognizing the importance of the business community’s involvement in enhancing social responsibility as one of the most important tools for achieving economic development that includes various segments of the population in a sustainable manner. The opening of the trading session for that occasion was attended by Mr. Mohamed Farid, egx Chairman, Dr. Ali Gomaa, former Grand Mufti of Egypt/ Chairman of Misr Al Kheir Foundation’ Board of Trustees, a number of listed companies and about 30 child.

Farid said that hosting that event for the third consecutive year emphasis its strong interest in social responsibility, pointing that this social issue is an essential component of the overall economic development process in a sustainable manner.From his part, Dr. Aly Gomaa said that the stock market is a basic financing platform for the economic growth and job creation, which will contribute to improve the living standards of people. He said that Misr El Kheir is planning to launch 5 charitable funds to finance projects in various sectors such as education and health for human development and protection from poverty.

EGX Rings the Bell for Egypt’s Children

EGX Collaborates with EBRD to Revamp NILEX Listed Companies The Egyptian Exchange (egx), in collaboration with the European Bank for Reconstruction and Development (EBRD), held a workshop to strengthen and enhance the small and medium-sized companies that are listed on the NILEX at the administrative, technical, governance and sustainability levels.

Mohamed Farid, egx Chairman, said that the stock exchange management possess great importance to the development of the SME market because it is a pillar of creating more jobs and developing different industries and services.

Farid added that egx focuses on developing NILEX by opening new communication channels with all financial institutions interested in SMES development through assistance to build their operational capabilities and develop their skills in

terms of governance and human capacity, especially for companies with a genuine desire to expand and grow.

egx Chairman also revealed his intention to arrange several meetings for NILEX listed companies and Nominated Advisors in order to develop and modernize the market, remove all obstacles and stimulate companies and to identify the nominated advisors’ achievements. “NILEX is not an exit market, but an important platform for financing expansion, growth, savings and investment, especially in the long run”, said egx Chairman.Egx Chairman finalized that SMEs are the growth and development engine of the world, for their ability to create more jobs and develop rapidly, so that they have acquired the largest share of economic growth in many advanced economies.


www.cfainstitute.org

CFA INSTITUTE AND ASEA MOU COMMUNICATION

Open Letter

June 2017 saw CFA Institute partner with the African Societies Exchanges Association

to raise the standards of education and professionalism within the investment

management industry. A Memorandum of Understanding, tailored for all regulators,

brokerage firms, exchanges and capital market stakeholders within the ASEA member

exchanges’ jurisdiction, sees a suite of CFA Institute educational offerings made available

at a discounted rate.

This includes:

• CFA Institute Investment Foundations™ Certificate is available for USD 200 per exam.

• Eligible candidates can enrol onto the CFA Program for USD 350 per examination, and

begin the journey to become a Chartered Financial Analyst®.

• Those wishing to improve their risk evaluation skills, enabling them to enhance their

ability to put investor first, can apply for the Certificate in Investment Performance

Measurement Program (CIPM) for USD 350 per sitting.

• Also, open to all is free access to the Ethical Decision-Making framework webinar,

designed to assist with developing the highest standards of ethics within the

investment profession.

This Memorandum of Understanding represent a large step forward in supporting the

development of ethical investment within the African region from CFA Institute. Bringing

these programs to the ASEA community, employers, and dedicated employees, CFA

Institute hopes for continual development of Africa’s financial markets.

Please contact your local CFA Society for more information regarding this initiative.


BSE Ceo, Thapelo Tsheole

Mr. Thapelo Tsheole, Chief Executive Officer (CEO) of Botswana Stock Exchange (BSE) has been elected Chairman of the Committee of SADC Stock Exchanges (CoSSE) with immediate effect. Mr. John Kamanga, Chief Executive Officer of the Malawi Stock Exchange has been elected as Deputy Chairman of CoSSE. The election took place at the 53rd CoSSE meeting held on the 22nd March, 2018 in Maseru, Lesotho. As Chairman, Mr. Tsheole, takes over from Ms. Zeona Jacobs of the Johannesburg Securities Exchanges (JSE). The BSE was also nominated to host the COSSE secretariat.

In responding to his election as Chairman of CoSSE, Mr Tsheole, expressed his profound appreciation in being entrusted with this important role of Chairman for the next two (2) years, and highlighted the impending task of developing SADC stock

exchanges. He also expressed gratitude for the trust and confidence bestowed upon him by CoSSE members.

CoSSE was formed in 1996 with the objective of improving the operational, regulatory and technical underpinnings and capabilities of SADC Exchanges in order to make their securities markets more attractive to both regional and international investors. The committee also aims to increase market liquidity and enhance trading in various securities and financial instruments, as well as encourage the development of a harmonized securities market environment within the SADC region. Currently, the membership of the committee comprises of fourteen (14) stock exchanges from thirteen (13) countries.

NEWS: BOTSWANA


BSE’S New Listings Requirements Approved By The Regulator

On 1 June, the regulator, Non-Bank Financial Institutions Regulatory Authority (NBFIRA) approved the bse’s Equity Listings Requirements and Market-Making Rules. The BSE’s key strategic objective with this New Equity Listings Requirements was to bring them in line with the international regulatory standards to reflect current market practices in a more user-friendly form. With the Market-Making Rules, the BSE intends to address the challenge of low levels of liquidity by promoting the ease of buying and selling listed securities. The New Equity Listings Requirements also entail the rules for

the newly formed listings board targeted at SMEs that is called the Tshipidi SME Board. This board is intending to address the capital-raising needs of SMEs by providing a platform for enterprises with growth potential. The Tshipidi SME Board therefore will also cater for the enterprises that are not able to meet the requirements of the existing boards by providing less onerous listing rules that are appropriate for their stage of development, while at the same time maximizing market efficiency, facilitating risk control and developing the capital market.

The bse is currently working on an implementation plan of the listings requirements, the market-making rules and the launch of the Tshipidi SME Board.

BSE Hosts The 3rd Annual Listings And Investment Conference

Group picture with the then Vice President of the Republic of Botswana, His Honour, Mokgweetsi E. Masisi

The Botswana Stock Exchange (bse) hosted the 3rd Annual BSE Listings and Investment Conference on the 8th March, 2018 at the Gaborone International Convention Centre (GICC) under the theme “Botswana stock exchange - a platform for economic growth & diversification”.

The overall aim of the 3rd BSE Listings & Investment Conference was to open up the BSE to the business community and bring together the BSE, private companies with the potential to list on the bse, listed companies and experts in capital markets to discuss the value added to a private company by a

listing on a stock exchange, the listing process and requirements. The conference was also a platform that avails companies the opportunity to share lessons on how they created value through listing and how they leveraged on their listing to expand their services and products offerings to markets outside Botswana. In total, 400 delegates attended the conference. The conference was officially opened by His Excellency, the President of the Republic of Botswana, Mr Mokgweetsi Eric Masisi. Among the highlights of the conference were the extensive discussions about listing family owned businesses,


led by Siobhan Cleary, Head of Research and Public Policy at the World Federation of Exchanges. At the event, which coincided with International Women’s Day, the bse participated in the Ring the Bell for Gender Equality ceremony and also launched a report sustainability practices of listed companies which was compiled in partnership with the United Nations Development Programme.

BSE Introduces Publication

Cover for the 2nd edition of the BSE News

The BSE has introduced a quarterly publication called the BSE News. The main objective of this publication is to execute the bse’s public education mandate, while generating revenue for the Exchange. The publication covers topics that relate to the stock markets and the economy, in Botswana and internationally.

BSE Hosts The Inaugural Opening Bell Ceremony

Honorable Minister of Finance and Economic Development, Mr Ontefetse Kenneth Matambo with the CEO of bse, Mr Thapelo Tsheole and members of the BSE Main Committee

The Opening Bell Ceremony is a globally-recognized event involving stock exchanges around the world. It serves as a platform to signify the beginning of trading at the start of each day. Over and above the aforementioned, the opening bell avails an opportunity for the Exchange or listed entities to make news announcements or celebrate corporate milestones. For the Inaugural Opening Bell Ceremony, the Minister of Finance & Economic Development, Honorable Kenneth Matambo, officiated and delivered remarks on the day.

Objectives of the Opening Bell for the BSE;• To generate awareness capital markets in

Botswana• To bring vibrancy and energy to the stock market• To make the stock market accessible to the

people• To give dignitaries visiting the stock market the

opportunity to ring the bell• To raise awareness on issues that relate to the

economy and the welfare of people.

BSE Hosts The Listings Requirements Refresher Workshop

The bse hosted the above workshop on the 7th June, 2018. The aims of the workshop were;• To educate market participants and potential

companies that would like to list on the BSE about the bse Listings Requirements;

• To give an overview of the governance structure of the bse and the powers of the bse Main Committee;

• Share conditions for and methods of listing a company;

• Educate participants on disclosure documents, as well as the ongoing compliance;

• Educate on how transactions are categorized and the nature of disclosures. As well as corporate governance, integrated reporting and Sustainability issues; and

• Participants also got to learn about BSE operations from a listed context – for example bse Fees and the X-News information service.


BSE Hosts Open Days Across The Country

CEO of the BSE, Thapelo Tsheole presenting to the Jwaneng community

Open Days have helped to increase the reach and accessibility of the bse to promote stock market education as well as promote the listing value proposition. Continuing from the five Open Days held in 2017, the bse has up to now hosted 4 Open Days under the theme “Your Partner in Wealth Creation”. The open days were held in Jwaneng, Kanye, Mahalapye and Tsabong, which are major villages in Botswana. This initiative is conducted with the support of the broker community and other stakeholders. It is in line with the bse’s effort to develop Botswana’s financial literacy levels and investor participation in the stock market.

27th Meeting Of Africa Middle East Depositories Association (AMEDA) Hosted To The Delight Of Delegates

The BSE hosted the 27th Meeting of Africa Middle

East Depositories Association (AMEDA) from 10th to 12th April, 2018 at Cresta Mowana Safari Lodge in Kasane. Hosting this meeting was a huge achievement for the BSE and Botswana as a whole as it was the first time that the AMEDA meeting was held in Botswana. Further, Botswana was the third country to host the meeting in the SADC region. This therefore demonstrates our prowess and our commitment to building a world class securities exchange. A total of 28 full members and 8 affiliate members of AMEDA from 32 countries around the world descended on the tourist town of Kasane for the meeting. The AMEDA meetings are dedicated towards the review of the association’s financial performance, as well as conducting workshops on the relevant topics that impact the operations of CSDs in the AMEDA region. AMEDA is a non-profit organization comprised of CSDs and Clearing Houses in Africa & Middle East and was formed for the benefit of its member community, as an elective, inter-professional and regional facility geared towards fostering the spirit of cooperation, reciprocity and harmony among members. Its main purpose is to provide a forum for the exchange of information and experiences among its members in a spirit of mutual cooperation.

The Inaugural Kgalagadi Bond Lists On The BSE

The International Finance Corporation (IFC) listed the first ever supranational bond, IFC001 with a nominal value of P260 Million (approx.. USD26 Million) on 13 December 2017. The IFC bond was named Kgalagadi bond in line with IFC’s capital markets tradition that the first international issuer in a market (not just IFC) gets the onus of coming up with a name for that type of bond that the market then adopts. Kgalagadi is the western part of Botswana that covers the famous Kalahari Desert and the Central Kalahari Game Reserve. Two weeks after the IFC issuance, Investec Limited listed the first ever foreign currency bond, INB001, amounting to USD113.4 Million on 28 December 2017. The two issuances were historic for the BSE as the Exchange has for many been courting supranational issuances and Eurobonds. In total, the BSE listed 8 bonds in 2017 with supplementary tap issuances by Government in its quarterly bond auctions.


Exchange Insight

Launching of my SEM Mobile Application

In line with its strategy to digitalise its services, the Stock Exchange of Mauritius (sem), in collaboration with the Central Depository & Settlement Co. Ltd (CDS) launched the my sem mobile application on the 12th of June 2018. my sem is available for free download on PlayStore for Android users and App Store for iOS users for mobile devices.

The my sem mobile app aims at empowering local and foreign investors to follow the market in real-time, seize market opportunities and trade in real-time. my sem provides investors seamless access to a wide variety of key listed company data in real time, including company specific order books, highs and lows, five best bids and five best asks, and other relevant company-specific data. The my sem mobile app also allows investors to have online access to their CDS accounts to monitor their account activity and account status.

In addition to mobile devices, the my sem application also runs on desktop and web platforms and can be accessed using any browser. my sem is available on https://mysem.stockexchangeofmauritius.com and on the homepage of sem’s website http://www.stockexchangeofmauritius.com. This application

displays salient market data across both the Official Market and the DEM, and also allows investors to place orders online with their stockbroker (s).

The launch of my sem relates to a number of initiatives implemented by the sem in recent months to improve its services to its stakeholders, facilitate market access to local and international investors, attract new investors to its platform and improve market liquidity. my sem is also in line with sem’s objective of democratising the stock market and increasing the number of local retail shareholders investing on the sem and registered in the CDS from 100,000 to 150,000 by 2023.

Extension of Trading Hours

The Stock Exchange of Mauritius (sem) extended trading hours of the Official Market and the Development & Enterprise Market (DEM) by one hour as of 12th of June 2018. Since the implementation of SEM’s Automated Trading System (SEMATS) in 2001, there has been a gradual extension of the trading hours of both markets to respond to market demand and to improve sem’s services to both local and foreign investors.This extension will enable foreign investors in different time zones to have extended real-time access to our platform, improve their trading opportunities and potentially enhance liquidity. It also constitutes an important step towards creating the conducive environment for full day trading in the near future, in line with the practice in developed markets.

MAURITIUS EXCHANGE


NEWS: MAURITIUS

The new Trading Schedule since 12th of June 2018, is as follows:

The publication of the daily Market Information Sheet for the Official Market and the DEM is now at 3.45 p.m.

EXPERT ARTICLE

SEM interviews Farzam Ehsani, inaugural Chairperson of the South Africa Financial Blockchain Consortium, in the context of an exclusive 1-Day practical workshop hosted by SEM on Blockchain DLT on 27 July 2018

The Stock Exchange of Mauritius (sem) is holding an exclusive 1-Day practical workshop on “BLOCKCHAIN TECHNOLOGY: Introducing new market perspectives for financial markets practitioners”, tailored for professionals from financial institutions, including Asset Managers, Analysts, Stockbrokers, Bankers, Pension Fund Managers, Accountants, and Executives from Management Companies. This technical workshop will cover the underlying mechanisms and practical implications of Blockchain DLT for the capital and financial markets space and what can make Blockchain technology applicable for financial business, taking into account regulatory and operational-related constraints. In this context, sem interviews Farzam Ehsani, CEO and Co-Founder of VALR and inaugural Chairperson of the South Africa Financial Blockchain Consortium

Q1. On July 27th, you will be delivering an exclusiveone-day workshop hosted by the Stock Exchange ofMauritius (sem), on “Blockchain Technology –Introducing new market perspectives for financialmarkets practitioners”. What will be the essence

of this workshop?This 1-day practical course will cover the impact

of blockchain technology on the financial markets. This is a powerful technology that no one shouldunderestimate. Just as the internet has changed theworld, so too will blockchain technology change to face of finance.

Q2. The interest of Block chain is gaining momentum in the global finance community. To what extent do you believe the understanding of Blockchain DLT is essential for stakeholders of the financial sector in Mauritius?Mauritius had proven itself be an advancing financial world centre. As such, stakeholders of the financial sector in Mauritius need to understand and appreciate how blockchain technology is impacting their world in order to promote Mauritius as a global financial centre.

Q3. Farzam, you have been the Blockchain Lead for South Africa. Can you share with us the experience of South Africa so far in the area of Blockchain DLT? As the blockchain lead at RMB and the firstrand group (The largest bank in Africa by market cap) as well as the inaugural chairperson of the South Africa Financial Blockchain Consortium (SAFBC), I have seen tremendous progress in South Africa in terms

Trading Sessions Official Market & DEM Debt BoardPre-Opening 9.00 a.m to 10.00 a.m -Opening 10.00 a.m 10.00 a.m

Continuous 10.00 a.m to 2.30 p.m 10.00 a.m to 2.30 p.m

Closing 2.30 p.m 2.30 p.m


Q4. What is so unique about this technology that makes it so impactful to the financial system?

Blockchain technology has allowed the emergence of digital scarcity, without the need for a trusted intermediary. This is a critical concept. Most of our money in society is digital (95%), yet anything digital can be copied Ad Infinitum, which is great for communication but disastrous for money transfer. To combat this problem, society has set up trusted institutions to make sure that credits and debits always add up and money doesn’t disappear and isn’t created when digital value is transferred. Blockchain technology has allowed the digital transfer of value to take place without a trusted intermediary. This is a radical change to what technology allowed previously and has tremendous implications for the players in the financial industry as paradigms are

shifting.Q5. What are the shortcomings of Blockchain Technology?

While Blockchain Technology a tremendously powerful, it is still in its infancy. Issues such as scalability and interoperability require much progress to be made and much work is taking place to advance these areas. Blockchain Technology is also a very misunderstood phenomenon. It is very powerful for digital assets, but will have to rely on some trusted intermediaries for real world assets. So the narrative that blockchain tech will completely get rid of trust is inaccurate. There are many nuances to this technology that require education and further development.

The Stock Exchange of Mauritius (SEM) launches the Green Bonds Capacity Building Programme on 09 May 2018

Introduction:

The Stock Exchange of Mauritius (sem) hosted a Green Bonds Capacity Building Programme on 09 and 10 May 2018, in the context of the Green Economy Forum. This event was organized in partnership with the UNEP Finance Initiative, under the patronage of the Ministry of Finance & Economic Development and the Ministry of Financial Services & Good Governance. This new initiative by the sem to promote the development of a Green Bonds Market is well in line with the sem’s drive to innovate, introduce new products and promote sustainability. Given the sem’s competitive listing and trading platform, its increasingly-internationalized status, its prominence in the African Exchange space and the numerous fiscal and tax advantages of the Mauritius jurisdiction, the sem is

ideally positioned to become an attractive platform for the listing of green bonds issued by African issuers in order to raise capital from international investors.

Climate change has become one of the greatest developmental challenges of our time, and Mauritius, being a small island developing state, is extremely vulnerable to the effects of climate change. However, climate action and the move towards a low-carbon development path through greater utilization of renewable sources of energy require a lot of capital investment.

As a Stock Exchange, leveraging on its pivotal role at the heart of the Mauritian economy, the Stock Exchange of Mauritius (sem) has taken the initiative


to bring together issuers and investors to spearhead the development of a local Green Bonds market. Through this Green Bonds market, the sem is seeking to gradually open up one avenue to mobilize investments into green and sustainable development projects that address climate change. The Green Bonds market will enable public and private sector issuers to issue and list Green Bonds on the SEM to raise capital for their “green” projects.

A first meeting was organized by the sem in February 2018 between the representatives of these organizations and key industry players to develop the content of the workshops. This workshop, which targeted all potential players in the green bonds ecosystem, i.e. issuers, investors and verifiers, hopefully raised awareness and interest and helped put in place the building blocks for a green bonds ecosystem in Mauritius. The capacity building workshop was delivered by sem’s partners: Frankfurt School - UNEP Collaborating Centre for Climate & Sustainable Energy Finance, Climate Bonds Initiative and Center for International Climate Research (Cicero).

This new initiative by the sem to promote the development of a Green Bonds Market is well in line with the sem’s drive to innovate, introduce new products and promote sustainability. Green projects include those projects that focus on renewable energy, waste management, pollution prevention, conservation and environment-friendly transport. Green bonds are debt securities that are issued to raise capital which is used exclusively in projects that generate climate or other environmental benefits. The setting up of a Green Bonds market on the SEM will also enable issuers to tap into funding from international institutional investors, which have pledged to invest in Green Bonds. Ancillary benefits of job creation, economic competitiveness

and improved reputation of our jurisdiction (both as an innovative financial Centre and a model of sustainable development) are also expected.

Since 2015, the sem has taken a leading role in creating a more sustainable capital market and promoting corporate sustainability, good governance and responsible investment by introducing a sustainability index – semsi. Semsi is today an important index with 13 constituent companies and a total market capitalization of MUR 138.4 Bn. In 2015, the sem also stepped up its commitment to promoting sustainability by becoming a Partner Exchange of the United Nations Sustainable Stock Exchange Initiative.

This new endeavor by the sem to lead the development of a local green bonds market also adds a new angle to the sem’s internationalization agenda. Given sem’s attractive listing and trading platform, its increasingly-internationalized status, its prominence in the African Exchange space and the numerous fiscal and tax advantages of the Mauritius jurisdiction, the sem is ideally positioned to become an attractive platform for the listing of green bonds issued by African issuers in order to raise capital from international investors.

So far, Europe remains the biggest market for green bonds, accounting for 61% of issuance, and Asia accounts for 25%. There is immense potential for the of use of green bonds to raise capital for renewable energy and infrastructure projects in Africa and with a conducive Green Bonds ecosystem in place in Mauritius, the Mauritius IFC will be well-positioned to facilitate green bond capital flows in the region. The geographic distribution of 2017 green bonds issuance can be illustrated as follows:


Conclusion:The capacity building workshops, held on 09th and 10th May, targeting all potential players in the green bonds ecosystem, i.e. on the issuer, investor and intermediary sides, will hopefully raise awareness and in-terest and help to put in place the building blocks for a green bonds ecosystem in Mauritius. Nevertheless, Green bonds are a new product for our jurisdiction, and while we do hope to see the first of many green bonds issuances soon, developing such a market usually takes time and will rest on decisions of issuers to issue green bonds for focused environmental projects. The SEM is however positive that, over time, this new product will add value to the economic and climate resiliency of Mauritius.


NEWS: DAR ES SALAAM

A Recent SuccessDeclaration of final dividend for the financial year ended 31st December 2017 of Tzs 58 per share making a total dividend for year 2017 be Tzs 100 per share or total dividend of Tzs 2.38 billion

The total size of the 20-domestic listed companies, as measured by market capitalization, and the li-quidity (trading turnover) for the market during the quarter that ended 31st Mach 2018 both increased when compared to the quarter ended 31st Decem-ber 2017. The total domestic market capitalization increased by 4 percent (i.e. Tzs 454 billion) to close the quarter at Tzs 10,729 billion compared to Tzs. 10,275 billion as of 31st December 2017 — this was largely a result of increase in share prices for the three main counters: Dar es salaam Stock Exchange PLC (DSE), Tanzania Breweries Limited (TBL) and CRDB Bank PLC whose prices increased 25 per cent, 11 per cent and 6 per cent respectively. The increase in market capitalization was also contrib-uted by the listing of TCCIA Investment PLC whose market capitalization is Tzs 32 billion.Dse price increased from Tzs 1,120 to Tzs 1,400; TBL share price increased from Tzs 14,000 to Tzs 15,500 and CRDB increased from Tzs 160 to Tzs 170 per share. Other counters that recorded a dec-imal increase during the quarter are Twiga Cement and Swiss port — each increased by 1 per cent. There were decreases in prices for some counters i.e. TATEPA, Mkombozi Bank and Tanzania Cigarettes Company (TCC) that decreased by 78 per cent, 7 per cent and 3 per cent respectively. Other counters remained flat. Market liquidity also recorded a moderate increase during the quarter compared to Q1 of 2017. Trading turnover increased by 15 percent, from transaction value of Tzs 75 billion in the Q1, 2017 to Tzs 86 bil-lion in Q1, 2018. When compared with Q4, 2017 the liquidity from equity transactions decreased from Tzs 195 billion to Tzs 86 billion. This follows a signif-icant shift in invested asset classes between equity and bonds. During the quarter liquidity in the bonds trading increased from Tzs 129 billion in Q4, 2017 to

Tzs 375 billion in Q1, 2018.As it is in the domestic market capitalization, the total market capitalization (for the 27 equities list-ed companies) also recorded a moderate increase during the quarter; total market capitalization in-creased by about 1 per cent (i.e. Tzs 123 billion) – from Tzs 23,076 billion as of 31st December 2017 to Tzs 23,199 billion as of 31st Mach 2018. On the valuation: Weighted Average Market Price Earnings (PE) Ratio for domestic listed companies was trailing at 22.10 times compared to 20.42 times as of 31st December 2017. This increase was signifi-cantly attributed to the increase in prices relative to earnings. The trailing weighted average dividend yield (DY) remained at 3.9 percent.“The DSE SIC had more than 19,000 participants which is an increase of 4 Times Compared to the 2017 Challenge”As it is in the domestic market capitalization, the total market capitalization (for the 27 equity list-ed companies) also recorded a moderate increase during the quarter; total market capitalization in-creased by about 1 per cent (i.e. Tzs 123 billion) – from Tzs 23,076 billion as of 31st December 2017 to Tzs 23,199 billion as of 31st Mach 2018. On the valuation: Weighted Average Market Price Earnings (PE) Ratio for domestic listed companies was trailing at 22.10 times compared to 20.42 times as of 31st December 2017. This increase was signifi-cantly attributed to the increase in prices relative to earnings. The trailing weighted average dividend yield (DY) remained at 3.9 percent.

DSE Shareholders Have Recently Approved Payment Of Final Dividend Of Tzs 58 Per Share.

THe Dar-es-salaam Stock Exchange Plc Annual Gen-eral Meeting held on 12th June 2018 approved a final dividend of Tzs 58 per share for the financial ended 31st December 2017. This make a total dividend of year 2017 be Tzs 100 per share or Tzs 2.38 billion (USD 1.05 million).


NEWS: NIGERIA

NIGERIAN STOCK EXCHANGE

NSE Receives Award for CSR in Education

The Nigerian Stock Exchange (Nse) is pleased to announce that it has received the 2018 award for “CSR in Education” from Lagos Chamber of Commerce & Industry (LCCI) on Tuesday, May 1, 2018 at the Oriental Hotel, Victoria Island, Lagos.

According the Director of Advocacy & Research, LCCI, Dr. Vincent Nwani, “the objective of the annual awards is to recognize, celebrate and promote private and public institutions that have exhibited the core values of best business practices, growth through innovations, business sustainability and have positively impacted the society. This award is the outcome of a painstaking selection process from numerous entries received for this award category and backed by feedback from industry/market intelligence”.

Commenting on the award, Mr. Oscar N. Onyema, OON, Chief Executive Officer, Nse, expressed his appreciation for the recognition and noted that the Exchange is committed to promoting quality education as a tool for development. “Our education intervention through the donation of Maisandari Alamderi Model Nursery and Primary School in Borno State arose from our understanding that without urgent steps, the emergency the North East faces in terms of access to education will have serious implications for its future stability, and by inference that of Nigeria as well, with the human capital of upcoming generations being hugely compromised. We are committed to contributing our quota in ensuring that the children of the displaced families are able to continue with their basic education”.

Nse emerged the winner of this award in recognition of its education support for Internally Displaced Persons in Borno State. In 2017, in response to the insurgency in the North-East, which saw a huge number of people become displaced, thus affecting the ability of children to effectively continue with

their education, the National Council of The Nigerian Stock Exchange approved an education intervention fund, to assist Internally Displaced Persons in Borno State with access to basic education. Through this education intervention initiative, NSE designed and financed the construction of blocks of classrooms, including the provision of furniture, fixtures, sanitary and potable water in the local community in Maiduguri. The school, named Maisandari Alamderi Model Nursery and Primary School, was commissioned by the Borno State Governor, Alhaji Kashim Shettima, in October 18, 2017 and started running in November 2017. The school currently has 210 pupils of which 89 are girls. At full capacity, the school can accommodate 310 pupils.

Additionally, nse will provide a yearly donation towards the running of the school over a three year period to ensure its sustainability. The school management is vested with the Bridge Academies, an international education development firm with primary focus on developing nations and Borno State Universal Basic Education Board (SUBEB).

NSE Celebrates Global Money Week to Further Promote Financial Literacy

The Nigerian Stock Exchange (“Nse” or “The Exchange”) is pleased to announce that it commemorated the 2018 Global Money Week themed, Money Matters Matter, between Monday, March 12, 2018 and Friday, March 16, 2018, with a series of educational programs aimed at teaching children and youths about the importance of financial literacy.The week-long event, organized in collaboration with Access Bank Plc and AIESEC Nigeria, included interactive sessions with the executive management of NSE, school outreach programs in Lagos, Ibadan, Kano, Abuja, Onitsha and Port Harcourt, and excursions to the trading floor. The Exchange also joined other stock exchanges around the globe in the “Ring around the World” initiative, using its


Closing Gong ceremony to further draw attention to the importance of financial literacy among youths.

In his welcome remarks, Bola Adeeko, Head, Shared Services Division, Nse, noted that “As a sustainable Exchange championing Africa’s growth, Nse takes the issue of providing young people with the tools they need to make sound financial decisions very seriously. We are constantly implementing and supporting initiatives that encourage our youths to develop sustainable spending habits and to become financially savvy”.

“Since celebrating the Global Money Week in 2014, The Exchange has been able to reach over 14,307 students from 118 schools. This year alone, Nse impacted 7,137 students from over 31 secondary schools and institutions of higher learning, through various financial literacy programs during the week”.

“Other financial literacy initiatives we carry out include, school excursions to the Exchange, Nse Adopt-A-School initiative, school outreach programs, and financial literacy workshops. Through these initiatives, we have been able to promote financial literacy among young Nigerians, by encouraging them to learn how good financial decisions can better their lives now and in the future, and ultimately grow the economy”, he added.

To end its series of financial literacy activities for the 2018 Global Money Week, the Exchange in collaboration with Bestman Games Limited and Ediye Limited will hold a Monopoly Open Competition for children between the ages of seven (7) and fifteen (15). The competition, which is designed to help children learn and show their basic financial planning skills, will take place on Sunday, March 18, 2018 at Ediye Restaurant, 1, Fola Osibo Street, Lekki Phase 1, Lagos.

The Global Money Week is an annual global celebration, initiated by Child & Youth Finance International (CYFI), with local and regional events and activities aimed at inspiring children and youths to learn about money, saving, creating livelihoods, gaining employment and becoming entrepreneurs. It is also aimed at empowering the next generation to be confident, responsible and skilled economic citizens. This year’s theme highlights the need for children and youth, now more than ever, to be economically equipped and empowered to close inequality gaps and build a brighter future. Money

Matters Matter, because children and youth need to receive the knowledge and develop skills necessary to make smart financial decisions, to lead a successful life.

NSE Calls for the Acceleration of Gender Equality rings the bell for gender equality

The Nigerian Stock Exchange, in partnership with the Sustainable Stock Exchanges Initiative, United Nations Women, United Nations Global Compact, International Finance Corporation, the World Federation of Exchanges, WIMBIZ, and Women in ETFs, organized a symposium to celebrate International Women’s Day 2018, on Thursday, March 8, 2018, at the Stock Exchange House in Lagos.

In line with the global theme for this year’s celebration, “press for progress”, the NSE symposium was designed to motivate and unite everyone to think, act and be gender inclusive. The event which brought together over 200 women and men from the NSE, listed companies, Dealing Member firms, media, Non-Governmental Organizations (NGOs), civil societies and Government, to discuss how to help women realize their dreams; had Laure Beaufils, the British Deputy High Commissioner to Nigeria and Dame Abimbola Fashola, Former First Lady of Lagos State & Chairman LEARN NGO/Ella Cares as headline speakers.

The Exchange also joined other stock exchanges around the world that rang the bell for gender equality to raise awareness on the importance of gender equality to capital markets. The Exchange used its Closing Gong ceremony to highlight the business case for women’s economic empowerment, as well as opportunities for the private sector to advance gender equality and sustainable development.

In his welcome address, Mr. Oscar N. Onyema OON, Chief Executive Officer, NSE, stated that, “this year’s theme is not just another theme for another edition of the International women’s day. It is a call to action to spur women and men into taking bold steps towards closing the gender gap”.

“At The Nigerian Stock Exchange, we are playing our part in helping to achieve gender parity. Today, we have a female to male employees’ ratio of


1:2 and we are taking key steps to increase the number of women in our employ, especially those in leadership positions. Early this year, we promoted Ms. Tinuade Awe to Executive Director, Regulations, and consequently she is the number two person at the Exchange. More importantly, the Exchange took steps to address the lack of female representation on its National Council, by electing three eminent female members at the last AGM. Today, we have 23% female representation as against 0% representation in 2016”, added Onyema.

Delivering her keynote address, Laure Beaufils commended the NSE for setting out a day like this to celebrate women. “I want to thank the CEO of the Stock Exchange for making this day happen – not all Stock Exchanges across the world hold a day like today to celebrate women”.

She calls for resilience in the pursuit of gender equality. “We must not grow tired because change is not happening fast enough. We must not be afraid to rock the boat. We need more women on every table where decisions are made. We must push the private sector to do a lot better than it currently is. And we all, each and every one of us, in our families, our communities, our work place and in our politics, we all have a role to play in pressing for change”.

Dame Abimbola Fashola, called on women to be their sister’s keeper by encouraging, inspiring and uplifting others as they move up the ladder. She applauded Nse for investing and advocating for women’s empowerment in the work place, market place and community, moments before she sounded the NSE Closing Gong.

The symposium featured two panel discussions featuring Tinuade Awe, Executive Director, Regulation, Nse; Patience Kunene, Executive Director, World Bank; Bekeme Masade-Olowola, Chief Executive, CRS-in-Action; Lilian Olubi, CEO, Primera Africa Securities who discussed “Gender Equality, Business Growth and Economic Development: Finding the Connection”; and Bola Adeeko, Head, Shared Services Division, Nse; Ali Baba, Nigeria’s foremost Stand-up Comedian and Actor; and Dan Agbor, Partner, Udo Udoma and Belo-Osagie, that deliberated “The Future is Female: A Fad or a Fact”. The panel sessions were moderated by Ms. Irene Robinson-Ayanwale, Head of Legal Department, Nse and Ms. Adjaratou Fatou Ndiaye,

Acting Country Representative for UN Women to Nigeria and ECOWAS.

To close the day a raffle draw was held with gifts from the event sponsors, Olori Cosmetics, Zaron Cosmetics Limited, Shredder Gang, A Thousand Reasons Confectionaries, Bodyline Fitness & Gym Limited, Kinabuti, ShugaPlum Concepts.

NSE Migrates Access Bank, Lafarge, Seplat and UBA to Premium Board

The Nigerian Stock Exchange (Nse) is pleased to announce it has migrated Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing requirements for the board.

The Nigerian Stock Exchange (Nse) is pleased to announce it has migrated Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing requirements for the board. The Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most stringent corporate governance and listing standards. The Board is a platform for showcasing companies who are industry leaders in their sectors. Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalization and liquidity. The Board gives a company access to a global pool of investors who are focused on companies managed in conformity to the highest standards in their target markets.

Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc have all passed the Corporate Governance Rating System (CGRS) and have market capitalisation of N347.12bn, N378.60bn, N391.37bn and N374.48bn respectively. They have joined Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc who were migrated to the Premium Board in 2015, bringing the total number of companies on the Board to seven.


Commenting on the development, Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “This migration affirms the strides our listed companies are making towards meeting the highest standards of corporate governance and underpins the robustness of our market. The new companies have consistently demonstrated their inherent values to be globally competitive brands and we congratulate them on the attainment of this migration”.

“Companies on the Board are already enjoying the highest levels of visibility and appeal to investors looking for large companies with highest standards of corporate governance. From inception to date, the Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 84.99% versus the NSE ASI’s 41.79% as at 11 April 2018. The Premium

Board’s performance continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate governance and sustainability”, he added.

To be listed on the Premium Board of The NSE, the aspiring companies must attain a minimum market capitalization of N200bn as at the date of application, a minimum score of 70% on the Corporate Governance Rating System (CGRS), and maintain a minimum free float of 20% of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria.

Recall the NSE Premium Board and the associated Premium Board Index were launched on Tuesday, August 25, 2015.



BVM 2017-2021 Strategic Plan

As a result of the partnership between the Mozambique Stock Exchange and the British Government’s Program Financial Sector Deepening Mozambique (FSDMoç), through its Department for International Development (DFID), the Mozambique Stock Exchange (bvm) launched in December 2017, the Strategic Plan (2017- 2021).The Strategic Plan contains strategic initiatives focused on respond the challenges of the intervention pillars, namely: (1) Structure and Capacity Building, (2) Awareness, Communication and Positioning, (3) Legislation and Regulation, and (4) Small and Medium Business Market. Through its implementation, it is expected to carry out activities that will contribute to the development of the Capital Market and BVM.

Launch event of the Mozambique Stock Exchange Strategic Plan, December 2017

The Reinforcement Of PartnershipsThe Mozambique Stock Exchange signed in the first quarterly of 2018, Memorandums of Understanding with six institutions, that work in the sectors of education and promotion of the Small and Medium Enterprises, covering the areas of training, research, capacity building and dissemination of information on the Capital Markets and the Stock Exchange.The reinforcement of partnerships aims to promote synergies for the establishment and coordination of initiatives, with the objective to boost and facilitate

the integration of SMEs in the capital market and the stock exchange, and contribute to the capital market expansion, financial inclusion promotion, favoring the improvement of the business environment and the Mozambican economy competitiveness.The inter-institutional cooperation will be operationalized through activities aimed at promoting and raising the level of participation of nationals in the capital market investments, and develop training programs in matters related to the capital market and stock exchanges.

Signing of Memorandum of Understanding between BVM and ISCAM, April 2018

The Mozambique Stock Exchange is betting on cooperation with different universities to ensures that the academic community will disseminate, research and train staff on matters related to the capital market and the stock exchange, and awareness the students on the nature, advantages and concrete benefits of the capital market and the Mozambique Stock Exchange because they are the SMEs’ and large companies future managers.

NEWS: MOZAMBIQUE

Stock Market Behavior New Listed Brokers

The bvm Stock Market began the year 2018 with 2 new brokers, the Capital Bank and the Opportunity Bank. The Brokers are the financial institutions authorized to trade securities listed on the Stock Exchange.The purchase and sale orders of the securities of the investors are presented to the brokers that access the System of bvm by electronic means and through the internet, to negotiate. These two new brokers bring to 12 the number of brokers available on the market, allowing that more financial institutions diversify your portfolio of services to offer to its customers, obtaining compensation (gains), and extending the mechanism access to the stock market by the investors.


36 Issue 2 / June /2018

NEWS: CABO VERDE

CABO VERDE EXCHANGE

Summary – Market Operation Year 2017 Bolsa De Valores De Cabo Verde

In the year 2017, the Securities Market of Cabo Verde had a lower performance when compared to the year 2016. This is due to the fact that we have less listed securities (- 6.7%) and fewer emissions in the primary market (- 6.9%) compared to the same perincreased by 97.2%. Unlike previous years, the primary market of public debt had a lower liquid (- 15.46%), the Treasury securities emission in the primary mar ket decreased from 92% to 83.9% of the total volume.

Regarding transactions in the secondary market, there was a reduction of 88.8%, however, if we exclude the OTC, there is an increase of 77.7% in the trading volume. Even noting an increase in the volume of transactions, the segment still has low liquidity.

Taking into account the frequency of transactions, there was a reduction of 18.2% compared to the same period (from 44 to 36 transactions).

At the end of 2017, market capitalization hovered at 739 732 790.40 USD, a positive variation of 0.9% compared to the

the Corporate Bond segment (- 35.2%).

Listed Titles 2015 2016 2017 Var 16/17

Number of listed companies - Equity 4 4 4 0,0%

Number of listed companies – Corporate Bonds 14 15 11 -26,7%

Number of Municipal Bond Listed 2 2 2 0,0%

Number Treasury Titles (BT e OT) 216 209 195 -6,7%

Total 236 230 212 -7,8%

Emission/Transaction/Market capit. 2015 2016 2017

– Primary Market (USD1) 156 445 573,86 15 804 059 731,23 14 712 566 175,88 -6,9%

Value of trading Secondary Market (USD) 2 277 051,69 14 938 781,80 1 679 532,41 -88,8%

"Electronic order Book" 2 277 051,69 887 774,74 1 573 410,05 77,2%

"Negotiaded deals" 0,00 14 051 007,06 106 122,36 -99,2%

Number of trades 75 44 36 -18,2%

Domestic market capitalization (USD) 62 466 172 229,00 67 783 635 796,00 68 423 063 914,00 0,9%

Capitalization - Equity 81 350 692,45 76 846 080,41 80 005 516,40 4,1%

Capitalization - Corp Bond 116 164 440,24 108 657 890,48 70 387 100,81 -35,2%

Capitalization -OT e BT 547 315 858,89 589 340 173,19 7,7%

STATISTICS

Indicator January (USD) February (USD) MARCH (USD) April(USD)Total Value Traded $1,786,648,461.59 $1,869,915,268.12 $2,692,234,846.20 $2,317,201,203.01 Equity Market Value Traded

$1,346,202,456.97 $1,491,229,847.31 $2,296,002,025.60 $2,068,725,575.56

Bond Market Value Traded

$345,219,924.12 $329,669,451.64 $231,369,417.88 $220,321,167.95

Others $95,226,080.50 $49,015,969.17 $164,863,402.72 $28,154,459.50 Total Volume Traded 5,494,321,803.00 5,147,055,169.00 9,039,030,545.00 8,225,943,286.00Equity Market Volume Traded

5,445,807,432.00 5,059,126,055.00 8,967,636,957.00 8,195,066,691.00

Bond Market Volume Traded

5,813,258.00 5,382,319.00 3,803,225.00 $3,564,419.00

Others 42,701,113.00 82,546,795.00 67,590,363.00 $27,312,176.00 Total Number of Trans-actions

585,008.00 579,182.00 752,464.00 683,495.00

Equity Market Number of Transactions

581,528.00 576,322.00 749,407.00 681,260.00

Bond Market Number of Transactions

196.00 171.00 132.00 105.00

Others 3,284.00 2,689.00 2,925.00 2,130.00 Market Capitalization 48,581,406,393.51 50,588,934,201.56 55,212,719,977.99 56,989,713,337.00 Number of Listed Com-panies

554.00 553.00 553.00 554.00

Number of Traded Com-panies

234.00 226.00 234.00 234.00

Number of Trading Days 20.00 20.00 21.00 19.00 Exchange Rate/US$ 17.6717 17.64 17.64 17.66Main Index Name EGX 30 EGX 30 EGX 30 EGX 30Main Index (Points) 15042 15472.69 17450.15 18295.57Gains in Main Index (%) 0.15 2.86 12.78 4.84P/E Ratio 17.8118 15.766 17.44 17.8597Dividend Yield (%) 5.78 6.24 6.55 5.70Exchange MembersNumber of Equity mem-bers

147 146 146 146

Number of Equity Deriva-tive members

0 0 0 0

Number of Equity Bond members

147 146 146 146

Number of Commodity Members

0 0 0 0

Exchange ListingsNumber of Main Board listed companies

222 221 221 221

Number of Secondary Board listed companies

32 32 32 33

ASEA

38 Issue 2 / June /2018

39 Issue 2 / June /2018

Main Index Name

Domestic Com-panies Index



Domestic Companies Index




Domestic Compa-nies Index

Main Index (Points)

8,917.34 8,880.38 8,860.13 8,750.03 8,691.19 8,589.64 8,446.42 8,543.61

Gains in Main Index (%)

-0.15% -0.41% -0.23% -1.24% -0.67% -1.17% -1.67% 1.15%

P/E Ratio 5.04 5.06 5.08 5.14 5.06 4.9 4.98 4.88Dividend Yield (%)

13.40% 13.35% 13.22% 13.16 12.78% 14.30% 14.87% 15.61%

Exchange Members

4 4 4 4 4 4 4 4

Number of Eq-uity members

4 4 4 4 4 4 4 4

Number of Eq-uity Derivative members

0 0 0 0 0 0 0 0

Number of Equity Bond members

4 4 4 4 4 4 4 4

Number of Commodity Members

0 0 0 0 0 0 0 0

Exchange Listings

0 1 1 0 0 0 0 0

Number of Main Board listed compa-nies

27 28 29 29 29 29 29 29

Number of Secondary Board listed companies

6 6 6 6 5 5 5 5

JANUARY MT (Million)

Ex Rate USD Million

FEBRUARY MT (Million)

Ex Rate

USD Million

MARCH MT (Million)

Ex Rate USD Million

TOTAL

Total Value Traded 429.35 60.8 7.06 Total Value Traded 427.05 62.32 6.85 Total Value Traded 12.29 62.30 0.20 14.11Equity Value Traded

14.48 0.24 Equity Value Traded

64.21 1.03 Equity Value Traded

9.22 0.15 1.42

Bond Value Traded 165.51 2.72 Bond Value Traded 37.08 0.60 Bond Value Traded 3.07 0.05 3.37Other 249.36 4.10 Other 325.77 5.23 Other 0.00 0.00 9.33

Total Volume Traded

5,257,396.00 Total Volume Traded

5,470,857.83 Total Volume Traded

73,428 10,801,682

Equity Volume Traded

71,356 Equity Volume Traded

301,606 Equity Volume Traded

46,108 419,070

Bond Volume Traded

1,615,010 Bond Volume Traded

323,030.83 Bond Volume Traded

27,320 1,965,361

Other 3,571,030 Other 4,846,221 Other 0 8,417,251

Nº of Transactions 55 Nº of Transactions 62 Nº of Transactions 55 172Equity Nº of Transac.

48 Equity Nº of Transac.

44 Equity Nº of Transac.

52 144

Bond Nº of Transac.

2 Bond Nº of Transac.

10 Bond Nº of Transac.

3 15

Other 5 Other 8 Other 0 13

Market Capital-ization

72,434.79 1,191.36 Market Capital-ization

72,695.77 1,166.49 Market Capital-ization

75,823.13 1,217.06 73,651.23

Listed Co. 6 Listed Co. 6 Listed Co. 6 4Trading Co. Trading Co. Trading Co. 2Trading Days 22 Trading Days 20 Trading Days 21 63

Exchange Rate 60.80 Exchange Rate 62.32 Exchange Rate 62.30 61.81

P/R Ratio P/R Ratio P/R Ratio 0.00Dividend Yield Dividend Yield Dividend Yield 0.00

40 Issue 2 / June /2018

Number of listed companies 28

Number of funds NA

Number of bonds 148 Government, 4 Corporate Bonds

Number of other products NA

Number of member firms/brokers

14

Total Market Cap. (USD millions)

9,730

Market Cap. as % of GDP 21%

Trading Vol. (USD millions) 320,000

Domestic Market Cap USD Millions)

4,800

41 Issue 2 / June /2018

H2 2017Local Currency US$

Total value tradedEquity Market Vlaue Traded 2 877 003 850 296 214 388 133 713Bond Market Value Traded 14 370 532 423 386 1 070 861 141 321

Total Volume TradedEquity Market Volume Traded 46 140 915 944 46 140 915 944Bonds Market Volume Traded

Mrket Capitalization** 15 461 399 809 191 1 152 150 230 644Number of listed companies 377Number of traded companies 356Number of trading days 126Exchange Rate/US$* 13.41960397Main Index Name FTSE/JSE All Share IndexMain Index Points 59 505Gains in Main Index (%) H2-H1 15%PE Ratio 22.06Dividend Yield (%) 2.44

2. New Listings 13NEPI Rockcastle PlcRH Bophelo LimitedHeriot REIT LimitedAfrican Rainbow Cap InvOrion Minerals NLSteinhoff African Rt LtdStadio Holdings LimitedBrainworks Limited4Sight Holdings LtdSandown Capital LtdAlphamin Resources CorpCastleview Prop Fund LtdAyo Tech Solutions Ltd

3.All Share Index 59 505

Average Exchange rate for 6 months ended 31 Dec 2017

13.41960397

Exchange rate as at the end 31 Dec 2017

12.38

JSE LIMITED – H2/2017 STATISTICS

42 Issue 2 / June /2018

MAURITIUS STOCK EXCHANGE

43 Issue 2 / June /2018

Development & Enterprise Market (DEM)

Market Statistics

Sectorial Performance Market Capitalisation Sectors (Rs Bn) Volume Turnover (Rs) BANKS,INSURANCE & FINANCE 5.36 33,480 3,747,700 COMMERCE 1.14 2,763 449,864 INDUSTRY 6.98 6,855,076 530,039,955 INVESTMENT 15.91 2,936,436 70,120,805 LEISURE & HOT 6.61 276,077 2,715,145 OTHERS 11.46 370,382 5,891,401 PROPERTY DEVELOPMENT 2.16 568,800 6,015,200 SUGAR 8.59 998,365 51,042,369 TRANSPORT 0.17 1,983 67,522 FOREIGN 4.31 - - DEBENTURES 46,000 4,646,980 TOTAL 62.70 12,089,362 674,736,942

Top 5 Companies� Market Capitalisation � of Total Stocks Rs Billion Market Cap

Ascencia Lt� (Class A S�ares) 8.13 12.97 Me�ine Lt� 7.43 11.85 Ciel Te�tile Lt� 5.05 8.05 �entosa Capital Limite� (USD) 4.31 6.87 S�an Life Lt� 3.42 5.46

Turnover � of Total

Stocks Rs Million Turnover Kolos Cement Lt� 525.62 77.90 Me�ine Limite� (Or�inar�) 35.29 5.23 RHT Hol�in� Lt� 25.69 3.81 ENL Lt� (Preference) 17.90 2.65

T�e Union Su�ar Estates Co Lt� 15.50 2.30

Volume � of Total Stocks T�ousan�s Volume

Kolos Cement Lt� 6,755 55.88 ENL Lt� (Preference) 708 5.85 RHT Hol�in� Lt� 699 5.78 Unite� Investment Lt� 666 5.51

T�e Union Su�ar Estates Co Lt� 500 4.14

DEME�

300 250 200 150 100 50

0

44 Issue 2- / June /2018

Issue 4 June 2018 2 · 2018-08-08 · Nairobi, Kenya by the Nairobi Securities Exchange (NSE) was a...

Documents

Transcript of Issue 4 June 2018 2 · 2018-08-08 · Nairobi, Kenya by the Nairobi Securities Exchange (NSE) was a...