africanexchanges · by participating financial institutions and reducing the need for foreign...

AFRICANEXCHANGES

ISSUE 02 2015

The Quarterly Newsletter of the African Securities Exchanges

Association

The Johannesburg Stock Exchange (JSE) and the African Securities Exchanges Association (ASEA) proudly announce

the 4th annual Building African Financial Markets (BAFM) Capacity Building Seminar from 16 (arrival and cocktai l

event) to 18 September 2015 at the JSE.

Click here for more information on the seminar.

Click here to register

BACKGROUND OF THE BUILDING AFRICAN FINANCIAL MARKETS (BAFM) CAPACITY BUILDING SEMINAR

The aim of BAFM is to promote growth in African financial markets by giving representatives from stock exchanges,

regulatory bodies, stockbroking firms and other interested parties the opportunity to learn about topical subjects in the

area of capital markets.

The seminar will take place at the Johannesburg Stock Exchange (JSE) from Thursday, 17th September to Friday 18th

September 2015, and will include a market opening ceremony, followed by series of focused learning sessions, panel

discussions and workshops on key topics.

There will be a cocktail event to allow for networking on Wednesday, 16th September 2015.

While there is formal capital market activity in a range of countries across the continent, the potential for development of

financial markets is undeniable: of the 24 countries belonging to the African Securities Exchanges Association (ASEA), only

four have qualified for membership of the World Federation of Exchanges (WFE). Membership of the WFE is often a pre-

cursor to asset managers looking at a market.

This event has the potential to enhance African exchanges’ influence on the world stage by granting market players the

opportunity to gain knowledge about the financial topics most relevant to their development. Invited representatives

include delegates from ASEA, financial regulatory bodies, stockbroking firms and other interested stakeholders.

http://downloads.rsvpagency.co.za/downloads/JSE/BAFMSEMINARBACKGROUND.pdf

https://rsvp.rsvpagency.co.za/rsvpagency/page/en/self-registration?code=glLJX7YQDTLGC8H3M

Welcome Note

In this Edition of the ASEA Newsletter we have an opinion piece on sovereign bonds in Africa from the ABC Group, and then we have an introduction to one of our newest Observer Members, SWIFT.

We also have a review of the East African Markets Q1 performance from Ghengis Capital.

As usual there is a lot of Member News and the Member Statistics for January to April 2015.

Your feedback is valued, so please write to us on any features that you would like to see covered.

Enjoy your reading.

CONTENTS

Article

SWIFT in Africa

Markets Review

Member News

3

4

5

9

ASEA Secretariat Member Statistics 18

EDITOR:

Fanon Mwenda

ASEA Secretariat

[email protected]

PUBLISHED BY:

African Securities Exchanges Association

Exchange Building, 55 Westlands Road

P.O. Box 43633 - 00100 Nairobi Website: www.african-exchanges.org

Tel: + 254 20 2831000 Email: [email protected]

2

AFRICA’S DEEPER BOND

Ghana’s foray into the sovereign bond

market in 2007 was an intrepid step for

Africa’s emerging economies.

The $750-million issuance made Ghana

the first Sub-Saharan country outside of

South Africa to receive sovereign credit.

This was the culmination of deliberate

government reforms to court the

interest of international investors.

Ghana, already one of Africa’s most

stable democracies, quickly transformed

its economic prospects by slashing

external debt and narrowing its fiscal

deficit to less than 3 percent. It utilized

political stability and sound

macroeconomic behavior to join global

capital markets and reject cheap foreign

aid.

What Ghana also achieved through its

reforms was create an effective nation

brand with a strong and positive image.

Fiscal restraint and effective monetary

policies help countries earn a strong

credit rating, and that is good for their

global reputation. Getting a strong rat-

ing can be a quick ticket to improving a

nation brand. High credit rating, good reputation

African countries that have made the

greatest strides in polishing their global

image have been the ones with the best

reputations among investors. As

expected, countries that have a good

investment profile tend to have more

developed bond markets.

Studies have established a strong

correlation between low public sector

corruption and a high credit rating.

Botswana, for example, has Africa’s

highest Corruption Perceptions Index

and its highest credit rating.

Consequently, there is also a negative

association between corruption and

bond market development.

A strong rating does not just serve the

country, it is also good for the

reputation of its companies.

A company cannot obtain a higher credit

rating than its host country. So in markets

that have poor credit ratings or none at

all, companies with limited options

within their own borders will struggle

attracting investment beyond them.

Access to Pr ivate Bond Markets

Fewer than half of countries in Sub-

Saharan Africa have been assigned a credit

rating by any of the six rating agencies.

Only two – South Africa and Botswana –

are considered investment grade. But in

recent years African bond markets have

become more prominent, despite being

under-developed.

The $12 billion of bonds sold by African

governments last year broke the record of

$10.9 billion set in 2013. These long- term

needs are critical to fund an enormous

roster of infrastructure projects.

The growth of corporate bonds relative to

government securities suggests that

corporate bonds could one day become

an important source of finance, especially

for Sub-Saharan African economies.

Ghana Under Caution

Eight years since its first bond, Ghana finds

itself in financial hot water. Economic

growth has stagnated, inflation has surged

and its budgetary deficit is back to almost

10 percent. Its once venerable B+ credit

rating has sunk to a lowly B-.

With interest rates for a new bond issuance

rising, Ghana spurned the capital markets

in favor of a $940 million loan from the

IMF in February.

The rescue package, though, will not save

the country from its fiscal troubles. The

IMF attached ambitious fiscal consolidation

targets that are unlikely to be met,

according to Fitch Ratings, and that will

put even more downward pressure on

Ghana’s sovereign rating.

3

ARTICLE

As the US continues keeping the

federal funds rate at close to zero,

Ghana could take advantage.

But the collapse of the Cedi and a

stronger dollar makes borrowing

costs even more prohibitive.

What is instructive about Ghana’s

case is how it quickly abandoned

the sensible economic practices that

led to the initial bond issuance in

the first place.

With a weak oil price as Ghana

plans another Eurobond issuance

this year, it remains to be seen

whether monetary tightening will

be enough for the country to fully

repay its debts.

Trade, Not Aid

The reliance on bond markets

reduces dependence on cheap aid

and will help countries reduce

poverty at their own pace.

Turning to bond markets will enable

countries to develop domestic bond

markets of their own and grow their

economies.

Minimum GDP growth of 7 percent

is required to double per capita in-

come in one generation and make

meaningful reductions in poverty.

Maintaining this strong performance

will require about $20 billion in

infrastructure investment per year,

according to the African

Development Bank‘s Financial

Markets Initiative. This investment

can only be sustainably financed

through long term 10-year bonds.

This article is part of the Content

from the Connect Africa series from

Afr ica Branding Corporation (ABC),

a communications and marketing

specialist offering custom branding

solutions for African organizations.

To find out how ABC makes African

brands stronger, and to sign up for

feature articles like this, visit:

www.africabranding.com

http://www.africabranding.com/

SWIFT IN AFRICA

By Ian Bessarabia, Head of Sub Sahara

Africa, SWIFT

to become less vulnerable to falls in

commodity prices. Recent figures show

that six of the top 10 countries

implementing changes make it easier to

do business are from Africa (including

Benin, Cote d’Ivoire and the Democratic

Republic of Congo).

SWIFT data reflects these trends and

shows that our business in Africa has

outperformed the total growth of the

SWIFT business globally. In the year to

date, African payment traffic volumes

grew by 13.2% versus 8.8% growth for

SWIFT worldwide, highlighting the

sustainable growth in the region. Africa in

fact was the fastest growing region for

payments traffic, surpassing the Americas

at 12.1% and Asia-Pacific at 12.6%

growth.

SWIFT is growing alongside as Africa

develops. SWIFT’s sub-Saharan Africa

business, with its head office in

Johannesburg, was established more than

30 years ago. In that time, Africa’s

economies have changed beyond

recognition and there is a growing need

for SWIFT to expand to meet new client

expectations and business opportunities.

We are therefore opening two new

offices in 2015 – the first in Nairobi,

Kenya and the second in Accra, Ghana –

as a crucial part of our pan-Africa growth

plans.

From these offices, SWIFT will manage

an expanded presence across the West

and East Africa regions.

Payments remain a major focus for our

business, with many projects moving

ahead including the SADC regional

payment system, SIRESS, as well as the

West African Monetary Zone and the

East African Payment System. These are

important developments, helping to

make the intra-regional payments space

more competitive, opening the way for

new products and services to be offered

by participating financial institutions and

reducing the need for foreign financial

intermediation. But SWIFT is more than a

payments platform. Securities markets are

an increasingly important area.

4

Outside a handful of countries such

as South Africa, Nigeria and Kenya,

most national securities markets are

at a relatively early stage of

development. There is huge

potential to unlock greater local

and intra-regional investment

through the use of standardised and

harmonised financial market

infrastructure. SWIFT can play a

critical supporting role here.

Building a solid and sustainable

foundation on which securities

markets can operate is critical to the

success of these respective markets

in Africa. Trust, security and

reliability are three fundamental

components to boosting investor

confidence and reducing

operational risk. SWIFT is known

globally as a trusted third party and

we pride ourselves on the high

level of security and reliability we

set ourselves.

With the right financial

infrastructure in place and through

industry collaboration, Africa has a

great opportunity to improve the

liquidity and efficiency of its

capital markets, leading to cheaper

equity funding and greater risk

sharing for the continent’s

expanding corporates.

Robust and efficient securities

markets will continue to support

foreign investment but also en-

courage higher levels of intra-

African investment. This is good for

companies and investors. For

several years now, the African

region has outpaced SWIFT’s global

business in terms of traffic volume

growth and there remains huge

potential to be unlocked. We are

excited to participate in Africa’s

vibrant future, supporting local

institutions as they grow and

expand, and increasing the African

region’s contribution to our own

organisation’s growth.

Founded more than 40 years ago to

support the global financial industry,

SWIFT is a member-owned cooperative

that provides the communications plat-

form, products and services to connect

almost 11,000 financial institutions and

corporations in more than 200 countries

and territories.

SWIFT enables its users to exchange

automated, standardised financial

information securely and reliably, thereby

lowering costs, reducing operational risk

and eliminating operational inefficiencies.

SWIFT also brings the financial

community together to work

collaboratively to shape market practice,

define standards and debate issues of

mutual interest.

In Africa, we are honoured to be a part

of the fabric for the continent’s financial

services. Already, there are 21 high value

payment systems (17 in sub-Sahara

Africa), nine stock exchanges and central

securities depositories, and five regional

payment systems based on SWIFT.

And we see plenty of room for further

growth and development. Many of the

fastest growing economies in the world

are in Africa and economic growth in

the sub-Saharan region is expected to

rise from 3.9% in 2014 to 4.5% in 2015

and 5% in 2016, according to the

African Economic Outlook organisation.

Crucially, growth is coming increasingly

from within Africa, helping the

continent to become more resilient and

MARKETS REVIEW

EAST AFRICA MARKETS REVIEW Q1-2015

By Kevin Tuitoek, Reasearch Analyst, Genghis Capital

Kakuzi and Sasini Ltd largely benefitted from an illiquidity

premium whereby contracted supply with heightened

demand on these stocks has afforded attractive exit

positions for holders. Moreover, Kakuzi was further

boosted after an announcement by billionaire investor,

John Kimani, of his intention to raise his shareholding on

the tea producing company from the current 25% stake to

29% thus fuelling speculative trading on the counter.

Sasini Ltd was buoyed by news of its intention to dispose

of a huge parcel of land with the potential of unlocking

huge gains for shareholders.

Jubilee Holdings rallied up 26.7% to KES 570.00 on

account of its favorable FY14 earnings, whereas investors

took speculative positions on mobile juggernaut -

Safaricom ahead of full year earnings anticipated on

May 7th 2015.

Housing Finance Co. Ltd pared down to KES 33.75

following dilution on the counter on the back of its 1-for-2

cash call drive aimed at raising KES 3.5 Billion to solder the

mortgage financier’s capital buffers. Embroilment of

several British American Investments’ directors in the

murky Bramer Bank- ponzi scheme muddled the share’s

performance for the period under review down 26.1% to

KES 22.00.

Home Afrika succumbed 24.4% to KES 3.10 following the

company’s issuance of a profit warning; indicating that

FY14 results would be more than 25% lower.

5

MARKET DEVELOPMENTS

Nairobi Securities Exchange’s (NSE) New Foray: Following

the earnings announcement whereby the demutualized

bourse registered a 16.4% pre-tax profit amounting to KES

441.81 Mn this reflected a positive sentiment on the general

upward trend of the NSE stock since its inaugural listing.

The introduction of the derivatives market this is set to

usher in a renewed period of investments in single stock

and investment futures set to commence trading. This shall

be followed by the introduction of currency-based

contracts.

Furthermore, the NSE is seeking to introduce a mobile and

internet based platform by May 2015 in a bid to allow a

wider customer base to access market information and

data. This will boost data knowledge within the Kenyan

sphere, possibly enhancing investment activity.

Lower Entry Levels for Bond Market: In a bid to spur

activity on money markets, CMA in conjunction with CBK is

opting to widen the investor base. This is through high level

discussions, proposing to lower the retail entry level for

investments into the Fixed Income market set to spur

financial inclusion; thus fostering a regime whereby ordinary

Kenyan’s can be offered a wider set of investment options.

Majority of the Kenyan population have not been able to

fully be incorporated into the Fixed Income segment as

prices were pegged to KES 100,000, thereby being out of

their reach and leaving the securities held by financial

institutions and fund managers.

New Rights Issues Expected: Three rights issues are set to be

introduced onto the market between Q2 – Q4 2015. The

companies include; Equity Group Holdings Ltd (NSE:

EQTY) who are eager to enhance their regional expansion

plans with the capital; Mumias Sugar Company (NSE: MSC)

with KES 3 Bn rights approved by shareholders set to pay

outstanding debts and restructure the organization to

enhance profitability; Trans-century Ltd (NSE:TCL)

proposed KES 7.5 Bn rights

issue to offset the USD 80 Mn convertible debt issued in 2011 and

maturing in Q1 – 2016; and Kengen’s 15 Bn rights issue that was

approved and currently awaiting restructuring of debt held by the

Kenyan Government.

Capital Markets Authority Gets a New Chair: Mr. John Ndegwa,

who serves as the NIC Bank chairman, has been designated as the

new chairman of CMA. Brokers have welcomed the move

terming it as a strategically important decision, as the new

chairman is vastly familiar with the financial sector, with room to

introduce a raft of progressive reforms to aid transition into East

Africa’s financial hub.

REITS Set to Debut: Stanlib Investment is planning on launching

the first Real Estate Investment Trust (REITS) since the

introduction of the segment over two years ago, with a planned

KES 9 Bn proposal that shall lump a number of various

properties. A successful launch should set the platform for further

introductions in order as to spur investments within the real

estate scene in Kenya.

Chase Bank Kenya Ltd and Centum Investment Company (NSE:

ICDC) New Bond Offerings: Chase Bank is seeking to raise KES

10 Bn under a multi-currency Medium Term Note program to

be raised in several tranches over the next two- three years. The

first tranche will be denominated in the Kenyan shilling and

shall be listed on the NSE where accrued funds shall be utilized

in the bank’s expansion in line with tier 2 capital requirements,

enhanced lending, augmented IT Infrastructure and product

development. On the other hand, Centum is set to enter the

bond market to seek KES 7.5 Bn to finance its vast project scope

array in various sectors, representing the second time the firm

has sought a bond (though previously through private

placement) having raised KES 4.2 Bn in 2012.

6

MARKETS REVIEW

MARKET DEVELOPMENTS

Dar Stock Exchange Set to Have New Listings: Three financial

service firms are expecting to hold initial public offerings at

the DARSE before the end of the year. The companies are

Mwanza Community Bank, Microfinance Plc and Mbenga

Community; with Mwalimu Commercial Bank expecting to

list on June 8th as they are set to close their IPO in May

2015.

With the market having performed as the best in Africa in

2014 following the removal of the foreign ownership of

shares cap, there is increased anticipation that there shall be

continued uptake in the Tanzanian equities scene.

7

MARKETS REVIEW

MARKET DEVELOPMENTS

The USE is set to install electronic equity purchases and sales to With enhanced efficiency it shall resonate in the listing of

replace the open-outcry system that has characterized trading newer firms, enhanced transparency, coupled with increased

since its inception in Uganda in July 2015. Noting the success- interest from traders with internet based software.

ful roll out of the new system in Ghana and Kenya, the effects

of such a move should spur foreign participation within the

Ugandan stock market, whilst also bolstering trading volumes.

Furthermore, this should usher secondary trading in Fixed in-

come securities and assist in shifting equities settlements from

the current five day period to three days.

From Ghenghis Capital E. .A. Macroeconomic

Review, Q1-2015 compiled by Kevin Tuitoek

Email: [email protected]

8

mailto:[email protected]

ASEA MEMBER NEWS

ASEA MEMBER NEWS

BRVM NEWS

EDOH KOSSI AMENOUVE OF THE BRVM TO LEAD

INTEGRATION OF WEST AFRICAN MARKETS

Mr. Edoh Kossi Amenouve has been elected to lead the

integration of the West African Markets. This includes

Nigeria, Ivory Coast, Ghana and BRVM. Mr. Suleyman

Ndanusa, the President of the Nigerian Committee on

Financial Markets (Securities and Exchange Commission)

said that the integration process was already at an

advanced level and that the remaining phases could be

complete by the end of 2015.

The remaining phases will be conducted under the

direction of Mr. Edoh Kossi Amenounve, the Director

General of the Regional Stock Exchange of the UEMOA,

who was made chairman of WACMIC in replacing of

Mr. Oscar Onyema, CEO of the Nigerian Stock Exchange,

and President of the African Securities Exchanges

Association since November 2014.

9

MEMBER NEWS

EGX NEWS

Egypt to Postpone the Capital Gain Tax

With the framework of the government efforts to support the

investment environment in Egypt, the Egyptian government

announced on 18 May 2015 postponing the execution of the

Capital Gain Tax decision. The decision aims to maintain the

competitiveness of the Egyptian Exchange taking into

consideration its repercussions on the Egyptian economy and

on its ability to attract more investments.

This decision comes within The Prime Minister & the

Minister of Investment visit to the Egyptian Exchange for

the Opening of the trading session.

EGX Investors Summit 2015

The Institute of International Finance (IIF) mentioned in its

January 2015 Report that total private sector investment flows

to emerging markets fell last year to $1.1 trillion, $250 billion

less than the 2013 record high of $1.35 trillion. Shifting

expectations about the timing and pace of the Fed policy rate

hikes as well as uncertainty related to the oil market and

political risk are likely to again deliver a bumpy ride during the

year ahead, the IIF added.

Nevertheless, investors are increasingly differentiating between

stronger and weaker emerging markets, and normally long-

term institutional investors such as pension and sovereign

funds, account for most of the portfolio flow, providing

crucial support to this sector.

On a macro level, the Egypt Economic Development

Conference conducted in Sharm El Sheikh last March 2015 was

indeed very successful and reflected a strong vote of

confidence from the international community to support

Egypt’s economy going forward.

The Egyptian Exchange (EGX) is aware of the global challenges

faced by emerging markets seeking portfolio flows. It has in

place a strategic plan to enhance portfolio flows to the

Egyptian market in the coming years via upgrading its

technology infrastructure, focusing more on sustainability

projects and streamlining its rules and regulations, to make

listing and trading on its platform, easier and more investor

friendly.

In fostering a culture based on attracting more investment

flows, the EGX is pleased to announce that its annual

Summit in 2015, will focus primarily on investors’ needs in

order to attract more investment flows from Sovereign

Wealth Funds, pension funds and asset managers based in

traditional financial centers such as the UK and US; and

newer ones in Asia and Africa.

The EGX Investors Summit 2015 will provide delegates with

market insights regarding the Egyptian government’s recent

strategy to utilize the stock exchange as a funding venue for

its mega projects. It will also highlight the success stories of

blue chip companies listed on the EGX platform. Hence, the

Summit will help connect the investment community with

Egypt’s most promising investment opportunities, whether

from the government or the private sector side.

We hope that EGX Investors Summit 2015 will be a

constructive forum for our global and domestic clients and

would welcome their comments to enhance the workings of

the capital market in Egypt.

To register to the EGX Investors Summit 2015, please visit

www.egxforum.com

USE NEWS

Uganda Securities Exchange Relocates to New Premises

In November 2014, the Uganda Securities Exchange

moved its offices from The Prism Building 4th Floor

Kampala Road Plot 71/73 to UAP Business Park Nakawa,

New Port Bell Road, 4th Floor Block A, North Wing.

10

MEMBER NEWS

USE Appoints New Chief Executive

The new tax free savings regulations effective from 1

March was initiated by the National Treasury to

improve savings amongst South Africans and reduce

household indebtedness. The JSE’s TFSA intends to align

with the National Treasury’s goal, but also ensure that

investors are given access to the exchange in a cost

effective manner.

The JSE’s offering will be rolled out in collaboration

with approved stockbrokers in providing a platform

which allows for individuals to invest in selected JSE

listed instruments, such as Collective Investment Scheme

(CIS) Exchange Traded Funds tax free. These ETFs will

enable investors to diversify their risk by buying into a

basket or variety of securities through a single product

security.

“One of the common barriers to investing is the lack of

financial knowledge about the various financial

products. Our brokers have been carefully selected to

guide investors along their investment and savings

journey, by providing them with information and

bespoke financial advice,” says Ledwaba.

The JSE’s TFSA offers potential investors the following

features and benefits:

Investment in pre-selected Exchange Traded

Funds

Limited to investing R30 000 annually and

limited to a R500 000 lifetime contribution

No tax on interest earned

No Dividend Withholding Tax on dividends

earned

No Capital Gains Tax

No Securities Transfer Tax on purchases

“As a contributor to South Africa’s economy, our role at

the JSE is to not only support economic growth, but

ensure that we encourage South Africans to participate

in private sector investment.

TFSAs will ensure that we increase the level of

individuals participating on the exchange whilst

delivering on our promise to improve savings by

providing low risk, tax free savings investment

offerings,” Ledwaba concludes.

In March 2015, the Governing Council appointed Paul

Bwiso as the Chief Executive Officer of the Exchange,

he is responsible for the general superintendence of

the day to day management of the Exchange and

charged with execution of the corporate strategy.

Before joining the Exchange in March 2015, he was

the General Manager of Dyer & Blair Investment Bank

Uganda, a position he held for 6 years. He also

worked for Leads Insurance and UAP Insurance.

JSE NEWS

JSE to Offer Retail Investors Tax Free Savings

Accounts

JOHANNESBURG, 15 April 2015 - In a bid to help

South Africans adequately prepare for their financial

future the Johannesburg Stock Exchange is pleased to

announce the launch of its Tax Free Savings Account

(TFSA) initiative.

“Our offering of TFSAs will add to the JSE’s range of

existing initiatives aimed at improving retail

participation on the exchange. It is our intention to

support and improve South Africa’s culture of savings

by providing investment products through a tax free

savings account,” comments Mpho Ledwaba, Head of

Marketing at the JSE.

11

MEMBER NEWS

JSE Equity Market Achieves New Trading Record

Thursday 30 April 2015, The Johannesburg Stock

Exchange continues to beat its record highs after

recording 1, 025 million trades on the Equity Market this

Tuesday. The new record is well above the previous all-

time high of 1,018 million shares, which was last

recorded in July 1999 on the listing day of Old Mutual

Plc.

Director of the JSE’s Equity Market, Leanne Parsons

comments, “This is an encouraging milestone for the JSE

as it reinforces our value proposition as an enabler of

capital markets. In comparison to the corresponding

period in 2014, the daily average volume traded on the

JSE has increased 15% to 281 million shares, further

illustrating the growth in market sentiment led by

resource stocks.”

The mining, life insurance and property sector

contributed to this record breaking performance.

Mining traded 746 million shares. Merafe

Resources Ltd was the traded 725 million shares

on the JSE on Tuesday and followed this with

an announcement advising its shareholders that

Royal Bafokeng Resources Holdings (Pty) Ltd

(Royal Bafokeng) had notified the company

that it has disposed of its entire 28.68% interest

in the shares of the company to Glencore (

Nederland) B.V

Life Insurance traded 31 million shares, with Old

Mutual plc taking the lead at 21 million shares.

REITs traded 25 million shares, with SA Corp

Real Estate Fund leading the charge at 19 million

shares.

Cyber security, high frequency trading (HFT) and the hot

topic of dark pools were also discussed. The increased

prevalence of algorithmic trading has created an added

level of risk for institutional buy-side trade dynamics and,

with the appropriate regulation, dark pools provide a

potential solution to mitigate against this.

Donna Oosthuyse, JSE Director of Capital Markets, who

attended TradeTech 2015 as a member of the JSE team

adds that global regulatory interest around buy-side activity

– and in particular Low Latency Trading and certain rules

governing dark pools – is likely to continue to increase:

“There has been much debate around the expected

introduction of the 'Markets in Financial Instruments

Directive (MiFID) II within the European Union’s member

states.

This appears to be a hot topic amongst the leading

exchanges in Europe. While this is not likely to impact

South Africa for the time being we know that South Africa

tends to adopt best global practice and there is a chance

that new regulatory measures, such as MIFID II, may start

to filter through to local regulatory environment.”

The JSE has already implemented a number of initiatives,

which speak to these current developments, aimed at value

creation for long-term, buy-side institutional investors as

well as improved accessibility and security. These include:

1. Revision to the Block Trade rule - The JSE recently

introduced a revision to the rules governing block trading

which is aimed at increasing accessibility for certain

qualifying investors and enhancing protection for buy-side

traders. Trading instruments in the ZA01 listing category

now requires 30% of ADV in order to execute a trade,

while instruments in ZA02 require 50% of ADV and

instruments in ZA03, ZA04, ZA06 requiring 100% of ADV

in order to execute a single off book block trade. The JSE

may consider including further instruments in this mix but

only to the extent that effective monitoring and regulation

can be assured and optimum levels of market security

maintained.

JSE Leads Local Market on International Regulation

JOHANNESBURG, 13 May 2015 - The Johannesburg

Stock Exchange (JSE) recently led a local delegation to

the global TradeTech 2015 conference held in Paris,

France. The annual event aims to bring together equity

trading and technology professionals from around the

world to discuss key trading issues and challenges facing

the industry.

A number of notable trends were highlighted at the

conference, namely regulatory frameworks around buy-

side institutions.

12

JSE announces ESG partnership with FTSE

Russell

Johannesburg, 3 June 2015, The Johannesburg Stock

Exchange, Africa’s leading exchange and the first

emerging market and first stock exchange to form a

Socially Responsible Investment Index (SRI Index) in

2004, today announced that from 2015 it is partnering

with FTSE Russell, the global index provider, in

progressing the JSE’s work around promoting corporate

sustainability practices over the last decade.

MEMBER NEWS

2. Introduction of the Closing Pr ice Cross (CPX)

platform - The JSE has also recently introduced the

CPX post-close trading session which allows

qualifying clients the opportunity to trade, for a

limited time, at the published closing price. This

session will enable Trading Services Participants

(TSPs) an additional five minutes to trade onscreen

using the published closing price determined in the

CPP session.

3. Introduction of a new order attr ibute – Here,

investors can elect not to interact with hidden

orders in order to provide further security to their

trade executions.

“South African institutional investors and the buy-side

community now have access to a well-balanced mix of

trading options which are on a par with global trends,”

says JSE Head: Equities, Equity Derivatives & Business

Intelligence, Nicola Comninos. “It is essential to keep

abreast with global innovations among the buy-side

community to ensure that the JSE continues to provide a

relevant service offering to its clients adding that South

Africa was suitably comparable with leading exchanges

in terms of its product offering.”

Going forward, the JSE will continue to monitor global

legislation in order to introduce relevant local

innovations where necessary. In June, the JSE will attend

the International Derivatives Expo in London, which

focuses on perspectives from exchange leaders,

regulators, traders and the buy-side on a range of issues

impacting the derivatives industry. The JSE is also

looking to represent the local market at the BRICs

Alliance conference hosted alongside the China Financial

Futures Exchange. In addition, there has been increasing

interest among the international investor community to

pursue collaborative opportunities with a wider range of

African exchanges.

Adds Comninos: “I am confident that the JSE is

appropriately-aligned with meeting the global trends

relating to changing buy-side investor demand,

especially those aimed at encouraging stability for long-

term institutional investors. I believe we are providing a

world-class offering at the JSE that will lead to longer-

term value creation for our valued institutional clients.”

JSE appointed to chair Assoc iation of Fu -

tures Markets

Johannesburg, 19 May 2015: The JSE, Africa’s leading stock

exchange and founding member of the Association of

Future Markets (AFM), has been elected to chair the

association for the next two years.

AFM, a non-profit association was established in 1998 in

Buenos Aires, Argentina by ten exchanges: Budapest

Commodity Exchange, the Central Clearing House and

Depository Ltd. of Budapest, the Romanian Commodities

Exchange, the Buenos Aires Futures Exchange, the

Amsterdam Commodity Exchange, South African Futures

Exchange, the Warsaw Commodity Exchange and the

Malaysian Derivatives Exchange.

The role of the association is to promote and encourage

the establishment of new derivative and related markets,

coordinate conferences to further promote dialogue

amongst its members and country hosts and to encourage

opportunities that will strengthen partnerships and

knowledge sharing amongst its member exchanges.

Donna Oosthuyse, Director: Capital Markets comments

“We delighted that our own Chris Sturgess, Director of

Commodities and Key Clients will take on the chairman

role to represent the JSE. He has been a prominent

participant in the forum for a number of years and is

passionate about developing derivative markets. This is also

great recognition of the JSE’s leadership role within the

AFM as well as the work we are doing to encourage

collaboration and the development of derivative markets

across the globe.”

13

MEMBER NEWS

The new partnership will see the JSE aligning its

environmental, social and governance (ESG) disclosure

indicators and data collection methodology with FTSE

Russell’s evolved ESG approach.

This will enable JSE-listed companies to form part of a

global universe of corporates whose disclosure practices

are assessed against cutting edge ESG factors and will

provide investors with expanded opportunities to

integrate ESG considerations into their investments. The

new approach will replace the SRI Index.

“This transition represents the next generation in our

evolutionary work to promote ESG disclosure, building

on the achievements of the SRI Index and the great

strides that South African corporates have made in this

regard, and will enable us to respond to the growing

need amongst investors seeking to integrate sustainability

considerations into their investments,” says Corli Le

Roux, Head, SRI Index and Sustainability at the JSE.

Both the JSE and FTSE Russell have a long track record of

innovation in the ESG and sustainability sector, and have

a long-standing relationship through the calculation of the

FTSE/JSE Africa Index Series. “Collaborating with FTSE

Russell on expanding our efforts in sustainability offers a

number of synergies and benefits for both organisations

and our clients, and was thus a logical opportunity for us

to pursue,” says Le Roux.

David Harris, Head of ESG for FTSE Russell said: “In

recent years, we have continued to see growing levels of

interest in responsible investment and ESG factors from

institutional and retail investors throughout the world.

We are delighted to be working closely with the JSE as

part of our response to meet this increased demand, and

supporting a market that has been a frontrunner in

promoting high quality ESG disclosure and practice. ESG

factors are increasingly being recognized as critical to both

risk and return considerations for mainstream

investments.”

“The dynamic nature of sustainability requires a constant

re-evaluation of approaches to support an enabling

environment in which listed companies can respond to

the growing pressure to report and where investors can

integrate issues that are material to their portfolios. The

JSE is committed to remaining a thought leader in this

regard and to continue to find opportunities in

responsible investment,” concludes Le Roux.

14

NAIROBI SECURITIES EXCHANGE NEWS

NSE Joins Sustainable Stock Exchanges (SSE)

Initiative

The Nairobi Securities Exchange (NSE) has joined the

United Nations Sustainable Stock Exchanges (SSE) which

was launched by United Nations Secretary- General Ban

Ki-moon in 2009, becoming the eighteenth member of

the SSE worldwide and the fourth in Africa alongside the

Egyptian Exchange, the Nigerian Stock Exchange and the

Johannesburg Stock Exchange.

“The Exchange is honored to collaborate with the SSE

initiative as this is in line with our commitment to

develop sustainable capital markets that will create long

term value for all our stakeholders. We endeavor to

challenge ourselves and others in the market to build a

resilient, sustainable economy that optimizes the quality

of life for all” said Mr. Geoffrey Odundo, the Chief

Executive of the NSE.

He added “The Exchange also continues to champion

sustainability through various initiatives such as the

Excellence in Financial Reporting (FiRe) Awards and the

NSE Leadership and Diversity Dialogue Series.”

The SSE initiative which is co-organized by The United

Nations Conference on Trade and Development

(UNCTAD), the United Nations Global Compact, the

United Nations Environment Programme’s Finance

Initiative, and the UN- supported Principles for

Responsible Investment explores how stock exchanges

can work together with investors, regulators and issuers

to enhance corporate transparency – and ultimately

performance – on environmental, social and corporate

governance (ESG) issues while encouraging responsible

long-term approaches to investment.

“Kenya is the biggest economy in East and Central Africa

and a critically important market for promoting

sustainable development practices in the region,” said

Mr. James Zhan, Director, Investment and Enterprise

Division UNCTAD.

We are delighted that the Nairobi Securities Exchange is

joining the Egyptian Exchange, the Nigerian Stock

Exchange and the Johannesburg Stock Exchange, as well

as other leading exchanges around the world, in

pledging to promote sustainable business practices.”

“We welcome the dynamism that Nairobi Securities

Exchange can bring to promoting investment in

sustainable development,” said Dr. Mukhisa Kituyi,

Secretary General of the United Nations Conference on

Trade and Development (UNCTAD). “The NSE can play

an important role in the quest for innovative

development finance and a reorientation of financial

markets towards sustainable development outcomes.”

Other exchanges that are a part of the SSE include the

New York Stock Exchange, London Stock Exchange

Group, NASDAQ OMX, the Bombay Stock Exchange,

Borsa Istanbul, BM&FBOVESPA (Brazil), Johannesburg

Stock Exchange, Egyptian Exchange, and the Nigerian

Stock Exchange among others.

The categories and winners of the awards were:-

1. Best Overall: British American Tobbaco Kenya

Limited and Transcentury Limited:

2. Most Improved for the Year 2014: Barclays Bank

of Kenya and;Best Growth Enterprise Market

Segment (GEMS): Home Afrika Limited.

NSE Chairman, Mr. Eddy Njoroge thanked Graça Machel,

for her continued passion and efforts geared towards

board diversity and Barclays Bank of Kenya for

sponsoring the dialogue series. He also thanked the

Capital Markets Authority for their efforts to create a

comprehensive Code of Corporate Governance which

will continue to act as our guide throughout the

leadership and diversity journey in Kenya and

congratulated the best performing listed companies.

MEMBER NEWS

The Second Leadership and Diversity Dialogue Ser ies

Chairpersons’ Roundtable

On the 4th of March 2015, the NSE convened its second

Leadership and Diversity Dialogue Series Chairpersons’

Roundtable. The event was attended by the

Chairpersons’ of the public, listed companies and graced

by Graça Machel, DBE former first lady of the Republic

of South Africa.

The NSE Leadership & Diversity Dialogue is a series of

roundtable events that the NSE is convening for the

public, listed firms in an effort to promote discussion

about the various aspects of board diversity, including

professional mix, age diversity and gender.

The NSE Chief Executive Mr. Geoffrey Odundo noted,

“The NSE, through a structured engagement, is

convening the leaders of public, listed firms to share

experiences; raise challenges faced; and together chat

the way forward in enhancing board diversity within

our listed firms. Diversity and inclusion is the key to

unlocking the full potential of employees and essential

to ensuring the success and long term sustainability of

every business. We as the capital markets need to lead

by example and strive for implementation of diversity

within our own organizations.”

The Guest of Honour Graça Machel, patron of New

Faces New Voices echoed Mr. Odundo’s sentiments

noting, “Diversity in the corporate world is a true

developmental issue which needs to be addressed and

embraced in Africa. I congratulate the Exchange for

striving to enhance diversity amongst its listed

companies as this will support the further diversification

and competitiveness of the entire private sector locally

and regionally. I challenge other Exchanges across the

continent to put diversity in the forefront of their capital

market development plans.”

15

NSE appoints new Chief Executive

MEMBER NEWS

various professional bodies and has attended various

financial and capital markets courses and forums

worldwide. Jeff, as he prefers to be called is married with 3

children and enjoys Soccer, Golf, Formula One and is a

dedicated member of the St. Pauls University Chapel

Lectors Group and founder of the Ame Foundation to

support the less fortunate members of the Society.

Speaking on behalf of the Board of Directors, the Chairman

Mr. Eddy Njoroge noted, “After a thorough and rigorous

process during which the Board together with KPMG

considered numerous applications from various applicants

of the highest standards, the Board of Directors is pleased

to appoint Mr. Odundo as the next Chief Executive of the

NSE”.

Mr. Njoroge further noted that, “Mr. Odundo’s leadership

skills, experience and wealth of knowledge would be

instrumental in driving the NSE’s aggressive Strategic Plan

aimed at developing the Kenyan Capital Markets and

growing the NSE into be a leading Securities Exchange in

Africa”.

Mr. Njoroge concluded by thanking Mr. Andrew Wachira,

the Head of Compliance and Legal who has been the

Acting Chief Executive, for guiding the NSE through the

transition period.

Speaking on his appointment Mr. Odundo noted, “I am

very honoured and privileged to be appointed as the next

Chief Executive of the leading Securities Exchange in East

and Central Africa, and I am very confident that the future

of the NSE as a key driver of Kenya’s economy is very

bright as we deepen the current products and diversify into

new product offerings. Working together with the NSE

Board and staff, I am confident that this is the dawn of a

new era for the NSE as we seek to create greater

participation by individual Kenyans, homegrown

companies and international investors in the Market.”

The Board of Directors of the Nairobi Securities

Exchange (NSE) have appointed Mr. Geoffrey Otieno

Odundo as the Chief Executive, effective from March 1,

2015. Mr. Odundo is an accomplished Investment

Banker with 22 years financial sector experience; 16

years of which have been in the Capital Markets in

various senior roles in asset management, corporate

finance and stock broking. He has been instrumental in

the setting up of Co-op trust Investment Services, Co-op

Consultancy Services Limited and Kingdom Securities

Limited.

Prior to his appointment, Mr. Odundo has been the

Managing Director and Chief Executive Officer of

Kingdom Securities Limited from June 2009. During his

tenure at Kingdom Securities Limited he has overseen the

growth of the firm to become one of the leading

Trading Participants of the NSE and has been

instrumental in key listings on the NSE as well as other

corporate finance transactions. He has also been serving

as a Non-Executive Director of the NSE representing

Trading Participants from March 2012. During this time,

he has been the Chairman of the NSE Technology

Committee and has also been a member of the NSE

Finance and Manpower Committee and the NSE Listings

and Admissions Committee.

Mr. Odundo has also in the past served as a Director

and Secretary of the Kenya Association of Stockbrokers

and Investment Banks (KASIB), a role in which he was

instrumental in improving the service delivery and

standards on the operations of Capital Markets

intermediaries.

He holds a Bachelors of Arts Degree in Mathematics and

Economics from Egerton University and a Masters in

Strategic Management from the United States

International University. Mr. Odundo is a member of

16

MEMBER NEWS

NIGERIAN STOCK EXCHANGE NEWS

NSE and MSCI S ign Strateg ic Agreement

In March 2015, MSCI Inc. (NYSE: MSCI), a leading

provider of investment decision support tools

worldwide, and The Nigerian Stock Exchange (NSE), the

stock exchange servicing the largest economy in Africa,

today announced a strategic co-operation agreement to

develop and market a co-branded family of indexes for

the Nigerian equity markets.

Existing and future indexes will be co-branded as the

MSCI/NSE Indexes, including the flagship NSE 30 Index

and NSE 50 Index, which will become the MSCI/NSE 30

Index and the MSCI/NSE 50 Index, respectively.

Additional indexes will also be jointly developed and

launched in the future based on client demand and

market development. The indexes will be used as

performance benchmarks and as the basis for index-

linked products for investors seeking exposure to the

Nigerian capital markets.

“As the largest economy in Africa, Nigeria is increasingly

positioning itself at the center of the development of the

region’s capital markets,” said Baer Pettit, Managing

Director and Head of MSCI’s Product Group. “MSCI is

very proud to establish a strategic relationship with The

Nigerian Stock Exchange, and we look forward to

working with them to raise the profile of these indexes

around the world. The combination of MSCI’s emerging

and frontier markets index expertise and NSE’s position

as one of the leading exchanges in the region will, we

believe, deliver high quality indexes for both

international and domestic investors.”

Oscar N. Onyema, CEO, NSE, said, “We are proud to

collaborate with MSCI, one of the top and most-

respected index providers for global stock markets. Our

collaboration provides the global investing public, listed

companies and other stakeholders in the Nigerian

market access to MSCI’s high quality products and

internationally recognized brand. The Nigerian Stock

Exchange, in cooperation with MSCI, will continue to

innovate and bring products to market that will increase

the sophistication of African markets, and continue to

establish Nigeria as the market for entrepreneurial

growth.”

The MSCI/NSE Indexes will be calculated and disseminated

by MSCI, based on the same industry leading standards that

apply to the MSCI indexes. MSCI will commercialize the

indexes outside of Nigeria while the NSE will continue to

serve clients in Nigeria.

NSE CEO Awarded Most Innovative CEO of the Year

The Chief Executive Officer of The Nigerian Stock Exchange

(NSE), Mr. Oscar N. Onyema, OON, has been named Most

Innovative CEO of the Year in recognition of his

tremendous role in the development of the Nigerian capital

market. The award was presented at the inauguration

ceremony of the 9th President of the Abuja Chamber of

Commerce and Industry, Mines & Agriculture

(ABUCCIMA), held at the Sheraton Hotel, Abuja on

January 21, 2014.

According to Mr. Jude Igwe, Vice-president, public

relations, ABUCCIMA, the awards are given to only

individuals who have consistently demonstrated un-

common resilience and innovation in their various

economic engagements.

Commenting on the award, Onyema said, “I am honored

to receive the 2014 Abuja Chamber Award for Most

Innovative CEO of the Year. While this award is personal in

nature, it would not have been possible without the great

team at The Nigerian Stock Exchange, who are making

significant contributions to the development of the

Nigerian capital market and Africa at large. This award is

for my team, I am just receiving it in my name”.

Onyema also noted that “The NSE has made great strides

in its transformation journey which has brought about

major reviews of its governance, market structure and

operations, a stronger regulatory environment, and the

implementation of innovations required for delivering a

robust and efficient capital market”.

Alhaji Aliko Dangote, GCON, Sir Emeka Ofor and Mr.

Olatunde Ayeni were among those honoured by the Abuja

Chamber of Commerce, Industry, Mines and Agriculture.

17

MEMBER STATISTICS

BOTSWANA STOCK EXCHANGE

BSE

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded

Equity Volume Traded

Bond Volume Traded

Others

Total No. Transactions

Equity Market Transactions Bond Market Transactions Others

Market Capitalization

No. of Listed Companies

No. of Traded Companies

Number of Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)

Gains in Main Index (%)

P/E Ratio

Dividend Yield (%)

APRIL

$ 30,486,405.00

$ 25,830,605.00

$ 4,655,800.00

$0.00

87,599,767

87,198,005

401,762

401,762

930

916

0

14

$ 42,806,000.00

37.00

31.00

21.00

9.71

(DCI)

9,836.28

1.42

-

-

MARCH

$ 48,616,250.00

$ 36,028,008.00

$ 12,588,242.00

$0.00

103,878,821

101,513,660

2,365,161

2,365,161

985

957

0

28

$ 42,109,000.00

37.00

27.00

22.00

10.10

(DCI)

9,693.91

0.01

-

-

FEBRUARY

$ 9,100,950.00

$ 8,891,605.00

$ 209,345.00

$0.00

59,344,425

59,305,049

39,376

29,376

693

683

0

10

$ 43,262,000.00

37.00

27.00

21.00

10.10

(DCI)

9,593.81

0.01

-

-

JANUARY

$ 14,024,848.21

$ 13,992,391.25

$ 32,456.96

$0.00

32,432,265

32,428,283

3,982

3,982

726

712

0

14

$ 42,593,890.00

37.00

37.00

20.00

9.80

(DCI)

9,463.73

(0.00)

-

-

18

MEMBER STATISTICS

BOURSE DE TUNIS

BOURSE DE TUNIS

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded


Bond Volume Traded Others Total No. of Transactions

Equity Transactions Bond Transactions Others


No. of Listed Companies

No. of Traded Companies Number of Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$132,721,011.00

$118,808,370.37

$624,643.19

$0.00

25,135,832

23,610,297

1,525,535

1,481,988

45,625

45,315

158

152

$9,766,336,382.54

77

76

21

1.91

TUNINDEX

5,544.87

4.37%

16.91

3.00%

MARCH

$140,953,438.73

$60,638,942.50

$11,488,286.83

$0.00

19,052,656

16,949,466

2,103,190

1,860,111

39,155

38,817

176

162

$9,178,518,303.01

77

76

21

1.96

TUNINDEX

5,312.73

-2.38%

16.31

3.10%

FEBRUARY

$124,539,246.09

$99,382,352.82

$6,999,832.91

$0.00

36,976,476

25,867,593

11,108,883

10,930,434

50,104

49,771

249

84

$9,432,665,934.46

77

74

20

1.95

TUNINDEX

5,442.26

4.26%

16.75

3.10%

JANUARY $144,324,892.62

$100,109,745.33

$3,435,879.32

$0.00

42,345,130

32,289,943

10,055,187

9,956,590

46,488

46,178

215

95

$9,184,794,856.26

77

74

20

1.93

TUNINDEX

5,219.94

2.55%

16.07

3.20%

19

MEMBER STATISTICS

CASABLANCA STOCK EXCHANGE

CSE

Total Value Traded

Equity Value Traded

Bond Value Traded Others

Total Volume Traded

Equity Volume Traded Bond Volume Traded

Others

Total Transactions

Equity Transactions

Bond Transactions Others


Listed Companies

Traded Companies Trading Days Exchange Rate/US$

Main Index Name

Main Index (Points)

Gains in Main Index (%) P/E Ratio Dividend Yield (%)

APRIL

$199,128,607.03

$137,336,355.99

$61,792,251.05

$0.00

8,490,147

8,483,809

6,338

0

10,282

10,273

9

0

$51,404,659,938.20

74

71

22

9.75

MASI

9,937.38

-3.24%

-

-

MARCH

$473,874,797.34

$393,268,706.08

$80,606,091.26

$0.00

17,459,253

17,451,446

7,807

0

13,283

13,272

11

0

$52,023,336,522.17

74

70

22

9.96

MASI

9,937.38

-3.24%

-

-

FEBRUARY

$381,361,506.31

$359,166,473.26

$22,195,033.04

$0.00

25,167,175

25,165,142

2,033

0

13,020

13,020

3

0

$54,788,970,747.27

74

70

20

9.62

MASI

10,460.62

2.33%

-

-

JANUARY

$306,111,382.67

$290,901,216.85

$15,210,165.82

$0.00

22,994,203

22,992,203

2,000

0

16,149

16,145

4

0

$53,788,796,969.42

75

70

20

9.56

MASI

10,222.56

6.26%

-

-

20

MEMBER NEWS

BOURSE RÉGIONALE DES VALEURS MOBILIÈRES SA

BRVM

Total Value Traded

Equity Value Traded


Total Volume Traded

Equity Volume Traded Bond Volume Traded Others Total Transactions



Listed Companies Traded Companies

Trading Days Exchange Rate/US$

Main Index Name

Main Index (Points)

Gains in Main Index (%) P/E Ratio

Dividend Yield (%)

APRIL

$38,225,603.71

$27,763,619.01

$10,461,984.70

$0.00

12,192,265

18,462,482

-6,270,217

0

4,024

3,913

111

0

$11,167,361,309.15

72

60

21

584.89

BRVM-10

272.39

1.28%

28

-

MARCH

$34,996,633.00

$24,414,081.00

$10,582,552.00

$0.00

11,870,182

10,865,271

1,004,911

0

5,253

5,154

99

0

$10,626,499,214.00

72

61

22

60,968.00

BRVM-10

26,895.00

-49.00%

2,801.00

4.75%

FEBRUARY

$22,801,639.00

$16,169,483.00

$6,632,156.00

$0.00

5,853,998

5,466,430

387,568

0

3,270

3,188

82

0

$11,023,230,308.00

71

54

19

583.59

BRVM-10

270.27

3.76%

27.2

4.68%

JANUARY

$16,954,233.00

$14,114,049.00

$2,840,184.00

$0.00

2,465,779

2,300,478

165,301

0

3,775

3,698

77

0

$10,676,773,069.00

71

61

21

580.24

BRVM-10

260.48

-2.64%

26.95

4.73%

21

MEMBER STATISTICS

DAR ES SALAAM STOCK EXCHANGE

DSE

Total Value Traded

Equity Value Traded Bond Value Traded Others

Total Volume Traded

Equity Volume Traded Bond Volume Traded Others Total Transactions



Listed Companies


Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$42,722,870.00

$30,598,044.00

$12,124,826.00

$0.00

11,462,467

11,183,807

278,660

0

1,218

1,206

12

0

$12,924,056,862.00

21

14

19

1,829.00

DSEI

2,699.61

0.00%

-

-

MARCH

$47,759,289.32

$12,892,397.95

$34,866,891.37

$0.00

33,747,819

33,000,569

747,250

0

1,396

1,363

33

0

$12,719,468,477.18

21

13

22

1,788.07

DSEI

2,701.28

0.00%

-

-

FEBRUARY

$116,669,124.74

$81,110,257.88

$35,558,866.86

$0.00

17,720,620

16,921,103

799,517

0

1,763

1,745

18

0

$13,283,273,270.00

21

12

20

1,781.46

DSEI

2,701.28

0.00%

-

-

JANUARY

$66,966,722.00

$62,341,502.00

$4,625,220.00

$0.00

13,669,436

13,565,136

104,300

0

1,585

1,577

8

0

$13,307,573,916.00

21

11

21

1,760.78

DSEI

2,671.89

0.00%

-

-

22

MEMBER STATISTICS

THE EGYPTIAN EXCHANGE

EGX

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded


Bond Volume Traded

Others

Total No. of Transactions

Equity Transactions Bond Transactions

Others Market Capitalization

Listed Companies

Traded Companies

Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$2,472,874,386.27

$1,346,644,873.55

$960,260,111.42

$0.00

2,648,530,593

2,602,949,728

45,580,865

38,323,721

269,662

265,866

124

3,672

$66,372,415,879.28

253

221

20

7.53

EGX 30

8,672.29

-5.06%

58.33

6.32%

MARCH

$3,212,956,603.94

$1,872,245,859.14

$1,020,432,616.17

$0.00

2,788,884,652

2,545,047,651

243,837,001

236,352,750

444,126

441,377

153

2,596

$67,223,715,595.02

253

224

23

7.53

EGX 30

9,134.78

-2.14%

62.62

7.32%

FEBRUARY

$4,498,630,978.62

$3,130,305,703.15

$1,175,150,647.00

$0.00

2,723,487,655

2,609,707,422

113,780,233

105,307,670

437,487

434,963

163

2,361

$67,881,724,504.92

248

220

20

7.53

EGX 30

9,334.01

-5.17%

67.96

10.07%

JANUARY

$2,890,100,734.94

$1,795,671,351.35

$905,636,830.08

$0.00

2,886,455,189

2,761,438,504

125,016,685

118,414,865

476,252

473,810

130

2,312

$70,471,220,298.49

248

224

18

7.49

EGX 30

9,843.10

10.27%

69.17

9.48%

23

MEMBER STATISTICS

GHANA STOCK EXCHANGE

GSE

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded


Bond Volume Traded

Others


Equity Transactions



Listed Companies

Traded Companies

Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$ 2,220,356,820.00

$2,079,776,820.00

$140,580,000.00

$0.00

5,066,400

4,966,400

100,000

0

32

31

1

0

$14,107,896,764.37

36

26

20

3.87

GSE Composite

2,224.23

0.27%

12.8

0.05%

MARCH

$5,969,879,150.00

$5,969,879,150.00

$0.00

$0.00

57,131,804

57,131,804

0

0

2,067

2,067

0

0

$ 17,012,110,000.00

35

26

21

3.75

GSE Composite

2,220.37

1.95%

17.83

4.29%

FEBRUARY

$8,700,875,430.00

$8,700,875,430.00

$0.00

$0.00

21,289,042

21,289,042

0

0

2,250

2,250

0

0

$ 18,317,740,000.00

35

28

20

3.47

GSE Composite

2,177.95

0.18%

14.68

4.50%

JANUARY

$4,701,480,690.00

$4,701,480,690.00

$0.00

$0.00

10,255,338

10,255,338

0

0

2,569

2,569

0

0

$19,516,630,000.00

35

27

21

3.24

GSE Composite

2,173.95

-3.85%

14.68

4.50%

24

MEMBER STATISTICS

JOHANNESBRG STOCK EXCHANGE

JSE

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded


Bond Volume Traded

Others


Equity Transactions



Listed Companies

Traded Companies

Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$194,025,534,617.00

$30,117,129,784.00

$126,146,354,980.00

$0.00

5,963,225,748

5,942,480,898

0

20,744,850

5,014,748

4,729,003

30,808

254,937

$ 1,055,158,963,436.00

392

361

19

11.79

FTSE/JSE All Share

54,440.43

4.33%

20.57

2.66%

MARCH

$318,463,363,303.00

$41,183,961,728.00

$189,676,609,477.00

$0.00

7,014,092,250

6,955,590,391

0

58,501,859

6,572,641

6,144,136

46,558

381,947

$ 986,602,975,697.00

393

361

22

12.08

FTSE/JSE All Share

52,181.95

4.05%

20.57

2.66%

FEBRUARY

$229,670,055,462.00

$30,485,700,564.00

$155,356,687,329.00

$0.00

5,275,902,978

5,261,645,103

0

14,257,875

4,676,253

4,356,999

4,963

278,714

$ 1,056,245,123,889.00

392

364

20

11.58

FTSE/JSE All Share

53,344.20

4.05%

19.97

2.52%

JANUARY

$216,004,026,478.00

$30,127,663,754.00

$141,845,161,380.00

$0.00

4,945,143,938

4,935,555,867

0

9,588,071

4,753,819

4,401,189

33,945

318,685

$ 1,018,132,417,711.00

392

365

21

11.55

FTSE/JSE All Share

51,266.81

3.01%

18.71

2.78%

25

MEMBER STATISTICS

KHARTOUM STOCK EXCHANGE

KSE

Total Value Traded

Equity Value Traded Bond Value Traded

Others

Total Volume Traded


Bond Volume Traded Others

Total No. of Transactions Equity Transactions



Listed Companies Traded Companies Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$66,490,231.00

$3,614,152.00

$0.00

$0.00

8,967,085

8,169,830

797,255

0

2,174

107

0

0

$2,227,104,039.00

65

0

22

5.97

Khartoum Index

2,913.47

2.95%

-

-

MARCH

$105,539,979.00

$1,482,350.00

$0.00

$0.00

7,003,383

5,818,283

1,185,100

0

3,289

65

0

0

$2,169,094,777.00

65

16

23

5.97

Khartoum Index

2,829.94

0.50%

-

-

FEBRUARY

$67,661,769.00

$28,325.00

$0.00

$0.00

866,181

82,688

783,493

0

1,373

52

0

0

$2,055,001,330.00

65

14

20

5.97

Khartoum Index

2,844.10

1.28%

-

-

JANUARY

$70,854,263.00

$2,467,490.00

$0.00

$0.00

6,947,465

6,181,808

765,657

0

2,471

45

0

0

$2,134,319,234.00

65

8

20

5.97

Khartoum Index

2,808.13

11.18%

-

-

26

MEMBER STATISTICS

NAIROBI SECURITIES EXCHANGE

NSE

Total Value Traded

Equity Value Traded


APRIL

$421,261,883.93

$154,121,757.30

$267,140,126.60

$0.00

487,839,509

487,839,444

65

0

36,691

36,148

543

0

$25,689,868,301.84

64

61

20

95.00

NSE 20 Share Index

5,091.00

4.76%

16

2.83%

MARCH

$721,426,199.63

$223,006,197.70

$498,420,001.93

$0.00

614,200,681

614,200,635

46

0

12,788

12,288

500

0

$26,561,972,983.37

64

60

22

92.00

NSE 20 Share Index

5,346.00

2.64%

16

2.98%

FEBRUARY

$673,130,398.00

$177,027,388.00

$496,103,060.00

$0.00

593,241,754

593,241,700

54

0

42,832

42,387

445

128

$ 26,207,378,500.67

64

61

20

91.00

NSE All-Share Index

5,491.00

2.87%

17

2.87%

JANUARY

$522,659,885.10

$105,595,443.10

$417,064,442.00

$0.00

414,278,143

414,278,094

49

0

40,146

39,813

333

0

$25,547,046,381.42

65

0

21

92.00

NSE 20 Share Index

5,212.00

1.94%

16

2.88%

Total Volume Traded






Listed Companies Traded Companies Number of Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

27

MEMBER STATISTICS

THE NAMIBIAN STOCK EXCHANGE

NSX

Total Value Traded

Equity Value Traded


Total Volume Traded


Bond Volume Traded Other

APRIL

$171,587,287.00

$167,496,193.00

$1,032,009.00

$0.00

42,088,600

29,571,641

12,516,959

316,959

350

345

2

3

$ 159,672,839,117.00

39

27

19

11.82

NSX Overall Index

1,200.96

3.32%

-

-

MARCH

$161,292,323.00

$157,454,947.00

$1,489,659.00

$0.00

44,011,176

25,718,376

18,292,800

292,800

388

374

6

8

$ 150,853,146,279.00

38

27

22

12.08

NSX Overall Index

1,162.35

-0.95%

-

-

FEBRUARY

$102,323,062.00

$100,183,041.00

$2,095,539.00

$0.00

43,013,431

18,809,131

24,204,300

204,300

280

276

2

2

$ 160,057,755,262.00

38

25

20

11.45

NSX Overall Index

1,173.44

5.01%

-

-

JANUARY

$159,313,007.00

$153,082,152.00

$1,727,847.00

$0.00

45,600,974

25,221,151

20,379,823

379,823

292

282

2

8

$ 152,323,700,859.00

38

26

21

11.58

NSX Overall Index

1,117.49

1.77%

-

-





Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

28

MEMBER STATISTICS

THE NIGERIAN STOCK EXCHANGE

NSE

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded







Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$510,751,825.40

$510,208,818.31

$140,965.79

$0.00

10,721,852,933

10,718,431,853

3,421,080

3,394,790

107,932

107,787

18

127

$84,697,439,287.21

194

172

21

198.00

NSE All-Share Index

34,708.11

9.33%

17.3

5.10%

MARCH

$462,087,759.78

$461,983,362.97

$3,846.63

$0.00

10,198,019,199

10,196,730,298

1,288,901

1,288,165

91,550

91,444

6

100

$81,601,778,975.56

194

173

22

199.00

NSE All-Share Index

31,744.82

5.45%

15.9

5.00%

FEBRUARY

$455,084,589.80

$455,035,884.34

$6,041.39

$0.00

7,735,852,038

7,735,341,390

510,648

509,433

84,775

84,640

7

128

$ 76,207,378,500.67

194

172

21

203.00

NSE All-Share Index

30,103.81

1.83%

15.41

5.10%

JANUARY

$531,524,035.69

$531,149,907.45

$356,421.79

$0.00

8,005,130,630

8,004,991,757

138,873

64,073

85,149

85,032

15

102

$ 84,754,362,341.78

193

165

22

188.00

NSE All-Share Index

29,562.07

-14.70%

23.94

5.00%

29

MEMBER STATISTICS

MALAWI STOCK EXCHANGE

MSE

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded



Total No. of Transactions Equity Transactions



Listed Companies

Traded Companies

Trading Days Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$70,878,247.78

$70,878,247.78

$0.00

$0.00

1,606,464,275

1,606,464,275

0

0

136

136

0

0

$1,552,832,381.19

14

13

20

440.86

MASI

16,024.62

7.65%

10.05

3.68%

MARCH

$523,930.86

$523,930.86

$0.00

$0.00

19,690,879

19,690,879

0

0

113

113

0

0

$1,490,616,860.19

14

14

20

440.34

MASI

15,364.50

3.21%

10.04

3.69%

FEBRUARY

$315,425.75

$315,425.75

$0.00

$0.00

7,495,950

7,495,950

0

0

112

112

0

0

$1,462,821,946.46

14

14

20

437.21

MASI

14,971.01

0.57%

10.09

3.66%

JANUARY

$671,125.33

$671,125.33

$0.00

$0.00

13,253,003

13,253,003

0

0

115

115

0

0

$1,413,308,196.52

14

12

20

451.67

MASI

14,942.70

0.38%

10.09

3.66%

30

MEMBER STATISTICS

RWANDA STOCK EXCHANGE

RSE

Total Value Traded


Total Volume Traded

Equity Volume Traded Bond Volume Traded Others

APRIL

$2,079,917.00

$2,079,776.82

$140.58

$0.00

5,066,400

4,966,400

100,000

0

32

31

1

0

$4,107,896,764.37

6

2

20

710.65

Rwanda SE Index

234.23

0.27%

12.8

0.05%

MARCH

$5,849,697.14

$5,814,029.27

$35,667.87

$0.00

39,006,600

14,006,600

25,000,000

0

76

75

1

0

$4,119,356,200.00

6

3

22

707.92

Rwanda SE Index

234.22

1.30%

10.62

0.05%

FEBRUARY

$878,719.20

$878,719.20

$0.00

$0.00

1,959,300

1,959,300

0

0

91

91

0

0

$4,137,661,569.00

6

3

19

707.92

Rwanda SE Index

234.63

0.92%

10.63

0.05%

JANUARY

$7,880,638.16

$7,880,638.16

$0.00

$0.00

14,356,000

14,356,000

0

0

117

117

0

0

$1,892,967,961.00

5

2

21

700.29

Rwanda SE Index

235.87

2.20%

10.53

0.05%


Equity Transactions



Listed Companies

Traded Companies Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

31

MEMBER STATISTICS

SEYCHELLES SECURITIES EXCHANGE

TROP-X

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded

Equity Volume Traded Bond Volume Traded

Others


Equity Transactions



Listed Companies


Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$65,355.36

$65,355.36

$0.00

$0.00

7,260

7,260

0

0

10

10

0

0

$36,953,586.81

4

3

20

13.33

DCI

-

-

-

-

MARCH

$17,484.28

$17,484.28

$0.00

$0.00

2,308

2,308

0

0

22

22

0

0

$34,720,213.09

4

3

20

13.49

DCI

-

-

-

-

$

FEBRUARY

$22,955.47

$22,955.47

$0.00

$0.00

21,574

21,574

0

0

6

6

0

0

34,403,225.89

4

3

20

13.95

DCI

-

-

-

-

JANUARY

$18,194.35

$18,194.35

$0.00

$0.00

2,366

2,366

0

0

16

16

0

0

$ 34,899,023.33

4

3

20

13.71

DCI

-

-

-

-

32

MEMBER STATISTICS

STOCK EXCHANGE OF MAURITIUS

SEM

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded


Bond Volume Traded

Others


Equity Transactions



Listed Companies

Traded Companies

Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$69,604,840.82

$69,128,742.99

$426,621.69

$0.00

805,538,584

805,479,366

59,218

8,035

7,400

7,359

31

10

$7,450,078,040.01

92

92

22

35.60

SEMDEX

1,955.81

-0.98%

9.98

3.11%

MARCH

$48,879,000.42

$47,963,248.43

$887,522.90

$0.00

173,365,900

173,304,045

61,855

5,825

8,765

8,716

40

9

$7,288,261,731.63

92

92

21

36.76

SEMDEX

1,975.21

-2.15%

9.77

3.08%

FEBRUARY

$79,586,123.96

$78,231,581.79

$1,338,714.19

$0.00

313,091,840

312,703,460

388,380

2

6,177

6,125

50

2

$8,086,425,799.10

91

91

17

33.63

SEMDEX

2,018.63

-0.04%

9.76

3.05%

JANUARY

$30,571,411.74

$30,237,460.17

$142,299.63

$0.00

140,285,769

140,232,253

53,516

44,506

6,733

6,693

37

3

$8,202,607,411.29

91

91

20

33.12

SEMDEX

2,019.43

-2.62%

9.75

3.05%

33

MEMBER STATISTICS

UGANDA SECURITIES EXCHANGE

USE

Total Value Traded


Total Volume Traded

Equity Volume Traded Bond Volume Traded Others

APRIL

$5,949,530.83

$5,949,530.83

$0.00

$0.00

55,060,443

55,060,443

0

0

409

409

0

0

$ 9,249,146,377.00

16

9

20

2,975.41

USE All Share Index

1,991.37

-4.10%

-

-

$

MARCH

$3,835,089.60

$3,835,089.60

$0.00

$0.00

72,331,223

72,331,223

0

0

329

329

0

0

9,540,263,656.00

16

9

22

2,973.00

USE All Share Index

2,076.02

0.50%

-

-

FEBRUARY

$9,483,249.62

$9,483,249.62

$0.00

$0.00

121,937,979

121,937,979

0

0

517

517

0

0

$ 9,872,550,176.63

16

8

20

2,895.00

USE All Share Index

2,066.25

3.20%

19.5

4.50%

JANUARY

$5,584,057.65

$5,584,057.65

$0.00

$0.00

117,375,216

117,375,216

0

0

394

394

0

0

$ 9,564,147,292.32

16

9

20

2,866.30

USE All Share Index

2,001.29

3.90%

21.01

3.33%





Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

34

MEMBER STATISTICS

ZIMBABWE STOCK EXCHANGE

ZSE

Total Value Traded

Equity Value Traded

Bond Value Traded

Others

Total Volume Traded


Bond Volume Traded

Others




Listed Companies

Traded Companies

Trading Days

Exchange Rate/US$

Main Index Name

Main Index (Points)


P/E Ratio

Dividend Yield (%)

APRIL

$29,188,559.23

$29,188,559.23

$0.00

$0.00

590,291,280

590,291,280

0

0

673

673

0

0

$4,066,067,417.00

63

59

20

-

Industrials

156.26

-1.24%

-

-

MARCH

$18,903,881.76

$18,903,881.76

$0.00

$0.00

405,841,039

405,841,039

0

0

704

704

0

0

$4,117,082,319.00

63

59

22

-

Industrials

158.22

-5.35%

-

-

FEBRUARY

$34,775,615.86

$34,775,615.86

$0.00

$0.00

122,861,606

122,861,606

0

0

749

749

0

0

$4,353,375,154.00

63

59

20

-

Industrials

167.16

1.37%

-

-

JANUARY

$16,062,740.83

$16,062,740.83

$0.00

$0.00

57,390,451

57,390,451

0

0

703

703

0

0

$4,365,143,861.00

65

61

21

-

Industrials

164.9

1.30%

-

-

35

MEMBER CONTACTS

BOTSWANA STOCK EXCHANGE

Exchange House

Plot 64511 Fairgrounds

Gaborone Botswana

Private Bag 00417

Telephone: (+267) 367-4400

Fax:(+267) 318-0175

Contact Person: Mr.Hiran Mendis (CEO)

Website : http://www.bse.co.bw/

Email : [email protected]

BOLSA DE VALORES DE CABO VERDE

Achada de Santo António

Lg. Europa nº 16 CP 115/A Praia

Cape Verde Ilha de Santiago C.P. 115/A Cabo

Telephone:+ (238) 260 30 30/31/32

Fax:+ (238) 260 30 38

Contact Person: Manuel Joaquim de Lima

Website: http://www.bvc.cv /


EGYPTIAN EXCHANGE

BOURSE DE CASABLANCA

Angle Avenue des Forces Armées Royales et Rue

Arrachid

Mohamed, Casablanca, Morocco

Telephone:+(212) 22 45 26 26 27

Fax:+(212) 22 45 26 25

Contact Person: Mr. Ayoub YOUSSEFI

Website:

Email:[email protected]

http://www.casablanca-bourse.com

DOUALA STOCK EXCHANGE

1450 Bd de la Liberté Douala

P.O Box 442, Douala, CAMEROON

Telephone: 343-85-83

Fax: 343-85-84

Website: http://www.douala-stock-exchange.com/


DAR ES SALAAM STOCK EXCHANGE

Golden Jubilee Towers

14th Floor Ohio Street

P. O. Box 70081 Dar es Salaam, Tanzania

Telephone:+255 22 2128522

Fax:+255 22 2133849

Contact Person: Moremi Marwa

Website: http://www.dse.co.tz


5 Sherif El Saghir St. Down Town

P.O.Box 358 Mohamed Farid

Postal Code 11513, Cairo, Egypt

Telephone: +20 2 23970461

Fax: +20 2 23933984

Contact Person: Mr. Mohamed Farrag

Website: http://www.egx.com.eg/


GHANA STOCK EXCHANGE

BRVM

18 Joseph Anoma Ave, (Rue des Banques)

Abidjan 01 BP 3802 Abidjan, Cote D’Ivoire

Telephone: (+255) 2032-6685

Fax: (+255) 2032-4777

Contact Person: Edoh Kossi Amenounve

(Chief Executive/Director General)

Website: http://www.brvm.org/


Cedi House, 5th and 6th Floor Liberia Road

P O Box 1849, Accra, Ghana

Telephone: +233 302 66-9908/9914/9935

Fax:+233 302 66-9913

Contact Person: Diana Okine, Manager Marketing & PR /

Ekow

Afedzie, Deputy Managing Director

Website: http://www.gse.com.gh/


36

Z

MEMBER CONTACTS

JOHANNESBURG STOCK EXCHANGE

One Exchange Square, Gwen Lane, Sandown

Private Bag X991174

Sandton 2146, South Africa

Telephone:+27 11 520 7391

Fax:+27 11 520 8998

Contact Person: Mrs. Zeona Jacobs

(Director: Issuer and Investor Relations)

Website: http://www.jse.co.za/

Email:[email protected] STOCK EXCHANGE OF MAURITIUS

4th Floor, One Cathedral Square Building

16 Jules Koenig Street, Port Louis, Mauritius

Telephone: (+230) 212 9541

Fax: (+230) 208 8409

Contact Person: Mr Sunil Benimadhu (Chief

Executive)

Website:

http://www.stockexchangeofmauritius.com/


MALAWI STOCK EXCHANGE

Old Reserve Bank Building, Victoria Avenue

P/Bag 270, Blantyre, Malawi

Telephone: (+265) 0182-4233

Fax: +(265) 0182-3636

Contact Person: Mr. Symon W. Msefula

(Chief Executive Officer)

Website: http://www.mse.co.mw/


KHARTOUM STOCK EXCHANGE

Al Baraka Tower

P.O. Box 10835 Khartoum

Telephone: +249782152, +249782250

Fax: +249782225

Contact Person: Mr. Osman Khair

Website: http://www.kse.com.sd/


BOLSA DE VALORES DE MOCAMBIQUE

Avenida 25 de Setembro no. 1230

5th Floor Maputo, Mozambique

LUSAKA STOCK EXCHANGE

3rd Floor, Exchange Building, Central Park, Cairo Road

P O Box 34523 Lusaka, Zambia

Telephone:(+260) 1 228391/228537/228594

Fax:(+260) 1 225969

Contact Person: Mr. Brian Tembo (Chief Executive)

Website:http://www.luse.co.zm /


Telephone:+258-21-308826/7/8

Fax:+258-21-310559

Contact Person: Mrs. Anabela Chambuca

(CEO) or Mr, Joao Pedro Rodrigues

Website:

http://www.bolsadevalores.co.mz/


NAMIBIAN STOCK EXCHANGE

P.O. Box 2401

Robert Mugabe Avenue 4, Windhoek, Namibia

Telephone:(+264) 61 227-647 LIBYAN STOCK MARKET

Benghazi- Alshatea Street Hai Aljazeera

(Juliana)

Nearest Alfadl Hotel Tripoli- Omar Almoktar st

Telephone:+218213365050, +218619093067

Fax: +218213365025, +218619091097

Contact Person: Mr. Husein Madjub

Website: http://www.lsm.gov.ly/


Fax:(+264) 61 248-531

Contact Person: Mr. Tiaan Bazuin (Chief Executive Officer)

Website: http://www.nsx.com.na/


37

MEMBER CONTACTS

NAIROBI SECURITIES EXCHANGE

The Exchange, 55 Westlands Road

P O Box 43633 – 00100

Nairobi, Kenya

Telephone:+254 20 2831000

Fax:+254 20 2224200

Contact Person: Mr. Donald Ouma

(Head of Market and Product Development)

Website:http://www.nse.co.ke/


UGANDA SECURITIES EXCHANGE

NIGERIAN STOCK EXCHANGE

Stock Exchange House

2-4 Customs Street

P.O. Box 2457, Marina, Lagos Nigeria

Telephone:+234 (0)1 448 9366

Mobile: +234 (0)808 034 7840

Contact Person: Okon Onuntei

Website: http://www.nse.com.ng

Email: [email protected] ZIMBABWE STOCK EXCHANGE

44 Ridgeway North, Highlands,

RWANDA STOCK EXCHANGE

1st Floor, Kigali City Tower,(KCT)

P.O.Box 3882, Kigali RWANDA

Telephone: +250 252 575968

Contact Person: Pierre Celestin Rwabukumba

Website: http://www.rse.rw/


Harare, Zimbabwe

(263-4) 886830-5

Website: http://www.zse.co.zw/


BOURSE DE TUNIS

34, Avenue de la Bourse, les Jardins du Lac,

1053, Les Berges du Lac 2, Tunis Tunisie

Telephone:+ 216 71 197 910

Fax: +216 71 197 903

Contact Person: Abderraouf BOUDABOUS

Website: http://www.bvmt.com.tn/


UAP Business Park Nakawa,

New Port Bell Road,

4th Floor Block A, North Wing.

P.O.Box 23552,

Kampala, Uganda

Website: http://www.use.or.ug/


S IERRA LEONE STOCK EXCHANGE

Bank of Sierra Leone Main Building

30 Siaka Stevens Street, Freetown, Sierra Leone

Telephone: + 232 22 228150

TROP-X (SEYCHELLES) LIMITED

P.O. Box 360, Eden Island, Seychelles

Telephone: +248 4 34 68 00

Contact Person: Melanie Stravens

Website: http://www.trop-x.com/

Email: [email protected] 38

AFRICAN SECURITIES EXCHANGES ASSOCIATION

The Exchange, 55 Westlands Road P.O. Box 43633 - 00100 Nairobi

Telephone: +254 20 2831000 Contact: [email protected] Website: www.african-exchanges.org

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