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Old September 12th, 2007, 03:25 AM   #1
Kisumu Ndogo
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Securities, Bonds and Stock Markets in Africa(IPO'S, Mergers, Ups/Downs, Expansion)



This Thread is dedicated to the growing interest and growth of Stock Exchanges in Africa.

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Old September 12th, 2007, 03:33 AM   #2
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The African Stock Exchanges Association (ASEA) was incorporated in 1993 in the Republic of Kenya. ASEA's aim is to provide a formal framework for the mutual co-operation of stock exchanges in the African region. Its functions include the exchange of information and assistance in the development of member exchanges.

CURRENT STOCK MARKETS.
JSE Securities Exchange - Sandown, South Africa (Africa's Largest, Rank among top 15 in the World)
Bolsa de Valores de Mozambique, Mozambique
Botswana Stock Exchange - Gaborone, Botswana
Bourse des Valeurs d'Abidjan - Abidjan, Côte d'Ivoire
Casablanca Stock Exchange - Casablanca, Morocco
Cairo & Alexandria Stock Exchange - Cairo, Egypt
Dar-es-Salaam Stock Exchange - Dar es Salaam, Tanzania
Ghana Stock Exchange - Accra, Ghana
Lusaka Stock Exchange - Lusaka, Zambia
Malawi Stock Exchange - Blantyre, Malawi
Nairobi Stock Exchange - Nairobi, Kenya
Namibian Stock Exchange - Windhoek, Namibia
Nigerian Stock Exchange - Lagos, Nigeria
Stock Exchange of Mauritius - Port Louis, Mauritius
Swaziland Stock Exchange - Mbabane, Swaziland
Uganda Securities Exchange Limited - Kampala, Uganda
Zimbabwe Stock Exchange - Harare, Zimbabwe
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Old September 12th, 2007, 04:54 AM   #3
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Technology laden Nasdaq Exchange in Newyork.


Trading floor of JSE


Nigerian Stock Exchange Trading Floor (Small Pic)


Nairobi Stock Exchange Trading Floor


Cairo Stock Exchange Trading Floor


Ghana Stock Market Floor
http://siteresources.worldbank.org/N...0615-30019.jpg

Zimbabwe Stock Market(Small pic)

Last edited by Kisumu Ndogo; September 12th, 2007 at 05:01 AM.
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Old September 12th, 2007, 10:47 AM   #4
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Quote:
I don't know why...but this has always been one of my favs. Cell C - South Africa
Good thread but you forget the newly opened regional stock exchange in Libreville in your listing! Africa has got one more... For all I know Abuja also got a stock exchange!

Any know knows when the stock exchange in Angola finally opens?

What about Lybia? Haven´t they discarded socialism?

Tunisia, as North Africa´s most successful country, doesn´t have a stock exchange?
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Old September 12th, 2007, 03:10 PM   #5
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Haha...I think someone you quoted me from the African Commercials thread in this thread...
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Old September 13th, 2007, 03:08 AM   #6
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Additions

CURRENT STOCK MARKETS.
JSE Securities Exchange - Sandown, South Africa (Africa's Largest)
Bolsa de Valores de Mozambique, Mozambique
Botswana Stock Exchange - Gaborone, Botswana
Bourse des Valeurs d'Abidjan - Abidjan, Côte d'Ivoire
Casablanca Stock Exchange - Casablanca, Morocco
Cairo & Alexandria Stock Exchange - Cairo, Egypt
Dar-es-Salaam Stock Exchange - Dar es Salaam, Tanzania
Ghana Stock Exchange - Accra, Ghana
Lusaka Stock Exchange - Lusaka, Zambia
Malawi Stock Exchange - Blantyre, Malawi
Nairobi Stock Exchange - Nairobi, Kenya
Namibian Stock Exchange - Windhoek, Namibia
Nigerian Stock Exchange - Lagos, Nigeria
Stock Exchange of Mauritius - Port Louis, Mauritius
Swaziland Stock Exchange - Mbabane, Swaziland
Uganda Securities Exchange Limited - Kampala, Uganda
Zimbabwe Stock Exchange - Harare, Zimbabwe
Libreville Stock Exchange - Gabon
Abuja Stock Exchange - Abuja, Nigeria
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Old September 13th, 2007, 03:19 AM   #7
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Nigeria Stock Exchange Cap as at March 2007

The Nigerian Stock Exchange (NSE) was established in 1960 and currently has some 283 listed companies with a total market capitalisation as at March 09, 2007 of about N8.2 trillion ($64.5 billion).

Nairobi
Alari Alare, Nairobi

Robust growth in the capital markets is anticipated once the Safaricom shares start trading at the Nairobi Stock Exchange (NSE), its chairman has said. Mr Jimnah Mbaru says that daily market capitalisation would grow to about Sh1.5 billion while turnover - the value of shares traded in a day - would rise to above Sh600 million.


Currently, the daily turnover stands at about Sh400 million while the index is slightly above 5,400 points. Mbaru, who also doubles as the chairman and chief executive officer of Dyer & Blair Investment Bank predicted NSE 20-share Index will at the same time rise to above 7,000 points when trading of the shares starts. He reckons that the investor base would also grow to over three million in the same period.

Dyer & Blair is lead ing the group that won the bid to offer transactional advisory services for Safaricom's initial public offering (IPO). "We expect an enormous growth after the initial public offering especially once trading starts," Mbaru said while addressing professionals at a Nairobi hotel.

"This is a big IPO that will bring the entire nation to the exchange."He added that there would be a wider investor base due to the increased awareness of investment at the capital markets, attracting further listings.

"I expect about 20 more companies to be listed next year," said Mbaru. The NSE boss has repeatedly and correctly been bullish about the prospects of the bourse, particularly following a number of initiatives to modernise its activities. The controversy-ridden sale of 25 per cent stake is expected to raise Sh34 billion later this year. The mobile operator is the most profitable mobile operator in Kenya, with an estimated market capitalization of about $2 billion.

If the stake is sold on the Nairobi Stock Exchange as planned, it would be the largest IPO on the bourse.

Safaricom has recorded a pre-tax profit of Sh17.2 billion ($258.3 million) for the year ending March 31, up 40 per cent on the previous year.

A consortium led by Dyer & Blair Investment Bank has already been selected to head the Government process of selling the share to the public.

An anticipated challenge from a losing bidder has failed to materialise as the group decided not to spook the market with a formal challenge
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Old September 19th, 2007, 06:58 AM   #8
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Nigeria to launch new share index


Story by REUTERS
Publication Date: 9/19/2007
LAGOS, Tuesday

The Nigerian Stock Exchange will launch a new index of 40 to 60 top shares by December which will attract new foreign investors seeking exposure to Africa’s most populous nation, a top exchange official said on Tuesday.

The exchange is in a race to develop new instruments to absorb a “wall of money” from domestic and foreign investors, the exchange’s head of strategy and derivatives, Farook Oreagba, said. “In the next two or three months we expect to see a new tradeable index in Nigeria,” Oreagba said. It is likely to contain between 40 and 60 top shares and would be reviewed quarterly, he added. “On the back of that we want to create exchange-traded funds. They will be another asset class which will probably take up a significant amount of the money we have in the market.” The index will enable investors to bypass lengthy bureaucratic delays when investing directly in Nigerian stocks.
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Old October 3rd, 2007, 05:01 PM   #9
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NSE plans to open gates for small businesses to go public
Written by Steve Mbogo

October 03 2007: The Nairobi Stock Exchange is considering reviewing some listing rules to allow small and medium scale businesses raise money from the public July next year.

This could open a window of opportunity for young Kenyans with innovative ideas to raise cash easily to fund their businesses for expansion much sooner than it has been traditionally been possible or simply cash out some of their shareholding.

In the last one year, the power of stock market listing has been demonstrated with the listing of AccessKenya and Scangroup, both mid-sized businesses that turned their owners into multi-millionaires when they took their companies public.

Bharat Thakrar and Andrew White pocketed Sh584 million from the sale of Scangroup and the Somen family cashed in Sh334 million.

NSE chief executive officer Chris Mwebesa confirmed that the process of listing SMEs is being considered across the three East African bourses and could be completed in the second half of next year.

The move could also see NSE become a direct threat to commercial banks, which have traditionally provided capital to SMEs.

The listing of small and medium-sized enterprises (SME) is expected to provide more shares at the market, allowing investors to diversify their investments and help spread liquidity, which has at times distorted the valuation of some shares.

The development, which will also be replicated by Kampala and Dar-es-Salaam bourses, will catapult the region into the same level with developed and middle level economies which allow listing for SMEs as a way of enhancing their contribution to the economic growth.

Opening up of the regional bourses to SMEs by late 2008 was agreed on by the Kenya, Uganda and Tanzania heads of stock exchanges at the East African Securities Exchange Association (EASEA) meeting held in Kampala on September 7.

Some of the rules likely to be reviewed include reducing the period a company should be operational and profitable which is currently set at 3 years and 5 years respectively. It would also require a drastic review of assets from the Sh100 million.

The Dar es Salaam Stock Exchange (DSE) has already rolled out some successful strategies, which may be replicated, by Kenya and Uganda to help encourage more companies (and SMEs) to list, according to its chief executive officer Jonathan Njau.

For instance, to get listed at the DSE, companies were previously required to have a track record of being in business for not less than five years and to have made profits for not less than three years.

“Now we only require sound business plans for what they want to do and they must come through a professional advisor who will help them on the exchange,” Mr Njau said.

Uganda Securities Exchange Ltd (USE) is considering reducing eligibility criteria for SMEs to at least 1 year of profitability and operation besides submitting all audited financial statements and “tightening” of corporate governance issues. To list at JSE in South Africa, companies require no profit history, but a minimum share capital of Sh20 million is required.

Analysts are divided over the move with some warning of the likelihood of investors losing money to shady outfits, while others say having an opportunity to invest in a company whose business cycle has not reached maturity is every investors dreams.

Small and medium businesses for instance contribute 53 per cent of jobs in developed economies and as high as 88 per cent of jobs in Japan compared to 27 per cent of jobs lower middle economies like Kenya.

These businesses also contribute to 45 per cent of economic growth in developed countries compared to 25 per cent in developing economies according to the World Bank database.

The drive emerges from a dawning reality that most developed economies are dominated by SMEs just like in East Africa.

Mr Mwebesa said the listing of SMEs would borrow from international best practice experiences in a bid to raise domestic market capitalization.

According to Mr Mwebesa the region will develop criteria for defining SMEs based on the international best practise, but adjusted regularly, to take account of changing economic circumstances in the country.

In Kenya as in the rest of the region, SMEs are defined as formally registered businesses with 5-100 employees and with an annual turnover of between Sh6 million and Sh100 million.

It would also enhance its ability to attract capital for injection into the country’s fastest growing sector, which created over 400,000 jobs last year.

It would also offer investors more choice with the increase in listed company’s improving liquidity across the board. The SMEs would benefit from raising cheap, interest free capital for business expansion or retire debt.

Corporate governance standards within SMEs--which are often run by family members or close friends--would also improve due to increased scrutiny, disclosures and other compliance required by the market.

A key challenge is that SMEs fail within the first three years essentially because of myriad of factors including failure to access financing and poor governance.

According to the Dean of School of Business at the United States International University Prof Joseph Kimura, listing for SMEs may be hindered because most of these businesses may not be in operation long enough to assess their business success capability.

“The purpose of listing is to get additional investors and capital, after you have established your business,” said Prof Kimura. “We may be trying to get into areas that we cannot handle.”

He said the listing could bring back what used to be known as the “South C Bubble” where investors were encouraged to invest in promising ventures only for the investment administrator to run away with money, or a situation where an SME owner raises money, offsets debt and then runs away.

The chief executive of Uganda Securities Exchange (USE) Simon Rutega however said the important thing is to strengthen the rules and corporate governance as much as entry requirements are lowered.

According to Isaac Njuguna, the head of investment at Zimele Asset Management there is a lot of money chasing the same shares at the NSE, which has led to over valuation on some counters and resulted in extreme volatility of the market.

“In the past 15 years, the government has been the major supplier of shares at the NSE either through the IPO or otherwise. This shows for some reason that there are no enough companies to list or the owners think listing is not in their strategic interest. If we revise our listing rules, this may change,” said Mr Njuguna.

He said listing rules at the NSE favoured companies which have reached maturity stage in their business cycle unlike most SMEs which are yet to reach the explosive stage before getting to maturity.

“From an investor perspective, I would choose a company which has not reached maturity stage. What we just need is a strong regulatory framework to ensure that fraudsters are not allowed into the market,” said Njuguna.

To be listed at the NSE, Capital Markets Authority rules require that a company must have assets worth at least Sh100 million and must have made profits for at least three years of the last five years. The NSE said it will announce specific rules it will relax based on the consultations with other regional bourses and borrowing from foreign examples.

In South Africa for instance, listing of SMEs especially the Black-owned is highly encouraged since 2004 when the National African Federated Chamber of Commerce (Nafcoc) and the JSE Limited encourage them to list at business index known as AltX, which JSE reserves for SMEs.

At the alternative investment market (AIM) of the United Kingdom for instance, SMEs are not required to have minimum number of shareholders or a particular financial track record or trading history. There are 1600 listed companies on this counter with a total annual trading value exceeding Sh4.2 trillion.

In Italy, the Star counter for SMEs launched in 2001 requires more rigorous disclosure rules on SMEs as opposed to the main market companies in order to maintain more investors protection. It has over 76 listed companies with an annual trading value of almost Sh2.1 trillion.
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Old October 15th, 2007, 03:41 AM   #10
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Zimbabwe Stock Exchange All Not Lost

Zimbabwe Stock Exchange “Benefits” from Austrian Economic Theory
Posted by John Paul Koning on Apr 12th, 2007
Zimbabwe is in the middle of an economic disintegration, with GDP half of what it was in 2000, and declining for the seventh consecutive year. Ever since President Mugabe’s disastrous land-reform campaign (an entire article in itself), the country’s farming, tourism, and gold sectors have collapsed. Unemployment is said to be near 80%.

Yet the Zimbabwe Stock Exchange (the ZSE) is the best performing stock exchange in the world, with the key Zimbabwe Industrials Index up some 595% since the beginning of the year and 12,000% over twelve months. This jump in share prices is far in excess of increases in consumer prices. While the country is crumbling, the Zimbabwean share speculator is keeping up much better than the typical Zimbabwean on the street.

Mainstream logic fails to explain the coincidence of a rising ZSE and collapsing GDP because it entirely ignores the monetary side of the economy. At this point Austrian economics makes its contribution to our story. According to Austrian Business Cycle Theory (ABCT), the peak-trough-peak pattern that economies demonstrate is not their natural state, but one created by excess growth in money supply and credit. New money is not simply parachuted to everyone equally and at the same time - it is sluiced into the economy at certain initial “entry points.” From these entry points, a number of initial goods are bought by recipients of new money causing a rise in price for these initial goods relative to other goods.


Because entrepreneurs react to this observed but unjustified change in the structure of prices by investing their capital, misallocation occurs. As money-supply growth continues and prices become more contorted, more and more ventures are undertaken that would not be undertaken in a regime without money-supply growth. When, for whatever the reason, money supply finally contracts, the artificial strength in prices that encouraged unprofitable ventures is removed, prices collapse, and large numbers of ventures go bankrupt. Thus we have the recession part of the business cycle, the simultaneous failure of many firms at the same time.


If, as the Austrian theory states, money enters the economy at certain points, it is likely that a nation’s stock market will become a prime beneficiary of any monetary expansion. Fresh money enters the economy first through banks and other financial entities who may invest it in shares, or lend it to others who buy shares. Thus stock prices rise relative to prices of things like food and clothes and will outperform as long as this monetary process is allowed to continue.

This is what we are seeing in Zimbabwe. With the country suffering from Robert Mugabe’s catastrophic policies, increasingly the only means for the government to fund itself has been money-supply growth. This has only exacerbated the economy’s problems. The flood of new money that authorities have created has caused the existing value of money in circulation to plummet, i.e., the prices of all sorts of goods to explode, some rising more than others.

As prices become more misaligned, basic decision-making abilities of normal Zimbabweans are impaired and the day-to-day functioning of the economy deteriorates. Perversely, all of this has forced the government to issue even more currency to make up for budget shortfalls and to buy support. At last measure, the country’s consumer price index was rising (i.e., the purchasing power of currency declining), at a rate of 1,729% a year.

The ZSE is growing some three times faster than consumer prices. This relative outperformance versus general prices is a result of stocks being a chief entry point for the flood of newly created money. Keep Zimbabwean dollars in your pocket, and they’ve already lost a chunk of their value by the next day. Putting money in the bank, where rates are pithy, is not much better. Investing in government bonds is the equivalent of financial suicide. Converting wealth into foreign currency is difficult; hard currency is scarce, and strict rules limit exchangeability.

As for capital improvements, there is little incentive on the part of companies to invest in their already-losing enterprises since economic prospects look so bleak. Very few havens exist for people to hide their wealth from the evils created by Mugabe’s policies. Like compressed air looking for an exit, money is pouring into shares of ZSE-listed firms like banker Old Mutual, hotel group Meikles Africa, and mobile phone firm Econet Wireless. It is the only place to go. Thus the 12,000% year over year increase in the Zimbabwe Industrials.

Our Zimbabwe example, though extreme, demonstrates how changes in stock prices can be driven by monetary conditions, and not changes in GDP. New money gets spent or invested. In Zimbabwe’s case, because there are no alternatives, it is stocks that are benefiting.

This sort of thinking can be applied to the stock markets in the Western world too. Though western central banks have not been printing nearly as fast as their Zimbabwe counterpart, they do have a long history of increasing the money supply. It forces one to ask how much of the growth in Western stock markets over the preceding twenty-five years has been created by a vastly increasing money supply, and how much is due to actual wealth creation. Perhaps stock prices have increased faster than goods prices for the last twenty-five years because, as in Zimbabwe, Western stock markets have become one of the principal entry points for newly printed currency.

Regards,

John Paul Koning
for The Daily Reckoning Australia
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Old October 15th, 2007, 03:56 AM   #11
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The Story Of Africa Stock Exchanges


Thursday, February 08, 2007

African Stock Exchanges
Stock investors around the world, for your investments in stocks this year, choose Africa and you are guaranteed of gigantic returns. But since Africa is regularly presented as an unpredictable continent for investments, it is in an unexpected stock exchange that any investments will yield fat returns. This simply means that, some how; there is an element of truth in the perception of the continent by Africans and none Africans. And which is this stock market in Africa that all her investors are smiling to the bank? It is the Harare Stock Exchange in Zimbabwe of all places. Even though there are stock exchanges in Africa, wherein trading/transactions are carried out like in any other stock market in the world, many Africans and foreigners do not know such exist on the continent. This is partly the fault of the management of those stock exchanges and the governments of countries wherein there are located.

ITS BULL TIME
image hosted on flickr


Although emerging markets becoming assertive and robust in returns, it is not known how many investors have thought of investing in African stock Exchanges, besides the Johannesburg Stock Exchange JSE in South Africa. What is certain are that, most none African and even some African investors prefer Asia for the maturity of some her markets. But it would be best for all those investing in Asian stock exchanges to start giving African markets some serious patronage. Not as a sign of leaving Asian stocks because burst looms, even though still far, but more as diversification in other to be able to absorb effectively any shocks or burst. For it is always not wise to put all your eggs in a single basket.


Growing credibility of African stock markets As already stated, all investors who have snubbed African markets have committed errors that can nonetheless be remedied. This is so because, it is easier to invest in African stocks and more African stocks do yield high dividends. African stocks may not have the hypes of those of other parts of the world, but on the African continent, there is the JSE that is ranked 17th in the world. The other African stock exchange registering successes is the Casablanca Stock Exchange of Morocco. According to Fortune magazine N° 23 of January 15th 2007, the Casablanca stock exchange was ranked sixth best performing market in 2006 with a 92.00% return on investment. According to the Nigerian Business day newspaper quoting from Dr. Charles C. Soludo, the director of the Nigerian Central Bank, this year 2007, the Nigerian Stock Exchange NSE based in Lagos, will hit an all time high capitalisation of $ 70 billion.

The amount is double the foreign reserve of Nigeria, Africa’s second largest economy. Banking and Telecommunications sub-sectors are the high yielding stocks on the floor of the Nigerian stock exchange. Another reason to invest in African stocks is that, they are growing in credibility and are attracting national and international investors. The recent IPOs of Transcorp International and Dangote Sugar Refinery at the Nigerian Stock Exchange attracted investors within and without Nigeria. However, the patronage of African markets besides the JSE in South Africa is still low.


Hence in 1993, the African Securities Exchanges Association was formed. It based in Nairobi, Kenya and headed by Mr Maged Shawky who doubles as the head of the Cairo and Alexandria Stock Exchanges in Egypt. The African Securities Exchanges Association abbreviated ASEA is a non profit organisation guaranteed by Kenyan law. ASEA aims to establish systematic mutual cooperation, exchange of information as well as to harmonise market standards, in order to enable members to attain greater roles in the competitive global market environment.

Membership
Members of the ASEA are: the Abidjan stock Exchange, based in Abidjan, Ivory coast (she covers or represents six French-speaking West African countries), the Bond Exchange of South Africa, Botswana Stock Exchange, based in Gaboronne, Botswana, Cairo and Alexandria Stock Exchanges of Egypt, Casablanca stock Exchange of Morocco, the Dar es Salam Stock Exchange in Tanzania, the Ghana Stock Exchange, based in Accra, Ghana and the Johannesburg Stock Exchange (JSE) in South Africa.
JSE Sandton


Others are: the Lusaka Stock Exchange, based in Lusaka, Zambia, the Malawi Stock Exchange, the Mozambique Stock Exchange, the Nairobi Stock Exchange in Kenya, Namibian Stock Exchange, the Stock Market of Mauritius, the Stock Market of Swaziland, the Nigerian Stock Exchange (NSE) based in Lagos, Nigeria, the Uganda Securities Exchange and the Zimbabwe Stock Exchange. All in all, ASEA is made up of 19 members in 18 countries with her newest (2005) member being the Bourse des Valeur Mobiliers de L’Afrique Centrale (BVMAC) based in Libreville, Gabon. The Libreville stock exchange represents the six countries that make up a mini regional political body known as CEMAC*. Prospective members of ASEA are the Democratic Republic of Congo, Angola, Rwanda, Madagascar and Lesotho stock exchanges.


In a bid to work and operate smoothly, ASEA is in collaboration with the Kenya Institute of Public Policy Research and Analysis (KIPRA) and at present, three ASEA members: JSE limited, the Cairo and Alexandria stock exchanges, and the Stock Exchange of Mauritius have gained membership status of the World Federation Exchanges (WFE). This represents their compliance with international standards. On the trading front, members of ASEA registered impressive performances in 2005 with a total of 1468 companies listed, recording a total market capitalisation of $845 billion, which was a 28% growth over 2004.

Brief history of some African stock markets The history of the Cairo and Alexandria stock exchanges can be traced to the 19th century when merchants of Alexandria met to cut deals, especially in Coffee. The Alexandria stock exchange was established in 1883 followed by the Cairo exchange in 1903. They merged between the 40s and 50s and were ranked 5th in the world with 21 brokerage companies gravitating around both exchanges. However because of the socialist policies of the 60s of Gamal Abdul Nasser, the extinction of the exchanges was inevitable. Nevertheless, it was reactivated in 1992.


Casablanca stock exchange was founded on the 7th of November 1902. Of her 107 or so of existence, the Casablanca exchange has undergone three major reforms. The first one was in 1948, when she acquired legal status and in 1967, she underwent another legal and technical reorganisation in the process, changed her legal status to become a public establishment. The third reforms were carried out in two phases, the first in1993 and the last in 1996.


The Johannesburg Stock Exchange (JSE) Limited was found on the 8th of November 1887 a year after the feverish cries for Gold rang through Witwatersrand. She is ranked 17th largest equity exchange in the world with a total capitalisation of R 302 trillion with approximately 400 companies listed. JSE is marginally smaller than the Stockholm Stock Exchange and larger than 9 stock exchanges classified as developed. Finally, the Nairobi Stock Exchange was found in 1951 by an estate agent called Francis Drummond who established the first professional stock broking firm in the country.

Story courtesy elliesmith blog.
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Old October 15th, 2007, 04:18 AM   #12
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i love this article, it is food for thought
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