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AFRICANA Newsletter 0f AFRICAN EXCHANGES

EXCHANGESIssue 1 | April | 2016

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All rights reserved. Reproduction in whole or in part without written permission of the editor is strictly prohibited. The greatest care has been taken in compiling this Newsletter publication. However, no responsibility can be accepted by the publishers or compilers for accuracy of the information presented.

Content

4 WELCOME NOTE

5 EXPERT OPINION

6 NEWS - BOTSWANA

11 NEWS - EGYPT

15 NEWS - COVER STORY

20 NEWS - NAIROBI

22 NEWS - RWANDA

24 NEWS - MAURITIUS 26 NEWS - UGAN

29 NEWS - ZAMBIA

30 NEWS - ZIMBABWE

31 STATISTICS

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A warm welcome to the first issue of the African Exchanges in 2016.

The African Economy Outlook (AEO) predicted that in 2015, the world economy would improve and Africa would soon be closing in on the impressive growth levels seen before the 2008/2009 global economic crisis.

According to the IMF, the growth level in Sub-Saharan Africa is projected at 4¼ % in 2016 up from 3¾ in the previous year. Factors that could fortify the region’s robust performance include:

(i) a much improved business and macroeconomic environment;(ii) high commodity prices; and(iii) highly accommodative global financial condition.

Additionally, with sound policymaking, effective leadership, and adequate foresight being the key enablers of economic growth, Africa will be propelled to the next level.

For members of the ASEA, 2016 kicked off on a high note with some Exchanges ‘Ringing the Bell for Gender Equality’ as a part of the Sustainable Stock Exchanges (SSE) Initiative and others announcing positive turnover growth despite the bearish market in 2015.

This quarter’s edition features a number of recent developments within the region; from changes in the C-suites of the Botswana Stock Exchange (BSE), investor education initiatives to member Exchanges’ market statistics.

The Association has lined-up a series of exciting events to enhance members’ and investors’ participation; starting with the Building African Financial Market (BAFM) Seminar themed “Addressing Liquidity Concerns in African Capital Market” which will be hosted by the Nigerian Stock Exchange in Lagos, from 28th to 29th of April 2016.

The BAFM will attract accomplished market professionals from various jurisdictions across the globe to address relevant topics touching on the continent’s financial market. In the spirit of enhancing growth and developing capacity in our markets, there will be a second Seminar in the last quarter of 2016.

This year, all roads lead to the land of “Milles Collines” for the annual flagship ASEA Conference in November. As per tradition, we look forward to interacting with decision makers and industry leaders from the African continent.

Wishing you all a bullish year ahead!

Editors

Furaha Karba Kuria Waithaka

WELCOME NOTE

EDITORS:

Furaha Karba,fmkarba@nse.co.keASEA Secretariat

PUBLISHED BY:

African Securities Exchanges AssociationWebsite: www.african-exchanges.orgTelephone: + 254 20 2831000

DESIGN & LAYOUT

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SEND YOUR FEEDBACK TO:ASEA SECRETARIATExchange Building, 55 Westlands RoadP.O. Box 43633 - 00100 NairobiWebsite: www.african-exchanges.orgTelephone: + 254 20 2831000

@ASEASecretariat

Kuria Waithaka,kwaithaka@nse.co.keASEA Secretariat

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EXPERT OPINION

AGRICULTURE ON THE SPOT

As securities exchanges seek new products to boost liquidity and trading, a team of market experts announced backing for an exchange to trade southern and

eastern Africa’s agricultural commodities. African Beef Exchange, headquartered in Gaborone, Botswana, launches today and brings together trading of a wide range of cattle and cattle products.

“We address the full range of this commodity – from savannah to sirloin” said CEO Bea Feater. “We offer cash trading and speedy T+2 international standard clearing and settlement and we will move towards futures trading along a 6 month exchange rollout roadmap.”

The ABE offers southern and eastern African countries the chance to quash arguments about which country produces the best beef. “We all know Botswana’s beef is the best in the world, except for the colleagues in Namibia, Zimbabwe and a few others. Now traders can put their money where their mouths are”, said Feater.Key innovation is the settlement and clearing of physical commodity, enabled by a high-speed

Chinese rail network currently under construction across the region. This will enable herders to “demat” the herds into specially padded train wagons for speedy T+2 settlement at kraals across the region.

The ABE is aiming to create a first in terms of sustainable energy usage and health, reversing the trend in which stockbrokers worry about their growing waistlines as they gaze at slow-moving trading screens: “We are creating a virtual trading room using advanced movement sensors and interactive technology. Traders will once again be able to trade better by rushing about, waving their arms and shouting, which will be better for their physical movement during trading hours. Our advanced system will capture the energy generated in order to provide energy for the order routing system. If you don’t move, the screen will gradually go to sleep.”

The full range of beef commodities will be traded, including futures (semen samples and calves) to post-trade in the form of ready-to-cook steaks. Interest is soaring as Africa’s top beef solutions continue to lead the cattle-loving world.

New bourse for African beef commodities

April 1st, 2016 by Tom Minney

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The Botswana Stock Exchange (BSE) is pleased to announce the appointment of Mr. Thapelo Tsheole as Chief Executive Officer of the BSE effective 01 January 2016.

Thapelo has extensive experience in the capital markets and financial services industry. He joined the BSE in February 2007 as Product Development Manager and was subsequently appointed Deputy Chief Executive Officer in February 2014. He has contributed immensely to the development of the BSE and African stock markets, especially in the development and structuring of financial instruments, bond market development, capital markets development and policy.

Thapelo holds a Bachelor of Social Sciences (Single Major Economics) from the University of Botswana and a Master of Commerce (MComm) in Financial

Markets from Rhodes University (RSA). Further, he holds a Masters in Business Administration (MBA) from the Graduate School of Business, University of Cape Town (RSA).

He has also attended a Leadership Development Programme at the University of Stellenbosch Business School (RSA). Thapelo has also completed several financial markets programmes which include Registered Person Examination (RPE) conducted by South African Institute of Financial Markets (SAIFM) and SAFEX, and the Enforcement and Market Oversight programme by the United States of America’s Securities and Exchange Commission (SEC), inter alia.

He is a Member of the Institute of South African Financial Markets.

NEWS BOTSWANA

Appointment Of Botswana Stock Exchange (BSE) Chief Executive Officer

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NEWS BOTSWANA

BENEFITS OF LISTING AS PRIVATE COMPANIES

The Botswana Stock Exchange (BSE) will host its inaugural listings conference on Thursday 10th March at the Gaborone International Conference Centre - “Opening

the BSE to the Business Community – Creating Value through Listing” - with the objective of attracting private companies to list on the BSE.

The BSE conference aims to discuss the benefits for private companies of listing on the BSE, the listing process and requirements. Already listed companies will have a platform to share lessons on how they created value thorough a BSE listing and used their listing to expand products and services outside Botswana while experts will discuss ways in which Botswana companies can use growth prospects in Africa to expand their businesses. Delegates will also be able to hear about the cross-border experiences of companies listed on other stock exchanges in the region.

“We would like to attract more privately-held companies which have the potential to list on the BSE by initiating a dialogue between these companies, the BSE and other capital markets stakeholders via presentations, panel discussions and networking opportunities at our conference,” says BSE Chief Executive Officer, Thapelo Tsheole. “We have invited over 130 private companies in Botswana to attend.”

Since its inception in 1989, the BSE has grown from five listed companies to 32 companies, 38 listed debt securities and four exchange traded funds. The BSE plays a critical role in Botswana’s economic development given its strategic positioning as the only national stock exchange. Trading levels have increased dramatically over the years as a result of infrastructure developments such the Central Securities Depository (CSD) System and the Automated Trading System (ATS), market development initiatives and increased

product offerings. In 2015, the BSE registered a record total turnover of P3-billion.

Notwithstanding its achievements the BSE will continue developing the breadth and depth of the market and recognises that its success is underpinned by its attractiveness towards not only investors, but also unlisted companies. As such, the supply side of the market, being issuers of securities, has to be consistently nurtured.

RMB Botswana is the main sponsor of the BSE listings conference. “By listing on the BSE, companies acquire access to a new form of capital which usually takes them onto on a new growth trajectory,” says

RMB Botswana head Pauline Motswagae. “RMB’s equity capital markets team has been involved in many of the largest public offerings and private placements in southern Africa, skills which we are able to use in Botswana too.

As well as structuring and underwriting listings, we are able to offer clients an equity distribution and research platform with a global reach. Two recent deals done by RMB in Botswana include the listing of Wilderness Safaris on the BSE with a secondary listing on the JSE (a first for a Botswana company); and the secondary listing of Botswana-based retailer Choppies Enterprises on the JSE.”

Contact:Kopano BolokweBotswana Stock ExchangeActing Product Development ManagerBotswana Stock ExchangeTel: +267 3674423Email: kbolokwe@bse.co.bwWebsite: www.bse.bo.bw

“ We would like to attract more privately-held companies which

have the potential to list on the BSE by

initiating a dialogue.”

BSE Chief Executive Officer.

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1. State the need to attract private companies to list on the BSE.

The BSE recognizes the fact that the survival of a Stock Exchange is underpinned by its attractiveness towards not only investors, but also companies. As such, the supply side of the market, being issuers of securities, has to be consistently nurtured. With this conference, the BSE is creating relationships with the private and unlisted companies and establishing a means of educating the present and future business owners about the value of utilizing the BSE to pursue growth opportunities. Similarly, the BSE is harnessing and nourishing relationships with companies that are already listed by giving them a platform to give back to the unlisted companies in the form of sharing inspirational and practical business experiences. The reason we are doing this is to generate more listings over the short, medium to long term. Ultimately, increased listings make the BSE more vibrant and liquid and more attractive to investors and highly beneficial to listed companies.

2. What are the key things that the BSE looks at in a company to attract it or advice it to consider listing?

The universe of companies that can list on the BSE is broad. This includes small, medium and large companies currently operating in Botswana and outside Botswana. It also includes business ideas – instances where an entrepreneur raises capital to finance an idea he has in a business proposal that investors find feasible, investible and deployable that they can buy into. A pure startup basically. As such, our approach is all-inclusive and is not to look at companies that are already popular and are well established, we are also looking at very small and young companies. This is why our approach also involves an incubation strategy in

the sense that we want to create relationships with businesses from a young age, be involved in their developmental process by way of exposing them to an ecosystem that can enable them to thrive and grow further, and consistently educating them about the value of listing. This ecosystem comprises the stock exchange, listed companies, advisors in capital markets, regulators, investment banks, auditors, etc. This conference will bring these players together and set the tone for succeeding one-on-ones or closed seminars with private companies to advance the conversation.

2. In your views what is needed to be done for local businesses to flourish?

Already, Government is playing a meaningful in terms of providing a conducive and enabling environment and Government is supportive of fostering private sector growth. However, as a nation we need to collectively improve our economic competitiveness. We need to create, test and adopt new ways of doing business. We need to challenge our current business model of small, stable, family owned businesses that are maintained for subsistence. We need to explore opportunities within our current customer base and also beyond our borders. Botswana is very small in terms of population and consumption capacity, hence the need grow regionally and internationally. Businesses and investors all over the world are cognizant of Africa’s growth potential. There is significant improvement in the demographics, particularly the fast growing middle income class. Markets in Africa which were previously inaccessible are opening up, primarily because of improving economic fortunes, improving political stability and ongoing investments in infrastructure. As Botswana businesses these are opportunities we cannot ignore. On this backdrop, am happy to say that BSE listed companies which are truly

NEWS BOTSWANA

BOTSWANA STOCK EXCHANGE HOLDS THE INAUGURAL BSE LISTINGS CONFERENCE

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homegrown have demonstrated over the years, and particularly after they listed on the BSE, that indeed opportunities in the region can be explored feasibly. We attribute this to one key thing – the ability to raise capital on the BSE. Through this conference, we want our private unlisted companies to appreciate and align themselves to benefit from his key advantage of listing on the BSE.

3. State major benefits to a company when listed on the BSE

There are many benefits associated with a listing on the BSE. Major ones include;

a) Ability to raise capital: this is done at the IPO stage and subsequently through corporate actions such as rights issues and issues for cash. Compared to a listed company, private unlisted companies do not have a broad shareholder base they can use to raise capital when required to. Capital is key to any company looking to expand its business fortunes.

b) It helps improve the stature or profile of the company: Directors of listed companies are obliged to adhere to the highest level of accountability and corporate governance standards. This is done to protect the interests of shareholders, particularly those that are not involved in the day-to-day management of the company. As such, a company that is listed on the Exchange is perceived to be well managed and duly accountable to shareholders. Compared to a private company, this attribute also helps in raising credit at reasonable cost.

c) It gives the company increased visibility: the BSE’s trading statistics is carried through international data vendors such as Bloomberg, and this helps companies to be readily accessed and be followed by international investors.

d) This is a way of sharing risk and reducing risk concentration on the founder, much as it is a way of sharing business fortunes: Most entrepreneurs will share my view that it is better to own 1% of something valuable and significant than 100% of nothing.

4. Kindly elaborate the relevance of the theme of the conference.

The conference is scheduled for 10th March 2016 at the Gaborone International Convention Centre and the theme of the conference is “Opening the BSE to the Business Community – Creating Value through Listing”. Businesses exist for their owners or shareholders, and they exist to maximize shareholder value. How? By pursuing projects whose returns exceed the cost of undertaking such projects. The way the BSE fits in this value chain is that the BSE, which is at the epicenter of the capital market, is a platform where companies can raise capital to fund expansion projects so to grow their value and maximize shareholder. With this conference and pursuant to this conference, the BSE wants to raise this role it plays very high for all to see because in the few instances we have interacted with the business community we have identified common perceptions that a stock exchange is for companies that are very large; that a stock exchange and a bank are similar; that the process of listing is difficult and expensive; and that the business owners themselves are comfortable operating a subsistence type of business model and they see business opportunities as limited to Botswana. As such we want to open our arms wide to affirm that indeed we accommodate all businesses regardless of size which is why we have invited small, medium and large businesses; we want to become friends of the business community so that where they need guidance or clarity they can readily approach us; and we want to be involved in their developmental process. The theme encapsulates all these aspirations by the BSE.

5. What is the BSE hoping to achieve from the conference?

A lot is expected. We are using this conference as a platform where currently listed companies ( in the BSE and in the region) can share lessons and experiences with private unlisted companies about the value of listing and the manner in which they have utilized a listing to expand their products

NEWS BOTSWANA

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and services beyond Botswana or beyond borders. We expect this to challenge them to begin to introspect, to challenge and refresh their business aspirations and strategies, and begin to look to the capital market for avenues for growth. We are using this conference as a way to reach out to private unlisted businesses and educate them about a listing as a way of raising capital in comparison to traditional sources of capital. It is important for them to be able to distinguish clearly between these sources, weigh the benefits and eventually adopt one that optimizes their capital structure and create significant value for them. The real life experiences that will be shared by CEOs of listed companies will help a great deal. Businesses will possibly never look down on themselves and say “we are small and not big enough to list”. Information availed to them and interactions with them on an ongoing basis will highlight fresh and new possibilities. The other outcome is that the conference will pave a way for the BSE to begin intimate conversations with

private unlisted businesses through one-on-ones as we bring the education to their level, expose them to the expertise within the capital market ecosystem and begin to handhold them through the process of listing as opportunities arise.

6. What range of private companies is BSE targeting: SMEs, Micro medium and why?

Small, medium and large enterprises, which we believe have the potential to list on the BSE in the near, medium to long term. Several companies listed on the BSE have demonstrated that a listing is not determined by the size of the business, for the diversity of our listings boards has enabled us to list even pure startups with no assets on the ground. In closing, we want to say to the business community that we are open to all businesses, we are a conduit to access larger pools of capital, we are a catalyst to growth, we are a springboard to regional markets and we are their partner in this journey of transition!

SWIFT in Africa.SWIFT African Regional ConferenceBalaclava, Mauritius, 17-19 May 2016Africa: Facing Global Challenges

#ARC2016 – www.swift.com

SWIFT has been present in Africa for more than 30 years and is part of the financial services fabric. As part of this, SWIFT's African Regional Conference is a unique event, creating a collaborative space where the African financial industry can share experiences and look for solutions to common challenges. This year, for the second time at ARC, we will host an African showcase of the Innotribe Startup Challenge to find the continent's most promising young financial technology companies. This will enable SWIFT to support and nurture the new technologies that are going to play a big role in the future of the financial industry across the continent.

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THE CASABLANCA STOCK EXCHANGE SEEKS NEW INVESTORS

At the end of 2015, the Casablanca Stock Exchange started the process of opening its capital by signing a Memorandum of Understanding among the Government, AMMC (Council for the Code of Ethics in Securities), the current shareholders of the Stock Exchange, namely the stock exchange firms and future shareholders.

This operation aims at involving key capital market operators in defining their development strategy in order to introduce a stock exchange established as an integrated financial hub within its regional area. Therefore, this will facilitate access to capital and meet the needs of African issuers and investors.

The Casablanca Stock Exchange launches the Business Support Program in Morocco « elite »

The Casablanca Stock Exchange will launch in April 2016, the ELITE program intended for high-growth potential companies. This program aims to provide member companies with the skills and tools needed to ensure their growth. It provides support, training and connecting with its community platform which

today includes more than 300 companies, 150 corporate ecosystem professionals and 90 investors from 17 European countries. Today, Morocco is the first non-European stock exchange to implement this program.

A “ring the bell for gender equality”

On the occasion of the International Women’s Day, Casablanca Stock Exchange has organized the “Ring the Bell for Gender Equality” ceremony, in partnership with the Moroccan Institute of Administrators (IMA) and the Club of Women Officials in Morocco (CFA Morocco).

This event is part of an international initiative supported by IFC - member of the World Bank Group, the Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women, Women in ETFs and the International Federation of Stock Exchanges (WFE) to promote gender equality and involves 34 stock exchanges worldwide.

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NEWS EGYPT

AFRICAN INVESTMENT FORUMDr .Mohammad Omran EGX Chairman participated in the African Investment Forum at Sharm El Sheikh.

Dr. Mohammed Omran, Chairman of the Egyptian Exchange (EGX), participated in a panel about the future of direct investment to the African continent at the African investment forum which was held in Sharm el-Sheikh under the auspices of his Excellency Mr. Abdel Fattah El Sisi President of Egypt participated also a major number of heads and officials of the African continent.

Dr. Omran has emphasized in his speech during the forum on the growing importance of the African continent on the map of global investment, adding that the annual growth in foreign investment inflows to Africa has increased by 65% to reach $ 87 billion, compared to a growth of only 1% of foreign investment in the world, which means that the African continent has great attraction for investment, including created by the outstanding returns opportunities.

Ringing EGX Bell to Celebrate International Women’s Day in Collaboration with UN Women, UN GlobalCompact and International Finance Corporation (IFC)On Tuesday, 8th of March 2016, EGX joined 34 Stock Exchanges around the world celebrating “Ringing the bell ceremony for gender equality”. This is the 2nd time for EGX celebrating this event. Worth mentioning, 35 Stock Exchanges launched ringing the bell ceremony initiative with the support of a group of international institutions.

The opening was attended by the Minister of Investment, his Excellency Mr. Ashraf Solman, Dr. Ashraf al Araby Minister of Planning, her Excellency Mrs. Ghada Waly Minister of Social Solidarity, Dr. Maya Morsi President of the National Council for Woman, Dr. Miwa Kato UN Women Egypt Country Director, Mr. Muhammad Al - Fouly Chief Executive of UN Global Compact Local Network in Egypt and Ms. Nada Shusha IFC Regional Manager, among other distinguished public figures who are interested in promoting sustainable development and gender equality.

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NEWS EGYPT

Dr .Mohammad Omran EGX Chairman, participated in the Egypt Energy Investment Summit. Egypt Energy Investment Summit took place during the period 16 - 18 February in Cairo, Egypt. The summit aimed at driving forward investments into Egypt’s energy sector. The summit’s central issues included the progress in the renewable energy program, the ‘Build-Own-Operate’ projects and the IPP (Independent Power Producer Procurement) scheme, and showcasing the pro-activeness of government to engage credible investors efficiently and commercially. Dr. Omran EGX chairman, participated as a speaker in the panel about the investments into Egypt’s energy where he stated that EGX will always be the gateway to finance. It will offer financial engineering for such companies, as EGX has always encouraged sustainable efforts.

He also added, ‘we can’t ignore the importance of renewable, clean energy for our nation and for the future generation. I can see a lot of opportunities waiting for companies working in the field of renewable energy as this sector in particular hold a lot of promising prospects that can help support economic growth”

Dr. Mohammed Omran EGX Chairman, headed a panel discussion in the first international conference for Islamic finance and banking.

Dr. Mohammad Omran invited by Umm Al-Qura’ university to head a panel discussion at the first international conference for Islamic finance and banking, with high-level international participation. The conference sessions witnessed the participation of the senior deputy chairman of the World Bank and a number of heads and representatives of major financial and banking institutions worldwide led by Merrill Lynch, Standard & Poor’s and the Islamic development Bank, in addition to a large number of prestigious universities such as Harvard and Chicago Universities.

Dr. Omran said that the invitation came to head the panel related to discuss the extent of the Islamic banking competitiveness and sustainability, where

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NEWS EGYPT

Dr .Mohammad Omran EGX Chairman, participated in the Egypt Energy Investment Summit. Egypt Energy Investment Summit took place during the period 16 - 18 February in Cairo, Egypt. The summit aimed at driving forward investments into Egypt’s energy sector. The summit’s central issues included the progress in the renewable energy program, the ‘Build-Own-Operate’ projects and the IPP (Independent Power Producer Procurement) scheme, and showcasing the pro-activeness of government to engage credible investors efficiently and commercially. Dr. Omran EGX chairman, participated as a speaker in the panel about the investments into Egypt’s energy where he stated that EGX will always be the gateway to finance. It will offer financial engineering for such companies, as EGX has always encouraged sustainable efforts.

He also added, ‘we can’t ignore the importance of renewable, clean energy for our nation and for the future generation. I can see a lot of opportunities waiting for companies working in the field of renewable energy as this sector in particular hold a lot of promising prospects that can help support economic growth”

Dr. Mohammed Omran EGX Chairman, headed a panel discussion in the first international conference for Islamic finance and banking.Dr. Mohammad Omran invited by Umm Al-Qura’ university to head a panel discussion at the first international conference for Islamic finance and banking, with high-level international participation. The conference sessions witnessed the participation of the senior deputy chairman of the World Bank and a number of heads and representatives of major financial and banking institutions worldwide led by Merrill Lynch, Standard & Poor’s and the Islamic development Bank, in addition to a large number of prestigious universities such as Harvard and Chicago Universities.

Dr. Omran said that the invitation came to head the panel related to discuss the extent of the Islamic banking competitiveness and sustainability, where he stressed that despite of the increasing growth of that industry in the recent years, but the need is increasing for the presence of a consensual framework to ensure the continuation of that growth, also to ensure that those resources are not only employed to achieve growth and profitability for the industry, but also to contribute for the sustainable development within the community.

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NEWS COVER STORY

FMDQ 2015 Market Turnover Achieves 137.40trn

FMDQ OTC Securities Exchange (“FMDQ” or the “Exchange”), with a vision of becoming No. 1 in Africa in the fixed income and currency markets by 2019 and a mandate to develop the Nigerian debt capital market (DCM), through empowering the financial markets to be innovative and focused on enhancing the liquidity of fixed income instruments, continues to strive to ensure the realisation of these goals towards making the Nigerian financial markets globally competitive.

In spite of the challenges the market faced in 2015, FMDQ saw its turnover grow from N103.60trn in 2014 to N137.40trn in 2015, a growth rate of 33% year-on-year. In the first half of 2015, the FMDQ Dealing Members achieved an overall OTC market turnover of N58.60trn and by December 2015, this rose significantly by 134% to close at N137.40trn. This figure saw the forecast of N125.00trn turnover for 2015 surpassed by 10%.

The most actively traded products were Treasury Bills (T.bills), accounting for the largest share of the market turnover at 35%, followed by Foreign Exchange (FX) (including FX derivatives) with a share of 25% and Repurchase Agreements (Repos)/Buy-Backs at 23%. Unsecured Placements/Takings and Federal Government of Nigeria (FGN) bonds, on the other hand, had a smaller share of the market, accounting for

9% and 8% respectively. The turnover represents trades executed between the FMDQ Dealing Members, the Dealing Members & Clients, and Dealing Members & the Central Bank of Nigeria (CBN).

FMDQ is optimistic about the year ahead, albeit with caution, considering the expected challenges the financial markets will likely face, and remains committed to initiating and engaging in initiatives that will develop and make the FMDQ markets globally competitive by improving liquidity, transparency, governance and efficiency in the Nigerian capital market. To achieve success in its objectives, FMDQ will continue to work collaboratively with and garner the support of its stakeholders.

2016 is expected to be exciting for the Nigerian financial markets as a result of FMDQ’s planned initiatives for the year. These initiatives include but will not be limited to:• Offering a more diversified products portfolio

including short-term and Islamic (Sukuk) bonds • The quotation of Private companies’ bonds • Integration of FMDQ markets to include securities

dealing and investment banking firms in the fixed income secondary markets through the

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introduction of a new membership category - Dealing Member (Specialists) • Capacity building and financial markets education

for FMDQ stakeholders • Implementation of FMDQ’s Nigerian debt capital

market (DCM) transformation Agenda

FMDQ, in Collaboration with Channels Television, Launches the FMDQ Price Ticker Tape on Channels TVFMDQ, Nigeria’s foremost debt capital securities exchange, and Channels Television (Channels TV), Nigeria’s business news leader and multiple award winning station, on February 25, commemorated the activation of the FMDQ Price Ticker Tape on Channels TV.The FMDQ Price Ticker Tape on Channels TV, an unprecedented initiative of the securities exchange, will provide Channels TV viewers, local and international, with up-to-date information on the FMDQ Fixings (the Nigerian Inter-Bank Offered Rate (NIBOR), the Nigerian Inter-Bank Treasury Bills True Yield (NITTY) and the Nigerian Inter-Bank Foreign Exchange Fixings (NIFEX)); as well as intraday and

• Feasibility Study and Implementation Plan for the introduction of OTC Derivatives We look forward to working with our stakeholders to deliver an improved market in 2016.

closing prices of Benchmark bonds and treasury bills traded on the Exchange. The FMDQ Price Ticker Tape on Channels TV, which is a complimentary to the Price Ticker Tapes on FMDQ’s website and on permanent display on the Exchange’s office building in Lagos, will be broadcasted to a wider and more diverse audience via the extensive reach of Channels TV’s coverage.

In addition to launching the FMDQ Price Ticker Tape on Channels TV, the event also signaled the beginning of a partnership between FMDQ and Channels TV, in their joint quest to transform the Nigerian financial markets landscape through the provision and dissemination of current and accurate market data to the investing public around the globe. This partnership, which is geared towards bringing transparency to the Nigerian financial markets (debt capital and currencies) is a welcome development to the Exchange, its media partner, Channels TV and the investing public, at large.

NEWS COVER STORY

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FMDQ Admits 10.00bn Transcorp Hotels PLC BondFMDQ commenced the year with the commemoration of the successful listing of the Transcorp Hotels PLC 10.00bn Series 1, 7-Year 16.0% Fixed Rate Unsecured Bond under a 30.00bn Medium-Term Bond Programme (the Transcorp Hotels Bond) on its platform. To this end, FMDQ played host to the issuer and Registration Member (Listings)/sponsor of the bond on FMDQ to a prestigious Listing Ceremony which the Exchange is becoming known for.

As is customary of FMDQ Listing Ceremonies, this Ceremony, which took place on January 18, was afforded full accolades, which included the signing of the FMDQ Bond Listings Register, presentation of the FMDQ Listing Certificate, unveiling of the FMDQ Listing Scroll for the issuer, presentation of the FMDQ Issuer Listing Plaque, and the autographing of the FMDQ Bond Listing Wall of Fame.

The listing of this bond would contribute, in no small measure, to the growth of the Nigerian corporate bond market as well as provide a more efficient capital mix and access to a more diversified funding source for the issuer. The FMDQ Listing Service has been tailored to provide, among others, a unique opportunity for issuers to raise the profiles of their issues and access a deep pool of capital, thereby meeting their long term funding needs even as the Nigerian debt capital market becomes aligned with international best practices and standards.

FMDQ, true to its commitment to transparency, will provide continuous information disclosure on the Transcorp Bond and include price/value data and detailed issuers’/issue information to stakeholders via the ‘Listings & Quotations’ page on the FMDQ website. As part of its mandate to promote an efficient and well-regulated market, which will attract and retain both domestic and foreign investors, improve price discovery and transparency for issuers, dealers, regulators and the general public, the Bond shall also be included on the FMDQ-Bloomberg E-Bond Trading System (E-Bond).

FMDQ Admits 7.23bn and 2.77bn Guinness Nigeria PLC Commercial PapersFMDQ achieved another stride in its commitment to the development of the Nigerian commercial paper (CP) market with the admission of the Guinness Nigeria PLC 7,225,956,000.00 and 2,774,044,000.00 Commercial Paper (CP) Notes for quotation on the Exchange. These CPs represent series 2 and 3 under the organisation’s 10,000,000,000.00 Commercial Paper Issuance Programme.

The Board Listings, Markets and Technology Committee of FMDQ granted its approval for the quotation of the Guinness Nigeria CP after it successfully met the requirements as contained in the FMDQ Commercial Paper Quotation Rules. As has become a norm, a Quotation Ceremony was held, on February 18, to commemorate the admission of the Guinness Nigeria CPs on the Exchange.

The Guinness Nigeria CPs are the second and third non-bank real sector CPs to be quoted on the Exchange, following the quotation of the pioneer non-bank real sector CP, the 17,709,445,000.00 Nigerian Breweries PLC CP on the Exchange in November 2015. This quotation has enabled the issuer to successfully diversify its short-term funding sources at a reduced cost. The quoted CPs would gain access to the full complement of the FMDQ Quotations Service, which includes but is not limited to global visibility, transparency and continuous disclosure of relevant information (such as issuer rating, issuance type, outstanding value and issuer history).

FMDQ, as a securities exchange with a desire to develop the Nigerian CP market, promotes credibility for quoted CPs, through a highly efficient registration process, instituting requisite world-class standard financial market infrastructures to the end of powering growth in the Nigerian financial markets. FMDQ is committed to promoting an efficient, transparent and well regulated market, which will attract and retain investors.

NEWS COVER STORY

l 2016 l Issue 118

FMDQ Launches Dealing Member (Specialists) Membership for Fixed Income TradingFMDQ, with a vision of becoming No. 1 in Africa in the Fixed Income and Currency Markets by 2019, maintains its commitment to develop the Nigerian financial markets by implementing initiatives directed towards the achievement of this goal. In line with its desire to, not just integrate the Nigerian financial markets, thereby improving the markets’ network effects, but to also promote market liquidity, with particular focus on the debt capital market (DCM), FMDQ is proud to launch its Dealing Member (Specialists) (DMSs) category of membership, for non-bank financial institutions (NBFIs) to act as market makers in the FMDQ fixed income market. Participation of the NBFIs, typically the investment banking firms and securities dealing firms, will generate additional liquidity to the Nigerian fixed income market and serve as an avenue for effective and efficient retail participation in this market.

This unique initiative, where fixed income dealers of NBFIs can trade Bonds, Commercial Papers (CPs) and Treasury Bills (T.bills) in the FMDQ market, was birthed from the identification of an innovative opportunity for the much needed participation of NBFIs in the Nigerian fixed income market. The DMS market will be one where the participants, DMSs, will make market in T.bills (to begin with) and FGN Bonds, providing two-way quotes to other DMSs and one-way quotes to clients (institutional and retail), thereby generating the required fixed income market liquidity in these factions of the investor market. The DMS market will operate like the existing FMDQ Dealing Member (Banks) market with a view to the full integration of the Dealing Member (Banks) and Dealing Member (Specialists) markets at some point in the future. Forward-thinking and resourceful NBFIs, via this new membership category, will contribute to the development of the Nigerian DCM and indeed leverage on this potentially highly beneficial business opportunity. FMDQ currently has twenty-three (23) institutions that have successfully completed the

first phase of the membership application process and prudently positioning to take advantage of this opportunity.

As part of the implementation exercise for this Project roll-out, a robust web-based proprietary trading system, FMDQ Q-Deal, has been deployed to facilitate the trading of fixed income securities by the DMSs. With integrated multi-trading style functionalities, the Q-Deal features anonymous and bilateral trading capabilities and enhances accessibility, price formation, pre- & post-trade price discovery and market surveillance. Incorporated into the system is a frontier trade order management solution that will enable DMSs monitor their trading position and profitability on a real-time basis.

Furthermore, a 2-day Simulation Workshop was organised in March for the twenty-three (23) institutions that successfully completed the initial membership application to become DMSs. The Simulation Workshop, which was witnessed by the CEOs of the DMSs, was a crucial step in the implementation process as it provided participants with a trial-run of the trading system, FMDQ Q-Deal, a glimpse into how the DMS market will operate and most importantly, an avenue for feedback and recommendations to ensure a seamless activation of the market at go-live. Following this Workshop, a 1-month trial period, for the DMSs to “dummy” trade, has begun, helping them to further entrench their understanding of the FMDQ Q-Deal and the DMS Market Rules ahead of the commencement of live trading on T.bills (and later FGN Bonds) on the FMDQ platform.

The FMDQ DMS is a subset of the FMDQ Dealing Member category of membership which also consists of the Central Bank of Nigeria (CBN) licenced banks as the primary subset in this membership category. The Dealing Members, combined, will make market in the products traded on the OTC Exchange, under the efficient governance of FMDQ, serving to promote the integrity of the market, thereby improving, deepening market liquidity and ultimately developing the Nigerian DCM market and overall economy.

FMDQ, with the support of the Securities and Exchange Commission (SEC), Nigeria, continues

NEWS COVER STORY

l 2016 l Issue 1 19

to innovate to ensure its markets maintain high levels of transparency, governance and integrity, advocating investor protection and supporting its long-term ability to continue to create value for all its stakeholders. Through its unique initiatives, the

NEWS COVER STORY

OTC Exchange will deliver on its mandate to develop the Nigerian DCM, through empowering the DCM ecosystem to be innovative and credible, whilst focusing on promoting and enhancing the liquidity of fixed income markets.

January February March** Total

Foreign Exchange 1,717,969         1,076,666         917,232            3,711,867         3,711,867        Foreign Exchange Derivatives 354,648            492,123            350,473            1,197,244         1,197,244        Treasury Bills 2,068,798         2,342,131         2,259,681         6,670,609         6,670,609        FGN Bonds 1,160,055         815,419            663,238            2,638,712         2,638,712        Other Bonds* 17,750               4,173                 2                         21,925               21,925              Eurobonds** 1,799                 16,590               2,323                 20,712               20,712              Repurchase Agreements/Buy‐Backs 1,785,313         1,677,103         2,010,816         5,473,233         5,473,233        Unsecured Placements/Takings 239,538            141,267            177,345            558,150            558,150            Money Market Derivatives ‐                     ‐                     ‐                     ‐                     

7,345,871         6,565,471         6,381,110         20,292,452       20,292,452      USD equivalent ('mm) 37,052 33,115 33,115 102,234 102,234

USD/NGN rate 198.26 198.26 198.72 198.49 198.49

No. of Business Days 20 20 15 55 55                          Average Daily Turnover 367,294            328,274            425,407            368,954            368,954                

USD equivalent ('mm) 1,853 1,656 2,141 1,859 1,859

January February March** Total

Foreign Exchange 23,830               20,121               17,287               61,238               61,238              Foreign Exchange Derivatives 168                    183                    136                    487                    487                    Treasury Bills 7,239                 7,840                 7,244                 22,323               22,323              FGN Bonds 5,056                 3,449                 4,228                 12,733               12,733              Other Bonds* 40                       6                         8                         54                       54                      Eurobonds** 10                       103                    20                       133                    133                    Repurchase Agreements/Buy‐Backs 940                    934                    885                    2,759                 2,759                Unsecured Placements/Takings 297                    183                    169                    649                    649                    Money Market Derivatives ‐                     ‐                     ‐                     ‐                     ‐                     

Total 37,580               32,819               29,977               100,376            100,376            

NoteYTD ‐ Year To date

mm ‐ million*Other Bonds include Agency, Sub‐national, Corporate & Supranational Bonds

March** data is as at March 18, 2016Note: Figures may be subject to change due to potential adjustments from Dealing MembersSource: FMDQ Data Portal as @ March 4, 2016; Figures reported by Dealing Members on a week‐ending basis

2016 FMDQ OTC MARKET TRADE STATISTICS

TURNOVER  (₦ 'mm)Quarter 1

YTD

NUMBER OF TRANSACTIONSQuarter 1

YTD

January February March** Total

Foreign Exchange 1,717,969         1,076,666         917,232            3,711,867         3,711,867        Foreign Exchange Derivatives 354,648            492,123            350,473            1,197,244         1,197,244        Treasury Bills 2,068,798         2,342,131         2,259,681         6,670,609         6,670,609        FGN Bonds 1,160,055         815,419            663,238            2,638,712         2,638,712        Other Bonds* 17,750               4,173                 2                         21,925               21,925              Eurobonds** 1,799                 16,590               2,323                 20,712               20,712              Repurchase Agreements/Buy‐Backs 1,785,313         1,677,103         2,010,816         5,473,233         5,473,233        Unsecured Placements/Takings 239,538            141,267            177,345            558,150            558,150            Money Market Derivatives ‐                     ‐                     ‐                     ‐                     

7,345,871         6,565,471         6,381,110         20,292,452       20,292,452      USD equivalent ('mm) 37,052 33,115 33,115 102,234 102,234

USD/NGN rate 198.26 198.26 198.72 198.49 198.49

No. of Business Days 20 20 15 55 55                          Average Daily Turnover 367,294            328,274            425,407            368,954            368,954                

USD equivalent ('mm) 1,853 1,656 2,141 1,859 1,859

January February March** Total

Foreign Exchange 23,830               20,121               17,287               61,238               61,238              Foreign Exchange Derivatives 168                    183                    136                    487                    487                    Treasury Bills 7,239                 7,840                 7,244                 22,323               22,323              FGN Bonds 5,056                 3,449                 4,228                 12,733               12,733              Other Bonds* 40                       6                         8                         54                       54                      Eurobonds** 10                       103                    20                       133                    133                    Repurchase Agreements/Buy‐Backs 940                    934                    885                    2,759                 2,759                Unsecured Placements/Takings 297                    183                    169                    649                    649                    Money Market Derivatives ‐                     ‐                     ‐                     ‐                     ‐                     

Total 37,580               32,819               29,977               100,376            100,376            

NoteYTD ‐ Year To date

mm ‐ million*Other Bonds include Agency, Sub‐national, Corporate & Supranational Bonds

March** data is as at March 18, 2016Note: Figures may be subject to change due to potential adjustments from Dealing MembersSource: FMDQ Data Portal as @ March 4, 2016; Figures reported by Dealing Members on a week‐ending basis

2016 FMDQ OTC MARKET TRADE STATISTICS

TURNOVER  (₦ 'mm)Quarter 1

YTD

NUMBER OF TRANSACTIONSQuarter 1

YTD

l 2016 l Issue 120

Nairobi Securities Exchange CEO, Geoffrey O. Odundo

NEWS NAIROBI

NSE Issues its Debut Bonus Shares and Declares a 29% Increase in Dividend Pay-OutThe Nairobi Securities Exchange continues to deliver substantial shareholder value in the midst of the volatile macro- economic environment in 2015. Shareholders of the Exchange will receive a payout of Kshs. 0.49 per ordinary share for the year 2015, an increase of 29% from the dividend paid in 2014.

For the first time since its listing, the Exchange will make a bonus issue of one new ordinary share for every three fully paid up ordinary shares. This accentuates the company’s long term growth strategy.Overall, the NSE realized a marginal decrease of Kshs 13.6 million (1.7%) in total income of Kshs. 808.3 million compared to 821.9 million the previous year. Profit After Tax stood at Kshs. 305.6 million, a 4.5% decrease in net earnings of Kshs. 320 Million recorded in 2014. Equity turnover dropped by 3% to Kshs 419 billion from Kshs 431 billion and fixed income market performance declined by 39.7% from Kshs 1,012 Billion in 2014 to Kshs 610 Billion in 2015.

Speaking during the results announcement, the Chief Executive of the Exchange, Mr. Geoffrey Odundo

noted, ” The financial performance in 2015 was impacted by the introduction of the Capital Gains Tax (CGT) that had a negative effect on trading activity. In addition, the rise in interest rates and volatility of the currency also impeded market performance. In spite of the decline in profit, we are confident of better performance in 2016 in light of the new products the Exchange will be bringing to market. The company will continue to deepen shareholder value as evidenced in the 29% increase in dividend payout for 2015.”

The Exchange is working towards an improved performance in 2016 through its growth strategy initiatives such as the launch of new products which include; Derivatives and Exchange Traded Funds (ETFs), while aggressively seeking new listings in its existing product lines. The Exchange is also upgrading its Automated Trading System (ATS) to support its new product and service offerings.

l 2016 l Issue 1 21

NEWS NAIROBI

NSE signs the Women Empowerment Principles (WEPs)

‘Ring the Bell for Gender Equality’

On March 3 2016, the Nairobi Securities Exchange (NSE) joins 34 stock exchanges globally to ‘Ring the Bell for Gender Equality’ commemorating International Women’s Day (8 March) and raising awareness on the importance of gender equality to capital markets.The 35 exchanges are supported by a global partnership between the Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, IFC, UN Women, Women in ETFs and the World Federation of Stock Exchanges. NSE, as a partner to the SSE initiative, joins this global collaboration to highlight the business case for women’s economic empowerment, as well as opportunities for the private sector to advance gender equality and sustainable development.

Nairobi Securities Exchange becomes the first Exchange to Ring the Bell for Gender Equality with the series concluding on 11 March at Bursa Malaysia. The events will range from stand-alone bell ceremonies to half-day educational programs on topics such as gender diversity on boards and management of listed companies, as well as women’s entrepreneurship in the market.

Speaking during the bell ringing ceremony Ms Zebib Kavuma Country Director, UN Women Kenya applauded NSE for signing the Women Empowerment Principles (WEPs),urging other Listed Companies to

join in. She further called for the implementation of the Principles in Kenya through specific action plans involving voluntarily reporting to stakeholders on achievements, future goals and partnerships for action in realization of the recently unveiled Sustainable Development Goals (SDGs). “Investing in women and girls, and enabling their full economic participation is important for business and society” said Ms Kavuma.

NSE Chairman reiterated these remarks saying “The Exchange remains committed to championing Gender Equality in realization of the UN Sustainable Development Goals (SDGs). As we sign the WEPs today, I urge other capital market players to take their own steps towards promoting gender equality”.The event which brought together investors, regulators and civil society was organized by the NSE in partnership with UN Women Kenya, Global Compact Network Kenya, The International Finance Corporation (IFC) World Bank and Technobrain.

These events are in line with the SSE’s larger effort to contribute to the UN Sustainable Development Goals. In September 2015, the SSE published an SDG briefing document in advance of its SDG Leaders’ Luncheon at the New York Stock Exchange (NYSE) which identified Goal 5, Gender Equality, as one of four goals stock exchanges are best positioned to support.

l 2016 l Issue 122

NEWS RWANDA

5 Years of the Rwanda Stock Exchange as it hosts this African Securities Exchanges Association Annual General Meeting and Conference from 28th – 29th , November 2016.Africa’s emerging bourse CEO talks development, integration and business Celestin Rwabukumba is the Chief Executive Officer of the Rwanda Stock Exchange (RSE) which this year marks its 5-year anniversary operating in Rwanda.

He talked to ASEA on what has taken place at the exchange over the past couple of years. Below are the excerpts;

QN: How have the past 5 years been for the RSE?

Mr Rwabukumba: It’s been an exciting 5 years for us. We have grown our balance sheet consistently, have seven companies listed and transactions have been taking place better than they were happening before.

Basically, we have grown on all fronts. We are increasing our numbers every year in terms of market participation, companies coming on board and technology.

The market performance has been excellent too. People have made money which has attracted more people to come to the market.In the past five years we have put in place infrastructure and created a conducive environment to do business.

More investors are making inquiries, and the debt market is deepening in that more companies are showing interest in corporate bonds and other debt instruments such as commercial papers among other products we are introducing. We are also talking to different people about Real Estate Investment Trusts (REITs). Last year, the Rwanda National Investment Fund was established which is going to be supporting mainly the retail demand side. As regards

to regional integration, we have finished coming up with the supporting legal framework in form of EAC regional capital market directives with that will see us have one regional stock market by linking all the exchanges in Kenya, Rwanda, Tanzania and Uganda using technology.

QN: What impact will integrating the regional stock markets have on the RSE?

Mr. Rwabukumba: By linking our markets, we shall be connecting Rwandan investors from having access to the seven companies listed at the RSE to more than 80 companies in the region to invest in and allow regional investors to directly access our market as well. The Capital Markets Infrastructure (CMI) will allow investors to view what is happening in Kenya, for example and access the Nairobi Securities Exchange listed companies through their brokers in Rwanda and vice versa.

QN: The RSE was last year admitted to the United Nations Sustainable Stock Exchanges Initiative (UN SSI). How are you taking advantage of this to promote more sustainable investments?

Mr. Rwabukumba: Joining the United Nations Sustainable Stock Exchanges Initiative (UN SSI) will see us become a part of the sustainability model that is being adopted under the UN’s Sustainable Development Goals.

Rwanda Stock Exchange CEO,Celestin Rwabukumba

l 2016 l Issue 1 23

NEWS RWANDA

We were the fifth stock exchange in Africa to join after Mauritius, Nigeria, Ivory Coast and Nairobi Securities Exchange which was another milestone for us. It shows that we have not been left behind as an exchange in moving in the right direction of the global challenge of SDGs.

We are learning on how we shall be contributing towards encouraging sustainable investment practises because today’s investors are not only looking for value but responsible investments too.We are seeing more eco-friendly investments coming up, tree plantings, women emancipation among many others.

It starts voluntarily when we start talking to companies about it because investors will soon not invest in companies that are degrading the environment, using child labour, degrading women or doing things of the like.

Investors will be looking at company policies and practises before investing. Basically, we want to join the entire world in order to develop our planet sustainably.

QN: As a parting shot, where do you see the RSE in the next 5 years?

Mr. Rwabukumba: In the next five years, we want to be fully automated, very efficient and increase the number of listed companies because we want to be a big player to the economy.

As per this year’s African Stock Exchanges Association (ASEA) theme: Making the Afrcian Capital Markets relevant to real

economy , We need to pull up our sleeves and make it happen.

Basically, we need to move out of our offices and reach out to the people in the streets and be relevant to the whole value chain of our economy. We want to be the main choice for businesses to raise long term capital. People need to shift from going to the banks for long term finance and come to the stock market because it is cheaper, long term and easy to access.

l 2016 l Issue 124

NEWS MAURITIUS

Investor Education: Launching of the 24th Edition of the SEM Young Investor Award 2016Introduction:

Initiated in 1993, the SEM Young Investor Award Competition now stands at its 24th edition. Throughout the years, this annual event has generated a growing interest from lower 6 students from secondary institutions across the country, both in towns and villages, and the number of participants and schools registered has considerably increased over the last 23 years. This year’s competition has registered 184 teams of five students from 92 colleges across the country, representing 920 students. SEMYIA 2016 was launched on 16 March, whereby a briefing session will be held by the SEM at the Octavié Auditorium for all participating students to explain the practical aspects of portfolio creation, pricing of shares following corporate actions as well as research components relevant to this competition. Similarly, a briefing session from the angle of an investment dealer, was held by Swan Securities Ltd on 18 March, to give participating students an overview of the stockmarket and stock picking strategies. Swan Securities Ltd is a long-standing partner with SEM along this national investor education initiative. In terms of prizes, there is a cash prize of Rs 200, 000 offered by the MCB Group for the 1st prize. The 2nd prize comprises a cash prize of Rs 100, 000 offered by the National Mutual Fund (NMF) and the 3rd prize is a cash prize of Rs 50, 000 offered from Aon Hewitt Ltd.

This year’s SEMYIA Edition has recorded 184 teams of five students from 82 colleges across the country, representing 920 students. One of the objectives of the competition is to inculcate an investment culture among college students by giving them a hands on exposure to a key component of the financial services sector, namely the securities industry.

A second aim is to give participants an opportunity to understand the operational aspects of the Stock Exchange and experience how to invest in the real-life environment and liaise with investment dealers(stockbrokers which are members of SEM).

This competition also hopefully triggers the interests of college students in the financial sector activities, with the expectations that they pursue higher studies and professional careers in this growing sector of the Mauritian economy.

To mark the launching of this Event, a briefing session was held by the SEM at the Octavié Auditorium on Wednesday 16 March, for all participating students to explain the practical aspects of portfolio creation, pricing of shares following corporate actions as well as research components relevant to this competition.

The calendar for 2016 has been established as follows:• Submission of Initial Portfolio: Wednesday 30

March• Competition starts on: Friday 1 April• Competition ends on: Thursday 30 June• Submission of Report (Investment Plan &

Investment Report): Monday 11 July

A second briefing session was also be held by a licensed investment dealer with SEM, and partnering with the Exchange over the years, namely Swan Securities Ltd, to give participants a technical overview of the stockmarket and stock picking strategies. The national competition starts on 1 April 2016 and end on 30 June 2016, spreading over a period of 3 months. Each team is required to invest an investment fund of Rs 200,000 of token money in a portfolio consisting of the shares of 5 companies listed on the Official Market of the Stock Exchange of Mauritius. Each team is allowed to make up to 10 investment swaps at any time during the period of the competition. Investment Portfolios are updated on a daily basis, and on 30 June each portfolio is valued as it stands asthat that date using the quoted prices of the final trading session of 30 June, and taking into consideration all dividends receivable, dividends re-invested, bonus issues and proceeds from the sale of rights.

l 2016 l Issue 1 25

Each team is also required to present at the end of the competition a report in two parts (Investment plan & Investment report). The report to be submitted at the end of the competition carries 30% of the marks, the remaining 70% being allocated to the profits realised on the investment portfolio.

The Prizes offered stand as follows:

1st prize: A challenge trophy from the SEM and a cash prize of Rs 200, 000 from the MCB Group

2nd prize: A shield from the SEM and a Cash Prize of Rs 100, 000 from the National Mutual Fund (NMF)

3rd prize: A shield from the SEM and a Cash Prize of Rs 50, 000 from Aon Hewitt Ltd

Prize for Best Report: A challenge trophy by the CFA Society Mauritius and a shield from the SEM.

In retrospect, for last year’s edition, a commendable number of teams were able to outperform the main

stock market indices during that period, despite the high volatility that prevailed. In fact, as many as 100 teams outperformed the all-share index SEMDEX and 88 teams have outperformed the Total Return Index SEMTRI over the 3-month period. The best team portfolio-wise, realised an attractive overall portfolio performance of 11.52% over the 3-month period.

The winning team of the SEMYIA Edition 2015, namely Loreto College Team A won the cash prize of Rs 150,000 offered by the MCB Group, MCB shares to the value of Rs 2500, MCB luxury bags, an individual MCB shield as well as a one-week traineeship within the MCB Group, as part of the winning prize package offered by the MCB Group. The runners-up of SEMYIA Edition 2015, namely MGSS Solferino, Team B, won the cash prize of Rs 75,000 offered by NMF, NMF General Fund units to the value of Rs 5000 as well as a one-day visit within the NMF Savings and Investments Department, as part of the package offered by NMF. The third prize comprising a cash-prize of of Rs 35,000 was offered by Aon Hewitt Ltd and went to Queen Elizabeth College, Team B.

Mr.Gilbert Gnany, Chief Strategy Officer and Director of MCB Group, with Loret oCollege Team A: Ramful Vandana, Bhoyrub Chetna, Boodhun Heshina, Luchoomun Darshinee, Jhummun

Urmila

Sunil Benimadhu,Chief Executive of the Stock Exchange of Mauritius, Gilbert Gnany, Chief Strategy Officer and Director of MCB Group , Hon. (Mrs) Leela Devi

Dookhun,Minister of Education and Human Resources, Tertiary Education and Scientific Research and Gopallen

Mooroogen,Chairman of the Stock Exchange of Mauritius with 2015 SEMYIA winning team.

Mr. Bertrand Casteres, Director of National Mutual Fund and CEO of the Mauritius Union Group with MGSS Solferino,

Team B: Mohussur Ashlesh, Dabydoyal Leenisha, Keesoon Ramchandra, Ramnarainsing Jayesh, BundhooVidya

Mr. Imrith Ramtohul, Senior Investment Consultant of Aon Hewitt Ltd with Queen Elizabeth College, Team B.: Parboteeah Prishinee,Ah-Moo Alison,Brijmohun

Shweta,Chutoo Shajila,Jogarah Vidoushi

l 2016 l Issue 126

NEWS UGANDA

Uganda Securities Exchange

Business Review

As Uganda Securities Exchange, our goal is to provide investment products or market opportunities that meet the diverse needs of our customers. We do this by offering liquid markets for our products, which trade via automated trading Our operations aim towards efficiently facilitating the equity transactions, ensuring efficient and timely trade reporting, clearing and settlement, market data dissemination, market surveillance and market regulation.

Automation of TradingWith effect from July 22nd 2015, the Uganda Securities Exchange launched an electronic market to replace the current manual outcry system which required stockbrokers to convene on each trading day to conduct business (buying and, or, selling of shares) on behalf of investors.

The new electronic platform enables participants to conduct their business from various locations by accessing the Uganda Securities Exchange through the internet. The automated trading system operates on agreed rules which are in-built in the system and therefore guarantees adherence to price and time priority principles in the interest of market fairness and transparency.

Participants: The participants to the new system are all stock broking firms who have been examined for competency and understanding of the new environment. All registered Member firms of the Uganda Securities Exchange meet the requirements to participate in the new electronic market and are

therefore able to provide uninterrupted services to their clients seamlessly.

Eligibility of Securities to be traded on the new Platform: The new platform trades only dematerialized securities in conjunction with services offered by Securities Central Depository. Securities not yet registered on the Securities Central Depository (“SCD”) are not eligible for trading on the USE’s new electronic platform.

Hours of Business: Following the Automation, the USE’s operating hours changed from the previous 2 hourly daily schedule between 10:00am – 12:00pm to a daily schedule operated between 09:30am to 01:00pm excluding weekends and public holidays.

Product DevelopmentThe ATS is able to trade equity, debt, ETFs (exchange-traded funds), and GDRs (global depository receipts). Instruments that are currently actively trading through the ATS/CSD are equities and corporate bonds.

Our emphasis for 2016 is to achieve:• Bringing new listings to the market;• Trading and settlement of government bonds

through the USE’s infrastructure;• Exploring availing market data in real-time to data

vendors ( Data Vending)• Enabling direct market access and internet and

mobile trading• Public Awareness campaign.

Trading Statistics 2016Equities Trading Activity by Month Jan 2016-Feb 2016

Jan 2016 Feb 2016 TotalVolume 168,354,690 52,868,784 221,223,474Turnover 28,358,256,648 18,919,245,447 47,277,502,095Daily avg Turnover 1,492,539,824 995,749,760 2,488,289,584Trades 545 329 874Daily avg Trades 29 17 46Trading days 19 19 38

Source: USE Product Markets Department

l 2016 l Issue 1 27

NEWS UGANDA

USE ALSI/LCI TREND: Jan 2010 - Feb 2016.

Securities Central Depository Performance as at Jan-Feb 2016.The Securities Central Depository (SCD) works hand in hand with the Automated Trading Platform (ATS) platform. A total of 2,015,412 shares have so far been immobilized and 150 accounts SCD accounts opened to make the total number of accounts in SCD 26581.Settlement has been emphasized by implementing strict delivery versus payment within a T+3 settlement cycle.

The SCD significantly improved the efficiency of the settlement mechanism in the stock market. This simultaneous exchange of cash and securities, guarantees irrevocability of settlement and offers the high level of investor protection.The settlement cycle has been reduced to T+3 from T +5. ·       SCD plans to achieve a 100% dematerialization by June 2016.Below is the percentage breakdown of investor participation in the SCD as at Feb 2016.

Security Share Capital Issued

Shares Introduced

from NSE %age in SCD

     CENTUM* 665,441,775 5,916,296 100.00EABL 790,774,356 0 100.00EBL 3,702,777,020 0 100.00JHL 59,895,000 0 100.00KCB 3,025,219,832 0 100.00KA 1,496,469,035 0 100.00NMG 188,542,286 0 100.00UCHUMI* 364,959,616 30,554 100.00Security Shares Immobilized Shares immobilized

SBU 51,188,669,700.0 50,956,504,815 99.55UMEM 1,623,878,005.0 1,623,878,005.0 100.0NIC/1 1,415,779,718.0 1,396,859,507 98.7UCL 900,000,000.0 811,615,785 90.2BATU 49,080,000.0 4,390,869 9.0BOBU 2,500,000,000.0 2,490,316,181 99.6

NVL 76,500,000.0 31,869,869 41.7

DFCU 497,201,822.0 487,591,754 98.1

Dematerialization Summary as at 29th February 2016.

l 2016 l Issue 128

The Uganda Stock Exchange

Legal and Compliance 2016.

1. Dematerialization of securities listed on the Exchange USE will embark on the dematerialization of all securities listed on the Exchange. A process that will see the elimination of physical share certificates as a record of security ownership and will no longer be evidence of ownership of securities in the Securities Central Depository. The dematerialization date (deadline) has been set for 30th June 2016. 2 . USE Rules development Full automation of USE’s trading platform has enabled for the introduction of new products into the market. To this end, fixed income trading rules for the secondary trading of

both government and corporate bonds have been developed and are to be submitted to CMA for approval by the end of Q2. Rules for the trading of Real Estate Investment Trusts (REITs), rules for listing by introduction, private placements, Exchange Traded Fund (ETFs) as well as derivative rules will be developed this year. 3. Demutualization of USE Efforts to demutualise the USE are underway and our target is to be demutualized by end of 2016.With the introduction of the ATS, USE will aim to facilitate more competitive future strategies which when run under a demutualised exchange will be in a better position to remain competitive in terms of price, variety and quality of services provided.

NEWS UGANDA

l 2016 l Issue 1 29

NEWS ZAMBIA

Lord Mayor of the city of London meets Zambian capital market players

The Securities and Exchange Commission in Collaboration with KPMG and The Lusaka Securities Exchange met the Lord Mayor of the City of London Hon. Jeffrey Mountevans and a British business delegation at a round table meeting at Intercontinental Hotel Lusaka on 27th February 2016.

The Lord Mayor of the City of London is a dedicated ambassador, Championing and promoting collaborations with the United Kingdom based financial, professional and associated business services sector. His visit to Zambia offered an opportunity to foster business relationships among decision-makers in government and business between the UK and Zambia.

The Mayor and his Business delegation ended their to a networking luncheon the topic under discussion was “Facilitating Foreign Direct Inflows using the Zambian Capital Markets-Growing Zambia’s Capital Markets and Raising Capital for infrastructure and SME Development”. The round table was a useful forum for the exchange of information amongst all participants, and gave the lord Mayor’s delegation to learn more about the investment opportunities in Zambia

The Lord Mayor of the City of London Hon. Jeffrey Mountevans with LuSE Chief Executive Officer Mr. Brian Tembo

Securities and Exchange Commission Board Chairman Mr. Chintu Mulendema and the Lord Mayor of the City Hon. Jeffrey Mountevans

LuSE Board Chairman Alfred Jack Lungu observes the meeting deliberations

l 2016 l Issue 130

Industrial Development Corporation Executive Director Investment Charles Mate left , Director, Africa Advisory Partners/Chartered Institute for Securities & Investment Mr. Christopher Morris middle and Director, Financial Sector Deepening Africa Mr. Mark Napier far right

A new Board of Directors for the Zimbabwe Stock Exchange (“ZSE”) was appointed in February 2016 to replace the board appointed in 2010 as part of the demutualisation exercise. The new 7-member board is chaired by Mrs Caroline Sandura who is deputised by Mr Bartholomew Mswaka. Other members include Mr Benson Gasura, Mr Markus de Klerk, Mr Kholisani Moyo, Mr Daniel Muchemwa and the ZSE CEO, Mr Alban Chirume.

Zimbabwe raises investment threshold for foreign investors

In order to promote portfolio investments by foreign investors on the ZSE, with the overall objective of enhancing market liquidity, the Reserve Bank of Zimbabwe issued new Exchange Control Guidelines in February 2016 which permit single foreign

investors to acquire up to 15% of listed shares per counter, up from the previous limit of 10%. In order to align the Exchange Control to the Indigenisation and Economic Empowerment regulations, the limit for total foreign investors on listed shares on the ZSE was also moved up from 40% to 49% per counter. Full fungibility for counters with prior Exchange Control approval has also been increased from 40% to 49%. Proceeds arising from the sale of shares within this fungible threshold, must however be repatriated back into the country through normal banking channels.

New listings

GetBucks Financial Services Limited listed through an IPO on 15 January 2016, becoming the first IPO since 2008 and the third listing for ZSE since June 2015. ZSE is expecting a minimum of two listings for the year ending 31 December 2016.

New Board of Directors for Zimbabwe Stock Exchange

NEWS ZIMBABWE

l 2016 l Issue 1 31

2016 Year to Date January USD February USDTotal Value Traded 25,508.07 12,854.00 Equity Market Value Traded 25,508.07 12,854.00 Bond Market Value Traded 0.00 0.00 Others 0.00 0.00Total Volume Traded 2,372 1,200Equity Market Volume Traded 2,372.00 1,200.00Bond Market Volume Traded 0 0Others 0 0Total Number of Transactions 16 6Equity Market Number of Transactions 16 6Bond Market Number of Transactions 0 0Others 0 0Market Capitalization 41,152,860.72 40,003,179.00Number of Listed Companies 4 5Number of Traded Companies 3 4Number of Trading Days 20 21Exchange Rate/US$ 13.00 13.07

Main Index NameDomestic Companies

Index(DCI)Domestic Companies

Index(DCI)Main Index (Points) 0 0Gains in Main Index (%) 0.00% 0.00%P/E Ratio 0 0Dividend Yield (%) 0.00% 0.00%Exchange Members    Number of Equity members 2 2Number of Equity Derivative members    Number of Equity Bond members    Number of Commodity Members    Exchange Listings    Number of Main Board listed companies 1 1Number of Secondary Board listed com-panies    Comments  

Seychelles Stock Exchange

l 2016 l Issue 132

2016 Year to Date January USD February USD March USDTotal Value Traded 18,875,266.90 80,657,907.05 25,889,610.34 Equity Market Value Traded 17,962,300.45 80,240,963.06 25,321,350.88 Bond Market Value Traded 912,966.45 410,044.73 565,577.59 Others 0.00 6,899.26 2,681.87Total Volume Traded 205,084,785 246,730,546 171,353,239Equity Market Volume Traded 204,879,371.00 245,466,359.00 171,318,759.00Bond Market Volume Traded 205,414.00 1,263,597.00 34,255.00Others 0 590 225Total Number of Transactions 3,998 5,465 4,728Equity Market Number of Transactions 3,960 5,420 4,681Bond Market Number of Transactions 38 44 46Others 0 1 6Market Capitalization 6,964,845,266.82 6,857,409,664.09 6,882,112,437.53Number of Listed Companies 95 94 95Number of Traded Companies 95 94 95Number of Trading Days 20 19 22Exchange Rate/US$ 36.60 36.43 36.07 Main Index Name SEMDEX SEMDEX SEMDEXMain Index (Points) 1,843.03 1,810.69 1,797.16Gains in Main Index (%) 1811.07% -1.75% -0.75%P/E Ratio 12.03 11.9 12.71Dividend Yield (%) 3.66% 3.67% 3.98%Exchange Members      Number of Equity members      Number of Equity Derivative members      Number of Equity Bond members      Number of Commodity Members      Exchange Listings    Number of Main Board listed companies    Number of Secondary Board listed companies    Comments  

Stock Exchange of Mauritius

l 2016 l Issue 1 33

2016 Year to Date January USD February USD March USDTotal Value Traded 143,759.67 141,811.08 125,394.56 Equity Market Value Traded 143,759.67 141,811.08 125,394.56 Bond Market Value Traded 0.00 0.00 0.00 Others 0.00 0.00 0.00Total Volume Traded 2,795,087 1,830,916 5,067,001Equity Market Volume Traded 2,795,087.00 1,830,916.00 5,067,001.00Bond Market Volume Traded 0 0 0Others 0 0 0Total Number of Transactions 80 65 73Equity Market Number of Transactions 80 65 73Bond Market Number of Transactions 0 0 0Others 0 0 0Market Capitalization 846,822,717.73 821,556,991.02 840,110,565.68Number of Listed Companies 14 14 14Number of Traded Companies 13 11 14Number of Trading Days 20 20 20Exchange Rate/US$ $728.48 741.69 682.42 Main Index Name MASI MASI MASIMain Index (Points) 14,440.24 14,263.58 13,419.95Gains in Main Index (%) -0.84% -2.05% -7.85%P/E Ratio 11.76 11.78 7.26Dividend Yield (%) 3.99% 3.99% 6.05%Exchange Members      Number of Equity members 4 4 4Number of Equity Derivative members 0 0 0Number of Equity Bond members 4 4 4Number of Commodity Members 0 0 0Exchange Listings      Number of Main Board listed companies 14 14 14Number of Secondary Board listed com-panies 0 0 0Comments  There were no trades for the two government bonds.  For a detailed Market Performance Report visit www.mse.co.mw  

Malawi Stock Exchange

l 2016 l Issue 134

2016 Year to Date January USD Febraury USDTotal Value Traded 11,104.07 62,931.70 Equity Market Value Traded 303.88 $0.00 Bond Market Value Traded 10,800.20 62,931.70 Others 0.00 0.00Total Volume Traded 550,010 6,396Equity Market Volume Traded 10 0Bond Market Volume Traded 550,000.00 6,396.00Others 0 0Total Number of Transactions 3 3Equity Market Number of Transactions 1 0Bond Market Number of Transactions 2 3Others 0 0Market Capitalization 622,852,641.75 630,935,922.64Number of Listed Companies 16 0Number of Traded Companies 2 0Number of Trading Days 1 0Exchange Rate/US$ 101.85 101.63 Main Index Name None NoneMain Index (Points) 0 0Gains in Main Index (%) 0.00% 0.00%P/E Ratio 0 0Dividend Yield (%) 0.00% 0.00%

Bolsa de Valores de Cabo Verde

l 2016 l Issue 1 35

2016 Year to Date January USD February USD March USDTotal Value Traded $9,055,586.40 $5,649,981.57 $4,645,338.76 Equity Market Value Traded $9,055,586.40 $5,649,981.57 $4,645,338.76 Bond Market Value Traded $0.00 $0.00 $0.00 Others $ $0.00 $ $0.00 $ $0.00Total Volume Traded 173,374,992 52,868,784 72,128,384Equity Market Volume Traded 173,374,992.00 52,868,784.00 72,128,384.00Bond Market Volume Traded 0 0 0Others 0 0 0Total Number of Transactions 545 329 497Equity Market Number of Transactions 545 329 497Bond Market Number of Transactions 0 0 0Others 0 0 0Market Capitalization 69,126,748.53 71,874,412.77 73,033,033.50Number of Listed Companies 16 16 16Number of Traded Companies 9 8 9Number of Trading Days 19 19 20Exchange Rate/US$ $3,479.55 $3,348.55 $3,373.91

Main Index NameUSE All SHare

IndexUSE All SHare

IndexUSE All SHare

IndexMain Index (Points) 1,760.30 1,749.25 1,802.54Gains in Main Index (%) -0.20% -0.59% 3.40%P/E Ratio 15.7 15.88 16.39Dividend Yield (%) 0.00% 0.00% 0.00%Exchange Members      Number of Equity members 8 8 8

Uganda Stock Exchange

l 2016 l Issue 136

2016 Year to Date January USD February USD March USDTotal Value Traded 17,018,261.88 26,333,644.94 19,674,646.73 Equity Market Value Traded 16,498,168.19 25,979,124.33 19,263,700.76 Bond Market Value Traded 514,487.45 0.00 119,671.82 Others 5,606.24 354,520.61 291,274.16Total Volume Traded 48,039,316 73,889,087 71,159,206Equity Market Volume Traded 43,038,211.00 73,856,606.00 70,084,108.00Bond Market Volume Traded 5,000,000.00 0 1,050,000.00Others 1,105.00 32,481.00 25,098.00Total Number of Transactions 884 1,038 870Equity Market Number of Trans-actions 869 1,017 853Bond Market Number of Transactions 2 0 3Others 13 21 14Market Capitalization 36,735,997,716.00 36,559,177,968.00 38,413,585,815.00Number of Listed Companies 32 32 32Number of Traded Companies 30 22 24Number of Trading Days 20 21 21Exchange Rate/US$ 0.09 0.09 0.09

Main Index Name (DCI)Domestic Compa-

nies Index(DCI) DCIMain Index (Points) 10,440.28 10,233.43 10,202.64Gains in Main Index (%) -1.53% -1.98% -0.30%P/E Ratio 12.3 13.05 13.06Dividend Yield (%) 4.00% 3.71% 3.82%Exchange Members      Number of Equity members 4 4 4Number of Equity Derivative members 0 0 0Number of Equity Bond members 4 4 4Number of Commodity Members 0 0 0Exchange Listings      Number of Main Board listed companies 22 22 22Number of Secondary Board list-ed companies 10 10 10

Botswana Stock Exchange

l 2016 l Issue 1 37

2016 Year to Date January USD February USD March USDTotal Value Traded 58,235,132.00 61,151,396.00 86,087,154.00 Equity Market Value Traded 57,649,645.00 58,068,157.00 80,967,282.00 Bond Market Value Traded 567,831.00 2,152,080.00 5,077,324.00 Others 17,656.36 931,158.00 42,549.00Total Volume Traded 25,636,952 47,729,563 91,512,362Equity Market Volume Traded 16,633,452.00 13,047,653.00 16,255,122.00Bond Market Volume Traded 9,000,000.00 34,500,000.00 75,250,000.00Others 3,500.00 181,910.00 7,240.00Total Number of Transactions 490 450 542Equity Market Number of Transactions 488 442 530Bond Market Number of Transactions 1 4 9Others 1 4 3Market Capitalization 88,452,420,069.00 91,264,249,688.00 110,051,377,657.00Number of Listed Companies 41 43 43Number of Traded Companies 26 33 26Number of Trading Days 20 21 21Exchange Rate/US$ 15.85 16.03 14.82

Main Index NameNSX Overall

IndexNSX Overall

Index NSX Overall IndexMain Index (Points) 850.58 877.2 992.25Gains in Main Index (%) -1.72% 3.13% 13.12%P/E Ratio 0 0 0Dividend Yield (%) 0.00% 0.00% 0.00%Exchange Members      Number of Equity members 4 4 4Number of Equity Derivative members n/a n/a n/aNumber of Equity Bond members n/a n/a n/aNumber of Commodity Members n/a n/a n/aExchange Listings      Number of Main Board listed companies 8 local listed 8 local listed 8 local listedNumber of Secondary Board listed companies 33 25 35

Namibian Stock Exchange

l 2016 l Issue 138

2016 Year to Date January USD February USDTotal Value Traded 40,918,301.00 120,987,291.00 Equity Market Value Traded 39,281,330.00 64,566,410.00 Bond Market Value Traded 1,636,971.00 56,420,881.00 Others $ $0.00 $ $0.00Total Volume Traded 5,197,228 41,376,544Equity Market Volume Traded 5,099,551.00 37,976,232.00Bond Market Volume Traded 97,677.00 3,400,312.00Others 0 0Total Number of Transactions 4,644 5,452Equity Market Number of Transactions 4,545 5,307Bond Market Number of Transactions 99 145Others 0 0Market Capitalization 11,903,371,365.00 12,409,192,183.00Number of Listed Companies 76 76Number of Traded Companies 64 65Number of Trading Days 20 21Exchange Rate/US$ 60,069.00 60,246.00 Main Index Name BRVM-10 BRVM-10Main Index (Points) 27,312.00 28,139.00Gains in Main Index (%) -594.00% 303.00%P/E Ratio 2,276.00 2,390.00Dividend Yield (%) 343.00% 325.00%Exchange Members    Number of Equity members    Number of Equity Derivative members    Number of Equity Bond members    Number of Commodity Members    Exchange Listings    Number of Main Board listed companies    Number of Secondary Board listed companies    

Bourse Regionale des Valeurs Mobiliere

l 2016 l Issue 1 39

2016 Year to Date January USD Febraury USD March USDTotal Value Traded 2,532,496,222.68 2,600,959,508.78 $3,214,816,197.64 Equity Market Value Traded 1,135,965,426.49 1,078,444,224.02 $2,268,631,042.25 Bond Market Value Traded 1,083,204,724.00 1,323,938,054.75 $637,955,007.97 Others 313,326,072.19 198,577,230.01 $ $308,230,147.42Total Volume Traded 4,880,635,987 3,960,279,111 8,972,465,589Equity Market Volume Traded 4,766,807,080.00 3,821,483,667.00 8,640,297,379.00Bond Market Volume Traded 8,253,639.00 9,912,046.00 5,510,297.00Others 105,575,268.00 128,883,398.00 326,657,913.00Total Number of Transactions 426,046 432,456 733,287Equity Market Number of Transactions 424,084 429,956 728,256Bond Market Number of Transactions 148 138 127Others 1,814 2,362 4,904Market Capitalization 50,723,955,819.69 50,979,519,282.84 46,532,125,665.03Number of Listed Companies 251 253 253Number of Traded Companies 219 218 223Number of Trading Days 19 21 23Exchange Rate/US$ $7.73 $7.73 $8.78 Main Index Name EGX 30 EGX 30 EGX 30Main Index (Points) 5,992.72 6,146.93 7,525.00Gains in Main Index (%) -14.46% 2.57% 22.42%P/E Ratio 11.75 11.22 10.17Dividend Yield (%) 8.88% 9.03% 8.30%Exchange Members    Number of Equity members 134 134 133Number of Equity Derivative members 0 0 0Number of Equity Bond members 134 134 133Number of Commodity Members 0 0 0Exchange Listings    Number of Main Board listed compa-nies 221 222 221Number of Secondary Board listed companies 30 31 32

Comments

Egyptian Stock Exchange

l 2016 l Issue 140

2016 Year to Date January USD February USDTotal Value Traded 211,678,124.96 295,332,228.11 Equity Market Value Traded 210,925,185.98 294,114,143.04 Bond Market Value Traded 724,445.62 $1,131,201.21 Others 28,493.35 86,883.85Total Volume Traded 5,668,925,415 12,639,210,740Equity Market Volume Traded 5,668,571,502.00 12,638,750,915.00Bond Market Volume Traded 121,375.00 199,583.00Others 232,538.00 260,242.00Total Number of Transactions 67,623 62,172Equity Market Number of Transactions 67,479 62,016Bond Market Number of Transactions 12 12Others 132 144Market Capitalization 76,118,089,943.66 77,921,810,482.00Number of Listed Companies 184 184Number of Traded Companies 166 173Number of Trading Days 20 21Exchange Rate/US$ 199.36 199.37 Main Index Name NSE All-Share Index NSE All-Share IndexMain Index (Points) 23,916.15 24,570.73Gains in Main Index (%) -16.50% 2.74%P/E Ratio 15.97 14.6Dividend Yield (%) 6.20% 6.65%Exchange Members    Number of Equity members    Number of Equity Derivative members    Number of Equity Bond members    Number of Commodity Members    Exchange Listings    Number of Main Board listed companies    Number of Secondary Board listed companies    

Nigerian Stock Exchange

l 2016 l Issue 1 41

2016 Year to Date January USD February USDTotal Value Traded 7,712,414.88 225.08 Equity Market Value Traded 128,090.85 225.08 Bond Market Value Traded 6,646,495.78 0.00 Others 937,828.25 0.00 Total Volume Traded 3,550,097 78,487Equity Market Volume Traded 43,864.00 78,487.00Bond Market Volume Traded 3,072,675.00 0Others 433,558.00 0Total Number of Transactions 23 13Equity Market Number of Transactions 20 13Bond Market Number of Transactions 1 0Others 2 0Market Capitalization 1,199,716,256.33 1,169,018,659.84Number of Listed Companies 4 4Number of Traded Companies 2 2Number of Trading Days 20 20Exchange Rate/US$ 46.23 47.36 Main Index Name (DCI) (DCI)Main Index (Points) 0 0Gains in Main Index (%) 0.00% 0.00%P/E Ratio 12.1 12.2Dividend Yield (%) 8.50% 8.50%Exchange Members    Number of Equity members    Number of Equity Derivative members    Number of Equity Bond members    Number of Commodity Members    Exchange Listings    Number of Main Board listed companies    Number of Secondary Board listed companies    

Mozambique Stock Exchange

l 2016 l Issue 142

2016 Year to Date January USD February USD March USDTotal Value Traded 11,345,452.00 15,556,982.00 16,428,570.00 Equity Market Value Traded 11,345,452.00 15,556,982.00 16,428,570.00 Bond Market Value Traded 0.00 0.00 0.00 Others 0.00 0.00 0.00Total Volume Traded 61,882,757 95,020,938 97,601,725Equity Market Volume Traded 61,882,757.00 95,020,938.00 97,601,725.00Bond Market Volume Traded 0 0 0Others 0 0 0Total Number of Transactions 685 510 764Equity Market Number of Transactions 685 510 764Bond Market Number of Transactions 0 0 0Others 0 0 0Market Capitalization 2,790,443,132.00 2,694,927,768.00 2,645,057,408.00Number of Listed Companies 65 64 64Number of Traded Companies 60 59 59Number of Trading Days 20 20 22Exchange Rate/US$ 1.00 1.00 1.00 Main Index Name Industrials Industrials IndustrialsMain Index (Points) 103.04 99.5 97.61Gains in Main Index (%) -10.30% -3.00% -1.90%P/E Ratio 0 0 0Dividend Yield (%) 0.00% 0.00% 0.00%Exchange Members      Number of Equity members 13 13 13Number of Equity Derivative members      Number of Equity Bond members      Number of Commodity Members      Exchange Listings      Number of Main Board listed companies 65 64 64Number of Secondary Board listed companies      

Zimbabwe Stock Exchange

l 2016 l Issue 1 43

2016 January USD February USD March USDTotal Value Traded 339,378,360.75 342,297,278.80 800,205,519.00 Equity Market Value Traded 127,444,235.67 100,606,449.70 133,155,582.70 Bond Market Value Traded 211,934,125.08 241,690,829.10 667,049,936.00 Others 0.00 0.00 0.00Total Volume Traded 422,742,310 73,474,012,098 5,306,241Equity Market Volume Traded 422,742,285.00 341,032,223.00 5,306,185.00Bond Market Volume Traded 25 52 56Others 0 0 5,306,241.00Total Number of Transactions 27,039 26,114 31,697Equity Market Number of Transac-tions 26,857 25,727 30,789Bond Market Number of Transac-tions 182 387 908Others 0 0 0Market Capitalization 18,812,982,298.50 18,516,476,722.10 20,577,034,382.00Number of Listed Companies 63 63 63Number of Traded Companies 61 61 61Number of Trading Days 20 21 21Exchange Rate/US$ 102.00 101.00 101.00

Main Index NameNSE 20 Share

IndexNSE 20 Share

IndexNSE 20 Share

IndexMain Index (Points) 3,773.00 3,871.00 3,982.00Gains in Main Index (%) 6.61% 2.60% 2.87%P/E Ratio 12.01 12.37 3.48Dividend Yield (%) 3.43% 3.41% 3.46%Exchange Members  Number of Equity members  Number of Equity Derivative mem-bers  Number of Equity Bond members  Number of Commodity Members  Exchange Listings  Number of Main Board listed com-panies  Number of Secondary Board listed companies  

Nairobi Securities Exchange

l 2016 l Issue 144

2016 Year to Date January USD February USDTotal Value Traded 194,366,569,676.00 232,731,820,456.00 Equity Market Value Traded 29,500,553,603.00 31,625,449,381.00 Bond Market Value Traded 124,979,731,876.00 157,574,694,922.00 Others 39,886,284,197.00 43,531,676,153.00Total Volume Traded 6,590,447,294 7,529,989,531Equity Market Volume Traded 6,572,788,180.00 7,515,562,611.00Bond Market Volume Traded 0 0Others 17,659,114.00 14,426,920.00Total Number of Transactions 6,228,162 6,357,084Equity Market Number of Transactions 5,831,237 5,934,228Bond Market Number of Transactions 39,249 42,298Others 357,676 380,558Market Capitalization 922,873,737,274.00 900,012,260,600.00Number of Listed Companies 395 395Number of Traded Companies 357 356Number of Trading Days 21 21Exchange Rate/US$ $15.86 $16.14 Main Index Name FTSE/JSE All Share FTSE/JSE All ShareMain Index (Points) 49,141.94 49,415.31Gains in Main Index (%) -0.03% 0.56%P/E Ratio 35.86 38.07Dividend Yield (%) 3.00% 2.65%Exchange Members    Number of Equity members 61  Number of Equity Derivative members 94  Number of Equity Bond members 100  Number of Commodity Members 65  Exchange Listings    Number of Main Board listed companies 331 331Number of Secondary Board listed companies 64 66

Johannesburg Stock Exchange

l 2016 l Issue 1 45

2016 Year to Date January USD February USD March USDTotal Value Traded 81,863,466.50 127,234,444.05 89,650,352.05 Equity Market Value Traded 63,079,644.45 100,534,983.36 73,567,100.97 Bond Market Value Traded 1,592,096.58 2,194,155.01 2,338,454.26 Others 17,191,725.47 24,505,305.68 13,744,796.82Total Volume Traded 25,285,352 26,889,199 24,263,330Equity Market Volume Traded 23,906,552.00 23,570,239.00 21,280,568.00Bond Market Volume Traded 24,419.00 63,779.00 58,565.00Others 1,354,381.00 3,255,181.00 2,924,197.00Total Number of Transactions 42,242 43,377 43,972Equity Market Number of Transactions 42,042 43,140 43,647Bond Market Number of Transactions 67 118 132Others 133 119 193Market Capitalization 9,297,854,077.71 9,089,907,235.80 9,378,038,496.83Number of Listed Companies 78 78 78Number of Traded Companies 77 77 77Number of Trading Days 19 21 23Exchange Rate/US$ 2.04 2.04 2.02 Main Index Name TUNINDEX TUNINDEX TUNINDEXMain Index (Points) 5,415.98 5,288.13 5,421.00Gains in Main Index (%) 7.41% -2.36% 2.51%P/E Ratio 14.83 14.53 15.02Dividend Yield (%) 3.60% 3.70% 3.50%Exchange Members    Number of Equity members    Number of Equity Derivative members    Number of Equity Bond members    Number of Commodity Members    Exchange Listings    Number of Main Board listed companies    Number of Secondary Board listed companies    

Bourse de Tunis

l 2016 l Issue 146

2016 Year to Date January USD February USDTotal Value Traded 3,108,952.00 3,264,217.00 Equity Market Value Traded 3,042,741.00 3,237,469.00 Bond Market Value Traded 66,211.00 26,748.00 Others 0.00 0.00Total Volume Traded 60,693,300 35,055,000Equity Market Volume Traded 12,393,300.00 15,055,000.00Bond Market Volume Traded 48,300,000.00 20,000,000.00Others 0 0Total Number of Transactions 73 76Equity Market Number of Transactions 71 74Bond Market Number of Transactions 2 2Others 0 0Market Capitalization 3,738,471,225.00 3,696,647,448.00Number of Listed Companies 7 7Number of Traded Companies 3 3Number of Trading Days 19 20Exchange Rate/US$ 754.35 762.30 Main Index Name Rwanda SE Index Rwanda SE IndexMain Index (Points) 146.79 145.98Gains in Main Index (%) 0.00% 0.00%P/E Ratio 11.32 11.21Dividend Yield (%) 0.04% 0.04%Exchange Members    Number of Equity members    Number of Equity Derivative members    Number of Equity Bond members    Number of Commodity Members    Exchange Listings    Number of Main Board listed companies    Number of Secondary Board listed companies    

Rwanda Stock Exchange

l 2016 l Issue 1 47

AFRICAN SECURITIES EXCHANGES ASSOCIATION

The Exchange, 55 Westlands Road P.O. Box 43633 - 00100 Nairobi Telephone: +254 20 2831000

Website: www.african-exchanges.org