Stock Exchange South Africa

ABOUT AFRICAN CONTINENT AND ITS STOCK EXCHANGES  Second largest and 2nd most populous

continent in the world.  46 countries and 7 islands included.

Stock exchanges:Botswana Stock Exchange, Ghana Stock Exchange, Nairobi Stock Exchange, Malawi Stock Exchange, Casablanca Stock Exchange, Nigerian Stock Exchange, JSE Securities Exchange, Lusaka Stock Exchange, Zimbabwe Stock Exchange.

GHANA STOCK EXCHANGE  The exchange was incorporated on 1989  30 listed companies,2 corporate bonds  Criteria's:

> Capital adequacy. >Profitability. >Spread of shares. >Management efficiency. > Years of existence.

History  6th best index performing emerging

stock market -1993  Manufacturing and Brewing sectors – currently dominate the exchange  Listed companies that fall: >Banking >Insurance >Mining& Petrolieum

Continue…………….  8% with holding tax on dividend income.  Capital gains on securities will exempt from tax.  No exchange control regulation on remittance of:

>original investment capital >capital gains >dividends . > interest payments. >Returns

Working hours  The exchange has pre-market

sessions from 09:30am to 10:00am.  Normal trading sessions from 10:00am to 12:00noon.  Sundays and holidays declared by the Exchange in advance.

INDICES  GSE ALL

SHARE INDEX.

>All listings are included in the main index.

JSE SECURITIES EXCHANGE  Largest stock exchange in Africa.  Situated in the corner of Maude

Street and Gwen Lane in Sandton.  JSE is planning to create a panAfrican exchange.

History  The Johannesburg Exchange & Chambers Company    

Benjamin Minors Woollan . JSE Securities Exchange was born on November 8, 1887. 1903- Changes the function in Hollard Street. a member of the Federation International Bourses de Valeurs (FIBV).- 1963. JSE took up residence at 17 Diagonal Street-1978

Continue………..  An active member of African Stock

Exchanges Association- 1993.  In September 2000- moved to its present location in Sandton.  Changed the official name - JSE Securities Exchange.  Replacing the JSE's trading system with that of the LSE – 2001.

Working hours  JSE's normal trading sessions are from 09:00am

to 05:00pm  Sundays and holidays declared by the Exchange in advance.  INDICES

AltX.-Alternative exchange

The South African Futures Exchange  Safex consist of :

> financial markets division (equity derivatives > an Agricultural Markets Division (AMD) - agricultural derivatives.  Experienced a growth of 10.36 million contracts- 1996/97 .  The Exchange is directed by an executive committee- 11 Members.

History  Establish the South African Futures Exchange

(Safex) and the Safex Clearing Company (Safcom)-September 1998.  Safcom takes over operation of the informal futures market from RMB-April 1990.  Enabling legislation- Auguest 1990.  non-residents can participate on Safex via the Financial Rand system-october 1991.

Continue…………….  Safex Agricultural Derivatives Division

opened.-January 1995.  Individual equity options introduced on the six largest equity counters.September 1997.  Options introduced on agricultural products.-March 1998.  New Government Bond Index launched (GOVI)-July 2000.

Continue……..  Individual Equities contract listed has

increased to 49- August 2000  Safex and JSE members agree to buyout of Safex by JSE Securities Exchange-May 2001. WORKING HOURS  9 AM TO 5 PM

Botswana Stock Exchange  About Botswana Stock Exchange : Established: 1995  Headquarters : Gaborone  Company listed: 35  Working hours in a day: 1 hour ( 9.30 am

to10.30am)  Privet investors: under 10% of total market

capitalization

INDISES OF BOTSWANA STOCK EXCHANGE  3 stock indices :

1.Domestic company index 2.Foreign company index: Incorporated company which are duel listed BSE  and other stock exchange.  3. All the company index: Which is weighted average of the DCI and FCI.  

Malawi Stock Exchange  Inaugurated in March 1995.  Modest Market listing  Membership:-Corporate and individual.  Operates under the act of:

> Capital Markets Development Act of 1990 . >Capital Market Development Regulations of 1992.

History.  Started in 1994.  Situated in Blantyre city.  1996-Commenced its initial operation.  Only one licensed broker.  Functioned under RBM.  Member of African Stock Exchange

Assocciation.

Indices. It has three indices: >The Malawi Domestic Share Index. >The Malawi Foreign Share Index. >The Malawi All Share Index.

Working hours.  Trading occurs to Monday to

Tuesday.  Trading time- Starting every day at 11 am