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SEC, NSE Streamline Listing Process to Encourage More Listings
May 23, 2019--The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange ("The Exchange" or "NSE") have moved to make the processes involving listing on the NSE more efficient and cost-effective by streamlining the approval process between the SEC and the NSE.
The streamlined process which will come into effect on June 1, 2019, is aimed at reducing the regulatory burden on issuers by eliminating duplication of processes between the SEC and the NSE, reducing the time to market for the issuance and listing of securities and ultimately driving more listing on the Exchange.
With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC. In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC. Also, The Exchange will rely on SEC for approval of offer documents such as a Prospectus.
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Source: he Nigerian Stock Exchange (NSE)
Africa: Africa's Appetite for Cryptocurrencies Surges
May 22, 2019--The price of bitcoin soared to an all-time high of $20,000 in December 2017 and collapsed to $3,400 a month later, prompting speculation that cryptocurrencies had imploded in the fizz of their own hype and unfulfilled promises. Since then, however, the price has held steady and even begun to tick back upwards. In South Africa, and on the continent, there have been several recent crypto developments, suggesting the market here is beginning to tingle with life.
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Source: allafrica.com
Markets WRAP: Rand closes at R14.36/$
May 22, 2019--The local unit ended the day's session at R14.36 to the dollar, having opened at R14.39.
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Source: FIN24
Local bourse weaker as resources buckle
May 22, 2019--The JSE closed weaker on Wednesday led by moderate losses across most blue-chip stocks.
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Source: FIN24
Nigeria: GDP Growth Slows As Oil Sector Contracts
May 21, 2019--Nigeria's economic growth slowed as it recorded a gross domestic product (GDP) of 2.01 per cent in the first quarter of 2019, compared to the 2.38 per cent recorded in the previous quarter (Q4 2018), the National Bureau of Statistics (NBS) said on Monday.
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Source: allafrica.com
Markets WRAP: Rand closes at R14.38/$
May 21, 2019--The rand ended the day at R14.38 to the greenback.
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Source: FIN24
JSE closes softer after muted trading session
May 21, 2019--The JSE traded mostly flat on Tuesday as it struggled for direction following a mixed trading session in Asia.
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Source: FIN24
Zimbabwe: Economy 'Pronounced Dead', Set to Contract 20 Percent in 2019
May 20, 2019-- Zimbabwe, once a prosperous agricultural economy in the southern subregion of the African continent, finds itself in an economic free fall, the latest data shows.
The ongoing currency crisis, uncertainty over property rights, and corruption continue to pose a problem, as the nation is seeking to re-emerge from decades of economic mismanagement.
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Source: allafrica.com
Markets WRAP: Rand closes at R14.4236/$
May 20, 2019--US equity futures dropped alongside stocks in Europe as the fallout of White House moves against Chinese telco giant Huawei rippled through the technology industry.
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Source: FIN24
Markets WRAP: Rand closes at R14.40/$
May 17, 2019--The day's range was between R14.28 and R14.41.
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Source: FIN24
