ASEA - African Securities Exchanges Association...ASEA Conference in Egypt ASEA Issue 1 |November 2012 Unleashing Africa’s Investment Potential - What could be done by African Capital

ASEA Conference in Egypt

Issue 1 |November 2012

ASEAUnleashing Africa’s Investment Potential - What could be done by African Capital Markets

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A Newsletter of ASEA Members

Contents

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.

1. About ASEA

2. Focus on New Member: Sierra Leone Stock Exchange

3. Interview with Mr. Oscar Onyema, Director General and Chief Excutive

Nigerian Stock Exchange

4. Expert Article: Maximizing value through Strategic Investor Relations

by Anne Guimard

5. Member Exchange News

6. Member Half Yearly Statistics

ASEA Brief

5I 2012 I Issue 1ASEA

President : Mr. Sunil Benimadhu, Chief Executive, Stock Exchange of MauritiusSecretary : Ms. Silvana Wanjiru KamauWebsite : www.africansea.orgContact : [email protected] [email protected]

1.Summary of Highlights1. The Association has partnered with FTSE International to

develop, launch and manage a FTSE branded pan African index. The index will be launched on December 3rd 2012 in Cairo, Egypt.

2. On December 2nd 2012, the African Securities Exchanges Association (ASEA) will hold its 16th Annual General Meeting at the Smart Village Conference Centre, Cairo, Egypt.

3. The officials of the Executive Committee of the African Securities Exchanges Association are as follows:-

• President: Mr. Sunil Benimadhu, Chief Executive: Stock Exchange of Mauritius;

• Vice President: Mr. Geoff Rothschild, Head: Government and International Affairs: JSE Ltd.;

• Mr. Joseph S. Kitamirike: Chief Executive Officer: Uganda Securities Exchange;

• Dr. Mohammed Omran, Executive Chairman: The Egyptian Exchange;

• Mr. Peter Mwangi, Chief Executive: Nairobi Securities Exchange;

• Mr. Ekow Afedzie, Deputy Managing Director: Ghana Stock Exchange;

• Mr. Oscar Onyema, Chief Executive: The Nigerian Stock Exchange

2.The name of the Association is “African Securities Exchanges Association” (ASEA).

3.When was the association created?The African Securities Exchanges Association (ASEA) was registered in Nairobi on 13th November 1993 with the object of, inter alia, establishing an association for systematic mutual cooperation, exchange of information, materials and persons, mutual assistance and joint programs between the members. The membership of the association is open to any Stock Exchange or nascent Stock Exchange located in the African region. The Association has been holding annual conferences, which are hosted by different members each year where issues relevant to the growth of the regional capital markets are addressed.

4.Where is the secretariat located?ASEA SecretariatNairobi Securities ExchangeNation Centre, First Floor, Kimathi Street, PO Box 43633, Nairobi 00100,Tel: +254 20 2831000 Fax: +254 20 224200www.africansea.org

5.What is the main role of the association?1. To establish an association for systematic mutual

cooperation, exchange of information, materials and persons, mutual assistance and joint programmes between the members;

2. To promote the establishment of securities exchanges in all African countries;

3. To promote the development of common standards of training and professionalism among members of the Association and other market players;

4. To promote common standards of issuing, listing, trading and settlement of securities;

5. To facilitate the development and promotion of products and services for Africa’s capital markets;

6. To assist members in the promotion and development of the range of services associated with the capital markets;

7. To develop and promote a data bank and information system for the mutual benefit of members;

8. To study, and research on matters of mutual interest to members;

9. To disseminate information; produce materials in all media, hold conferences, seminars and exhibitions, and conduct other public education activities relevant to the interests of members;

10. To ensure that the views and interests of the Association are promoted in the appropriate worldwide fora;

6.Members of the Association Full Members

1. Bolsa de Valores de Cabo Verde2. Bolsa de Valores de Moçambique3. Botswana Stock Exchange4. Bourse de Casablanca5. Bourse de Tunis6. Bourse Régionale des Valeurs Mobilières de l’Afrique de

l’Ouest7. Dar-es-Salaam Stock Exchange8. Douala Stock Exchange9. The Egyptian Exchange10. Ghana Stock Exchange11. JSE Ltd12. Khartoum Stock Exchange13. Libyan Stock Market14. Lusaka Stock Exchange15. Namibian Stock Exchange16. Nairobi Securities Exchange17. Nigerian Stock Exchange18. Malawi Stock Exchange19. Uganda Securities Exchange20. Sierra Leone Stock Exchange21. Stock Exchange of Mauritius22. Zimbabwe Stock Exchange23. Rwanda Stock Exchange

Observer Member1.Central Securities Clearing System Ltd. (Nigeria)

Affiliate Member1.South Asian Federation of Exchanges (SAFE)

ASEA Brief

ASEA Brief

7.Upcoming ConferencesThe sixteenth (16th) ASEA Annual General Meeting and Conference will be hosted by the Egyptian Exchange in Cairo, Egypt on 2nd – 4th December 2012. The theme of the conference is “Unleashing Africa’s Investment Potential- what could be done by African Capital Markets?”.

2012 Strategic Initiatives of the AssociationFTSE ASEA Pan African IndicesThe Annual General Meeting received a presentation from FTSE International on the proposed FTSE ASEA Pan African Index which will measure the performance of eligible equity securities on ASEA member exchanges. The Annual General Meeting endorsed the design which is based on FTSE’s global benchmark index design principles which are rules based, transparent, comprehensive, and representative and incorporate strong governance. The Indices will increase the visibility of African markets by tracking the performance of these markets and facilitate the development of new products such as ETFs which can also be listed on the ASEA member Exchanges. ASEA and FTSE shall be launching the index on December 3rd 2012 in Cairo, Egypt.

The African Development BankThe Annual General Meeting authorized the ASEA President to continue discussions with the African Development Bank (AfDB) on areas of cooperation between ASEA and the African Development Bank. The President visited the African Development Bank in Tunis and agreed on the following priority areas;

1.The Bank is the largest investor in African private equity funds. It is also a key supporter of the African Venture Capital Association, which is the private equity fund trade association. The Bank can leverage its position as an important investor in private equity funds to encourage these funds to exit their investments via listings on African Stock Exchanges.

2.The Bank’s pension fund is looking to expand the range of asset classes in which it invests. By investing in African listed stocks and bonds, the pension fund would help to expand the number of investors and add liquidity to African markets.

3.The Bank is a major issuer of bonds on the international and local markets. By listing its bonds on African securities exchanges, the Bank would encourage market development and potentially open up new assets to African investors.

4.The Bank is leading the African Financial Markets Initiative (AFMI) that includes developing an African bond index and an African Bond Fund. The Bank could promote market development by listing the index and the fund on African exchanges as well as

encouraging African governments to also list the underlying bonds in which AFMI’s African Bond Fund intends to invest.

5.Through the African Development Institute (EADI), the Bank provides capacity building and training. EADI and ASEA could work together to develop joint capacity building programs focusing on capital market themes.

6.ASEA is looking at a number of market models that can lead to a closer integration of existing national Exchanges with a view to broadening and deepening these national Exchanges. In this connection, the implementation of a “hub and spoke” interconnectivity project could ensure the cross-linking of African stock Exchanges through technology. However, the implementation of this project requires the availability of financial resources and the Bank would help ASEA identify resources from trust funds and other sources to implement this initiative.

ASEA RulesThe Annual General Meeting on December 11,

2011 discussed the proposals on new ASEA Rules to accommodate the following:-

•Filling of casual vacancies on the Executive Committee;

•The procedure for removal and automatic disqualification of the representative of a Member at the Executive Committee;

•The acceptable seniority of both the representative and alternate of a Member at the Member organization;

•Broadening the membership of ASEA to include organizations in the financial services sector, with whom collaboration will further the objectives of ASEA.

The Rules will be presented to the Members for approval during the Annual General Meeting of December 2nd 2012.


The stock exchange started trading with one company listed (Rokel Commercial Bank) on its official list, and two brokerage firms (First Discount House and Capital Discount House) acting as agents for trading in securities. The Exchange was commissioned by the President of the Republic of Sierra Leone

Trading Hours & No of trading per week:Trading on the floor of the exchange commences at 10 am and closes at 12 pm Mondays and Thursdays.

How many staff do you have?Currently the exchange has five permanent staff and three interns but looking to recruit three more additional staff to strengthen its human resource structure. The interns are students from the University of Sierra Leone wanting to gain practical experience in their areas of studies.

What are your achievements so far?• The exchange has signed a partnership

contract with Bloomberg to host its market data with the view of gaining global recognition.

• The exchange is now a member of the African Securities Exchanges Association

• Through persistent lobbying and campaign, the government has agreed to disinvest its 51% stake in Rokel Commercial Bank. These shares will be offloaded through the stock exchange.

• The Local Content Policy bill has passed through cabinet. The complete enactment of this bill will deepen the capital market and subsequently improve activities in the stock market.

What challenges are you facing?1. The stock exchange is faced with some constraints limiting its possibilities. For instance, the exchange is in urgent need of Capacity Building which can be administered in the following capacities:

• Structural Capacity• Financial Capacity• Human Resource Capacity• Technical Capacity

2. The slow pace of the government

privatisation process is putting pressure on the capital market development. 3. The local content policy has not been enacted yet in Parliament. This is a major factor that will underpin the growth of the capital market

Where do you see the SLSE in five years?Looking at the macroeconomic outlook of Sierra Leone, there are various growth prospects the exchange can capitalize on, for instance, both the mining and agricultural industries are showing positive indications. Once the local content policy bill is in full operation, most if not all the companies operating in these industries will be listed on the exchange, thus improving the financial position of the exchange going forward

Why did decide to join ASEA? Being a member of ASEA will enable the exchange integrate with other exchanges in the Sub Region and subsequently develop its operations. Furthermore, it will create a platform for global growth and recognition.

Sierra Leone Stock Exchange

Interview with Mr Gibrilla Sesay Acting Chief Executive Officer Sierra Leone Stock Exchange

Sierra LeoneNew Member

When was the SLSE formed? – Brief BackgroundThe Sierra Leone Stock Exchange was commissioned on 17th July 2009 to provide a venue for enterprise formation and a market place for trading of Equities, Commodities, Bonds, Forex and Derivatives

ContactsSierra Leone Stock ExchangeBank of Sierra Leone Main Building,30 Siaka Stevens Street,Freetown, Sierra Leone.E-mail: [email protected]

8 I 2012 I Issue 1ASEA

Interviewwith

Oscar OnyemaDirector General and Chief Executive, Nigerian Stock Exchange


1)You have been at the helm of the Nigerian Stock Exchange for one year now, has it been exciting? Please tell us what leaps the Exchange has made. I joined the Nigerian Stock Exchange on April 4, 2011 and it has been a rewarding and exciting experience, so far. Over the past year, the Exchange has made great strides in its commitment to providing a first rate capital market experience and to improving its service excellence. We have undertaken major reviews of our market and operations with a view to implementing innovations required to deliver a robust and efficient capital market.The NSE identified and successfully delivered on eight strategic initiatives to create an African institution that competes effectively in the global marketplace. These initiatives were aimed at developing a more transparent, liquid and accessible market with a modern market structure to support delivery of a wider range of investment products. By articulating and implementing these initiatives, as well as engaging investors, our listed companies, market operators, the regulator and prospective issuers who had lost faith in the capital market, we are enabling the return of a vibrant market.

2)The Exchange organizes Chief Executive Quarterly dinners, what does this involve? We have ten initiatives we have been driving this year. The CEO Quarterly Dinners are part of our Advocacy initiative. They are hosted by the Nigerian Stock Exchange and are specifically designed for listed companies and prospective issuers. Our aim is to ensure that all our listed companies realize the value of listing on the exchange, and forums such as this are indeed key in that effort.These dinners are focused around industry segments, providing an opportunity for issuers and government agencies to interact around issues that affect particular sector groupings.They provide a platform to explore issues and discusskey concerns that can positively affect economic growth.

3.What are the most exciting new prospects for the Nigerian Stock Exchange?Some of the most exciting prospects for the NSE are tied to our ongoing efforts to develop product liquidity and depth, continued enhancement of our regulatory programs, stakeholder engagement and

financial literacy. Our focus has been on cleansing, restructuring and making the market more accessible and efficient, the right strategy for laying the foundation for the growth of the Nigerian capital market. The capital market remains an indispensable vehicle to ensure Nigeria’s continued development and it provides a vehicle for long-term ‘saving’ and ‘borrowing’, and hence, efficient use of financial resources. In terms of global exchange trends, the cycle in which we have been for the last few years presents an incredible opportunity for investors. As the reforms continue, we remain confident that the market will soon be well on its way to recovering its vibrancy.

4)Currently, what initiatives is the Nigerian Stock Exchange involved in?Our 2011 transformation kicked off with the reconstitution of our Board committee structure and the establishment of six Board committees to guide the management of the Exchange, leading to enhanced corporate governance of the bourse.

We also implemented a ‘Zero Tolerance’ policy aimed at ridding the market of regulatory infractions. An in-house Investigation Panel was reconstituted and seven new violations introduced for broker-dealers. Issuer rules were also revised, and stiffer penalties assigned to two major violations. The result is a higher compliance rate across the board.

A Market Segmentation exercise was completed to rebrand our markets and boards, and align industry sectors under which companies are listed (formerly 33) with Nigerian economic sectors and international industry classifications; and to address market depth, the NSE introduced a series of new products, including our first ETF and Shari’ah-compliant index for Islamic investors.

To enhance the investor experience, a new Website, with a real-time live feed to a ticker, was launched in January, alongside X-Net, a virtual private network (VPN), to enhance connectivity (20x faster) to the Exchange’s trading systems.The NSE recorded another milestone with the announcement of ten market makers approved to conduct market making activities which kicked off in September – this is accompanied by securities lending and short selling. For the first time in our history, we ramped up business development efforts to attract

Interview

Interview withOscar Onyema

Mr Oscar Onyema Director General and Chief Executive Nigerian Stock Exchange


and retain top quality companies, including revising our listing rules, deploying systematic sector-board- and product-specific marketing strategies, and we are gearing up to launch more value-added services for issuers, to address specific concerns hindering market growth.

Finally, the NSE is on its way to becoming fully IFRS compliant and our initiatives are centered on technology and product development. We are overhauling our systems, technology-based solutions and data services, as well as advocating changes to policy, with the aim of transforming the Nigerian market into “the gateway to African capital markets”.

5)What are your views on integration of African stock exchanges?Integration of exchanges is not a new concept. It has been done successfully in different parts of the world. When people talk about integration, the one example that always comes to light is the Nordic exchanges, but there are also the Baltic exchanges, MILA (the Integrated Latin American Market) and the ASEAN trading link. While their models are similar, you also have integration via mergers and the single market/ regional operator model.African stock exchanges struggle with liquidity and depth, challenges that can possibly be addressed by integration. While the conversation has been ongoing for many years now, it is still unclear how and to what extent integration might occur in our region. From a simple consideration like different time zones to a more complex consideration like currency conversion, more work needs to be done to determine the right model. The right model will hinge on the ability of each jurisdiction to facilitate (and implement) requisite changes to policy and regulation, two key ingredients of successful integration.

6)How is the Nigerian Stock Exchange positioning itself to take advantage of the renewed interest in Africa’s stock markets?The initiatives the Nigerian Stock Exchange has embarked upon are critical to ensuring interest in our capital market. By providing a first rate capital market experience and improving service excellence, as well as by implementing innovations required to deliver a robust and efficient capital market, only then can we compete effectively in the global marketplace. As I mentioned, our initiatives are aimed at developing a more transparent, liquid and accessible

market with a modern structure to support delivery of a wider range of investment products which is what investors around the world are looking for. We are on track, and we remain committed to achieving the objective.

7)Where do you see Africa’s Stock Exchanges in the next five years?The Economist Intelligence Unit of the Economist Group conducted an outward looking (2025) survey which captured the following:• The legal and regulatory environment

of emerging markets as the most likely challenge to derail companies from developed countries looking to emerging stock exchanges for their IPOs (32%);

• An uncertain regulatory environment as the main concern with choosing to list on an emerging market stock exchange (56%);

• Liquidity/turnover velocity as the most important factor when choosing a stock exchange/market for an IPO (62%);

• Stock exchanges in developed markets will have to work harder to attract companies from emerging markets to list (76%); and

• Stock exchanges in developed markets that underestimate the competition from emerging market exchanges will lose market share to them (76%).

This insight, along with the trends we are seeing in the Nigerian market, leads me to believe that African market are on their way to experiencing a new kind of growth. As the BRICs struggle to maintain the level of growth they have experienced in the last few years, this provides an opportunity for the emerging markets, especially the African capital markets. With a strong regulatory environment, diverse investment products, liquidity and a high level of service and excellence, we will be able to compete effectively with other global markets. This is our time, and we should embrace it.

Interview withOscar Onyema

Interview


Maximizing value through strategic investor relations

Anne Guimard President, FINEO


Competition is a fact of corporate life. Companies compete for customers, talent and resources everyday with each group having its own carefully crafted plan. These plans ensure that revenue enhancing growth strategies are adequately resourced, supported by an appropriate and optimal organizational structure and their success is closely and frequently monitored.

Yet, there is another type of competition, which is often overlooked. This is the competition for capital and, if not properly addressed, can jeopardize all efforts to create value.

Winning investors over should therefore be a strategic goal, as equally important as increasing profits or gaining market share. With Africa fast gaining momentum as the next investment frontier, this is the opportunity for African companies to raise their profile in the global investment community and attract the capital they need to fund their growth or to achieve a fair valuation. Set out below is a few guidelines on how to achieve this.

From disclosure requirements to Investor RelationsMore often than not, Investor Relations is restricted to complying with listing requirements. However, Investor Relations actually matters to a much broader group of audiences. Table 1 depicts these groups.

Each constituency will be interested in a wide range of topics that will, more often than not, go beyond the company’s financial statements. To this end, there is a lot more to Investor Relations than only numbers.Stemming from this, it is therefore the strategic responsibility of Investor Relations to:

• Establish and maintain trust• Retain existing shareholders• Motivate and inspire stakeholders, not only shareholders• Win over new targets • Communicate the company’s brand• Contribute to building corporate reputation• Achieve a fair valuation and lowering the cost of capital.

Lowering the cost of capital by creating a competitive advantage Research has proved that in the short term stock markets are irrational and rarely reflect fundamentals . This could easily convince management teams that Investor Relations beyond regulatory compliance has very little impact. However, the same research has proved that markets are efficient in the long run1. Moreover, the financial market crisis

Maximizing Value through StrategicInvestor Relations

Anne Guimard President FINEO

Individual shareholdersInstitutional shareholdersPortfolio managersBuy-side analystsEmployee shareholdersBond holders

Stock market authoritiesBankersBrokerssell-side analystsales forcessales tradingproprietary tradingIndependent research analystsRating agencies (credit, socially responsible investment, corporate governance)

General pressFinancial and economic pressTrade press

Customers … and competitorsSuppliersLocal communitiesTrade associationsEmployeesEtc.

Journalists Other stakeholders

Shareholders and Bond Holders Capital markets professionals


Anne Guimard is A Certified Financial Analyst, Anne Guimard also holds a PhD in international finance. With over 15 years of experience as a Chief Investor Relations Officer at multi-listed groups and as financial analyst in equity research and Mergers & Acquisitions at leading investments banks, she decided to become an entrepreneur: she founded FINEO in 1999 to offer companies the independent, high value-added advice they need to effectively compete for capital. One of FINEO’s key differentiators is that it has always put training and international best practices at the heart of its IR strategy consulting practice. This is further evidenced with the creation of The School of Investor Relations, a uniquely innovative training portal. To this day, FINEO has advised or trained in Investor Relations best practices more than 1,300 companies in 60 countries. The firm has offices in London, Paris and Johannesburg.Author of several books on Investor Relations, Anne Guimard serves onthe Board of Directors of the National Investor Relations Institute in the U.S.A., the largest Investor Relations professionals organization in the world, and is a member of the Investor Relations Society in the United Kingdom. www.fineo.com

has increased investor demand for transparency and a more candid approach to communication. Understanding this will elevate Investor Relations from a necessary evil to a competitive advantage. Whether your company is considering a listing or is already listed, a well crafted Investor Relations strategy can help:• Take advantage of sector valuation discrepancies between geographies • Diversify your shareholder base• Establish your reputation through transparency and corporate governance• Create and raise brand awareness for your products and services• Appeal to new customers • Identify potential suppliers and service providers• Attract high potential executives• Lower the cost of capital through increased liquidity and improved valuation.

There is ample academic research and empirical evidence that the Return on Investment (R.O.I.) in Investor Relations can be measured. According to Rivel Research, portfolio managers and buy-side analysts attribute a premium of 10% of a company’s valuation to good investor communications and a discount of 15% to bad investor communications. Similarly, a recent analysis by Thomson Reuters Extel indicated that the stock prices of companies, which are highly regarded for Investor Relations, tend to outperform the broader market. The analysis found that since 2007, the top 10 European Investor Relations Extel winners outperformed the Euro STOXX 600 by 28.8% on a total returns basis. This performance has widened since 2008, as investors required better communication.

Rising to the challengeThese statistics underscore the strategic need for Investor Relations and should convince companies to step up their efforts and meet the challenges of Investor Relations, namely:• Mastering and conquering a new competitive environment• Regulatory compliance• Striking the balance between the short-term expectations of financial markets and the company’s long-term value proposition• Maintaining and increasing investor demand for your company’s securities• Meeting significant demands and high expectations from new “clients” (e.g. financial analysts, institutional investors, retail shareholders,

journalists).This can be achieved by strategically positioning Investor Relations as part of the executive team (the “C-Suite”) and ensuring:• Professional and cost-effective Investor Relations infrastructure• A bridge between the company, its management and the financial markets.

In conclusion, it is a misconception that the quality of an Investor Relations programme is contingent upon a company’s size and their financial resources. On the contrary, these should matter least, especially in today’s digital age when information is available at the click of a button. What matters more is that the Board of Directors and the management team buy into corporate governance, transparency, accountability and communication.

Finally, although the factors behind share price performance are varied and complex, the quality of Investor Relations can be a real competitive advantage. The market rewards effective communication, visibility and transparency in the long run. To this end, companies who choose to relegate Investor Relations to regulatory compliance do so at their peril.

MemberExchanges

Botswana Stock Exchange

Bolsa de Valores de Cabo Verde

Bourse Regionale des Valeurs Mobilieres

Bourse de Tunis

Bourse de Casablanca

Dar es Salaam Stock Exchange

Douala Stock Exchange

Egyptian Exchange

Ghana Stock Exchange

Johannesburg Stock Exchange

Khartoum Stock Exchange

Rwanda Stock Exchange

Libyan Stock Market

Lusaka Stock Exchange

Malawi Stock Exchange

Nairobi Securities Exchange


Nigerian Stock Exchange

Stock Exchange of Mauritius

Mozambique Stock Exchange

Namibian Stock Exchange

Uganda Securities Exchange

Zimbabwe Stock Exchange

Member Exchange

News


Casablanca

6 bond issues were conducted by :

• 17th January: Fonds d’Equipement Communal (FEC). the total amount of the issue was of 1 000 000 000 MAD

• 18th January: IMMOLOG, the total amount of the issue was of 700 000 000 MAD

• 25th January: LABEL VIE, the total amount of the issue was of 400 000 000 MAD

• 19th March: UNIMER, the total amount of the issue was of 350 000 000 MAD

• 3rd May: Crédit Immobilier et Hôtelier (CIH), the total amount of the issue was of 1 000 000 000 MAD

• Résidences Dar Saada, le 25/06/2012, the total amount of the issue was of 750 000 000 MAD

2 capital raising operations :

• 11th June: Banque Centrale Populaire (BCP), the total amount of the issue was of 1,6 billion MAD

• 20th May Attijariwafa Bank, the total amount of the issue was of 1,9 billion MAD

22 February: Conference in partnership with the British Chamber of Commerce, under the theme “Financial Services Partnership Day”. A cooperation agreement between the City of London and Casablanca Finance City was signed during this event.

7th May: Conference in partnership with the APSB (Professional Association of Brokerage Firms) at the Hotel Royal Mansour. The conference was entitled “Review of companies listed on the Casablanca Stock Exchange: Beyond the 2011 results, 2012 outlook & challenges “

Key Facts IPO of Afrique Industries on the 5th January 2012 through the sale of 110 770 shares. The total amout of the operation was of 26 584 800 MAD with an issue price of 240 MAD.

This conference allowed all market professionals to provide investors with an analysis of the results released by listed companies, and enable them from understanding the elements to be taken into consideration when making an investment decision. It was also an opportunity to identify investment opportunities in the stock market for 2012.

20th June: conference in partnership with the Ministry of Economy and Finance and Moroccan Financial Board (Casablanca Finance City) at the headquarters of the Casablanca Stock Exchange. The conference was under the theme “Revival of the Stock Exchange and the Development of Capital Markets “.The event, chaired by the Minister of Economy and Finance, Mr. Nizar Baraka, brought together a panel of speakers and guests representing the stakeholders of all the Moroccan financial sector. Conclusion of a partnership agreement with the AL Muscat Stock Exchange in April 2012 and the Istanbul Stock Exchange in June 2012.

These agreements involve experience sharing on training and information between the two exchanges. These partnerships confirm the aspiration of the Casablanca Stock Exchange to strengthen its cooperation with Arab and international exchanges in order to develop and promote the Moroccan financial market.

Casablanca Stock Exchange


after a US$ 35 billion decline in the previous year. Note worthy, foreigners accounted for 21.8% of the total value traded (after excluding deals) during the first half of 2012.

In addition, the two most active sectors were the Telecommunications sector and the Financial services excluding Banks sector recording the highest volumes traded within the first 6 month of 2012. The Telecommunications sector recorded a volume of 4.70 billion shares worth US$ 5.16 billion. Meanwhile the Financial Services excluding Banks sector recorded 2.73 billion shares worth US$ 1.25 billion.Worth mentioning, that Nilex trading system has been amended to match that of the new system in order to increase NILEX attractiveness as a viable source of funding for SME’s and to increase market activity. Post the amendments the average daily value traded surged from US$ 108 thousand to US$ 143 thousand, a promising sign for Nilex future activity.

Market Developments in 2012:• A separate trading mechanism (block trading) was introduced for executing large

volume deals to activate and facilitate trading, especially for enterprises and to achieve higher probabilities of executing the entire quantity required. The new trading mechanism contributes to increasing the execution speed, reducing the trading costs and increase trading volumes which will positively reflect on the market efficiency.

• EGX launched its FIX HUB project this month through linking to FIDESSA trading network. The FIX HUB network will enable international investors to trade Egyptian securities easily through a FIX gateway which will reflect positively on the Egyptian market liquidity without violating capital market rules.

• The Egyptian Exchange (EGX) launched the live operation of the new automated surveillance trading system from “MillenniumIT”, a member of London Stock Exchange Group (LSEG).

• EGX commits to promote sustainable investment, signing an agreement with NASDAQ (United States) and the Brazilian, Istanbul, and Johannesburg stock exchanges to become the founding signatories to the Sustainable Stock Exchanges (SSE) Initiative.

After a period of uncertainty witnessed during 2011, in Egypt and the Arab world, 2012 came with more concrete and clear picture for the new democratic phase in the Egyptian history. After which investors foresee a more stable a conducive market for investment. More assured of a better investment and corruption free economy, the market indices surged during the first 6 month of 2012, occupying the first place among developed and emerging markets according to Morgan Stanley. EGX 30 index to stand 30% higher during the first half of 2012, a remarkable performance, so far this year. Likewise, EGX 100 and EGX 70 indices surged by 13.4% and 1.5%, respectively, year to date. Worth mentioning, the Basic Resources Sector index, Real Estate Sector index and Telecommunications Sector index skyrocketed recording 66.4%, 51.8% and 39.9%, respectively, pushing the market indices upward.

Moreover, all trading figures have surged during the first half of 2012 compared to the second half of 2011, as illustrated in the table below. The trading value inched up, with an average daily value traded of US$ 93 million for the main market (after excluding deals) vs. US$ 64 million in the second half of 2011. Moreover, the average daily volume nearly doubled, recording 110 million shares daily vs. 63 million shares. Also, market capitalization surged by 15% since the beginning of the year recording US$ 56 billion as of end of June 2012; a US$ 7 billion increase since last year

Moving half way past 2012, the market entered into a decisive new phase in the history of Egypt. Tuning in for the long awaited results of the first free presidential elections, the market showed a remarkable performance post the elections.

Egypt

The Egyptian Exchange

Indicators Jul – Dec 2011 Jan – Jun 2012Total Volume Traded (million) 8,536.40 13,766.27Main Market 7,911.21 13,244.11Nilex 18.99 26.25OTC Market 606.20 495.91

Total Value Traded (US$ million) 10,019.39 15,370.17Main Market 8,432.50 14,364.50Nilex 12.82 17.28OTC Market 1,574.06 988.38

Total Number of Transactions (thousand) 2,497.50 2,900.35Main Market 2,459.60 2,864.66Nilex 6.46 13.00OTC Market 31.45 22.70

Average daily Value Traded (US$ million) 77.22 101.01Main Market* 63.99 92.69Nilex 0.11 0.14OTC Market 13.12 8.17

No. of Trading Days 120 121

Market Capitalization (US$ million)

Main Market 48,677.02 56,076.59Nilex 167.41 180.39

Number of Listed CompaniesMain Market 213 212Nilex 19 21


The day also marks the moving of the platform from London, where the trading engine has been situated for ten years, to the JSE building in Johannesburg. These changes are aimed at enhancing operational efficiencies for market participants, who are expected to benefit from executing transactions almost 400 times faster than the present trading solution.

The platform is housed within the JSE’s recently completed new state of the art data centre based on Tier 3 specifications and is designed to ensure 99.98% availability.

The seamless migration from the previous TradElect platform follows Borsa Italiana’s identical switch last week. As with the JSE, this move was successful and followed extensive testing and consultation with stakeholders.

JSE’s new Equity Trading Platform in SA after Decade in LondonMove marks new era for exchangeJohannesburg 2 July 2012 – The Johannesburg Stock Exchange (JSE) celebrates the start of a new era for its equity market today with the launch of equity trading platform Millennium Exchange™, developed by technology solutions provider MillenniumIT.

Leanne Parsons, Director of the JSE’s Equity Market, comments: “As we have seen with the Borsa Italiana migration last week and similar migrations during the past year, the new platform provides exceptional levels of performance, functionality and capacity. The JSE’s move to the new equity system, which we have nicknamed Project Jaya meaning ‘victory‘ in the language of Sri Lanka, is a victory for the market.”

The move could not have happened without effective cooperation between the exchange and all its clients, says Parsons. “We would like to extend our sincere appreciation and thanks to all our clients for their efforts and support.”Parsons says that the adoption of Millennium Exchange could have a significant impact on trading volumes by attracting a greater share of high frequency trading when collocation and the appropriate billing models are in place.

Trading volumes increased significantly when the JSE adopted trading platform JSE SETS in 2002, and climbed again when the exchange moved to the present trading platform JSE TradElect in 2007. JSE TradElect was licensed from the London Stock Exchange and maintained and operated by the London bourse. “There is anecdotal evidence to suggest that when exchanges increase their trading speeds they also boost levels of trading. This is important in order to deepen a market,” adds Parsons.

Parsons explains that one reason for the decision to relocate the trading engine to Johannesburg was the increased operational stability that this move would offer. “The handful of incidents that we have had requiring the equity market to be halted, have been related to our international connectivity links. Clearly these have had reputational impacts. By moving the engine to Johannesburg, we eliminate this problem and are able to offer our clients improved service availability and stability.”MillenniumIT, which has over a decade of experience in building technology solutions for the capital markets, is a wholly-owned subsidiary of the London Stock Exchange Group (LSEG) and is based in Sri Lanka. Millennium Exchange is the company’s flagship product with 14 installations live worldwide (excluding the JSE) and is known for its speed and scalability.“We are very pleased that Millennium

Exchange is now live at JSE, South Africa’s only full service securities exchange. Millennium Exchange is a highly flexible and scalable next generation trading platform that offers ultra-fast order processing capabilities. This will enable JSE to increase its trading volumes at low cost and provide its customers with an unbeatable trading experience in terms of speed, efficiency and technology,” comments Tony Weeresinghe, CEO of MillenniumIT and Director of Global Development at the LSEG.

Speed is becoming increasingly important in the exchange industry as exchanges cope with the rapid rise of automated trading. Those exchanges that have trading systems with the lowest latency – the time between when an order is received, processed and acknowledgement sent – will retain and grow market share.In future, the JSE will manage and operate the trading engine itself. This allows the JSE to grow trading volumes and contain trading software costs. Note to Editors The move of the trading system to Johannesburg has been welcomed by market participants.“The Millennium IT system is the way forward and puts SA on par globally with multiple other markets. It will not only be faster but given the broader global user base it should be easier to support and for new users to integrate it into their platforms. The JSE handled the migration well, with no deadlines being missed – it is the 2nd of July today and we are going live,” says John Slettevold, Head of Equities, UBS South Africa.

“The migration was handled professionally with all firms participating in the testing phases over the last few months to ensure that the system delivers as well as integration into downstream internal systems,” says Ashvin Mancha, CEO of Afrifocus.

“It was really an important step to bring the trading engine back to South Africa as it allows us to have control of our own trading engines and the system will be much faster. Location and speed is everything and we could only but benefit by having it right here,” says Erica Bruce, Director of Navigare.

JSE



• Market capitalization grew from 39,540,139 million at the end of 2011:H1to K46, 438,742 million at the end of the 2012:H1.

• Volumes have increased to 760,106,827 in 2012:H1from 700,048,233in 2011:H1. The 1st Quarter volumes weremainly attributable to Investrust and Standard Chartered who attributed to 85% of the share trade of these months’ volumes.

• Market liquidity (Turnover) has decreased from K608, 535,666,650 (2011:H1) to K 235,026, 231,715 (2012:H1).

• The index closed at 3,876.42 points (a 4% drop in that 6 months period) in 2012:H1. This compared to the 2011:H1which closed at 3,918.66, was a drop in from

INDICATOR 2012: H1 2011:H1

Lusaka All-share index 3,876.42 3,918.66

Market Index Growth (%) -4% 19%

Market Capitalization (K Millions) 43,265,581 39,540,139

Market Trade Volume 760,106,827 700,048,233

Market Trades Transactions 2726 3699

Market Trade Turnover (K) 235,026,231,715 608,535,666,650

Government Bond Sales (K) 776,734,373,577 192,275,480,880

Net Inflow (US$) -4,642,920.01 13,291,847

Turnover / GDP Ratio 0.01% 0.72%

Turnover / Market Cap Ratio 46.03% 61.47%

Daily average volume 6,129,893.77 5,691,449.05

Daily average turnover Kw 1,895,372,836.41 4,947,444,444.31

Daily average no of trade 21.98 30.07

Foreign Activity: Trades (Quantity) 226 338

Foreign Activity: Trades (%) 8.29% 9.14%

Foreign Activity: Volume (Quantity) 40,645,228 99,125,026

Foreign Activity: Volume (%) 5.35% 14.16%

Foreign Activity: Turnover (K) 47,670,335,408 60,669,758,131

Foreign Activity: Turnover (%) 20.28% 9.97%

Domestic Activity: Trades (Quantity) 2,500 3,363

Domestic Activity: Trades (%) 91.71% 90.92%

Domestic Activity: Volume (Quantity) 719,461,600 600,923,208

Domestic Activity: Volume (%) 94.65% 85.84%

Domestic Activity: Turnover (Quantity) 187,355,896,309 548,865,908,520

Domestic Activity: Turnover (%) 79.72% 90.19%


Lusaka

MARKET PERFORMANCE SUMMARYThe following section represents the stock market performance statistics for the Lusaka stock Exchange during the periods of 2012:H1 (1st January 2012 to 30th June 2012) and 2011:H1 (1st January 2011 to 30th June 2011).

the previous period. The 4% drop in the all share index for the period 2012:H1 was mainly driven by African Explosive Limited Zambia (-14.88%), Investrust Bank Plc. (-15%), Zambia sugar (-15.21%) and Cavmont Capital Holdings (-20%). Zanaco and Standard chartered Zambia experienced share price drops of 87.78% and 96.89% respectively. However these drops were mainly due to bonus issues splits in the stocks rather than collapsing of the share prices.

• Net capital inflows were negative for 2012:H1were at US$ (-4,642,920.01) and this was drop from the positive net capital inflows of 2011:H1at US$ 13,291,847.

• Foreign percentage (%) of volumes had dropped from 14.16% during 2011:H1to 5.35% during 2012:H1.

• Second hand GRZ bond turnovers increased from K 192,275,480,880, during 2011:H1, to K 776,734,373,577, during 2012:H1.

Major Market DevelopmentsThe Major Development within the first halfof 2012were:

• Farmers house plc changed its name to Real Estates Investments Zambia (RIEZ)

• Real Estate Investments Zambia concluded a merger with Arcades Plc Zambia in a cash and shares transaction. RIEZ acquired 8,100,000 shares (100%) of Arcades Plc and issued 13,714,286 new REIZ shares to the Arcades shareholders.

• Zanaco complete $20 million recapitalization using a bonus issue, splitting 2 shares into 13.

• Standard chartered bank complete recapitalization to reach Bank of Zambia minimum capital requirement by splitting 1 share into 27.

• Madison Financial Services quote on the Lusaka Stock Exchange.

• Investrust Bank Plc. announces bonus issue and rights offer to raise capital to $20 million.

C. Market Development Strategies of the LuSEGoing into the second quarter and the LuSE has engaged in the following strategies to develop the Zambian capital market.

Public AwarenessThe Lusaka stock exchange is producing a television program aimed at public sensitization to the LuSE and market information dissemination to be broadcasted on ZNBC every Sunday at 16:00. Simultaneously the LuSE has also released a fortnightly stock market education article in The Post Zambia. LuSE has also developed a relationship with CNBC Africa.

Educational Institutional Engagement:The High school Investment GameFollowing the outreach program for schools, the LuSE has planned for the Annual School Challenge that will enable the youth to interact with the stock market in a simulated environment in the continued effort to expose them to experience the investment market from a younger age.

The Educational Tours: The LuSE is still running educational tours for students of various schools, allowing them to get first hand interaction with the stock market.

International RelationsIn 2012 CEO of the stock exchange, Mrs Beatrice Nkanza was appoint the chair person of Committee of SADC Stock Exchanges and in her term as chair she has already began proceedings to increase the business relationships between the SADC stock exchanges interms of procedures and inter-market efficiency.



Malawi

Index Levels and Return – Half Yearly 2012

Trading Statistics – Half Yearly 2012

MARKET PERFORMANCETrade Performance AnalysisFrom 1st January to 30th June, 2012 a total of 376,120,556 shares were transacted at a total consideration of MK1,917,913,350.75 (US$9,365,996.66) in 674 trades. In the corresponding period 2011, the market transacted a total of 1,468,121,116 shares at a total consideration of MK5,421,752,414.13 (US$35,953,309.76) in 831 trades. This reflects a -74.38% decrease in terms of share volume and a -64.63% (-73.95% in US Dollar terms) decrease in share value.Daily average share trades exhibited similar trends; the market registered an average daily volume of 6,066,461 shares compared to 23,679,373 shares traded in the corresponding period 2011.

The average daily turnover for the first half 2012 was MK30,934,086.30 (US$151,064.46) compared with MK87,447,619.58 (US$579,892.09) for the corresponding 2011, reflecting a decrease of -64.63% (-73.95% in US Dollar terms)The month of June registered the highest in terms of both value MK793,384,952.00 and volume of 274,445,980 but the month of March registered the highest in terms of value in US$ terms of US$3,208,535.92.

TABLE 1: TRADING SUMMARY FOR 01st JANUARY – 30th JUNE 2012

Market Capitalisation and IndexThe market registered a positive return on index as reflected in the upward movement of The Malawi All Share Index (MASI) from 5369.42 points registered in January to 5983.34 points registered on 30th June 2012, giving a return on index of 11.43%, (0.04% in US$ terms) compared to -0.82 %, (-0.01 in US$ terms) registered in the corresponding period 2011. The price gains registered by 8 counters (ILLOVO, NBM, NBS, NICO, NITL, PCL, STANDARDBANK and OML) were the major drivers in the upward movement of the Malawi All Share Index, arising from an increase in both the Domestic Share Index

TRADING SUMMARYThe market registered a positive return on index of 11.43 % higher than the 0.83% registered in the corresponding period 2011. It however recorded a drop in both traded volume and value in the first half 2012 compared to the corresponding period 2011. In US Dollar terms, the Index shrunk by 32.3% because of the devaluation of the Kwacha on 7th May, 2012 by almost 49.0 %.

INDEX JAN, 2012 JUNE, 2012 % YTD ∆

2012 % YTD ∆ 2012(US$)

MASI 5369.42 5983.34 11.43 32.30 DSI 4238.39 4717.88 11.31 32.38 FSI 535.42 653.57 22.07 25.84


Traded Value (MK) 1,917,913,350.75 No. of Listed companies 14 Traded Value (US$) 9,365,996.66 Traded Companies 13 Traded Vol. Shares 376,120,556 Not Traded Companies 1 No. of Transactions 674 Gainers 8 Index Close (MASI) 5983.34 Decliners 2 Index Close (DSI) 4717.88 Unchanged 4

INDEX JAN, 2012 JUNE, 2012 % YTD ∆

2012 % YTD ∆ 2012(US$)

MASI 5369.42 5983.34 11.43 32.30 DSI 4238.39 4717.88 11.31 32.38 FSI 535.42 653.57 22.07 25.84


Traded Value (MK) 1,917,913,350.75 No. of Listed companies 14 Traded Value (US$) 9,365,996.66 Traded Companies 13 Traded Vol. Shares 376,120,556 Not Traded Companies 1 No. of Transactions 674 Gainers 8 Index Close (MASI) 5983.34 Decliners 2 Index Close (DSI) 4717.88 Unchanged 4

% CHANGE -74.38 -73.95

January 7,216,236 210,161,869.30 1,266,614.97 February 1,023,473 19,019,089.30 113,376.39 March 58,146,783 531,582,238.90 3,208,535.92 April 9,682,564 203,970,433.90 1,228,318.11 May 25,605,520 159,794,767.35 667,625.13 June 274,445,980 793,384,952.00 2,881,526.14 1st Half 2012 376,120,556 1,917,913,350.75 9,365,996.66 1st Half 2011 1,468,121,116 5,421,752,414.13 35,953,309.76

DATE VOLUME VALUE (MWK) VALUE (US$)

-64.63


* Excludes non-Malawi register Old Mutual plc shares

HALF YEARLY 2012 -MARKET PERFORMANCE REPORT 5FIG 1: MSE INDICES – Half Yearly 2012

Market LiquidityThe turnover velocity measured by the ratio of Total Value of Trades to Market Capitalisation (TVT/MCAP*) in the period under review was recorded at 1.5186%, lower than 5.2683% registered in the corresponding 2011. The ratio of Total Value of Trades to Gross Domestic Product (TVT/GDP) recorded a liquidity level of 0.34557% in the review period while during the corresponding period of 2011 liquidity was at 1.67364 %.

Table 3: Market Liquidity – Half Yearly 2012


HALF YEARLY 2012 -MARKET PERFORMANCE REPORT 62.4 Company Trading Performance

8 counters registered a capital gain during the review period.

2 Counters registered capital losses in period under review.

HALF YEARLY 2012 -MARKET PERFORMANCE REPORT 7Top 5 Traded Stocks by Value

Company Trading Statistics- Half Yearly 2012

HALF YEARLY 2012 -MARKET PERFORMANCE REPORT 8ECONOMIC POSITIONThe Malawi Kwacha moved during the six months period from 1st January to 30th June 2012 as follows: -

HALF YEARLY 2012 -MARKET PERFORMANCE REPORT 4

January 2,698,710.31 16,118.8052 230,322.42 1,375.6653 5369.42 February 2,750,073.08 16,355.6582 229,536.15 1,365.1328 5437.39 March 2,898,840.55 17,372.3702 239,239.51 1,433.7309 5667.12 April 2,476,429.95 16,421.8513 243,313.49 1,613.4751 5763.62 May 2,861,102.83 10,559.5233 245,530.97 906.1855 5886.82 June 2,782,481.06 10,096.0851 249,486.33 905.2476 5983.34 1st Half 2012 2,782,481.06 10,096.0851 249,486.33 905.2476 5983.34 1st Half 2011 2,395,156.18 15,883.0828 205,825.85 1,364.9001 4912.30


MonthEnding

Mkt. CapMkm.

Mkt. CapMkm*

Mkt. CapUS$m.

Mkt. CapUS$m*

MASI

TVT/GDP%

TVT/Mkt.Cap* %

SharesTraded/Shares

In Issue* %

0.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

7000.00

6-Jan-12 6-Feb-12 6-Mar-12 6-Apr-12 6-May-12 6-Jun-12

MASI

DSI

FSI

January 250.44 21.374 0.01950 0.0912 0.041021 February 255.20 21.301 0.00176 0.0083 0.005818 March 269.01 22.201 0.04933 0.2222 0.330528 April 223.10 21.920 0.01838 0.0838 0.055039 May 257.76 22.120 0.01440 0.0651 0.145551 June 250.67 22.756 0.07148 0.3180 1.560052 1st Half 2012 250.67 22.756 0.34557 1.5186 4.276014 1st Half 2011 369.68 31.768 1.67364 5.2683 16.815496 * Excludes non-Malawi register Old Mutual plc shares

Mkt. CAP/GDP%

Mkt. CAP/GDP*%

MonthEnded

TVT/GDP%

TVT/Mkt.Cap* %

SharesTraded/Shares

In Issue* %

0.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

7000.00

6-Jan-12 6-Feb-12 6-Mar-12 6-Apr-12 6-May-12 6-Jun-12

MASI

DSI

FSI

January 250.44 21.374 0.01950 0.0912 0.041021 February 255.20 21.301 0.00176 0.0083 0.005818 March 269.01 22.201 0.04933 0.2222 0.330528 April 223.10 21.920 0.01838 0.0838 0.055039 May 257.76 22.120 0.01440 0.0651 0.145551 June 250.67 22.756 0.07148 0.3180 1.560052 1st Half 2012 250.67 22.756 0.34557 1.5186 4.276014 1st Half 2011 369.68 31.768 1.67364 5.2683 16.815496 * Excludes non-Malawi register Old Mutual plc shares

Mkt. CAP/GDP%

Mkt. CAP/GDP*%

MonthEnded

Top Gainers

COUNTER NAME NBS NBS Bank 47.00 NICO NICO Holdings Limited 36.36 OML Old Mutual plc 22.07 ILLOVO Illovo Sugar Malawi Limited 15.38 STANDARDBANK Standard Bank 9.52 NITL National Investment Trust Ltd 9.38 NBM National Bank of Malawi 6.67 PCL Press Corporation Ltd 2.78

Top Decliners

MPICO MPICO - 16.67 TNM TNM - 2.63

Top 5 Traded Stocks by Volume

MPICO MPICO 277,643,898 73.82 TNM TNM 51,352,438 13.65 NBS NBS Bank 14,117,896 3.75 FMB FMB Bank 9,400,334 2.50 REAL Real Insurance 5,627,195 1.50

COUNTER NAMEMSE CODE % GAIN

COUNTER NAMEMSE CODE % LOSS

MSECODE

COUNTER NAME SHARES % OF TOTAL

Top Gainers


Top Decliners






MSECODE


Top Gainers


Top Decliners






MSECODE


MSECODE

COUNTER NAME MK % OF TOTAL

Top 5 Traded Stocks by Value

MPICO MPICO 694,960,191.15 36.24 NBM National Bank of Malawi 359,397,737.00 18.74 ILLOVO Illovo Sugar Malawi Limited 223,618,994.00 11.66 NBS NBS Bank 164,289,045.30 8.57 PCL Press Corporation Ltd 153,598,221.00 8.01

Company Trading Statistics Half Yearly 2012

BHL 700 700 0.00 1,000,000 0.27

7,000,000.00

FMB 700 700 0.00 9,400,334 2.50

66,516,335.50

ILLOVO 13000 15000 15.38 1,642,126 0.44

223,618,994.00

MPICO 300 250 -16.67 277,643,898 73.82

694,960,191.15

NBM 5250 5600 6.67 6,788,260 1.80

359,397,737.00

NBS 1000 1470 47.00 14,117,896 3.75

164,289,045.30

NICO 1100 1500 36.36 3,650,007 0.97

44,056,577.00

NITL 1600 1750 9.38 3,716,900 0.99

61,952,200.00

PCL 18000 18500 2.78 848,650 0.23

153,598,221.00

REAL 120 120 0.00 5,627,195 1.50

6,752,634.00

STD.BANK 10500 11500 9.52 308,573 0.08

33,267,789.00

SUNBIRD 700 700 0.00 0 0.00

-

TNM 190 185 -2.63 51,352,438 13.65

91,447,472.80

OML PLC 42600 52000 22.07 24,279 0.01

11,056,154.00

376,120,556 100.00

1,917,913,350.75

Company OpeningPrice

% PriceChange

Share Vol.Traded

Value TradedMK

%Traded

ClosingPrice

MSECODE

COUNTER NAME MK % OF TOTAL

Top 5 Traded Stocks by Value

MPICO MPICO 694,960,191.15 36.24 NBM National Bank of Malawi 359,397,737.00 18.74 ILLOVO Illovo Sugar Malawi Limited 223,618,994.00 11.66 NBS NBS Bank 164,289,045.30 8.57 PCL Press Corporation Ltd 153,598,221.00 8.01

Company Trading Statistics Half Yearly 2012

BHL 700 700 0.00 1,000,000 0.27

7,000,000.00

FMB 700 700 0.00 9,400,334 2.50

66,516,335.50

ILLOVO 13000 15000 15.38 1,642,126 0.44

223,618,994.00

MPICO 300 250 -16.67 277,643,898 73.82

694,960,191.15

NBM 5250 5600 6.67 6,788,260 1.80

359,397,737.00

NBS 1000 1470 47.00 14,117,896 3.75

164,289,045.30

NICO 1100 1500 36.36 3,650,007 0.97

44,056,577.00

NITL 1600 1750 9.38 3,716,900 0.99

61,952,200.00

PCL 18000 18500 2.78 848,650 0.23

153,598,221.00

REAL 120 120 0.00 5,627,195 1.50

6,752,634.00

STD.BANK 10500 11500 9.52 308,573 0.08

33,267,789.00

SUNBIRD 700 700 0.00 0 0.00

-

TNM 190 185 -2.63 51,352,438 13.65

91,447,472.80

OML PLC 42600 52000 22.07 24,279 0.01

11,056,154.00

376,120,556 100.00

1,917,913,350.75

Company OpeningPrice

% PriceChange

Share Vol.Traded

Value TradedMK

%Traded

ClosingPrice


Malawi


TABLE 2: EXCHANGE RATES: SECOND QUARTER 2012

The year on year headline inflation stood at 20.1 % in June 2012. The urban and rural inflation rates for the month of June, 2012 were 24.2% and 17.6% respectively.

CURRENCY END JAN’ 2012 END JUN’ 2012 % CHANGE MK/US Dollar 167.4262 275.6000 -39.25 MK/GBP 263.0265 437.8414 -39.93 MK/ZAR 21.3537 35.6641 -40.13 MK/EUR 220.0649 351.9437 -37.47

In�ation Rate 7.00 9.8 10.3 17.3 20.1 RBM Bank Rate 13.0 13.0 13.0 16.0 16.0 Prime Rate 22.5 17.75 17.75 20.75 20.75 TB YIELD 91 Days T-Bill 7.32 6.84 0.00 14.73 19.12 182 Days T-Bill 7.25 0.00 0.00 15.00 19.40 364 Days T-Bill 0.00 0.00 0.00 11.16 22.96

KEY MACROECONOMIC INDICATORSJun. 2011 Dec. 2011 Jan. 2012 May. 2012 Jun. 2012

CURRENCY END JAN’ 2012 END JUN’ 2012 % CHANGE MK/US Dollar 167.4262 275.6000 -39.25 MK/GBP 263.0265 437.8414 -39.93 MK/ZAR 21.3537 35.6641 -40.13 MK/EUR 220.0649 351.9437 -37.47

In�ation Rate 7.00 9.8 10.3 17.3 20.1 RBM Bank Rate 13.0 13.0 13.0 16.0 16.0 Prime Rate 22.5 17.75 17.75 20.75 20.75 TB YIELD 91 Days T-Bill 7.32 6.84 0.00 14.73 19.12 182 Days T-Bill 7.25 0.00 0.00 15.00 19.40 364 Days T-Bill 0.00 0.00 0.00 11.16 22.96

KEY MACROECONOMIC INDICATORSJun. 2011 Dec. 2011 Jan. 2012 May. 2012 Jun. 2012

The Malawi Kwacha moved during the six months period from 1st January to 30th June 2012





Malawi


Stock Exchange Mauritius

Mauritius

The Stock Exchange of Mauritius (SEM) has won for the second consecutive year the “Most Innovative African Stock Exchange of the year Award” at the Institutional Investment Summit and Index Series Awards organised by Africa investor (Ai), a leading international research and communication group, in collaboration with the New York Stock Exchange (NYSE) Euronext. The Award was presented to the SEM at the New York Stock Exchange on 21st September 2012.

The Ai/NYSE Euronext Investment Summit is now firmly established as a calendar event and platform to profile African Capital Markets opportunities to the international investment community. The Ai Index Series Awards aims at rewarding different categories of players within the capital markets sphere, including stock exchanges, socially responsible companies, regulators, listed companies, investment banks, stockbroking companies, research teams and fund managers.

The Award in the “Most Innovative African Stock Exchange” category was given on the basis of a number of criteria, including, amongst others, initiatives implemented by the Exchange to embrace new areas of development, programmes in place to enhance the services it provides to its key stakeholders and compliance of the Exchange’s regulatory and operational set-

up with international standards.

Commenting on the Award received by the SEM, Mr. Gaetan Lan Hun Kuen, Chairman of the SEM said: “This Award for the second consecutive year comes as a recognition of the numerous initiatives taken recently by the SEM, with the active support of the Ministry of Finance, the FSC, the BOI and other private sector operators to scale up its activities and move up the value-chain of products and services it offers. In spite of the very difficult market environment, the SEM has been actively pursuing an internationalisation strategy to position itself as an attractive listing, trading and capital-raising platform for Global funds, Global business companies, specialist-debt products, and African based ventures. We would also like to congratulate the FSC for winning the “Most Innovative Capital Market Regulator of The Year Award.”

The other nominees in the “Most Innovative African Stock Exchange” category were Johannesburg Stock Exchange, The Egyptian Exchange, Casablanca Stock Exchange, Nigeria Stock Exchange, Nairobi Stock Exchange, Ghana Stock Exchange , Botswana Stock Exchange and Uganda Stock Exchange.23 September 2012

The Stock Exchange of Mauritius Ltd(Member of the World Federation of Exchanges)The Stock Exchange of Mauritius (SEM) wins the Award for the “Most Innovative African Stock Exchange for 2012”



Mozambique

Structural ReformsThe Mozambique Stock Exchange announced to the market and to the public in general that His Excellence Dr Manuel Chang, Honorable Minister of Finance, has appointed on the 6th April 2012, Mrs Anabela Chambuca Pinho as Chairman and CEO of Mozambique Stock Exchange, in replacement of Dr. Jussub Nurmamade whose term had come to the end.



Nairobi

The automation of the Back Office operations of the Trading Participants of the NSE is a joint initiative of the Nairobi Securities Exchange (NSE), the Kenya Association of Stock Brokers and Investment Banks (KASIB), the Capital Markets Authority (CMA) and the Central Depository and Settlement Corporation (CDSC). Now, the entire process of trading in securities listed on the NSE is supported by IT, from inputting an order, to processing the order, to making payment and transferring the securities to the new owners.

The Broker Back Office provides the following benefits to Kenya’s stock market:-

1. 1.Investors will be able to trade through their mobile phones and after additional security features are included and tested, through the internet;

2. 2.Senior management of the Trading Participants and the Clients of the Trading Participant will be able to monitor and audit activities through alert messages and exception reports;

3. 3.It permits internet access to the system, helping Trading Participants expand their services across all forty seven (47) counties and abroad;

4. 4.It supports Initial Public Offers (IPOs), portfolio management and complaints processing.

The Broker Back Office (BBO) is an affirmative step that the Kenya capital markets players and industry as a whole, has taken towards achieving international best practise.

The BBO system vendor is Chella Software of India.

THE NAIROBI SECURITIES EXCHANGE IMPLEMENTS A BROKER BACK OFFICE SYSTEM

NAIROBI: September 5, 2012: The Nairobi Securities Exchange (NSE), Kenya Association of Stockbrokers and Investment Banks (KASIB), Capital Markets Authority (CMA) and Central Depository and Settlement Corporation (CDSC) have launched the NSE Broker Back Office.

THE NAIROBI SECURITIES EXCHANGE (NSE) SIGNS A MEMORANDUM OF UNDERSTANDING WITH THE SOMALIA STOCK EXCHANGE INVESTMENT CORPORATION (SSE)NAIROBI: August 8, 2012: The Nairobi Securities Exchange entered into a Memorandum of Understanding with the Somalia Stock Exchange Investment Corporation (SSE), regarding the possibility of co-operating to establish a securities exchange business involving the trading, settlement, delivery and other stockbrokerage activities.

The Memorandum of Understanding is the first step in the journey that would see the development and implementation of a self sustaining stock exchange in Somalia. The Nairobi Securities Exchange shall have primary responsibility for the technical development of the Somalia Stock Exchange including identifying the most suitable partners and expertise for the operations of the Somalia Stock Exchange.”

The Somalia Stock Exchange Investment Corporation shall be responsible for the implementation of the Somalia Stock Exchange and its subsequent operation. Both NSE and SSE will explore the location of the Exchange, development of human capital, the trading mechanism and the development of shariah products and services.

The NSE is a founder member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). The NSE has been involved in the development of other markets in the region. Through EASEA, the regulations and standards of the EAC stock exchanges have progressively been harmonized. The members of EASEA also share the same technology provider – MillenniumIT.


NAMIBIAN STOCK EXCHANGENAMIBIAN STOCK EXCHANGE announces appointment of new chief executive

The Chairman of the Namibian Stock Exchange, Sebby Kankondi on Thursday 25 October 2012 announced that the Board of the NSX has appointed Tiaan Bazuin as Chief Executive Officer with effect from 1 January 2013.

Tiaan, who joined the NSX in 2011 as Listings Manager, was identified as a potential CEO during the recruitment process for a successor to John Mandy, who had reached the NSX retirement age. Tiaan Bazuin holds a B.Comm (Economics) and LLB (Law) from the University of North West and was admitted as a Legal Practitioner in the High Court of Namibia in 2006. He has broad experience in regulatory compliance, finance and business development having previously worked as Corporate Banker, Company Secretary and Chief Legal Officer.

Tiaan expressed his appreciation for the responsibility the Board has entrusted him with and to John Mandy under whose tutelage he has been working at the NSX. In terms of the orderly handover process John will be retiring at the end of May 2013.

Commenting on the future of the NSX, Bazuin said “The Exchange is at a cross roads with high expectations from Government in terms of the Financial Sector Strategy. My goal is to continue the good work the NSX has been doing in maintaining a world class regulatory regime and to deepen the capital markets through various new products and services we have been developing with the cooperation of our Regulator (NAMFISA) and other market participants. ”

Namibian



Zimbabwe

four months before moving to work in PwC Bermuda’s Investment Management Group for two years. Before joining the ZSE, she was working for the Bermuda Monetary Authority in the Banking, Trust & Investment Group from 2008 to 2011.

During her spare time Lina enjoys keeping up with current affairs, travelling, shopping, going to church and mentoring.

Obert NgwenyaFinance Executive

Obert joined the Exchange as the Finance Executive in July 2012.He is a Registered Public Accountant and Certified Chartered Accountant who trained outside professional practice and also an Associate Member of Institute of Bankers of Zimbabwe. Obert holds a Bachelor of Accountancy Honours Degree from University of Zimbabwe and is currently finalizing a dissertation for Executive MBA with NUST Graduate School of Business focusing on sources and sustainability of finance for SMEs as well as pursuing a Post Graduate degree with UNISA. He has attended several prestigious Leadership courses notably on Strategy Management by Dr. Lonnie Strickland.

Obert has extensive experience in financial modeling, financial reporting (IFRS and IAS), human capital development, strategy formulation and implementation gained in working in several listed companies which have interests in financial services, insurance sector and hospitality industries. Over the years he has had exposure in corporate governance and risk management.He loves reading financial mail, watching soccer (favourite team being Manchester United) and cricket and going to church.

The ISIN codes are as follows:TN Bank: ZW000 901 216 3Lifestyle Holdings Limited: ZW000 901 215 5

Securities Amendment Bill gazettedThe Securities Amendment Bill was gazetted this August 2012. The intended amendments to the Securities Act will further extend the powers of the Securities Commission. Key areas that will be dealt with by the amendments are as follows:

• The commissioners will becomenon executive, with executive powers vested in the commission’s chief executive

• All exchanges in the countrywillhave to be companies rather than mutual associations or other types of corporate bodies

• A single InvestorProtectionFundwill be established to compensate investors who are prejudiced as a result of malpractice or insolvency on the part of a stockbroker or dealer.

• Assetmanagersandmanagersofcollective investment schemes, currently regulated by the Reserve Bank of Zimbabwe, will fall under the control of the Commission.

New Appointments on the ZSEThe Zimbabwe Stock Exchange is pleased to announce the following two new additions to its team:

Lina F. MushanguriListings ExecutiveLina joined the Exchange as the Listings Executive beginning of July 2012.

She obtained a Bachelor of Accountancy Honours Degree from University of Zimbabwe and a Bachelor of Accounting Science Honours degree from the University of South Africa. Lina also has the following designations: Certificate in Theory of Accounting from the Institute of Chartered Accountants of Zimbabwe, Certified Internal Auditor and Certified Financial Services Auditor. Currently, she is in the last stage of her MBA with the University of London. She is a member of the Institute of Risk Management of South Africa.

Lina served her Articles of Clerkship with PriceWaterhouseCoopers in Zimbabwe and was seconded to PwC New York’s Banking and Capital Markets Group for

TN Bank Lists on the ZSETN Bank listed on the ZSE on Wednesday 11 July 2012, following its demerger from TN Holdings Limited (now Lifestyle Holdings Limited). The ceremony was officiated by the Minister of Finance, Mr. Tendai Biti.

Lina F. Mushanguri Listings Executive

Zimbabwe

ASEA Half YearStatistics


Statistics

January - June 2012

Botswana Stock Exchange

USD

Total Value Traded 62,856,454.60

Equity Market Value Traded 49,321,106.18

Bond Market Value Traded 2,337,903.23

Others 11,197,445.19

Total Volume Traded 180,956,371.00

Equity Market Volume Traded 163,648,495.00

Bond Market Volume Traded 15,835,000.00

Others 1,472,876.00

Total Number of Transactions 2,694.00

Equity Market Number of Transactions 2,573.00

Bond Market Number of Transactions 5

Others 116

Market Capitalization 54,079,476,096.00

Number of Listed Companies 37

Number of Traded Companies 30

Number of Trading Days 143

Exchange Rate/US$ 0.1279

Main Index Name Domestic Companies Index(DCI)

Main Index (Points) 7,238.05

Gains in Main Index (%) 3.75

P/E Ratio 4.3

Dividend Yield (%) 1.9


Statistics

January - June 2012

Bourse Regionale des Valeurs Mobilieres

USD

Total Value Traded 111,297,437

Equity Market Value Traded 84,433,286

Bond Market Value Traded 26,864,151

Others -

Total Volume Traded 18,494,511

Equity Market Volume Traded 16,988,830

Bond Market Volume Traded 1,505,681

Others -

Total Number of Transactions 13,788

Equity Market Number of Transactions 12,676

Bond Market Number of Transactions 1,112

Others

Market Capitalization 8,041,984,896




Exchange Rate/US$ (*) 521.01

Main Index Name BRVM-10

Main Index (Points) 169.72

Gains in Main Index (%) 7.09%

P/E Ratio 10.40

Dividend Yield (%) 12.66%


Statistics

January - June 2012

Bourse Regionale des Valeurs Mobilieres Casablanca Stock Exchange

USD

Total Value Traded USD 2,579,893,391

Equity Market Value Traded 2,149,016,415


Others 0



Bond Market Volume Traded 45,506

Others 0




Others 0

Market Capitalization USD 54,116,539,754





Main Index Name MASI

Main Index (Points) 10,054

Gains in Main Index (%) -2.2

P/E Ratio N/A

Dividend Yield (%) N/A


Statistics

January - June 2012

Dar es salaam Stock Exchange

January to June ,2012 TZS USD


Equity Market Value Traded 22,722,425,975 14,474,726.70

Bond Market Value Traded 126,680,000,000 80,698,178.11

Others


Equity Market Volume Traded 26,177,986 26,177,986.00

Bond Market Volume Traded 1,346,800 1,346,800.00

Others




Others

Market Capitalization as at 30 June 2012



Number of Trading Days

Exchange Rate/US$ 1,569.80 1,569.80

Main Index Name DSEI DSEI

Main Index (Points) 1,438.45 1,438.45

Gains in Main Index (%)

P/E Ratio

Dividend Yield (%)


Statistics

January - June 2012

Egyptian Exchange

USD

Total Value Traded 18,134,490,742.00

Equity Market Value Traded 12,814,140,633.00

Bond Market Value Traded 3,787,339,877.00

Others 1,533,010,230.00

Total Volume Traded 17,117,483,417.00

Equity Market Volume Traded 16,537,885,693.00


Others 557,874,696.00

Total Number of Transactions 3,333,358.00

Equity Market Number of Transactions 3,306,738.00

Bond Market Number of Transactions 654.00

Others 25,966.00






Main Index Name EGX 30



P/E Ratio 11.2



Statistics

January - June 2012

Ghana Stock Exchange

USD



Bond Market Value Traded 0

Others 0



Bond Market Volume Traded 0

Others 0




Others 0

Market Capitalization 28,254.98





Main Index Name GSE Composite Index



P/E Ratio 11.04



Statistics

January - June 2012


USD

Total Value Traded 2,008,507,442,191.00


Bond Market Value Traded 1,466,527,606,286.00

Others 320,910,960,337.00



Bond Market Volume Traded -

Others 85,696,269.00

Total Number of Transactions 14,650,525.00

Equity Market Number of Transactions 13,235,422.00

Bond Market Number of Transactions 195,470.00

Others 1,219,633.00






Main Index Name



P/E Ratio 14.87



Statistics

January - June 2012


USD




Others 0



Bond Market Volume Traded 42,159,582,331.90

Others 0




Others 0





Exchange Rate/US$ 0

Main Index Name (LASI)



P/E Ratio 13.7



Statistics

January - June 2012


USD



Bond Market Value Traded 0

Others 0




Others 0

Total Number of Transactions 674

Equity Market Number of Transactions 674


Others 0

Market Capitalization 933,439,701.11





Main Index Name MASI



P/E Ratio 21.25


Comments: The Malawi kwacha was devalued by 49 % on 7 May, 2012.


Statistics

January - June 2012


USD




Others 1,323,319.03


Equity Market Volume Traded 672,834.00


Others 370,000.00




Others 1






Main Index Name test

Main Index (Points) 0

Gains in Main Index (%) 0

P/E Ratio 14.85



Statistics

January - June 2012

Stock Exchange of Mauritius

USD


Bond Market Value Traded 269,550.14

Others

Total Volume Traded


Bond Market Volume Traded 407,263

Others

Total Number of Transactions



Others






Main Index Name SEMDEX


Gains in Main Index (%) (1.61)

P/E Ratio 10.63



Statistics

January - June 2012


USD

Total Value Traded 2,936,268,986


Bond Market Value Traded 2,506,592,310

Others 0

Total Volume Traded 2,514,221,892

Equity Market Volume Traded 2,514,221,572


Others 0



Bond Market Number of Transactions 2,587

Others 0





Exchange Rate/US$ 84

Main Index Name NSE 20 Share Index

Main Index (Points) 3,704


P/E Ratio 10


Comments

NAIROBI SECURITIES EXCHANGE LIMITED


Statistics

January - June 2012

Namibian Stock Exchange

USD




Others 18,869



Bond Market Volume Traded 265,897,000

Others 6,430




Others 3






Main Index Name NSX Overall


Gains in Main Index (%) 6.05%

P/E Ratio 12.28

Dividend Yield (%)

Comments


Statistics

January - June 2012

Nigeria Stock Exchange

USD

Total Value Traded 7,828,993,982.60


Bond Market Value Traded 5,803,250,875.56

Others 984,137.88



Bond Market Volume Traded 1,051,302,575.00

Others 59,648.00



Bond Market Number of Transactions 7,241.00

Others 155






Main Index Name NSE All-Share Index



P/E Ratio 22.58

Dividend Yield (%) 0

Comments - ETF AUM: 6,543,066.82


Statistics

January - June 2012

Rwanda Stock Exchange

USD



Bond Market Value Traded 163,820

Others 0




Others 0




Others 0






Main Index Name 0.00

Main Index (Points) -


P/E Ratio 0


Comments The rate used is an average for the month of June 2012


Statistics

January - June 2012


USD

Total Value Traded 102,786.38

Equity Market Value Traded 102,786.38

Bond Market Value Traded

Others



Bond Market Volume Traded

Others



Bond Market Number of Transactions

Others




Number of Trading Days 2 Days /week

Exchange Rate/US$ 4,400.00

Main Index Name Domestic Companies Index(DCI)


Gains in Main Index (%)

P/E Ratio 15.11

Dividend Yield (%)


Statistics

January - June 2012

Uganda Securities Exchange

USD




Others 0




Others 0




Others 0





Exchange Rate/US$ 2,472.00

Main Index Name USE All SHare Index



P/E Ratio 14.91



Statistics

January - June 2012


USD



Bond Market Value Traded 0.00

Others 0.00



Bond Market Volume Traded 0.00

Others 0.00



Bond Market Number of Transactions 0.00

Others 0.00





Exchange Rate/US$ 0

Main Index Name Industrials



P/E Ratio 0


Egyptian Exchange | Tel: +02 35316300 / 400 | fx.: +02 35316388 | website: www.egx.com.eg | www.africansea.org | www.aseaegypt2012.org | E-mail: [email protected] | [email protected]

African Securities Exchanges Association Conference

Unleashing Africa's Investment Potential –

What could be done by African Capital Markets?

2nd - 4th December 2012

Four Seasons Nile Plaza, Cairo, Egypt

Egypt welcomes you to

ASEA


Pyramids of GizaThe Giza Pyramids are a constant and popular attraction for the world at large. They stand for ancient Egyptian civilization’s best and most archetypal work. Together with the Sphinx, they simply embody ancient Egypt.

Great Pyramid of Khufu (Cheops)The Great Giza Pyramid of Khufu is the last surviving member of the Seven Wonders of the Ancient World. It was originally 146 m (479 ft) high but now stands a still impressive 137 m (449 ft). Over 2 million blocks of stone were used to construct it, and all with manual labor.

Pyramid of Khafre (Chephren)The Giza Pyramid of Khafre is a little smaller than the Great Pyramid but appears slightly larger than it from a few angles because of a better position on the plateau.

Pyramid of Menkaure (Mycerinus)The Giza Pyramid of Menkaure is the smallest of the Giza Pyramids and stands just 62 m (203 ft) high (originally 66.5 m).

Egyptian MuseumThe Egyptian Museum in Cairo provides you with the opportunity to see Egypt ancient history up close and personal. It has a number of wonderful items in their collection. The Egyptians have a very unique belief in the afterlife, and this collection contains many traces of that. One can see sarcophagi, funeral art, and many other items and artifacts.

Cairo CitadelThe Citadel, also known as the Saladin Citadel of Cairo, is one of the most popular tourist attractions in Cairo and throughout all of Egypt. The Citadel is part of the Muqattam Hill near the center of the city. It was once renowned for its breezes and beautiful scenery, as far back as Ayyubid ruler Salah al-Din, who built it and then fortified it against attack. The estimated construction date is between 1176 and 1183.

Khan El Khalili BazaarThe Khan El Khalili Bazaar is one of the oldest markets in Egypt, begun in the late 1300s. Islamic Cairo is famous for its open air markets. This market has deep historical roots. It was founded by Emir Djaharks el-Kalili under Burji Mamlik Sultan Barquq. The Emir built what is called a caravanserai,

a place where travelers stopped to rest for a while on their long journeys. These waypoints are unique to the Middle East and allowed for enough room so that animals could be allowed to take in the shade, as well. The original caravanserai still stands today in the market.

Djoser’s Step PyramidThe Djosers Step-Pyramid was the first pyramid built under supervision of the architect Imhotep during the Third Dynasty. Construction of the step pyramid required that six mastabas (a then common type of tomb) be placed atop each other. The Djosers Step-Pyramid is located in Saqqara, an ancient necropolis on the plateau above the Nile Valley.

Memphis Open Air MuseumToday however visitors can still find some of its remaining wonders, including a monumental statue of Ramses II and a beautiful sphinx carved from a single, enormous piece of alabaster. Weighing in at around eighty tons, the sculpture is one of the most commonly visited attractions in the city.

In addition to its political and administrative functions, ancient Memphis also served as a center for the worship of the god “Ptah”, in fact the city was seen as the “seat” of the god. Today, the remains of a great temple to Ptah as well as some royal palaces, and a large necropolis are also available for visitors to explore.

Abu Sir NecropolisThe Necropolis of Abu Sir contains fourteen pyramids, primarily the earlier “step” pyramid style, and is also the location for one of the most significant and largest finds of papyri in history. Those visiting the historic capitol city of Memphis the neighboring royal burial sites at Saqqara, or the vast pyramid field at Giza will want to include the site in their itinerary. The site is the elite and exclusive final resting ground for many of the Old Kingdom pharaohs, nobles and other important Egyptians, particularly those of the fifth dynasty.

Dashur PyramidsHistorically, all architecture evolves from very simplified forms to more

Ancient Attractions

Site Seeing in Egypt


complex varieties. This can be seen in the development of such structures as log cabins to skyscrapers, and even in pyramids. For a glimpse at the earliest true Egyptian pyramids most visitors make a point of visiting the Dahshur pyramids complex.

It is here that the pharaoh Snofru, or as some say Sneferu, transitioned away from his earlier “step” pyramid formation and attempted the first smooth sided structures. Though it is generally unknown as to why the styles changed, since it required a bit of experimentation and advanced engineering in order to perfect these structures, but the Dashur pyramids are the very first of their kind.

Maidum PyramidThe Maidum Pyramid, also spelled as the Meidum Pyramid, is found south of Cairo. This pyramid was originally built for Pharaoh Huni who was the last ruler of the Third Dynasty in Ancient Egypt. After the step pyramid’s completion, it was usurped by Sneferu, who succeeded Huni, and then turned it into a “true” pyramid by fitting in the steps with a special encasing. Eventually this pyramid collapsed at some point during the New Kingdom rule.

Modern AttractionsIslamic CairoVery different from the modern downtown Cairo district and its suburbs to the west, Islamic Cairo is similar in its ties to Islam as compared to the rest of the city. However, this area of the city has most of the famous Islamic monuments. The Fatimid caliphs, founders of Cairo, raised many of these monuments. Before modern Cairo, this was “Fustat” or Old Cairo. People here still live right by historic monuments and mosques; many of them are very poor. It’s a must-see for any visitor, with its combination of trade, commuting, worship, and shopping.

Nile CruisesCairo Nile cruises are an essential part of any visit to this historic land. Imagine a sunset felucca sailing along the glistening

waters just outside of Cairo, or the pleasure of a lunch or dinner aboard a beautiful ship making its way along the shores of one of the world’s most famous rivers.

Cairo Opera HouseThe funds for the opera house’s construction were originally donated by Japan after Egyptian President Hosni Mubarak visited Japan in 1983. Construction work began two years later and in 1988 the building was finally dedicated. This venue seats 1,300 people on four different levels. It welcomes operas and ballet shows, and is offered as the entertainment on certain luxury tours. Five hundred more people can be seated in the “Small Hall” area of the floor, though it is usually used for chamber music. There is also an Opera Museum, which displays many historic documents that call to mind historical performances that actually took place in the theatre. Lastly, there is an amphitheater for outdoor entertainment (very popular in the summer).

LuxorLuxor is a great place to relax and it is near some of the prominent temples. Located on the Nile, many cruises depart and arrive here daily.

Luxor is divided by several districts that tend to “group” all of the attractions. First, there is the East Bank (which refers to the location from the Nile River). This area includes some major temple and museum sites as well as the town of Luxor and various hotels, restaurants and train stations. Next, there’s the West Bank location, which offers the ruins of the city.

AswanAswan, Egypt is a city located in the southern part of Egypt and located on the banks of the Nile River. This beautiful city is just over 80 miles south of Luxor. The city has a number of different things for visitors to see and do, including ancient temples, mosques, islands, bazaars, and more. You can see the magnificence of Abu Simbel, Kom Ombo and Edfu, or St. Simeon Monastery. This is also the area from which many travelers depart for tours of the camel market, boating trips to Aswan Dam, visits to Philae Temple, and felucca tours of the Nile, and more.

Sharm El Sheikh Sharm El Sheikh is a city situated on the southern tip of the Sinai Peninsula in South Sinai Governorate, on the coastal strip along the Red Sea. It provides travelers with an unprecedented array of opportunities. They might head to Petra or Mt. Moses, they could visit Ras Mohamed on the “Red Sea Riviera”, the smaller coastal towns of Dahab and Nuweiba as well as the mountainous interior, Saint Catherine’s Monastery and Mount Sinai. They can head to the desert to see the Coloured Canyon, or even make a short visit to Cairo too.

Site Seeing in Egypt


Kimathi Street | Nation Centre | 1st Foor

P.O Box 43633 | 00100 | Nairobi

Tel: +254 (020) 283 1288/1000 | Fax: +254 (020) 222 4200

Website: www.africansea.org

ASEA

ASEA - African Securities Exchanges Association...ASEA Conference in Egypt ASEA Issue 1 |November 2012 Unleashing Africa’s Investment Potential - What could be done by African Capital

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