How do they achieve that ? Through a series of measures and rules:

-Listing of the NSE itself  to help the value of the exchange

-Requiring all companies to disclose financial information on their website ( a good example is First Bank ).

-To encourage expansion of the fixed income market.Nigeria central Bank has already hiked  the rates on fixed income securities and cut taxes.

-To push pension funds towards stock investments which are limited to a total of 12 billion dollars so far.

-To combat risk averse attitude among local retail investors by producing ,with Nollywood film directors ,TV shows that promote a certain business attitude.

-Introduction of a new code of corporate governance

New listing of companies could also  bring in that new blood so much needed to move towards the goal.

The state oil company is expected to float its joint venture companies on the NSE,the same move is expected in the power industry where some 19 new electricitygeneration and distribution companies are expected to attempt to raise the 50 billion dollars investment capital required on the NSE.

Other companies wished to list on the NSE include, Shell,Exxon and MTN Nigeria.

Nigeria stock market quick profile

Capitalisation of about 40 billion dollars

217 companies listed on the NSE

Five million Nigerians out of a population of 165 million are shareholders

|Source rinted version of The Africa Report |

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“As at the end of September, the NSE 20 Share Index —which tracks the movement of share prices and which consists of a basket of stocks representative of the entire market —had dropped to 3,284 points from 4,432 points at the close of trading in December 2010″…..comparatively..”Last year the Kenyan market was one of the most robust in the continent giving investors high returns on the back of low inflation and interest rates and strong economic growth that hit 5.6 per cent, lifting the earnings of majority of the stocks at the bourse”.|Source:Business Daily|

Nairobi Stock Exchange Website

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The Rwanda Stock Exchange ( No website available), a memer of the African Stock Exchange Association, was founded on January 31st 2011.The RSE is operated under the jurisdiction of Rwanda’s Capital Markets Advisory Council, (CMAC), which in turn reports to National Bank of Rwanda, the country’s Central Bank.Having successfully launched Bralirwa, as its pioneer Initial Public Offering (IPO), the RSE is in preparation for its next IPO which is expected to be Bank of Kigali, coming in Q4:2011.

The RSE operates closely with the three other stock exchanges of the region, the Nairobi Stock Exchange in Kenya, the Dar-es-Salaam Stock Exchange in Tanzania and the Uganda Securities Exchange in Uganda. There are plans are to integrate the four (04) stock exchanges to form a single East African bourse

‘Ground-floor opportunity. ” For the decade ending Dec. 31, 2009, an African composite index made up of eight countries, including South Africa, Nigeria, and Egypt, returned about 14 percent annualized. South Africa alone returned an average of 13 percent per year over that period.

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For further enquires please contact SAS Ghana

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The SEM-7 is made up of the largest companies by market capitalization, including Mauritius Commercial Bank, Naiade Resorts, New Mauritius Hotels, and State Bank of Mauritius.The SEM 7 will open the door to future contracts trading,this is big leap for African Stock Market

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The transport company had a decline in sales to 803 million ($11 million) down from (922 million in 2008) and it’s four year profit streak was snapped as it lost 53 million ($700,000) before tax, down from a profit of 112 million the year before..”

Their 2009 outlook is the following:”2009 outlook They noted that in the half year of 2009, sales and profits are ahead of budget; the company has undertaken efficiency measures taken include installation of vehicle fleet management & tracking system, outsourcing of some services, investment in new vehicles to support contracts, increase in warehouse utilization etc. By y year end they project to have a profit which will be distributed as follows: to pay down overdraft (31%), new investments (29%), dividend (25%) and cash flow (15%”

Go onto Bankele site to read the shareholder Q&A and  more

The  Kenya Capital Markets Authority (CMA) has made law the following  new regulations

:

- Sets minimum share capital for stockbrokers at Kshs. 50 million (~$650,000) and investment banks at 250 million (~$3.25 million) some stockbroker are investment banks in name only name
- Agents may work for one stockbroker only and may not handles client cash
- They must use International Financial Reporting Standards (IFRS)for reporting
- They must publish audited accounts and ½ year un-audited accounts in newspapers and also dispaly the same in their branches so by August 09 we should get a clearer picture of who’s up or down
- They must obtain indemnity insurance
- They are to notify the CMA before appointment of executives, directors, and auditors as well as prior to branch openings/closing

source

Go to Bankele who has more to say about the impact these rules have.