Seven African exchanges start cross-border trade

Investors in seven stock markets serving 14 African countries can now participate in cross-border securities trading following the launch of a dedicated e-platform, the Nairobi Securities Exchange (NSE) said.

The seven exchanges, Bourse Regionale des Valeurs Mobilieres (BRVM), Morocco’s Bourse de Casablanca, the Egyptian Exchange (EGX), South Africa’s Johannesburg Stock Exchange (JSE), Kenya’s Nairobi Securities Exchange (NSE), the Nigerian Exchange Limited (NGX) , and the Stock Exchange of Mauritius (SEM), are participating in the first phase of the African Exchanges Linkage Project (AELP).

The BRVM is a regional stock exchange serving Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo. The exchange is located in Abidjan, Ivory Coast; Market offices are maintained in each of the eight West African countries.

The NSE said in a statement in the Kenyan capital Nairobi on Thursday that the AELP is backed by the African Development Bank (AfDB) and the African Securities Exchanges Association (ASEA).

The seven African stock exchanges represent 2,000 companies with a market capitalization of USD 1.5 trillion.

AfDB manager for capital markets development, Ahmed Attout, said in the statement that the project aims to industrialize and integrate Africa.

“It also aligns with the objective of the African Continental Free Trade Agreement to establish a liberalized market to promote the movement of capital, facilitate investment and deepen the continent’s economic integration,” he said.

ASEA President Edoh Kossi Amenounve, for his part, said the AELP “presents a great opportunity for investors and issuers across the continent.” End point