Barclays Africa to list NewGold ETF in Kenya soon
The fund, which has a primary listing on the JSE, already has secondary listings in Botswana, Nigeria, Mauritius, Namibia and Ghana
Nairobi — Barclays Africa Group is preparing to list its NewGold exchange-traded fund (ETF) on the Nairobi Securities Exchange after receiving regulatory approval to begin trading the securities. "We expect the listing to take place early this year," Michael Mgwaba, head of exchange-traded products at Barclays Africa’s Absa Capital unit, said. Kenya’s Capital Markets Authority approved the listing last week. The fund, which has a primary listing on the JSE, already has secondary listings in Botswana, Nigeria, Mauritius, Namibia and Ghana. The Kenyan regulator approved the listing of 400,000 gold bullion debentures, each equivalent to 0.01 of an ounce of gold. The Nairobi Securities Exchange has been preparing to introduce new products including derivatives, ETFs and asset-backed securities since at least 2013 as it seeks to boost trading volumes. The volume of shares traded on the Nairobi Securities Exchange declined to $5.81bn in 2016, compared with $8.11bn in 2014, according to da...
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