LONDON — Shares worth more than $832m were traded across the stock exchanges of Zimbabwe, Zambia, Malawi and Botswana last year, 29% higher than the previous year. While the number pales in comparison to those traded on the JSE, Africa’s biggest stock market, it does show that outside the borders of South Africa there’s a burgeoning market.The four markets covered by an annual exchange handbook — the Central African Stock Exchanges (CASE) Handbook — are very small in comparison with the JSE, — with a combined market cap of $15.5bn at the end of 2013 —They make up only about 0.2% of the Johannesburg bourse’s combined 2013 market cap of $15.5bn.Finding any information on markets in Africa is a difficult undertaking given the lack of transparency and development in many of these markets. The handbook is a bid to collate and compare the 130 companies listed in these countries, in an attempt to demystify them."In all four markets there is a dearth of independent information. This is the ...

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