{"id":6205,"date":"2011-12-17T00:25:57","date_gmt":"2011-12-16T22:25:57","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/nigeria-exchange-to-list-first-gold-backed-etf-2\/"},"modified":"2011-12-17T00:25:57","modified_gmt":"2011-12-16T22:25:57","slug":"nigeria-exchange-to-list-first-gold-backed-etf-2","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/nigeria-exchange-to-list-first-gold-backed-etf-2\/","title":{"rendered":"Nigeria exchange to list first gold-backed ETF"},"content":{"rendered":"

\t\t<\/span><\/p>\n

LAGOS<\/span> Dec 16 (Reuters) – Nigeria’s bourse is to list
\nits first exchange traded fund (ETF) on Monday, a South African
\ngold-backed fund that will broaden the exchange’s range of
\nproducts beyond equities and bonds, the stock exchange said on
\nFriday.<\/span><\/p>\n

<\/span><\/p>\n

NewGold, originated by South Africa’s Absa Bank Limited
\n, has a primary listing in South Africa and before its
\nNigeria debut had one other listing on Botswana’s bourse.<\/p>\n

<\/span><\/p>\n

The fund will open on an initial offering of 1.096 billion
\nnaira ($6.76 million), split into 400,000 units, to test demand
\nbefore any possible expansion into something bigger, a source at
\nthe stock exchange told Reuters.<\/p>\n

<\/span><\/p>\n

“You don’t want to list a million units and find out that
\nit’s not trading. They (ABSA) are testing the waters with this
\nand I am certain that this figure will go up based on the
\nuptake,” the source said, adding that ABSA plans to expand the
\nETF around Africa, including in Ghana.<\/p>\n

<\/span><\/p>\n

ETFs track equity or derivative indexes or a commodity but
\ntrade like a stock on an exchange, giving investors exposure to
\nthe underlying assets but at a much lower cost and with more
\nshort-term flexibility.<\/p>\n

<\/span><\/p>\n

Listing on the Nigerian bourse, sub-Saharan Africa’s
\nsecond-biggest, will increase liquidity for the security and
\nhelp diversify the stock exchange away from the equities that
\ncurrently dominate it, he said.<\/p>\n

<\/span><\/p>\n

“We are trying to deepen and widen the capital market. We
\nwant to provide different products not just plain vanilla,” the
\nsource added.<\/p>\n

<\/span><\/p>\n

“I see a lot of EFTs being listed earlier next year. We
\nalready have an application to list another equity-based ETF
\nnext year by a local issuer and they want … it by January.”<\/p>\n

<\/span><\/p>\n

Nigerian equities have touched 8-year lows in recent weeks,
\ndragged down by banking and oil stocks, as foreign investors
\nspurn frontier markets and domestic funds to buy bonds in search
\nof better yields.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

LAGOS Dec 16 (Reuters) – Nigeria’s bourse is to list its first exchange traded fund (ETF) on Monday, a South African gold-backed fund that will broaden the exchange’s range of products beyond equities and bonds, the stock exchange said on Friday. NewGold, originated by South Africa’s Absa Bank Limited , has a primary listing in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6205","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6205"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6205\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}