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Nairobi Eyes ETFs After FTSE Index Launch

Written by Staff

November 08, 2011 14:15 (CET)

Nairobi moved a step closer to domestically-listed exchange-traded funds today with the introduction of two new indices, jointly developed by the Nairobi Securities Exchange and FTSE.

The FTSE NSE Kenya Index Series consists of the FTSE NSE Kenya 25 Index and the FTSE NSE Kenya 15 Index. The former is made up of the 25 most liquid stocks listed on Africa’s sixth largest stock exchange by market capitalisation, while the latter comprises the 15 largest stocks by market capitalisation.

In a speech given today at the NSE, Peter Mwangi, its chief executive, said the indices would act as “a foundation for the development of index related products such as exchange-traded funds” on the bourse.

He added: “I am convinced that these indices will attract additional capital flows into the domestic Kenyan market and enhance liquidity and market capitalisation. This is a crucial part of the efforts of the Nairobi Securities Exchange to evolve into a full service securities exchange which supports trading, clearing and settlement of equities, debt, derivatives and other associated instruments.”

Jonathan Cooper, managing director of FTSE Middle East and Africa, said: “The launch of these new indices further underscores FTSE’s commitment to work with leading institutions in Africa, creating innovative indices that meet evolving market requirements. This is the first step towards a range of new indices to support investment opportunities in Kenya for both domestic and international investors.”

Both of the new indices are calculated in Kenyan shillings and will be reviewed in June and December of each year. There are also plans to add a third index, based on treasury bonds, in the near future.





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