BIZweek n°312 16 oct 2020
BIZweek n°312 16 oct 2020
  • Prix facial : gratuit

  • Parution : n°312 de 16 oct 2020

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 7

  • Taille du fichier PDF : 3,7 Mo

  • Dans ce numéro : les Seychelles devant Maurice en capitalisation boursière.

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mauritius telecom THE FASTEST UNLIMITED MOBILE DATA 24H FULL SPEED MOBILE DATA o AUCUN `volume capping'oAUCUNE restriction de vitesse 0 Connexion NON-STOP FULL SPEED nig" me  : 1 lir 2414 DI-NAM:AIT Rs Envoie 15 par SMS au 8684
VENDREDI 16 OCTOBRE 2020 BIZWEEK ÉDITION 312 LA TOUR ABSA AFRICA FINANCIAL MARKETS INDEX 2020 Market capitalization : Seychelles ahead of Mauritius Mauritius might be bigger in size compared to Seychelles (2040 km2 versus 458.4 km2), yet the latter is far ahead of us in terms of market capitalization as a percentage (%) of Gross Domestic Product (GDP) South Africa tops the list of market size and liquidity, followed by Botswana. Third runnerup is none other than Seychelles at 88.6%, that is its market capitalization in terms of Gross Domestic Product (GDP). Morocco stands at fourth position. And finally Mauritius… at 42.4%. That is almost half of the capitalization of Seychelles ; a country much smaller in size (458.4 km2) compared to Mauritius (2040 km2). These figure in the latest Absa Africa Financial Markets Index 2020. However, overall Mauritius is a better scorer than Seychelles in most pillars evaluated in the report. Mauritius maintains its 2nd position in the 2020 Absa Africa Financial Markets Index (AFMI) and registered a 4 points improvement in its score. The improvement reflects positive developments relating to the adoption by the banking sector of the Global FX Code of Conduct, the launch by the Bank of Mauritius of an electronic payment platform, and the amended trading rules by the Stock Exchange of Mauritius to open the stock market and enable links with International Central Securities Depositories (e.g., Euroclear). In terms of ‘Market Depth’(Pillar 1), Mauritius maintains third place. In early 2020, the Stock Exchange of Mauritius announced it had amended trading rules to open its marketup to international central securities depositories such as Euroclear and Clearstream. This allows foreign investors who invest in debt securities, Eurobonds and exchange-traded funds on the exchange to transfer these securities directly via the ICSD to other investors. The initiative is aimedat making the market more attractive to international investors. Mauritius and South Africa are the only markets in the index with such links to ICSD. Pillar 2 evaluates African markets’openness to foreign investment based on the ease of moving capital, liquidity of foreign exchange markets, rigidity of foreign exchange regimes and availability of reliable foreign exchange data. It considers countries’resilience to volatility by measuring portfolio flows against foreign exchange reserves. Mauritius maintains the first place. Mauritius has high net portfolio investment but is less vulnerable to foreign exchange fluctuations despite the high ratio to reserves. The significant inward flow is due to its position as a favourable domicile for investment funds, often comprised of international money invested globally. The quality of financial reporting in Mauritius and Tanzania was praised. Both rank highly in this pillar overall. According to the report, one respondent in Mauritius said the next step for regulators should be to look at making financial reporting using XBRL, the globally recognised format for digital accounts filing, more efficient. «It should be possible to generate the XBRL file directly from a company’s accounting system andupload it to the database of the registrar of companies.» This would make the process of collecting data and converting them into reports for regulators and other end-users more efficient, increasing market transparency. Finally, Mauritius and Kenya Who participated from Mauritius ? The team consulted more than 30 policy-makers, regulators and market practitioners across African financial markets in writing this report. For Mauritius, Sunil Benimadhu, Chief Executive, Stock Exchange of Mauritius, participated in the exercise ; as wellas Vipin Mahabirsingh, Managing Director, Central Depository & Settlement Co. Ltd. Individuals from the following institutions also participated : Bank of Mauritius (BoM) and Mauritius Commercial Bank (MCB). BoM Governor Harvesh Seegolam participated in a virtual panel discussion at the launch of the 2020 AFMI yesterday (Thursday 15 October). In his remarks, Governor Seegolam highlighted the progress and continuous efforts made by Mauritius in deepening and broadening the financial markets. He emphasised three core elements to foster financial market development— namely, solid financial market infrastructures, the right and enabling regulatory and doing business environment, and market access. Governor Seegolam emphasised the importance of «ongoing dialogue with stakeholders, from the banking and financial sectors as wellas the broader economy, to proactively design and implement policy measures especially in these times when market dynamics are changing.» He affirmedhis commitment to implement additional policies to sustain the resilience of the financial markets. Figure 1.2 : Market sire and Iiquidity Market capiteliaiitial% of CaP Equities Reidn Turnover of equitue4 Ye of market cepitallÉa tai Total sovonign end cofpxate bonds liste on erxchanges Simi Total te-novekr in bard mari e% of Red bonds loutstarrtlmg sent Africa 275.4 3.3.4 - 209.2 3013 Biltsintana 178A 0.3 L6 16.4 UnriZ : T.> L2 0.3 46.0 HOICKCO 45.2 10.7 0.5 63 Illailitliti5 42.4 6.6 1.2 2.3 Rwanda 35..6 0.1. 0.6 4.7 Seri -. I 29.1 2.1 8.8 0.6 IlAnIawl 27.9 L7 0.4 0 20.0 7.8 20.4 275 Namibie 17.6 L7 4.0 3.1 11.1:anda 16.4 0.1 3.1 0.0 ho Coast 15.7 2.1 8.6 0.6 Zambila 14.6 0.9 le 4.5 Ghana 117 0.7 19.6 90.6 Ir l'r IMM.11 35.4 76.1 31.4 4.6 "5.2 152 82 65.7 94.3 Tariunki 10.3 EndieiMENIM EswatIni lebM111 1.3 0,4 0 Mozamblla tee ASM 1,9 0 0 Canu. «. « Ll 0.5 1.3 0 Ethio ia - - 0 0 Arpg,ola 31. tf5Enho, 0 0 5eurrciac Rori ru-Lionel dock oarcliarear oedord rontnsi barda,% dl% dora tra ri of End-une% tha illssocedniq eql Arrican.Frdh COAFF rherus earnpoints for improved resolving insolvency scores. The World Bank said both had made resolving insolvency easier by improving the continuation of the debtor’s business during insolvency proceedings. Mauritius and Kenya 131 Panel discussion Speakers have the highest resolving insolvency scores in the index. The 2020 edition of the Index evaluates financial market development in 23 countries. The survey was conducted from June-August 2020. The report was written Moderator 11. David Mardi Chan-man OMFIF linedona Hua Valltlam Imper.* Seeila Nrelbillewe Hareesh Seesedank Vice President and Prector Deputy Governof GOnIfInOn Treasurer Orante Setter Develanment anal Central Bank of Kenya Bank of hlauntlus World Bank flouant. 1,11r1,1, United Nations Econornic Commission for Africa y tIAFMIndex @absa POMFIF by the Official Monetary and Financial Institutions Forum (OM- FIF), with Absa acting in an advisory capacity. The Index records the openness and attractiveness of countries across the continent to foreign investment. 3

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