Closing Price: 8.30
Total Shares Issued: 259503194.00
Market Capitalization: 2,153,876,510
Nairobi Securities Exchange reports FY 2020 Earnings versus FY 2019
FY Revenue 548.257m versus 577.114m
FY Interest Income 85.138m versus 89.109m
FY Other Income 36.544m versus 49.415m
FY Total Income 669.939m versus 715.638m
FY Admin Expenses [467.212m] versus [625.403m]
FY Profit Before Tax 218.914m versus 104.499m
FY Profit after Tax 167.918m versus 80.153m
FY EPS 0.65 versus 0.30
FY Dividend 0.53 versus 0.08 +562..5%
Cash and Cash Equivalents 402.748m versus 343.200m
Nairobi Securities Exchange Plc Audited Group Results for the Year Ended 31st December 2020 @tradingroomke
NSE reports H1 2020 Earnings
During the Year net foreign outflows was 28.63b versus net foreign inflow of 1.38b in 2019
Total Bond Turnover 691.83b +6% versus 2019
For the Year through December 31st 2020 equities turnover decreased by 3% to 149b
Revenue decreased marginally 5%
Reduction in equity trading levies by 3% from 369.2m to 356.8m
Administration expenses decreased by 25%
FY EPS +166.66%
FY Dividend +562.5%
FY Admin costs -25%
Quite an impressive performance given the volume environment.
NSE reports H1 2020 Earnings
H1 Revenue 292.383m versus 295.877m
H1 Total Income 366.807m versus 364.336m
H1 Admin Expenses [237.863m] versus [339.404m]
H1 Profit Before Tax 142.763m versus 29.895m
H1 Profit After Tax 110.491m versus 13.548m
H1 EPS 0.43 versus 0.09
Equity Turnover increased by 6.5%
Nairobi Securities Exchange Plc - Unaudited Group Results for the Six Months Ended 30th June 2020. @tradingroomke
They took a knife to costs.
Nairobi Securities Exchange PLC FY 2019 results through 31st December 2019 vs. 31st December 2018
FY Revenue 567.382m vs. 626.191m -9.392%
FY Interest income 89.109m vs. 116.341m -23.407%
FY Other income 59.147m vs. 39.870m +48.350%
FY Total income 715.638m vs. 782.402m -8.533%
FY Administrative expenses [625.403m] vs. [560.565m] +11.567%
FY Profit before taxation 104.499m vs. 240.849m -56.612%
FY Profit for the year 80.153m vs. 190.678m -57.964%
Basic and diluted EPS 0.30 vs. 0.73 -58.904%
Total assets 2.242401b vs. 2.218388b+1.082%
Cash and cash equivalents at the end of the year 343.200m vs. 229.308m +49.668%
Ordinary dividend per share 0.08 vs. 0.29 -72.414%
Special dividend vs. 0.20 -100%
OPERATING ENVIRONMENT 2019
Locally the NSEs All Share Index (NASI), which tracks the market value of shares of all listed firms, gained 18.5% to close the year 2019 at 166.41 points.
The strong performance of the international markets witnessed increased allocation to the developed markets impacting the frontier markets of which the NSE is a key constituent.
The Group reported a profit before tax of Kshs.104 Million in 2019 as compared to Kshs 241 Million recorded in the year 2018.
Net profit declined by 58% to Kshs. 80 Million over the same period in 2018.
This was occasioned by a 9% decrease in revenues mainly as a result of a decline in equity trading turnover which declined by 12% from Kshs.351 Billion in 2018 to Kshs.307 Billion in 2019.
Equity trading levies equally declined by 12% from Kshs. 421.6 Million for the year ended 31 December 2018 to Kshs. 369.1 Million over the same period in 2019.
The reduced trading activity was largely as a result of a weak local demand side which did not complement the international activity.
Bonds turnover however edged up 15.80% to settle at Kshs. 1,303 Billion for the year 2019 as compared to Kshs. 1,125 Billion recorded in 2018.
Interest income in the review period decreased by 23% to Kshs. 89.1 Million from Kshs. 116.3 Million recorded over a similar period in 2018 due to utilization of cash deposits on acquisition of strategic investments.
Administrative expenses increased by 12% from Kshs. 560 Million in 2018 to Kshs. 625 Million in 2019 mainly arising from a one off staff restructuring cost of Kshs. 52 Million in 2019.
This is not expected to recur in 2020. The ATS system upgrade and the derivatives market were launched in the year. Both ATS and derivatives systems were capitalized in 2019 resulting in an increase in amortization and depreciation expenses by Kshs. 11.7 Million.
The Group recorded other comprehensive loss of Kshs. 17.2 Million for the year under review mainly comprising of Kshs. 18.4 Million in unrealised loss on the fair value of a quoted equity investment acquired in 2019. This was passed through Other Reserves.
Total assets increased marginally by 1% from Kshs. 2.218 Billion as at 31 December 2018 to Kshs. 2.242 Billion as at 31 December 2019. Non controlling interest of Kshs. 56.1 Million as at 31 December 2019 represents the minority shareholders arising from the 61% acquisition in 2019 of an unquoted equity investment.
Non current liabilities as at 31 December 2019 include Kshs 35.2 Million contributions received from clearing members towards the settlement guarantee fund.
The outbreak of COVID 19 presents a new challenge to the market and we anticipate that investors will remain cautious in the medium term. The systemic global impact of this pandemic has been significant and as an international market we will experience some volatility in the near term.
It is impressive to note that local investors continue to exude confidence in the market and are taking up more buy positions with almost 50 50 local to foreign participation in the market.
The increased local investor participation and continued trading inflows from the international markets is evidence of the attractive valuation of stocks trading on the Exchange.
As a market we have put in place measures that will ensure continuous seamless trading and access to all our investing publics.
We remain committed to ensuring that we complement the Governments efforts in containing this virus by ensuring availability of the trading infrastructure through our remote automated processes.
The NSE has robust systems and highly committed market participants who have ensured uninterrupted trading, clearing and settlement in all the securities listed and traded on its various segments.
The NSE is working closely with regulators, service providers, trading members and various stakeholders in the capital markets ecosystem to ensure an integrated contingency approach to safeguard integrity, business continuity and uninterrupted access to the markets during this unprecedented period.
To increase listings, we have enhanced our engagements with the Government to encourage privatization of publicly owned companies as well as encourage the Government to reduce its shareholding in some listed State Owned Enterprises.
To grow the data and training business lines, we have reviewed our offering, expanding the portfolio of data and training products and will be partnering with institutions of higher learning to offer data and training services.
We have commenced the implementation of our new strategy for 2020 2024. The strategy will be guided by accelerated innovation and will place special focus on leveraging on technology to increase our reach as we seek to grow our retail investor footprint.
The company will focus on cost management as one of its key deliverables this year. This will be achieved through increased automation and leveraging on the new trading infrastructure.
Through these and other innovative initiatives the company is keen on creating a cost efficient organization to attain a cost income ratio of 65%.
The Directors recommend the payment of a first and final dividend for the year 2019 of Kshs. 0.08 per ordinary share (2018 Kshs. 0.49 per share comprising of an ordinary dividend of Kshs. 0.29 per share and a special dividend of Kshs. 0.20 per share).
Dividend Yield is 0.88%
obviously highly correlated to Trading volumes where Equity volumes declined -12% in an environment where the All Share rallied +18.5%
I expect weakness trough 2020
At a PE of 30.133 its expensive unless The GOK starts a Privatisation drive which is difficult in the current bearish market.
Nairobi Securities Exchange PLC H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Operating income 288.731m vs. 352.402m -18.068%
H1 Interest income 47.227m vs. 58.879m -19.790%
H1 Total income 364.336m vs. 430.504m -15.370%
H1 Administrative expenses [339.404m] vs. [277.332m] -22.382%
H1 Profit before taxation 29.895m vs. 167.826m -82.187%
H1 Profit for the year 24.268m vs. 133.886m -81.874%
Basic and diluted EPS 0.09 vs. 0.52 -82.692%
Total assets 2.287448b vs. 2.309172b -0.941%
Cash and cash equivalents at the end of period 234.197mvs.122.341m +91.430%
OPERATING ENVIRONMENT FIRST HALF OF 2019
Global economic growth remained subdued in the first half of 2019 on account of strained US China trade relations coupled with prolonged Brexit uncertainty, that significantly impacted on investor sentiments, slowing down investment.
In the course of the 6 month period, the World Bank revised downwards its 2019 economic growth forecast by 0.3% points to 2.6%, from the projected 2.9% as at January 2019.
The macro economic environment in Kenya during the first half of 2019 continued to face challenges characterized by erratic weather conditions, low private sector credit growth, reduced liquidity and increased inflation.
During the period under review, the inflation rate increased to an average of 5.2% compared to an average of 4.3% posted over the same period in 2018.
The country however experienced a relatively stable interest rate and currency environment evidenced by a marginal depreciation of 0.5% against the US Dollar and declining yields in government securities in the primary market in the period under review respectively.
The Group reported a decline in profit after tax of 82% to Kshs. 24 Million for the six months period ended June 2019 as compared to Kshs. 134 Million recorded over the same period in 2018.
This was occasioned by an 18% decrease in revenues mainly driven by a 28% drop in equity turnover which declined from Kshs. 108.5 Billion for the six months ended 30 June 2018 to Kshs. 78.1 Billion for the six months ended 30 June 2019.
This in turn led to a reduction in equity trading levies by 28% from Kshs. 259.9 Million for the six months ended 30 June 2018 to Kshs. 187.5 Million for the six months ended 30 June 2019.
The decline in the equity turnover was as a result of low domestic demand which saw an increase in asset allocation towards the fixed income assets.
Bonds turnover however edged up 16% to settle at Kshs. 360 Billion for the six months ended 30 June 2019 as compared to the same period in 2018.
During the same period, the NSE reviewed its administrative costs leading to a one off staff restructuring cost of Kshs. 52 Million. This is not expected to recur in the second half of 2019.
Interest income in the review period decreased by 20% to Kshs. 47.2 Million from Kshs. 58.9 Million recorded over a similar period in 2018 due to utilization of deposits on acquisition of strategic investments.
Share of profit in associate decreased by 66% from Kshs. 14.7 Million for the six months ended 30 June 2018 to Kshs. 5 Million for the same period in 2019 due to the decline in trading performance and increased system costs.
Other comprehensive loss of Kshs. 10.7 Million for the period under review relates to unrealised loss on the fair value of a quoted investment acquired in 2019. This was passed through Other Reserves.
total assets declined marginally by 1% from Kshs. 2.31 Billion as at 30 June 2018 to Kshs. 2.29 Billion as at 30 June 2019.
Current liabilities as at 30 June 2019 include a first and final dividend approved for the financial year ended 31 December 2018 of Kshs. 127.2 Million which was paid in July 2019.
Cash generated from operations for the six months ended 30 June 2019 declined as a result of the drop-in performance for the period and utilization of funds on strategic acquisitions.
OUTLOOK SECOND HALF OF 2019
Our expectation on market performance in the second half of 2019 is positive, driven by reduction of interest rates by the Federal Reserve Bank from the previous rate of 2.25% to 2.50% to the current benchmark rate of 2% to 2.25% effected in July 2019 which could spur activity in emerging and frontier markets by foreign investors.
Stable macro economic conditions supported by increased infrastructural investments by the Government will offer private sector players growth opportunities through their participation in the Big Four Agenda.
The successful launch of the NSE NEXT Derivatives Market at the beginning of July 2019 presents a great opportunity for the NSE to diversify its revenue streams whilst providing investors advanced risk management tools and a new avenue for deployment of capital.
The market will also increase liquidity of underlying assets as well as buttress our position as a leading financial services hub in Africa. The launch is a key milestone in the achievement of our strategic priorities.
In the second half of the year, we will place special focus on increasing interaction with local and international investors and issuers in a bid to increase activity in the market.
The NSE will also leverage on the Ibuka Program to create a pipeline of well structured companies ready to list or access other capital options offered by the NSE.
The Program has grown in leaps and bounds since its launch in 2018, attracting 16 companies since inception, underpinning the programs attractiveness among Kenyan companies.
The NSE will gear up efforts to facilitate issuance of corporate bonds to enable companies access short term capital to support their growth and expansion strategies.
We will maintain our focus on information services, with NSE providing real time comprehensive market data on a cost basis, to data vendors and other consumers of data who need the same to make informed investment decisions.
The NSE plans to grow this revenue line by actively engaging with entities and institutions that rely on market data to make business decisions.
With the ongoing upgrade of the Automated Trading System, we anticipate increased trading activity catalyzed by increased systems efficiencies and trading capabilities.
During the period, the NSE will enhance internal efficiencies at an enterprise wide level and initiate strategic cost reduction initiatives to optimize resources in line with its commitment to maximize shareholder and stakeholder value.
The NSE will also benefit from reduced staff costs as a result of the staff restructuring carried out in the first half of 2019.
The Board of Directors does not recommend the payment of an interim dividend for the first half of the year 2019.
They are correlated to Trading Activity and I dont see an immediate Upturn.
FY Revenue 626.191m vs. 607.438m +3.087%
FY Interest income 116.341m vs. 98.569m +18.030%
FY Other income 39.605m vs. 46.711m -15.213%
FY Total income 782.137m vs. 757.718m +3.908%
FY Administrative expenses [560.300m] vs. [495.856m] +12.997%
FY Profit before taxation 240.849m vs. 269.186m -10.527%
FY Profit for the year 190.678m vs. 216.250m -11.825%
Basic and diluted EPS 0.73 vs. 0.83 -12.048%
Total assets 2.218388b vs. 2.108220b +5.226%
Cash and cash equivalents at the end of the year 229.308m vs. 156.030m +46.964%
Ordinary dividend per share 0.29 vs. 0.30 -3.333%
Special dividend 0.20 vs.
Final dividend 0.49 vs. 0.30 +63.333%
KEY AUDIT MATTERS
There are no key audit matters to report.
Total income increased by 4% from Kshs. 753 million in 2017 to Kshs. 782 million in 2018. This was driven mainly by a 2% increase in equity turnover from Kshs. 343 billion in 2017 to Kshs. 351 billion in 2018 and bonds turnover which increased by 29% from Kshs. 872 billion in 2017 to Kshs. 1,125 billion in 2018. Interest income increased by 18% from Kshs. 99 million in 2017 to Kshs. 116 million in 2018 due to prudent management of funds. Other income decreased by 15% from Kshs. 47 million in 2017 to Kshs. 40 million in 2018 mainly due to a reduction in revaluation surplus on investment property in 2018.
Share of profit of associate increased by 64% from Kshs. 12.3 million in 2017 to Kshs. 19 million in 2018 owing to increased profitability.
Administrative expenses increased by 13% from Kshs. 496 million in 2017 to Kshs. 560 million in 2018 mainly due to a salary review alignment and revaluation deficit on the valuation of the NSE building.
This resulted in a decline in the profit for the year by 12% from Kshs. 216 million in 2017 to Kshs. 191 million in 2018.
Total assets increased nominally by 5% from Kshs. 2.1 billion in 2017 to Kshs. 2.2 billion in 2018.
The Group recorded a return on assets of 8.6% and a return on equity of 9.1% in 2018.
OUTLOOK FOR 2019
Our expectations on the economic activities and the general business environment in Kenya are positive going into 2019. The Governments investment in the Big Four Agenda will create new opportunities for businesses to grow. According to the International Monetary Fund (IMF), Kenyas GDP could grow to 6.01% due to improved performance in various sectors, including real estate, tourism, manufacturing, and agriculture.
The NSE will in the coming year focus on enhancing uptake of its various products. With the broadening of our product offering, companies can now tap into various forms of capital including debt, equity and Real Estate Investment Trusts to raise funds for their businesses. We also embarked on the full roll out of the Ibuka program which is an incubation and accelerator platform for providing companies with visibility, capacity building and networking opportunities on a hosted basis. From a product development perspective we envisage to launch the derivatives market this year. The NSE will continue to focus on its innovative strategy and in the coming year deliver its products through more accessible digital channels.
During the year, we intend to support the issuance of the M Akiba retail bond program and in addition promote sustainable financing through issuance of green bonds. In 2019, the NSE will strengthen its operational efficiency through optimisation of its resources and management of costs.
The Directors recommend the payment of a first and final dividend for the year 2018 of Kshs. 0.49 per ordinary share comprising of an ordinary dividend of Kshs. 0.29 per share and a special dividend of Kshs. 0.20 per ordinary share (2017 Kshs. 0.30 per share). The dividend is subject to shareholders approval at the Annual General Meeting. The payment is subject to witholding tax, where applicable and will be paid by 30 July 2019 to members on the register at the close of business on 30 May 2019. Accordingly, the register of members will remain closed for one day on 31 May 2019 for preparation of dividend warrants.
20 MAR 2019 Chugging Along, Nothing but Strong @NSE_PLC
Its a Buy on reverses.
Nairobi Securities Exchange PLC H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Operating income 351.402m vs. 282.603m +24.345%
H1 Interest income 58.879m vs. 47.125m +24.942%
H1 Total income 430.504m vs. 346.805m +24.134%
H1 Administrative expenses [277.332m] vs. [254.664m] +8.901%
H1 Profit before taxation 167.826m vs. 99.659m +68.400%
H1 Profit for the year 133.886m vs. 77.770m +72.156%
Basic and diluted EPS 0.52 vs. 0.30 +73.333%
Total assets 2.309172b vs. 2.021336b +14.240%
Cash and cash equivalents at the end of the year 122.341m vs. 130.804m -6.470%
Equity and Bonds turnover +32% and +30% to settle at 108.5b and 311b respectively.
+32% increase in equity turnover from 82b to 108.5b
Equity levies 259.9m versus 196.8m
Bond Levies 21.8m versus 16.7m
in the second half of 2018 we will be concluding pilot phase testing of the Derivatives markets
Attractive results. Its a volume game and volumes were up Year on Year.
They have architected the markets and now need to accelerate volumes
Nairobi Securities Exchange PLC FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Operating income 582.338m vs. 527.164m +10.466%
FY Interest income 98.569m vs. 94.766m +4.013%
FY Other income 76.125m vs. 95.255m -20.083%
FY Total income 757.032m vs. 717.185m +5.556%
FY Administrative expenses [500.170m] vs. [487.291m] +2.643%
FY Profit before taxation 269.186m vs. 233.115m +15.473%
FY Profit for the year 216.250m vs. 183.956m +17.555%
FY Total comprehensive income for the year 218.806m vs. 183.754m +19.076%
Basic and diluted EPS 0.83 vs. 0.71 +16.901%
Dividend per share 0.30 vs. 0.27 +11.111%
Total assets 2.108220b vs. 2.013745b +4.692%
Cash and cash equivalents at the end of the year 156.030m vs. 479.359m -67.450%
improved Cost to Income Ratio of 66% from 68% in 2016
we intend to launch the derivatives market this year.
NSE FY17 Results via Kestrel
The 16.9% y/y increase in EPS was predominantly driven by growth in equity turnover (17% y/y) which was higher than expected given the pro-longed election period.
Costs remained relatively flat (2% growth y/y to KES 500m), and therefore growth in income trickled down to the bottom line.
Notably, the company posted an ROE of 11%.
Going forward, the company intends to launch the derivatives market as well as promote newly launched products like ETFs and REITs. We dont expect these to have a major impact on the companys financials in the coming year as the initial offerings are not expected to be very large. Therefore, the existing income streams will continue to drive the revenue growth.
Additionally, we are not aware of any large IPO or bond offering that may catalyse the existing income generation and therefore we expect a large part of the growth in the upcoming year to be driven by economic growth and increased turnover on the existing instruments.
The Board recommended a first and final dividend of KES 0.30 per share (2016 KES 0.27 per share).
Strong Earnings. Good Pipeline promises a better 2018.
H1 Operating income 282.603m vs. 266.796m +5.925%
H1 Interest income 47.125m vs. 51.766m -8.965%
H1 Other income 17.077m vs. 15.734m +8.536%
H1 Total income 346.805m vs. 334.296m +3.742%
H1 Administrative expenses [254.664m] vs. [235.782m] +8.008%
H1 Profit before taxation 99.659m vs. 106.652m -6.557%
H1 Profit for the year 77.770m vs. 81.962m -5.115%
Basic and diluted EPS 0.30 vs. 0.32 -6.250%
Total Assets 2.021336b vs. 1.936759b +4.367%
Cash and cash equivalents at the end of the period 130.804m vs. 328.040m -60.126%
No interim dividend
Total Income increased by 4% from 334.3m in the six months ended 30 June 2016 to 346.8m for 6 months to June 2017.
This was driven mainly by an 11% increase in equity turnover from 73.6b to 82b.
Its a volume Game and volumes are trending higher.
FY Revenue 527.164m vs. 663.903m -20.596%
FY Interest income 94.766m vs. 101.010m -6.182%
FY Other income 95.255m vs. 43.344m +119.765%
FY Total income 717.185m vs. 808.257m -11.268%
FY Administrative expenses [487.291m] vs. [448.323m] +8.692%
FY Profit before taxation 233.115m vs. 381.494m -38.894%
FY Profit for the year 183.956m vs. 305.693m -39.815%
EPS (Basic and diluted) 0.71 vs. 1.18 -39.831%
Total assets 2.013745b vs. 1.918235b +4.979%
Cash and cash equivalents at the end of the year 479.359m vs. 28.712m
Dividend per share 0.27 vs. 0.49 -44.898%
We will broaden our product offerings through introduction of products geared towards matching the needs of our Investors such as exchange traded Funds, Derivatives contracts and GDRs
Introduction of a Market Making framework and Securities Lending and borrowing regulations
Highly correlated to Trading volumes and we have been in a Bear Market. I expect a rebound in FY 17.
H1 Operating income 242.579m vs. 314.345m -22.830%
H1 Interest income 51.766m vs. 44.241m +17.009%
H1 Other income 39.951m vs. 42.544m -6.095%
H1 Total income 334.296m vs. 401.130m -16.661%
H1 Administrative expenses [235.782m] vs. [203.458m] +15.887%
H1 Profit before taxation 106.652m vs. 218.744m -51.243%
H1 Profit for the year 81.962m vs. 178.580m -54.103%
EPS (Diluted) 0.32 vs. 0.69 -53.623%
Cash and cash equivalents at the end of the period 328.040m vs. 883.506m -62.871%
Highly correlated to volumes and its been a low volume bear market for the most part.
FY Operating income 616.778m vs. 641.736m -3.889%
FY Interest income 101.010m vs. 39.514m +155.631%
FY Total income 808.257m vs. 821.901m -1.660%
FY Administrative expenses [448.323m] vs. [389.541m] +15.090%
FY Profit before taxation 381.494m vs. 441.811m -13.652%
FY Profit for the year 305.592m vs. 320.041m -4.515%
EPS 1.57 vs. 2.13 -26.291%
Total assets 1.918235b vs. 1.685104b +13.835%
Cash and cash equivalents at the end of the year 444.035m vs. 640.655m -30.690%
Dividends 0.49 vs. 0.38 +28.947%
Bonus share 1 3
This was driven mainly by the three per cent decrease in equity turnover from Sh431 billion in 2014 to Sh419 billion in 2015, said the NSE in a statement.
Its going higher in 2016 and that Prediction is based on an increased smorgasbord of Product, strong Institutional Demand for Exchange Equity.
The Bonus and Dividend Hike will keep it humming along.
H1 Total Assets 1,892.618m vs. 1,143.960m +65.4%
H1 Operating Income 314.345m vs. 300.218m +4.7%
H1 Other Income 42.544m vs. 39.444m +7.9%
H1 Total Income 401.130m vs. 353.198m +13.6%
H1 Profit Before Taxation 218.744m vs. 178.861m +22.3%
H1 Profit After Tax 178.580m vs. 127.881m +39.6%
H1 EPS 0.92 vs. 0.99 -7.1%
an Increase in equity turnover by 6% to 213b for 6 month period
Interest Income also increased by 30.7m or over 100%
The CGT related slow down crimped equity Turnover in Q1 of this H1 reporting period.
This share is a BUY.
Full Year Earnings through 31st December 2014 versus through 31st Dec 2013
Full Year Operating Income 641.736m versus 488.766m
Full Year Other Income 140.651m versus 112.527m
Full Year Total Income 821.901m versus 622.713m +32%
Full Year Profit before Taxation 441.811m versus 379.496m +67%
Full Year Profit After Tax 320.041m versus 262.419m
Full Year EPS 2.13 versus 2.04
Full Year Dividend 38cents a share
Total income +32% was driven majorly by the 39% increase in equity turnover from 311b in 2013 to 431b in 2014
Secondary trading activity in the Fixed Income Market rose by 11% from 914b to to 1012b
Investor interest in Kenya and the broader East African Region remains strong.
The Exchange is on course to launch the derivatives market. Initial products all be single stock and index futures before offering currency based contracts
We expect further listings on the GEMS and new listings of REITS
Good Results. Single digit PE Lots of innovation BUY