Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Saturday, May 21, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN

Kenya lists its first Exchange Trade Fund

by Alex
March 28, 2017
in DSE, Kenya, NSE, Regional Markets, RSE, USE
0
Share on FacebookShare on LinkedIn

NAIROBI, Kenya, Mar 28 – Kenya has listed its first  Exchange Trade Fund ar the Nairobi Securities Exchange by Barclays.

The Barclays NewGold ETF  is also listed on the Johannesburg Stock Exchange (JSE)  and enables investors to invest in the real-time value of Gold through an instrument similar to stocks.

Director of Markets at Barclays Kenya, Anthony Kirui, says the EFT is traded in the same manner as a normal equity and will be based on Kenya Shilling equivalent of the prevailing international market price of Gold in US Dollars which is currently at Sh1,250.

 

“It’s like buying shares in a gold mining company, without factors such as management and industrial actions, with the share price fully dependent on market factors. EFT gives investors an additional portfolio to invest and also cushion against inflation and currency movements,” said Kirui.

Each NewGold security is equivalent to approximately 1/100th of an ounce of gold which is held in a secure depository on behalf of investors and is backed by physical gold.

Investors can also trade in their share certificates for actual Gold, with 400,000 shares equivalent to 10 bars – which is the total amount of units floated in Kenya valued at nearly half a billion shillings.

“NewGold ETF will introduce depth and range to the NSE further entrenching the Exchange as the undisputed regional financial hub and based on our interactions with brokers and fund managers the market is hungry for this product,” said Barclay Bank of Kenya Managing Director, Jeremy Awori.

The Barclays NewGold ETF is the product of NewGold Issuer (RF) Limited (the issuer) and its authorized representative or market maker in Kenya is the Barclays Financial Services Limited (BFSL), the stock brokerage subsidiary of Barclays Bank of Kenya.

The NewGold ETF was first listed in South Africa in 2004 as the 3rd gold ETF in the world. The first gold ETF was launched in the US in 2003. NewGold ETF has since been successfully launched in Botswana (2010), Nigeria (2011), Ghana (2012), Mauritius (2013) and Namibia (2014).

It will trade under the abbreviated name: “BARCLAYS NEWGOLD ETF” and NSE symbol: “GLD”.

“ETFs are a significant and highly successful product of financial innovation that are found in more developed financial markets. We are happy to add another new segment for investors to benefit from. ETFs allow investors to spread their risk, diversify their portfolio and have ease of purchase and exit,” said Chief Executive of NSE, Mr. Geoffrey Odundo.

Tags: Exchange Trade Fund

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Alex

Related Posts

Growth in employment earmarks Kenya's post-pandemic economic recovery. www.theexchange.africa
Countries

Growth in employment earmarks Kenya’s post-pandemic economic recovery

May 11, 2022
www.theexchange.africa
Banking

Kenya: Business conditions worsen as customer demand declines

May 9, 2022
www.theexchange.africa
Business

Kenya: President Kenyatta Increases Minimum Wage by 12 Per Cent

May 2, 2022
Next Post

Kenyans abroad biggest senders of mobile to mobile remittances

Zantel rolls out 4G network and mobile Islamic banking in Pemba

New travel magazine rolled out in East Africa to boost tourism sector

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In