London Stock Exchange Group in Africa
London Stock Exchange Group has a long history of supporting the development of African capital markets and investment in African companies.
There are currently 30 African sovereign bonds listed in London, from eight issuers based in countries including Egypt, Nigeria, Kenya and Angola; $35.8 billion has been raised. There are over 110 African companies listed or trading on London Stock Exchange – more than on any other international stock exchange.
These companies have a total market capitalization of over US$175 billion, and in the last 10 years have raised more than $19.5 billion in equity capital on our markets.
Seplat was the first Nigerian company to simultaneously dual list equity shares in London and Nigeria in April 2014.
In November 2014, LSEG and The Nigerian Stock Exchange signed a capital markets agreement to support African companies seeking dual listings in London and Lagos. The agreement followed the implementation earlier in 2014 of a unique new cross-border settlement process between the UK and Nigeria. In March 2016, LSEG established an Africa Advisory Group (LAAG), bringing together 12 distinguished business leaders, policymakers and investors from across Africa, to discuss the challenges and opportunities presented by the development of the continent’s capital markets. In November 2018, LAAG launched five reports identifying key areas in supporting development of capital markets infrastructure in Africa. The reports address the topics of:
- Developing the green bond market for infrastructure products
- Attracting passive investment flows
- Developing offshore local currency bond markets
- Capital raising challenges for SMEs
- Corporate information dissemination
In June 2014, LSEG signed a strategic agreement with Casablanca Stock Exchange to share its expertise on the full exchange business chain, from listing to trading, and from clearing to settlement and custody with a commitment to position Casablanca’s capital markets and financial infrastructure as a regional hub.
LSEG market infrastructure technology is deployed in more 12 African markets, including Botswana Stock Exchange, Casablanca Stock Exchange and Johannesburg Stock Exchange. LSEG’s FTSE Russell benchmarking business has long-standing relationships in Africa, having worked with Johannesburg Stock Exchange to calculate domestic indexes since 2002. More recently, FTSE Russell collaborated with the Nairobi Securities Exchange (2011) and Namibian Stock Exchange (2016) to launch country-focused Index Series.
In November 2017, ELITE, London Stock Exchange Group’s international business support and capital raising programme, signed an agreement with Casablanca Stock Exchange (CSE) and Bourse Régionale des Valeurs Mobilières (BRVM) to support the launch of ELITE across the West African Economic and Monetary Union (UEMOA). In November 2018, London Stock Exchange’s International Securities Market welcomed the first local currency corporate bond from Ghana, denominated in Ghanaian Cedi, with Quantile Terminals listing a GHS 45 million bond, guaranteed by GuarantCo.