Market performance recorded a noteworthy gain Tuesday as all market indicators were positive against Monday’s performance.
Additionally, the New Gold ETF recorded an all-time high turnover of Kshs. 66 Million.
The overall turnover of Tuesday’s market activities was Kshs. 804 Million and the ETF contributed to this by 8.15% – the highest since its listing.
New Gold Issuer (RF) Ltd, a subsidiary of South Africa’s Absa Bank, received approval in February 2017, to issue and list on the NSE.
It was the first ever ETF listing in the region. Exchange Traded Funds (ETFs) are listed investment products that track the performance of a basket of Shares, Bonds or Commodities.
An ETF can also track a single commodity such as oil or a precious metal like gold. ETFs give investors the chance to buy units that track whole indices as easily as buying shares listed on the NSE.
Mr. Geoffrey Odundo, the Chief Executive of NSE commenting on Tuesday’s activity noted,
“It is encouraging to see positive market trends despite the unfortunate circumstances we all find ourselves in. This is the highest activity seen on the ETF based on the turnover recorded since its listing at the NSE. Investing in ETFs is affordable and easier for first time, retail and institutional investors to access a wider range of investment options previously only available to select investors.”
The NSE continues to encourage investors to take advantage of this buyers’ market