Absa Capital NewGold ETF Lists In Botswana - I-Net

13th Jul 2010 10:29

JOHANNESBURG (I-Net Bridge)--Absa Capital, the investment banking division of Absa Bank Ltd. (ABSP.JO), listed its NewGold exchange traded fund on the Botswana Stock Exchange Tuesday as part of its strategy to expand its suite of products and services in sub-Saharan Africa. Tuesday morning, 1.6 million NewGold securities were listed on the BSE. The move represents a secondary listing for NewGold, South Africa's largest ETF and the third-largest gold ETF in the world. As of July 12, NewGold's assets under management were 14.7 billion rand. Vladimir Nedeljkovic, head of ETF's and index products at Absa Capital said: "Absa Capital is excited to list the first ETF on the Botswana Stock Exchange, allowing both individual and institutional investors direct access to an efficient and cost effective way to invest in gold through a listed security. "Historically, gold has demonstrated its role as an effective portfolio diversifier, a store of value and a safe haven investment in uncertain economic times, as well as an excellent currency hedge," Nedeljkovic said. The move is expected to help develop the investor market in Botswana by widening the choice of asset classes available to local investors, as well as increase significantly the liquidity on the Botswana Stock Exchange. I-Net Bridge; +27 11 280 0735, [email protected] Copyright 2010 I-Net Bridge. All rights reserved (END) Dow Jones Newswires July 13, 2010 05:29 ET (09:29 GMT)