New Gold ETF Listing on NSE
New Gold ETF, the world’s seventh largest gold ETF, today listed 400,000 gold billion debentures on the Nairobi Securities Exchange (NSE).
Barclays Bank of Kenya is the sole market maker through its brokerage arm, Barclays Financial Services Limited (BFSL). NSE investors with CDSC accounts will be able to purchase the issue, but it will be open to retail investors who want to buy less than 100 shares from Thursday.
According to Barclays CEO, Jeremy Awori, the listing manifests shared growth agenda.
“The ETF is easy to trade, offers a market related performance or return, is easy to trade and has a low fee structure,” he said, adding that it is Sharia compliant, opening ways for Muslim investors to gain exposure to the metal.
The Gold ETF will be denominated in Kenyan shillings pegged onto the shilling equivalent to the gold market price.
Treasury Permanent Secretary Kamau Thugge said it is important to appreciate the Gold ETF as it the first to be launched in East Africa, it will help deepen the country’s capital markets and attract foreign investors.