First, we must thank our legendary Bismarck Rewane for producing great business reports which compete supremely with what the Central Bank of Nigeria and National Bureau of Statistics produce. Specifically, on his table which compares the Nigerian stock exchange (NGX) and the South African one (JSE), I will want to expand the conversion.
First, there is really no basis for comparison between NGX and JSE; while NGX is worth $50 billion, JSE goes for $950 billion. And looking at the top stocks – Airtel Africa vs Naspers, the $8.2 billion and $29 billion may not offer the big picture.
A few years ago, South Africa changed its law, restricting fund managers on how much percentage they could hold on some publicly listed companies. That restriction affected Naspers as it could not…