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Please forward this error screen to srv211-154. The Johannesburg Stock Exchange’s accessibility makes it an ideal market for new Africa investors to get their feet wet. Here’s how to get started. South Africa is far and away the most economically developed of African states, and, as such, will likely be the continent’s economic gateway for the foreseeable future. 12 months after accounting for depreciation of the nation’s currency, the rand.
In fact, the market is now at its lowest point in nearly two years. But this isn’t necessarily bad news for value investors. Falling prices mean an increasing number of bargains are on offer. Earnings multiples are dropping and dividend yields are rising. And because the Johannesburg Stock Exchange is one of the most sophisticated in the world, investors can scoop up these deals with a click of their mouse.
The market’s accessibility and convenience make it an ideal place for new Africa investors to get their feet wet. Here’s how to get started. Your first step is to open an account with a South African stockbroker. Dozens of stockbrokers facilitate trades on the JSE, but only 12 offer online share trading to individual investors.
Online trading platforms are still relatively new to Africa, and they’re not a necessity to invest successfully there, but I find them more convenient. So, I limited my broker research to those that offer them. I sent an email to each one, asking them if they catered to foreign investors, how much of a deposit they required to open an account, what documentation was required, and for a copy of their fee schedule. Five of the brokers confirmed that they do take foreign clients and responded to my questions within three business days. I’ve listed them below with their minimum initial deposit amounts, monthly administration fees, and my calculation of the cost of a hypothetical ZAR20,000 trade through each one. As you can see, commissions and fees are pretty comparable across all five brokers, but Anglorand requires a much larger deposit than its peers.
Note that some of these brokers offer discretionary accounts. Discretionary accounts give brokers the authority to make trades in your account without the consent of the account holder. They typically are managed in a way that the broker believes is the best way to achieve the investment objectives and acceptable levels of risk that you specify. It’s like having your own personal portfolio manager. You might want to consider this option if you aren’t interested in doing your own investment research. I’m a bit of a control-freak, so I personally prefer non-discretionary accounts.
I want to make my own investment decisions and don’t like the idea that a broker could buy or sell my shares without my permission. What Documentation Will You Need? You will also need to fill out a form or three for the broker that you’d like to open a trading account with. Here’s a rundown as to what else is required by each one. Imara SP Reid’s application is a 14-page monster. Fortunately, individual investors who wish to manage their own accounts can skip many of the sections. After opening your trading account, your broker will provide you with its bank details so that you can fund your account and begin buying shares.
The most efficient way to do this is via wire transfer. If you haven’t sent an international wire before, I suggest that you take your broker’s bank details to your local bank branch and ask them to walk you through the process. They’ll make sure that your funds arrive securely. 25 for outgoing international wires. The actual process of making a trade varies depending on the broker you use, but from what I’ve seen their trading platforms look pretty intuitive. You simply buy and sell shares in a similar way that you would through an ETrade or TDAmeritrade account.