Investigating price performance on initial public offers: a comparative analysis of the Johannesburg Stock Exchange and the Nigerian Stock Exchange

Abstracts in English, Afrikaans and ZuluThe advancement and development of the financial sector is fundamental for building an efficient economic system that enhances foreign and domestic investments. The aim of this study was to compare the relationship between the price performance of initial public offerings and macroeconomic indicators in the South African and the Nigerian economy. With the increase of IPO listing on both stock exchanges, it is of paramount importance that an analysis and examination of IPO performance and its contribution to the economy is conducted. Using the 91 and 19 initial public offerings that were listed on the Johannesburg Stock Exchange and the Nigerian Stock Exchange respectively during the years 2005 to 2015, price performance was measured by using the market-adjusted abnormal returns and the wealth relative model. The linear ordinary least squares regression model was used to measure the relationship between initial public offering performance and macroeconomic indicators. Based on the mean market adjusted returns, initial public offerings listed between 2005 and 2015 were under-priced. The regression model established that the first day, week and month price changes in Nigeria were 0.19, 0.48 and 0.77 times higher respectively than to South Africa. The regression analysis found that inflation and interest rates were positively correlated with price changes at the end of the first month of trade, whereas gross domestic product growth was not statistically significant. Therefore, to evade financial loss, investment decision making processes should consider factors such as geographic location, interest rates, inflation and the industry prior to making the decision.Die bevordering en ontwikkeling van die finansiële sektor is fundamenteel vir die ontwikkeling van ʼn doeltreffende ekonomiese stelsel wat buitelandse en binnelandse investering aanmoedig. Die doel van hierdie studie was om die verhouding tussen die prysprestasie van aanvanklike openbare aanbiedinge en makro-ekonomiese aanwysers in die Suid-Afrikaanse en Nigeriese ekonomie te vergelyk. Met die toename in AOA-notering op albei aandelebeurse, is dit uiters belangrik dat ’n ontleding van en ondersoek na AOA-prestasie en sy bydrae tot die ekonomie uitgevoer word. Deur gebruikmaking van die 91 en 19 aanvanklike openbare aanbiedinge wat onderskeidelik op die Johannesburgse Effektebeurs en die Nigeriese Effektebeurs gedurende die tydperk 2005 tot 2015 genoteer is, is prysprestasie gemeet deur gebruikmaking van die markaangepaste abnormale opbrengste en die rykdomrelatiewe model. Die lineêre gewone kleinste kwadrate-regressiemodel is gebruik om die verwantskap tussen die prestasie van aanvanklike openbare aanbod en makro-ekonomiese aanwysers te meet. Op grond van die gemiddelde markaangepaste opbrengste was aanvanklike openbare aanbiedinge wat tussen 2005 en 2015 genoteer is, onderprys. Die regressiemodel het vasgestel dat die eerste dag-, week- en maandprysveranderinge in Nigerië onderskeidelik 0.19, 0.48 en 0.77 keer hoër as in Suid-Afrika was. Die regressieontleding het bevind dat inflasie en rentekoerse ’n positiewe korrelasie gehad het met prysveranderinge aan die einde van die eerste handelsmaand, terwyl bruto binnelandse produk se groei nie statisties beduidend was nie. Derhalwe, om finansiële verlies te ontduik, behoort investeringbesluitnemingsprosesse faktore soos geografiese ligging, rentekoerse, inflasie en die bedryf in aanmerking te neem voordat besluite geneem word.Ukuqhubekela phambili kanye nentuthuko yomkhakha (sector) yezezimali kubalulekile ekwakheni inqubo yezomnotho esebenza kahle neqhubekela phambili ukutshalwa kwezimali zangaphandle kanye nezangaphakathi ezweni. Inhloso yalolu cwaningo bekuwukuqhathanisa ubuhlobo phakathi kokusebenza kwentengo yama-initial public offerings kanye nezinkomba zama-macroeconomic kumnotho weNingizimu Afrika kanye nowase-Nigeria. Ngokwenyuka kwe-IPO listing kuwo womabili ama-stock exchange, kubaluleke kakhulu ukuthi kwenziwe uhlaziyo nohlolo lokusebenza kwe-IPO kanye nomthelela wakho kumnotho kumele kwenziwe. Ngokusebenzisa ama-initial public offerings ka 91 no 19 kwi-Johannesburg Stock Exchange kanye nakwi-Nigerian Stock Exchange ngokuhambisana phakathi kweminyaka ka 2005 kanye no 2015, ukusebenza kwamanani entengo kwakalwa ngokusebenzisa ama-market-adjusted abnormal returns kanye ne-wealth relative model. Imodeli ye-linear ordinary least squares regression model kwasetshenziswa ukukala ubuhlobo phakathi kwama-initial public offering performance kanye nezinkomba ze-macroeconomic. Ngokulandela i-mean market-adjusted returns, ama-initial public offerings okwafakelwa kuhla phakathi kweminyaka ka 2005 kanye no 2015 kwakufakelwe ngentengo ephansi. I-regression model yathola ukuthi ngosuku lokuqala, ngeviki, kanye nenyanga, ukushintsha kwamanani entengo eNigeria, kwakungu 0.19, 0.48 kanye ne 0.77 ngezihlandla eziphezulu kuneNingizimu Afrika. Uhlaziyo lwe-regression analysis lwathola ukuthi i-infleshini kanye namazinga enzalo achaphazeleka ngendlela enhle ngokuhambisana noshintsho lwentengo ekupheleni kwenyanga yokuqala yokuhwebelana, lapho khona ukukhula kwe-gross domestic project kwakungakhulile kakhulu ngokwezibalo. Ngakho-ke, ukugwema ulahlekelo kwezezimali, izinqubo zokuthatha izinqumo ngotshalo-mali kumele kubonelele izinto ezifana nendawo okuyi-geographical location, amazinga enzalo, i-infleshini kanye nemboni ngaphambi kokuthatha isinqumo.Finance, Risk Management and BankingM. Com. (Business Management

An analysis of the necessity and relevance of establishing a pipeline regulator in South Africa's Petroleum Industry

This thesis focuses on issues surrounding energy regulation, and specifically regulation of pipelines that carry petroleum products in South Africa. The introduction of a regulator for petroleum pipelines is part of an ongoing process taking center stage in the South African government's petroleum industry policy arena. Independent regulation of energy industries is a recent phenomenon in South Africa. There is much activity in deciding which regulatory models should be adopted in the energy sector. The thesis analyses a government policy decision to introduce a regulator of petroleum pipelines. Among some of the key issues that receive attention are the following: • Is the petroleum pipeline industry in South Africa large enough to justify an independent regulator? • Do pipelines in South Africa enjoy monopoly rents? If they do, is the establishment of an independent regulator the most cost-effective way of dealing with monopoly rents? • How effective would such a regulator be in the current structure of the country's petroleum industry? Road and rail transport systems carry vast quantities of petroleum products. Would it be more appropriate for the regulator to include all transporters of petroleum products? The thesis concludes that for an industry of such small size as pipeline transportation in South Africa, the necessity of a pipeline regulator might need to be reviewed. For a variety of reasons, there are strong reasons to conclude that a pipeline regulator will have minimum impact over key issues of the transportation of petroleum products

Firm size and the day of the week effect on the Johannesburg Stock Exchange.

Masters Degree. University of KwaZulu-Natal, Durban.The Efficient Market Hypothesis (EMH) asserts that stock prices always entirely reflect all available information and that stock prices follow a random walk, where future stock prices are not predictable based on historical prices (implying stock market efficiency). If the stock market is not efficient, abnormal returns can be realised by beating the stock market through observing and trading on certain patterns (anomalies) exhibited by past stock prices. Various anomalies have been documented, including the Day of the Week (DOW) effect (the tendency of a stock market to exhibit on average low daily returns in the beginning of the week (mostly on Mondays) and high returns towards the end of the week (mostly on Fridays). Examining the DOW effect is particularly interesting, as it demonstrates daily patterns on which investors can take advantage of this anomaly to realise excess returns on daily basis. One of the reasons that has been put forward as to what initiates the DOW effect, is measurement error as when a variable of interest either explanatory or dependent variable has some measurement error independent of its value. Thereby, leading to the notion that the DOW effect is present in medium and small markets or firms with low merchantability (firm size effect). However, from the South African literature, still has a gap about the existence of the DOW effect across firm sizes on the JSE and its cyclical (appearing or disappearing) changes over time. Firstly, the study examined the existence of the DOW effect on the JSE in firm sizes on a full sample (1995 to 2019) utilising daily log-returns. The best-fit models were selected from a family of GARCH models, EGARCH (2, 1) and EGARCH (3, 1) models better fitted the AltX and the large index respectively and TGARCH (3, 1) and TGARCH (1, 1) better fitted medium and small indices respectively. The results showed that the DOW effect exists on the JSE stock exchange in three out of all the four investigated indices (medium, small and AltX except the large), particularly the DOW effect existed more in returns than in the volatility of those returns. Secondly, a rolling window analysis was utilised to examine the changes of the DOW effect over 1995- 2019 where the best-fit model for each sub-period was utilised. The results showed that the existence of the DOW effect is not constant over time concluding a cyclical behaviour (appearing and disappearing in some sub-periods). However, the highest frequency of appearance of the DOW effect appeared in the medium, small and the AltX indices confirming the notion that the DOW anomaly is mostly found in companies with low capitalisation

Effect of schistosoma haematobium infection on the cognitive functions of preschool age children and benefits of treatment from an endemic area in Zimbabwe

BACKGROUND: Schistosomiasis is known to affect the cognitive functions of children, however, but there is paucity of information on its impact on early childhood development in developing countries where the disease is endemic. This study aimed at determining the effects of schistosomiasis due to Schistosoma haematobium on early childhood development in children below 5 years old from Murewa District, Zimbabwe, including the benefits of treatment. METHODS: Preschool age children (PSAC) under the age of 5 years were screened at baseline and at 6 months post-treatment for S. haematobium infections diagnosed using the urine filtration method. Cognitive domains were assessed using the Griffith Mental Developmental Scales III on 136 PSAC. Multivariate logistic regression was used to determine the level of association between S. haematobium infection and performance in the cognitive domains adjusting for confounding factors (i.e. nutrition, hemoglobin levels, gender and age). Median Development Quotient scores of each cognitive domain at baseline and at 6 months post-treatment were compared and quantified. RESULTS: After adjusting for confounding factors, PSAC infected with S. haematobium had greater odds of having lower scores in the Foundation of Learning Domain (OR = 3.9, p = 0.008), Language and Communication Domain (OR = 3.2, p = 0.017), Eye-Hand Coordination Domains (OR = 10.7, p = 0.001), Personal-Social-Emotional Domain (19.3, p = 0.001) and in the Overall General Development Domain (7.2, p = 0.011). Improvement of cognitive performance was observed at 6 months post treatment in the following Domains; Language and Communication Domain (p = 0.003), Eye-Hand Coordination Domain (p = 0.02) and General Development Domain (p = 0.006). CONCLUSION: The study showed that S. haematobium infection in PSAC is associated with lower cognitive scores in the Foundation of Learning, Language and Communication, Eye-Hand Coordination, Personal-Social-Emotional and in the Overall General Development domains. Our results strengthen the call for inclusion of PSAC in routine deworming programs for the control of urinary schistosomiasis and the need to develop locally validated tools to monitor early child development in endemic areas where resources are limited

The association of systemic inflammation and cognitive functions of pre-school aged children residing in a Schistosoma haematobium endemic area in Zimbabwe.

BACKGROUND: Cognitive function is negatively impacted by schistosomiasis and might be caused by systemic inflammation which has been hypothesized to be one of the mechanisms driving cognitive decline, This study explored the association of systemic inflammatory biomarkers; interleukin (IL)-10, IL-6, IL-17, transforming growth factor (TGF-β), tumor necrosis factor (TNF-α), C-reactive protein (CRP) and hematological parameters with cognitive performance of preschool-aged children (PSAC) from an Schistosoma haematobium endemic area. METHODS: The Griffith III tool was used to measure the cognitive performance of 136 PSAC. Whole blood and sera were collected and used to quantify levels of IL-10, TNF-α, IL-6, TGF-β, IL-17 A and CRP using the enzyme-linked immunosorbent assay and hematological parameters using the hematology analyzer. Spearman correlation analysis was used to determine the relationship between each inflammatory biomarker and cognitive performance. Multivariate logistic regression analysis was used to determine whether systemic inflammation due to S. haematobium infection affected cognitive performance in PSAC. RESULTS: Higher levels of TNF-α and IL-6, were correlated with lower performance in the Foundations of Learning domain (r = -0.30; p < 0.001 and r = -0.26; p < 0.001), respectively. Low cognitive performance in the Eye-Hand-Coordination Domain was observed in PSAC with high levels of the following inflammatory biomarkers that showed negative correlations to performance; TNF-α (r = -0.26; p < 0.001), IL-6 (r = -0.29; p < 0.001), IL-10 (r = -0.18; p < 0.04), WBC (r = -0.29; p < 0.001), neutrophils (r = -0.21; p = 0.01) and lymphocytes (r = -0.25; p = 0.003) The General Development Domain correlated with TNF-α (r = -0.28; p < 0.001) and IL-6 (r = -0.30; p < 0.001). TGF-β, L-17A and MXD had no significant correlations to performance in any of the cognitive domains. The overall general development of PSAC was negatively impacted by S. haematobium infections (OR = 7.6; p = 0.008) and (OR = 5.6; p = 0.03) where the PSAC had higher levels of TNF-α and IL-6 respectively. CONCLUSION: Systemic inflammation and S. haematobium infections are negatively associated with cognitive function. We recommend the inclusion of PSAC into mass drug treatment programs

Formalising artisanal and small-scale mining:insights, contestations and clarifications

In recent years, a number of academic analyses have emerged which draw attention to how most artisanal and small-scale mining (ASM) activities – low-tech, labour-intensive, mineral extraction and processing – occur in informal ‘spaces’. This body of scholarship, however, is heavily disconnected from work being carried out by policy-makers and donors who, recognising the growing economic importance of ASM in numerous rural sections of the developing world, are now working to identify ways in which to facilitate the formalisation of its activities. It has rather drawn mostly on theories of informality that have been developed around radically different, and in many cases, incomparable, experiences, as well as largely redundant ideas, to contextualise phenomena in the sector. This paper reflects critically on the implications of this widening gulf, with the aim of facilitating a better alignment of scholarly debates on ASM's informality with overarching policy/donor objectives. The divide must be bridged if the case for formalising ASM is to be strengthened, and policy is to be reformulated to reflect more accurately the many dimensions of the sector's operations

Independent and combined effects of improved water, sanitation, and hygiene, and improved complementary feeding, on child stunting and anaemia in rural Zimbabwe: a cluster-randomised trial.

BACKGROUND: Child stunting reduces survival and impairs neurodevelopment. We tested the independent and combined effects of improved water, sanitation, and hygiene (WASH), and improved infant and young child feeding (IYCF) on stunting and anaemia in in Zimbabwe. METHODS: We did a cluster-randomised, community-based, 2 × 2 factorial trial in two rural districts in Zimbabwe. Clusters were defined as the catchment area of between one and four village health workers employed by the Zimbabwe Ministry of Health and Child Care. Women were eligible for inclusion if they permanently lived in clusters and were confirmed pregnant. Clusters were randomly assigned (1:1:1:1) to standard of care (52 clusters), IYCF (20 g of a small-quantity lipid-based nutrient supplement per day from age 6 to 18 months plus complementary feeding counselling; 53 clusters), WASH (construction of a ventilated improved pit latrine, provision of two handwashing stations, liquid soap, chlorine, and play space plus hygiene counselling; 53 clusters), or IYCF plus WASH (53 clusters). A constrained randomisation technique was used to achieve balance across the groups for 14 variables related to geography, demography, water access, and community-level sanitation coverage. Masking of participants and fieldworkers was not possible. The primary outcomes were infant length-for-age Z score and haemoglobin concentrations at 18 months of age among children born to mothers who were HIV negative during pregnancy. These outcomes were analysed in the intention-to-treat population. We estimated the effects of the interventions by comparing the two IYCF groups with the two non-IYCF groups and the two WASH groups with the two non-WASH groups, except for outcomes that had an important statistical interaction between the interventions. This trial is registered with ClinicalTrials.gov, number NCT01824940. FINDINGS: Between Nov 22, 2012, and March 27, 2015, 5280 pregnant women were enrolled from 211 clusters. 3686 children born to HIV-negative mothers were assessed at age 18 months (884 in the standard of care group from 52 clusters, 893 in the IYCF group from 53 clusters, 918 in the WASH group from 53 clusters, and 991 in the IYCF plus WASH group from 51 clusters). In the IYCF intervention groups, the mean length-for-age Z score was 0·16 (95% CI 0·08-0·23) higher and the mean haemoglobin concentration was 2·03 g/L (1·28-2·79) higher than those in the non-IYCF intervention groups. The IYCF intervention reduced the number of stunted children from 620 (35%) of 1792 to 514 (27%) of 1879, and the number of children with anaemia from 245 (13·9%) of 1759 to 193 (10·5%) of 1845. The WASH intervention had no effect on either primary outcome. Neither intervention reduced the prevalence of diarrhoea at 12 or 18 months. No trial-related serious adverse events, and only three trial-related adverse events, were reported. INTERPRETATION: Household-level elementary WASH interventions implemented in rural areas in low-income countries are unlikely to reduce stunting or anaemia and might not reduce diarrhoea. Implementation of these WASH interventions in combination with IYCF interventions is unlikely to reduce stunting or anaemia more than implementation of IYCF alone. FUNDING: Bill & Melinda Gates Foundation, UK Department for International Development, Wellcome Trust, Swiss Development Cooperation, UNICEF, and US National Institutes of Health.The SHINE trial is funded by the Bill & Melinda Gates Foundation (OPP1021542 and OPP113707); UK Department for International Development; Wellcome Trust, UK (093768/Z/10/Z, 108065/Z/15/Z and 203905/Z/16/Z); Swiss Agency for Development and Cooperation; US National Institutes of Health (2R01HD060338-06); and UNICEF (PCA-2017-0002)

Managing language and culture transition between the child's home and early schooling: a case of children who use L2 at school with specific illustrations from Zimbabwe.

The success of the young learners' ability to manage language and culture transition between the home and early schooling is firmly dependent on the intactness of their language and culture. Irvine and Armento (2001) state that language and culture are so inextricably intertwined that it is often difficult to consider one without the other. A people's first language (native language/mother language) expresses their culture, their livelihood, concerns, fears and aspirations, their whole world of work, play and relations. This fact has serious implications on the African child who finds himself in a learning situation where the language, the content and culture of learning and instruction are European and non-native. Language and context carry their own native speakers experiences and the L2 learner has to battle to reconcile the two and forge ahead in the new school culture and language with their own new world visions. Further because of their unfamiliarity with the new language and culture, the learning situation is, as a result, characterized by abstract learning and this apparently is a contradiction to how primary school children learn and develop.In this light it is imperative that the role and function of the indigenous African popular culture and language have to be recast and refocused upon. This is a concept paper that attempts to unveil and clarify the challenges that the African child has to overcome in the situation where he/she is supposed to carry the burden of a new language and its culture where no bridges exist between the home and early schooling.The paper suggests how native cultures and languages should be used as the context and medium of education of the child from preschool to primary school to ensure that African children are not unnecessarily disadvantaged in their development and self esteem and actualization. critical pedagogy is suggested as one of the vehicles for navigating through the maze

Fluids and gold mineralisation in the late Archaean Harare Greenstone Belt, Zimbabwe

The study of selected gold deposits (i.e. Venus, Gladstone, Ceylon, Mashona Kop, Graham Nigel, Chigimira and Viking) in the late Archaean Harare Greenstone Belt (IIGB) has revealed the presence of more than one fluid associated with mineralisation. An early fluid was responsible for the first episode of mineralisation that produced an ore mineral assemblage dominated by arsenopyrite. A later cooler, higher salinity fluid remobilised the gold to form higher grade quartz-rich ore bodies often associated with pyrrhotite mineralisation. The early mineralisation occurred in the PT range of 300-520°C at 1-2.4 kbar and the fluid was low salinity (0-11 wt% NaCl eq.). The remobilisation occurred at 200-480°C and 0.6-2.3 kbar and the fluid had a higher salinity in the range of 19-36 wt% NaCl eq. Both fluids were aqueousCO2-CH4-NaCI-KCI-MgCI2-CaCI2-bearing. The presence of C02 and chlorides in the mineralising fluids and the close association between gold and sulphide minerals (e.g. arsenopyrite, pyrrhotite, pyrite etc.) makes the anions of carbonate, chloride and sulphur good candidates for forming complexes with the Au" for transportation. Fluid/rock interaction and fluid unmixing were probably the dominant processes resulting in gold deposition. This is implied by the extensive wall-rock alteration, and the occurrence of contemporaneously trapped aqueous and gaseous fluid inclusions in quartz associated with mineralisation. Fluid/rock interaction would have resulted in changes in Eh, pH and oxygen fugacity, resulting in the breakdown of gold complexes, and deposition of the gold. The ubiquitous association of gold and sulphides, suggests that the process of sulphidation was intimately related to gold mineralisation. Fluctuations in fluid pressure during vein propagation by the crack and seal process could also have resulted in the precipitation of gold. Several common characteristics which include alteration assemblages (biotite-actinolitc-quartz-microcline), metasomatism (gains in K, Rb, Ba, Si, Ca, Fe, Mg, Pb, Zn, Sc, Co, Au, As, Mn and volatiles) and associated volume increase, ore mineral assemblages (arsenopyrite, pyrrhotite, free gold), PT conditions of mineralisation, fluid chemistry (low pH, log fO2 =-5) and isotope signatures (&delta;18O = 4.4 - 8.0 %), make these deposits a coherent group at greenstone belt scale. The sources of fluids indicated for these deposits are metamorphic devolatilisation and magmatic. However, the consistent chemistry of the fluids and the conditions at which mineralisation occurred suggest that the system that produced these deposits was homogeneous at greenstone belt scale, with all deposits having been formed by similar processes with fluids coming from both possible sources. The study of the relationship between the Chinyika Tonalite (CT) and the late Harare Greenstone Belt (HGB) and what role it may have played in the deformation, metamorphism and mineralisation highlighted several points. Firstly, it showed the emplacement of the CT into the HGB to be syn-tectonic, as evidenced by the presence of a shear zone at their contact, a metamorphic aureole in the metabasalts around the CT and basaltic xenoliths in the CT near the contact. Secondly, the age of mineralisation of 2687±14.6 Ma as derived from Ar/Ar geochronology on hydrothermal muscovite is slightly earlier than the emplacement o f the Chinyika Tonalite whose inferred age is 2.66 Ga. This is consistent with a phase of deformation and metamorphism, and mineralisation of the HGB predating the emplacement of the Wedza-type TTG’s. If the age of (2832±2 Ma) obtained for zircons from the Venus Shear Zone (VSZ) felsite is taken as its true age then it can not be related to the emplacement of the CT as previously thought, and its juxtaposition with the Arcturus Formation metabasalt is testimony to the complexity of the stratigraphy of the HGB. Detailed structural and age data are required to better understand the timing relations between the CT and, the HGB and its mineralised shear zones.,UNDP, MINREST (through the Vrije Universiteit Amsterdam) and USHEPHiA (through the University of Cape Town

Classroom-based assessment practices by early childhood educators in Masvingo urban primary schools in Zimbabwe.

The broad aim of the study was to examine classroom-based assessment practices by early childhood educators in Masvingo urban primary schools in Zimbabwe. In more specific terms the study sought to understand and describe the nature of classroom-based assessment practices by early childhood educators in order to determine the extent to which the assessment information was used in making decisions about teaching and learning. The major question that guided the study was how early childhood educators used assessment information as a teaching tool. Data were generated through a combination of a questionnaire, observations and a document analysis record sheet. Seventy (70) out of seventy-three (73) early childhood educators from Masvingo urban primary schools participated in the study. Data indicated that most early childhood educators, a) relied on oral questions, written exercises and weekly tests as assessment tools; b) assessed prior knowledge, grasp of concept during lesson delivery and content mastery through weekly tests; c) did not adequately document assessment information as a result feedback was not effectively used during subsequent lessons and d) used syllabuses, teachers' guides and children.'s text books in making decisions about classroom instruction. In light of the findings it was concluded that there was room for improving early childhood instruction in Masvingo urban schools through utilization of varied assessment practices as well as using assessment information during teaching and learning