A“new gold rush” in the local market gathered pace last week as investors continue to scramble for the recently floated NewGold Exchange Traded Fund (ETF).
After being floated last month on the local bourse, a total value of P62.2 million was traded made up of 759 000 units of ETF at the Botswana Stock Exchange (BSE).
Some analysts were beginning to write off the newly listed NewGold ETF as its share prices tumbled week on week following its listing mid-July. NewGold was floated at 8300 thebe per share, but tumbled to a record low to trade at around 7800 thebe per share on the BSE as confidence in the new product suffered following subdued investor appetite. 
However, demand is increasing as the little-known product records a daily average of P4.1 million. “ETFs have been well received. It has satisfied our expectation,” said an upbeat BSE Product Development, Thapelo Tsheole adding that small traders and individuals are showing interest in NewGold ETFs improving the much needed liquidity in the capital market. The number of units to be listed are entirely up to the investor. “One individual brought two units,” said Tsheole.
Currently trading at 7970 thebe per share, from Tuesday’s 7900 thebe per share, the dual listed NewGold ETF is riding on renewed investor confidence.