Van Eck ETF ventures into African markets

Van Eck Global launched the Market Vectors-Africa Index exchange traded fund on the NYSE Arca Inc. today, allowing investors to invest in African equity markets directly.

The ETF, which is listed under the ticker symbol AFK, is designed to track the Dow Jones Africa Titans 50 Index.

The index measures the stock performance of 50 companies that generate a majority of their revenue in Africa and spans 11 countries, such as South Africa, Egypt, Morocco, Nigeria, Ghana and Zambia.

In early afternoon trading the ETF had gained 3 cents a share, or 0.7%, to $41.35.

New York-based Van Eck Global had $13.6 billion in assets under management as of June 30.

NYSE Arca is run by NYSE Euronext Inc. of New York.

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