As we enter the final quarter of 2025, the Johannesburg Stock Exchange does so with strong momentum and a clear sense of purpose. The past year has seen conviction return to SA’s markets, and with the G20 Summit set to take place in Johannesburg in November, that confidence could not come at a more opportune time.

Since the formation of the Government of National Unity, the FTSE/JSE Top 40 has climbed more than 50% in US dollar terms, outpacing global benchmarks and reaffirming the depth, liquidity and resilience of SA’s capital markets. This rally reflects the stabilisation of fiscal and monetary fundamentals, the compounding effects of structural reforms and renewed global confidence in SA’s institutions. Investors have already voted with their wallets, and ratings agencies will, in time, follow the data.

At the JSE, our task is to connect this renewed confidence to opportunity. Over the past year, we have modernised our market infrastructure through a comprehensive reform agenda, simplifying listing requirements, expanding our fast-track dual-listing framework and launching the Market Segmentation Project to align regulation with company size and liquidity. Together, these reforms lower friction, strengthen competitiveness and make it easier than ever to list, invest and grow in SA.

Recent successes include Shuka Minerals, ASP Isotopes and Greencoat taking advantage of our fast-track listing process; and Cilo Cybin migrating from AltX to the Main Board under the new segmentation model.

The exchange’s growth story continues beyond policy. Our sustainability bond platform now lists more than 100 instruments with a combined market capitalisation exceeding R70 billion, directing capital towards renewable energy, transport and water infrastructure. The 2025 Sustainability Showcase in September was oversubscribed and drew wide participation from across the sustainability community, underscoring the growing alignment between capital and climate action.

This quarter also marks an important moment in our international engagement. The South Africa Tomorrow Investor Conference in New York, hosted in collaboration with UBS and Standard Bank, brings together senior government officials and business leaders to present a unified narrative about SA’s reform journey and investment potential. The delegation includes representatives from both the government and the financial sector, including the Presidency and the South African Reserve Bank, providing investors with a balanced view of progress and priorities. The conference will be followed by the South African Macroeconomic Summit in London, co-sponsored by Investec, which showcases the resilience of SA’s financial system and provides real-time feedback on reform outcomes. As a B20 sponsor, the JSE continues to contribute to working groups, including employment and education, aligning economic reform with inclusive growth.

At the JSE, we remain steadfast in our mission to serve as a catalyst for growth by anchoring trust, expanding access and ensuring that SA’s markets continue to connect this increasing conviction with opportunity.

Dr Leila Fourie
Group Chief Executive Officer