From the CEO Welcome to the first edition of the JSE magazine of 2025 Last year closed on the back of an improved listing performance, headlined by the arrival of Assura Plc, Boxer, Powerfleet, WeBuyCars, Rainbow Chicken and Supermarket Income REIT on our Main Board, and Altvest and Cilo Cybin on AltX. The All Share Index closed the year 16.8% up, better than the MSCI emerging markets index, which closed the year 5.05% up on the prior year. Meanwhile our government bonds were stable, with the yield hovering around 9.2% for 10-year government bonds, reflecting a growing confidence in the administration’s debt management, which was bolstered by improved trade balances and an increase in foreign investment. As we look ahead, our GDP is projected to grow between 1.5% and 2.2%, driven by improved energy security, increased investment and lower interest rates this year. SA looks to have turned the corner on the load shedding that has been a constant concern since 2007. Energy security has improved through better management of the state utility, Eskom, and advances in private power production and renewable energy projects as the country pursues a dependable and more environmentally sustainable energy supply. The Government of National Unity, which was formed last May, continues to evolve, creating opportunities for more inclusive governance, effective policy implementation and greater economic development, as the administration works towards getting the country off the Financial Action Task Force list. During 2025, SA will chair the G20 for the first time and host the annual summit later in the year. The G20 event positions the country and institutions on the global stage and reaffirms SA as a viable investment destination. Speaking of global matters, we start the year as usual in Davos, at the annual World Economic Forum in Switzerland. This year the theme is ‘Collaboration for the Intelligent Age’, which is apt for us at the JSE, given our ongoing efforts to enable the JSE as a centre of innovation. We have partnered with market leaders in information services and tech to evolve technology, and enable and transform our capital markets. A great example is our collaboration with DataBP and Amazon Web Services to deliver innovative market solutions and drive operational efficiencies. Five years ago, the world went into lockdown in the face of an unprecedented public health crisis. We persevered and overcame. Now 2025 offers a very real opportunity for us to thrive and grow. Here’s to a year of collaboration, progress and shared success. Dr Leila Fourie Group Chief Executive Officer January 2025