SA enters 2026 with the sense of purpose and confidence that all New Year’s resolutions should carry. Last year drew to a close with the country’s successful stewardship of the G20 and the first-ever summit on the continent, while the finance minister’s Medium Term Budget Policy Statement was well received, and the South African Reserve Bank cut the prime lending rate, demonstrating an ongoing commitment to fiscal consolidation. Equally significant, 2025 ended with SA being removed from the grey list, a momentum further strengthened by S&P’s upgrade of the sovereign rating from BB‑ to BB. Collectively, these developments have been instrumental in bolstering investor confidence and supporting the continued flow of capital into the country. While several indicators are showing improvement, unemployment persists at elevated and unsustainable levels, and economic growth remains subdued.

From a capital markets standpoint, activity strengthened notably. Equity trading activity grew significantly in 2025, with value traded rising 33% compared to the slight contraction in 2024. Momentum was also evident in equity derivatives, where average daily turnover climbed 13.8% to R27.1 billion. The bond market showed solid growth as well, with total traded value increasing 9.1% to R49 trillion, supported by robust demand in both repo transactions and standard bond instruments. The FTSE/JSE All Share Index gave a stand-out performance. In 2025, it broke through the 100 000‑point level for the first time and closed the year near 112 000, an all-time high that positioned it as the best‑performing major index globally. The total market capitalisation of companies listed on the JSE has now reached approximately R24 trillion, doubling from around R12 trillion in 2018.

Operation Phumelela achieved major traction in 2025, anchored by the inaugural June lekgotla at the JSE, where senior leaders from government, regulators and industry converged to refine the reform agenda for strengthening SA’s financial competitiveness. The lekgotla sharpened focus across four strategic workstreams: non‑ZAR listings and collateral; non‑ZAR fund management; and reducing the cost of capital in both private and public markets, solidifying a unified cross‑sector blueprint for modernising the financial ecosystem. Building on this, Operation Phumelela advanced a clear strategy to establish a Synthetic Financial Centre and delivered a detailed technical paper outlining targeted amendments to the Exchange Control Manual and Income Tax Act to unlock foreign‑asset fund management from SA, further entrenching the unified reform blueprint. Engagement with the SARB remained strong throughout the year, with deepening technical alignment as the initiative prepared reform‑ready proposals for the 2026 cycle.

The JSE also recorded a meaningful uplift in listings activity in 2025, welcoming Cell C, ASP Isotopes, Greencoat Renewables, Shuka Minerals and Optasia to the market, reinforcing renewed investor confidence and SA’s standing as a competitive investment destination.

As an exchange, we continued our innovation journey, evolving from a traditional equity venue into a future‑fit, multi‑asset platform designed to attract global capital and support SA’s economic agenda. We partnered with leading technology specialists, including Amazon Web Services, Rapid Addition and Big XYT, to accelerate our technology-enablement journey, while introducing fit-for-purpose regulatory reforms to advance efforts to attract new listings and to broaden our product suite through the introduction of actively managed certificates and actively managed exchange traded funds, ensuring the JSE remains competitive, diversified and aligned with global market trends and standards.

The year 2025 was also a significant year for me personally as I announced that I will retire as Group Chief Executive Officer of the JSE at the end of March 2026. I am indebted to everyone who has made it such a rich and unforgettable journey, especially the team we have at the JSE, the Board and executive team. I am especially grateful that Valdene Reddy will take up the reins, not only because she has been part of this journey with me as a member of the executive team, but because her deep sector expertise and trusted stakeholder relationships uniquely position her to lead the JSE forward with strength, clarity and conviction.

We survived Covid-19, cheered on the Boks at two World Cups and have done everything we can to help SA navigate and afford a world that is in a continual process of change and discovery. We have taken our place at the top table of both the Global Investment for Sustainable Development and the UN Global Compact. Back home, we have fostered financial inclusion through the SME Rise programme, the Investment Challenge, #SheInvests and the Claim It initiative.

I am deeply grateful for the opportunities afforded to me and for the platform that has allowed me to make a meaningful and lasting impact. Thank you for letting me take this journey with you and trusting me to lead a national institution that plays such a critical role in directing capital towards growth and opportunity across our economy.

It’s not goodbye but a gentle so long, until our paths cross again. I wish you all the very best for the year ahead, and may 2026 be a year of meaningful success and impact.

Dr Leila Fourie
Group Chief Executive Officer