The Johannesburg Stock Exchange

An interactive journey through the heart of Africa's largest, most advanced financial market.

R21 Trillion

Market Capitalization (ALSI)

100,000+

FTSE/JSE All Share Index Peak (2025)

#1 in Africa

Largest Exchange by Market Cap

Explore the Journey

The Story of the JSE

The JSE's history is a mirror of South Africa's own economic and political evolution. From its origins in the 19th-century gold rush, it has transformed into a globally recognized, technologically sophisticated exchange. This timeline highlights the pivotal moments that shaped its journey.

Market Performance: A History of Resilience

The FTSE/JSE Top 40 Index provides a powerful lens through which to view the market's response to both local and global events. The chart below visualizes its annual returns, revealing periods of dramatic growth, sharp corrections, and remarkable resilience in the face of crises.

Hover over the chart to explore the annual returns. Note the sharp peak in 1999 during the dot-com boom, the significant drop in 2008 due to the Global Financial Crisis, and the strong rebound in 2021 post-pandemic.

How the JSE Works

The JSE's success is built on a foundation of world-class technology and robust regulation. This section explores the key components of its operational model and compares it to other major global exchanges, highlighting the infrastructure that ensures a fair, efficient, and secure marketplace.

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Millennium Exchange

An ultra-low latency, fully electronic trading platform ensuring high-speed, reliable trade execution.

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SENS

The Stock Exchange News Service provides real-time, price-sensitive company news for market transparency.

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Strate

South Africa's Central Securities Depository, managing electronic settlement to mitigate risk.

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JSE Clear

An independent clearing house that acts as a central counterparty, ensuring settlement of trades.

A Global Comparison

JSE πŸ‡ΏπŸ‡¦

  • Model: Fully electronic, order-driven central book.
  • Key Feature: Emphasizes speed, efficiency, and low-latency access via co-location.
  • Settlement: T+3 Cycle.

NYSE πŸ‡ΊπŸ‡Έ

  • Model: Hybrid model combining electronic trading with human judgment.
  • Key Feature: Designated Market Makers (DMMs) ensure orderly markets and price discovery.
  • Settlement: T+2 Cycle.

LSE πŸ‡¬πŸ‡§

  • Model: Fully electronic trading system.
  • Key Feature: Operates with a brief midday break to protect institutional traders from high-frequency trading effects.
  • Settlement: T+2 Cycle.

Who Owns the JSE?

Since demutualizing and listing on its own Main Board in 2006, JSE Limited has a diversified ownership structure. This section visualizes the breakdown of its shareholder base and highlights the major institutional investors who hold a stake in the exchange itself.

Top Institutional Shareholders

  • Ninety One UK Limited13.7%
  • Public Investment Corporation12.8%
  • Goldman Sachs Asset Management11.9%
  • PSG Fund Management10.3%
  • Allan Gray Proprietary Ltd.6.7%

How to Invest on the JSE

Investing on the JSE is accessible to everyone, not just financial experts. This guide breaks down the process into clear, manageable steps, from initial planning to making your first trade. We'll also demystify the costs involved with an interactive calculator.

Step 1: Define Your Goals and Budget

Before investing, it's crucial to know what you're investing for (e.g., retirement, a home deposit) and your time horizon. This will determine your risk tolerance. You don't need a large amount of capital to start; many platforms allow investments from as little as R300 per month.

  • Set clear objectives: What is your financial goal?
  • Determine your risk appetite: Are you comfortable with potential fluctuations for higher growth, or do you prefer stability?
  • Allocate your capital: Decide how much you can comfortably invest without impacting your daily finances.

Step 2: Select a JSE Registered Stockbroker

You cannot buy shares directly from the JSE. You must use a registered stockbroker who acts as your intermediary. When choosing, consider their fees, the range of products they offer, and the user-friendliness of their platform.

Popular options for retail investors include:

  • EasyEquities
  • Standard Bank Online Share Trading (OST)
  • PSG Wealth
  • Absa Stockbrokers

Step 3: Understand the Costs

Trading involves several fees that impact your overall return. The main costs are broker commission and Securities Transfer Tax (STT). Use the calculator below to estimate the costs for a typical trade.

Investment Fee Calculator

Step 4: Open Your Account and Place a Trade

Opening an account requires providing personal information for FICA/KYC verification (ID, proof of residence). Once your account is approved and funded (usually via EFT), you can start trading.

  • Fund your account: Transfer money from your linked bank account.
  • Research a company: Decide which company's shares you want to buy.
  • Place an order: Through your broker's platform, specify the company, number of shares, and order type (e.g., Market Order to buy at the current price).
  • Settlement: The trade will officially settle in three business days (T+3), at which point you legally own the shares.

Step 5: Choose Your Investments

The JSE offers a wide range of products. As a new investor, it's often wise to start with diversified options or well-established companies.

Equities (Individual Shares)

Direct ownership in a single company (e.g., Naspers, Standard Bank). Higher risk, but higher potential reward. Best for those who enjoy in-depth company research.

Exchange-Traded Funds (ETFs)

A single investment that tracks a basket of shares (e.g., the Satrix 40 tracks the Top 40 companies). Offers instant diversification and is often recommended for beginners.