The Johannesburg Stock Exchange delivered record financial results for its 2025 financial year, reporting a Net Profit After Tax of R1.071 billion — the first time in the exchange’s history that NPAT has crossed the R1 billion mark. The 16.7 percent year-on-year increase, combined with Headline Earnings Per Share growth of 17.7 percent, reflects the strength of South Africa’s equity market activity and the JSE’s disciplined execution of its Strategy 2026 roadmap.
Market capitalisation of JSE-listed entities surpassed R24 trillion as of January 2026, with the exchange accounting for approximately 60 percent of Africa’s total equity market value — larger than the next nine African exchanges combined. The FTSE/JSE All-Share Index hit a record 100,000 points in January 2026, a historic milestone for Africa’s largest bourse.
However, the record results have not insulated the index from global headwinds. The FTSE/JSE Top 40 has pulled back sharply from its January peaks, dropping nearly 6 percent in early March amid rising oil prices, a weakening rand, and growing risk-off sentiment triggered by the US-Iran conflict. Resource-heavy stocks including gold miners AngloGold Ashanti and Gold Fields have been particularly volatile as precious metal prices whipsaw on geopolitical news flow.
For African investors, the JSE’s performance is significant beyond South Africa’s borders. Many of the exchange’s largest listed companies — including MTN Group, Naspers, and Standard Bank — have substantial Nigerian and pan-African operations, making JSE movements a useful barometer for broader African market sentiment.
What to watch: How JSE resource stocks respond to any resolution or escalation of Middle East tensions, and the incoming JSE Group CEO Valdene Reddy’s strategic priorities as she assumes leadership next month.
