The Johannesburg Stock Exchange (JSE) has delivered a resilient first-half 2026 performance, supported by broad-based growth across its business lines, increased market participation and disciplined cost management.
Source: LinkedIn. Chief executive officer of the JSE, Valdene Reddy.
The exchange reported higher profitability, strong cash generation and continued progress in diversifying its revenue base as it enters its next strategic growth phase. The results reflect the strength of the JSE’s core operations, its focus on operational efficiency and its ability to create sustainable long-term value for investors, clients and the broader capital markets ecosystem.
The bourse’s performance was driven by elevated equity market activity, disciplined cost management and focused execution across its core business lines, and a diversified revenue base, demonstrating high quality of earnings.
The group reported an increase in Net Profit After Tax (NPAT) of 16.9%, to R652m, translating into Headline Earnings Per Share (HEPS) of 816.2 cents per share, up 18.8% year-on-year (YoY).
Operating income grew by 14.6% to R2bn, supported by broad-based delivery across the bourse’s core business lines, including equity market revenues in Capital Markets and Post-Trade Services, and non-trading income growth of 8.1% to R659m.
The group remains strongly cash generative and maintains a robust balance sheet. At the end of June 2026, the cash balance stood at R1.9bn (2025: R2.1bn) excluding the bond investment of R679m, with net cash generated from operations up 20.6% YoY to R625m.
This strong cash position provides the flexibility to fund strategic investment to capture future growth opportunities and create sustainable long-term value for shareholders, clients and the broader market ecosystem.
Commenting on her first set of results as JSE group chief executive officer, Valdene Reddy noted, “Our strategic focus remains firmly on the quality, resilience and diversification of earnings through the cycles.
"We continue to broaden the group's revenue base, expand our data and services offering, maintain disciplined cost management and invest selectively in capabilities that support sustainable long-term growth.”
During the period, the group sustained positive momentum in primary market activity, attracting new equity listings and facilitating R8.4bn in additional capital raised, alongside growth in bond and structured product listings. Spread trading on Bond Exchange Traded Products was introduced, broadening the fixed-income product suite and enhancing market functionality for participants.
Forge 2031 vision
Co-location capacity was expanded in response to client demand, reinforcing a strategic infrastructure asset that supports a growing proportion of equity market trading activity.
“Our vision is to build and grow a globally relevant, resilient exchange of the future. Structured around the pillars of Transform and Grow, the Forge 2031 strategy builds on the JSE's proud legacy while providing a bold blueprint and strategic roadmap for the future, strengthening our competitiveness, relevance and growth trajectory.
It reflects a commitment to sustained relevance, ensuring that the JSE remains at the forefront of innovation while continuing to deliver on its core mandate of trust, transparency and market integrity. In doing so, the JSE is not only responding to change but playing an active role as an enabler in shaping the future of capital markets in South Africa, across Africa and within the global financial system,” concluded Reddy.
Supported by trusted market infrastructure, a strong balance sheet and a clear strategic roadmap, the JSE group remains confident in the opportunities available to the JSE over the long term and is well positioned to enhance its relevance, global competitiveness and growth trajectory, while continuing to create sustainable value for shareholders, clients and the broader market ecosystem.
Revenue performance per segment:
Capital Markets
- Primary Market: +9.4% to R103m
- Equity Trading: +21.9% to R332m
- Colocation Fees: +24.6% to R32m
- Equity Derivatives Trading: +24.8% to R76m
- Bonds: +6.3% to R53m
- Financial Derivatives: -8.6% to R27m
- Commodity Derivatives Trading: +22.7% to R50m
- Other1: +21.1% to R46m
JSE Investor Services
Post-Trade Services
- Clearing and Settlement: +21.7% to R318m
- Back-office services (BDA): +4.4% to R226m
- Funds under management: +43.6% to R68m
- Margin and Collateral: +11.2% to R8m
JSE Clear
- JSE Clear: +23.3% to R142m
Information Services
- Information services: +7.3% to R273m
Other Income
- Other2 income: +98.1% to R24m
Other1 includes: Issuer Services revenue, Investor Protection Levy income and SME revenue.Other2 includes: Other income increased by 98%, driven primarily by foreign-currency gains.
