Former JSE CEO Leila Fourie has hailed the impact of the government of national unity (GNU) on South Africa’s capital market since it was established after the 2024 general elections.
Fourie, whose last day in office was Tuesday, used her last letter to shareholders of JSE Ltd, the company that operates Africa’s largest stock exchange, to say that 2025 marked a decisive shift in South Africa’s financial landscape, as confidence began returning to both the economy and its capital markets.
“During the last decade, marked by state capture, the Covid-19 shock and the energy crisis, South Africa became progressively under-owned, and valuations compressed. The formation of the GNU in 2024 catalysed renewed investor confidence and reform momentum, marking the start of a sustained rerating,” Fourie said.
“South Africa’s weighting in the FTSE Emerging Market rose to 4.29% (2024: 3.16%), reflecting stronger relative performance and fresh portfolio inflows.”
Under Fourie’s leadership, the bourse simplified its listing requirements, a move largely welcomed by the market.
Fourie said the simplification project has led to a visible medium-term pipeline emerging with faster approvals and expanded secondary-listing pathways from global exchanges such as Euronext, Saudi Arabia and Hong Kong, making “Johannesburg one of the most accessible emerging market venues”.
The JSE Ltd’s annual profit breached R1bn for the first time in the bourse’s 138-year history, handing incoming CEO Valdene Reddy a solid foundation to build on when she takes the reins on Wednesday.
Fourie backed Reddy to take the exchange to new heights.
“Valdene brings more than two decades of experience in financial markets, including over 10 years at the JSE. Her leadership in capital markets, product innovation and client engagement has been central to the transformation of recent years,” Fourie said.
“She understands the JSE’s purpose, its people and its place in South Africa’s economy, and I have every faith she will lead the exchange forward with energy and clarity. Upon reflection on our journey, I am reminded that the JSE’s story has always been one of evolution.
“For more than a century, it has adapted to new eras of progress and found ways to serve a changing nation. Today, the institution is modern, diversified and connected to the world, yet still grounded in its original purpose: to direct capital to growth and opportunity.”
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