How trading activity moved across Johannesburg Stock Exchange markets

Billable equity trading rose after two years at about ZAR 5.5 trillion

The exchange’s rounded series shows ZAR 6.0 trillion in 2021, ZAR 6.1 trillion in 2022 and ZAR 5.5 trillion in 2023 and 2024. The 2025 figure reached ZAR 7.4 trillion. JSE separately reports ZAR 29.2 billion of nominal average daily value in 2025. Source 1

Bond nominal value includes standard bonds and repos

The 2025 presentation reports ZAR 37.1 trillion of bond repo value and ZAR 13.6 trillion of standard bond value. These figures help explain the approximately ZAR 51 trillion total shown in the chart. The categories measure trading activity rather than outstanding debt. Source 1

Derivatives contract counts use different units

Currency derivatives rose from about 63 million contracts in 2024 to 83 million in 2025. Commodity derivatives remained around four million at the presentation’s precision. Contract counts and value traded describe different parts of market activity. Source 1

The trading figures are distinct from capital raised

The presentation separately reports seven IPOs and ZAR 23.2 billion of additional capital raised in 2025. Exchange trading values measure transactions within a market. Fundraising records measure money raised through issuance. Source 1

Sources

• Johannesburg Stock Exchange, 2025 annual results presentation, pages 33 to 34