Say goodbye to the JSE’s SENS in South Africa

The Johannesburg Stock Exchange (JSE) Limited’s 2026 financial year, which has seen a new CEO take the helm and the launch of a new strategy, is off to a strong start.

The new strategy, FORGE 2031, will see the JSE make significant changes to the biggest exchange in Africa, including replacing the Stock Exchange News Service (SENS).

The JSE released its interim results on Tuesday, 4 August, providing investors with insight into the company’s performance for the six months through June 2026.

The company reported that its revenue grew 14.1% to R1.88 billion, with operating income of R1.96 billion.

The JSE’s earnings and headline earnings per share rose 18.8% to 816.2 cents. Its net profit after tax increased by 16.9% to R652 million. 

The company attributed this strong growth primarily to equity market revenues in its Capital Markets and Post-Trade Services segments.

Non-trading income rose by 8.1% to R659 million, representing 33.6% of total operating income. 

This is a smaller percentage than in 2025, though the JSE said it reflected faster growth in trading income rather than a weakening of the non-trading base.

The JSE’s operating expenses also grew rapidly in the six-month period, up 11.5% to R1.2 billion. 

However, the company said this was due to R44.5 million in one-off costs related to its organisation redesign. Excluding these costs, operating expenses grew by a more measured 3.5%.

Operationally, the JSE also performed well, maintaining sustained market availability of 99.99% and zero outages over the past six months.

“Growth was broad-based, supported by strong activity across our markets, disciplined cost management, and continued contribution from our diversified revenue streams,” CEO Valdene Reddy said.

“Together with a robust balance sheet and strong cash generation, this provides a solid foundation for FORGE 2031.”

The JSE’s new era

The JSE entered a new era in 2026 with the departure of its CEO, Leila Fourie, who had led the company since 2019.

She was succeeded by Reddy in April 2026, who previously served as the company’s director of capital markets.

Also in 2026, the company launched its FORGE 2031 strategy, which aims to strengthen the JSE’s competitiveness, growth, and long-term relevance.

Described as the “next phase of strategic development”, the JSE hopes FORGE 2031 will accelerate its growth and diversify its revenue streams.

It is a five-year long-term plan aimed at modernising the exchange’s market infrastructure, driving global competitiveness, and expanding participant access.

In a recent interview, Reddy said the JSE has “graduated” out of its Vision 2026 strategy, which had met expectations.

Building on the Vision 2026 base, the JSE is developing FORGE 2031, which builds on many of the same foundations while updating them for the current market.

Two of the new strategy’s most important pillars are ‘Transform’ and ‘Grow’, which will see the JSE strengthen its foundations while pursuing new growth opportunities. 

In the first six months of 2026, the JSE made progress in technology harmonisation, organisational redesign, and the modernisation of core market infrastructure. 

“Early data, automation and AI initiatives are already being deployed to improve productivity, scalability, and decision-making,” it said in the interim results. 

“The group’s profitability review is informing a more focused approach to cost optimisation, capital allocation and returns from strategic investment.”

For the rest of the year, the JSE plans to progress the implementation of a Bond Central Counterparty (CCP), which should support the competitiveness of South Africa’s capital markets.

The company also plans to replace the SENS platform to enhance the experience for issuers and investors. It did not share any further details about this plan in its interim results.

“We remain confident in the structural opportunities available to the JSE over the long term,” the company said. 

“The group is well-positioned to enhance its relevance, competitiveness, and growth trajectory, while continuing to create sustainable value for shareholders, clients, and the broader market ecosystem.”