Johannesburg Stock Exchange

The 10% amount would be about 340 million Rand.

Should the JSE lose at the tribunal, it will force a fundamental change in how stock exchanges operate in South Africa.

Around a third of net profit, the behavior has to alter.

So it would make it much easier for other exchanges to compete.

And that will have long-term impacts on the JSE's whole business model.

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Welcome, Donald.

Folk generally do comply and they want to comply.

I was looking at your LinkedIn profile, and I thought for a second, can it really be true that you have, what's it, 148 academic articles? And can they really be as varied as preconditions for employee motivation to curb Zimbabwe's academic brain drain, determinants of chief executive officers' remuneration for Johannesburg Stock Exchange, listed financial service organizations, and occupational segregation and gender pay gap dynamics in the formal sector of South Africa? And yet, because I went to go and check, you did contribute at the very least or write them all.

You have an intense interest in this, but it's also a very diverse interest.

In other words, you clearly are interested in very different things about it.

So, Max, let's start off with the first one.

In South Africa, there's been some recent volatility on the JSE.

So what are those most attractive opportunities that you see on the JSE with regards to South African equities?

good morning first of all and thanks for having me today um yeah well i think there are opportunities um i would challenge the idea but because cheap markets means every part of it is attractive and the jc contains very different businesses right we've got domestic leaders global companies commodity producers and all of them they need different investment cases um Our house scenario is for two further reserve bank hikes, and that makes me selective on businesses relying on a strong consumer recovery in banks.

Higher rates can support lending income, but that benefit can disappear if funding costs and bad debts rise.

S&P up about 0.7% at the moment.

And that sort of risk on sentiment also floats through to the JSE today with all share finishing up around 1.1%, with financials and resources being quite strong.

A good way to start a Monday.

Warren, let's take a closer look at some of those resource stocks moves or at least the commodity moves around those resource stocks.

A good start to the week from an equities perspective.

Hopefully that momentum does continue.

We did see, of course, the JSE top 40 closing up almost a full percent in the green, 0.99%.

We're going to round that up and call it a percent.