The Johannesburg Stock Exchange (JSE) witnessed impressive growth among its top-performing equity service providers in January 2025. The total value of instruments traded increased by 5.34%, rising from $2.30 billion in December 2024 to $2.42 billion by the end of January 2025.
However, the total market volume dropped slightly by 1.44%, declining from 5.71 billion units in December to 5.63 billion units by the end of January 2025.
Meanwhile, the number of trades executed improved by 20.68%, increasing from 5.58 million trades in December 2024 to 6.74 million by January 2025.
Market Implications
For investors, the 5.34% increase in trading value signals heightened investor interest, an increase in portfolio value, and a positive economic future. Expected to stimulate investments and capital inflows into South Africa and listed companies on the JSE.
The 20.68% rise in trade volume suggests raising equity may become easier, enhancing expansions and innovations. Higher trading activity may also attract foreign investors, and reduce the cost associated with investing, further strengthening the JSE.
Ten top-performing stockbrokers by value, and volume
The following Stockbrokers were ranked based on the value, volume, and number of transactions executed on the JSE in January 2025, compared to December 2024.
SBG Securities (Pty) Limited
- Incorporation date: March 13, 1962.
- Transaction value: $6.80 billion
- Transaction volume: 1.70 billion units
- Traded price per unit: $4.05 per unit
- Number of trades executed: 25.29 units
A wholly owned subsidiary of Standard Bank Group Limited, formerly referred to as Standard Financial Markets (Pty) Ltd, was incorporated in South Africa on March 13, 1962.
SBG moved from an initial second position at the end of December 2024 to a first position by transacting shares valued at $6.79 billion to $6.80 billion for the trading day at the end of January 2025.
Through its volume executed, it ranked in 1st place, a drop from 1.78 billion units on the last trading day of 2024 to 1.70 billion units by the end of January 2025.
Finally, in 1st position, the number of trades executed rose from 1.98 million units on the last day of December 2024 to 2.52 million units at the end of January 2025.
Investec Markets (Pty) Limited
- Incorporation date: 2018
- Transaction value: $6.10 billion
- Transaction volume: 1.22 billion units
- Traded price per unit: $4.97 per unit
- Number of trades executed: 1.39 million units
Investec is a subsidiary of Investec Ltd, which offers asset and wealth management services. It was incorporated in South Africa in 2018.
It ranked second on the final trading day, 2024, having previously held the top position. The value traded increased from $5.54 billion in December 2024 to $6.10 billion by the end of 2025.
Also, volume transacted came in 3rd place from 4th by December 2024, a downward move in volume from 1.64 billion units to 1.22 billion units at the end of January trading month.
Finally, the number of trades executed on the last trading day, 2024, rose to 1.39 million units from 1.08 million points by the end of January 2025— a surge from the 5th to the 4th position.
Peresec Prime Brokers (PTY) Limited
- Incorporation date: October 2018
- Transaction value: $5.75 billion
- Transaction volume: 1.55 billion units
- Traded price per unit: $3.75
- Number of trades: 2.06 million points
It was incorporated in South Africa in October 2018 and was formed through a management and Broad-Based Black Economic Empowerment (B-BBEE) consortium buyout.
Peresec topped in 3rd position consecutively, with a trade value of $5.75 billion in 2025 compared to $5.09 billion by the end of December 2024.
Also, the volume of instruments traded for the same period topped second, falling slightly from 1.66 billion units at the end of December 2024 to 1.55 billion units by the end of January 2025.
The number of trades executed increased from 1.96 million points in December 2024 to 2.06 million points in January 2025, consecutively, maintaining the 2nd position for the periods.
JP Morgan Equities South Africa (PTY) Limited
- Incorporation date: November 2, 1995
- Transaction value: $5.46 billion
- Transaction volume: 956.71 million units
- Traded price per unit: $ 5.81 per unit
- Number of trades executed: 1.64 million units
A wholly owned subsidiary of J.P Morgan International Finance Limited, it was established in South Africa on November 2, 1995, and renders equity broking and trading services.
J.P.’s share value surged to 4th by the end of January 2025, reaching $5.46 billion. This marked an increase from 5th place in December 2024, at $4.49 million.
JP maintained the 5th position, trading a volume of 956.71 million units in January, a surge from 830.60 million units on the last trading day of December 2025.
They also ranked 3rd, in the number of trades undertaken, with the quantity increasing from 1.31 million units on the last trading day of December 2024 to 1.64 million units in January 2025.
RMB Morgan Stanley (PTY) Limited
- Incorporation date: November 2, 1995
- Transaction value: $4.67 billion
- Transaction volume: 1.14 billion units
- Traded price per unit: $4.15
- Number of trades executed: 1.19 million units
A 50% subsidiary of Morgan Stanley, established on November 2, 1995, specialized in providing equity and research services.
RMB’s share value declined to the 5th position, trading at $4.67 billion, down from the 4th position, where it traded at R87.65 billion ($4.75 billion) as of December 2024.
By volume of instruments traded, RMB went down to 4th position, from a previous third position. Through trading shares, volume was worth 1.55 billion units by December and 1.14 billion units by the end of January.
Finally, the number of trades executed increased to 1.19 million units by the end of January 2025, from 1.04 million units at the end of December 2024.
ABSA Capital Securities (PTY) Limited
- Incorporation date: 1986
- Transaction value: $ 4.24 billion
- Transaction volume: 684.05 million volumes
- Traded price per unit: $6.20
- Number of trades executed: 1.12 million trades
ABSA is a wholly owned subsidiary of ABSA Securities. It was incorporated in 1986. It provides investments and security trading services.
The value of traded instruments increased from $3.10 billion in December to $4.24 billion by the end of January, ranking 6th, consecutively.
Also, the volume slowed to 8th place by the end of January 2025 from 5th in December. A total volume of 516.20 million units traded in December 2024, compared to 684.04 million units, by January 2025.
Finally, the number of trades it executed moved from 7th to 6th by January, leading to a decrease in the trading volume, from 6.94 million trades in December to 1.12 million trades by January 2025.
UBS South Africa (PTY) Group
- Incorporation date: November 2, 1995
- Transaction value: $3.25 billion
- Transaction volume: 670.26 million units
- Traded price per unit: $4.95
- Number of trades: 935.22 trades
It is a wholly owned subsidiary of UBS AG, it was incorporated in South Africa on November 2, 1995. UBS services include corporate and equity research.
By December, UBS’s instrument value was $2.83 billion, ranking 8th, to 3.25 billion in January, a surge to 7th.
Also, it fell from 6th place in December to 7th at the end of January. The instrument volume was 615.30 million units in December 2024, which surged to 670.26 million units by the end of January 2025.
Finally, the number of trades surged from 785.00 points in December to 935.22 points by the end of January 2025. UBS currently ranks 7th position from an initial 6th position.
Merrill Lynch South Africa (Pty) Limited
- Incorporation date: 1995
- Transaction value: $2.94 billion
- Transaction volume: 385.57 million units
- Traded price per unit: $7.79
- Number of trades executed: 592.76 trades
A subsidiary of Merrill Lynch International, incorporated in 1995. Merrill specializes in the purchase and sale of securities.
Merrill’s traded instrument value increased from 2.01 billion in December 2024 to $2.94 billion by the end of January 2025, moving from 9th to 8th place.
By trading volume, they maintained the 9th position for both periods, increasing from 330.50 units in December 2024 to 385.57 million units by the end of the January JSE trading month.
Also, coming in 8th position due to the number of trades executed, they made an upward spiral, converting 522.60 trades, in December to 592.76 trades by the end of the JSE January trading month.
Citigroup Global Markets (PTY) Limited
- Incorporation date: 1995
- Transaction value: $2.85 billion
- Transaction volume: 418.14 million units
- Traded price per unit: $6.93
- Number of trades executed: 350.79
A subsidiary of Citigroup Inc., it was incorporated in 1995 and provides investment and securities services to individuals and institutions.
Citigroup ranked 10th with a trade value of $1.96 billion in December 2024. This value eventually rose to $2.85 billion by the end of January.
The volume traded moved from 359.80 million units, ranking 9th, to 418.14 million units, 8th by the end of January 2025.
Finally, the number of trades increased from 333.40 in December to 350.79 at January, maintaining the 9th position at the end of each successive JSE trading month.
Nedgroup Securities (PTY) Limited
- Incorporation date: 1999
- Transaction value: $1.24 billion
- Transaction volume: 340.55 million units
- Traded price per unit:
- Number of trades: 26.77
Nedgroup Securities is a South African stockbroking firm incorporated in 1999. It is based in Sandton, Gauteng, and operates primarily within the South African market. It provides specialized services to local clients.
The value of stock transactions was $1.24 billion at the end of January compared to $3.12 billion at the end of December. Reflecting a drastic drop to 10th place from being previously 7th in position.
The total trade volume during the end of January was 340.55 million units, ranking 10th, a decline from the previous month’s 7th position at 555.60 million units.
Finally, the number of trades that ranked them 10th in position increased to 267.78, up from 220.20 the previous month.
Note: The figures, were initially reported in South Africa’s Rand is converted to U.S dollars using the exchange rate of 1 ZAR equivalent to $0.055 as of March 12, 2025.