South African markets surged as risk was repriced in 2025, says JSE CEO Leila Fourie
DRDGold CEO Niël Pretorius and outgoing JSE CEO Leila Fourie congratulating Blue Quadrant Worldwide Flexible Prescient Fund for winning the Best Worldwide Fund at this year's Raging Bull Awards. The awards mark three decades of excellence, and the prestigious awards honour South Africa’s top-performing fund managers and investment funds.
Image: Ian Landsberg/ Independent Media.
2025 proved to be a landmark year for South African markets, not because the country’s challenges disappeared, but because risk was fundamentally repriced, according to outgoing JSE chief executive Leila Fourie.
Speaking at the Raging Bull Awards in Cape Town on Friday night, Fourie said: “2025 was remarkable, not because our challenges disappeared, but because risk was repriced.
“Our nation’s trajectory and global dynamics shifted. Markets responded to that change with speed and conviction. In doing so, they reminded us of something fundamental: when risk is reduced, credibility improves, and capital responds," Fourie said.
According to Fourie, South African equities delivered one of the strongest performances globally in 2025. In US dollar terms, the JSE All Share Index surged by 56%, outpacing the S&P 500’s 16.39% and the MSCI Emerging Markets Index’s 30.58%. The rally was not confined to commodities, although they played a significant role.
“The same signal appeared across the market,” Fourie noted. The All Share Index broke decisively through the 100 000-point mark, closing the year at record highs. Market capitalisation exceeded R24 trillion, double the R12 trillion recorded in 2019, while average daily equity trading volumes rose by more than 30%.
"These milestones coincided with South Africa’s removal from the Financial Action Task Force greylist, followed by a sovereign credit rating upgrade," she said.
Fourie said that these developments reflected restored confidence in the country’s financial system and fiscal policy coherence. “This progress was led by the National Treasury and supported by a joint initiative across government, regulators, institutions, and business.
“Having worked closely with private sector CEOs engaged in addressing our sovereign rating, I can say it was a substantial undertaking and a reminder that credibility is built through sustained effort. We still have a long way to go," she said.
Turning to the awards themselves, Fourie congratulated the winners. “Your performance reflects skill exercised in an incredibly demanding environment, and it genuinely deserves recognition,” she said.
With a touch of humour, she added: “After the year we have had, I wondered if the Raging Bull should be temporarily renamed the Red Bull, just to keep investment teams awake through the volatility.”
She stressed that the awards recognise performance that endures. “It’s not just about outcomes in a very good year, but about consistency, risk awareness, and sound judgement. That focus on discipline matters more today than it did 30 years ago. The world we are investing in has become less predictable, not more.”
DRDGold chief executive Niël Pretorius also addressed the gathering, thanking the organisers for “a lovely event” and acknowledging the winners for their hard work, insights, and efforts. He reflected on the history of DRDGold, underscoring the resilience and innovation that continue to shape the company’s journey.
Fourie’s remarks underscored the significance of 2025 as a turning point for South African markets. With credibility restored and capital flowing, the year marked a repricing of risk that could set the tone for the country’s financial trajectory in the years ahead.
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