At a Glance
- Prosus, BHP, and Richemont lead the JSE, dominating tech, mining, and luxury sectors.
- Financial giants like FirstRand, Standard Bank, and Capitec shape South Africa’s banking landscape.
- MTN and Vodacom drive telecom growth, while Anglo-American and Gold Fields strengthen mining.
The Johannesburg Stock Exchange (JSE), established in 1887 during South Africa’s gold rush, is Africa’s largest and most liquid stock exchange, boasting a market capitalization of R21.25 trillion ($1.16 trillion).
Notably, the 20 largest companies on the JSE account for $930.24 billion, representing 80.19 percent of the exchange’s total valuation.
This signals a highly concentrated market, where a handful of blue-chip firms—spanning mining, finance, retail, and telecommunications—dominate the bourse.
While this underscores investor confidence in South Africa’s corporate giants, it also highlights the limited representation of mid-sized and emerging companies, posing challenges for broader market diversification and economic inclusivity.
The Sandton-based exchange limited transitioned to electronic trading in 1996 and demutualized in 2005. The JSE facilitates capital raising for listed companies while providing a regulated market for investors.
In 2002, it introduced the FTSE/JSE Africa Index Series, replacing the JSE Actuaries indices, aligning with IOSCO financial benchmark principles.
Key indices include the Top 40 (J200), Mid Cap (J201), Small Cap (J202), All Share (J203), Fledgling (J204), and Large Cap (J205). The J203 index, covering 99 percent of the Main Board’s market cap, serves as the primary benchmark.
As a cornerstone of South Africa’s economy, the JSE remains a hub for investors seeking exposure to African bourse. In an evolving economic landscape, diversification, risk management, and long-term value creation are key for investors.
Shore Africa has chronicled the top 20 most valuable stocks on the JSE:
- Prosus N.V.
Sector: Technology
Market Cap: R 3.55 trillion($193.7 billion)
Prosus N.V. is currently the most valuable stock on the JSE with a market capitalization of R 3.55 trillion($193.7 billion).
Prosus N.V. is the JSE’s most valuable stock, a global technology investor with stakes in e-commerce, fintech, and online platforms.
A subsidiary of Naspers, its most significant asset is a 25.99 percent stake in Tencent, a major driver of its value. Despite regulatory pressures in China, Prosus has diversified its portfolio, reinvesting capital into high-growth digital businesses.
With ongoing investments in AI, fintech, and food delivery, Prosus remains a strong player in the global tech ecosystem, prioritizing long-term shareholder value through acquisitions and buybacks. - BHP Group Limited
Sector: Basic materials
Market Cap: R 2.42 trillion($132.06 billion)
BHP Group Limited with a market cap of R 2.42 trillion($132.06 billion).
BHP is a global mining giant with diversified assets in iron ore, copper, and coal.
It has capitalized on strong commodity demand, especially in critical minerals essential for renewable energy and electric vehicles.
The company’s merger with Woodside Energy signaled a strategic pivot away from fossil fuels. Focused on sustainable mining, BHP is ramping up investments in decarbonization, positioning itself for growth in the green energy transition. - Compagnie Financière Richemont
Market Capitalization: R 1.98 trillion($108.05 billion)
Sector: Consumer goods (Luxury Goods)
Richemont, the parent company of high-end brands such as Cartier, Montblanc, and Van Cleef & Arpels, is a major player in the global luxury market.
The company has been expanding its digital retail presence to cater to affluent customers worldwide. Over the past year, Richemont has capitalized on strong demand for luxury goods, particularly in emerging markets.
Compagnie Financière Richemont is currently the third most valuable stock on the JSE with a market capitalization of R 1.98 trillion($108.05 billion).
- Anheuser-Busch InBev SA/NV
Sector: Consumer Goods (Beverages)
Market Cap: R 1.77 trillion($96.59 billion)
Anheuser-Busch InBev is currently the fourth most valuable stock on the JSE with a market capitalization of R 1.77 trillion($96.59 billion.
The world’s largest brewer, AB InBev dominates the beer market with brands like Budweiser, Corona, and Castle Lager.
Its African presence is critical to growth, with rising consumer demand in emerging markets. Despite inflationary pressures, the company has maintained steady revenue through cost efficiencies and premium product expansion.
Innovation in low-alcohol beverages and digital sales channels are driving future growth, alongside expansion into high-growth markets.
- British American Tobacco Plc
Sector: Consumer Goods (Tobacco)
Market Capitalization: R 1.61 trillion($87.84 billion)
British American Tobacco Plc is currently the fifth most valuable stock on the JSE with a market capitalization of R 1.61 trillion($87.84 billion).
British American Tobacco (BAT) is a global leader in the tobacco industry, with a strong presence in South Africa and other emerging markets.
While the company continues to generate significant revenue from traditional tobacco products, it has been investing heavily in next-generation products (NGPs), such as e-cigarettes and heated tobacco.
Over the past year, BAT has faced regulatory pressures and declining cigarette sales but has countered these challenges by diversifying its product portfolio and optimizing operational efficiencies.
- Glencore plc
Sector: Basic materials Mining & Commodities Trading
Market Capitalization: R 1.01 trillion($55.11 billion)
Glencore plc is currently the sixth most valuable stock on the JSE with a market capitalization of R 1.01 trillion($55.11 billion).
Glencore is one of the world’s largest diversified natural resource companies, with operations in mining, commodities trading, and energy production.
The company has a significant presence in South Africa’s coal and metals industry. Over the past year, Glencore has benefited from strong demand for critical metals, particularly those needed for renewable energy technologies. - Naspers Ltd
Sector: Technology and Media.
Market Capitalization: R 881 billion($48.07 billion)
Naspers Ltd is currently the seventh most valuable stock on the JSE with a market capitalization of R 881 billion($48.07 billion).
Naspers, headquartered in Cape Town, is a global consumer internet group and one of the largest technology investors in the world.
Its significant stake in Prosus N.V., which holds a substantial share in Tencent Holdings, has been a major driver of its valuation.
Over the past year, Naspers has focused on streamlining its portfolio and enhancing shareholder value through strategic investments and divestitures. - Anglo American plc
Sector: Basic materials (Platinum Group Metals)
Market Capitalization: R 759 billion($41.41 billion)
Anglo American plc is currently the eighth most valuable stock on the JSE with a market capitalization of R 759 billion($41.41 billion).
Anglo American Platinum, a subsidiary of Anglo American plc, is one of the world’s leading platinum producers.
The company’s operations span South Africa and Zimbabwe, with a strong focus on sustainable and responsible mining practices.
In recent years, demand for platinum group metals (PGMs) has been driven by the growth of the electric vehicle (EV) industry and the push for cleaner energy solutions.
Over the past year, Anglo American Platinum has navigated global supply chain disruptions and fluctuating commodity prices while maintaining strong financial performance through operational efficiencies and cost-cutting measures. - FirstRand Limited
Sector: Financial Services
Market Capitalization: R 407 billion($22.21 billion)
FirstRand Limited is currently the ninth most valuable stock on the JSE with a market capitalization of R 407 billion($22.21 billion).
FirstRand is one of South Africa’s leading financial institutions, offering a comprehensive range of banking and insurance products.
The group’s diversified portfolio includes well-known brands such as First National Bank (FNB), Rand Merchant Bank (RMB), and WesBank.
In the past year, FirstRand has demonstrated resilience amidst economic challenges, focusing on digital innovation and expanding its footprint across the African continent. - Standard Bank Group Limited
Sector: Financial Services.
Market Capitalization: R 364 billion($19.86 billion)
Standard Bank Group Limited is currently the 10th most valuable stock on the JSE with a market capitalization of R 364 billion($19.86 billion).
As Africa’s largest lender by assets, Standard Bank offers a wide range of banking and financial services across 20 African countries.
The group’s strategic emphasis on digital transformation and client-centric solutions has bolstered its market position.
Over the past year, Standard Bank has invested heavily in technology to enhance customer experience and operational efficiency. - Capitec Bank Holdings Limited
Sector: Financial Services
Market Capitalization: R 361 billion($19.7 billion)
Capitec Bank Holdings Limited is currently the 11th most valuable stock on the JSE with a market capitalization of R 361 billion($19.7 billion).
Capitec has revolutionized South Africa’s banking sector with its simplified, customer-friendly banking model.
Known for its low-cost banking solutions, Capitec has experienced rapid growth, attracting a substantial customer base. In the past year, the bank has expanded its digital offerings, contributing to a notable increase in market share. - Gold Fields Ltd
Sector: Basic materials(mining)
Market Capitalization: R 307 billion($16.75 billion)
Gold Fields Ltd is currently the 12th most valuable stock on the JSE with a market capitalization of R 307 billion($16.75 billion).
Gold Fields is a globally diversified gold producer with operations spanning South Africa, Ghana, Australia, and Peru.
The company’s focus on sustainable mining practices and cost efficiency has solidified its position in the market. Over the past year, favorable gold prices and strategic operational improvements have enhanced its financial performance. - AngloGold Ashanti Ltd
Sector: Basic materials (Gold mining)
Market Capitalization: R 291 billion($15.88 billion)
AngloGold Ashanti Ltd is currently the 13th most valuable stock on the JSE with a market capitalization of R 291 billion($15.88 billion).
AngloGold Ashanti is one of the world’s largest gold mining companies, with operations spanning Africa, Australia, and the Americas.
The company has focused on cost optimization and increasing production efficiency to maintain its competitive edge in the gold market.
Over the past year, AngloGold Ashanti has seen positive performance due to rising gold prices, which have been driven by inflation concerns and geopolitical uncertainties.
The company’s ongoing investments in exploration and new mining technologies are expected to support long-term growth. - Vodacom Group Ltd
Sector: Telecommunications
Market Capitalization: R 242 billion($13.2 billion)
Vodacom Group Ltd is currently the 14th most valuable stock on the JSE with a market capitalization of R 242 billion($13.2 billion).
Vodacom is one of Africa’s leading mobile network operators, offering voice, data, and digital services in several countries.
The company has been expanding its financial services segment, leveraging mobile money and digital payment solutions to drive revenue growth.
Over the past year, Vodacom has continued to invest in 5G infrastructure and network expansion to enhance connectivity across the continent. - MTN Group Ltd
Sector: Telecommunications
Market Capitalization: R 216 billion($11.79 billion)
MTN Group Ltd is currently the 15th most valuable stock on the JSE with a market capitalization of R 216 billion($11.79 billion).
MTN is Africa’s largest mobile operator, serving millions of customers across multiple markets. The company has been investing heavily in fintech and digital services, including mobile money and e-commerce.
Over the past year, MTN has faced challenges such as currency devaluations in key markets and regulatory hurdles but remains focused on its long-term growth strategy. - South32 Limited
Sector: Basic materials(mining)
Market Capitalization: R 198 billion($10.8 billion)
South32 Limited is currently the 16th most valuable stock on the JSE with a market capitalization of R 198 billion($10.8 billion).
South32 is a globally diversified mining company with operations in South Africa, Australia, and South America.
The company produces a range of commodities, including manganese, bauxite, alumina, and thermal coal. South32 has strategically divested non-core assets to focus on high-margin operations, which has positively impacted profitability.
Over the past year, the company has benefited from strong commodity prices and increased demand for metals essential to the global energy transition. - Sanlam Limited
Sector: Financial Services (Insurance & Investments)
Market Capitalization: R 187 billion($10.2 billion)
Sanlam Limited is currently the 17th most valuable stock on the JSE with a market capitalization of R 187 billion($10.2 billion).
Sanlam is one of South Africa’s largest insurance and investment companies, offering a broad range of financial products.
The company has been expanding into new African markets through strategic acquisitions and partnerships. Over the past year, Sanlam has focused on digital transformation, launching new online platforms for customers. - Absa Group Limited
Sector: Financial Services
Market Capitalization: R 169 billion($9.22 billion)
Absa Group Limited is currently the 18th most valuable stock on the JSE with a market capitalization of R 169 billion($9.22 billion).
Absa Group, one of South Africa’s largest banking institutions, offers a range of financial services, including retail and commercial banking, investment management, and insurance. The bank has been expanding its presence across Africa, positioning itself as a key player in the continent’s growing financial sector.
Over the past year, Absa has focused on digital banking transformation, enhancing customer experience through innovative banking solutions. The group’s earnings have remained resilient despite economic headwinds, with steady growth in its loan book and strong capital adequacy ratios. - Shoprite Holdings Ltd
Sector: Consumer services(retail)
Market Capitalization: R 163 billion($8.89 billion)
Shoprite Holdings Ltd is currently the 19th most valuable stock on the JSE with a market capitalization of R 163 billion($8.89 billion).
Shoprite is the largest food retailer in Africa, with a strong footprint across multiple African markets. The company operates supermarkets under various banners, including Shoprite, Checkers, and Usave.
Shoprite has been at the forefront of innovation in retail, leveraging digital transformation to enhance customer experience, including online shopping and delivery services.
The company has also focused on improving supply chain efficiencies and expanding its private-label offerings, which have contributed to solid revenue growth. In the past year, Shoprite has benefited from increased consumer spending, despite economic pressures such as inflation and interest rate hikes. - Anglo American Platinum Limited
Sector: Basic materials (Platinum Group Metals)
Market Cap: R 163 billion ($8.89 billion)
Anglo American Platinum Limited is currently the 20th most valuable stock on the JSE with a market capitalization of R 163 billion ($8.89 billion).
A leader in platinum production, Anglo American Platinum is pivotal in the global supply of PGMs, used in automotive catalytic converters and hydrogen fuel cells.
Despite challenges like labor strikes and power shortages, strong metal prices have supported earnings.
Growing demand for green energy technologies and fuel cells positions Amplats for long-term sustainability, supported by investment in automation and operational efficiency.
