What this page covers
The JSE runs several boards with different entry bars. Knowing which board a share is on tells you something about the size, the history and the scrutiny behind it.
| Requirement | Main Board | AltX |
|---|---|---|
| Subscribed capital | R50 million | R2 million |
| Profit history | Three years | None required |
| Audited profit | R15 million before tax | None required |
| Shares in public hands | 20% | 10% |
| Number of shareholders | 500 | 100 |
| Designated advisor | Sponsor | Designated advisor, ongoing |
| Obligation | Frequency |
|---|---|
| Interim results | Within three months of the half year |
| Annual results | Within three months of year end |
| Annual report | Within four months of year end |
| Price sensitive information | Immediately, through SENS |
| Director dealings | Within 48 hours |
| Annual general meeting | Within fifteen months of the last one |
| Board | Typical company | What to watch |
|---|---|---|
| Main Board | Established, profitable | Liquidity is generally adequate |
| AltX | Smaller and earlier stage | Thin trading and wide spreads |
| Secondary listing | Foreign primary listing | Price follows the primary market |
| Inward listing | Foreign company, rand denominated | Counted as domestic for Regulation 28 |
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⬇ Download CSVHow these figures work
The figures on this page come from the body that publishes them and change on a schedule rather than continuously, which is what makes them worth keeping in one place. AltX companies can be genuinely good businesses, but the spread and the depth are not comparable to the Main Board. A position that takes days to exit is a different risk from the same position in a Top 40 share.
SENS is where price-sensitive announcements are published first. Anyone trading JSE shares should be reading it rather than the financial press summarising it a day later.
★ What this means in practice
An inward listing is treated as domestic for Regulation 28 purposes, which is why retirement funds use them for offshore exposure.
✕ Common mistakes
- AltX companies can be genuinely good businesses, but the spread and the . AltX companies can be genuinely good businesses, but the spread and the depth are not comparable to the Main Board. A position that takes days to exit is a different risk from the same position in a Top 40 share.
- SENS is where price-sensitive announcements are published first. SENS is where price-sensitive announcements are published first. Anyone trading JSE shares should be reading it rather than the financial press summarising it a day later.
- An inward listing is treated as domestic for Regulation 28 purposes, whi. An inward listing is treated as domestic for Regulation 28 purposes, which is why retirement funds use them for offshore exposure.
- Taking a figure without its date. A number from a reference page is only as good as when it was last checked, which is why the date sits at the top of this one.
Notes on reading these figures
- AltX companies can be genuinely good businesses, but the spread and the depth are not comparable to the Main Board. A position that takes days to exit is a different risk from the same position in a Top 40 share.
- SENS is where price-sensitive announcements are published first. Anyone trading JSE shares should be reading it rather than the financial press summarising it a day later.
- An inward listing is treated as domestic for Regulation 28 purposes, which is why retirement funds use them for offshore exposure.
To put these figures to work, The JSE Indices Reference runs the arithmetic on your own numbers; JSE Sectors Reference covers the same ground in ordinary language; How to buy shares on the JSE goes into the detail this table only summarises; Most Actively Traded JSE Shares is the related figure worth reading beside it; and JSE Trading Cost Schedule covers what this page leaves out.
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Frequently asked questions
What does a Main Board listing require?
R50 million of subscribed capital, three years of profit history, R15 million of audited pre-tax profit and 500 shareholders.
How is AltX different?
Far lower: R2 million of capital, no profit history and 100 shareholders. It suits earlier stage companies.
What is SENS?
The Stock Exchange News Service, where price-sensitive announcements must be published first.
Should I be cautious with AltX shares?
The businesses can be sound, but the spread and depth are not comparable to the Main Board. Exiting can take days.
How fast must director dealings be reported?
Within 48 hours.
What is an inward listing?
A foreign company listed in rand, counted as domestic for Regulation 28, which is why retirement funds use them.