A market place where ordinary and some preference shares can be bought and sold through an organised exchange like the JSE. The share market is, in fact, two markets – the primary market and the secondary market. In the primary market, listed companies raise capital by selling their shares to the public (as in a rights issue or an initial public offer). In the secondary market, members of the public buy and sell those shares between themselves. In order to have a good primary market, companies need a good secondary market – because no one would buy their shares in the primary market unless they knew they could sell them later in the secondary market. There are stock markets in most countries around the world. Many of their indexes are included in the ShareFriend software. To see all the indexes from other countries type “I-” from within the program and then select the index that you want to see. There are now four other stock exchanges operating in South Africa aside from the JSE. There is the ZAR X, the A2X, the 4AX and the EESE (Equity Express Securities Exchange). All of these other exchanges have been licenced recently and the JSE is still by far the largest. Sanlam (the 14th largest company on the JSE) in May 2018 took a secondary listing on the A2X – making it the JSE”s most serious competitor.

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